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- Chijet Motor announced a plan to go public through a merger with Deep Medicine Acquisition Corp. (NASDAQ: DMAQ). These are the details.
Deep Medicine Acquisition (NASDAQ: DMAQ), a publicly traded special purpose acquisition company, announced the signing of a definitive business combination agreement, dated July 12, 2022, with Chijet Motor Company, a leading Chinese automaker, which is developing next-generation electric vehicles and expanding its manufacturing capabilities. And Chijet expects to use the transaction proceeds to fund the development and production of its planned next-generation electric vehicle with sales expected to increase as new models are launched and two production facilities, occupying a total area of 8.47 million square feet with an annual production capacity of 200,000 vehicles currently under construction in Xiangyang and Yantai, China, are completed.
Chijet is currently focused on expanding the business of electric vehicles while manufacturing, selling, and servicing traditional fuel vehicles. And currently, the company sells vehicles to more than 300 dealerships in China and the rest of Southeast Asia, and produces a variety of models through its Chinese subsidiary FAW Jilin Automobile Co., Ltd, including 3 SUV models sold under the Senya brand and 4 light truck models sold under the Jiabao brand. And Chijet partners with FAW Group, one of the ‘Big Four’ auto manufacturers in China.
With more than 3 million cars produced and over $100 billion in annual revenue in 2021, FAW ranked 66th on the Fortune 500 Global list in 2021. And in 2019, Chijet indirectly purchased a 64.28% interest in FAW Jilin from FAW. Plus Chijet is building a 5.15 million-square-foot factory in Yantai, China, dedicated to electric vehicle production and a new planned headquarters.
Chijet has a management team of industry veterans with decades of experience in engineering and design, management, financing, industrial production, and financial management. And the FAW Jilin production subsidiary has passed IATF16949 quality management system certification, ISO45001 occupational health and safety management system certification, ISO14001 environmental management system certification and ISO50001 energy management system certification. These certification registrations cover the design and manufacture of the sedan and minicar range.
Compared with its competitors, Chijet noted it has superior advantages in its production and supply chain. And its executive team has extensive experience in production technology and a management style modeled on Toyota Motor Corporation. The completion of construction of the two new production facilities and corporate new offices is expected to strengthen and optimize Chijet’s production capacity of electric vehicles, hybrid vehicles and gasoline vehicles. In addition, Chijet has established strong relationships with top institutions and suppliers from all over the world.
The business combination attributes an implied enterprise value to Chijet’s operating companies of $2.55 billion in the aggregate, including Chijet’s 85.17% ownership interest in Shandong Baoya New Energy Vehicle Co., Ltd., the Chinese company that is developing new EV models, and 64.82% interest in FAW Jilin, the Chinese company producing and selling traditional fuel vehicles. And upon completion of the transaction, Chijet is expected to have approximately $127.8 million in cash, assuming no redemptions by DMAQ public shareholders. The cash proceeds raised in the transaction are currently anticipated to be used for the construction of Chijet’s Yantai electric vehicle manufacturing base and to fund company operations, support its growth and for general company operating purposes. And following completion of the proposed transaction, Chijet plans to raise additional capital to further its planned expansion of production capacity and product offering to include new models of electric vehicles.
With the proposed transaction, both Chijet and DMAQ will be acquired by a newly-formed holding company named Chijet Motor Company, Inc (Pubco), which is expected to be listed on the Nasdaq Stock Market.
The boards of directors of DMAQ and Chijet have unanimously approved the proposed transaction. And its closing is subject to approval by DMAQ stockholders, completion of DMAQ’s satisfactory due diligence review of Chijet within 60 days of entering into the business combination agreement and is subject to other customary closing conditions. It is currently expected that the transaction will close by the end of the fourth quarter of 2022, assuming such closing conditions are met.
“We are focused on our vision to develop and produce electric vehicles with the latest energy-saving technologies, which has never been more important than today given the soaring cost of oil. Our management team is committed to delivering on our plans to expand our electric vehicle business and leverage our existing dealer network, our manufacturing permits and licenses, and supply chain and production capabilities.”
— Chijet Chairman Mu Hongwei
“We are delighted to have entered into a definitive agreement with Chijet and its experienced management team. Chijet designs, manufactures, markets and services a full line of cars, mini-trucks, sport utility vehicles and electric vehicles. China’s automotive market, especially the electric vehicle market, is growing substantially and Chijet’s current and planned products will target customers who are looking for cost-effective means of transportation. As a major player in this field, and with its relationship with China’s leading automaker FAW Group, Chijet has shown that it is capable of offering electric vehicles based on the latest technology. Therefore, we believe that Chijet will continue to expand its market position as the electric vehicle industry expands. DMAQ and our investors are excited to be part of Chijet and join their talented team to achieve their goals.”
— Humphrey Polanen, CEO of DMAQ
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.


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Redmi Note 10T 5G smartphone is going to be launched in India soon. Xiaomi’s sub-brand Redmi has once again teased the India launch of this smartphone on Twitter. Redmi also teased the India launch of this smartphone a few days ago. Earlier there was speculation that this smartphone of Xiaomi would be introduced in the name of the Redmi 10 series, but now it is reported that this smartphone can be introduced under the name Redmi Note 10T 5G. In the new teaser, the company has teased the design of this smartphone. The rear camera setup and punch hole design are being seen in the teaser poster of Redmi. This teaser confirms that the Redmi Note 10T smartphone will be launched this month. This phone of Redmi will be offered on Amazon. A microsite has also been created for this phone on Amazon.
Redmi Note 10T 5G Design
The latest teaser post of Redmi reveals the design of the company’s upcoming smartphone. The upcoming Redmi smartphone has a rectangular rear camera module and a punch-hole camera at the front. This confirms that Redmi Note 10T 5G is about to launch in India. Redmi is teasing this smartphone with a fast and futuristic tag. This is the first 5G smartphone of the Redmi Note series to be launched in India. Earlier the company has launched Redmi Note 10, Note 10S, Note 10 Pro, and Note 10 Pro Max. The company has also shared a contest regarding this smartphone. The company will gift Redmi devices to the users who win in this contest.
Time to sit back and sip on your favourite cuppa ☕ cause we’re coming up with our first ever #FastAndFuturistic smartphone! 🔥
Brace yourselves cause #Redmi‘s gonna take you to speeds you’ve never been before. ☄
— Redmi India – #RedmiNote10 Series (@RedmiIndia) July 8, 2021
A contest has been started before the launch of the upcoming Redmi Note 10T smartphone. Under this contest, the company has asked users ten code-based questions on fast and futuristic. On answering these questions correctly, the company says that it will gift users Redmi devices and other accessories. Users will have to answer these questions on Twitter with #FastAndFuturistic.
Redmi Note 10T 5G Specifications
Redmi Note 10T 5G smartphone has a 6.5-inch FHD + display. The refresh rate of the display of this phone is 90Hz. This phone has a punch-hole display for the selfie camera. MediaTek Dimensity 700 5G processor will be given in this phone of Redmi. This Redmi phone has up to 6GB of RAM and 128GB of internal storage. Redmi Note 10T smartphone will run on MIUI based on Android 11. Along with this, a side-mounted fingerprint sensor has been given to this phone.
A 48MP primary camera can be given in the Redmi Note 10T phone, with a 2MP macro camera lens and a 2MP depth camera sensor. Along with this, an 8MP camera will be given to the phone for selfies. Redmi Note 10T will have a 5,000mAh battery and 18W fast charging.

domain: news


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New York Attorney General Eric Schneiderman stated today that his agency will conduct a formal investigation into the operations, conflicts of interest, and other significant concerns affecting cryptocurrency investors and consumers. The “Virtual Markets Integrity Initiative” is intended to “…improve transparency and accountability of major cryptocurrency trading platforms to protect virtual currency investors,” according to the official AG office news release. Schneiderman’s office is conducting a “fact-finding probe” by mailing letters to 13 virtual currency trading sites, demanding information about their activities.
“With the growth of cryptocurrencies, consumers in New York and around the nation have a right to openness and responsibility when investing their money.” “However, far too frequently, consumers lack the fundamental information they need to judge the fairness, integrity, and security of these trading platforms,” said Attorney General Schneiderman in a statement. Given that cryptocurrency platforms, or ‘exchanges,’ as they are known, are the entry point for investors to buy, sell, or trade cryptocurrencies such as Bitcoin, Schneiderman’s office is concerned about the amount of sensitive personal information they hold, as well as the vast amount of both virtual and government issued or fiat currency that flows through them.
This decision comes at a time when authorities are increasingly scrutinizing cryptocurrencies, and corporate behemoths like Facebook are facing difficult concerns regarding user data protection. (See also: Bitcoin Price Drops Due to SEC Cryptocurrency Probe)
The Investor Protection Bureau of the Attorney General’s Office made inquiries to the following platforms:
- Coinbase, Inc.
- Gemini Trust Company
- bitFlyerUSA, Inc.
- iFinex Inc. (Bitfinex)
- Bitstamp USA Inc.
- Payward, Inc. (Kraken)
- Bittrex, Inc.
- Circle Internet Financial Ltd. (Poloniex, LLC)
- Binance Limited
- LLP Elite Way Developments (Tidex.com)
- Gate Technology Inc. (Gate.io)
- itBit Trust Company
- Huobi Global Ltd. (Huobi.Pro)
The Attorney General’s Office is requesting that these exchanges complete a questionnaire addressing essential areas of their business. Questions include, among other things, the legal and ownership structure of the exchanges or their parent businesses, how they function, including their fee structure, and their trading regulations and processes.
While the New York Attorney General’s office is well-known for pursuing financial crimes, the probe launched today is only a fact-finding expedition, not a formal investigation. However, in light of reports of millions of dollars being stolen from several crypto exchanges, trading outages, possible market manipulation, and difficulties some customers have had withdrawing funds from their accounts, Schneiderman’s office is attempting to provide “average investors” with a better understanding of the risks and protections associated with these exchanges.
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Watch Dogs: Legion Bloodline DLC Shows Aiden Pierce, Wrench, & Their Actors In New Video
Today Ubisoft released a new video dedicated to the upcoming Bloodline DLC for Watch Dogs: Legion, which will be released next month.
Today Ubisoft released a new video dedicated to the upcoming Bloodline DLC for Watch Dogs: Legion.
The video features a new look at returning characters Aiden Pierce and Wrench and their actors, Noam Jenkins and Shawn Baichoo.
The launch of the DLC is coming close, as it’ll release on July 6.
You can check it out below and take a look at an older trailer as well, since you’re at it.
Watch Dogs: Legion is currently available for PS5, Xbox Series X|S, PS4, Xbox One, and PC. If you’re unfamiliar with the game, you can read an official description below.
“In the near future, London is facing its downfall: the people are being oppressed by an all-seeing surveillance state, private militaries control the streets, and a powerful crime syndicate is preying on the vulnerable. The fate of London lies with you, and your ability to recruit a resistance and fight back.
Play as Anyone
Watch Dogs: Legion delivers a never-before-seen gameplay innovation that allows you to recruit and play as anyone from the entire population of London. Anyone you see can join your resistance and has a unique backstory, personality, and skillset.
Customize your Recruits
Unlock unique perks to personalize each member of your Legion according to your playstyle. Level-up each character within classes such as Hacker, Infiltrator, and Assault. Customize them further with unique outfits and iconic masks.”


