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What Stellantis means for jobs, future prospects in Metro Detroit
DETROIT – What was Chrysler went to Daimler Chrysler then Fiat Chrysler and now Stellantis. The merger was announced over the weekend and the new CEO on Tuesday talked about how the enlarged company will compete. The one thing Stellantis CEO, Carlos Tavares, said Tuesday that should give FCA employees comfort is he doesn’t expect layoffs saying the company’s new global scale will put a shield around jobs. But the CEO says global scale provides strength to handle a lot meaning no layoffs. “I think Stellantis is at a point of strong fundamentals to do great things in the future,” said Tavares.
Stellantis CEO: New car company will protect jobs and brands
Stellantis shares start trading in New York in the new auto giant created by the merger of Fiat Chrysler and PSA Peugeot. But Tavares was confident that brands would be boosted, factories would be filled and no jobs would be lost, at least initially. “Our commitment on this merger is that we will not shut down plants as a consequence of the merger,’’ Tavares said. “I think that there’s many more things to do in our car company than just cutting costs,” he said. The PSA Group merger with Fiat Chrysler was completed on Saturday, creating the world's fourth largest car manufacturer.
Revamped Detroit auto plant to start making new Jeep by March
DETROIT – A revamped version of the Jeep Grand Cherokee SUV with three rows of seats will roll off the assembly line this spring at a restored Detroit factory complex. Fiat Chrysler unveiled the Grand Cherokee L on Thursday and said production would start by the end of March. It hired 3,850 people to work at the company's first new auto plant in Detroit in nearly three decades. Current versions of the Grand Cherokee are now being built at FCA's Jefferson North plant in Detroit. Once Detroit Assembly is up and running, Jefferson North will be converted to build the new versions, FCA said.
Judge reduces sentence for former Fiat-Chrysler exec involved in UAW corruption scheme
DETROIT -- A former executive with Fiat Chrysler who was sentenced to prison for his role in a corruption scheme involving the United Auto Workers had his sentence reduced Monday by a federal judge. During an investigation into corruption in the UAW, Iacobelli admitted to U.S. attorneys that he spent more than $1.5 million on cash and gifts for high-ranking members in the union in order to gain an advantage during negotiations. Iacobelli also spent lavishly on himself, buying a Ferrari, remodeling his home and more. Iacobelli is one of 11 high-ranking UAW officials who’ve been convicted for their involvement in the scheme. READ MORE:Former Flint UAW boss used bribes to buy homes, relative’s plastic surgery, feds sayEx-UAW vice president sentenced to prison for kickback schememlive.com
Fiat Chrysler and PSA Groupe shareholders approve merger to create Stellantis
An employee at Fiat Chrysler's Windsor Assembly Plant works inside the chassis of the Chrysler Pacifica Hybrid in December 2016. Shareholders of Italian-American automaker Fiat Chrysler and France-based PSA Groupe on Monday approved a merger plan to create Stellantis, the world's fourth-largest automotive group. The voting was one of the last steps for the merger, which the companies expect to close on Jan. 16. Stellantis will include 14 automotive brands — from Fiat Chrysler's Maserati, Jeep and Ram to PSA's Peugeot, Citroen and Opel. Fiat Chrysler, the world's seventh-largest automaker, had been on a quest for a tie-up to grow scale and consolidate costs for several years.cnbc.com
Key Figure In UAW Corruption Probe Gets Shorter Sentence
The Best & Worst States For Working ParentsThe website Business.org just released a list of which states are best for working parents. Two Vehicles Have Been Added To The National Historic Vehicle Register For 2020The Historic Vehicle Association (HVA) announces the 27th and 28th vehicles to be added to the National Historic Vehicle Register. The Best 2021 Private High Schools In MichiganNiche is a website that rates schools across the country on a variety of criteria. In their recent list, they analyzed and came back with a list of the best private high schools in Michigan. In their recent list, they analyzed and came back with a list of the best high schools in Michigan.detroit.cbslocal.com
Fiat Chrysler hires 4,100 Detroiters for plant set to open next year
DETROIT – About 4,100 Detroiters have been hired to work at a new Fiat Chrysler plant set to open on the city’s east side early next year. The auto manufacturer is required to hire at least 3,850 Detroit residents for the Mack assembly plant under a $108 million land development deal with the city, Coey Williams reports for the Associated Press. Some of those hired could end up working at Fiat Chrysler’s other Detroit-area facilities. Under the deal with the city, Fiat Chrysler agreed to give Detroiters the first shot at applying for jobs at the Mack, which are expected to pay $17-$28 per hour, the report said. Applications from Detroit residents were considered next, before the positions were made available to others.mlive.com
Pickup truck sales remain strong during coronavirus pandemic
DETROIT – Despite the coronavirus pandemic, automakers are holding their own as pickup truck sales remain strong. Automakers can charge much more than the cost for a pickup truck. “Even though they’re going flat out, and even though they are running three shifts and they’re going as fast as they can, that was two months of production that you cannot go back and make it up," Brinley said. So that has made a difference with new players in the segment," Brinley said. The more competitive it gets, the more they’re going to bring it," Brinley said.
Ex-UAW president Dennis Williams pleads guilty in embezzlement scheme
Dennis Williams is the latest senior leader at the UAW to plead guilty in the government’s investigation of corruption in the union’s upper ranks. The probe has resulted in the convictions of 11 people, including another former president, Gary Jones, plus a late official’s spouse. But I deliberately looked away.”More than $22,000 in union money was used to rent a villa for Williams for a four-month period in 2016-17, the government said. Williams “put his personal and self-interest above that of our members and this union,” the UAW said Wednesday. Jones, who was president for about 18 months, pleaded guilty in June.
Honda, General Motors sign deal to work on vehicles together
DETROIT General Motors and Honda say they have signed a deal to explore sharing vehicle underpinnings and propulsion systems in North America. The companies say planning discussions on jointly-designed vehicles will start immediately and include vehicles powered by both electricity and internal combustion engines. Honda and GM say in a statement Thursday that they'll also cooperate on purchasing, research and connected services. In April the companies announced they would jointly develop two electric vehicles for Honda based on GM's global electric vehicle platform. The alliance would be governed by a joint committee of senior executives from both companies, the statement said.
US investigates electrical fires in 2014 Chrysler minivans
DETROIT The U.S. government's road safety agency is investigating complaints of fires in a power and charging port in some Chrysler Town and Country minivans. The National Highway Traffic Safety Administration says it has three reports of fires and one injury in minivans from the 2014 model year. The agency says owners complained of fires starting in the ports, which are mounted in a trim piece on the driver's side between the second- and third-row seats. Fiat Chrysler, which makes the minivans, says it's cooperating with the investigation. The agency will determine what caused the fires and how often they happen.
Fiat Chrysler to recall vehicles that may pollute too much
DETROIT About 1 million Fiat Chrysler vehicles with four-cylinder engines in the U.S. may spew too much pollution, and the company is working with government officials on a recall. Fiat Chrysler says in a quarterly filing with securities regulators that it found the excess pollution during internal testing of vehicles with 2.4-liter Tigershark engines. As this population ages, some vehicles exceed in-use emission requirements, depending on drive cycle and mileage, Fiat Chrysler said in a statement. The issue is not connected with any other emissions problem and the EPA does not plan any enforcement action against the company, Fiat Chrysler spokesman Eric Mayne said. Fiat Chrysler maintained that it didnt deliberately scheme to cheat emissions tests and the company didnt admit wrongdoing.
GM alleges Fiat Chrysler spent millions to bribe UAW leaders
GM alleges that payments were made so the officials would saddle GM with more than $1 billion in additional labor costs. GM alleged that accounts apparently exist in Gettelfingers name, and the name of a relative in Panama and Switzerland. In July, U.S. District Judge Paul Borman in Detroit tossed out GMs lawsuit that alleged that Fiat Chrysler paid off union leaders to get better contract terms than GM. In a 2019 lawsuit, GM alleged that Fiat Chrysler bribed officials of the United Auto Workers union to get lower labor costs. GM alleged that FCA CEO Sergio Marchionne, who died in 2018, wanted to pressure GM into merging by weakening it with higher costs.
General Motors targets FCA, former UAW leaders in new court filing
DETROIT General Motors appears to have adopted a scorched earth policy when it comes to its lawsuit against Fiat Chrysler Automobiles. Bribes were paid to individuals working within GM, who then stashed them in secret overseas accounts, GM said in a court filing. GM also claims while Ashton sat as the UAWs member on the General Motors board, he acted as a paid mole, giving GM proprietary information to FCA. GM goes on to say, it was former UAW president Dennis Williams who put Ashton up to all of this. But then, General Motors brought in the name of the long retired former UAW president Ron Gettelfinger, who has to date not been involved in the scandal.
Fiat Chrysler recalls 925K older-model vehicles due to air bag issue
Fiat Chrysler is recalling more than 925,000 older-model vehicles to fix an issue with air bag covers on the steering wheel. An FCA investigation discovered these vehicles are equipped with certain clips, no longer in use, that may over time loosen and disengage. Should these things happen, and there is a driver-side air bag deployment, the clips and/or plastic emblems they are meant to secure, may act as projectiles. The recall is limited to model-year 2007-2011 Dodge Nitro SUVs, and model-year 2008-2010 Chrysler Town & Country and Dodge Grand Caravan minivans. In the interim, FCA strongly advises against tampering with the emblems, which are located in the center of the vehicles steering wheels.
FCA, Groupe PSA merger officially named Stellantis
DETROIT The merger between Fiat Chrysler Automobiles (FCA) and Groupe PSA (PSA Peugeot) has born a new name: Stellantis. Actually, its officially STELL/\NTIS, a name rooted in the Latin verb stello meaning to brighten with stars, according to the automakers joint news release on Wednesday. FCA and PSA announced in December they signed a binding merger deal creating the worlds fourth-largest auto company with the scale to confront the challenges of stricter emissions regulations and the transition to new driving technologies. The companies said the new group will be led by PSAs cost-cutting CEO Carlo Tavares, with Fiat Chryslers chairman John Elkann as chairman of the merged company. Fiat Chrysler CEO Mike Manley will stay on, but it was not announced in what capacity.
Appeals court: CEOs of General Motors, Fiat Chrysler dont have to meet to settle lawsuit
DETROIT General Motors is suing Fiat Chrysler for an alleged bribery scheme involving the United Auto Workers (UAW). A federal judge hearing the case wanted the companys CEOs to sit down and hash out a deal. READ: General Motors appeals ruling in FCA lawsuit after judge tells CEOs to make a dealGM filed a racketeering lawsuit against FCA and its now deceased CEO Sergio Marchionne last November. On June 23, a district judge ordered that CEOs Mary Barra of GM and Michael Manley of FCA to meet in person, without legal counsel. They were ordered to personally report back to the district judge on July 1 on their progress on settling the case.
Stabbing at FCA assembly plant in Sterling Heights under investigation
STERLING HEIGHTS, Mich. Officials said two employees stabbed each other at an FCA assembly plant in Sterling Heights. The stabbings occurred when the two employees got into an argument. Police did not say what the argument was regarding. One of the employees is in critical condition. Click here for more local crime reports
Why the startling drop in auto sales may not be as bad as it looks
DETROIT Two thirds of the Big Three have released their second quarter sales numbers and they are not good. GMs year-over-year-sales were down 34%, selling nearly 500,00 vehicles; and it was even worse for FCA with its second quarter sales falling 39%, selling 367,000 vehicles. Analysts expected numbers to drop amid COVID-19, but not this much. GM sold 17 million vehicles in 2019 and is excepted to be closer to 13 million in 2020. Autotrader analyst Michelle Krebs said fleet sales should pick up to make for a good year.
General Motors appeals ruling in FCA lawsuit after judge tells CEOs to make a deal
DETROIT General Motors is suing Fiat Chrysler for an alleged bribery scheme involving the United Auto Workers (UAW). The federal judge hearing the case wants the companys CEOs to sit down and hash out a deal. But GM CEO Mary Barra is not interested in that. GM filed a racketeering lawsuit against FCA and its now deceased CEO Sergio Marchionne last November. READ: UAW president steps down as GM sues rival over union bribery
Checking in with Metro Detroit auto plants 3 weeks after reopening
WARREN, Mich. Three weeks ago, the Big Three automakers in Metro Detroit -- Ford, General Motors and Fiat Chrysler -- reopened their parts and assembly plants. Auto workers are trying to tread carefully and avoid spreading COVID-19. The Warren Truck Plant continues working two shifts per day, and the new protocols have caused many changes. While everyone is trying to get their feet under them, the industry as a whole appears to be ready for a comeback. Meanwhile, for car and truck buyers, the shutdown caused inventory shortages, so dealers are doing what they can to deal with that issues.
Metro Detroits Big Three automakers restart production after being shut down for months
DETROIT Metro Detroits Big Three automakers -- General Motors, Ford and Fiat Chrysler -- have restarted production after being shut down for nearly two months because of the coronavirus (COVID-19). FCA officials showed Local 4 the work being done inside the Sterling Heights Assembly Plant to mitigate the spread of the virus. Local 4 spoke with current and retired workers to see if they feel safe going back to work. Thats what Im worried about.Ford is using technology to keep workers safe, having them wear watches that vibrate when they get too close to each other. Ford CEO Jim Hackett said the last couple of months have convinced him a reopening can be done safely.
How first day of reopening went for Ford, GM, FCA autoworkers in Metro Detroit
DETROIT Thousands of Metro Detroit autoworkers were back on the job Monday as Ford, General Motors and Fiat Chrysler assembly plants started rolling again. At the Warren Truck Assembly Plant, UAW line workers were pleasantly surprised. It fogs your glasses up, but were going to be alright.It was safe, said Moses Brooks, of UAW Local 600. Arnett Weatherspoon, of UAW Local 140, said the first day went smoothly at the Warren Truck Plant, but he still has concerns. The second shift workers at the Ford F-150 plant were also in line getting ready for their shift.
FCA worker reports cough, continues to work, tests positive for COVID-19, employee says
STERLING HEIGHTS, Mich. A worker with Fiat Chrysler said she feels unsafe on the job after returning back to the plant. A co-worker reported a cough on her health questionnaire and she continued to work before she tested positive for coronavirus. The UAW said if an member is afraid to go back, they will work with that member on a case by case basis. The Michigan Occupational Safety and Health Administration said anyone with safety concerns about their work place should make a report with the state. She said FCA is offering that employees who are afraid to come in can take a leave of absence and not get paid.
Fiat Chrysler, PSA Group end production at European plants due to coronavirus
Automakers are shutting down manufacturing plants in Europe as the coronavirus spreads and brings many industries to a standstill. French automaker PSA Group said Monday it is ceasing production at more than a dozen European plants this week, while Fiat Chrysler announced it is ending production at most of its European plants. The shutdowns for Fiat Chrysler include plants in Italy, Serbia and Poland. PSA's shutdowns include plants in France, Germany, Portugal, United Kingdom, Slovakia and Spain. Fiat Chrysler, in a release, said its plans include measures to enable the company to "promptly" restart manufacturing operations once ready.cnbc.com
UAW negotiating paid leave for Fiat Chrysler workers, others regarding coronavirus
The United Auto Workers is in negotiations with Fiat Chrysler and other companies regarding compensation for quarantined employees being monitored for the coronavirus. Such circumstances are not directly addressed in the union's contract with Fiat Chrysler, General Motors and Ford Motor, according to officials. UAW Vice President Cindy Estrada, who oversees the union's Fiat Chrysler workers, told CNBC that the union would like all employees who are sick or being quarantined to qualify for paid leave. "The UAW and [Fiat Chrysler] are working together during this unprecedented and challenging situation to address issues on a case by case basis," Estrada said in an email. Estrada, on a call, said she believes Fiat Chrysler "will do the right thing" for its workers, many of whom live "paycheck to paycheck" and "want to know what's going on."cnbc.com
Fiat Chrysler plant workers walk out over coronavirus concerns in Canada
An employee at Fiat Chrysler's Windsor Assembly Plant works inside the chassis of the Chrysler Pacifica Hybrid in December 2016. Fiat Chrysler's minivan plant in Canada has halted production following workers refusing to work amid concerns of an employee contracting the coronavirus. There are no confirmed cases of COVID-19 at the plant, however there is an employee "out on self-quarantine as a precaution because of possible secondary contact," Fiat Chrysler said in an emailed statement Friday. Windsor Assembly plant workers walked out mid-afternoon Thursday, and the facility remains idled, according to the company and Canadian union Unifor, which represents the workers. Fiat Chrysler said Canada's Ministry of Labor visited the plant on Thursday to investigate and determined its "protocols and work environment to be safe."cnbc.com
WATCH: DTE Energy implodes old Detroit power plant
DETROIT – DTE Energy demolished the old Conners Creek Power Plant in Detroit on Friday. The demolition will take place via the explosive felling process, which uses strategic explosives to bring down a structure in a controlled manner, DTE Energy says. “Conners Creek Power Plant played an important role in the growth of Detroit and is an integral part of DTE’s history,” said Trevor Lauer, president and COO, DTE Electric. History of Conners Creek Power PlantConners Creek Power Plant, which came online in 1915, generated the energy needed for the City to take its hold as an industrial powerhouse. Conners Creek Power Plant has long played another important role – as a navigational marker for both watercraft and airplanes.
DTE Energy to implode old Detroit power plant swapped in FCA land deal
DETROIT – DTE Energy will demolish the old Conners Creek Power Plant in Detroit on Friday, a piece of the land exchange made with the city to make room for a new Fiat Chrysler plant. The demolition will take place via the explosive felling process, which uses strategic explosives to bring down a structure in a controlled manner, DTE Energy says. “Conners Creek Power Plant played an important role in the growth of Detroit and is an integral part of DTE’s history,” said Trevor Lauer, president and COO, DTE Electric. History of Conners Creek Power PlantConners Creek Power Plant, which came online in 1915, generated the energy needed for the City to take its hold as an industrial powerhouse. Conners Creek Power Plant has long played another important role – as a navigational marker for both watercraft and airplanes.
Auto Union Opens Talks With Fiat Chrysler; Strike Possible
DETROIT (AP) The United Auto Workers union on Monday turned its bargaining focus to Fiat Chrysler, raising the possibility of another strike against a Detroit automaker. But industry analysts say the same deal will cost Fiat Chrysler a lot more money because of the makeup of its workforce. Workers hired after 2007 now are paid lower wages than workers hired before that, even though theyre doing the same jobs. Also, Fiat Chrysler workers in the past have received lower annual profit-sharing checks than those at the two Detroit competitors. Complicating the talks is an agreement for Fiat Chrysler to merge with Frances PSA Peugeot, with the new entity run by PSAs chief executive.detroit.cbslocal.com
Dow drops more than 100 points, S&P 500 falls from record to end October
Investors took a pause and turned their focus to U.S.-China trade negotiations. The S&P 500 slid 0.3% to 3,037.56, pulling back from a record set in the previous session. The Dow and S&P 500 gained 0.3% and 0.5%, respectively, for the month. "Here we are at new all-time highs, so the sensitivity to any type of headwind in the U.S.-China trade tariff negotiations is going to be an overreaction." Investors had been feeling optimistic about U.S.-China trade recently as both sides pointed to progress on a "phase one" accord being signed in November.cnbc.com
Fiat Chrysler And Peugeot Owner Announce $48 Billion Merger
Fiat Chrysler shareholders also would get a special one time dividend worth 5.5 billion ($6.1 billion) as part of the deal. Fiat Chrysler has also trailed larger rivals in developing electric vehicles. Earlier this year, Fiat Chrysler made a merger proposal to another French automaker, Renault, a company of comparable size to PSA. Fiat Chrysler and PSA face huge challenges even if their merger is completed. Both Fiat Chrysler and PSA have a lot of quirky city cars that couldnt be further from what US car shoppers want right now, said Caldwell.detroit.cbslocal.com
Costs of GM deal could make talks with Ford, FCA difficult
That pattern means the UAW will use the GM deal as a template in its talks with Ford, and Fiat Chrysler after that. Both Ford and Fiat Chrysler have more new hires than GM, so the raises will be more expensive for the crosstown rivals, especially Fiat Chrysler. GM has just over 17,000 of the "in-progression" workers, but Ford has 18,500 and FCA has over 20,000. CAN FORD AND FIAT CHRYSLER CHANGE THE PATTERN? It largely depends on how far Ford or Fiat Chrysler want to depart from the GM agreement.
Fiat Chrysler deal gives Detroit residents 1st crack at jobs
Both are among the thousands of people who are looking for jobs with Fiat Chrysler under a city program that gives Detroit's residents first crack at the application process. Detroit officials hope the deal with Fiat Chrysler will mean residents have a better shot at good-paying jobs with the automaker, although Fiat Chrysler is obligated only to consider Detroit residents for the work before opening up the jobs to others. "I sat with FCA (Fiat Chrysler) and I said this: 'I'm going to give you want you want,'" Mayor Mike Duggan said. Fiat Chrysler has undergone its own recovery since the federal government's $80 million bailout of the U.S. auto industry. The deal likely will put some Detroit residents into jobs they otherwise would not get, said Michigan State University economist Charles Ballard.chicagotribune.com
Disruption, corruption loom over UAW union talks with Big Three Detroit automakers
Union members, who've had few raises since the financial crisis, expect to be compensated for their patience. As company executives met with union leaders to open talks last week, industry disruption was a common discussion. The investigation includes an alleged conspiracy to use funds earmarked for training of union members to keep UAW officials "fat, dumb and happy." The breakdown in trust, according to Wheaton, is expected to make it difficult for union leaders to get any potential deal ratified by union members during this year's negotiations. However, no executives or union leaders involved with those two automakers have been accused or convicted of any crimes.cnbc.com


