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The largest ever motor recall in history has seen 34 million cars being taken off the roads over concerns due to faulty airbags.
Japanese supplier Takata doubled the size of its already existing safety announcement.
The news mainly affects cars sold in the US although thousands of cars in the UK are currently being recalled due to the faulty safety feature.
Toyota and Nissan are contacting owners of vehicles fitted with Takata airbags in Britain amid fears they throw out metal shards when deployed.
Around 260,000 cars are affected in the UK although following the announcement many believe that figure could increase.
Toyota previously said 35 models were included in the recall while Nissan said 100,263 vehicles comprising the model years 2004-2007 were being recalled in the UK.
The recall is one of the largest consumer product recalls ever.
"Takata has agreed to confirm that [their] airbag inflators are defective," said Anthony Foxx, the US transportation secretary.
"It is fair to say this is the most complex consumer recall in history."
The air bags are responsible for six deaths worldwide and more than 100 injuries.
Takata has previously resisted demands by regulators to get all the affected cars off the road.
Victims of the faulty airbags appeared to have been shot or stabbed, according to police who responded to the accidents.
High humidity has been identified as being a primary cause of the company's airbag propellant becoming volatile.
Many others had serious injuries including vision damage from shrapnel hitting them in the eye.
Most of the fatalities and most of the recalled cars were made by Honda (HMC).
But dozens of different models are affected, most of which were built between 2000 and 2011.


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House of Fraser profits dived nearly 50% in the first half of the year as the department store said it faced a “very challenging retail environment” in the light of unseasonable weather and Brexit uncertainty.
Underlying profits fell 46% from £9.2m 12 months ago to £5m in the six months to the end of July – excluding interest payments, tax, write downs on the value of property, and a one-off fall in income of nearly £4m related to a new credit card agreement.
Profits were hit by the increased cost of delivering goods ordered online and a decline in sales of House of Fraser’s own brands.
Total sales remained steady at £573.5m as the group’s established department stores experienced a 2.5% slump. Underlying sales, including a 17.8% rise in online sales, lifted 0.9%.
Nigel Oddy, chief executive of the group, which was bought by Chinese conglomerate Sanpower in April 2014, said House of Fraser had experienced an “extremely volatile trading environment”.
The profit slump comes after fellow department stores John Lewis and Next both revealed a fall in first-half profits as they were hit by the need to discount to clear summer stock.
Oddy said: “We would never use the weather as an excuse but we had record temperatures in September when we were selling autumn product and cold temperatures in June when we were trying to sell summer. When we have a warm day [in the autumn], sales drop off a cliff. Far more than ever before shoppers are buying now to wear now.”
He said that shoppers had also been affected by uncertainty around the EU referendum since January this year, and consumer confidence continued to be affected by concern about what Brexit might mean for household finances.
“All of that goes into the pot and make a very volatile market and low consumer confidence,” Oddy said.
House of Fraser is trying to tempt more shoppers into stores by introducing new brands and concessions. It plans to install five Hamleys toy areas by the end of November and has also brought in All Saints, Monsoon and Mulberry.
The department store’s poor performance was in sharp contrast to online specialist Boohoo.com which revealed a better than expected 40% rise in sales and 129% rise in pre-tax profits in the six months to 31 August.
The clothing site said it had attracted 28% more shoppers and increased the amount each shopper bought as it expanded in Europe and the US and extended its ranges in menswear, lingerie and plus-size womenswear.
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EMO Hannover 2019: Smart technologies are driving tomorrow’s production
The EMO Hannover 2019, the world’s premier trade fair for the metalworking industry, will be held from 16 to 21 September under the motto of “Smart technologies driving tomorrow’s production”. It will thus be concentrating on the current paradigm shift in industrial production operations, which are no longer focusing (only) on “better, faster, more accurate”, but on the development and implementation of new functions within the framework of Industry 4.0. Digitalisation and intelligent networking in conjunction with numerous new developments, from Big Data, data analytics and artificial intelligence, all the way through to the platform economy, create the foundations for new business models, so that customers and vendors can reach a new level of productivity.
“The last EMO Hannover had already shown that Industry 4.0 has arrived in the machine tool industry,” says Carl Martin Welcker, General Commissioner of the EMO Hannover 2019. “As the world’s leading innovation platform, we are progressing this trend by focusing on the next development step in production operations: the technical options opened up by digitalisation and networking, which are being increasingly reflected in new business models,” he adds. “This doesn’t mean that in future we shall no longer be working on optimising machines and processes in the traditional way. I am, however, confident that quantum leaps forward in terms of productivity, quality and reliability will be triggered primarily by the new technologies. So in 2019 we will be seeing an abundance of solutions that implement new services for the machine tool industry’s customers.”
Rendering data intelligently usable
For new business models on a broad front, first of all the immense quantities of data generated by digitalisation and networking of machines and processes have to be reduced to a usable level. Because only if you can extract the relevant data (Smart Data) from the superabundance of Big Data can you derive an entrepreneurial benefit from Industry 4.0. Last year, scientists at the German Academic Society for Production Engineering (WGP) in their position paper on Industry 4.0 had already published an action guide, and shown how Big Data can be rendered manageable using the data mining method, for example. Besides this guide, the professors at the WGP contribute their state-of-the-art expertise to other bilateral arrangements between the industrial sector and the academic community. Not least, they utilise the EMO Hannover in order to showcase for a global public the projects they are conducting together with industrial partners.
Utilising artificial intelligence
In recent years, artificial intelligence (AI) has achieved some amazing breakthroughs. One of its capabilities, machine learning, enables machines and processes to optimise themselves with the aid of Smart Data. They detect patterns in data flows, and derive the appropriately responsive actions. The system learns from every situation.
Artificial intelligence has already arrived in our everyday reality. To ensure that the mechanical engineering sector also benefits from this, the VDMA has published a study entitled “Machine Learning 2030”, which is intended as a kind of roadmap. The recommendations for companies, politicians and researchers are currently being firmed up and implemented in a VDMA working group. It’s now only a question of time before this futuristic scenario, too, arrives in the factories. The automotive industry, for example, is already making massive use of artificial intelligence, and entering into appropriate alliances. This is adequately exemplified by the cooperative arrangement between Mercedes-Benz and the graphics-chip manufacturer Nvidia. Together, they are aiming to put an AI-based vehicle on the road in the next few years. For machine tool manufacturers, too, artificial intelligence offers an abundance of potential.
Utilising new economic structures
There is fresh evidence almost daily that the use of Industry 4.0 is helping to develop new economic structures. More and more platforms are being created, on which manufacturers and service providers can support their customers from a single source using a product-themed approach. So machine tool manufacturers, too, will be well advised to seize the opportunity and take this trend on board. Because the trend towards a platform economy is unmistakeable, as current studies show.
There are already some examples here, like Virtual Fort Knox, a Cloud-IT platform for production companies created by the Fraunhofer Institute for Manufacturing Engineering and Automation (IPA) in Stuttgart. “It functions as an IT backbone for Industry 4.0 solutions, and networks production companies with software vendors and machinery manufacturers. But IT companies, control system and machinery manufacturers will also be offering their solutions.
“We are seeing how new technologies are influencing and even driving forward developments in the machine tool industry,” says General Commissioner Carl Martin Welcker. “By September 2019, numerous specific solutions will be available on the market. I can say this with confidence, since many EMO exhibitors will be using this international shop window, in order to showcase their corporate capabilities and enhance their profiles.” Industry 4.0, he adds, creates new customer needs, to which machinery manufacturers must respond in order to remain competitive. Companies that are quick to embrace this new form of economy can not only utilise the trend for new business ideas, but also get actively involved in designing the platforms concerned. Interested parties will once again find inspiration and specific examples of innovative solutions in Hanover in September 2019.


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Electronic Logging Device Mandate
Shipping and logistics news and analysis of the US electronic logging device (ELD) mandate that takes effect December 18, 2017, and its impact on trucking rates and capacity.
The ELD mandate is a regulation that says US truckers and trucking companies must record driver's hours of service digitally and cease use of paper logs to track drivers' time behind the wheel.
News & Analysis
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Sarah Taylor has joined Clarion as partner to lead the firm’s new regulatory practice.
Taylor has 20 years of experience as a regulatory lawyer, having spent the last 10 as a legal director at Pinsent Masons. She will be supported by Lucy Alderson, who has joined the team as an associate.
Matthew Hattersley, partner and head of Clarion’s commercial practice, commented: “While this is a new service line for Clarion, it is very much a natural extension of our commercial offering to businesses in the region by supporting them with any regulatory challenges they may face.”
“With her extensive experience and knowledge in this specialist area of law, Sarah is the ideal person to lead our new offering and we are very pleased that she has chosen to progress her career with Clarion.”
“Sarah has particular strength advising on issues in the health and safety, food, retail and crisis management spheres, and a proven track record of working with leading UK businesses on criminal prosecutions and compliance. The launch of this new specialist practice is already being welcomed by our clients as it will help protect them from regulatory enforcement.”
Taylor added: “I really enjoy working with clients to protect their interests in the face of enforcement action. They work hard to build a compliance agenda and a strong brand, and I enjoy helping them to deal with challenges from regulators.”
“I’m excited by the opportunity to head up a brand new practice area for Clarion and to build on the firm’s strong reputation for client service and commercial advice. I am looking forward to what we can achieve together.”
Taylor’s practice spans health and safety, food safety and trading law, and advertising and marketing. She is able to support businesses and directors with fatal and serious accidents in the workplace, unsafe food, unhygienic food premises, food labelling, date coding, pricing and consumer protection.
She also has experience of advising clients in the retail and food and drink sectors. She has Higher Rights of Audience in the criminal courts and appears regularly in the Magistrates’ Courts and at coroners’ inquests.
Taylor’s non-contentious practice includes training directors and senior managers on regulatory compliance and evaluating systems and procedures in terms of due diligence.