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Thursday, February 26, 2015
Consumers Union: FCC Vote for Net Neutrality a “Huge Win” for Consumers in the Battle to Keep the Internet Open
WASHINGTON, D.C. – The Federal Communications Commission made history today as commissioners voted 3-2 in favor of strong net neutrality rules to keep the Internet free and open.
For years, Consumers Union, the advocacy arm of Consumer Reports, has pushed for rules to ensure that Internet users can access the websites, apps, and other online content they choose, without their Internet service providers playing gatekeepers that charge some sites for special treatment, while other sites are saddled with slower speeds and second-class status.
The rules approved today will preserve a level playing field for competitors online, whether they are big companies like Amazon or small, start-up businesses. The rules increase the FCC’s authority to oversee Internet service providers as common carriers, such as traditional telephone service, using Title II, a provision of the Communications Act.
Ellen Bloom, senior director of federal policy for Consumers Union, said, “It would be hard to overstate how big of a deal this is for consumers and the future of the Internet. It’s a huge win after years of fierce debates and massive opposition from the biggest providers of Internet service.”
Bloom said, “We’re not out of the woods yet. We’re into the woods, really. We expect opponents to look for every angle they can to stop these rules, whether in court or in Congress. It should be obvious, with the millions of people who spoke out in favor of these rules, that the battle should end now. We’re going to keep the pressure on to preserve these consumer protections.”
Bloom said she was especially pleased the FCC rules would cover wireless Internet providers as well as wired Internet service. “As more people rely on mobile devices to access the Internet, extending these rules to wireless is absolutely critical,” she said.
Some members of Congress have advocated for net neutrality legislation that could halt or weaken the FCC rules. Bloom said the best option for consumers is a set of strong rules written and enforced by the FCC.
In addition to today’s historic vote for net neutrality, the FCC approved petitions filed by the cities of Chattanooga, Tenn., and Wilson, N.C., asking to be allowed to expand their existing public broadband networks. Laws in those states restrict the ability of communities to provide broadband. The FCC action will preempt those restrictions, allowing the municipal providers in the two communities to provide service to more people.
Bloom said, “This vote for municipal broadband is great news for consumers in these communities, and we hope it will spur more cities and towns to move forward on their own broadband projects. When local governments have the freedom to expand their broadband networks, it helps more families and local businesses get the online access and speeds they need.”


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The definitive version of Joe Danger is headed to Xbox Live Arcade this coming Wednesday, December 14 for 1200 Microsoft Points. British indie studio Hello Games has included additional modes, levels, and characters in this Special Edition release.
Back when the original game landed on PlayStation Network, I remember being pretty bummed that so many people were going to potentially miss out on it. Now that Xbox 360 owners are getting the opportunity to partake, I hope they don't let it go to waste. Given the success of Trials HD, I'm not too worried.
|2:00 PM on 12.14.2011|
Review: Joe Danger: Special Edition
The team at Hello Games got an opportunity that I wish more studios, particularly those smaller companies with limited budgets, would get: an honest-to-goodness second chance. Not to say that Joe Danger was a bad game in need...more
|11:20 AM on 05.15.2013|
Gran Turismo 6 hits PlayStation 3 this holiday season
At an anniversary event today, the next installment in the beloved racing sim series Gran Turismo was announced for release this holiday season. Don't you love it when teasers quickly pan out? While Dale was hoping for a Pla...more
|10:05 AM on 05.08.2013|
'Exciting Gran Turismo announcements' coming May 15
An event going down later this month in the UK could bring us some exciting Gran Turismo news. Polyphony Digital will be hosting an event at Silverstone Circuit, Towcester, Northamptonshire to celebrate Gran Turismo's 15th an...more
|6:00 AM on 05.07.2013|
PlayStation 3 Legacy Bundle includes two games for $300
Sony has announced a new PlayStation 3 Legacy Bundle that will include a 500GB hard drive, Gran Turismo 5, inFamous 2, and a 30 day voucher for PlayStation Plus. Gran Turismo 5 will also be the XL Edition of the game, which c...more


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Holly Hill police give electric car a spin
The Holly Hill police force's new all-electric vehicle may not be taking a big bite out of crime, but officials hope it sparks interest in green technology.
"It's certainly a conversation starter," said Police Chief Mark Barker as he cruised down Riverside Drive Thursday in the city's 2012 Mitsubishi i-MiEV (an acronym for Mitsubishi's small car class known as “i” and Mitsubishi innovative Electric Vehicle).
The electric car is just one step in Holly Hill's quest to become one of the greenest cities in Volusia County. City commissioners soon will look at legalizing golf carts on many of the city's roads and may add an electric charging station in front of City Hall, Barker said. The city's electric car is believed to be the first of its kind being used by law enforcement across the county.
"Literally, all we have to do is make sure the tires are inflated and the windshield wiper fluid is topped off," Barker said.
Holly Hill leased the vehicle about a month ago from Daytona Mitsubishi at a rate of less than $150 a month. The vehicle seats four and can go up to 60 miles on a full charge, which can be achieved overnight, Barker said. The city saves an estimated $200 a month on fuel, oil changes and maintenance, city officials said.
"From an economic standpoint, the benefits are obvious," Barker said. "All of this just makes sense."
The chief on Thursday took the vehicle for a spin around town. When he turned the key in the ignition, the engine's rumble was noticeably absent, but the car packs a punch. Barker pushed the gas pedal and the car started to glide forward.
"It's surprising how quiet the car is," he said. "You keep waiting (for the sound of the engine). It does have a stealth aspect to it."
Powered by a lithium-ion battery, the small vehicle is mostly used for non-traditional police operations including patrolling city parks, Barker said. In some cases, it has been used to increase police presence in parts of the town. The graphics package on the vehicle, which promotes green technology, also catches a lot of peoples' attention, Barker added.
Don't expect to see the electric vehicle involved in any high-speed chases, though, as the car tops out at 81 mph. Barker said he hopes to add more electric vehicles to the fleet, mainly for community policing and detective work.
Few cities locally have invested in electric vehicles, though charging stations have been popping up all over Florida. In 2011, the city of DeLand purchased five Chevrolet Volt hybrids to add to its fleet.
Thomas Caffrey, Internet sales manager for Daytona Mitsubishi, said he believes cities could benefit from purchasing all-electric vehicles like the i-MiEV or Nissan Leaf.
"For any municipality, it decreases the cost of ownership," he said. So far, the dealership has sold about a half dozen i-MiEVs and leased about 50. Worldwide, more than 33,000 units have been sold with a starting price in the U.S. as low as about $21,000.
Electric vehicles could be used as pursuit vehicles as the technology becomes more refined, Caffrey said. By contrast, the starting price for the Tesla Model S, capable of reaching speeds of up to 125 mph, is $62,700.
"The power is definitely there," he said.