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Google ad products recently had, perhaps, the biggest rebrand since the Starbucks Coffee brand dropped the word “coffee” from its name in 2011 and became just “Starbucks.”
Seven years later, Google AdWords removed the “Words” part from its marquee name. Just like Starbucks dropped “coffee” to prove that it stands for much more than just its Holiday blend, Google's rebrand showed that PPC has outgrown just the keywords.
As most performance marketers already know, this change has been going on for a while now. With more powerful targeting options on Google properties including GDN and YouTube and more sophisticated algorithms for automated bidding, PPC is very different from what it used to be just a few years ago. In this episode of the PPC Show, we’ll chat with Mandy Fitzberger of Atypical Digital about what the 2018 shakeup of Google Ads means for the future of ad biz.
PPC is becoming less about keywords and more about audience targeting
Google has launched a number of solutions that are less reliant on specific keywords and more on the actual intent and audience data. For example, on YouTube, you can now optimize campaigns not just for views and impressions, but also for reaching people who are most likely to consider your brand after seeing a video ad. “It’s a pretty big paradigm shift for Google,” says Mandy Fitzberger, Director of Paid Media at Atypical Digital.
Mandy has over a decade of experience in digital ads and has seen the ad platform evolve. “Both YouTube and GDN have gone super strong," she says. "Google is coming out with products that rely on audience data. It’s driving CPMs down, which is really, really great, as long as we’re getting data and attribution at the bottom of everything within that funnel.”
Google Ads are now powered by Google’s machine learning to deliver more relevant ads. Targeting got a lot better: you can now layer all the general targeting options like gender and location on top of the more sophisticated audience features such as affinity audiences, custom affinity audiences, in-market audiences, life event targeting, and remarketing audiences.
The early adopters of Google Ads are in luck, because they have the most data to fuel the automation. “We’ve been sitting on this data for a really long time,” Mandy says. “Google has done a great job of updating their algorithm, and layering audience targeting will be a really powerful tool. Early adopters will get the best benefits from historical relevance with the algorithm. It sets them up for success.”
The competition for ad placements is tougher than ever
“Everything is more competitive,” Mandy says. “With only a certain number of placements in existence today, we’re all competing for the same placement.” Instead of relying on the tried and true lead generation tactics, Mandy recommends that marketers should invest more in top-funnel advertising. “You really have to go into more of a branding 80/20 methodology,” she says.
For clients that have grown dependent on direct response advertising for many years, this may be a tough shift. Many account managers will have difficult conversations with clients this year. “I feel like some verticals are having a bit of a ‘squeeze’ moment,” Mandy says. “EDU, for example, is having an interesting moment that also goes into larger economic changes, because we’re experiencing a 4% unemployment rate, and less people go back to school.”
Robust attribution technology is key
Investing in top-funnel tactics means that marketers need to have advanced attribution to track customer journeys, whether it’s in e-commerce or B2B sales. “You either continue in a blind methodology or invest in data attribution and know exactly where to spend more money, because you’ve got the data to prove it,” Mandy says.
However, deciding which solution to go with is a challenge, as the number of modern marketing technology today is overwhelming. “The average “LUMAscape” (an infographic from LUMA partners showing technology solutions by verticals - Ed.) is enormous. It's gnarly,” Mandy says. CMOs, according to Fitzberger, are being bombarded left and right trying to find that one dashboard that really unites all of your data. It’s a big investment for many. “Google was supposed to launch the free attribution tool in Q1 this year, but it’s still not there, as they ran into some bugs,” Mandy says. “It’s going to be the next step up from just your regular Google Analytics.”
Mandy’s own technology stack features many different tools for advanced attribution. She uses Datorama, Tableau, Telium, Criteo, Adroll, and recommends AdStage for reporting and automation across search and social.
Automated bidding is the future
Many clients may feel a little uncomfortable with letting go of control and embracing automation. Mandy herself felt conflicted about the most recent Dynamic Search Ads. “Half of me as a marketer is like, ‘yes!’ give me that flexibility and take those users where they feel it’s most relevant, go for it!” Mandy says. “The other half is like, “you know, just letting the machines run is a little scary.”
But obviously, ads will become automated in the future. “Keywords are going away in the long run,” Mandy says. “I actually had my Google rep tell me that. They will not be ad ‘words’, just ads.” Likely, marketers won’t have to deal with negative keywords anymore, because the algorithm will be smart enough to take care of that.
The shift towards automation will mean that PPC marketers will focus on developing new skills. “When I first started, you weren’t able to automate pausing or starting a campaign for a holiday promotion. Everything was manual,” Mandy says. In the early days of PPC, to be great at what you did, you needed to train yourself on Excel, take the AdWords certification, and get some basic experience in working in accounts. But that is changing.
“The PPC role of the future will be more of a supervisor/trainer,” Mandy says. Communicating, building a strategy, helping the client interpret data, and being more culturally aware to work across diverse teams will be key to success.
Mandy thinks that in the long run, automation has a benefit to agencies. “We won’t have to tackle 8,000 tasks in a day for a client. Our jobs become a lot more strategic and a lot more focused on the overall business objective,” Mandy says.