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Ford's State-of-the-Art Factory in Brazil: A Model for the Big 3's Survival. But The UAW Hates It.
At Camaçari, more than two dozen suppliers operate right inside the Ford complex, in many cases producing components alongside Ford's main production line. Having those supplier operations on-site allows Ford to take the concept of just-in-time manufacturing to a whole new level. Inventories are kept to a bare minimum, or dispensed with entirely. Components such as dashboard assemblies flow directly into the main Ford assembly line at the precise point and time they are needed.
"South America is kind of the global sandbox for a lot of automakers to try out new methods," said Michael Robinet, vice president of global vehicle forecasts for CSM Worldwide. "Ford was able to think out of the box, and it's paying off for them."
Unlike many U.S. auto plants, where workers' responsibilities are strictly limited to specific job classifications, workers are encouraged to learn as many different skills as possible.
Watch a fascinating video here of Ford's Camaçari plant.
So who could possibly object to having the most advanced, leanest, most flexible, state-of-the-art Ford facilities like the Camaçari plant built here in the U.S., especially if it could help Ford and GM survive and become more profitable?
Ford sources said it is the sort of plant the company wants in the United States, were it not for the United Auto Workers, which has historically opposed such extensive supplier integration on the factory floor.
MP: It's not just above-market UAW wages and benefits, along with overly generous lifetime pensions and health care coverage that have all contributed to pushing the Big Three to the brink of bankruptcy. It's also the outdated work rules, multiple job classifications, and union inflexibility and resistance to greater efficiency that have crippled the Big Three (see the 22 pound, 2,215 page UAW-Ford contract here).
Isn't it sad that U.S. automakers like Ford have to go 5,000 miles away to "the global sandbox" Brazil to try out new production methods, instead of introducing cutting-edge, state-of-the-art technology here in the U.S.? Even if GM and Chrysler reduce wages and benefits to competitive levels as part of the $17.4 billion bailout, they still might not survive in the long run if they are prevented by the UAW from introducing lean, flexible, state-of-the-art technology inside the U.S., like Ford has been able to introduce outside of the U.S.
(A version of this post appeared on 5/11/08.)


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Bruichladdich targets the Chinese market
Islay-based whisky business' sales manager Andy Hogan says Beijing, Shanghai and Shenzhen could start huge opportunity
Published: 15 March 2009
Bruichladdich Distillery Company, the independent Scotch whisky business, is targeting rapid growth in the Chinese market.
The Islay-based company, acquired by a group of private investors from the US-based Jim Beam Brands in 2000, will join a trade mission to China this month led by Jim Murphy, the secretary of state for Scotland, and the Scottish Council for Development and Industry.
"The potential in China is enormous," said Andy Hogan, Bruichladdich's sales manager. "In the long term China is going to be one of the top five whisky markets in the world. It's crucial we get established there as early as possible."
If Hogan can set up two distribution agreements in China, he believes Bruichladdich should sell £25,000 of whisky, exclusive of duty, in China in its first year. The company will focus first on the metropolitan areas of Beijing, Shanghai and Shenzhen.
He expects that sales in the country


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Women Reveal Which Companies They Invest In and Why
Investing in the stock market seems simple enough, but sometimes figuring out where to start can be the hardest part. After all, there are tons of companies to choose from across industries, each offering a unique opportunity to become part of it. Regardless of which companies you choose to put your money into, the key to seeing any return is simply getting started. According to Ellevest, a financial planning service, women make up only eight percent of investors. What's more is that women hold 71 percent of their investments in cash versus investments, as opposed to 60 percent of men. If you're looking for ways to grow your wealth, there's no better time than now to get your feet wet.
We spoke with professional women about what companies they're investing in and why they chose them. Here are their stories and their best tips for other female investors.
Start with a Personal Connection
When you're thinking of investing, perhaps one of the best places to start is with companies and products you're using in your everyday life. "For me, it makes sense to bring my personal experiences and preferences to my investments," says Christy Murdock Edgar of Writing Real Estate. "While I may not be an expert on all of the inside machinations of the financial markets, I know what works for me and my household." For Edgar, that translates to Pinterest, Slack, Uber, and Campbell Soup Company—all companies either she or someone she knows uses regularly.
Kathy Osborne, founder of Kamel PR, shares a similar experience when she began investing. After becoming a first-time homeowner recently, she became an angel investor for Doorvest, an online platform for consumers to get access to income-producing real estate properties. "The real estate industry is not set up for the average person. It was so hard to purchase our first home and it opened my eyes to the friction in the space. Real estate is a long-term investment strategy and it should be available to everyone," Osborne said. "I found Doorvest to be that exact company. Personally, investing in companies and industries where I experience first-hand challenges is where I believe in the value of investing."
Consider World Events
The news cycle and social media are two key places to start when thinking about companies to invest in. Marketing consultant Jen-Ai Notman, who has been on Robinhood investing for the last five years, took the COVID-19 pandemic as a cue to focus on indoor gym equipment, specifically Peloton. "With lockdowns hitting the world in 2020, I knew any at-home work out equipment and software would skyrocket, I got in early and have now quadrupled my investment," she says.
Similarly, food and travel blogger Rosanna Stevens invests in Teledoc, a telemedicine service. "Online medical care has been boosted a lot due to the pandemic and I think a lot of people will still choose this method going forwards as we adjust to a new way of living," she says. For Jenna Guarneri, founder of JMG Public Relations, the increase of pet adoptions during the pandemic inspired her to invest in a well-known pet company. "I purchased shares of PETCO which recently went public and as we all probably experienced during our video meetings, pets have become even more attached to their loved ones because of the pandemic," she said.
Invest Now for the Future
Though world news is a key indicator for companies to invest in, sometime it's worth it to think more long-term, too. Specifically in the environmental and technology space, where companies are creating products and services to improve our daily lives. "We are looking for brands that are better for human health, and better for the environment, too," says Elizabeth Edwards, founder and managing partner of H Venture Partners. "This means that the products are using technologies that are cleaner, generally plant-based, and that the packaging is sustainable."
Kristin Hull, founder and CEO of Nia Impact Capital, feels similarly when it comes to investing. "I invest at the intersection of environmental sustainability and social justice. I see companies that are addressing solutions much needed for people and planet across six solutions themes: spanning renewable energy, health care, eco and affordable transportation, education and financial inclusion," she says. "I seek highly innovative companies with products or services beneficial to women and people of color. I invest only in those companies that include diversity in leadership."
Believe in the Company
When it comes to choosing companies to invest in, sometimes it doesn't come down to current events or personal connections. Sometimes, it's just that you believe in company and the work they're doing. Such is the case for Kristin Baker Spohn, general partner at venture capital firm CRV. "I invest in companies who are leveraging technology to transform the health industry. The founders I partner with have a common thread: their work is personal and they understand that a person is at the core of everything they do, and that their company's purpose is to give that person the power to live their life better," Spohn said. "They know that a patient is more than just a billing code and a provider is more than just a credential."
For Lindsay Droz, co-founder of L'AVANT Collective, supporting other female-founded companies is a top priority. That's why she invests in venture funds that support such businesses. "I bet on females. Females are powerhouses and can get anything done. When females believe in themselves, they do anything to accomplish their goals," she says. "Women are phenomenal multitaskers, they are resourceful, and networked."


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The big problem was that the service didn't license any of the material it played or pay royalties either, and as a result, the service was hit with a lawsuit that could have resulted in the company owing the record labels as much as $756 million.
That legal battle was finally found in favor of the labels, and as part of the settlement, Grooveshark has been shut down immediately. The company had as many as 20 million users, who must now look for a new music service.
The technology to distribute music is easier to create than obtaining the necessary licenses to make it operate, which Grooveshark unfortunately discovered way too late. That's a main reason why technologists and venture money have been discouraged from entering the business in recent years.
Is that stifling innovation? Maybe, but it's more important that creators get paid at least something for their efforts whenever possible. Now if you could only find a way for more of it to find its way into the pockets of artists and songwriters and less into the label coffers.