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Meta is terminating the pilot for Novi, the company’s digital wallet and the final surviving element of its failed cryptocurrency project, as first reported by Bloomberg. On Novi’s website, Meta states that the wallet will be shut down on September 1st, 2022, and advises users to remove their assets “as soon as possible.”
Users will lose access to their accounts in September, and they will no longer be able to deposit funds into Novi from July 21st. If a user forgets to withdraw their remaining amount, Meta states it will “attempt to transfer” their assets to the bank account or debit card linked to the service
Novi was created to provide quick and free transactions by utilising Meta-backed cryptocurrency, Diem
Last October, Meta released the “small pilot” of Novi to users in the US and Guatemala. Novi was designed to facilitate rapid and free transactions utilising the Meta-backed cryptocurrency, Diem, but regulatory issues prompted the firm to join with Coinbase to utilise the Paxos stablecoin (USDP) instead. While Meta said that it intended to add Diem support in the future, things began to fall apart (even more than they were) by the end of 2021 and into 2022.
A brief history of Meta-backed cryptocurrency, Diem
Diem was also known as Libra prior to Facebook’s parent company changing its name to Meta. The independent organisation behind Libra changed the project’s name to Diem in an effort to separate itself from the social network after the cryptocurrency project came under fire for its connections to Facebook.
Soon after the introduction of the Novi project in October 2021, members of the US Senate urged Meta to halt it, claiming that the corporation “cannot be trusted to manage cryptocurrency.” One month later, David Marcus, who oversaw Meta’s cryptocurrency initiatives, quit the business. At the start of this year, Diem sold its assets for around $200 million, bringing the project to an end.
Diem is coming to an end, but that doesn’t mean Meta is giving up on developing its own digital assets and companion wallet. As it works toward “building the metaverse,” Meta will use the technology it built in collaboration with the project “on new products, such as digital collectibles,” according to spokesperson Lauren Dickson in an email to The Verge.
Meta has already begun testing NFTs (non-fungible tokens) on Instagram and has just added support for NFTs on Facebook for select US authors. A non-blockchain-based digital currency named “Zuck Bucks” is also purportedly being developed by the corporation.
Last month, Meta CEO Mark Zuckerberg hinted at the development of a digital wallet to aid in the management and storage of “digital clothing, art, videos, music, experiences, virtual events, and more.” The purpose of the Metaverse Standards Forum, which Meta and several other firms assisted in forming, is to establish industry-wide standards for virtual reality and augmented reality experiences. The wallet would be interoperable across various metaverse experiences.


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On Friday, one of Canada’s largest department stores said it will stop carrying Ivanka Trump’s fashion line.
Hudson’s Bay Co. pulled all Ivanka Trump products from its website. And it says it will stop selling her products in its 90 bricks-and-mortar stores across Canada. (Hudson’s Bay also owns Saks Fifth Avenue, which also offers no Ivanka Trump merchandise online, and Lord & Taylor, which does.)
In a statement, the company said the decision was based on the brand’s “performance.”
“As part of our regular course of business, we review our merchandise offerings and make appropriate changes,” the company said in a statement. Officials also said Trump’s company had been notified of the decision last fall.
Trump no longer oversees her company’s day-to-day operations, she continues to make money. Last year, the brand netted her about $5 million, according to disclosures.
The brand’s sales numbers have slipped significantly since the 2016 presidential election, and many women say they’ve gone out of their way to avoid Ivanka Trump products. The Grab Your Wallet campaign (a play on President Trump’s now-famous assertion that he likes to grab women by their genitals), for example, urges participants to avoid shopping at stores that sell Trump family merchandise.


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Only 17% of Toronto's licensed for-profit daycares have signed onto the $10-a-day program so far
Many owners of licensed, for-profit daycare centres say they are wary of joining the $10-a-day government child-care program because of uncertainty around how it will impact their bottom line and worries that the program provides governments with too much power to dictate how they can operate.But as the deadline for child-care centres to join the program approaches, the mother of two has learned her daycare may not take part.
The analysts had expected more: the UkraineKlieg, a strong US dollar and low demand for computers make business difficult. Google also remained behind the expectations. © Swayne B. Hall/ dpa
of the software group Microsoft has cut off worse than expected in the recent quarter despite significantly more sales. Corona-Lockdowns in China, burdens from the UkraineKlieg and the recently weaker PC market made it difficult for the shops, the group said on Tuesday after the US exchange conclusion. In the three months to the end of June, Microsoft earned $ 16.7 billion and thus two percent more than in the corresponding period of the previous year. The proceeds increased by twelve percent to $ 51.9 billion.
Elon Musk Allegedly Had 'Brief' Affair with Google Co-Founder Sergey Brin's Wife Nicole Shanahan: Report
Sergey Brin filed for divorce from estranged wife Nicole Shanahan in early JanuaryElon Musk allegedly had an affair with Sergey Brin's wife, according to a new report.
Discover with Spiegel+ now even more background, analyzes and reports on topics that move our society . Read for a month now for free .
Despite the clear business growth, analysts had expected better numbers. The stock initially reacted with price losses. The balance sheet also suffered significantly from the strong dollar, which reduces foreign income after conversion into US currency.
Without this exchange rate effect, the increase in sales would have been 16 percent after the company. Microsoft makes a significant part of his shops outside the US home market and had already steamed expectations of the quarterly figures in June.
The Google mother group Alphabet has completed the past quarter with a decline in profits. The surplus fell from $ 18.5 to $ 16 billion in the annual comparison, as the Internet giant announced on Tuesday after the US exchange conclusion. Meanwhile, sales increased by 13 percent to $ 69.7 billion (68.9 billion euros).
Microsoft 365: Incorrect configuration led to the failure of teams and other services
© provided by Dr. Windows Microsoft 365 ecosystem Cover In the last week there was a failure of Microsoft Teams and other services that belonged to the Microsoft 365 ecosystem. Teams were most affected and hardly usable in some regions. The disorder took a total of five hours, which was "homemade", as Microsoft now explains. In the local region, the failure may have had fewer consequences, as it started on July 21 at around 3 a.m. and was fixed again after about five hours.
The most important area of the group - Google's advertising business - grew by 11.6 percent to $ 56.3 billion in the year. With the high inflation and the weakening economy, a downturn in online advertising spending is emerging, as companies pay more attention to the costs.
advertising on Google search brings a lot of money
at the video app Snapchat this was noticeable with the slowest growth rate so far. One question is whether the two giants Google and Facebook also feel the cooling - or their size and efficiency make them more attractive for advertising customers, especially in the current situation.
The business with advertising in the area of Google's Internet search grew by 13.5 percent to around $ 40.7 billion. The proceeds on the Youtube video platform increased by 4.8 percent to a good $ 7.3 billion.
Although Google missed the expectations of the analysts, the stock temporarily increased by a good two percent.
WINGET and the Microsoft Store: Now grow together what belongs together? .
© provided by Dr. Windows Microsoft Store cover picture was given something about two years ago Windows 10 that has long been the rule in the Linux world: a package manager called Wintget that significantly simplifies the installation of software. My hope, which was already expressed at the time, that Wintget could lift the Microsoft Store to a new level, now seems to be fulfilled.


