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A recent study released by the Pew Research Center reveals that, while reading remains as popular as ever, the way people are reading continues to take a digital shift. In the past year, nearly a quarter of all Americans aged 16 and older read an eBook, up from 16 percent just a year ago. The study shows that one third of Americans also own at least one eReader, tablet or other type of eBook-capable device.
According to the study, the most likely eBook readers are those with a college degree, but the number of high-school aged students who read eBooks more than doubled in a 12-month time frame. On the other hand, the percentage of people who reported reading a physical book in the past year dropped to 67.
As tablets and eReaders become more affordable, and as more schools integrate eBooks into the curriculum, we can only expect the digital shift to continue. To read the full results of the survey by the Pew Research Center’s Internet & American Life Project, click here.
For information about launching an OverDrive-powered digital library at your school, click here.
Adam Sockel is a Marketing Specialist at OverDrive.


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Calyxt focuses on healthy, more sustainable products
7 Jul 2020
The COVID-19 Pandemic has placed health and safety to the forefront of consciousness for individuals and businesses across the country. Products based on healthier ingredients and more sustainable crops are more important than ever. Calyxt, a company which focuses on plant-based technologies, finds itself perfectly situated with its leading-edge plant science to bring those products to market.
“Our mission is to use science, ingenuity and technology to unlock the brilliance of nature for the promise of tomorrow,” said Jim Blome, Calyxt CEO. “Our innovative technology, continuous improvement and robust scientific team are what allows us to maintain a competitive edge in the gene editing space, and we’re excited by the potential of our product pipeline to continue to deliver healthier, more sustainable alternatives.”
One of those products is Calyno®, the first gene edited food product launched by Calyxt in 2019. The premium oil is a high oleic soybean oil produced with both consumers and chefs in mind. The company has set up an e-commerce site to offer it to consumers and promotes Calyno® as a healthy, Midwest-grown oil that is traceable from farm to table.
“It is designed to deliver superior nutritional and functional benefits to improve the health profile and functional performance of prepared meals so customers can truly feel good about what’s on their plate,” said Blome.
Calyxt started in an industrial garage at the University of Minnesota ten years ago. It went public in 2017 and shortly thereafter moved into a state-of-the-art 11-acre campus in Roseville, Minnesota. The facility includes a greenhouse, test fields, research labs, finance, marketing and a test kitchen. The heart of their work is centered on using new technology to develop solutions to produce healthier, more sustainable products. For Calyxt, that means applying the genome-editing technology Transcription Activator-Like Effector Nuclease (TALEN®) with agricultural products to create those solutions.
“We’re doing what farmers and plant breeders have been doing for hundreds of years in choosing the best crops and breeding them to make stronger, more sustainable plants,” said Blome. “We accelerate that process with leading-edge TALEN® technology to enhance the unique characteristics that naturally exist in each plant, allowing us to develop healthier and more sustainable ingredients.”
TALEN®, developed in part by Calyxt co-founder and Chief Science Officer Dan Voytas, Ph.D., is an advanced breeding technology that allows for precision targeting of existing genes within a plant’s genome. That targeting allows scientists to select for desired characteristics, accelerating breeding in a fraction of the time.
Calyxt has been a Midwestern company since its inception and Roseville was an ideal choice for expansion given its proximity to the University of Minnesota and central metro location. As with most businesses recently, Calyxt felt the urgency caused by the COVID-19 crisis. The research and development Calyxt focuses on in the food and agriculture supply chain are part of a critical sector, so the company continued operating through the pandemic. Keeping the health and safety of employees and local communities was a top priority for the company, which is extremely grateful for the support it has received as it grew.
“We are proud of our Minnesota roots, and we have been warmly welcomed into the Roseville business community,” said Blome. “It has been very rewarding to invite community leaders and members into Calyxt for tours to learn more about our business and we look forward to continuing to build strong community relations for years to come.”
Just the beginning
Calyxt has positioned itself to continue providing products focused on improving quality of life for consumers. High fiber wheat, high oleic low linolenic soybean oil (HOLL) and low lignin alfalfa are all products in their pipeline. And recently, the company announced its HOLL soybean was designated a non-regulated article under the “Am I Regulated?” process by Biotechnology Regulatory Services of the Animal and Plant Health Inspection Service (APHIS), an agency of the United States Department of Agriculture (USDA). The HOLL soybean is expected to launch as early as 2022.
The Roseville Economic Development Authority (REDA) coordinates and administers economic development and redevelopment initiatives for the City of Roseville, MN. It serves as a comprehensive resource for businesses seeking to startup and grow in the area. In addition to prioritizing business retention and expansion, the REDA connects area employers with the dedicated and talented workforce they need to succeed and thrive.

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MILAN — The digital disruption can’t be ignored any longer.
That was the key message Wednesday at Pambianco’s third Beauty Summit, hosted by the Italian fashion and beauty consulting company in partnership with Condé Nast Italia at the city’s Bourse.
The summit spotlighted the increasing relevance and potential of online in providing business opportunities for Italy’s cosmetic companies.
The digitalization of the domestic beauty market has met resistance in past years because of cultural and structural reasons. Local cosmetic companies, which are on average small to medium-sized, have seen online stores as threats that could erode sales in their brick-and-mortar businesses rather than as opportunities. Even in the case of the more innovative firms, budgetary limitations affected their digital strategies, both in terms of media investments and e-store developments.
Despite the initial delay compared to the rest of Europe, the U.S. and Asia, e-commerce sales are quickly increasing in Italy. As reported, according to preliminary data released by Cosmetica Italia, e-commerce was the most dynamic channel in 2018, climbing 10 percent compared to the previous year. Nevertheless, such growth still represented only a marginal value of 350 million euros out of the total cosmetic industry’s sales, which reached 11.2 billion euros in 2018.
“The last couple of years have been years of evolution, also cultural, for this industry,” said Fulvia Aurino, digital commerce, marketing and omnichannel director of ELC Italy The Estée Lauder Cos. Inc.
“There have been great changes in the fruition of media and the shopping behavior of consumers. Now 75 percent of Italy is online, 37 million people are on social media and they spend an average of three hours online every day,” she continued, pointing to developing e-commerce as an “inevitable process” for a company.
“Also the distribution is understanding that working with e-commerce is essential to make the brick and mortar survive under a new ,” added Aurino, underscoring that “there’s not a shift in the purchases from offline to online but an integration as complement each other due to matters of availability or convenience.”
Nevertheless, Aurino admitted that prestige beauty is reacting to this transformation of consumers’ habits, moving media investments on digital platforms, especially social media, where influencers play a key role in affecting the purchases. In particular, she spotlighted the results of the activities regarding micro-influencers, “which are six times more successful compared to the ones with the macro ones.”
“We can’t forget that there’s still the traditional media,” responded Coty Inc. Luxury Italy and Greece general manager Thomas Lévy, who believes this medium is still key in creating and strengthening a brand’s awareness.
Lévy doesn’t see brick-and-mortar disappearing in the long term, but foresees a transformation in the shopping experience and in the communication in-store. “Department stores and retailers will still exist in 10 years, but the sales assistants will need to be more and more informed and trained to make sure the customer experience will remain at the highest level, so people won’t buy just on the Internet but come to the store and discover products.”
He especially believes that consumers will be even more demanding in the future. “The Y generation…will probably change drastically the way they discover fragrances and beauty because they will want to enter the world of each fashion house, discovering it more deeply than other generations. That means brands need to be able to communicate all their creativity on the new Instagram in 10 years, not only in terms of business but also in terms of pure discovery.”
To answer to this future demand, Shiseido is bolstering its digital assets through a range of acquisitions. Among these, the country general manager of Shiseido Group Italy Luca Lomazzi mentioned MatchCo., a California start-up that has developed a digital app that turns an iPhone into a diagnostic tool for detecting the right skin shade for makeup foundation purchases.
“The Italian market is ready for this kind of tech innovation,” he said, underscoring that similar devices can enhance the shopping experience in traditional distribution, starting from perfumeries.
“In the future beauty advise will be provided to consumers not only by sales assistants, but also by artificial intelligence. Digitalization will enter in the store and we will be immediately able to know who would have come in the store and what that client would have acquired before,” Lomazzi said. For the moment, the greatest challenge in Italy is to “dismantle the business models that have been perpetuating in physical stores for years. We are all getting more digital and sale points need to do the same.”
Embracing digitalization would encourage the internalization of Italian beauty companies, which are mainly focused on the domestic market. The most tempting growth opportunity is China with a population of 1.4 billion — 802 million of whom use the Internet — and a beauty market value of 64 billion euros.
“The Chinese consumer is younger and richer than ours, and uses mainly mobile phones as a tool for purchases and interaction with his peers,” said Carolina Solari, business development manager, beauty and personal care of Alibaba Group.
Chinese online sales of beauty products increased across all categories, with cosmetics up 46 percent; skin care up 40 percent; personal care increasing 37 percent, and a new interest shown in beauty devices and men’s beauty, growing both more than 50 percent in 2018.
Solari also outlined the main trends driving the market, including color makeup; facial care, especially antiaging creams consumers start to use from a young age, and hair care, which has become hot in the last quarter and has determined the popularity of a range of Spanish brands offering antipollution products.
In addition, Solari mentioned the success of Italian accessible label Kiko, which made its debut last summer on Alibaba’s Tmall Global and has become one of the top-performing beauty brands in the marketplace.
Also preparing to launch on Tmall Global is Cosnova, the German-based parent company of the affordable Essence, Catrice and L.O.V. brands. Registering estimated revenues of 435 million euros in 2018, Cosnova is distributed in 85 countries, the most recently launched of which is Brazil.
The company’s chief sales officer and general manager Hilko Prahl underscored the importance of e-commerce for the firm, even though it still represents a minimum share of its sales. To strengthen this channel, Cosnova has launched a digital commerce unit, which is expected to account for roughly 20 percent of its total of 600 employees in less than two years.
“E-commerce for us is not just online sales…the most important thing is: How do you connect to the consumer online and continue the journey and follow him into the offline world? Yes, online sales are growing but continues to be highly relevant and we want to interconnect both,” Prahl said.
Beside the opportunities that come with digitalization, the executive also pointed to the new, challenging quest for speed that comes with it.
“Some years ago you looked at trends coming from Korea, the U.S., then the U.K. and Europe and you had enough time to prepare novelties but nowadays…because of the digital world, there’s a trend coming up, an influencer sees it and talks about it, and you don’t have a time anymore,” he said, mentioning identifying the right trend as key to maintain the pace of this process.
Consumer demands reflect not only on brands but also suppliers, as Chromavis chief executive officer Fabrizio Buscaini noted. To address the issue, the company will boost its production capabilities, unveiling a new, 1.08 million-square-foot plant in December. The unit will also house a mini-factory that can quickly produce smaller quantities, enhancing its flexibility.
Source: Read Full Article
MILAN — The digital disruption can’t be ignored any longer.