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The research shows Great Britain is a nation of interactive TV users, and the idea of the passive viewer is fading fast, with much of the population going online while watching TV.
The research showed:
• Nearly 70 percent of online British adults who watch television (69 percent) go online while doing so, with 21 percent of 16-24 year olds always using the Internet while watching TV
• More adults who surf the web for content related to what they’re watching on TV are searching for products which appeared in the show (30 percent) than products advertised during programming (27 percent)
• There is a healthy appetite for full length film, TV shows and sporting events online, with 19 percent of all online adults typically watching such content online
• News (27 percent) and comedy (22 percent) lead the way for the types of video and television content being watched online
The results from the survey revealed the nation wants to find out more about what they’re watching, while watching it. Nearly 70 percent of online British adults who watch TV go online when watching television at some point, with 21 percent of 16-24 year olds always going online while watching TV.
Interestingly, even the Golden Oldies of Great Britain also ‘two time,’ with 50 percent of Silver Surfers aged 55 years old and up going online while watching TV.
Influence of advertising
The results also gave insight into the difference between consumers’ reaction to programmed advertising and products used during the shows. Of those online and surfing the web for related content whilst watching TV, 30 percent search for products or services which appeared in the programme they were watching.
The results for those searching for products advertised during the programming were slightly lower however, with 27 percent of viewers looking for advertised products.
Healthy appetite for content
Industry watchers will not be surprised to hear that the advent of TV and video content online is being readily accepted. Fifty-one percent of online British adults are watching such content online, which is encouragingly high, with one in five (19 percent) watching full length TV shows, movies or sporting events online.
Who is watching what?
When looking at the content being watched, there is an intriguing gender split – although few will be surprised that more men are watching sports (27 percent) than women (8 percent). However, when it comes to current affairs, more men (31 percent) are regularly watching news online than women (22 percent).
Finally, it seems the younger generation have a healthier sense of humour online, with 34 percent of 16-24 year olds watching comedy content online, against just 16 percent of those over the age of 55.
“It’s interesting to see that Internet surfing is now challenging the way we watch television,” said Suranga Chandratillake, founder and CEO, blinkx. “The U.K. no longer wants to be a nation of passive viewers. They want to find out as much information as possible, and want to discover this through the Internet at the same time as they are watching the content on the television.”
About the Survey
Harris InteractiveÂ® fielded the online survey on behalf of blinkx between February 13 and February 18, 2008 among nationwide cross-sections of 2,471 adults aged 18+ in the United States and 2,228 adults aged 16+ in Great Britain. The Great Britain data were weighted to be representative of the total G.B. adult population on the basis of region, age, sex, education, and income. The U.S. data were weighted to be representative of the total U.S. adult population on the basis of region, age within gender, education, household income, and race/ethnicity. Both sets of data were weighted to be representative of the population of online adults in each country.
All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Interactive avoids the words “margin of error” as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.
Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys.
Because the sample is based on those who agreed to be invited to participate in the Harris Interactive online research panel, no estimates of theoretical sampling error can be calculated.


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Stage set for West to impress Chinese
2009. 18 December
A giant sculpture of a brain cell sits on a pedestal in the center of a green house made of glass and steel, signifying process through innovation. That is the theme of the Belgian-European Union pavilion for next year's Shanghai Expo.
The idea is merely a sketch on paper at the moment. But come May, the 5,000-sq-m structure in the center of the expo garden will be one of some 50 pavilions representing Western nations competing for a stronger presence in the Chinese market.
"The expo will be a great chance to strengthen political, economic and cultural relationships between China and the various participants," said Marie Benassi, deputy general-commissioner of the European Union pavilion.
The six-month gala is expected to draw 70 million visitors, mainly Chinese. As such it presents an unprecedented opportunity for Western nations to persuade Chinese businessmen and women to invest in their products and services.
Access to one of the most stable economies from China's financial hub in Shanghai could not be timelier for Western countries, which are increasingly depending on deep-pocketed Chinese consumers to ease them out of the financial slump created by the global credit meltdown.
Despite the economic downturn, the world's fastest-growing economy is predicted to see over 8 percent growth this year, which puts China in position to be reaching out to foreign investments at this time, according to Hong Kong-based private investment banker Samantha Ho.
"China is coming out of the crisis much quicker than most Western countries," said Ho.
Last year, two-way trade between China and the United States reached $409 billion, while China's trade with the European Union hit $480 billion.
But Chinese imports to Western nations severely outweighed Western exports to China.
Chinese exports to the US struck $338 billion while US imports to China reached only $72 billion in 2008. Over the same period, the EU bought $364 billion worth of goods from China, but exported just $114 billion.
As Western countries seek to narrow this gap, many are looking to the Shanghai Expo as a crucial platform to promote homegrown brands to Chinese, said Benassi.
"European industries can benefit as the Chinese market is still relatively closed to foreign products and services," she added.
Similar sentiments were echoed by some 40-plus Western companies surveyed last month by China Daily. Respondents said zeroing in on Chinese clientele would be their top priority.
As one of the first foreign automakers to enter the Chinese market in 1984, Volkswagen is said to have more to gain from the recovery period than its competitors in China.
In fact, the German company expects to sell 1.4 million cars to Chinese by the end of 2009, to surpass its record-breaking 1 million sold on the mainland in 2008. Volkswagen added that it is banking on the expo to further boost Chinese sales and continue recovery into next year.
When the expo opens, the car producer will launch new concept cars highlighting sustainable mobility.
"The expo will give new impulses to the automobile industry and will help to advertise new technologies, such as electric cars," said Peter Thul, a senior executive at Volkswagen.
American carmaker General Motors is acting on the same assumption.
"The expo is a great opportunity to influence consumers, government officials, and policy makers, and to contact consumers, dealers and media," said GM's spokesperson Karin Zhang. The company is partnering with the Shanghai Automotive Industry Corporation (SAIC) to promote its brand at the expo.
Meanwhile, following a strong campaign at the Beijing Games, American soft drink giant Coca-Cola, which holds half of the Chinese soft drink market, is counting on the expo to fend off rival competitor Pepsi, which is creeping up with a 30-percent share of the Chinese market.
"Expo 2010 will be another key milestone for us in stimulating our business and successfully achieving our goals in the Chinese market," said Stefanie Danne, a spokesperson for The Coca-Cola Company, for which China is its fourth-largest market.
"We want to create a strong connection with Chinese customers."
While experts say benefits from the expo will cross industries, the biggest handout will go to the struggling airline sector, one of the hardest-hit last year. It was already reeling from soaring fuel prices prior to the credit crunch before the worldwide spread of the infectious H1N1 virus compounded industry challenges.
With an estimated 66 million domestic travelers and 4 million overseas visitors touching down in the city next year, airlines like Germany's Lufthansa hope to build customer loyalty.
"We will take this opportunity to show customers coming to China the high quality of our services," said Frank Pttmann, director of corporate communications at Lufthansa.
All of this increased exposure to the Chinese market, if approached smartly, will only fuel momentum for Western companies in China, now and in the future, said Ho.
"(It) is a chance for them to learn about Chinese consumers, to understand the needs, demands and culture (and) to feel the energy and strong growth in China's market so they can figure out ideas on how to best participate," she added.


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Amazon has confirmed it will open a 24,000 square metre fulfilment centre south of Melbourne ahead of the launch of its retail marketplace.
The retail giant signed a lease to occupy a former Bunnings Warehouse distribution centre in the M2 Industry Park in Dandenong South.
The centre will create "hundreds of new roles" in the region, according to Amazon. The retailer has already begun recruiting for a range of roles, including operations managers, pickers, packers, systems technicians and HR specialists.
Amazon's Australian director of operations Robert Bruce said opening the fulfilment centre was an "integral early step" towards opening up a retail offering in Australia.
"Over time, we will bring thousands of new jobs to Australia and millions of dollars of investment as well as opening up the opportunity for thousands of Australian businesses to sell at home and abroad through Amazon Marketplace,” he said.
“This new fulfilment centre will stock hundreds of thousands of products which will be available for delivery to customers across Australia when we launch our retail offering. We will be focusing on offering our Australian customers low prices on a great selection of products and can’t wait to get started.”
Amazon finally announced that it would set up its retail business in Australia in April this year. Despite widespread speculation, the company has remained tight-lipped on an actual launch date.