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J.M. Smucker is bringing two new product lines to market: Jif Powerups, a peanut-based snack line debuting in May, and a premium coffee brand called 1850. The coffee line will offer K-Cups and bagged products starting in April, as well as ready-to-drink coffees rolling out this summer, marking Smucker's first major product in the bottled-coffee space, said CEO Mark Smucker.
Kellogg is launching a program called "Deploy for Growth," which will focus on new growth pillars to drive the company forward for the long term. "We're going to bring the same relentless focus to a growth agenda that we brought to reducing our cost structure in recent years, and we're going to deploy our resources behind growth via investment, via M&A and via improved capabilities and execution," said CEO Steven Cahillane.
Hershey Chairman John Bilbrey will retire from the board this spring, with lead independent director Charles Davis to take over the role. Bilbrey has served as president and CEO of the company in the past.
Fox Searchlight Pictures is making a movie about Richard Montanez, the man who created Flamin' Hot Cheetos while working as a janitor at Frito-Lay. Montanez was inspired to pitch his idea, which was inspired by elotes, or grilled Mexican street corn, to company executives after then-CEO Roger Enrico encouraged all of Frito-Lay's employees to "act like an owner."
Bell Flavors & Fragrances has announced three executive changes, including the promotion of Kelli Heinz to vice president of marketing. The company has also promoted John Kocis to director of analytical services and Susan Payton to director of customer and administrative services.
Inspired by a free-form souffle, chef Amalia Marino created her own modified take on the dish that also borrows a technique from the egg dessert sabayon. Whipping egg yolks with goat cheese over simmering water thickens the mixture, and egg whites folded in before baking on a sheet pan give the finished product an airy texture.
Early recipes for lemon bars from the 1960s contained fewer eggs, which resulted in thinner, more delicate bars, writes Jessica Reed. For her modified recipe, she also toned down the sweetness and added lemon zest for a curd that is lemony without being cloying.
Wet-brining works well with either intact or cut hearty vegetables of all types, while dry-salting works with finely cut cabbage or roots, according to chef Cortney Burns. She is a fan of both methods, and uses herbs, spices and other aromatics to add flavor.
James Beard Award-winning chef John Currence is planning to expand his breakfast eatery concept called Big Bad Breakfast as the popularity of the morning meal creates more opportunities. Locations in Florida and Alabama have already joined the original in Mississippi, and Currence is considering further expansion to Tennessee, Georgia and Louisiana.
John May of Piedmont in Durham, N.C., is one of several chefs working closely with local artists to source ceramics for their restaurants. "I think that to fully represent a 'localist' mentality, you should be looking to incorporate as many local artisans in your efforts," said May, who works with Matt Hallyburton of Hallyburton Pottery.