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AN overwhelming 95% of financial industry leaders are optimistic about the economic outlook over the next three years, despite macroeconomic uncertainties and tensions in financial markets.
This information is contained in the recently unveiled third edition of the African Financial Industry Barometer produced by the Africa Financial Industry Summit (AFIS) and Deloitte.
AFIS director Ramatoulaye Goudiaby said: “The third edition of the African Financial Industry Barometer highlights significant progress and persistent challenges in the African financial industry.
“As the sector continues to navigate a complex global environment, this study underscores the importance of innovation, digital transformation, and regional integration in shaping a resilient and prosperous African financial future.
“The commitment to green finance and carbon neutrality, albeit nascent, is a positive step towards sustainable development.”
Deloitte Francophone Africa financial industry leader Aristide Ouattara said: “By capitalising on pan-African opportunities and overcoming structural obstacles, the African financial industry is well positioned to play a leading role in the global economy.
“Deloitte and AFIS remain dedicated to providing key insights and supporting the development of this vital sector for Africa’s future.”
The barometer revealed that the industry is strengthening its asset-liability management (ALM), risk management (cyber security in particular), and capital management in response to persistent inflation and the potential for tighter interest rates and regulation.
“Many players are taking pragmatic measures – such as adopting more selective distribution approaches, creating guarantee funds, and improving internal capital generation – in some cases to the detriment of financing the real economy,” it said.
According to the barometer, industry leaders perceive that their digital maturity has increased, propelled by open banking/insuring, which has been the key driver of digital transformation.
“Information technology is meanwhile the investment priority for the majority of respondents (33%), with more than one in three executives saying they have launched or are ready to launch migration to the cloud.
“The industry is also keeping a cautious eye on artificial intelligence, with 8% of business leaders reporting that this technology has been effectively integrated into their processes,” it revealed.
The barometer showed that there was room for improvement in green finance and carbon neutrality.
“Despite Africa’s $250 billion annual climate finance needs, investment in green finance remains limited, with only 10% of respondents committed to green bond issuance.
“The industry will also need to explore realistic paths towards the zero-carbon objective, given that only 22% of financial institutions have a clear net-zero trajectory,” it said.
The barometer showed that the African financial industry’s perceived attractiveness has been severely impacted by political turmoil in the region and divestments by major international players over the past five years, such as Standard Chartered, BNP Paribas and Société Générale.
“Only 48% of respondents consider the industry more attractive, compared with 61% in the last barometer. Nevertheless, international banks scaling back African operations has benefited several local banks, which have not only increased in size and geographical presence but have reworked their business models to become true continental champions that can compete on an international scale,” it said.


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Banagalore-based startup, Ather Energy, is currently in the process of developing India's first indigenous smart electric 2-wheeler called the Ather e-Scooter S340. The futuristic looking electric scooter will be unveiled on February 23 in Bengaluru. The project began in the incubation cell of IIT-Madras.
After 3 years of research and development, the company is finally set to unveil its maiden venture. The e-Scooter S340 features a Li-ion battery pack that takes less than an hour to charge. However its biggest USP will be the digital touchscreen dashboard that it comes integrated with as Ather has chosen to focus on connectivity in particular. The Android-based touchscreen will allow users a chance to customize the scooters profile for different ride experiences, will offer multiple riding modes, allow for theft protection, and will include in-built navigation.
The Ather e-Scooter S340 will be the first smart electric scooter to be designed and built completely in India and its rising popularity is in line with the Make-In-India scheme initiated by Indian Prime Minister, Narendra Modi. Unlike standard electric scooters that can be ridden at speeds of 25-40km/h , the S340 electric scooter can reportedly attain a top speed of 75km/h and will be able to accelerate from 0-60km/h in 11 seconds. The company claims that it will be at-par with other petrol rivals currently sold in the India. The battery pack is expected to come with a range of 50-100kms and charging ability has been capped at 90 per cent as the company claims that the extra 2-3kms achieved with the extra 10 per cent may result in battery damage. Ather has stated that it intends on pricing its electric S340 scooter below the Rs 1 lakh mark.
Founded by Tarun Mehta and Swapnil Jain, Ather Energy raised $ 1 million (approximately Rs 6.3 crore) in end-2014 from Sachin and Binny Bansal, founders of Indian e-commerce conglomerate Flipkart. Recently, the company generated an additional $ 12 million (approximately Rs 75.3 crore) from leading venture capital investment firm, Tiger Global. The scooter will be officially unveiled tomorrow at Web Summit's SURGE conference in Bengaluru.


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The sectors that Bulgarian criminals use for money laundering are usually retail, games, tourism, construction, and energy. The most frequently used businesses for this purpose are places such as casinos, hotels, night clubs, car dealers, shopping malls, pledge shops.
Bulgaria adopted and enacted the new (AML) regulation Anti-Money Laundering Act (MLD4), which implemented the Fourth EU Anti-Money Laundering Directive in March 2018 to prevent such money laundering. Among the main innovations in MLD4 and the Bulgarian AML Act are the obligation to collect and file information about the ultimate beneficial owner (UBOs) of legal entities and other bodies that directly or indirectly control companies and other organizations. Besides, all EU Member States should organize central databases where all companies will protect information about their UBOs. Moreover, Bulgaria Anti-Money Laundering Act (MAMLA) applies the necessary penalty when money laundering activities take place in another State or any member state.
To compliance, companies should carefully consider whether they are subject to newly introduced requirements. To do this, UBO needs to reveal its identity and appoint a contact person who is a Bulgarian citizen.
If the obligations are not complied with within the announced period, the fines determined are given to the persons. Penalties will be issued monthly until the required identification information is duly recorded in the relevant registry.
Bulgaria is not on the Financial Action Task Force (FATF) Countries List identified as having strategic AML deficiencies, and there are currently no international sanctions against this country.GDP contracted by 5.5% in the Bulgarian economy in 2009, and recovery has been slow since then, despite a favorable investment regime, significant challenges remain. Public administration corruption, weak judgment, and the existence of organized crime continue to hamper the country's investment climate and economic prospects.
The final report on the implementation of money laundering and counter-terrorism financing standards in Bulgaria was made in 2008 by FATF. According to this assessment, Bulgaria has mainly been considered harmonious.
Global AML Check!


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If any of your older relatives have told you to get off Instagram and get back to school, we have good news.
An Italian university is now offering a degree in becoming a social media influencer.
Online institution eCampus has created a three-year programme geared to equip students with the technical skills needed to gain traction on social media.
It might sound a little far-fetched, but considering there’s a range of degrees for seemingly niche disciplines like puppetry, handbags and yachting, it’s not a huge stretch for people to want to study an area that is relevant and lucrative.
According to a recent study by Rakuten Marketing, UK marketers allocate 40% of their budget to influencer campaigns and 49% of global consumers engage with influencer marketing to discover new brands and products, so there’s plenty of opportunities to be had.
Unsurprisingly, some of the degree modules sound pretty fun – there’s language philosophy, TV history, intercultural communication, and fashion psychology.
The online institution might not be one of the most well-known for higher learning, but perhaps it will be the first of many to offer education in this field.
Even so, it’s a risky move to launch a programme meant to prepare young people for a career path that isn’t exactly concrete, particularly when Italy’s youth unemployment rate is one of the highest in Europe at 27.1%.
In related news, eCampus recently forged connections with one of the biggest influencers in the business.
The university appointed football star Cristiano Ronaldo as its new ambassador.
He doesn’t seem to be able to turn down an endorsement deal, having promoted products such as custom-made Cristiano blankets, Egyptian steel, and a muscle stimulation product that apparently will give you six-pack abs.
In his new gig, Cristiano has teamed up with the university to fund 36 student grants.
Fancy becoming an influencer? This is – potentially – your chance.