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Take a look inside the huge new Lidl warehouse next to the M6 - PICTURES and VIDEO
A brand new Lidl distribution centre has opened its doors in the Black Country – serving more than 50 stores and creating around 450 jobs.
The 450,000 sq ft warehouse – which measures the equivalent of ten football pitches – has been built near Junction 9 of the M6 in Wednesbury.
Bosses have hailed it as being the perfect location in the heart of the Midlands and intend to take on a further 100 people by the end of 2017.
The site is stacked with masses of food and other goods ready to be delivered to the budget supermarket's stores across the region.
Richard Shaw, regional director, explained: "Wednesbury has fantastic infrastructure and superb transport routes.
"It really is the perfect location for us. At this moment in time we are the fastest growing retailer in the UK. It's a very exciting period in time for us.
"We plan to add another three distribution centres throughout the UK and Wednesbury will currently be the largest distribution centre we have.
"We have a warehouse team, sales and property team and the investment in the warehouse has been huge."
The centre has sprung up over the last two years and will have been spotted by the thousands of drivers who pass it every day on the motorway.
It will operate seven days a week and has been created to supply Lidl's growing number of stores across the West Midlands area.
The floor consists of a variety of different food areas including a consumable, chilled and recycling area and a frozen chamber with temperatures up to -26 degrees.
The chain has enjoyed a boom in recent years, significantly increasing its number of supermarkets due to its rising popularity among shoppers.
Bosses from Lidl looked at a number of sites for the development but opted for Wednesbury because it wanted to access a 'sufficiently large employment pool'.
A number of recruitment days have been held over the last few months with bosses working alongside Sandwell Council and job centres.
Mr Shaw continued: "We have worked closely with the council and job centres to be able to bring the best economy here.
"We want to push towards another 100 people to come and work for us this year too."
More than 10,000 applicants applied for positions at the site. To ensure all the new roles were filled Lidl recently extended its store in High Street, West Bromwich and opened a new branch in Stallings Lane, Kingswinford in 2014.
Speaking about Lidl's popularity in the UK.
Mr Shaw said: "We have about 650 stores in the UK at the moment and we are looking to move towards 1,500.
"This distribution centre comes as part of Lidl's 1.5bn share in the UK market and we cannot wait to see what the future holds.
"This centre will be at the helm of supplying stores across our network in the UK with the freshest produce direct from Wednesbury - it's exciting times."
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Visa Inc.’s complicated new Fixed Acquirer Network Fee, or FANF, has caused considerable head scratching if not outright consternation for merchant acquirers, independent sales organizations, and merchants since it took effect in April. But, in addition to figuring out FANF’s mysteries, the acquiring industry needs to account for a new element of credit risk that has arrived with the monthly fee, according to a study by First Annapolis Consulting Inc.
The risk is not inherent in the fee itself, but in the way acquirers bill their merchants for it. Visa charges acquirers the FANF during the same month that a merchant generates Visa charge volume. As is the case with most other expenses, acquirers are passing their FANF charges through to their merchant clients, but usually not until the month after they’re generated. That means if a merchant suddenly goes out of business, switches to another acquirer, or is involuntarily terminated as a card acceptor, the acquirer is exposed to a cash loss because Visa collects the FANF from that acquirer regardless of whether the acquirer has collected the fee from the merchant, according to First Annapolis.
“This is significant because the loss that results is a hard-dollar loss for the acquirer, unlike the acquirer’s other fees,” says the report. “Traditional acquirer fees, such as monthly fees or statement fees, are typically reversed when a loss occurs, meaning the accrued but uncollected revenue is written off with no impact on the acquirer’s cash position.”
First Annapolis recently surveyed about 20 acquirers about their FANF practices, and at least 15 are billing the fee in arrears, typically by a month, report co-author Raymond Carter, a principal at the Linthicum, Md.-based firm, tells Digital Transactions News. One acquirer hadn’t even started collecting it, which means its merchants are in for some big bills unless the acquirer absorbs the expense.
But few underwriting managers have yet given serious thought to the risk implications of their FANF billing practices, according to Carter. “I don’t think it’s hit the radar of the credit people yet, and it probably won’t until the dollar amount starts creeping up a little bit,” he says.
For card-present merchants, Visa assesses the FANF through an 18-tier schedule based on the number of locations and whether Visa considers the merchant a “high-volume” business. Visa calculates FANF for card-not-present merchants, aggregators, and fast-food restaurants using a 16-tier schedule based on monthly dollar volume.
The extra credit risk may not seem like a lot when viewed on a per-location basis, but the exposure, or increase in exposure, can be large if spread across a portfolio of hundreds or thousands of merchants. For example, First Annapolis estimates a small restaurant chain with five locations that generates $200,000 in annual charge volume faces credit exposure of only $7.50 at any given time. Risk is low because restaurants usually have card-present transactions and, according to Carter, typically get few chargebacks or returns. But, assuming the acquirer bills the FANF a month in arrears, the new fee adds $14.50 in credit exposure based on a charge, according to Visa’s schedule, of $2.90 per location. That means the credit exposure of the restaurant’s acquirer has just increased by more than 200%.
In another card-present example, a delayed-delivery furniture retailer with five locations that also generates $200,000 in annual volume faces an estimated credit exposure of $9,000 because of the high average ticket and higher chargeback rates than the restaurant chain, says Carter. Assuming billing occurs a month later, the FANF would add the same amount of monthly risk, $14.50.
But FANF’s credit risk rises for acquirers serving small and mid-size businesses because of the relatively high failure and attrition rates of those merchants compared with those of large merchants, according to First Annapolis. “It’s progressive,” says Carter. “If you’re an ISO that has a 25% attrition rate and you’re running into this problem on 25% of your portfolio every year, it can add up.”
The only way to eliminate FANF credit risk is for the acquirer to bill in advance, according to First Annapolis. While advance billing could be done with a fair degree of precision for card-present merchants, such a method would present some problems for online retailers, aggregators, and fast-food restaurants, since no acquirer knows with certainty how much charge volume a merchant will generate.
Though it applies to both credit and debit card transactions, the FANF is one part of Visa’s effort to protect its revenue stream in the wake of Durbin Amendment regulations that have caused a big drop in its PIN-debit transaction volume and is the subject of the cover story in the September edition of Digital Transactions magazine.


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DENVER — In today’s acquisitions, the value of a Harley-Davidson dealership is directly tied to the amount of revenue a buyer believes they can make in the near future.
If the price of a H-D dealership is not more than three times the buyer’s anticipated forward earnings — the perceived cash flow for the next three years — than they should be eager to close a deal.
For the seller, if that amount is at least six times greater than the current dealer’s past-year earnings, then they should seriously consider taking that deal.
That was the message at the Harley-Davidson Dealership Sale and Acquisition Conference, an event moderated by Ed Lemco, who has had a role in a number of such deals as a consultant and a buyer.
“The importance (of the offer) isn’t what the past dealer made, it’s what you can raise revenue-wise in the future,” Lemco told an audience of 40-50 H-D dealership operators, sellers and buyers.
Whether it’s because of an aging dealership demographic or “because things have gotten tough, more people want to sell” their dealerships now than in the past, said Lemco, who through his Motorcycle Industry Consulting Services company has been part of 11 acquisitions in the past two years, and three in the past 30 days alone.
H-D stores generally have a higher value than metric stores, with an average H-D dealership going for $5 million to $6 million, Lemco said.
In such deals, the buyer should “set the point of negotiation,” Lemco said. “In the world of commerce and mergers and acquisitions in other industries, that’s how it is done.”
That initial offer, however, doesn’t come until after the buyer has considered a range of factors, including if the dealership is in the right market, if it’s in an adequate facility that is approved by the Harley-Davidson Motor Co., and an evaluation of the current staff. With that knowledge, the buyer then looks at the dealer’s earnings and evaluates how they could improve upon that in a five-year cycle. The first year of that projected forward earnings, according to H-D guidelines, has to assume the buyer will make the same amount as the current dealer did the previous year, Lemco said.
The projected forward earnings, Lemco said, is the key to the offer amount, not trivial matters like an inventory of the parts department. He also said that he typically does not negotiate on the price of the real estate — leaving that to be professionally appraised — or the new and used vehicle inventory, which “are outside the (offer) equation because that typically can be floored so it doesn’t require cash to buy it.”
As a seller, Lemco said “we have to be able to get you six times trailing earnings or more.” Otherwise, “it doesn’t make sense to sell because by the time you pay the taxes, it’s just not going to cash out enough.”
On the buyer’s side, Lemco advises not paying more than 3-31?2 times the forward earnings, noting that some exceptionally good H-D markets might require four times.
“If you pay more than that, you won’t be able to cover the debt service,” Lemco said, also noting that “personally, I wouldn’t invest in a store that required four times forward earnings.”
Lemco noted buyers can get up to 75 percent of the total cost of the H-D dealership financed.
Relying on improving a dealership’s gross profit in order to make money on an acquisition is not a new concept, said Clark Vitulli, the former CEO of America’s Powersports, the second largest dealership group in the United States, who attended the Denver event.
“That’s how we bought 17 stores at APS when I was there,” said Vitulli, who is now actively seeking to buy a H-D franchise. “If we didn’t believe that we could do better than the selling dealer, we wouldn’t have made an offer to buy those stores in the first place.”
Vitulli said principally there is no difference between the acquisition process for a metric or H-D dealership. “The process is identical,” he said, noting in each case the buyer needs to find a dealer willing to sell at an appropriate price in a market they’re comfortable with. Perhaps the biggest difference in metric vs. H-D dealerships, Vitulli said, is each of the metric brands is different in how they conduct their business.
Getting into a H-D dealership can be more difficult, Vitulli says. H-D’s buying guidelines are typically stricter and the cost of the stores often are higher. Plus, Vitulli has noticed that H-D tends to allow successful first-time dealers to open second and third stores, where some metric brands prefer to encourage competition between stores by bringing in different dealership owners.
Vitulli also believes, although he hasn’t seen any data to back it up, that H-D owners tend to own their stores for a longer period of time.
Many H-D acquisitions are done through corporate stock purchases because of the amount of money in taxes that a seller could potentially save. James Krendl, an attorney who has worked on numerous dealership acquisitions, provided a scenario where a seller, who had set up his dealership as a corporation, could lose more than
50 percent of a $10 million deal in taxes.
That’s why taxes — or ways to lessen their impact — can play a pivotal role in negotiations.
Krendl did serve a warning in regard to purchasing corporations.
“When you buy a corporation, you buy the whole package: assets and liabilities,” Krendl said. “It doesn’t matter, for example, whether you know if a liability exists. When you buy the corporation, you buy whatever is there and that means you could buy yourself a lawsuit from an employee or an unhappy customer. Anything that corporation has as a problem is going to be yours.”
But, as Krendl said, “that’s what you have lawyers for.”
Protection from potential liability issues can come both on the front end — where lawyers can look for any current lawsuits or tax return issues — and after the sale by holding back a percentage of the total cost of the sale to deal with such matters.
Although there is some risk to such deals, Krendl noted that he has done hundreds of acquisitions and “less than 1 percent end up in litigation.” psb
Copyright 2007 Powersports Business


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Several luxury brands stores are expected to set up shop locally to take advantage of the growing number of super-rich Kenyans.
According to a report released by Research and Market, a London-based firm, Kenya’s super rich list is expected to grow to over 10,000 in the next five years, triggering more consumption of luxury items.
The 2014 Kenya Wealth report shows that the luxury market has grown by 60 per cent since 2007, generating Sh17 billion in 2013.
It mentions that the three collectables by the super-rich — classic cars, art, fine wine market — are undeveloped but expected to grow in the next three to five years.
Luxury car dealership firm Porsche is expected to set up shop in Kenya before 2015, underscoring a fast growing segment of the economy.
The luxury sector recorded 60 per cent growth last year to register $200 million, according to a New World Wealth report released on Wednesday.
LUXURY SECTOR UNDER-DEVELOPED
Overall, the report says the luxury sector remains under-developed compared to other countries like South Africa and Nigeria, with many of the facilities that cater for high net worth individuals lacking, but adds that this is bound to change in coming years.
Kenya is set to see more of the facilities targeting the super-rich being set up, with those in countries like South Africa and Nigeria opening branches here.
The luxury sector includes vehicles, food stores, hotels, lodges, clothing and accessories and according to the report, most of these are lacking in Kenya. For example there is no luxury car dealership in the country while the luxury food stores are under developed.
South African group, Woolworths, that deals in luxury food and general clothing, has seven stores in Kenya, but none offers food.
According to the report several car brands operating in South Africa are unlikely to enter the Kenya market until after 2020 and include Ferrari, Maserati, Rolls Royce, Bentley, Aston Martin, McLaren and Lamborghini.
There are no luxury brands stores in Kenya but according to the report many, mostly in South Africa, could set up in Kenya in the next 10 years.
Most of them deal in luxury men’s clothing labels such as Aigner, Alfred Dunhill, Canali, Hugo Boss, Paul&Shark and Paul Smith.