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Niketown San Francisco was buzzing Saturday morning as people rushed to be among the first to get a pair of the Nike Air Foamposite Pro "Yeezy" shoes.
The sneakers sell for $250. They are already available on eBay starting around $385.
Some of these sneakerheads spent the night waiting in line outside the store in Union Square since Wednesday.
The store wouldn't tell us if the shoes have sold out. But with those lines, it seems likely they did.


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The Downtown West Bend Business Improvement District is launching a new startup attraction program to provide two entrepreneurs with free services, mentoring and space to establish their businesses in the city’s downtown.
The Downtown BID is now seeking applications for the new Downtown Entrepreneur Opportunity program, which will provide one year of services and space to the winning businesses.
Adam Gitter, economic development manager for the city of West Bend, said the Downtown BID has been particularly focused on filling empty storefronts since 2018. The increased focus prompted a series of discussions among business owners, which led to the idea of offering a comprehensive package of services to support and lure potential businesses to the downtown.
“We came up with this very large package that we can now send out and market and let people know that downtown West Bend is a very collaborative community where we will help you succeed in working together,” Gitter said. “This is an environment where we’re here to help one another.” Read the full story here.


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A whole new era is starting at Woodio. The demand for Woodio products is growing fast, and we are now in the position to really start to increase our capacity, develop our new factory, and take on even bigger projects.
From this day on Terja Koskenoja has been appointed as the new CEO of Woodio.
Terja has previously been Woodio’s Chief Operations Officer, and that’s why she is the right person to take Woodio forward now as the new CEO.
Terja’s skills are the perfect match for Woodio. She started her career in the forest industry and has worked in multiple fields since. Terja also has experience for example in building e-commerce stores, digital services, running an automation/robotics project, and in business development and innovations.
“At Woodio, I get to utilize all of this, understand the company’s various functions in a versatile manner, and move the company forward in a situation where it is necessary to take the next big step forward and develop operations very actively. It’s a real pleasure to be involved in this development, and of course, it’s especially heartwarming to be proud of the company and of your part in ensuring that we do our best to curb climate change”, says Terja.
Woodio’s beloved founder Petro Lahtinen will continue as a member of Woodio’s Board of Directors.
”Woodio has definitely been the highlight of my career. It is difficult to imagine anything more interesting and motivating than turning a University based material innovation into award winning products and design brand. I am honoured that our work has not gone unnoticed, not only in Finland but internationally as well. I would like to thank all our forward-thinking customers, peers, and investors for their support and encouragement during the past years. Now after 7 years, I am happy to be able to leave Woodio´s operations to the very competent hands of our team and Terja”, says Petro
We welcome Terja in her new role and look forward to what the future of Woodio will bring!


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From the October 12th issue of Publisher's Weekly: New Warner Imprint Targets Hispanic Women
Warner Books will launch a new imprint in early 2007 that will feature English-language books aimed at Hispanic and Latino women. Under the Solana imprint, Warner will publish six English-language trade paperback originals annually that will feature Latino characters and lifestyles. The books will encompass a wide range of women's fiction, says Adrienne Avila, associate editor of Warner and who will be overseeing the imprint. The inaugural list will debut with "B" as in Beauty by Alberto Ferreras.


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Twisted Metal arrives as a full download on the US PlayStation Network in this week’s update, according to a recent PS Blog podcast. The downloadable version will be $40, and Polygon reports the retail version has dropped in price to match.
Arms, Nintendo’s interesting and inventive little fighter, is partway into its first ever ‘Party Crash’ event now.
Multiple sources are claiming that Marvel Heroes will shut down a month early, with Gazillion laying off all employees
It looks like Marvel Heroes will shut down this week, much earlier than expected with all staff at developer Gazillion losing their jobs.
Nintendo's Black Friday cyber deals are here, including Switch - get I Am Setsuna, Phoenix Wright, Monster Hunter 4, and more cheap
Black Friday sales are upon us, and Nintendo has discounts across some huge titles on Switch, 3DS, and Wii U.
Eat Sleep Play
Twisted Metal developer Eat Sleep Play has released a social endless runner called Running with Friends. Published by Zynga, the free-to-play iOS title is available on the App Store now. Traditionally at home to a more mature audience, Eat Sleep Play had to tone down its gory plans, but VentureBeat reports the game remains unusually […]
David Jaffe has shared the last of a number of cinematic endings for Twisted Metal which were cut from the game while incomplete. Learn the ultimate fate of everyone’s favourite killer clown, Sweet Tooth.
A handful of PS2 games have been rated for release on the PlayStation 4, including Twisted Metal: Black and Dark Chronicle.
Sony has confirmed the full line-up of games that will be made free to PlayStation Plus members in September.


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World's Largest Technical Cheese Competition Returns In WisconsinThe 53 judges taste, sniff and inspect the 141 classes of dairy products during the biennial World Championship Cheese Contest, this year held in Madison.
'Our Farmers Have Never Stopped': Bongards Cheese Teams With USDA To Feed Families Struggling During PandemicA new federal program is helping Minnesota farmers get food on the dinner tables of families in need.
Man From Switzerland Wins Wisconsin Cheese Competition ... AgainA man from Switzerland won the World Championship Cheese Contest in Wisconsin. Michael Spycher, of Mountain Dairy Fritzenhaus, also claimed victory in 2008.
World's Oldest Cheese Discovered In Egyptian TombIt looks like one Egyptian took a snack with him after archeologists say they've discovered the world's oldest piece of cheese in an ancient tomb.
Eating Cheese Won't Increase Risk Of Heart Problems, Study SaysResearchers say eating dairy products won’t increase your risk of developing heart problems later on in life.
Planters Gets Retro, Brings Back Cheez BallsIn "everything old is new again" fashion, Planters just announced that they're bringing the retro snack back to store shelves and online.
Wisconsin Produced Record Amount Of Cheese In 2017It was the 16th consecutive year that Wisconsin topped its production record set the previous year.
Wisconsin Fights For More Cheese RecognitionEven though Wisconsin produces the most cheese in the country, the state hasn't honored the food with an official designation.
Finding Minnesota: Caves Of FaribaultOur neighbors in Wisconsin may have a reputation for cheese, but Minnesota has its own bragging rights.
Report: Grated Cheese Contains 8.8 Percent CelluloseWhen it comes to cheese, it's common practice for food companies to use a small amount of cellulose to keep grated parmesan from clumping. 2 to 4 percent is considered acceptable in the industry.
After Major Cheese Heists, Wis. Investigators Are Looking For ConnectionsThieves stole thousands of dollars' worth of cheese in Wisconsin, and investigators are not laughing.
DeRusha Eats: The Lone GrazerLiving so close to Wisconsin, Minnesotans have a pretty good idea of what a cheesemaking operation is supposed to look like: barns, cows and fields.
Goin' To The Lake Recap: Cumberland, Wis. (Day 1)WCCO-TV's Frank Vascellaro Amelia Santaniello and WCCO Radio's Chad Hartman are Goin' to the Lake this week! They are headed east and will be live in Cumberland, Wis.
Kraft Issues Recall For Kraft Singles Over Choking HazardsKraft is issuing a warning for consumers who have purchased the Kraft cheese singles. The company said 36,000 cases of the cheese may present a choking hazard. So, they're voluntarily recalling them.
Minnesota Festival Memories: Pine Island Cheese FestivalSome call it summer, some call it festival season. It seems every weekend there are great community events across the state of Minnesota. This week we head to Pine Island to show case the annual Cheese Festival!


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Organized below the United Hospitality Forum of Maharashtra (UHF), the associations initiated marketing campaign #MissionRoziRoti to spotlight the hospitality industry’s ‘bid for survival’. HRAWI mentioned lakhs of restaurants participated within the silent protest with their workers standing exterior the institutions holding placards.
The marketing campaign #MissionRoziRoti has gained momentum on social media, the affiliation mentioned, with a number of restaurateurs and hoteliers within the state posting footage, messages, and movies displaying help and solidarity to the marketing campaign.
“The hospitality trade calls for honest play and justice. We request the federal government to both permit us to proceed common operations with the mandated SOPs or completely shut us down, quite than maintain us half alive and in a state of distress. Whenever there’s a rise in Covid-19 instances, the hospitality trade is focused and victimized,” mentioned Sherry Bhatia, president, Hotel and Restaurant Association of Western India (HRAWI).
“A majority of the institutions have mounting money owed and face threats of insolvency together with tens of millions of job losses. With the concern of dropping jobs like final 12 months, many staff have begun to depart for his or her houses once more. Through our silent protests as we speak, we’re requesting the federal government to permit us to renew our work and if not, the federal government should take care of our incomes. The trade ought to get an entire waiver on all statutory charges and taxes, and institutions shouldn’t be billed for water and electrical energy for the length of the curbs,” he added.
Pradeep Shetty, joint honorary secretary, Federation of Hotel & Restaurant Associations of India (FHRAI) mentioned the newest ‘Break The Chain’ order is equal to a different full lockdown. “We guarantee the federal government that the trade is dedicated to following all of the well being and security protocols and has our unwavering help in the direction of the varied efforts to fight the pandemic. We humbly request the federal government to look into this real request of the hospitality trade and lengthen help in our struggle for survival,” he added.
Hospitality associations across the state together with Poona Hoteliers Association, United Hotel Association Pune, Nagpur Hotel and Restaurant Association, Aurangabad Hotel and Restaurant Association, Vasai Taluka Hotel Association, Hotel Owners’ affiliation of Thane, Navi Mumbai Hotel Association, Palghar Hotel Association are rallying towards the newest lockdown imposed within the state. HRAWI mentioned the protest was additionally supported by numerous metropolis and district degree hospitality associations from Beed, Amaravati, Nanded, Hingoli, Jalna, Parbhani, Aurangabad, Satara, Osmanabad, and Vasind amongst others.
The United Hospitality Forum of Maharashtra has launched a marketing campaign on social media with hashtags akin to #MissionRoziRoti #MajheKutumbhkonachiJababdari #Saveourkutumbh #saverestaurants #saveourfamilies, #feedouremployeesfamilies #payouremployeessalaries #Myfamilymyresponsibility #Feedmystaff.
#Hotels #restaurants #Maharashtra #hold #silent #protests #closure #operations