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It’s been one and half years since famous British sportscar manufacturer Bristol has announced a high-performance electric vehicle, and the wait might be over in just a few months.
Acquired by Kamkorp Autokraft, part of the Frazer-Nash group, in 2011, Bristol Cars declared itself insolvent before the supercar rumors got any update, but it looks like the British company is almost ready to unveil its own electric vehicle.
According to Autocar, Bristol’s new supercar will be an extended-range hybrid car with four electric motors, lithium-ion batteries, and a Wankel rotary engine for a peak output of over 400 HP. Rumor has it that the Bristol’s exterior design will be inspired by the Giugiaro Namir Hybrid Concept pictured above and it's expected to reach a top speed over 200 MPH.
The long awaited Bristol electric supercar might be revealed at the 2013 Goodwood Festival of Speed in July, although further information is expected to surface anytime soon from the United Kingdom.
Bristol Cars was founded in 1945 and its newest model, the Chrysler-engined Fighter, was introduced in 2004.


text: Goldlion, Hong Kong's first famous fashion brand and a mainland clothing pioneer, is two years into a rejuvenation plan - and struggling. The brand once favoured by nouveau riche red capitalists and political apparatchiks for its clothing, silk ties and leather products has fallen on hard times. Goldlion's efforts to win over the new hip generation are being swamped by Hong Kong and international luxury fashion brands eager to flaunt themselves in front of ever more affluent and discerning mainland buyers. But, while Goldlion has slashed advertising in response to declining sales, other established Hong Kong firms are cranking up efforts to build their mainland brand images. Goldlion's attempt to re-invent its brand two years ago was prompted by a run of poor sales and huge losses. Results have been mixed. After racking up losses in 1999 and 2000 - and a brief recovery in 2001 - it again sank into red in the six months to June last year. In the mid-1990s Goldlion was spending HK$35 million a year buying 35-second slots on China Central Television. Its advertising budget reached HK$80 million in 1997. It has since been slashed to just HK$20 million a year. Goldlion Holdings chairman Tsang Hin-chin said his brand's failures in the mainland were self inflicted. 'Our brand grew old because of a lack of design creativity. We lag behind the world's rapidly changing fashion sense, plus we have management problems,' he said. The firm - which operates 20 stores and 800 point-of-sale outlets on the mainland - has set out to introduce younger designs, better products, smarter packaging and a more aggressive advertising and marketing strategy. By contrast, Johnny-come-lately Hong Kong brands such as Giordano and Baleno are proving enduring successes with mainland consumers. Despite a turbulent history on the mainland, Giordano International operates 530 stores and recorded a net profit of HK$377 million in the year to December 2001 - a fourfold increase in just five years. Similarly, Texwinca Holdings, which operates about 830 Baleno-brand outlets in China and also supplies products to The Gap and Japan's First Retailing, doubled its net profits in five years, registering a HK$530 million profit for the 2002 fiscal year.


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Ebay doubles down in the tech bargain basement that is India. While still retaining a small stake in Snapdeal, Ebay is rumored to be interested in making an investment in the other Indian E-commerce site, Flipkart. Due to Flipkart’s recent lower valuation, it may be a good time for Ebay to make a purchase. In fact, Snapdeal is currently cheap, too.
Ebay first invested in Snapdeal in mid-2013 and made another investment one year later. Snapdeal’s “complementary business model, good management and strong brand” were enough for Ebay to make its initial investment and eventually own nine percent of Snapdeal. Then in 2015 and with a change of heart, Ebay profited from selling some of its Snapdeal stock to Alibaba as reported in The Golden Tap.
Ebay made money exiting Snapdeal while others eagerly wanted in. At the time, Ebay said the following in a press release:
Over the past two years, the valuation of Snapdeal has significantly increased, and because eBay was an early investor, this sale will enable us to earn a strong return on our invested capital
Snapdeal is now trying to raise more money, but at a lower valuation. In fact, Snapdeal is trying to save money with employee layoffs and the co-founders taking no salary. Such measures were necessary given Snapdeal’s financial trouble in the past year. So bad are things, that Softbank wrote-down its investment in Snapdeal last year. Based upon its latest filing, Ebay has not written down its last remaining slice of Snapdeal.
While not as bad Snapdeal, Flipkart’s turnaround seems to be succeeding under new CEO, Kalyan Krishnamurthy. Hopefully, Ebay will be lucky again, this time with Flipkart.
Snapdeal and Ola give big losses to Softbank. In its recent earning release, Softbank took a loss of $345 million on the Indian startups for the nine months ended December 31, 2016. A gain, on converting the investment from Indian rupee to yen, limited Softbank’s losses; otherwise it would have been $490 million.
Softbank’s loss came from writing down the combined value of Snapdeal and Ola, as stated here:
Gain or loss arising from financial instruments at FVTPL comprises mainly of changes in fair value of preferred stock investment including embedded derivatives, such as ANI Technologies Pvt. Ltd and Jasper Infotech Private Limited in India, designated as financial assets at FVTPL.
Snapdeal and Ola now face harder times raising more funds, based on Softbank’s actions. Not only did Softbank lower its valuation, but so did mutual fund company, Vanguard. This month it was reported that Vanguard wrote down its Ola investment by forty percent. Uber faces an easier time in India with Ola’s lower valuation. Cash raised by both companies allows for discounts and incentives to expand their businesses.
Softbank may not be too happy, either. News of the losses come after Softbank managing director, Jon Bullock, resigned from the boards of both Ola and Snapdeal in January 2017. Mr. Bullock takes over as director of Softbank Vision Advisors which will managed the $100 billion tech fund being raised by Softbank.
Over the past years, Softbank invested in India by taking proven business models and investing in their Indian equivalents. With Softbank seeing red with the losses, may be this will inform the Vision Fund’s investment strategy?
Jonathan Bullock has resigned as board member of three Softbank portfolio companies: Snapdeal, Housing.com, and Ola. Bullock’s resignation was disclosed in regulatory filings on Friday, as reported by India’s Livemint on Monday. In hindsight, Mr. Bullock’s resignation is predictable given his new role at Softbank Vision Advisers, Limited, and the need more time.
As stated here, Jonathan Bullock, along with Rajeev Mirza, are directors of Softbank Vision Advisers, Limited. On January 10, 2017, Alok Sama himself resigned, leaving only two people in charge of Vision Advisers. Vision Advisers will manage money raised from The Saudi Arabia Public Investment Fund, Apple, Larry Ellison, Foxconn, and Qualcomm.
After Nikesh Arora left Softbank, Mr. Bullock replaced him as board member of the three portfolio companies. Now himself leaving, Mr. Bullock cites “personal reasons and other obligations” for resigning from Snapdeal and Ola. Given the timing of the resignations, the “other obligations” may be running Vision Advisers. Mr. Bullock wanted his resignation effective on January 16, 2017, which is one about week after Mr. Alok Sama resigned as a director of Visi0n Advisers, Limited.
Mr. Bullock departure is big news due to Softbank’s early and large investments in India startups. In fact, Softbank and other global funds have poured money into India using a “this of that” strategy: taking proven business models and investing in their emerging market equivalents. As money is now poured into the Vision Fund, Softbank and Mr. Bullock(?) are now gearing up for new investment opportunities.
You lose some and then you win some.
More news came out this week of Snap’s impending initial public offering. In an highly anticipated sale, one early investor is hoping to striking it big, Fidelity Investments. At the same time, in another under-reported story in the U.S., Fidelity wrote down its stake in the Indian e-commerce site, Flipkart. Fidelity now values Flipkart at $5.6 billion or thirty six percent less than before.
Mutual fund money from investors such as Fidelity and T. Rowe Price flowed into private equity over the past ten years. Often the mutual funds piggybacked on the earlier trades made by venture capital firms. Mutual fund involvement with the “Unicorns” became a window on an otherwise opaque, private market. Markups and markdowns by mutual funds of their Unicorn holdings, became a proxy for a public market.
Now in India, the Unicorn market could be slowing imploding. Besides Flipkart, one of the other India e-commerce sites is receiving a reduction in valuation. Snapdeal, it was also reported this week, was seeking additional funding, but at a lower valuation. And one must remember that the same issue occurred to Ola back in the fall of 2016.
India has received considerable money from global funds and Silicon Valley venture capital firms, such as Sequoia. The money followed an investment thesis described as the “this-of-that”. Translated, the strategy meant taking business models from development markets and then investing in their emerging market equivalents. So for India, this meant Flipkart got head start on Amazon and Ola rode along with Uber.
As stated here before, money from big players – Tiger, Softbank, Alibaba, etc. – has flowed into India in the past ten years. As in other places, money and not technology was the prime determiner of the success as startups subsidized prices to attract and hold customers. But only companies with sufficient capital can continue to play the game. That is why the recent funding problems in India are so troubling.