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- Our Knights & Distinguished Personalities
- DIGITAL EDITION
London’s Salon QP will have more than 50 exhibitors at the event in addition to a new specially curated exhibition of high jewellery watches titled Gems of Time.
Now in its sixth edition, Salon QP will be held from November 6 to 8 at the Saatchi Gallery in the UK capital.
Gems of Time will celebrate the heritage, glamour, and craftsmanship of high jewellery watches, says SalonQP, adding that it is delighted to add an extra dimension to London’s world-renowned fine watch exhibition.
The exhibition, which will take place in a space designed by Leila Latchin, is a contemporary take on a jewellery box, perfect for housing these horological jewels in the Saatchi Gallery. Gems of Time will bring together extraordinary pieces from leading international maisons, in a collection curated by Caragh McKay, editor of the Telegraph’s flagship watch title, Telegraph Time, to reveal the creativity and craftsmanship that beat at the heart of these watches.
In addition to this there will be an exhibition of fine-jewellery drawings by fashion illustrator Nuno da Costa, which will be incorporated into the design of the show.
The exhibition will explore this unique marriage of form and fashion from both heritage and contemporary perspectives, placing iconic designs by famed jewellery houses Piaget, Cartier and Bulgari alongside a new timepiece from De Beers and a very special watch from the world’s oldest diamond company, Backes & Strauss.
Included are a unique set of Bulgari Serpenti watches, which Elizabeth Taylor famously wore on the set of Cleopatra in 1962, and the 101 mechanical movement by Jaeger-LeCoultre. The Queen wore, on her Coronation Day in 1953, a simple Cartier diamond bracelet housing this tiny watch dial. Created in 1929, its diminutive dimensions made and continue to make many jewelled watch designs possible.
“Gems of Time marks an exciting development for SalonQP as this will be the first time that women’s watches have been featured in their own right; a testament to the richness of the ever-growing and expanding watch market,” says a spokesman for the organiser.
Other highlights include:
• The Harrods Princess by Backes & Strauss. Made especially for Harrods as a celebration of their own Biennale, showcasing its credentials as bespoke craftsmen, this piece has been handset with 80 Gemfields Zambian emeralds and 241 natural diamonds.
• The Aria Collection by De Beers. Tese swirling forms represent the movement of light, captured eloquently in their timepieces. Designed and created by Hollie Bonneville-Barden, it encapsulates the skill of the new generation of high jewellery watch designers.
• Sautoir necklaces and cuff watches by Piaget. These pieces are inspired by its heritage designs and yet are deceptively modern. In addition to contemporary pieces, Piaget will also exhibit key pieces from the vintage collection.
• Cartier will display pieces in a carefully curated exhibition of their high jewellery timepieces which reflect over a century’s worth of gem-setting prowess.
James Gurney, founder and director of SalonQP, says: “I’m particularly pleased to have Gems of Time as part of SalonQP as the exhibition covers one of the most exciting and dynamic areas of watchmaking, quite apart from offering a more feminine, and frankly glamorous, aspect to SalonQP.”
This year, SalonQP will welcome many returning exhibitors such as TAG Heuer, Urwerk, Zenith, Bremont and Jaeger-LeCoultre alongside 26 new exhibitors including Bonhoff, Emmanuel Bouchet, Harry Winston, Junghans, LIC, Montblanc, Moritz Grossman, Raymond Weil, Seven Friday, Struthers Watches, Visconti, Watchfinder and William & Son.
A key date in the global luxury calendar, SalonQP unites an exceptional collection of leading horological marques, from grandes maisons to independent watchmakers, and puts many of the finest watches on earth before an audience of thousands.
Celebrating some of the most inventive thinking and finest craftsmanship in the world, the event has frequently been chosen as the stage on which to launch new watches and brands.
Throughout the event, SalonQP hosts a series of talks, seminars and workshops designed to give visitors a memorable and engaging experience.
Founded in 2003, QP magazine is published six times a year, featuring the most experienced and highly sort writers in the world of watches and luxury. In 2013, Telegraph Media acquired QP and SalonQP.
Hysek reveals new timepiecesMon, Apr 22, 2024
New Speedmaster Chronoscope marks 100 days to Paris 2024Wed, Apr 17, 2024
Kross Studio unveils new timepiece created for Ahmed Seddiqi & SonsThu, Mar 28, 2024
American model Taylor Hill promotes Saudi perfume brand LaverneWed, Mar 20, 2024
Steve Harvey joins Falcons to bring rare collectibles to regionThu, Mar 14, 2024
AP offers Royal Oak Perpetual Calendar 'John Mayer' editionSun, Mar 10, 2024
OMEGA launches new Moonwatch with lacquered white dialTue, Mar 5, 2024
Montblanc opens news store in Mall of DhahranThu, Feb 29, 2024
OMEGA offers new Mini Trésors for Valentine’s DayTue, Feb 6, 2024
Doha Jewellery & Watches Exhibition dazzlesTue, Feb 6, 2024
OMEGA offers new Dark Side of the MoonTue, Jan 23, 2024
Doha jewellery, watches show to draw 500 top brandsWed, Jan 10, 2024
Boucheron reopens boutique in Kuwait’s Avenues MallThu, Jan 4, 2024
OMEGA launches Winter TalesTue, Dec 12, 2023
Planet of OMEGA showcases unique timepiecesWed, Nov 22, 2023


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Wal-Mart profit decline is first in 10 years
Factors include cost of energy, renovations, sale of German stores
Wal-Mart Stores Inc. posted its first profit decline in a decade Tuesday as the world's largest retailer paid a hefty price for closing its loss-making German stores, while high energy prices hit its sales and costs at home.
Chief Executive Lee Scott said sales were disappointing at Wal-Mart's U.S. stores, its largest division. Customers were making fewer shopping trips to save gas, while Wal-Mart's own bills for fuel and utilities were up, he said.
"In the United States, customers tell us they are most concerned about gas prices," Scott said in a recorded message. "This has been consistent every month this quarter."
Results were still in line with expectations, and the company reiterated its guidance for the year.
But analysts questioned whether a third-quarter forecast on the low end of expectations meant the company could meet its target for the year.
The company forecast third-quarter earnings of 59 cents to 63 cents per share, compared with the average analyst estimate of 63 cents. It reiterated a full-year forecast of $2.88 to $2.95 per share, while analysts were predicting $2.92 per share.
David Heupel, a portfolio manager for Minneapolis-based Thrivent Investment Management, said the tepid third-quarter forecast meant Wal-Mart will have to do very well in the fourth quarter -- the holiday season, which is traditionally the strongest period for retailers -- to make the full-year target.
"What they're up against at this point is not only a hard place in the economy for their consumers, but also the fact that they just can't grow at the same rates as in the past," said Patricia Edwards, a portfolio manager and retail analyst at Wentworth, Hauser & Violich in Seattle.
For the quarter ended July 31, Wal-Mart posted net income of $2.08 billion, or 50 cents per share, down from $2.81 billion, or 67 cents per share, a year ago. That includes an $863 million charge for the sale of its German stores to Metro AG.
The last time Wal-Mart saw quarterly profit fall was in 1996.
Wal-Mart pulled out of Germany in July and South Korea two months earlier after racking up losses there. It said it would focus resources on expanding in more profitable markets such as China and Latin America.
Excluding the German and South Korean operations, the sales of which are both pending, Wal-Mart's income from continuing operations grew 5 percent to $2.98 billion, or 72 cents per share, from $2.85 billion, or 68 cents per share, a year ago.
Retail analyst Don Gher from Coldstream Capital Management in Bellevue, which manages about $1 billion in assets including Wal-Mart shares, said Wal-Mart was in a remodeling squeeze right now that may pay off in the future with improved sales.
Wal-Mart is remodeling about 1,800 U.S. stores to make them more attractive. Gher said that program is increasing expenses at the same time as it disrupts sales in those stores.
Wal-Mart said it expects to finish 1,200 of those projects by the end of the third quarter before taking a break over the holiday shopping season and finishing the rest next year.
Meanwhile, sales are slowing. Sales at stores open at least a year -- a key retail measure -- were up 1.5 percent at Wal-Mart U.S. stores in the second quarter, compared with 3.8 percent in the first quarter and 3.6 percent a year ago.
Rival Target said last week that its sales at stores open at least a year rose 4.6 percent for the quarter.


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U.S. stocks on Tuesday morning bounced modestly higher, after the worst day of 2019, with the technology sector up 1.5%, after China moved to restrain the fall in its currency. See full story.
Former Fed chiefs make case for independence without mentioning Trump by name
In an unprecedented joint call, the last four chairs of the Federal Reserve called on political leaders to respect the independence of the central bank. See full story.
People of color are claiming their place in a cannabis industry ‘built on the backs of people from marginalized communities’
Activists, entrepreneurs and celebs including Notorious B.I.G.’s son, C.J. Wallace, say equity and inclusion must be at the forefront of any legal marijuana business. See full story.
Jeff Bezos has sold almost $3 billion in Amazon stock over the past week
Jeff Bezos has sold nearly $3 billion worth of Amazon.com Inc. stock in the past week, just as the shares have suffered their worst losing streak in 13 years. See full story.
Time for ‘Avengers: Endgame’ to break yet another record for Disney
“Avengers: Endgame” has already broken the records for box-office receipts in an opening weekend and overall, and helped The Walt Disney Co. establish a new record for film revenue with a few months to go. Now it is time for the next record Thanos is expected to snap out of existence. See full story.
People are being hurt by federal government loan-sale programs, consumer advocates say. See full story.


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It took eons, but Nokia is finally making the Android phones we always hoped it would make. To get here, Nokia had to lose its grip on the mobile business, choose Windows Mobile as its only smartphone OS, and then sell its entire mobile division to Microsoft. But the American software giant was unable to make anything good come out of its Nokia Lumia and Windows Phone brands, turning the acquisition into a failure of epic proportions.
Meanwhile, Microsoft is selling its feature phone business to Foxconn. And Nokia is licensing its name, which it’s buying back from Microsoft, to a company that will work with the same Foxconn subsidiary to make feature phones, Android smartphones and Android tablets in the near future.
The point is, Nokia is finally making Android phones, even if it won’t actually build them
DON’T MISS: Super fast internet speeds are coming this year… through your regular phone lines
The Finnish company announced that it will grant HMD global Oy (HMD) exclusive rights to make Nokia-branded phones and tablets for the next 10 years.
HMD acquired from Microsoft the rights to use the Nokia brand on feature phones and some design rights, with the transaction set to close in the second half of 2016. The company intends to invest over $500 million over the next three years to support its mobile push.
Nokia did make crappy Android phones in the past, but they were running an Android fork that did not have any Google services on it. This time around things are going to change. “HMD’s new smartphone and tablet portfolio will be based on Android, uniting one of the world’s iconic mobile brands with the leading mobile operating system and app development community,” the company says.
HMD will work with FIH Mobile Limited to build a global business for Nokia-branded mobile products. FIH is the Foxconn subsidiary that agreed to purchase Microsoft’s feature phone business for $350 million.
Nokia will receive royalty payments from HMD, will have a seat on the board “and set mandatory brand requirements and performance-related provisions to ensure that all Nokia-branded products exemplify consumer expectations of Nokia devices, including quality, design, and consumer-focused innovation.”
HMD would be led by Arto Nummela, former Nokia senior exec, and current head of Microsoft’s Mobile Devices business for Greater Asia, Middle East and Africa and of Microsoft’s global feature phone business.