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Inside China’s Influencer Marketing Strategy
Digital marketing is all about staying ahead of the curve while ensuring business brands reach as many people as possible. Crafting personal connections with online customers has been a struggle for many brands, but the answer may lie in how effective brands can adapt to the growing trend of influence marketing.
Forecasts by Insight Partners show that the influencer market is expected to be worth $337 million by 2027 in revenue in the US, which is a huge leap considering it was worth $148 million last year. In comparison, China accounts for 560 million people who watched live-streams according to China Network Information Center. The country’s market worth is estimated to reach a staggering $170 billion this year.
China is at the forefront of the influencer trend, with brands and creators alike finding new ways to engage with audiences. We take a look at how a collection of influencer strategies Chinese brands have implemented, as well as why influencer marketing is vital for businesses today.
Live Streaming Influencer Marketing Strategy
Livestreaming is an increasingly popular tactic used by Chinese influencers to sell products to their customers. Think of these livestreams as home shopping networks revamped, except this time it’s happening on specific apps. As expected, the main draw of these livestreams are the influencers themselves. Social media platforms are built on encouraging users to go after a specific lifestyle, and having your favorite influencer personally recommend products for you to try out is too tempting to pass up.
Mega Brands are on the forefront to take advantage of this growing trend, with a report by the Financial Times highlighting that luxury brands such as Tiffany and Louis Vuitton went live stream to boost sales in the midst of the COVID-19 pandemic. Shanghai-based influencer Jo Sun can sell 70 to 80 luxury items in just three hours of live streaming, which is a far cry from the sales that these brands would get in their physical stores.
Why Influencer Marketing Matters
The continued popularity of influencer marketing proves that word of mouth is still the most effective ways to convert customers to brand loyalists.
The best digital marketers know that you can’t just rely on one strategy alone, but it’s also important to note that successful KOLs partnerships can actually boost brands’ other marketing strategies. In particular, referencing influencers in blog posts and creating relevant website content dedicated to them can help search rankings. As Ayima Hong Kong’s SEO strategists emphasize, “Improving your search rankings also increases your business’s exposure to reaching more potential customers.” Influencers can be seen as authority figures within their particular niches.
It’s clear that brands need to rapidly adapt influencer marketing strategies to survive in this new digital age. China’s influencer market is well past its infancy stage, providing a successful blueprint for companies who want to successfully implement this kind of marketing strategy.


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The debut trailer for Tethered shows off the game's day/night cycle, tasking players with organizing their flock of characters known as The Peeps to construct a settlement during the daylight ahead of the impending attack of monsters that arrive after the sun sets.
Check out the reveal trailer below to see Tethered's VR gameplay in action as well as its Studio Ghibili-inspired world. For more on the game, head over to the PS Blog to hear about the game's influences and the studio's intent with Secret Sorcery's debut title.Tethered will come at the launch of PS VR, and while no exact release date has been announced for Sony's foray into virtual reality yet, the VR headset has a planned October release window.
Jonathon Dornbush is already planning what to name his Peeps when he plays Tethered. Talk to him about virtual reality and much more on Twitter @jmdornbush.
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Retail News Breaks Archives
PCMA ad takes aim at community pharmacies
May 11th, 2012
WASHINGTON – The Pharmaceutical Care Management Association (PCMA) has taken the offensive against community pharmacies by running an advertisement that claims drug stores are overcharging patients.
PCMA, the national trade group for pharmacy benefit management (PBM) companies, launched the print ad this week in Washington, D.C., publications.
The PCMA print ad ran in Washington, D.C., publications during a lobbying drive by community pharmacists.
Titled "It's the Drugstore Lobby vs. Employers," the ad appeared the same time that more than 250 independent pharmacists were lobbying lawmakers to support legislation favorable to the community pharmacy industry, including the Pharmacy Competition and Consumer Choice Act of 2011, a bill calling for more transparency in and proper operation of PBMs.
The lobbying effort was part of the National Community Pharmacists Association's annual legislative conference.
PCMA said its ad defends the rights of employers, unions and government programs to reduce what it sees as wasteful pharmacy spending.
"It's the drugstore lobby vs. employers in the fight to reduce prescription drug costs," read the ad, which accuses drug stores of stopping employers from promoting home delivery of 90-day scripts, forcing benefit plans to include "drugstores that overcharge" and demanding higher payments from employers and the government.
"Employers know what mega-chain Walgreens and its 'independent' drugstore surrogates want," the PCMA ad said. "And they don't like it."
According to PCMA, a recent poll of owners and human resources managers of small businesses with 100 or fewer employees found that 61% think it's a good idea to "allow employers to choose lower-cost plans that exclude the most expensive drugstores from their coverage network." Also, 88% of small businesses polled favored allowing plans "to audit drugstores that appear to be overcharging," and 79% indicated it's a good idea to "allow plans to offer discounts that encourage employees to get prescriptions by mail."
The bottom of the PCMA ad read, "It's wrong to force businesses to pay more for prescription drugs."
"This agenda is promoted by local drug stores, but it raises costs for every other business in town and mostly benefits Walgreens — a $70 billion company that doesn't need the help," stated PCMA president and chief executive officer Mark Merritt.
A Walgreens spokesman said he believed the drug chain is being singled out because of its recent refusal to renew its contract with Express Scripts Inc. after the PBM refused to offer reimbursement rates that Walgreens could accept.
Meanwhile, NCPA advertisements that ran during its legislative conference countered many of the claims in the PCMA advertisements.
The pharmacy group's two print ads made the case for how legislation supported by NCPA and the National Association of Chain Drug Stores would help community pharmacies reduce costs and improve health outcomes and why NCPA feels it is essential to reform the PBM industry in the wake of the merger of Express Scripts and Medco Health Solutions Inc. A separate, online ad urged readers to join community pharmacists to reform PBMs.
Last October, NACDS ran a print ad against the Express Scripts-Medco merger headlined "Don't give Express Scripts and Medco a stranglehold on Americans' medicines" in the Washington Post. And the previous month, the association began airing a radio commercial in the Washington, D.C., area to rally consumers against the PBM merger. NACDS, too, set up a website, TooBigToPlayFair.com, to build opposition to the combination of the two PBMs.