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Designer Ralph Lauren Corp. on Friday fell as much as 6.6%, becoming a major decliner in the S&P 500. Luxury briefcase and accessories label Tumi Holdings tumbled up to 12% before recovering slightly. Meanwhile, Gap Inc. rose as much as 5% to be a top S&P gainer after its discount chain Old Navy posted a better-than-expected 18% jump in April sales late Thursday.
If you think this is a sign that investors are selling luxury, think again. Even factoring in the declines on Friday, Tumi still trades at 19 times Wall Street's average per-share profit estimate for the next 12 months, Ralph Lauren trades at 16 times; and Gap trades at 13 times, according to a FactSet analysis for MarketWatch. A majority of Wall Street analysts covering Ralph Lauren and Tumi still rank them a buy respectively while Gap has a 32% buy rating.
Both Ralph Lauren and Tumi fell after they gave disappointing profit outlooks, thanks to their plans to invest in areas including online sales, store openings or software upgrades.
"2014 got off to a slightly slower start than we had anticipated," said Tumi Chief Executive Jerome Griffith on a conference call late Thursday, adding the company's first-quarter wholesale sales were hurt by the company's deliberate decision to reduce promotions. But "it certainly isn't a clear demonstration of the health of our business."
Tumi's comparable retail sales in the quarter ended March 30 rose 5.3%, including a 17% jump in online sales.
"We continue to think Tumi is a fantastic brand and that the company's long-term growth prospects are very bright," said Cowen & Co. analyst Faye Landes, adding the company's U.S. store traffic turned positive for the first time in five quarters, an encouraging indicator in light of the wintry weather that hurt most retailers.
Ralph Lauren forecast fiscal 2015 sales to rise 6% to 8%. That compared with its prior guidance of sales rising in the "high-single-digit." The company said the guidance reflected in part the expected transition impact of its introduction this year of Polo women's collection to replace its Blue Label line. Its wholesale sales last quarter jumped 24%, better-than-expected. Ralph Lauren said it continues to gain market share. Retail comparable sales, however, fell 2%, hurt by the wintry start in North America. Sales in the fiscal fourth quarter ended March 29 rose at least 10% in each of its major geographic regions, the company said.
"Underlying demand looks healthy," said Credit Suisse analyst Christian Buss, adding the company's strong sales are "overshadowed" by investments that will slow profit growth. "Ralph Lauren showed impressive (sales) resilience in a challenging demand environment, supporting our view that the company is well positioned to capture share in the global premium apparel market, particularly in Europe and Asia."
While the luxury segment's profit is expected to slow from the double-digit and 20% plus growth it's seen in seven straight quarters through the third quarter on a calendar basis, the upscale segment, excluding Coach Inc. , will continue to outpace the rest of the market, Retail Metrics data showed. For instance, when taking out Coach, which is undergoing a reinvention amid competition from rivals including Michael Kors and Kate Spade , the luxury segment is expected to see first-quarter profit jumping 15%, above the 1.8% growth expected in the S&P 500 components' average profit growth, and above the 1.7% average growth expected in the Retail Metrics earnings index, said Retail Metrics President Ken Perkins.
"The upscale consumer is still in much better shape to spend at a faster clip than the core Old Navy customer so it is unlikely that discount will drastically outperform luxury later this year," Perkins told MarketWatch. The high-end consumer has "more discretionary income available to spend."
Analysts said both Tumi and Ralph Lauren's results also didn't include April results, which picked up industry-wide.
For its part, Gap said the later Easter this year contributed a big part to Old Navy's growth in April. The timing shift also led to retailers' best monthly performance since June 2011, Retail Metrics data showed. On the other end of the price spectrum, Gap's upscale Banana Republic chain was also a bright spot, posting an unexpected 7% sales gain.
-- Follow Andria on Twitter @AndriaCheng.
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A plus-size trans model has opened up about how she learned to love herself.
Shay Neary made headlines last year as the first plus-size trans model to land a major fashion campaign.
She was cast by retailer inclusive fashion retailer Coverstory for their latest campaign in December.
Now, Shay opened up about how she learned to love her body in a video posted on I Heart My Body’s Facebook page.
‘You just have to accept that internal voice,’ she said.
‘That’s telling you “I’m beautiful, I love myself”.’
Shay said she looks into ‘every’ mirror and building she walked past and told herself ‘I love myself’; and she does the same when getting out of a cab and looking at herself in the mirror.
And Shay doesn’t care whether people think she’s overdoing it.
‘I don’t need to look good for them, I look good for me,’ she said.
‘And that’s what it’s all about. Don’t do it for anybody else but you.
‘Because you’re the most important person.’
As she briefly touching on the time before she transitioned 11 years ago, Shay starts to casually deconstruct – and criticize – society’s approach to beauty.
‘We’re taught to judge ourselves before others do,’ she said.
‘I don’t to that anymore.’
So Shay has decided to stop ‘badgering’ herself about any potential shortcomings and instead embraces her body the way it is.
‘Every day, you’re going to find moments of insecurity. Every single day,’ she said.
‘Remember that you’re human. We’re not perfect. There’s no such thing as perfection.
‘I don’t need to be perfect for people to enjoy me. I don’t need to be anything other than myself for people to understand and relate.’
Calling the feeling of not having a worth a problem, Shay says the only way to beat those thoughts it through challenging yourself and others.
‘If I never challenged what people thought of me,’ she says.
‘I wouldn’t be where I am now.’
Watch the full video below:


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Zenith is featuring the latest versions of its Chronomaster Open and Chronomaster Sport timepieces at the 2022 edition of Watches & Wonders. The Swiss manufacture is also presenting the “Master of Chronographs” exhibition, a testament to the manufacture’s illustrious past and the myriad innovations Zenith has contributed to the advancement of mechanical chronographs.
To recount its pioneering contributions to the evolution of chronographs, Zenith has created a platform dubbed “Master of Chronographs Since 1865”. This traveling exhibition – featuring rare and historically significant pieces – makes its first stop at Watches & Wonders, spotlighting Zenith’s role as a trailblazer in driving innovation in chronographs. “We’ve contributed so much to the advancement of the modern chronograph that we feel a certain responsibility to continue leading its evolution,” says Zenith CEO Julien Tornare. “After the incredible reception of the Chronomaster Sport and its unequalled 1/10th of a second chronograph, we’re thrilled to expand the line this year with rose gold versions, and also to bring back a modern Zenith icon from the past twenty years: the Chronomaster Open”.
Introduced in 2003, the Chronomaster Open broke new ground with its partially open dial, revealing the legendary high-frequency beating heart of the El Primero movement. Now the 2022 version features a 39.5mm case in steel or rose gold and revisits the iconic tri-color dial configuration with a transparent twist. Introduced in 2021, the El Primero 3600 movement boasts a 1/10th of a second chronograph and brings improved efficiency to the new models. Instead of cutting out the small seconds counter at 9 o’clock, as was done with previous versions, the three counter colors are retained thanks to a hesalite crystal element that serves as a readable sub-dial, while allowing a view of the silicon star-shaped escape wheel. The opening has been reinterpreted too, foregoing the applied “frame” of the former version, instead opting for circular openings with chamfered edges, revealing the movement with straighter bridges and a more contemporary gray tone. The Chronomaster Open timepiece is now available in steel with a white or black dial, delivered with either a steel bracelet or a cordura-effect rubber strap. There is also a rose gold version featuring a white dial with a blue cordura-effect rubber strap, plus an exclusive edition in steel with a blue dial and steel bracelet.
When it was unveiled in 2021 the Chronomaster Sport was crowned with the Grand Prix d’Horlogerie de Genève 2021 “Chronograph” prize. The newest iterations are equipped with the latest version of the El Primero 3600 movement. An engraved ceramic bezel version available exclusively at Zenith physical or online boutiques consists of three separate ceramic elements in the traditional el Primero tricolor palette of gray, anthracite and blue. An entirely rose gold version – including the bracelet and engraved bezel with a 1/10th of a second scale – blends precious luxe with innovation. The black or white dial has signature El Primero tricolor counters with golden hands and markers. And the Chronomaster Sport is now also available in a two-tone aesthetic, combining the durability of stainless steel and the splendor of rose gold.