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SINGAPORE, Sept. 13, 2013 (RISI) - Thailand's SCG Paper has kicked off the construction of a 300,000 tonne/yr recycled containerboard machine at its Banpong mill in Ratchaburi.
Metso Paper will provide the 7.25 m-wide machine, PM 16, which will have a design speed of 1,300 m/min.
Output on the unit will be recycled fluting in the basis weight range of 90-150 g/m².
The Finnish supplier said PM 16 will use a new sizing method providing better strength properties for the finished products.
Andritz will supply a 1,200 tonne per day recovered fiber line handling mainly old corrugated containers collected in Thailand for PM 16.
The installation work is expected to start at the beginning of next year. Startup is slated for the fourth quarter of 2014.
Multiple projects: SCG Paper has also signed up Metso to rebuild a coated recycled board machine at its Wangsala plant in Kanchanaburi.
The overhaul is aimed at boosting the capacity of the 110,000 tonne/yr PM 9 by 30,000-40,000 tonnes/yr, said a company spokeswoman.
She indicated that the PM 9 overhaul is expected to be carried out in the second half of 2014.
She said the company has also planned several small rebuild projects on the machines at both the Banpong and Wangsala facilities.
Farther afield in Vietnam, Vina Kraft Paper, the joint venture between SCG Paper (70%) and Japan's Rengo (30%), is carrying out debottlenecking work on the single board machine at its mill in Ho Chi Minh city.
The revamp will increase the capacity of the Voith unit, PM 1, from 220,000 tones/yr to 250,000 tonnes/yr.
The 5.3 m wide machine, which has a maximum speed of 800 m/min, is capable of producing both recycled linerboard and fluting.
The work is expected to be completed by the end of this year.
The spokeswoman said the new machine at the Banpong plant and the overhaul of the company's existing board machines will add a combined 400,000 tonnes/yr to its current packaging paper capacity and boost its total potential production to 2.3 million tonnes/yr.


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Saab 9-X : Saab will unveil their new 9-X at next months Paris motor show. Saab believes that it will be one of the greenest sports cars on the planet. It will be one of the most fuel efficient soft tops with a small 1.4 litre turbo charged petrol/electric hybrid engine capable of 56 mpg. It has CO2 emissions of just 107g/km and still hits 0-62 mph in 8.1 seconds.
The canopy top is in fabric rather than metal to save weight and provide extra boot space; it is fully automatic and folds neatly in the boot deck. It is an impressive good looking car with its prominent rear body pillars that curve upwards to mount the flat folding electric roof.
The Saab 9-X is a concept car but it is reported that this will be the next Saab Convertible and will be due around 2010.


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Jericho’s third Rock N’ Rager at Sea cruise postponed to October 2021
The Chris Jericho Rock N’ Rager at Sea: Triple Whammy cruise has been postponed from February 2021 to October 2021 due to the coronavirus pandemic.
The new dates will now be October 21 to October 25 sailing from Miami, Florida to Grand Bahama Island onboard the Norwegian Jewel ship.
Guests who have already booked their cruise will receive an email on how to proceed with the option to retain the same room for the October 2021 cruise, receive a future cruise credit, or submit a request for a full refund. Those who will choose the option to keep their reservation for October will receive a photo with Chris Jericho along with their cabin mates plus an exclusive Pro Wrestling Tees shirt on board.
Booked guests have until August 5, 2020 to submit their initial selection, but can make or change their selection any time before October 15, 2020. Refund requests made by August 5, 2020 will be processed and received within 45 days of the August 5 deadline. Refund requests made after August 5, 2020 will be processed in November.


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Xbox promises its followers that this will be the most ambitious version of the saga, as it will allow players to explore the ring where the Spartans have fought battles against aliens since 2001
The first video game in the saga was released by Bungie in 2001 and was called Combat Evolved, the worldwide success story that revolves around the Spartans commanded by the Master Chief to fight against various aliens made the saga continue.
Therefore in 2021 and with more than 10 titles in the franchise, Microsoft and 343 Industries celebrate two decades of popular first-person shooters with the premiere of Halo Infinite.
This August 25, 2021, its release date was finally revealed through its YouTube channel within the framework of the One Night Live Gamescom, an important video game event. Halo Infinite will be playable from December 8 of this year on Xbox Series X / S, Xbox One consoles and will also be available for PC.
This title is a sequel to Halo Wars and Halo 5, it was announced since June 10, 2018, and its original launch was planned for August 2020, however it was postponed due to the coronavirus pandemic.
“Explore the epic extension of a Halo ring for the first time in the most ambitious Halo game ever created” can be read as part of the description of this game, as one of the most important novelties that it will bring with it is the possibility of moving freely around the ring-shaped world where the saga unfolds.
According to Microsoft’s official site players can now order their pre-sale either for console or for PC through the Steam platform.
The launch of Halo Infinite will be accompanied by a console and a special edition controller. The controller will have interchangeable accessories to enhance the player experience and the box will be printed with the logo of the United Nations Space Command (UNSC), a military organization where all the countries on earth were unified to face the Covenant aliens within of the game.


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About 600,000 Mercedes-Benz cars are at risk of being recalledMay 28, 2018
Mercedes-Benz C-Class and G-Class models with diesel engines can fall under the service action
Concern Daimler suspected of manipulating the understatement of harmful emissions from diesel engines. As Der Spiegel reports, at the moment, the verification of this information is carried out by the German transport regulator.
If these data are confirmed, the company will be forced to recall about 600,000 of its cars. Mercedes-Benz C-Class and G-Class models with diesel engines can get under the service action. In turn, in Daimler this information has not yet commented.
About a possible mass recall of Mercedes-Benz began to speak after the company decided to return 1,000 vans Vito. This car is equipped with a 1.6-liter diesel turbo.
In 2015, a similar scandal, which was called “Dieselgate”, broke out around the concern Volkswagen. Then the US Environmental Protection Agency (EPA) found that the company used a special software algorithm that transferred diesel engines to “clean” mode when connecting the measuring equipment, resulting in a real level of harmful emissions was understated at times.


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First look at KD's new signature shoe.
Nike has today unveiled the KD11, the new signature sneaker for Golden State Warriors' All-Star forward Kevin Durant.
The kicks feature a Flyknit construction, a sock-like fit with an exaggerated pull tab and Nike's React foam cushioning in the midsole as well as a full length Zoom Air unit. Durant's "kd" logo appears at the heel in the center of a circle pattern, opposite a Nike swoosh that sits on the inner half of the shoe.
Thus far, the shoes have been revealed in two colorways: black and grey with a translucent blue sole, and another featuring a blend of blue and green. A release date for the Nike KD11 has not yet been announced but it is believed the new shoes will be available sometime in June as has been the case with some of Durant's other signature sneakers.
The Warriors will take the court in Houston tonight at 9:30pm ET for Game 1 of the Western Conference Finals, which figures to be the perfect opportunity for the Nike KD11 to make its on-court debut.


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Threads from ICLE scholars on current topics.
Last week @LawEconCenter filed comments responding to Canada's @ISED_CA consultation on the future of competition policy.— Dirk Auer (@AuerDirk) April 3, 2023
Here are 7 guiding principles that jurisdictions contemplating digital market regulations should carefully consider.
1/ What do ducks have to do with price controls? A ? …— Eric Fruits, Ph.D. (@ericfruits) March 30, 2023
.@SenMikeLee has introduced a new bill he says will "restore and protect competition in digital advertising by eliminating conflicts of interest that have allowed the leading platforms in the market to manipulate ad auctions and impose monopoly rents."https://t.co/tCd1JZaxEw— Int'l Ctr Law & Econ (@LawEconCenter) March 30, 2023
Remember when Amazon bought Whole Foods in 2017?— Brian Albrecht (@BrianCAlbrecht) March 28, 2023
Lina Khan warned the merger would expand Amazon's "fief." Yes. Amazon is a feudal lord in this worldview.
As the Khan crew gets ready to rewrite the merger guidelines, let's look back at their predictive powers in the past: pic.twitter.com/DDk5hz2sTf
This is the end of an era for EU competition policy. The guidance paper was the high water mark of efforts to make enforcement more economically literate. That ship has sailed.— Dirk Auer (@AuerDirk) March 27, 2023
Paradoxically, repealing the guidance is absolutely the right move today.
Why? A ? https://t.co/4eesW5jrIE
As the @FTC and @JusticeATR prepare updated federal merger guidelines, a new @LawEconCenter paper looks back at several recent high-profile mergers that drew apocalyptic warnings about potential harm to competition and consumers. https://t.co/W57TxmYVn3— Int'l Ctr Law & Econ (@LawEconCenter) March 22, 2023
1/7 The Internet Archive “controlled digital lending” (CDL) case is apparently facing a skeptical judge. Totally predictable. The fair use claim in this case barely passes a laugh test. ?https://t.co/zoJ7Qxd6qC#ControlledDigitalLending #copyrightlaw #fairuse— kristian stout (@kristianstout) March 22, 2023
1/8 So many bad ideas, so little time. CA is proposing a new tax for online platforms, aimed at supporting journalism. However, it'll likely do more harm than good for news consumers and producers. ? https://t.co/PuaoPRoweK— kristian stout (@kristianstout) March 21, 2023
1/11 We don't talk enough about how dodgy the ACCESS Act is — but we should, especially after today's Senate Judiciary Subcommittee hearing. ?https://t.co/5kXSGVLrUp— Lazar Radic (@laz_radic) March 7, 2023
While I haven’t gotten into WSJ (I’ve tried) I have written many critical pieces Khan and only a few on Kanter. Why?— Brian Albrecht (@BrianCAlbrecht) March 3, 2023
It’s not racism or sexism. Khan simply is worse for the future of antitrust. Quick ? https://t.co/EjhkSCwnMM
The DMA stakeholder workshop on "App store related provisions" takes place today. Policymakers should take this opportunity to leave their comfort zone and grapple with six uncomfortable truths.?https://t.co/XztQOrJmz7— Lazar Radic (@laz_radic) March 6, 2023
I take a deep dive into European digital privacy law with @MBarczentewicz. Among other things, we discuss: The Irish DPC’s ruling against Meta, the French CNIL’s recent sanctions of Apple & Voodoo Games, & the future of EU–US data flows. https://t.co/80172YqUik— Eric Seufert (@eric_seufert) March 1, 2023
JUST OUT: our paper “Shaping #Interoperability for the #IoT: The Case for #Ecosystem-Tailored #Standardisation” has been just published in European Journal of Risk Regulation (EJRR) https://t.co/7TCTGyVyhi— Giuseppe Colangelo (@GiuColangelo) March 1, 2023