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Shares in Shire PLC plummeted to the bottom of London’s FTSE 100 index Wednesday, after the U.S.’s AbbVie said it was having second thoughts about buying the company, in light of new rules discouraging firms from relocating overseas to gain favorable tax treatment.
Shares in the pharmaceuticals company, which had risen by almost 90% in value between the start of the year and Tuesday’s close, mostly buoyed by takeover talk, slumped to just £38.04 ($60.50) apiece on Wednesday—a level last seen in mid-June—on the strongest sign yet that the U.S. Treasury Department’s measures are having their intended effect of discouraging companies from relocating overseas for tax purposes. The new rules were announced by the Obama administration last month.
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A group of “incredible founders who just happen to be black and Latina women” presented at digitalundivided’s first Newark-based BIG Demo Day, on December 17.
That was how Kathryn Finney, digitalundivided’s founder and CEO, introduced the cohort of women who had been working part-time for months on their companies.
“They spent more than nine months, building, creating, sweating, crying maybe, as they built their companies. We are so excited and proud to have them,” she said. One of the founders had already been accepted into and completed Techstars, and several founders were well on their way to raising their first pre-seed rounds, she added.
The women spoke to a packed-to-capacity room at digitalundivided’s new headquarters, in Newark’s Hahne building. The organization moved from Atlanta to Newark last year.
Karen Rios, cofounder and CEO of Lifesaver
First up to present was Karen Rios, cofounder and CEO of Lifesaver (New York). Lifesaver is designed to enable anyone to discover the “perfect bank,” a trusted partner on the path to financial wellness. Lifesaver steers applicants away from banks with low interest rates for savings accounts and high fees for accounts and services. It also provides an up-to-date digital experience for customers, which is much needed in the community banking industry.
Rios explained that when she started looking at community banks and credit unions, she found the high interest rates for customers and no-fee policies she was looking for, as well as on-site customer service that excelled, “but when things got digital, that’s when the wheels fell off.” Banks spend nearly 10 percent of annual revenue on technology that doesn’t work, she said.
With most banks, customers can’t even open an account online. Lifesaver works with banks to make opening and applying for new accounts easy, so the banks can onboard new customers at “ten times the speed of tier-one institutions.”
Lifesaver offers an engine that matches customers to banks, as well as a back-end enterprise-ready system that allows banks to onboard new customers in one step. When banks and credit unions use Lifesaver, “consumers don’t have to choose between a great digital experience and high-touch customer service,” she said.
Nehemoyia Young, founder of SpiritList
To start her pitch, Nehemoyia Young, founder of SpiritList (Brooklyn, N.Y.), told a story about how, when struggling with anxiety 10 year ago, she looked for a holistic health provider, and found a broken system. “Back then, I found practitioners on an information board at my dad’s studio.” They had no websites, and “we emailed back and forth before finally booking an appointment by phone.” After a decade, the process hasn’t changed much, she told the audience. As service industries become more digitized, holistic health has been left behind. Practitioners are wary of managing their own websites and using social media, she said.
Young’s solution is a practice-management platform that helps providers scale their practices online. SpiritList helps them to be found more easily by setting them up with a fully SEO-optimized SpiritList page, so they don’t have to worry about managing their own websites. The startup is also working on a smart recommendation algorithm, to match clients with holistic health providers who are searching for them. “And, lastly, we help practitioners get paid, baby,” Young said.
She noted that this is a $33 billion market, and of that $33 billion, half is spent on practitioners like those who will be found on SpiritList. They are herbalists, acupuncturists, spiritual counselors and others. SpiritList’s business model is to charge a monthly fee to practitioners, and a transaction fee for each booking.
Krychna Baker, founder and CEO of Tapisserie
Presenting next, founder and CEO Krychna Baker pitched Tapisserie (Newark), which offers a better way to find hair products that suit the needs of women with textured hair.
Baker noted that there is a bewildering array of choices for people with textured hair, and that they resort to YouTube videos, friends’ recommendations and influencers when making their choices. “We interviewed over 150 women with textured hair, and they all said the same thing: ‘I don’t know what works for my hair.’”
Tapisserie’s solution is to provide an electronic boutique for hair care within a social community. The platform is powered by a proprietary algorithm that matches people to the right products after they take a hair quiz. “You download our app, you do a hair quiz, and the algorithm populates a boutique experience of products, videos and stylists — all on one platform,” she said. Tapisserie’s solution has some attributes of YouTube, some of Facebook, and some of Instagram, with picture posting, she said; and “we meshed them all together and married them into one gorgeous platform for women with textured hair.”
Baker talked about how Tapisserie will target smaller niche brands to get them in front of its audience. She and her cofounder plan to go to trade shows to develop face-to-face relationships with the smaller brands. They also plan to use micro-influencers, who have a smaller, but more engaged following than influencers. “They have more credibility,” she said. And the company will use social media marketing.
[In the second part of this article we will feature the presentations of the founders of Dropt, Rest Assured, Strata and RentId.


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The German car company"s latest crop of home furnishings and accessories is set to go on sale in the US.
Porsche has unveiled the latest exclusive additions to its rapidly growing range of car-inspired and automotively styled "Driver"s Selection" lifestyle accessories.
Crafted from the same original Porsche parts that are found in the company"s sportscars, supercars and hypercars, they include an office chair made from the same seats found in the 911 Carrera and a wall shelf which promises to be superlight, super strong and aerodynamically sound, as it started out life as the rear spoiler from a 911 GT3 Cup Race car. Built from carbon fibre it can support up to 120kg in weight.
For younger Porsche enthusiasts, the company is offering a special 1:8 scale resin model of the 918 Spyder, the hybrid hypercar that made its official production version debut at the Frankfurt Motor Show this month. Like the full-size version, the scale model will be limited to 918 examples.
Porsche is yet to confirm pricing for any of the new additions to the range, we"ll have to wait until they go live on the Driver"s Selection site.


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It turns out that the drug-maker, Cephalon, turned to a creative and increasingly common method to pad its profits at the expense of the U.S. government and the consumer. According to an op-ed published in the Washington Post by a commissioner of the Federal Trade Commission:
In 2003, four of Cephalon's competitors tried to enter the Provigil market -- which generated $800 million in sales last year -- by offering a low-cost generic version.This is appalling. It is, however, hardly new. American pharmaceutical companies have been trying to stave off generic competition for their patent-protected and highly profitable brand name drugs for years. Astra-Zeneca famously made several billion extra dollars off Omeprazole with a frivolous lawsuit claiming the generic competitors infringed the patent for the enteric coating (this was after the patent had expired for omeprazole). The lawsuit delayed entry of the generic omeprazole into the market for several years, and a windfall profit for A-Z estimated by some to be in excess of $10 billion. Buoyed by their success, they are now suing generic makers of their soon-to-be-off-patent drugs Nexxium and Crestor.
Cephalon was entitled to defend its patent in court. Instead, it fought back unfairly. The company paid the competing manufacturers more than $200 million in exchange for their agreements to keep their products off the market for nearly seven years. This payoff benefited the generic manufacturers enormously: They made more by sitting on their hands than they ever could have the old-fashioned way, by entering the market and competing. For Cephalon, too, the payoff was a bargain: Chief executive Frank Baldino Jr. acknowledged that it made about $4 billion "that no one expected."
But this is a new tactic, and more disturbing since some federal courts have endorsed such a strategy. Will the Supreme Court give relief? Probably not, given its pro-corporate and anti-regulatory bent, and even if it did, it will be years in coming (to Cephalon's profit).
I can't think of a better summary than this, from the proto-med-blogosphere, the venerable DB's Medical Rants circa 2002:
This story (and the entire story is worthwhile if you have access to the newspaper) highlights my disgust with the pharmaceutical industry. I understand that they deserve a profit and patent protection. However, their legal manipulations to extend that protection are disingenuous and harmful to patients.Amen.


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In this week’s RPG news round-up, we have pre-orders on a giant dragon “mini”, the Fallout 2d20 RPG, a Scion RPG TV series and Free League Publishing converting Symbaroum to D&D’s 5e.
Partnering with the Open Gaming Network and World Anvil, Mythic Table has launched a Kickstarter to get some full-time developers for the open-source virtual tabletop.
Mythic Table’s Kickstarter promises to help integrate the open source virtual tabletop.
In the RPG news this week we’ve big news from Pinnacle and Savage Worlds, we discover which project Wizards of the Coast are working on for D&D that will take years and a look at the latest reviews, releases and interviews.
The idea is that you become an owner of Mythic Table, rather than a customer.
In the RPG news this week we’ve a review roundup of Tasha’s Cauldron of Everything, a legal fight between Wizards of the Coast and a partner, Kickstarter projects to look at a website from Google that makes monsters.
Mythic Table is a not-for-profit company, it will publicly share the costs behind the project, and the virtual tabletop will be free to use.