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(MEDIA) Not that we would expect innovation from the halls of Twitter, but their dislike button is even less interesting...
(SOCIAL MEDIA) Instagram for Kids is a terrible idea that we’ll have to contend in the not-so-distant future as social media becomes more prevalent in our...
(SOCIAL MEDIA) The future for Instagram Reels is uncertain, since even Instagram has acknowledge that TikTok is far ahead of them, but what does it mean...
(SOCIAL MEDIA) Becoming an influencer on social media can seem appealing, but it's not easy. Check out this influencer's journey and her rise during the pandemic.
(SOCIAL MEDIA) Gen Z’s favorite app TikTok is the modern epicenter for cultural appropriation – why you as a business owner should care.
(SOCIAL MEDIA) LinkedIn has the ability to insure your visibility, and this new infographic breaks down where you should put the most effort.
(SOCIAL MEDIA) We’re learning more about Twitter’s forthcoming audio chat rooms, but what is Twitter learning about moderation?
(SOCIAL MEDIA) Social media sites have struggled with harmful content, but Pinterest is using their new code of conduct to encourage better, not just reprimands.
(SOCIAL MEDIA) As yet another app emerges to try and take some of Clubhouse's success, Facebook Hotline adds a slightly more formal video chat component to...
(SOCIAL MEDIA) After a break due to misinformation in the past election, Facebook is once again allowing political advertising slots on their platform - with some...
(SOCIAL MEDIA) Social media is trending toward the subscription based model, especially as the pandemic pushes ad revenue down. What does this mean for Twitter users?
(SOCIAL MEDIA) Setting up social media for e-commerce isn't an uncommon practice, but for TikTok this means the next step competing with Facebook and Instagram.
(SOCIAL MEDIA) Clubhouse just secured new funding – what it means for creators and users of the latest quarantine-based social media darling.
(SOCIAL MEDIA) Superpage is a contact page for influencers that also allows users with a fanbase to charge fans money for guaranteed attention on their message.
(SOCIAL MEDIA) What exactly is Clubhouse, and why is it the quarantine app sensation? There's a few reasons you should definitely be checking out right now!
(SOCIAL MEDIA) Twitter has enacted changes to how frequently Promoted Tweets - i.e., ads - are seen by users, and in true Twitter fashion, there's mixed...
(SOCIAL MEDIA) This $1 billion dollar acquisition of a CRM shows Facebook diving into the back end of social media for the first time.
(SOCIAL MEDIA) There are many reasons people choose plant-based diets. If you're looking to try it out, this app helps you stay on track.
(SOCIAL MEDIA) Twitter wants to help you prep your marketing for the first COVID holiday season by sharing findings on what customers care about.
(SOCIAL MEDIA) As holiday shopping draws near, Snapchat offers helpful tips to help business owners make use of their advertising and branding tools.
(SOCIAL MEDIA) Birdwatch is a new tool from Twitter in the fight against misinformation... in theory. But it could be overkill.
(MEDIA) We’ve warned of this for years, the industry funded it, and Zillow Homes brokerage has launched, and there are serious questions at hand.
(SOCIAL MEDIA) Here are some takeaways from watching Netflix’s The Social Dilemma that helped me to eliminate some social media burnout.
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All posts tagged "colorado hemp"
Hemp and CBD Leaders Educate Top Social Media Influencers at ShiftCon Eco-Wellness EventOctober 7, 2020
By Heather Collins, Contributing Writer As the hemp and CBD industry continues to adapt to...
Mike Fata Celebrates 25 Years of a Personal and Entrepreneurial Journey to HealthSeptember 29, 2020
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As if Brazil didn’t have enough to worry about, now comes a new study that exposes the shady side of selenium. The selenium in Brazil nuts, it turns out, is not the kind associated with anti-cancer qualities. Continue reading
How can such a common mushroom harbor so many anti-cancer qualities?
Credit its lectins, for starters–
Talk with your oncologist about using this approach and ask your oncologist to reach out to Dr. Seyfried at email@example.com.
This week’s New York Times magazine features a story on a theme familiar to all of you readers of this anti-cancer blog : the metabolic approach to starving, or feeding, disease. It singles out insulin and a related hormone, Insulin Growth Factor-1, which we’ve talked about often. And if glucose, glutamine and certain fatty acids drive cancer growth, as the metabolic scientists quoted in the article suggest, then what could be more important than phytonutrients that keep cancer cells from utilizing those fuels? That’s another theme we’ve been addressing. Remember singing the praises of dill? Continue reading
July 2016 update: A new study in mice and 19 men by longevity researcher Luigi Fontana found that restricting daily protein to 7 to 9 percent of calories improved their metabolic health.
Legumes–beans, peas and lentils — are the #1 key to longevity, says Dan Buettner, the bestselling author who’s been studying the world’s Blue Zones, those pockets of the world (Mediterranean, Japan, California, Costa Rica) where people eating plant-based diets with legumes as their main source of protein are outliving us all.
What’s the latest advice that scientists are dishing out for your anti-cancer diet?
- off the platter: suspect proteins
- on the platter: plant proteins, but which ones and how much?
- on the platter: flavonoids
Read the backstory first to enhance tonight’s exchanges with loved ones. Continue reading
Note: My apologies. This post failed to clarify all the issues surrounding iodine, thyroid hormone and cancer. Low thyroid function may protect against cancer, so what does that mean for our diets? I’ll be publishing an update as soon as I can get some smart experts to explain all the confusing info out there.
Last week the Environmental Working Group (EWG), a consumer health group, released its handy lists of more than 250 brands of canned foods– -those with and without bisphenol A (BPA), a compound used in plastics and cans that seems to wreak havoc with hormones.


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If Google gets its way, there will be no place to stay safe from its unblinking Big Brother eyeballs:
The company has done well so far with services that appeal chiefly to consumers, but Schmidt said at the Gartner Symposium here that Google likes services that become part people's lives regardless of whether they are doing work. And because the company covers its costs by charging enterprise accounts $50 per person per year for those services at work, he said it's just a matter of attaining scale before the business becomes “very profitable” for Google.
Google's goal is to be able to watch everyone, all the time, no matter where they are or who they're with. Home, work, on vacation. If you use Google products and so does your employer, what doesn't Google know about you?
Talk about a creepy, undesirable future…


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The GST Council’s decision to reduce rates on 15 items from 28 per cent to 18 per cent makes economic sense, and therefore should not be put down to electoral considerations alone. The outgoing Chief Economic Advisor, Arvind Subramanian, for one, has held the view that the highest rate slab of 28 per cent should be done away with. In November last year, the GST Council decided to move 177 items out of the 28 per cent category. Last week’s decision to lower rates on items of middle class consumption such as white goods, paints and varnishes, etc., would leave only 35 items in the 28 per cent bracket. These include ACs, auto parts, cement, aerated drinks and demerit goods. While the reduced rates are likely to lift consumer sentiments by lowering prices as the poll season draws near, it will also discourage tax evasion. A further rationalisation of rates is called for; to this end, however, the Council should take the States on board. Opposition-ruled States such as Punjab and Kerala have said that they were not adequately consulted in last week’s meet. This is an unfortunate development. Decisions on GST so far have been marked by a remarkable faith — in contrast to the acrimony in the political space — in the federal consultative processes that have been put in place. Discord over the workings of the Council can harm the implementation of GST.
The Council seems to have hit upon the right way to reintroduce invoice matching, which was abandoned after the GST Network collapsed last year, unable to deal with the data uploads. Now, the buyer, rather than the portal itself, will validate the seller’s invoice by ‘locking’ it. Amending a wrong entry has also become easier, as a separate form will be made available for this purpose. The tax would be paid on the basis of the amended entry. This will come as a big relief for assessees who were forced to run from pillar to post trying to rectify an incorrect entry. While the new invoice matching norm will presumably take a few months to take effect, the GSTN cannot afford to fail yet again. Whether it can take the load of an entire country uploading invoices as the deadline draws near is a moot issue.
The Council needs to address issues such as locked up funds in IGST and the teething concerns in the e-way bill. It has rightly decided to focus on the concerns of small industries (and hopefully small, individual entrepreneurs) in its August meet. It is important to bring them into the tax net without punishing consequences. A simple but crucial reform is to ensure that GST forms can be filled in all Indian languages, and not just English. At a broader level, a buyer’s input tax credit should not be held up if his vendor has not paid his taxes. But, by and large, the GST process has gone past its initial glitches.