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Zespri says it's on target to sell 68 million trays of green kiwifruit and 24 million of the gold varieties.
The volume of export fruit is down about 17 million trays on last year, due mainly to the impact of the PSA vine disease.
Chief executive Lain Jager says he's pleased with sales returns in all the major markets, but the value of the New Zealand dollar against major currencies isn't making trading easy.
He says it affects kiwifruit growers like all exporters and they sell the fruit but take less value for it.
"For green growers that will cost them 35 cents a tray, and so bear in mind last year green growers made $3.80 a tray - anything less than $4 puts the industry under enormous pressure."
Mr Jager says to lose 35 cents per tray as a consequence of foreign exchange puts the industry under pressure.
But he says there are likely to be some improvements in returns for growers this year because there's been a good crop which is in shorter supply than last year so it's been possible to raise prices.
Mr Jager says not just New Zealand growers but fruit exporters all around the world are struggling as the euro and the US dollar weaken.


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The bakeries slated for closure included those in: Edinburgh, Twickenham in London and Sleaford in Lincolnshire.
A spokesman for the business said: “Greggs currently operates from 12 bakeries, unfortunately not all are suitable for long-term investment due to their location and size.”
While acknowledging the “difficult changes”, the spokesman added that they were needed to support the long-term growth of the business.
The firm’s immediate priority was to minimise the negative impact on staff. “Wherever possible we would look to offer alternative employment to affected employees but, due to the location of our sites, we anticipate that unfortunately many will leave the business.”
The decision was revealed yesterday (March 1) with the publication of Greggs’s preliminary results for the 52 weeks to January 2 2016.
The bakery food-on-the-go retailer posted total sales up by 5.2% to £835.7M and company-managed shop like-for-like sales up by 4.7%.
Pre-tax profit excluding exceptional items climbed by 25.4% to £73M compared with £58.3M the previous year.
£100M investment programme
Greggs planned to launch a £100M investment programme over the next five years to facilitate the transition from being a traditional baker to specialising in food-on-the-go.
The firm’s Clydesmill bakery in Glasgow would benefit from investment to make it a “centre of excellence” in Scotland.
Greggs’s Enfield bakery in London will also receive an upgrade.
Last year the retail bakery opened 122 new shops and closed 74. That included the transformation of 20 of its larger bakery cafés to its ‘bakery food-on-the-go’ format.
Greggs now operated about 1,700 shops and planned to boost that number to 2,000.
What the analysts say about Greggs’s results
Verdict Retail analyst Greg Bromley
“The key to Greggs’s recent success has been a strategic focus on the food-to-go market, which has seen it move beyond its roots as a pasty purveyor and traditional bakery business. Its more inviting store environments and investment in offering more relevant and better quality product ranges appeals to a lucrative market of workers, consumers on the move, and those at its traditional high street locations.
“Low prices are also a key USP [unique selling point] for Greggs. Its £2 meal deal, especially popular with breakfast consumers – is helping it to win spend from more premium players such as Pret and EAT, that have traditionally dominated the food-to-go market, especially in the south of the country.”
N+1 Singer, analyst Sahill Shan
“Greggs has reported financial year [FY] 2015 finals slightly above expectations. It has had a cracking start to FY16 with 4.2% like-for-like sales and outlined a cost efficient plan to grow the estate significantly beyond 2,000 shops.
“We upgrade FY16–FY17 earnings per share by 2–3% and believe the risk is on further upside. We see fair value towards about 1,200p.”


text: Despite a champagne shortage ahead of New Year's Eve, adult beverage retailers are staying optimistic about 2022. Cathy Lewenberg, COO at online alcoholic beverages platform Drizly, joined Cheddar to talk about the sunny outlook for next year and the current state of the industry. She noted a 20 percent higher demand for champagne year-over-year has led to the holiday's shortfall and that the spirit category is continuing to thrive with tequila on pace to outsell vodka for the first time. "Tequila has just been on fire on our platform. It's grown 13 percent in share on our platform over the last couple of years where vodka obviously had been the leader," she said. "Tequila is the top thing in addition to bourbon that retailers are looking to give more shelf space to in 2022."


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Apple TV users have a new option to watch TV shows and movies with Hulu Plus.
Our Apple TVs received the new app this morning. The app appears front-and-center on the Apple TV as soon as users turn the device on. Launching the app opens a dialog menu that offers a free week subscription to the $7.99 per month service for new subscribers.
Strangely, Apple hasn’t made an official announcement about the app just yet. We assumed the service was missing from Apple’s set-top before because it would compete with Apple’s service of selling TV show episodes and seasons, but now it looks like it was only a technical or licensing issue.
Update: Hulu wrote about the new app on its blog shortly after this write-up.
The Hulu Plus app looks like a natural fit for the Apple TV specifically. It uses a design similar to the older Apple TV with images on the left of the screen and a menu on the right. It’s easy to navigate through, and arguably nicer than the Hulu Plus apps on the Xbox 360, PlayStation 3, and every other set-top box.
Hulu Plus offers users access to new TV shows and back catalogs of shows for $7.99 a month. The service doesn’t offer every TV show, mostly just shows on NBC, Fox, ABC, and Viacom channels like Comedy Central. It has exclusives on the streaming rights for the catalogs of some TV shows such as House and Community.
Arguably its best use case, however, is for recent episodes of shows that come out daily like The Daily Show and Colbert Report.
The streaming service also has deals with some movie studios like Sony Pictures, Warner Bros., and Paramount which offer a small selection of movies that in no way rivals Netflix or Apple’s movie selections. It does offer the full Criterion Collection, however, which is great for film students or anyone else interested in film history.
Users that subscribe to Hulu Plus can also use the service on iOS and Android devices, assuming the app supports their device (which is a problem for early adopters of new Android devices).
As an Amazon Associate I earn from qualifying purchases.


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There's more on the way for 2012 including a new Pilots Battle Pack with Porkins and Tiree and an Ewoks set with Kneesa and Teebo courtesy of POTF2.com. We like the nod to the animated series with the Ewoks set but did Porkins go on a Slim Fast diet?.
Here's a video of the new BMF for 2012, the Trade Federation MTT. It comes with a lot of electronic sounds, a motorized retractable compartment for the battle droid army, and a lot of other play features that may or may not justify the $130-140 price tag for you.. Check out the video ahead!
We have posted up our Hasbro Collector Media Event photos to our Image Bank. There's a bunch of eye candy to see, including the amazing MTT, a brand new Tarkin, a Bespin Gown Leia, Weequay, and so much more! Did you ever dream of having a Jar Jar in carbonite? Well that just came true! A new SDCC exclusive that's based on the Bespin Chamber with 6 figures and a frozen Gungan!
Please join us as we live tweet @galactichunter the Hasbro Toy Fair Collector Media Event! Click here!
Gentle Giant offers a sneak peek at their 2012 Premier Guild membership gifts. The Star Wars pieces include a Rebel Fleet Trooper Minibust, a Republic Commando minibust with Light-Up Visor, and a 12" Jumbo Vintage Gamorrean Guard.
From our sponsors at Brian's Toys: New figures from vintage to modern highlight this week's newsletter, including Movie Heroes Wave 2! A few rare vintage items have been added, including a vinyl cape Jawa and a ROTJ Boba Fett AFA 90!
New! You probably bought this Darth Maul by now, knowing full well that it's the first completely new sculpt based on the movie costume since 2005. It has ball joints. It has ball elbows. It has a new head. But is this enough?
Just after seeing him apparently meet his demise in The Phantom Menace 3D, Darth Maul returns for the season finale of The Clone Wars next month. EW.com has posted a teaser and he looks mad as Sith!
As the Star Wars saga makes its spectacular 3D return to the big screen, don't forget to get your FREE collectible Darth Maul 3D glasses at participating Real D theaters across the nation (while supplies last)! May The Force Be With You...in 3D!
The Anakin Skywalker 3D Podracer glasses are available for sale at Amazon for $9.95 each via the manufacturer, Look Eyewear. This may be a good opportunity for you to get them if you weren't able to in the theaters this weekend.
As the clock strikes midnight, fans are once again venturing to their local movie theaters to see Star Wars in the big screen and in 3D. AMC Theaters across the country will be giving away FREE Hasbro Fighter Pods. On Friday and Saturday, a limited edition Anakin Skywalker PodRacer glasses will also be given out to the first 3-400 theatergoers while supplies last.
Connor Freeman is drawn into the mystery of Boba Fett's killers in Boba Fett is Dead #2. In the new series by Haden Blackman, Darth Vader and the Ghost Prison, terrorists plot to assasinate Vader and The Emperor, with only a disabled cadet fighting alongside them. Check out the fantastic alternate cover by Tsuneo Sanda!
Because you asked! Aurra Sing is part of that frighteningly new Walmart exclusive wave of Discover the Force figures with awkward, sure-to-be-damaged 3D glasses hanging off the side. I don't doubt she will be the most popular figure in the wave, with an antenna (finally!) and an awesome lightsaber suitcase.
Hasbro issued their Toy Fair press release breaking down their several brands, a few of which are hitting the big screen this year, including Star Wars of course. In their Star Wars announcement, they highlight their new Fighter Pods micro figure line and Star Wars AMP'D: "For the first time ever, kids will be able to quickly and easily customize the most iconic STAR WARS vehicles and prepare them for any mission: land, space, sea or air! In 2012, the line features 9 figures and 6 vehicles."
McDonalds will be promoting the release of The Phantom Menace 3D by incuding Star Wars Spinners with every Happy Meals purchase, Fans can collect up to eight character themed spinners beginning February 10th at participating McDonalds restaurants.