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Over two years ago, the COVID-19 pandemic completely changed the business landscape for dozens of industries. For example, the eCommerce industry saw a meteoric rise, while cinemas and theatres have not yet fully recovered from the multiple nationwide lockdowns.
One of the industries whose rapid growth was also triggered by the coronavirus pandemic is the OTT or Over-the-Top industry. For millions of people stuck at home for months on end, with little to no social interaction, OTT services have become the go-to entertainment channel. Subsequently, the number of available streaming services also skyrocketed, and new players are regularly unveiled.


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Did you know that EU law covers Apple products for a minimum of two years?
Apple’s AppleCare Protection Plan has come under fire once again in Europe after Test-Aankoop/Test-Achats, a Belgian consumer watchdog, filed a complaint against the way in which the Cupertino company markets the product in Europe.
Customers within the European Union are entitled to a free two-year warranty with any consumer electronics purchase, but Test-Aankoop/Test-Achats claims that Apple’s warranty marketing doesn’t properly explain these rights to Belgian shoppers.
The European Commission’s Vice President for Competition Policy, Joaquín Almunia, has confirmed that it will charge Samsung ”very soon” in an antitrust patent case after the Korean electronics giant broke competition rules by filing patent-infringement lawsuits against Apple. Samsung has been under investigation since January for a possible breach of antitrust rules, and earlier this week, it dropped all of its injunction requests against Apple in Europe.
Korean electronics giant Samsung has today announced that it will drop its patent-infringement lawsuits against Apple in Germany, France, Italy, the Netherlands, and the United Kingdom. The announcement comes just hours after Apple was denied its request to have 26 Samsung devices banned in the United States — though the two cases are unrelated.
Final Fantasy III from Square Enix, originally released in 1997, currently costs $15.99 on iPhone.
Square Enix has revealed that it may reconsider its pricing structure for mobile games following critical feedback from users in Western countries. While the Japanese developer is well-known among iOS users for its awesome RPGs, such as Final Fantasy and Chaos Rings, it’s also famous for its hefty price tags, which can often be as much as $18 per title.
When console-quality games are going for less then $5 these days, those prices are a big problem for some.
Gah. Apple has jacked App Store prices across Europe, rising around 11% at some levels. This is due to local VAT increases in some places, as well as the lower value of the Euro against the dollar in recent months.
After much speculation, the last piece of the iPad mini puzzle has fallen into place, as a complete list of European prices of the iPad mini have leaked to the Internet, confirming that the iPad mini will come in multiple variations and ship with LTE capability.
Did you know that EU law covers Apple products for a minimum two years?
EU Justice Commissioner Viviane Reding has called for Apple’s warranty adverts to be examined in the European Union’s 27 states. Reding hopes to establish whether or not the Cupertino company fails to mention a buyers’ right to a minimum two-year warranty for all electronics, including Macs and iOS devices.
iTunes Match has expanded its reach in Europe today as Apple brings the music matching service to Hungary and Poland more than 18 months after it made its debut in the United States. The Cupertino company is yet to add these countries to its iTunes Match availability page, but users report that the service is now appearing in iTunes.
The App Store extends its reach across Africa, Asia, and Europe.
With the incredible success of the App Store, sometimes it’s easy to forgot that there are still many, many countries the world over that don’t have access to it yet. That number has been reduced today, however, as Apple brings its mobile marketplace to another 32 countries, bringing the total number of countries with access to the App Store to 155.
Europe's MacSysAdmin 2012 Offers Four Days of Apple/Enterprise training
WWDC may have sold out quickly, but as we reported there are alternative events for IT professionals and developers that want to network and hone their skills. One of those is the annual European Macintosh System Administrators Meeting, which began accepting registrations this week for this year’s event, which will be held in Sweden this September.
Unlike WWDC, MacSysAdmin isn’t intended for developers as much as it is IT professionals that need to deploy and manage Apple technologies in business and education.


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Online gold sale to rise 30 percent for Akshaya Tritiya
On the occasion of Akshaya Tritiya this year, those who do not have time to visit a jewellery outlet or does not want to buy in a rush can still buy jewellery – by going online ! E-commerce portals and retailers in the city, who have their websites, have increased the collection available online for Akshaya Tritiya. According to Arun Sirdeshmukh, Head, Amazon Fashion, the portal has 110 brands this year compared to 40 last year. This includes well-known national brands, regional players, and online stores too. This year, there are a wide number of brands adding to the collection in the sub ?.
20, 000 price points. “We see the biggest jump in 22 carat gold jewellery during this period since it is essentially a gold buying festival. Gold bullion follows the same trend with a lot of first time purchasers wanting to buy lower grammage coins,” he said in an email to The Hindu. Awareness, accessibility and trust are major issues consumers look at while shopping for jewellery online.


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Boux Avenue has reportedly appointed advisers from Deloitte to discuss a potential insolvency process resulting in store closures.
The struggling lingerie retailer is part of the Theo Paphitis Retail Group, owned by Dragon’s Den star Theo Paphitis, and has 30 stores across the country. Its sister brands include Ryman and Robert Dyas.
Following a trading update in January, Paphitis said Boux Avenue was paying “above-average” rents while other retailers have been able to “completely realign their rental cost base, often through CVAs”.
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There was mixed reaction to the Western Cape High Court judgment in March scrapping a subsection of the National Credit Act (NCA) that required lenders to obtain documentary proof of income, such as payslips and three months’ bank statements, as part of their affordability assessments.
The upshot of the ruling is that credit providers can grant credit without thorough vetting, while consumers can be dishonest when applying for credit. This could put even greater pressure on consumers, who are already indebted to the tune of more than R1.76 trillion.
The court case was brought by three retailers – Truworths, Mr Price and The Foschini Group – which argued that the obligation to submit documentary evidence as part of the affordability assessment process was unreasonable and discriminated against sections of society.
Affordability assessments have been a requirement of the NCA since June 1, 2007, but credit providers had the discretion to decide how these assessments could be conducted. This changed on March 13, 2015, when regulations were promulgated introducing criteria to be followed when conducting assessments.
The new criteria made it more difficult to access or grant credit, which resulted in credit providers pencilling in losses of millions of rands and a substantial drop in applications for store accounts, which prompted the three clothing retailers to take the National Credit Regulator (NCR) and its political head, the minister of Trade and Industry, to court.
Acting Judge Keith Engers agreed with the retailers, setting aside the need to obtain proof of income as part of an affordability assessment.
The ruling does not affect credit providers’ obligation to conduct affordability assessments, and applicants still need to provide “authentic proof”, although this can take the form of an affidavit or a letter of employment.
The NCR initially considered appealing against the judgment. Lesiba Mashapa, the regulator’s company secretary, bemoaned the judgment at the time, saying: “The purpose of regulation 23A(4) was to enable credit providers to lend to consumers on the basis of verified/validated income. It was an important tool in the fight against reckless lending and borrowing.”
Mashapa said the judgment permitted people in formal employment, who could produce payslips and bank statements, not to do so.
The regulator published draft guidelines at the end of last month to plug loopholes left by the judgment.
Consumer debt mountain
With South Africa’s debt levels among the highest in the world, the ruling did not go down well with those at the forefront of the fight against debt.
Neil Roets, the chief executive of debt counselling firm Debt Rescue, warned of a growing number of consumers notching up ever more debt. He says Debt Rescue’s statistics show that store card debt has increased by more than 5% in recent months. “Most enamoured” with store cards are consumers aged under 21 and those over 66.
“Pensioners don’t have money, so they take out loans to get by, and it catches up to them. The younger ones have an even bigger problem, which is indicative of a lack of financial literacy in South Africa. The youth don’t know the difference between good and bad debt. Once they start earning an income, credit providers start hunting them and almost throw credit at them.”
Roets says the judgment undermines the spirit of the NCA, because people will do “anything” to access credit.
“There is no doubt that people will abuse the ruling [scrapping documentary evidence]. It’s scary how much people depend on loans – no matter the LSM (Living Standards Measure). Whether it’s a low-income earner wanting to buy a bed or a wealthy person wanting to buy a Porsche, people will do anything to access credit.”
Credit providers cautioned
Credit providers should avoid reckless lending at any cost, says Gur Geva, the chief executive of InDox, a documentation collection provider that services four major banks and listed retailers. InDox collects documents, formal or informal – including affidavits and confirmations of employment – which smooth the path for lenders and ensure they comply with the NCA’s regulations.
“Some credit providers have viewed it as a victory in court that no pay-slips were required, but that’s not what the judgment said,” Geva says.
“The judgment can mislead credit providers. If you’re trying to disburse as much credit as possible, you can be overextended and view the judgment as relaxing lending criteria.”
He says a “wrong” interpretation of the judgment will harm the industry, causing further harm to over-indebted consumers, who are supposed to be protected by the NCA, and damaging credit providers, both reputationally and financially.
“It’s important that people have some third-party checks to mitigate their desire for credit. It’s not an LSM thing, it’s a human thing. Credit providers can manage bad debt, but the individual on the street is lumbered with the debt. There needs to be a cool, calm and collected entity that is able to guide retailers in granting credit.”