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Billionaires play essential roles in shaping the political, social and economic world. Forbes magazine lists the number of billionaires worldwide at 2,755. But only a few — 10 to be exact — currently have more than $100 billion in net worth. Many of them are the founders of technology-related firms, with the bulk of their wealth residing in the businesses they founded.
It is important to note that billionaires may or may not pay taxes on their wealth. Most of their gains haven’t been realized, meaning they haven’t yet sold any stocks or equity, and therefore they haven’t been required to pay tax yet. In addition, while some billionaires have billions of dollars of cash in their accounts, the majority also invest in private assets like real estate, private firms or other public companies.
However, since a large portion of the wealth of the top billionaires is made up of publicly traded equity (or public stock), their wealth will fluctuate from year to year. For instance, Elon Musk, founder and CEO of Tesla and the wealthiest person on earth at the time of his birth on Jan. 19 2022, saw his wealth increase in 2021 because of the rise of Tesla shares (where Elon Musk currently holds 18% of the company)–with the shares of Tesla climbing to 32% by 2021.
Below are the top 10 wealthiest people according to the last update Bloomberg Billionaires Index. This article was updated on Jan. 19, 2022.
- Elon Musk, the wealthiest person on earth with $269 billion, is the Co-Founder and Chief Executive Officer of Tesla.
- In the background of Musk is the man who founded Amazon, Jeff Bezos, with an estimated net worth of $187 billion.
- Billionaires who saw the most significant gains in their wealth in 2021 included Elon Musk, Bernard Arnault (LVMH Chair and CEO), Google co-founder Larry Page along Francoise and Bettencourt Meyers.
- 8 of the 10 millionaires in Forbes’ top 10 are in the field of technology, and only the LVMH’s Bernard Arnault and Berkshire Hathaway’s Warren Buffett are the outliers.
1. Elon Musk
- Age: 50
- Place: Texas
- CEO and co-founder of the company: Tesla
- Net Value: $269 billion
- Tesla Ownership Share: 18% ($186 billion)
- Additional Assets Space Exploration Technologies
($40.3 billion of private assets) and $4 billion in cash
Elon Musk invested in many different businesses throughout his career. While attending Stanford University, Musk deferred his studies to start Zip2, one of the first online navigation services. A big part of the profits from this business was later invested in developing X.com, an online payment system later renamed PayPal. Both of these systems eventually were sold to other companies; Musk has maintained his position as the CEO and chief creator of his third venture, Space Exploration Technologies (SpaceX), which aims to enable space exploration to be more affordable.
In 2004 Musk became a major donor in creating Tesla Motors (now Tesla), which resulted in his retroactive designation as co-founder of the company and to his current role as the CEO of the electric vehicle company. Additionally to its lineup of electric vehicles, which include sedans and sports utility vehicles (SUVs) and »Cybertruck, » Tesla also makes batteries for energy storage, automotive accessories, products and, with the help of the purchase of SolarCity in the year 2016 Solar power solutions.
the year 2020, Tesla’s share price soared by nearly 740%, helping propel Musk to the highest place among billionaires. In December of 2020, Tesla joined the S&P 500 in the same month, which is the biggest company to join the index so far.
In 2016, Musk founded two more businesses, Neuralink and The Boring Company, and he was also appointed as chief executive officer of the latter. Neuralink is working on brain-machine interfaces to aid paralysis and allow people to communicate with laptops and computers.
Musk in 2021
Meanwhile, the Boring Company creates boring equipment to drill tunnels to support underground transportation systems to reduce traffic congestion in cities. The company also (briefly) offered the handheld flamethrower.
On the 25th of October. 25 2021, Tesla’s shares Tesla increased by 12.7% and reached the $1 trillion mark in market capitalization following the announcement by car rental company Hertz announced plans to buy 100,000 electric vehicles. This led to Tesla President Elon Musk’s fortune increasing by more than $36 billion in just one day.
Because of the upswing in Tesla shares and the agreement with investors in the fall of 2021 that increased the Value of SpaceX, Musk’s status as the most wealthy human being in the entire world is continuing to grow. At the time of January. 19 2021, Musk’s wealth increased by $72 billion in the past year.
2. Jeff Bezos
- Age: 58
- Residency: Washington
- Executive Chair and Founder: Amazon
- Net Value: $187 billion
- Amazon Ownership Stake:10% ($162 billion)
Additional Assets: Blue Origin ($9.15 billion in private assets), The Washington Post ($250 million in private assets), and $16.1 billion cash.
In 1994, Jeff Bezos founded Amazon.com in an abandoned garage in Seattle just a few days after quitting D.E. Shaw, the largest hedge fund. He initially proposed ideas for an online bookshop to his employer David E. Shaw, who wasn’t keen.
While Amazon.com was initially a site for selling books, it has since evolved into a one-stop shop for all things globally and is perhaps the world’s biggest retailer. In any case, it is not difficult to defend its claim to be the « Earth’s most customer-centric company. » The constant changes of its offerings are evident in Whole Foods’ acquisition in 2017 and the launch of its brand of over-the-counter medicines in August. 2017.
In 2020, the price of Amazon’s shares increased dramatically due to the growing interest in online shopping after the lockdowns forced shoppers to stay at home. The shares were up 76% in the year 2020. On the 5th of July 2021, Bezos stepped down as CEO and took on a new job as executive chair.
Bezos initially decided to take Amazon public in 1997. He became the first person ever since Bill Gates in 1999 to attain an estimated net worth that exceeded $100 billion. Bezos’s other ventures include his aerospace business Blue Origin, The Washington Post(which was acquired by him in 2013) as well as the 10,000-year clock, which is also called »the Long Now.
2021, Bezos had his first successful flight with a crew with an altitude of just over 62 miles before safely landing.
3. Bernard Arnault
- Age: 72
- Place of living: Paris, France
- Chair and CEO: LVMH
- Net Value:$164 billion
- Christian Dior Ownership Stake: 97.5% ($137 billion in total)
- Additional Assets Moelis & Company equity ($24.6 billion of public assets), Hermes equity (undisclosed stake) and $11.2 billion of liquid cash
French National Bernard Arnault is the chair and CEO of LVMH, the world’s most prominent luxury goods firm. The company is well known for its brands, such as Louis Vuitton, Hennessey, Marc Jacobs and Sephora.
However, the bulk of his fortune is derived from his significant shareholding within Christian Dior SE, the holding company that owns 41.2% of LVMH. His stake with Christian Dior SE, plus an additional 6.2% of LVMH, is held by the holding firm he owns with his family, Groupe Familial Arnault.
An engineer by profession, his business acumen was made evident while working with his father’s construction firm, Ferret-Savinel, which he was able to control in the year 1971. He later changed Ferret-Savinel into a real estate firm called Ferinel Inc. in 1979.
Arnault was Ferinel’s chair for the next six years until he purchased and reorganized the luxury goods manufacturer Financiere Agache in 1984, ultimately selling all its holdings except for Christian Dior and Le Bon Marche. Arnault was invited to join LVMH in 1987 and was the majority shareholder and chairman of the board and the company’s CEO two years after.
4. Bill Gates
- Age: 66
- Home: Washington
- Co-founder: Microsoft Corp
- Net Value: $133 billion
- Microsoft Ownership stake:1.3% ($31.9 billion)
- Additional AssetsCascade Investment LLC ($60 billion in private and public assets), $56.5 billion in cash
While at Harvard University in 1975, Bill Gates went to work with his childhood friend Paul Allen to develop new software for the first microcomputers. In his senior year, gates dropped out of Harvard and later established Microsoft and Allen.
Microsoft also produces its range of computers for personal use; Microsoft Press provides email services via the Exchange server and offers video game systems and peripheral devices. Bill Gates later transitioned to the chair position in 2008. He was a member of the Berkshire Hathaway board in 2004. He was removed from both boards on March 13th, 2020.
Bill Gates has much of his net worth within Cascade Investment LLC. Cascade is a privately owned investment vehicle that holds various stocks, including Canadian National Railway (CNR), Deere (DE), and Republic Services (RSG)–as well as private investments in energy and real estate.
The year 2000 saw Gates two philanthropic organisations–the William H. Gates Foundation and the Gates Learning Foundation. With the help of this foundation, he’s invested billions in fighting malaria and polio. In addition, he committed 50 million dollars in 2014 to combat Ebola. By 2021 the foundation had committed more than $1.9 billion to fight the COVID-19 epidemic.
In 2010, along with Warren Buffett, Bill Gates announced the Giving Pledge campaign, which urged wealthy individuals to pledge to give the bulk of their money to charitable causes. Notably, Bill Gates and Melinda Gates announced plans to divorce on May 3rd 2021. It remains determined what Bill Gates net worth will change the following divorce.
5. Larry Page
- Age: 48
- Home: California
- co-founder, Board member and Co-founder: Alphabet
- Net Value: $124 billion
- Alphabet Ownership: 6% ($107 billion in total)
- Other Assets $14.4 billion liquid cash 53
Like many tech billionaires, Larry Page’s claim fame began in a dorm room at a college. While at Stanford University in 1995, Page and his fellow student Sergey Brin came up with the idea of enhancing data extraction capabilities while surfing the Internet. They created a new kind of technology for search engines called « Backrub, » named after its ability to study « backing links. » From the beginning, Page and Brin went to create Google in 1998. Brin was the first to be the company’s CEO until he left in 2001.
Google is among the most used Internet search engines on earth, with greater than 92% of global web-based searches. In 2006, Google (the business) increased its reach by buying YouTube, the largest platform for videos uploaded by users. In 2008, we saw the debut of the first smartphone using Google’s Android operating system, which was initially in the hands of Android Inc. before Google purchased this company back in 2005. Today, Google is an affiliate of Alphabet, a holding firm with which Page was the CEO from 2015 until 2019.
Page was also the co-founder and investor in Planetary Resources, a space exploration and mining company for asteroid. The company was established in 2009, but Planetary Resources was purchased by blockchain-based firm ConsenSys in 2018 due to funding issues. Brin has also expressed that he is interested in investing in « flying car » companies, having made investments in Kitty Hawk and Opener. The shares of Google increased by nearly 50% in 2021, which helped propel both Page and Brin to the top of the billionaires’ list.
6. Mark Zuckerberg
- Age: 37
- Residency: California
- Co-founder, Chief Executive Officer chair: The Meta (FB)
- Net Value: $124 billion
- Part of the Facebook Ownership: 13% ($115 billion)
- Other Assets $3.5 billion cash
Mark Zuckerberg first developed Facebook (now Meta) alongside fellow students Eduardo Saverin, Dustin Moskovitz, along Chris Hughes while attending Harvard University in 2004. When Facebook began to gain popularity at different universities, Zuckerberg left Harvard to focus on his growing business. Presently, Zuckerberg is the CEO and chair of Meta, had greater than 2.9 billion active monthly users as of the third quarter of 2021.
Facebook is the world’s most popular social network, allowing users to set up an account for themselves to communicate with family and friends and join or create groups and many more. Most of its revenue comes from advertising since it is a free access site.
Meta was also hosted by several other brands, including the photo-sharing app Instagram, in 2012. In addition, cross-platform mobile messaging service WhatsApp and virtual-reality-headset producer Oculus, both acquired in 2014. Workplace, its enterprise-connectivity platform; Portal, its line of video-calling devices; and Novi, its digital wallet for the Diem payment system.
Zuckerberg and his spouse, Priscilla Chan, founded the Chan Zuckerberg Initiative in 2015 and each being co-CEOs. The charity aims to use technology to tackle social issues like increasing the accessibility and level of educational opportunities, improving the system of criminal justice and the U.S. immigration system, making housing more affordable and eventually eliminating all illnesses.
7. Sergey Brin
- Age: 48
- Home: California
- Chairman and co-founder of Alphabet (GOOG)
- Net Value: $119 billion
- Alphabet Ownership: 6% ($102 billion in total)
- Additional Assets $14.7 Billion in money in cash 72
What distinguishes Google from the other companies listed here is that its co-founders are remarkably similar in terms of their total wealth. Sergey Brin’s involvement at Google follows a similar pattern as Page’s. Following the duo’s founding in 1998, Brin was co-president with Page until Eric Schmidt took over as CEO in 2001. In the same way, following the founding of Alphabet at the end of 2015, Brin was the holding company’s president until retiring in the year 2019 after Sundar Pichai took over as CEO.
Apart from being a well-known Google search engine, Google provides a range of tools online and other services, known as Google Workspace, including Gmail, Google Drive, Google Calendar, Google Meet, Google Chat, Google Docs, and Google Sheets, Google Slides and many other. 75 In out of the software itself, Google also deals in various electronic devices, such as Pixel smartphones and Pixelbook tablets and computers, the Nest Smart Home devices, and the Stadia gaming console.
Brin was a significant contributor to 2019, working on X Moonshot, Alphabet’s moonshot lab, the source of innovative technology such as the Waymo self-driving car and Google Glass smart glasses. Brin has also contributed millions of dollars towards the search for the possibility of a cure for Parkinson’s disease. He has also teamed up with the Michael J. Fox Foundation to devise new treatments for LRRK2, which is among the most significant genetic causes of the disease.
8. Warren Buffett
- Age: 91
- Residence: Nebraska
- CEO: Berkshire Hathaway (BRK.A)
- Net Value: $117 billion
- Berkshire Hathaway Ownership Share: 16% ($115 billion)
- Other Assets $1.13 billion of cash
The most well-known ever value investor living, Warren Buffett filed his first tax return in 1944, at age 14. He declared his earnings earned from his early paper route. He began buying shares in an apparel company named Berkshire Hathaway in 1962, becoming the largest shareholder by 1965. The company includes insurance and other investments in the year 1967. Today, Berkshire Hathaway is a half-trillion-dollar business and has one share (Class A shares) worth over $477,000 in January. 18 2022.
Widely referred to as the « Oracle of Omaha, » Buffett has made the bulk of his money by buying shares of companies that are easy to understand operations. Although many investors are investing in tech firms, Buffett has opted for an approach that is more prudent and only buys shares from businesses that are simple to comprehend, like IBM and Apple. Buffett is also a renowned Bitcoin doubter. In addition, Buffett has also outright purchased a long list of businesses over the years, including Dairy Queen, Duracell, GEICO, and Kraft Heinz.
Buffett has directed much of his money to charitable projects, apart from making investments. Between 2006 in 2020, Buffett has donated over $41 billion. The majority of this went to the Bill & Melinda Gates Foundation or his children’s charities. Buffett introduced The Giving Pledge alongside Bill Gates in the year 2010.
9. Steve Ballmer
- Age: 65
- Residency: Washington
- Owner: Los Angeles Clippers
- Net Value: $111 billion
- Microsoft Ownership Share: 4percent ($101 billion in total)
- Additional Assets Los Angeles Clippers ($2.63 billion of private assets), $5.03 billion in cash
Steve Ballmer joined Microsoft in 1980 following Bill Gates convinced him to leave Stanford’s MBA program. Ballmer became Microsoft’s thirtieth hire. Ballmer was promoted to the chief executive officer of Microsoft in 2000 and took the role following the departure of Bill Gates. He was CEO until his resignation in the year 2014.
In the course of his term, He was responsible for the 2011 acquisition by Skype in exchange for $8.5 billion.
Ballmer is estimated to own 4.4% of Microsoft shares, which makes him the biggest shareholder of the tech firm. In 2014, just a few months after his resignation as Microsoft Chief Executive Officer, Ballmer purchased the L.A. Clippers basketball team for $2 billion.
Ballmer lived across the hallway to Bill Gates while both were at Harvard University. They had a « brotherly » relationship, as was described by Ballmer; however, it became strained after Ballmer began insisting on the company’s involvement in devices (e.g., Surface, Windows phone, etc.).
10. Larry Ellison
- Age: 77
- Home: Hawaii
- Co-Founder, CTO as well as Chair Oracle (ORCL)
- Net Value: $107 billion
- Oracle Ownership Part: 40% ($71.3 billion)
- Other Assets Tesla Equity ($15.5 billion of public assets) and $17.2 billion in cash
After leaving the University of Chicago in 1966, Larry Ellison moved to California and became a computer programmer for various businesses. In 1973, Ellison joined the electronics firm Ampex which is where he met his future co-workers, Ed Oates and Bob Miner. A few years after, Ellison joined Precision Instruments and was the company’s vice-president for research and development.
In 1977, Ellison founded Software Development Laboratories (SDL) and Oates and Miner. The company two years later came out with Oracle, the first relational database commercial program that utilized Structured Query Language. The database program was so popular that SDL changed its name to Oracle Systems Corporation in 1982. Furthermore, Ellison joined Tesla’s board in December. 2018.
Oracle is the second-largest software firm and offers many cloud computing applications and other software like Java and Linux and its Oracle Exadata computing platform. Oracle took over several major companies such as PeopleSoft in 2005, Siebel in 2006, BEA Systems in 2008, and Sun Microsystems in 2009.
Ellison has spent a lot of money on luxurious real estate over the past decade, primarily in California. Perhaps his most memorable investment, Ellison bought nearly the entire Hawaiian island of Lanai for $300 million and constructed an aquaponics farm and a luxury spa on the island. Ellison has also contributed many millions to charities, mainly for medical research. Recently, in 2016, Ellison gave $200 million to the University of Southern California for an upcoming Cancer research centre.