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The move comes after the Houston-based firm determined that Apple's iOS platform "offered the best capabilities, controls and security for application development," according to a newsletter distributed to employees.
The energy services giant's move is more bad news for embattled BlackBerry maker RIM. Dell (DELL) said in late 2010 it intends to move all 25,000 of its employees over from BlackBerry to its own smartphones running Microsoft's (MSFT) Windows Phone 7.
Halliburton's iPhone decision reflects a growing trend whereby large companies are gradually easing up their IT policies and allowing employees to bring their own mobile devices to work.Apple's iOS, in particular, has caught on in the enterprise market over Google's (GOOG) Android platform, with many businesses viewing it as more secure. Besides Halliburton, here's a few more big names who are turning to the iPhone in the workplace. Investment banks J.P. Morgan (JPM), Deutsche Bank (DB), Bank of America (BAC), Citigroup (C) and UBS (UBS) reportedly weighed letting their employees use the iPhone rather than the industry-standard BlackBerry within the last year. Apple CFO Peter Oppenheimer recently said almost all the top Fortune 500 companies "now approve and support iPhones on their networks" including Nike (NKE) and Kimberly Clark (KMB). --Written by Olivia Oran in New York.
>To follow the writer on Twitter, go to http://twitter.com/Ozoran. >To submit a news tip, send an email to: email@example.com.
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The sanctions imposed by the European Union, United States, Canada, and other countries on Russia and Belarus following Russia’s February 24 invasion of Ukraine included restrictions on banking, trade, technology transfers, and specific individuals. These came on top of earlier sanctions on both countries – on Russia, in response to its 2014 annexation of Crimea, and on Belarus, in response to human rights violations in 2020 and its forced grounding of Ryanair flight 4798 to seize a dissident journalist in 2021.
The current sanctions regime aims to spare the agricultural sector, including inputs, to avoid side effects on global food security. Russia is a major global supplier of key staples, including wheat, and both countries are important fertilizer producers and exporters. Shutting down trade in those items would have disastrous consequences for global markets and on agriculture and food supplies in countries reliant on them.
But given the complexity and scope of the sanctions on Russia and Belarus, and the reluctance of many countries and companies to do business in either country, are the agriculture exceptions working? In this post, we examine how the sanctions aimed at Russia and Belarus have affected exports of agricultural products and fertilizers. The picture is mixed, with exports of some items affected by the war’s outbreak, then recovering, while others have slowed significantly.
Both the U.S. and EU have specified “carve outs” for the food and fertilizer sectors. Only luxury food products, like caviar, are prohibited from being imported in the US or in the EU. In July, the U.S. Treasury Department issued guidance to clarify that the production, manufacturing, sale, or transport of agricultural commodities incuding fertilizers, agricultural equipment, or medicine originating from Russia and for destination to the U.S. or third markets were exempt from sanctions.
Similarly, EU sanctions exclude Russian exports of food supplies and fertilizers to both EU and non-EU markets. While this policy aims to avoid targeting fertilizer overall, potash is an exception. Its critical role for the Belarus economy (10% of all exports) and government led the EU to impose specific sanctions on potash and companies involved in its production, banning imports in the EU and restricting the capacity of Belarus to use EU territory for transit—in particular through Lithuania.
To avoid any diversion effects or re-exports of Belarus potash under a Russian flag, the EU extended the restriction to Russian potash as well. However, this last measure does not limit the trade between Russia and third parties directly. Rather, it restricts access to European ports for shipping companies operating with Russia. In addition, while ships carrying fertilizer and food from Russia should have access to European ports, individual member states also retain a degree of discretionary regarding the implementation of such waivers.
But the carve outs may not work perfectly. Even if sanctions do not directly target food and fertilizer exports, some do target individuals—e.g., oligarchs—who may have business interests in these sectors, and in general they can make trade more difficult. For example, importers may choose not to purchase from Russia and Belarus because of the added costs of doing business (for example, having to deal with more restrictive banking regulations), or due to overcompliance, i.e., the perceived risk, even if erroneous, of being ensnared in financial sanctions for having done business with these countries. Some companies have also stopped trading with Russia due to negative public opinion, or as a result of concerns expressed by their employees.
To avoid such adverse effects, countries including the U.S. have started to issue “comfort letters” to facilitate exports of some essential products from Russia by clarifying that sanctions are not in place.
Meanwhile, Russia’s own actions have created problems with agricultural exports.
Since last year, Russia has restricted exports of fertilizer and agricultural products through export taxes, licensing requirements, and actual bans. For example, from March 14-June 30, Russia imposed a ban on wheat exports to other countries of the Eurasian Economic Union in order to prevent exporters from using the EEU free trade zone to circumvent a significant boost—up to $130 per metric ton—in Russia’s wheat export taxes. In addition, Russia put export licensing requirements in place in 2021 for nitrogenous-based fertilizers (including compound fertilizers). Even if the restrictions fall short of actual bans, they directly limit exports and add costs to Russian imports and thus can adversely affect demand.
Assessing if ongoing sanctions on the Russian and Belarusian economies do end up impacting exports of food and fertilizer is complicated by several factors. First is the lack of export data: Both countries stopped reporting trade data to the United Nations and other data partners shortly after the invasion in February. Second, for all the commodities considered, prices have been increasing since 2021, reducing global demand. Thus some decline in Russia and Belarus exports is to be expected.
An often-used approach to estimate exports in the absence of export data is to analyze mirror trade data from importing countries. For example, by totaling the quantity of imports of Russian potash to its trade partners, one obtains an approximation of total Russian potash exports over a given period (ignoring lags due to the length of transport).
For this post, we used the mirror approach to examine imports from Russia and Belarus for countries that have reported data in 2022, comparing January-August 2022 with the same period in 2021. While the measures are suggestive of relative trade volumes, this approach has limitations. Many importing countries—particularly developing countries in Africa—do not necessarily report trade data on a regular basis, so a complete picture from mirror trade may lag several months or even years behind.
Figure 1 provides an overview of our findings for Russia: Most exports are down compared to 2021, except for phosphate products, which are up in part due to reduced exports from China, which restricted phosphate exports during the first part of 2022. However, the largest effects occurred in the first four months of the year—affected by the beginning of the war, the large disruptions in Black Sea shipping, and Russia’s own export restrictions. Data from the next four months, from April to August, show more limited decreases and even some increases, even while enforcement on most sanctions was starting in earnest during this time.
The data show that Russian wheat exports fell by about 11% from 2021 levels between January and August. This decline largely reflects the drop in exports that occurred in the early weeks of the war, when shipping in the Black Sea largely came to a standstill. The data show that trade has recovered somewhat since then (Figure 2).
Fertilizer imports from Russia also declined compared to 2021 levels between January and August: Potash and urea imports decreased by 16.5% and 22.8% respectively. As with wheat, most of the decline occurred in the early weeks of the war, and monthly import numbers have recovered somewhat since then. Meanwhile, diammonium phosphate (DAP) imports from Russia are running over 8% above 2021 levels.
The most significant declines have occurred in anhydrous ammonia imports from Russia (down 63%) and potash imports from Belarus (down 50%) (Figure 3). These products are traditionally shipped through ports in the EU (potash from Belarus) or Ukraine (Russian ammonia. Last year, Russia shipped about 4.4 million metric tons of ammonia, about 45% of which went through Baltic ports and about 55% via the world’s longest ammonia pipeline from Tolyatti on the Volga to the port of Pivdenny near Odesa, Ukraine, which is currently inactive due to the war.
Ammonia exports pose another problem: The chemical is used both in fertilizers and for non-fertilizer applications, making the implementation of sanctions and associated waivers a potentially tricky prospect.
Russia and Belarus are attempting to create alternative pathways to export fertilizers. In mid-February, Belarus President Aleksandr Lukashenko said that Russia would build new port facilities for shipping potash from Belarus. In September, Belarus announced that Russia will allow potash exports through the port of Murmansk.
How have sanctions affected importing countries? Russia and Belarus jointly account for about 41% of global potash exports, and their disruption has pushed countries to seek alternative suppliers. Take Brazil, the world’s second-largest potash importer after the U.S. In the first nine months of 2021, about 20% of Brazil’s potash imports came from Belarus (Figure 4). For the same period in 2022, that figure fell by 46%, accounting for less than 10% of Brazil’s total potash imports. Much of the decline was offset by imports from Canada (up 37% over last year’s January-September levels).
Russia accounts for about 15% of global nitrogenous fertilizer exports, including products such as ammonia and urea. Importantly, some of these products are part of a global value chain of fertilizer production—thus disruptions in specific inputs could disrupt the production of compound products in other countries. Morocco is the second-largest exporter of phosphate products in the world, in particular diammonium phosphate (DAP) and monoammonium phosphate (MAP), as well as the fourth largest importer of anhydrous ammonia, traditionally importing from countries such as Russia and Algeria. The sharp reduction in anhydrous ammonia imports from Russia (and Algeria) pushed Morocco to seek a number of alternative suppliers in the first eight months of 2022 (Figure 5), especially sourcing products from Egypt and Saudi Arabia.
Our analysis suggests that carve outs in trade sanctions appear to have helped sustain exports of some agricultural products and fertilizers from Russia and Belarus, but exports of potash from Belarus and anhydrous ammonia from Russia, which have traditionally utilized EU and Ukraine port facilities, have fallen significantly. Some affected importing countries have managed to find alternative sources.
What the prospects for boosting these exports? These issues are central to ongoing negotiations. Russia has told a top United Nations representative that the extension of the Black Sea Grain Initiative depended on the West easing remaining restrictions on Russia’s agricultural and fertilizer exports, including re-opening the anhydrous pipeline to Odesa. On November 3, UN Secretary General Antonio Guterres echoed the call for removing obstacles to Russian food and fertilizer exports. The Black Sea grain deal expires November 19, so negotiators may soon produce answers on what happens next.
Joseph Glauber and David Laborde are Senior Research Fellows with IFPRI’s Markets, Trade, and Institutions Division. Opinions are those of the authors.


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German supermarket Lidl has been given the go ahead to open a new branch in Stirchley following a dramatic U-turn by city planners.
Two weeks ago, the council's planning committee narrowly voted to reject the plans to knock down the Fitness First gym and bowling alley in Pershore Road and build a Lidl store.
They argued the site was the wrong place for a food store, would add to traffic problems and that knocking down a popular gym for a foodstore sent out the wrong message.
But officials have struggled to come up with sound policy reasons to reject the store and fear the council would be vulnerable to a costly legal appeal by the supermarket.
In a report to the council's planning committee, officers suggested that improvements offered by Lidl, including a new pedestrian crossing, an upgrade to the road junction and the replacement of the shabby gym building, were significant.
They concluded: "The proposed development clearly does not offend any of the local and national retail or local centre policies."
Coun Tahir Ali (Lab Nechells) said: "All we seem to be saying is that we want to protect Fitness First over and above a Lidl.
"I don't think the reasons for refusal are strong enough. If we do this, it's going to come back to bite us."
But Coun Gareth Moore (Con Erdington) questioned Lidl's claim that it could find no alternative sites in the area following an announcement by their main rival.
"Aldi are proposing a store elsewhere in Stirchley," he told today's meeting.
"I don't know why Lidl couldn't have that site and compete with Aldi for it."
However, the majority of councillors agreed that a refusal would not stand up to a challenge and voted by six to three in favour of the Lidl plan.
Aldi has earmarked the Magnet store site less than a mile away, also in Pershore Road, for their own store.
Work also started this year on the construction of the long-awaited Tesco store in nearby Hazelwell Lane.
Watch: Brief history of Black Friday


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VW signed a memorandum of understanding to work with JAC on a vehicle-making joint-venture last month, and is likely to sign an official agreement by the end of the year. VW also has joint-venture agreements with SAIC Motor Corp. and China FAW Group, with plans to produce a separate EV with them as soon as 2020, but the JAC agreement may allow VW to have EVs on China's roads before then.
Volkswagen continues to try and distance itself from diesel powertrains as it deals with the emissions scandal that broke last year. Meanwhile, China's mandate is for automakers to boost fleetwide fuel economy by almost 40 percent between 2015 and 2020 to about 47 miles per gallon. To that end, VW and its partners will compete against China-based companies such as BYD and Kandi for electric-vehicle sales. Additionally, China may introduce laws similar to California that require automakers that sell more than 50,000 vehicles a year to make electric vehicles within the country.
VW also wants to boost sales of conventional vehicles in China. The company unveiled a China-only version of its Phaeton sedan – called the Phideon – at the Geneva Motor Show earlier this year. Volkswagen confirmed at the time that the model won't be available in the US.