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The cannabis industry is booming and blooming, both in the U.S. and in Canada. Canada is gearing up for legalization of recreational use on July 1, 2018. In the U.S., seven states and the District of Columbia have legalized the recreational use of cannabis, and an additional 22 states have legalized medical cannabis. But at the federal level, the selling and use of cannabis product remains illegal with no plans in sight for legalization.
This article will provide an introductory overview comparing the U.S. and Canadian landscape and the resulting cross-border issues.
Investing in U.S. cannabis companies
No cannabis-based company—U.S. or foreign—may list on any of the U.S. stock exchanges or NASDAQ and as a result, many cannabis-based companies trade in the over-the-counter market. However, seven companies engaged in the research, development and commercialization of cannabinoid-based therapeutics are listed on NASDAQ. These seven companies are regulated by the FDA and cannabinoids can be produced synthetically to yield the desired clinical outcome, thereby alleviating the reliance on native cannabis product.
Currently, U.S. cannabis companies cannot list on the Toronto Stock Exchange (TSX) or its cousin, the Toronto Venture Exchange (TSXV) as a result of the legal status of cannabis activity in the U.S. Uncertainty over the Trump administration’s enforcement policy of federal cannabis laws has resulted in a chilling effect on TMX Group’s (operator of the TSX and TSXV) willingness to list U.S. companies in this sector. Under the Rohrabacher-Farr Amendment to the current U.S. Omnibus Spending Bill, federal funds cannot be expended on the enforcement of federal cannabis laws in states where the cannabis business is legal. This Amendment does not alter the illegality of cannabis under federal law but does shield cannabis operators in states where they are conducting legal activity. The Amendment is subject to review each year and is currently set to expire on December 9, 2017. Attorney General Jeff Sessions has written to Congress asking the Amendment not be renewed. A decision on the continuation of the Rohrabacher-Farr Amendment looms large as an indication of the Trump administration’s position on the development of U.S. cannabis industry.
An alternative stock exchange, the Canadian Stock Exchange (CSE), will list U.S. cannabis companies. As a result, this exchange is gaining traction. In a notice released by the CSE on August 4, 2017, the CSE reiterated its commitment to accept listing applications from U.S. cannabis companies so long as they meet the CSE’s minimum requirements for listing.
Canadian cannabis companies may list on the TSX and TSXV. As of November 1, 2017, over C$540 million has been raised by these companies in prospectus offerings on those exchanges. Once public, some of these Canadian companies have entered into partnerships or otherwise acquired interests in U.S. cannabis-related operations. Questions surrounding the permissibility of these transactions gained considerable attention in the industry, and as a result, TMX Group released a bulletin on October 16 in an attempt to clarify this situation. In the bulletin, TMX Group confirmed its long-standing position that issuers who violate U.S. federal laws are in fact non-compliant with listing requirements. Furthermore, TMX Group will take proactive measures to thoroughly review issuers who either have direct business interests or engage in ancillary services in the U.S. cannabis sector. It remains to be seen how TMX Group will act upon completion of its review.
Opportunities for foreign-based companies in Canada
As a result of the disparity between the public financing options in the U.S. versus Canada, Canada has taken the lead in financing cannabis-based companies—both domestic and foreign. Canadian investment dealers and bankers are seen as building up expertise in this sector, which has attracted significant foreign investment. As a result, companies based in Israel, Germany and Uruguay are looking to Canadian markets as the primary funding centre. The traditional Canadian banks have thus far shied away from underwriting offerings of cannabis-based companies, largely for fear of violating any U.S. laws and jeopardizing their U.S. franchise; therefore, to date, it is the boutique investment banking firms that have led most of the cannabis-related financing efforts.
Private placements for companies in this industry have been taking place on both sides of the border. As of November 1 over C$1.3 billion has been raised through the private placement of shares by North American cannabis-related companies this year. As Canadian LPs increase their capacity to service the upcoming legalized recreational market in Canada, the size of these deals are expected to increase. For example, Canopy Growth recently closed a C$245 million deal with Constellation Brands on October 30 to fund, in part, new product development and research
Until recently, traditional banks in the U.S. or Canada have not yet opened the door to support cannabis-based companies. In June 2011 the Department of Justice released “Cole 1” and in August 2013 released “Cole 2”—referred to collectively as the “Cole Memo,” which was created to assure the public how enforcement of cannabis-related laws would be limited. However, a companion memo to Cole 2 required such complex and impractical monitoring of a financial or banking relationship rendering it all but impractical for banks to service any business remotely touching a marijuana plant.
Credit unions and regional banks have stepped into the breach left by banks; but services tend to be more limited than that required by companies carrying on an international business. The Bank of Montreal and Toronto-Dominion Bank, for their part, have recently opened their doors to cannabis companies by providing business accounts. Concurrently, opportunities exist for alternative banking systems both within and outside traditional banks. Also, we expect the public security risks of having cannabis-based businesses retain large amounts of cash on premises to likely motivate legislatures and other governmental bodies to address these issues.
U.S. cannabis companies are treated as illegal enterprises for federal tax purposes—subject to tax on all revenues and proscribed from deducting ordinary course expenses. In 1982, Congress enacted IRS Section 280 E, which prohibited deductions or credits for a business or trade involved in the trafficking of a controlled substance. The provision was in response to an earlier Tax Court case that permitted a taxpayer to recover its cost of goods sold and ordinary course expenses. As a result, while direct costs of goods may be deducted—one may take deductions for growing a plant but not selling a plant—the cost of salespeople and overheads cannot be expensed and therefore effective tax rates can be extremely high. There are, however, structures being used to reduce such taxes.
U.S. cannabis producers, unlike dispensaries, would be able to recover much of its expenditures as cost of goods sold, however, the extent to which these businesses touch on ‘trafficking’ activities may limit the scope of available deductions. Nevertheless, states like Hawaii have adopted legislation rendering the state-equivalent of 280 E inoperative, in an effort to neutralize the consequences of state-level incomes tax laws that traditionally have mirrored federal income tax laws. The extent to which Hawaii is a harbinger or outlier, as it relates to other states, is difficult to ascertain at this time. Therefore, cross border tax planning to reduce taxes is not only desirable but may be required in order to effectively compete and operate in this sector.
In Canada registrations may be obtained for trademark covering various strains and brands of cannabis. In the U.S. it is not possible to obtain registrations for trademarks covering cannabis-based products because they are a Schedule I drug. The U.S. federal trademark regime will not register marks that when used commercially result in a violation of federal laws (referred to as the “Lawful Use Rule”). Attempts to gain U.S. federal trademark protection by relying on foreign registration have proven ineffectual. A condition precedent to registration under the U.S. regime is the applicant demonstrating actual commercial use or an intent to use the mark in question. So long as cannabis is prohibited under U.S. federal laws, the “use” requirement is impossible to overcome.
There are, however, less appealing options for trademark protection in the U.S., namely state-level registration, reliance on common law rights, or registration for marks covering goods or services related to cannabis. State-level registration provides some measure of protection, with the obvious caveat that national protection is not afforded. States that have legalized cannabis for medical use, or both medical and recreational use, have granted registrations for marks covering cannabis-based products. This is not true for every state in which cannabis use is permitted. For example, California has decided not to issue state-level registrations for marks covering products that would violate U.S. federal cannabis laws. Common law rights, on the other hand, arise when a mark is first used commercially. No federal registration is required, but the protection is more limited, and typically only extends to the immediate geographic area where the trademark is used. The extent to which common law rights can form a sufficient legal basis for a claim of infringement arising out of the commercial use of a federally prohibited substance has been untested to date in federal courts.