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BEIJING (AP) - Chinese officials face a choice in Apple's dispute with a local company over the iPad trademark - side with a struggling entity that a court says owns the name or with a global brand that has created hundreds of thousands of jobs in China. Experts say that means Beijing's political priorities rather than the courts will settle the dispute if it escalates.
Shenzhen Proview Technology has asked regulators to seize iPads in China in a possible prelude to pressing Apple Inc. for a payout. There have been seizures in some cities but no sign of action by national-level authorities.
Proview has a strong case under Chinese trademark law, but that could quickly change if Beijing decides to intervene to avoid disrupting iPad sales or exports from factories in southern China where the popular tablet computers are made, legal experts say.
"If this becomes political - and it's very easy to see this becoming political - then I think Apple's chances look pretty good," said Stan Abrams, an American lawyer who teaches intellectual property law at Beijing's Central University of Finance and Economics.
The dispute centers on whether Apple acquired the iPad name in China when it bought rights in various countries from a Proview affiliate in Taiwan in 2009 for $55,000.
Apple insists it did. But Proview, which registered the iPad trademark in China in 2001, won a ruling from a mainland Chinese court in December that it was not bound by that sale. Apple appealed. A hearing is scheduled for Feb. 29.
"My gut reaction is that many of these activities really could be seen as pre-settlement brinksmanship," said David Wolf, a technology marketing consultant in Beijing. "Proview's motive is money, not to shut down Apple."
Shenzhen Proview Technology is a subsidiary of LCD screen maker Proview International Holdings Ltd., headquartered in Hong Kong.
Chinese news reports say Proview is deeply in debt, increasing the pressure for it to demand a substantial payout from Apple. Proview International, meanwhile, has been suspended from trading on the Hong Kong stock market since August 2010 and will be removed in June if it cannot show it has sufficient assets, business operations and working capital.
In a rapid-fire series of moves, Proview has filed a trademark-violation lawsuit that goes to court Wednesday in Shanghai.
That deadline is likely to prompt Apple to agree to a settlement within a few days to avoid the uncertainty of a court fight, said Kenny Wong, an intellectual-property lawyer with the firm Mayer Brown JSM in Hong Kong.
"I think Apple will be under immense pressure to have this settled as soon as possible," he said. "Obviously, it depends on the amount the Shenzhen company is asking."


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Here it comes: the overflowing amount of hearts, flowers, boxes of chocolates, teddy bears and jewelry everywhere we look. There are many feelings surrounding Valentine’s Day, and not all of them are love.
A multitude of people hope to receive some loving attention on Feb. 14 and wait for a special someone to ask them on a date or give them a gift. In reality, most are left only with their dreams about a romantic date on Valentine’s Day.
According to the National Retail Federation (NRF), only 53% of people are planning to celebrate. That leaves nearly half of the population without Valentine’s Day plans.
Additionally, an Elite Daily survey of 415 millennials found that 28% of women and 16% of men felt apathetic towards the holiday. These negative sentiments are likely generated from the huge expectations people have surrounding this day. People who are in relationships feel obligated to celebrate, while those who are not feel the need to find someone to celebrate with. Gifts, dates, flowers and proposals are all expected. It is all just a lot of pressure to be “in love.”
Of course, all of these gifts and dates mean spending money. According to NRF, spending this year is expected to reach $23.9 billion on gifts while dates are projected to cost an average of $175.41 per consumer. This is a huge problem not only with Valentine’s Day, but holidays in general. Retailers take advantage of the consumerist mindset. The capitalistic trend of buying gifts mimics what many see around Christmas time.
Social media also plays into the holiday and serves as a vehicle for displaying the extravagant costs of Valentine’s Day. Those who are celebrating are in competition with others to have the most romantic day, while singles are in agony watching all the love go around.
However, even though spending money is personally painful for everyone, it is not the main problem. A mass amount of pollution is caused by the products consumed on the 14th. According to an article from Plastic Oceans, balloons take 450 years to degrade, glitter and other small decorations remain in the environment for hundreds of years, and cut flowers are grown in greenhouses which release thousands of kilograms of CO2. Basically, the presents, wrappings and decorations cause great harm to the environment.
So, in my opinion, Valentine’s Day is overrated. But since the holiday will not be going away anytime soon, we should make changes that benefit us and our planet. It is important to celebrate friendship and family and showcase love through our actions, not with our wallets. Making food, hand-crafting a card or even a hug can really make someone’s day.