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International Business Machines Corp. is testing an Internet-based clipping service that it says would reduce user costs and ensure publishers of payment - with banks clearing the on-line transactions.
Under IBM's Infomarket system, Internet users would set up a data base search from their personal computers but pay only for the articles they want. These would be encrypted to protect the publishers against uncompensated use.
Users would not be charged for the time elapsed during data-base searches, the way Reed Elsevier's Nexis service does.
Unlike existing systems that handle only search and retrieval functions, IBM's product is meant to ensure that publishers get paid instantly for their materials and that their copyrights and royalties rules are observed.
Infomarket - an example of the type of businesses electronic commerce can make possible - would involve banks as payments processors.
Publishers of newspapers, journals, and other periodicals have been stepping tentatively onto the Internet, mindful that there is no efficient way to receive micropayments on-line and fearful of freely distributing valuable editorial content.
"My mantra is: get found, get paid, get protected," said Jeffrey Crigler, the IBM vice president who masterminded the Infomarket project.
"We're going to make it easy for a lot of people who aren't selling stuff on the Web today to do so," said Craig Moore, an IBM systems manager who has developed some of the Infomarket's technology.
Mr. Moore said that banks would be central to the Infomarket's payment system.
"These merchants and customers are going to be using banking services - (automated clearing house) and credit cards and all the payment systems," he said.
Using IBM's system, which Mr. Crigler said would be up and running in May, publishers could sell individual articles to Internet users and be paid by the line or by the piece.
IBM's technology - which the company calls its "Internet commerce enablement platform" - would scramble the article and seal it in a "cryptolope," or cryptographic envelope, that could be opened only by the customer who purchased it.
The price of the materials would be carried on top of the cryptolope, and an itemized billing record would be kept for each customer.
"The point is we're not trying to reinvent the wheel," Mr. Crigler said. "We're using the existing banking and billing infrastructure, we're just connecting it to the (World Wide) Web."
Mr. Crigler said IBM's technology could be used in other commercial areas, since its capabilities were not limited to editorial content. "It's also a generalized system for doing payments and purchases," he said.
Mr. Moore added that IBM's system is intended to jump-start electronic commerce. "Banks are going to find that they're doing a lot more electronic business and that more of their services are coming into play," he said.
A pilot of Infomarket is now being tested at www.infomkt.ibm.com. Internet users who visit the test site and register with IBM can search nine data bases, download the search findings, and print them. For now, the service is free.
David E. Weisman, an analyst at Forrester Research in Cambridge, Mass., said the Infomarket "highlights a whole new intermediary on the Internet called an Internet transaction broker."


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SAN FRANCISCO — The 1985 California wine grape harvest, nourishment for the state's 662 registered wineries, is 95% complete, and the quality is "excellent to outstanding," the Wine Institute has announced.
"Every indicator so far points to a truly exceptional year," said the report.
Throughout the year, vintners have marveled over the near perfection of the even, non-frantic growth season. The fruit ripened slowly after a spring clear of ruinous frosts, and a summer free of flash rains and stagnant air that in some other years have demolished whole regions of fruit.
The institute, a major representative for the state's $5.4 billion industry, said that as of a week ago 2.65 million tons of grapes had been crushed statewide, with average yields down from earlier years.
Noting that the brief heat waves of early summer had resulted in smaller berries, the institute's report cited a silver lining in the cloud: "This often results in better varietal character."


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European car registrations jump
The year-on-year increase was largely due to the low sales volumes recorded in September 2018, when registrations fell “significantly” following the introduction of WLTP emission standards, European car industry association ACEA said Oct. 15.
Registrations rose to 1.29 million cars last month from 1.12 million a year earlier across the European Union and European Free Trade Association (EFTA) countries, according to the Brussels-based association.
In August 2019, registration had dropped 8.6 percent year on year.
Registrations in Britain rose by a modest 1.3 percent, as “Brexit-related uncertainties continued to affect consumer confidence,” ACEA added.
Volkswagen saw sales of its core brand rise 58.2 percent and Renault brand sales rose by 30.3 percent in September 2019.
FCA’s Alfa Romeo (FCHA.MI) registrations rose 25.9 percent year on year.
Japan’s Nissan was one of the biggest losers among major brands, with a 7 percent decline in sales.
Among premium auto brands, Audi sales rose 39 percent, topping competitors such as Mercedes-Benz and Volvo, which saw their registrations rise 9.9 percent and 9.3 percent, respectively. BMW registrations dropped 6.6 percent, ACEA said.


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HP taken care of its direct in the over-all Computer system category in 2021 in India with more than 1.3 million units shipped in the fourth quarter (Q4 2021), according to a report by IDC. The vendor reportedly relished a market share of 31.5 percent and observed its shipments improve by 58.7 p.c previous yr. In the meantime, the Laptop market remained upbeat with distributors shipping an outstanding 14.8 million Personal computer styles in 2021, buoyed by remote performing need and better supplies. Notebook computer systems noticed its shipments arrive at 11.6 million units and remained the key volume driver, whilst desktop personal computers grew 30 per cent yr-on-yr in comparison to 2020.
In accordance to a report by Global Knowledge Corporation (IDC), though HP was the overall market place leader in terms of Pc shipments in India, Dell was in next situation with 23.6 percent marketplace share as it transported far more than 1 million units for s 2nd consecutive quarter in Q4 2021. Dell led the organization segment with a share of 38 p.c, thanks to growing desire from IT and ITES (Info Technological know-how Enabled Solutions) and the firm’s worldwide accounts, according to the report.
Lenovo stayed set in third spot, the two in the Q4 2021 and the calendar yr 2021, with a expansion of 22.8 per cent yr-on-calendar year. Many thanks to the desire from Small and Medium Enterprises (SMEs) segment, Lenovo was in 2nd position, powering HP with a marketplace share of 24.7 per cent, according to IDC’s report, which states that constraints in materials impacting the firm’s all round shipments.
In fourth and fifth area had been Acer and Asus, each protecting their positions with a marketplace share of 8.2 and 5.9 per cent, respectively. Acer was just one of the principal beneficiaries of the recovery of the desktop classification, according to the report. It held the 2nd location soon after HP in the industrial segment with a market place share of 25.8 percent, many thanks to Acer’s established commercial desktop enterprise. Meanwhile, Asus grew 36.1 per cent year-on-calendar year in 2021, producing inroads into the commercial section with a whopping 227.2 per cent 12 months-on-calendar year progress, according to the IDC report.


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Australia’s telecommunications providers have “coped well” this year despite a “perfect storm” of disruptions caused by the COVID-19 pandemic, the Telecommunications Industry Ombudsman (TIO) has concluded in its latest analysis of consumer complaints.
Greater reliance on phone and telecommunications services frustrated many consumers as they tried to upgrade broadband plans, or realised through intensive use just how poor the mobile reception was at their new home offices.
“The pandemic has thrown the telecommunications industry and its consumers into a perfect storm,” telecommunications ombudsman Judi Jones said in launching the report.
“Delivery of reliable phone and internet services was challenged [and] collided with our need to remain connected... at a time of heightened uncertainty.”
Disruption at home and away
As early as mid-March, the pandemic caused widespread disruption as the transition to work-from-home (WFH) arrangements, and the closure of overseas contact centres due to local lockdowns, blew out on-hold times.
The TIO reported a sharp rise in complaints just days after the Australian government activated its pandemic emergency plan – just before the World Health Organization’s 11 March formal pandemic declaration.
Australian providers’ heavy reliance on overseas contact centres meant many customers simply couldn’t contact their service providers – often trying phone, chat, and online options before lodging a complaint with the TIO.
Service providers scrambled to compensate: services firm Datto, for one, went to market for 2,000 domestic contact-centre staff while Telstra created 1,000 onshore contact-centre jobs – which attracted over 19,000 applicants from a job-starved Australian economy.
More recently, Telstra committed to having Australian contact-centre staff answering all inbound calls from 2022.
Increased onshoring of customer-service jobs proves that overseas call centres “are detrimental to Australia’s telecoms industry and the people it is supposed to serve,” Macquarie Telecom group executive Luke Clifton said in responding to the report.
“Australian telcos have a responsibility now to reach into long Centrelink queues to employ people here who desperately need a job,” he said, “not underpaid and underappreciated staff overseas.”
Increased reliance spawns increased awareness
By mid-April – days after the government announced free childcare services designed to help working parents – complaints about uncontactable telcos began to decline, from a peak of around 135 cases per day to current averages of around 50.
The TIO analysis also identified two other common issues that were widely reported during the pandemic: fault and connection problems disrupting consumer experiences, and financial impacts on customers struggling with lost jobs, increased expenses, and major cuts to business revenues.
Fault and connection problems, which might have previously been ignored while customers were away at work or school, became points of contention as pressured Australians fought to stay connected to support new work-from-home and home-schooling arrangements.
The surge in average daily ‘faults and connections’ complaints was less dramatic – rising from around 275 daily complaints in early February to 350 per day in early April – but the TIO noted that even small delays to service or problem were causing big issues.
Small-business owners trying to transfer phone and Internet services reported losing connectivity for weeks – stressing businesses that had moved online to serve customers that were no longer coming through the door.
An adequate response
Ultimately, the TIO said, it was “satisfied the providers had adequately responded to our concerns” about issues such as technicians missing appointments, or service transfers being delayed due to internal staffing shortfalls.
Through ongoing collaboration with telecommunications providers, the TIO offered consumers advice and ensured that providers prioritised complaints about service connectivity and financial hardship from at-risk consumers.
Service providers had responded with efforts such as expanding self-service options, offering extra data or unlimited calls at no cost, and deferring debt-recovery processes to decrease pressure on cash-strapped customers.
Complaints about debt-management issues dropped sharply during March, only creeping back up towards pre-pandemic levels in June as sustained financial pressures began to bite.
NBN Co, for its part, had moved proactively in the face of surging usage – offering Internet providers 40 per cent more additional capacity at no charge, and launching a $150m relief fund – as surging home working, videoconferencing usage and streaming video caused bandwidth demand to explode over the past quarter.
The COVID-19 pandemic has, Jones said, “stress-tested the industry and government relief measures and stretched the capacity of telco providers.”
“It is encouraging to see the industry’s extension of the telecommunications hardship principles until the end of September and the steps providers have taken so far to respond to the financial impact on consumers.”