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Microsoft co-founder Bill Gates sold 20 million company shares in late October, but thanks to market gains in the past three months, his portfolio was worth more than when he last sold stock, regulatory filings showed.
Apple today said it had sold over 9 million iPhones during the opening three-day weekend of sales, an 80 per cent increase over last year's launch of the iPhone 5 and a record by a major margin.
Microsoft will pay at least $200 for used iPads made by rival Apple, and in return issue credit that customers can use to buy one of the company's Surface tablets.
Apple's share of global smartphone shipments declined to 13.2% in the second quarter, while both Android and Windows Phone registered slight increases, IDC said Wednesday.
Microsoft today took an unexpected $900 million charge to account for what it called "inventory adjustments" for the Surface RT, the poor-selling tablet that debuted last year.
Two years after virtually dropping out of the mobile business, Hewlett-Packard is working on a new smartphone, an HP executive told Press Trust of India.
Researchers from Harvard and the University of Illinois have printed precisely interlaced stacks of tiny battery electrodes, each less than the width of a human hair.
While Windows 8 is getting blamed for dismal PC sales, upgrading laptops and desktop systems isn't a priority for business users, according to new research.
More smartphones will ship worldwide in 2013 than other so-called mobile 'feature' phones as the average price of smartphones drops, IDC said Tuesday.
Nvidia will stay on board with making Tegra ARM-based processors for Windows RT tablets despite sluggish early sales of the devices, making the same commitment that Qualcomm has made, an Nvidia executive said
Microsoft garnered just a "niche" in the global tablet market in the first quarter of 2013, following a period of user confusion after the launch of Windows 8 and Windows RT tablets, analysts say.
For those that call tablets personal computers, Apple Inc. is the world's top PC maker, according to research firm Canalys.
Microsoft's Surface RT tablet sold 1 million units in the fourth quarter, fewer than expected, according to a UBS analyst.
Enterprises will not be moving quickly to adopt Windows 8, and most will skip next year, according to market research firm Gartner.
Fabless semi-conductor maker LSI Corp. today announced it will acquire SandForce, the leading maker of flash memory controllers for enterprise-class and consumer flash cards and SSDs. The buyout catapults LSI into the leadership position in SATA SSD ...
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is talking about most
BT Convention Centre
Events for Namuwongo
Exhibition Centre Liverpool
Build It Tool Show
ISES UK Chapter
WARWICK UNI REVEALS EXHIBITION SPACE DEMAND
posted on: 2011-10-26 10:56:04
The conference arm of Warwick University is being overwhelmed with demand for exhibition space to accompany events at the venue.
REPORT OUTLINES EVENT INDUSTRY ROLE IN UK ECONOMIC GROWTH
posted on: 2011-10-24 11:33:07
A new report outlining ways in which the UK events industry can work together with the UK Government to increase Britain’s competitiveness internationally has been circulated to members of Parliament.
VOICE OF GOD ONLINE STORE LAUNCHES FOR EVENTS INDUSTRY
posted on: 2011-10-19 10:49:58
A new online store is targeting conferences and events by selling downloadable pre-recorded ‘Voice of God’ announcements.
RSVP SHOW TO BE INTEGRATED INTO CONFEX
posted on: 2011-10-10 10:24:09
International Confex will integrate the London-based RSVP events industry exhibition into its own exhibition from 2012.
BVEP REPORT CALLS FOR MORE SUPPORT TO ATTRACT EVENTS TO THE UK
posted on: 2011-10-06 10:52:28
The UK is “at a clear competitive disadvantage when bidding for major international conferences and events”, according to a new report commissioned by the Business Visits and Events Partnership (BVEP).
PLASA RESTRUCTURE CREATES NEW HEAD OF EVENTS IN 2012
posted on: 2011-09-07 09:53:59
Entertainment technology association Plasa has commenced a restructure of its operations that will see a new head of events installed next year.
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Publish a personalised profile. Build an online community of friends. Exchange photos, videos and music. That might sound just like Facebook, but hundreds of millions of tech-savvy young people have instead adopted a group of smartphone-based mobile messaging apps that are now sweeping across the globe. These apps are the fastest growing phenomenon of the Internet age and are challenging the primacy of SMS as the preferred mobile communications medium. This trend represents a significant challenge for the mobile operators in Indonesia, who are already facing intense revenue and operating margin pressure
What are these apps?
The hot apps include Klik and Whatsapp, both products of North American start-ups, as well as Kakao Inc’s KakaoTalk, NHN Corp’s LINE and Tencent Holdings Ltd’s WeChat, which have blossomed in many Asian markets including Indonesia.
Messaging is increasingly seen as the ‘killer app’ for mobile and the popularity of these services is evidenced by the fact that more messages will be sent via chat apps in 2013 than via conventional text messaging (SMS).
By 2016 the technology research firm Informa predict that text messages will outstripped four to one by the number of OTT transmissions – sent ‘over the top’ of the standard chargeable methods of text messaging by using cellular data connections.
Why are they so popular?
First and foremost they are free to download and use (although WhatsApp has an annual subscription fee of one US Dollar – with the first year free).
They offer ‘plug and play’ functionality on any smartphone model (regardless of the operating system) in combination with a cellular data package or Wi-Fi access. Users can then make unlimited voice calls and conference calls in addition to sending standard text and multi-media messaging.
All of the services offer a wide variety of distinctive emoticons, stickers and ring tones which in turn enable users to create a personal identity amongst their peer groups – family, friends and business associates – when they are active within the application.
As a result, Informa estimate that on average each app user is currently sending 33 messages per day compared to just five standard text messages per day, in excess of a 6X uplift in the typical engagement level.
What is happening in Indonesia?
Indonesians are highly social digitally and as such have embraced this new generation of instant messaging applications with great enthusiasm. The latest available numbers illustrate the explosive demand in Indonesia:
- LINE has attracted 10 million users since launch in early 2013, with 25 million app downloads from the LINE suite already recorded
- Kakao Talk added 120,000 new users per day in the second quarter of 2013
- WeChat has grown its Indonesian user base fifty fold since their February 2013 launch
The OTT providers have already recognised the criticality of in-market localisation and service innovation in Indonesia. This effort is necessary in order to sustain the rate of adoption and engagement – principally through positive word-of-mouth.
- Kakao Talk has hired Indonesian designers to conceive and implement a portfolio of local emoticons
- LINE has mounted a series of localised sticker campaigns, including a WWF Earth Day donation drive and a Ramadan-themed campaign
The market in Indonesia is ripe for further penetration as smartphone adoption accelerates (currently at around 20% of the installed base) and the middle class demographic group continues to expand (growing at 9 million per year).
What’s next for chat apps?
What is most intriguing for industry commentators and investors is the potential of these providers to ‘move up the stack’ i.e. by integrating the individual chat/IM apps into a unified social networking platform. Given their current momentum, the potential exists for these new generation platforms to go head-to-head with the Internet giants such as Facebook, Yahoo and Google.
In response to market demand, these chat/IM app providers are already offering an ever-broader array of features, ranging from ‘basic’ communications i.e. messaging and content-sharing (photos, videos, location information) to ‘advanced’ functionality such as the exchange of virtual goods (e.g. emoticons, stickers, graphics), apps downloads (games and puzzles) and collaborative content origination (e.g. sketching).
With their embedded position at the core of the social circles of millions of users, these service providers are becoming hot acquisition targets. Google were rumoured to be readying a near-USD 1bn. bid for WhatsApp earlier this year.
In effect, the ‘winner takes all’ race has already begun.
How will the mobile operators respond?
This shift in technology and customer sentiment has big implications for mobile operators, with significant traffic volumes for conventional voice calling and text messaging being switched to these new applications. Moreover the impact on top line revenues and operating profits is an increasing cause for concern for their shareholders.
Initially, the OTT providers were competing on price alone, but as they have broadened their service offerings they are demonstrating a stronger value proposition to their customers. As such the operators are being forced to respond – there are a number of strategic options open to them:
Compete - By enriching the perceived value of existing service plans and data packages, thereby incenting subscribers to favour existing network operator voice and messaging services
Collaborate – Partner with OTT providers to provide blended service propositions and usage plans, while maintain separate brand identities for network operator and OTT services
Emulate – Integrate operator-branded OTT-equivalent services into existing portfolio and encourage switching of users from OTT platforms
In Indonesia the operators are actively engaged in countering this threat from the OTT providers and winning back lost messaging activity:
- Axis has partnered with Viber to offer customers a ‘Viber-only’ user plan, thus avoiding the expense of subscribing to a full service data plan
- XL Axiata provide a free activation and data package for all users of WeChat
- Telkomsel, Indosat and XL each offer free data usage for KaKao Talk users
Meanwhile BRTI, the telecoms regulatory body in Indonesia, in partnership with the leading mobile operators is planning to implement a ‘Messaging Indonesia’ platform. This initiative is designed to deliver a multi-carrier, cross-platform instant message and multimedia content delivery network – with domestic routing in order to minimize operating costs and to offer consumers a high quality and secure messaging solution.
The position of the mobile operators as the main providers of real-time communications for the consumer market is being seriously undermined by the innovation and agility shown by the OTT providers.
In order to reassert their dominant market position the operators will need to outsmart and outpace this new breed of competitors – it will be a fascinating battle to watch.


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Buy 1.3825 for 1.4100 with a stop below 1.3710
After reaching a high of 1.4241 on 24 February 2021, price made another attempt to push above this high but was unsuccessful. As a result, price declined to a low of 1.3627 on 20 July this year but we think this could be the end of the decline and correction. The low is also close to the Fibonacci 62% correction point of the big rally that led price to 1.4241. This could be a sign of a possible end to the correction as well. Price is now likely to push higher towards 1.4085 and maybe to the previous high of 1.4241 in the next few months ahead.
Stochastic may be declining but MACD remains bullish. The fast line of the MACD indicator could be turning around from the zero line as well, which could be a hint of a bullish price trend ahead as well.
On 4 August, the Bank of England kept its cash rate at 0.1% as expected but the BOE made a decision to lower the threshold that would unwind its quantitative easing. This could be the first steps to tightening which is expected by the end of 2021. If that is the case, the Bank of England is likely to tighten before the Federal Reserve.
Federal Reserve Chairman Powell has insisted that inflation is transitory and there is still a long way before the U.S. is ready to start tapering and raise interest rate. Several Fed’s officials have started to speak up for tapering but the camp is at best mixed. Recent data from US labour to consumer inflation data have shown that there is no necessity to hike interest rate. Last Friday consumer confidence also shows consumer sentiment slumping to its lowest since 2011 amid acceleration in COVID-19 inflections caused by the fast-spreading Delta variant.
COVID-19 inflections are fast rising in the U.S. which is a worry, while the UK has more or less recovered from the pandemic. In fact, UK is reopening its economy and easing its COVID-19 restriction. Fans can now watch football matches which are likely to lift the UK economy. UK re-opening is likely to benefit the UK economy while the U.S. grasps with COVID-19 inflections.


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Motley Crue: Sixx Unveils New Bass
Motley Crue's Nikki Sixx will unveil a new bass this month. The Schecter Sixx Signature Series Bass will be launched at the NAMM Convention in Anaheim, California on January 26th. Sixx will be doing a signing at 3:00 p.m. that day at the Schecter booth.
Sixx says, "It was important to all of us to design a bass that would feel right as well as sound amazing in the hands of all players, not just me. Every detail about the new Schecter Sixx comes from all of our collective experiences – whether it's my 30 years of playing live and recording or Schecter's unprecedented standards for making quality instruments for players of all genres.”