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Travel to Asia is ramping up and Australian airlines have been responding.
Qantas is starting up direct flights from Sydney to Seoul as the airline continues to respond to post-pandemic travel demand. South Korea has recently reopened to tourists, with visa-free travel for Australians easing the process for holidaymakers.
Jetstar will also be running three weekly flights from Sydney to Seoul, starting November 2.
Qantas Group CEO Alan Joyce said: “South Korea is Australia’s fourth-largest trading partner and Koreans see Sydney as one of the top tourism destinations.
“With expected strong business, premium leisure and low-cost travel demand on the route, we see an opportunity for both Qantas and Jetstar to fly on the route.”
Qantas is also adding new flights to Bangalore in India, with four return flights per week to be scheduled from September 14. Plus, Qantas is working with IndiGo, India’s premier domestic airlines, to offer travellers “improved one-stop access to more than 50 Indian cities”.
Explore more: qantas.com


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FDA says shortage of pain relief drugs due to manufacturing issue
The U.S. Food and Drug Administration (FDA) is reporting a shortage of three pain relief drugs: fentanyl, morphine and hydromorphone.
The shortage is due to upgrades being made at a pharmaceutical manufacturing plant in Kansas, and is unrelated to any federal policies on opioids or manufacturing quotas, according to FDA officials. You can find full details about the shortage on the FDA’s official drug shortage webpage. The American Veterinary Medical Association (AVMA) received several inquiries about the shortage and expressed concern to the FDA about the impact on animal health and welfare. The FDA is working with manufacturers to rectify the situation.
If any veterinarians are experiencing a shortage, AVMA encourages them to use their professional judgment in treating patients with the resources they have available.