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Portland Port's record year for cruise ships and passengers
PORTLAND Port's cruise ship boom continues as managers celebrate a record breaking year which saw some of the world's biggest liners bring thousands of foreign visitors to Dorset.
In a welcome money-spinner for the local economy and evidence the port is establishing itself as a major player in the industry, 2017 saw Portland receive its greatest number of cruise ships (26) and passengers (34,704) to date.
It is estimated the visitors added almost £2 million to the local economy whilst they were in the region. Many passengers spent their time in Dorset, either on booked excursions to attractions or taking the complimentary shuttle bus to Weymouth town centre.
Next year will see even more ships stopping off.
Ian McQuade, General Manager – Commercial at Portland Port said: "This year has been a record breaking cruise year for Portland Port and highlights the significant growth our cruise business has witnessed over the last ten years. In 2007 Portland Port received just three cruise calls, carrying a total of 1,599 passengers between them.
"Through dedicated business development, we have been able to improve and continue the growth as shown by the 26 cruise calls received this year, which carried a total of 34,704 passengers."
He added: "The cruise berth extension which was opened in April this year will further help to grow our cruise business by attracting ships that weren’t able to dock at Portland before. 2018 is going to be busier again which is fantastic for the port and the local area.
Visiting ships included the Disney Magic carrying 2,400 passengers – hopefully the first of many in the Disney Cruise Line fleet. The season started in April with first time visitors – Seabourn Quest and Holland America Line’s Rotterdam bringing more than 1,800 passengers between them.


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New York State Sen. Michael Gianaris, a Democrat whose district includes Long Island City, defended his opposition in a separate CNBC interview on Friday, saying, “when they [Amazon] come in and take over a community like that, the community dies.”
Gianaris, along with other New York politicians including liberal firebrand Rep. Alexandria Ocasio-Cortez, opposed the $3 billion in incentives the city promised to pay Amazon to seal the deal in November over the dozens and dozens of other localities which were in the running for the project.
“The Amazon ‘boom,’ as we can call it, happened too quickly. And no one was really able to understand the benefits that that many jobs to the area would have brought to the locals,” said Serhant, who started his career in Long Island City.
“I remember doing deals at $600 a square foot in Long Island City in 2009. And everyone was so angry about it. They’re never going to get their money back,” he said. “I just resold an apartment that I sold for $900,000 in 2009 in October, so before the Amazon announcement, for $1.8 million.”
Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. I think it’s a great place for real estate investment.” He said apartments there go for about $200 per square foot less than in Manhattan.
Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. He called Amazon’s change of plans “a shame” and said that “of course” if the company had stayed “it was going to be better.”
However, “we are still doing deals. Nothing has changed,” he said on “Power Lunch.” “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”
The brokerage sold 300 pre-construction units in two weeks after Amazon announced it was coming to town, but no one has called yet to back out, Benaim said. Closings aren’t expected for another eight to 10 months. “We’ll just have to wait and see, but I don’t think any of those will really leave,” he added.
Amazon, which does not plan to search for a replacement location, said it plans to move forward with its planned second half of its East Coast headquarters in Northern Virginia. Meanwhile, Nashville, Tennessee, which had won a smaller investment in the monthslong HQ2 search, will also remain on track.
contributed to this report.


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Shipping hit by global downturn
Written by winnerdk on 7th January 2009 8:40pm
By Barry Turnbull, Liverpool Daily Post - Shipping lines and major ports like Liverpool are having to rethink their futures in the face of the credit crunch. The international shipping trade has been hit by the global economic slowdown that looks set to have a knock-on effect on the Port of Liverpool. Container traffic, in particular, is sharply down, which may have repercussions for Peel Ports’ plan for a £100m post-Panamax container terminal at Seaforth. Peel says it will take account of economic and financial conditions when it makes a final decision about the in-river engineering project in May. The company has obtained a Harbour Revision Order to enable the work to go ahead if the plan proves viable. Frank Robotham, Peel Ports marketing manager, said: “We are still doing detailed work on the engineering and costings, which won’t be finished till next May. It is only then that we will look at the total costs and take a view on timescales.
Editor’s Comment: Decreases in consumer spending across the board will be the obvious trickle-down effect of a global economic downturn, resulting in lower demand for international container shipping. Watch the Panama Canal monthly transit statistics closely for more similar indications. If you will remember, the Panama Canal Pilots held a kind of work-slowdown at this time last year which they termed a "malicious compliance” action - about 50 or 60 Panama Canal pilots did exactly what was required of them and no more, causing a tremendous back-up in the Panama Canal. They picked January and February 2008 to start their action exactly because at that time there was an expected seasonal surge in Panama Canal ship traffic. In reading this report from the Liverpool Daily Post, it appears the surge in shipping seen last year won't be materializing this year, thanks to the global economic slowdown. My question - How might these reduced levels of Panama Canal traffic affect funding and revenue issues for the Panama Canal expansion project?
(My Comments End, Article Continues)
“This is a project for the future growth of the port, so it would not necessarily be a short-term decision based on current economic conditions.”
Current conditions are far from good. Container traffic is slowing up after three decades of steady growth and orders for raw materials have plunged by 94%.
The construction of a new terminal at Seaforth to handle the world’s biggest container ships, knows as post-Panamax vessels, would have huge environmental benefits, taking 800,000 truck movements off the region’s roads.
Current capacity at the Port of Liverpool is 700,000 units. The new facility would more than double capacity to 1.5m units. Mr Robotham said: “We are not immune from the effects of a slowdown by any means, but the diversity of the port may mitigate the impact. “If we were just a container port it may be another matter, but we offer a number of services such as ro-ro and various types of import and exports. “It is difficult to say just what the impact will be at the moment. Our financial year doesn’t end till next March. The position will be clearer by then.”
Mr Robotham said 2008 was a roller-coaster year, with the first half dominated by rising fuel prices followed by volatile exchange rates and a collapse of freight rates.
Hire rates for the post-Panamax ships have fallen alarmingly in recent months. Earlier this year, a typical rate was around $250,000, but that has now fallen to just a few thousand dollars today. Shipping line Maersk, which has a major base in Liverpool, has laid up eight vessels at its Asian ports this month, with others expected to follow.Liverpool-based container lines CMA CGM and Mediterranean Shipping declined to comment, but Ian Higby, chief executive of Atlantic Container Line, said: “Business is holding up in the north Atlantic at the moment but it is difficult to predict how things will go.”
Maersk, the world’s biggest container line, says it is better placed than many of its rivals to counter the market downturn because, unlike them, it has virtually no new ships being delivered in 2009 when the world’s fleet is set to grow by 13% from 2008.
There are reported to be more than 80 container ships currently laid up, including a dozen larger vessels at anchor off Singapore, Hong Kong and Shanghai.The Baltic Dry Index, which measures shipments of raw materials like steel and iron ore, has dipped 94% since June, indicating that demand and trade is grinding to a halt.
The Chamber of Shipping is warning the slump in the sector could be longer and deeper than ever before. However, president Martin Watson said recovery was inevitable: “The industry will recover because it is at the heart of world trade,” he said.
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The Organisation for Economic Cooperation and Development found regulation and retail consumer protections lacking in a highly complex trading environment.
The Organisation for Economic Cooperation and Development (OECD) analyzed the crypto winter in a new policy paper titled “Lessons from the crypto winter: DeFi versus CeFi,” released Dec. 14. The authors examined the impact of the crypto winter on retail investors and the role of “financial engineering” in the industry’s current problems and found a lot not to like.
The paper from the OECD, an intergovernmental body with 38 member states dedicated to economic progress and world trade, concentrated on events in the first three quarters of 2022. It placed the blame for them squarely on a lack of safeguards due to “non-compliant provision of regulated financial activity” and the fact that “some of these activities may fall outside of the existing regulatory frameworks in some jurisdictions.”
The report noted that institutional market participants exited their positions sooner than retail investors, who may have even continued to invest as the market collapsed. Investors in TerraUSD (UST), for example, had “little understanding of the circular and reflexive character of the so-called stablecoin, which had no tangible value.” Meanwhile, contagion spread through the industry due to its high interconnectivity.
The crypto winter also “exposed new forms of financial engineering” that had a negative effect on the market. According to the report:
“Developments such as liquid staking, creating derivatives backed by illiquid locked assets, create extreme liquidity transformation risk and maturity mismatches. Consecutive rounds of re-hypothecation of crypto-assets that are considered by platform clients to be lent and/or ‘locked’ as collateral create risks related to high leverage and liquidity mismatches in crypto-asset markets.”
Many of those practices derive from the “composability” of decentralized finance (DeFi), that is, the ability to combine smart contracts to create new products, and the practices continue unabated, the report said.
1/Excellent new research by the OECD on the role of #CeFi and #DeFi in the crypto turmoil. #Crypto advocates may try to fault centralized players, but do not overlook the role of DeFi. Smart contract flaws + leveraged trading fueled volatility. https://t.co/EVCRhp3y0a pic.twitter.com/lWA2PeUclw
— Brian Laverdure, AAP (@brian_laverdure) December 14, 2022
The authors wade into the CeFi/DeFi divide within crypto, noting that DeFi worked “without issues” in the first half of the year, although DeFi’s automated liquidations could lead to greater market volatility. Both types of platforms may lack regulation or regulatory compliance, and CeFi and DeFi are highly interconnected in a concentrated ecosystem.
Related: OECD releases framework to combat international tax evasion using digital assets
More faults were found in DeFi. The report documents an oracle failure during the Terra ecosystem collapse that created opportunities for abuse on some exchanges. Differences in information access led to DeFi and CeFi platforms behaving markedly differently during that crisis. The report noted:
“CeFi and DeFi markets work better in bull markets.”
The report stressed the need for educated retail investors. “When appropriate disclosure about risks is not provided by market participants, policymakers could provide warnings to investors, and in particular to retail investors, about the increased risks of such activities,” it said. It added that crypto market crises will have greater potential to spill over into traditional markets as the industry develops, and international coordination would be necessary “to avoid regulatory arbitrage opportunities currently exploited by some non-compliant crypto-asset firms.”