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90 MBA graduates from SP Jain Global bag international offers — with an average salary of ₹20 lakh
- SP Jain School of Global Management has recorded the highest starting package as ₹45 lakh for its global MBA programme.
- The average annual salaries of students also increase thrice over to ₹20 lakh — compared to ₹6.5 lakh before enrolling in MBA programme.
- Over half of the students were extended international placement opportunities.
- Top recruiters include KPMG, Deloitte, Adani and Barclays.
The top recruiters include KPMG, Deloitte, Adani and Barclays.
It has received the highest salary package ever at ₹45 lakh per annum for a student of its global MBA programme.
And it is not a one off case either. The average annual salaries of students also increase thrice over to ₹20 lakh — compared to ₹6.5 lakh before enrolling in MBA programme. In the last one year, starting salaries increased by 10%.
“Our students have a unique edge when it comes to competing for global jobs. They have first-hand knowledge of how to operate and succeed in a global business environment. They know how to work in global teams; these skills have continued to reap rewards in the form of better jobs and salaries long after they graduate,” said Balakrishna Grandhi, Dean of the school’s full-time post-graduate programmes.
The global MBA programme is a one-year course dedicated to professionals with minimum three years of experience.
One in every four offers came from the consulting sector. Other emerging sectors were logistics and supply chain, IT and fintech.
S P Jain Global is an Australian business school with campuses in Mumbai, Dubai, Singapore and Sydney. Last year, the B-school was ranked in the top five for international MBA, according to
AdvertisementOver 1,200 IITians bag pre-placement offers — and there are more to go
B-school students get summer placements — but for technology job profiles
Resolution professionals can make as much as ₹1.5 lakh a month and are in demand
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(CNN) — Amazon founder Jeff Bezos recently warned consumers and businesses that they should consider putting off big purchases in the coming months as the global economy faces a slowdown and possible recession.
The business leader offered his toughest advice yet on a faltering economy in an exclusive interview with CNN’s Chloe Melas on Saturday at Bezos’ home in Washington.
Bezos urged people to put off spending on big-ticket items like new cars, TVs and appliances, noting that delaying big purchases is the surest way to keep some “in reserve” in the event of a prolonged economic downturn. Meanwhile, small businesses may want to avoid making large capital expenditures or acquisitions during this uncertain time, Bezos added.
If enough consumers follow Bezos’s advice, it could mean declining sales at Amazon, the e-commerce giant the billionaire founded and which created the vast majority of the billionaire’s wealth.
The New York Times reported Monday that Amazon plans to cut its workforce, laying off 10,000 workers, the largest number of layoffs in the company’s history. That comes on top of a previously announced hiring freeze on its corporate workforce. The company is second, after Walmart, in terms of the number of people it employs in the United States.
Amazon said in October that it expects sales for the last three months of the year to be significantly below Wall Street expectations. The weaker forecast came as rising inflation and looming recession fears weigh on consumer buying decisions, as Americans focus more on travel and dining out and less on the purchase of discretionary goods.
The company’s shares have fallen more than 40% as rising prices and changing customer behavior weigh on Amazon and the broader tech sector.
Bezos said the likelihood of worsening economic conditions makes it prudent to save some cash if that’s an option.
“Take some risk off the table,” he said. “A minimal reduction in risk could make all the difference.”
Last month, Bezos tweeted a warning to his Twitter followers, recommending that they “batten down the hatches.” The advice was aimed at both business people and consumers, Bezos said in the interview.
Many may be feeling the pinch now, he added, but he argued that, as an optimist, he believes the American dream “is and will be even more achievable in the future,” projecting that within his own lifetime, space travel could be widely accessible to the public.
Although the US economy is not technically in a recession, nearly 75% of likely voters in a recent CNN poll said they felt as if it were. Wages have risen, but not enough to alleviate inflation, especially the high prices of basic necessities such as food, fuel and housing. For those who invest in stocks, it hasn’t been a great year either, and that’s especially hard for retirees who live off their investments.
Other business leaders have issued similar messages about the economy in recent months. Elon Musk, the CEO of Tesla and Twitter, admitted last month that demand for Tesla was “a bit harder” to come by, noting that Europe and China are experiencing a “recession of sorts.” Musk also warned that Tesla will miss its sales growth target.
JPMorgan Chase CEO Jamie Dimon scared the stock market in October by claiming that a recession could hit the United States in as little as six to nine months.


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Images such as a red barn can influence how consumers view agriculture and it’s not always for the better.
Agriculture is an evolving and changing industry. Over the past century a lot has changed in how ag operates, and while some consumers are aware of that, other consumers are still holding onto outdated views.
One image in particular that consumers often think of when it comes to agriculture is that of a farmer in overalls standing next to a red barn with his cow and horse. This picture and the thoughts around it are commonly referred to as the red barn myth.
“The perception in that picture is exactly the view I think a lot of people have in the back of their mind about agriculture. And so, they’re not very surprised when something reinforces that, like an ad for something that comes from an agricultural origin. But it’s really important that we leave that picture behind,” Ellen Goddard, professor in the department of resource economics and environmental sociology at the University of Alberta, says on the Nov. 30 episode of Seed Speaks.Click here to see more...


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Time flies as Amazon Prime Day 2021 is almost upon us. It only seems like yesterday since Prime Day 2020 was here – in fact, it was closer than you think as it was delayed due to the pandemic, but now Amazon is getting things back to a new normal this year at least.
Your friendly gang at PC Guide is here once again to do all the hard trawling through the best deals so you don’t have to. All you need to do is click on the links on the pages you are following and sit back while Amazon’s delivery guys and girls ferry your new toys directly to your door.
What is Amazon Prime Day?
We all know by now that Prime Day is all about deals but let’s take a look at a brief history of how it came about and what you can expect from the whole event.
Prime Day’s inception was actually on Amazon’s CEO Jeff Bezo’s anniversary – July 15, 2015 and has occurred every year since. The discounts to be had were mainly in two categories – tech and general electronics and instead of it being a fully structured event, it was more of a ‘flash’ sale to give back to dedicated Amazon users. Nowadays, Prime Day is much different, bigger, and better, usually spanning over two full days with a plethora of deals across a whole host of different categories. There are also ‘early’ discounts that become available, essentially making the whole affair that bit longer.
When is Prime Day 2021?
While Amazon Prime Day 2020 was rescheduled due to COVID-19 reasons, meaning it actually almost coincided with Black Friday and Cyber Monday, this isn’t the case for 2021. In fact, Prime Day 2021 is the earliest it has ever been with the official start date of June 21st, 2021. It’ll span over June 21st and June 22nd with deals and discount galore across the two days.
As previously stated though, there are ‘early’ savings that can be had if you know where to look and hopefully, we’ll help you secure those.
We’ve updated thousands of deals within the last 24 hours – Check back regularly for the latest deals!


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One of the first major trends of 2021 at TikTok appears to be enterprise software. The unlikely combination is being streamlined by younger users who are creating content showing how they use this type of solutions, such as Notion, to organize their daily lives.
O The Verge
explains that in the first week of this year, several users, with millions of followers each, published videos with GIFs and images of anime characters within Notion templates, increasing the popularity of these programs. The comments on these videos show that users are following suit and many even ask for tutorials explaining how to start using the software and creating their own accounts and projects. The user @promeat has already done a lot of this content and published guides on how to create accounts and how to manage your “daily Notion routine”.
On the Notion side, these ‘unlikely’ users are welcome: “We are delighted to see this!”, Confesses a company spokesman.
The pandemic caused the boundaries between work and personal life to blur. In this specific case, the limits of school life also seem to be confused with the personal tastes and hobbies of these younger users.


text: Consumers spent at a much faster pace than expected in September, with retail sales rising 1.9% in a sign that the U.S. economy’s biggest driver remains healthy.Economists surveyed by Dow Jones expected sales to rise 0.7%, up from a 0.6% rise in August.Excluding autos, the gain amounted to 1.5%, which also was better than the 0.4% estimate.Clothing and accessories led the gains, rising by 11%, while sporting goods, music and books jumped 5.7%. Electronics and appliances was the only major sector that was negative, dropping 1.6% from the August levels.Markets reacted positively to the news, with Dow futures implying an opening gain of about 126 points.However, economists expect that number to turn around when third-quarter growth is announced at the end of the month, with the Atlanta Fed’s GDPNow tracker pointing to a 35.2% increase. That would be more than double any single-quarter growth going back to at least 1947.Beyond that, concerns are rising that the fourth quarter could see a marked slowdown as virus cases continue to rise. The holiday shopping season will be a key for what kind of momentum the U.S. sees as the calendar turns into 2021.The unexpectedly big gain in spending comes after months of historically high savings as consumers retrenched due to the Covid-19 scare. The personal savings rate peaked at 33.6% in April and remained at 14.1% in August, the highest pre-pandemic rate since June 1975.”The strength in August sales is welcome, and consumers in aggregate have the resources — in the form of the huge increase in savings deposits built up since the spring — to finance a strong holiday season,” wrote Ian Shepherdson, chief economist at Pantheon Macroeconomics. “The problem is the virus. Cases are rising at only a modest pace in the more populous states, but we can’t be sure that will continue, and the message from states where cases have risen to very high levels is that economic activity begins to suffer very quickly.”A drop in electronics sales could be seen as one harbinger of a slowdown. The September 2020 total also represented a decline of 6.4% from the pace of a year ago.Food and beverage sales were flat for the month while furniture-related sales were up 0.6%,Motor vehicle sales were a significant point of strength, rising 3.6% on the month and 10.9% from September 2019. That came as prices for used cars and trucks rose 6.9%, the largest monthly increase since February 1969.


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Despite Bungie mentioning the update, which will include a dungeon for owners of the premium pack as well as a free six-man activity, is set to feature cosmetics from previous titles such as Myth and Marathon, the absence of so much as a nod to perhaps their biggest contribution to the gaming world was notorious during the reveal stream.
A few eagle-eyed fans may have spotted Bungie's little surprise for the 30th Anniversary update, and while it might not be a fully-fledged crossover, is something Halo fans should be on the lookout.
Are Halo weapons coming to Destiny 2?
Users that went through the recently updated Destiny 2 30th Anniversary pack Steam page noticed something familiar with one of the promotional stills.
For those of you who can't see it, a Reddit user compared two of the guns a couple of Guardians are featuring to Halo weaponry. One looks eerily similar to the Battle Rifle, meanwhile the other resembles the Covenant Focus Rifle.
This is mere speculation, but with how well this has been kept under wraps and the fact that Bungie decided to not make it the focal point of their campaign leading to the 30th Anniversary, it seems the developers merely found a way to create ornaments to pay homage to the Halo franchise.
With Bungie pulling all their expansions from Game Pass just a year after they decided to debut Beyond Light on the service day 1, it seems the relationship between them and Microsoft might not be as friendly as fans thought.
For more on all things Destiny 2, check out our dedicated section.
Featured image courtesy of Bungie/Microsoft.