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The International Air Transport Association (IATA) announced global passenger traffic results for September 2019 showing that demand (measured in revenue passenger kilometres or RPKs) climbed 3.8 percent compared to the same month last year, broadly unchanged from August’s performance. Capacity (available seat kilometres or ASKs) increased by 3.3 percent, and load factor climbed 0.4 percent percentage point to 81.9 percent, which was a record for any September.
“September marked the eighth consecutive month of below average demand growth. Given the environment of declining world trade activity and tariff wars, rising political and geopolitical tensions and a slowing global economy, it is difficult to see the trend reversing in the near term,” said Alexandre de Juniac, IATA’s director deneral and CEO.
IATA also reported that global air freight demand, measured in freight tonne kilometres (FTKs), decreased by 4.5 percent in September 2019, compared to the same period in 2018. This marks the 11th consecutive month of year-on-year decline in freight volumes, the longest period since the global financial crisis in 2008. Freight capacity, measured in available freight tonne kilometres (AFTKs), rose by 2.1 percent year-on-year in September 2019. Capacity growth has now outstripped demand growth for the 17th consecutive month. Air cargo continues to suffer from:
- The intensifying trade war between the US and China, and South Korea and Japan;
- The deterioration in global trade;
- Weakness in some of the key economic drivers.
Global export orders continue to fall. The Purchasing Managers Index (PMI) tracking new manufacturing export orders has pointed to falling orders since September 2018.
“The US-China trade war continues to take its toll on the air cargo industry. October’s pause on tariff hikes between Washington and Beijing is good news. But trillions of dollars of trade is already affected, which helped fuel September’s 4.5% year-on-year fall in demand. And we can expect the tough business environment for air cargo to continue,” said IATA’s de Juniac.
International Passenger Markets: September international passenger demand rose 3 percent, compared to September 2018, which was a decline from 3.6 percent year-over-year growth achieved in August. All regions recorded traffic increases, led by airlines in North America. Capacity climbed 2.6 percent, and load factor edged up 0.3 percentage point to 81.6 percent. International Cargo Performance: Airlines in Asia-Pacific, Europe, North America and the Middle East suffered sharp declines in year-on-year growth in total air freight volumes in September 2019, while Latin America carriers experienced a more moderate decline. Africa was the only region to record growth in air freight demand compared to September last year. Domestic Passenger Markets: Demand for domestic travel climbed 5.3 percent in September compared to September 2018, which was an improvement over the 4.7 percent annual growth recorded in August. Capacity rose 4.7 percent and load factor increased 0.5 percentage point to 82.3 percent.
Asia-Pacific airlines saw September passenger traffic increase 3.6 percent compared to the year-ago period, an increase over the 3.3 percent annual growth recorded in August. Growth remains well below that seen in 2018. This is occurring amid a weaker economic backdrop in some key states, trade tensions between the US and China and between Japan and South Korea. Political unrest in Hong Kong has contributed to subdued regional demand and led to capacity cuts. Capacity rose 5 percent and load factor slid 1.1 percentage points to 78.2 percent. CARGO: Asia-Pacific airlines saw demand for air freight contract by 4.9 percent in September 2019, compared to the same period in 2018. The US-China and South Korea-Japan trade wars along with the slowdown in the Chinese economy have significantly impacted this region. More recently, the disruption to operations at Hong Kong International Airport – the largest cargo hub in the world – added additional pressure. With the region accounting for more than 35 percent of total FTKs, this performance is the major contributor to the weak industry-wide outcome. Air freight capacity increased by 2.7 percent over the past year.
European carriers experienced a 2.9 percent rise in September traffic, the region’s weakest performance this year and a decline from the 4.2 percent year-over-year rise recorded in August. In addition to slowing economic activity and faltering business confidence in many of the key European economies, the result was also affected by the demise of a number of airlines, along with pilot strikes. Capacity rose 2.5 percent, and load factor climbed 0.3 percentage point to 86.9 percent, which was the highest among regions. CARGO: European airlines posted a 3.3 percent decrease in freight demand in September 2019 compared to the same period a year earlier. Weaker manufacturing conditions for exporters in Germany, softer regional economies, and ongoing uncertainty over Brexit, have impacted the recent performance. Capacity increased by 3.3 percent year-on-year.
Middle Eastern airlines posted a 1.8 percent traffic increase in September, which was a slowdown from a 2.9 percent rise in August. Capacity was up just 0.2 percent, with load factor climbing 1.2 percentage points to 75.2 percent. International traffic growth continues to be affected by a mix of structural challenges in some of the region’s large airlines, geopolitical risks and weaker business confidence in some countries. CARGO: Middle Eastern airlines’ freight volumes decreased 8 percent in September 2019 compared to the year-ago period. This was the sharpest drop in freight demand of any region. Capacity decreased by 0.4 percent. Escalating trade tensions and the slowing in global trade have affected the region’s performance due to its strategic position as a global supply chain link. Most key routes to and from the region have seen weak demand in the past few months. The large Europe to Middle East and Asia to Middle East routes were down 8 percent and 5 percent respectively in August (last data available) compared to a year ago.
North American carriers’ international demand climbed 4.3 percent compared to September 2018, well up from the 2.9 percent growth recorded in August and the strongest performance among the regions. Capacity rose 1.6 percent, and load factor accelerated 2.2 percentage points to 83 percent. Demand is being supported by solid consumer spending and continued job creation. CARGO: North American airlines saw demand decrease by 4.2 percent in September 2019, compared to the same period a year earlier. Capacity increased by 1.9 percent. The US-China trade war and falling business confidence continue to weigh on the region’s carriers. Freight demand has contracted between North America and Europe and between Asia and North America.
Latin American airlines had a 1.2 percent demand increase in September compared to a year ago, which was down from 2.3 percent growth in August. Capacity fell 1.6 percent and load factor surged 2.3 percentage points to 82.5 percent. Latin American carriers continue to face several challenges including some weaker economic and business confidence outcomes, political and social unrest in key states, and currency exposure to the strengthening US dollar. CARGO: Latin American airlines experienced a decrease in freight demand in September 2019 of 0.2 percent compared to the same period last year and a capacity decrease of 2.9 percent. Despite indications of a recovery in the Brazilian economy, deteriorating conditions elsewhere in the region along with a slowing in global trade have impacted the region’s performance.
African airlines’ traffic climbed 0.9 percent in September, a steep fall-off from the 4.1 percent growth recorded in August. Looking through the recent volatility in the numbers, however, traffic growth for the third quarter of 2019 remains solid at around 3 percent year-over-year. Capacity rose 2.5 percent, however, and load factor dipped 1.1 percentage points to 71.7 percent. CARGO: African carriers posted the fastest growth of any region in September 2019, with an increase in demand of 2.2 percent compared to the same period a year earlier. This was a significant slowdown in growth from the 8 percent recorded in August. Strong trade and investment linkages with Asia and robust economic performance in some key regional economies contributed to the positive performance. Capacity grew 9.4 percent year-on-year.


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Business Traveller (Middle East)
‘Fly Now, Pay if Okay’ now available in the UAE
FLIGHT COMPENSATION company Colibra has launched ‘Fly Now, Pay if Okay’ in the UAE.
The service allows passengers to book flights that they only pay for if their flight arrives on time. Tickets are available to book through the app, which can be downloaded from the AppStore and Google Play, and are only available for flights that depart and arrive within 30 days. Colibra has revealed it is looking to launch a similar service for hotel stays. colibra.io


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Here's what happened in IoT this week. Yale is selling a new smart safe: In the wake of the legalization of marijuana in various states across the U.S., connected safes are having a moment as parents want to make sure their kids can't accidentally … [Read more...]
Here’s an IoT tip to manage your medication
On a recent Internet of Things Podcast episode, we took a call from our Voicemail hotline segment with a clever IoT tip to manage medication. There are connected pill dispensers on the market, but they're not cheap and some require a monthly … [Read more...]
Are you ready for new smart home device triggers?
This article was first published Friday Dec. 2, 2022 in my weekly newsletter. Depending on your smart home platform, you may already be familiar with, or even using, device information to automatically make something happen in your home. Apple’s … [Read more...]
How to add smarts to a hot water heater
On our latest IoT Podcast episode, we take a question that Drew left on our IoT Voicemail Hotline. Drew's home uses an electric hot water heater. Drew and his family isn't home that much, so he often turns the water heater off and on manually. He … [Read more...]
When will our smart homes have true occupancy sensors?
On our latest IoT Podcast episode, we take a question that Gregg left on our IoT Voicemail Hotline. Gregg uses Apple HomeKit and is looking for occupancy sensors, which he correctly says are not the same as motion sensors. Unfortunately, we’re right … [Read more...]
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Sales of construction products rose during the first quarter of the year and are expected to increase further in quarter two and over the next 12 months, according to the latest State of Trade Survey by the Construction Products Association (CPA).
In addition, exports are anticipated to rise over the next year, boosting prospects for the industry further.
The CPA survey found that 76% of construction product manufacturing firms, on balance, reported a rise in sales in Q1 compared with the previous quarter. In addition, 85% of product manufacturers reported that they anticipate sales rising over the coming year, with half of product manufacturers saying that they expect the rise to be more than 5%.
Overall, 60% of firms reported a rise in costs primarily due to energy and fuel and expects these costs to continue to increase. More than two-thirds of all product manufacturers reported that costs rose in Q4 and over 80% expected that costs would rise in 2014.
The CPA’s economics director, Dr Noble Francis, said: “Construction product sales have risen for the fourth consecutive quarter. Over three-quarters of product manufacturers, on balance, reported sales rising in Q1 compared with the previous quarter.
“This growth was not just driven by house building. Private sector offices and new infrastructure are also rising, adding to the recovery in the housing sector. “
Dr Francis continued: “Looking forward, product manufacturers anticipate the construction recovery to continue in Q2 and over the next year, again due to growth in housing, commercial and infrastructure. As a consequence, 86% of firms, on balance, expect sales to rise in the next 12 months. Exports of construction products rose in Q1 and industry is even more optimistic looking forward.“
However, Dr Francis pointed out the increasing costs remain an issue. He said: “The key concern for manufacturers in Q1 was rising costs. 65% of heavy side manufacturers and 54% of light side manufacturers reported that costs rose compared with a year earlier. These cost rises were due to energy and transport fuel costs, exacerbated by more recent rises in wages and salaries.”


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Series of steps required to revive tourism: UDS CEO Raj Gopaal Iyer
Firstly, the coronavirus outbreak is a human tragedy, affecting hundreds of thousands of people. It is also having a growing impact on the global economy and the impact would depend on how long the epidemic lasts.
Travel and tourism industry has been hit economically due to outbreak of coronavirus with many prospective domestic and foreign tourists cancelling their travel plans. This global pandemic has prompted the Indian government to impose increasingly tough restrictions on travel resulting in further drop in hotel occupancies since the imposition of the ban.
Here I would like to emphasize on a few points how the government can help the tourism sector to sustain itself during this crisis and benefit when the economy recovers.
The state government has to come out with a clear route map on how to overcome the current crisis in the tourism industry. Accurate collection reports and suggestions from both the state and centre on tourism have to be taken into consideration. Associations such as FHRAI and SIHRA should come forward to submit reports on losses in the hospitality industry. Hotels should be audited.
The first step I suggest would be to lift the GST at least until the end of June 2020, which is a huge weight on businesses until the situation recovers. Relaxation on taxes and license renewals for newly opened organisations along with employee welfare support will help organizations maintain employees and avoid unemployment. The government should prioritise the larger organizations, who contribute largely to the economy.
It is clear that time is of essence and it is very unlikely international and national tourists will choose to travel anytime soon. A feasible strategy when the lockdown is lifted would be to reduce the airport landing charges to 40% to attract more flights to cities like Trivandrum and free visas to major countries.
Another important aspect the tourism industry must invest heavily on is marketing, which includes the trade fairs as well. An exemption or reduction on these costs for the coming six months will be a big relief for bringing sufficient results. Yoga and ayurveda are two potential marketing strategies we can always apply and with the government support, we can boost inbound tourism.
On a general note, foreign investments have to be looked into aggressively prioritizing NRI investments. Investment plans for a minimum of 10 years that in return benefits the investor, subsidies and exemptions on taxes and facilities, should be looked into. Creating employment is crucial, as I believe unemployment is the next big crisis after the pandemic.


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When the pandemic began to wreak economic havoc in early March, CivicScience data showed aggressive swings in the expectations consumers had for their personal finances. Anticipations among the general population to invest, save, reduce debt, and generate income were impacted significantly between late February and mid-March, exemplified by colossal spikes in financial pessimism – sentiment that, as of late, seems a bit more scattered, as different groups of consumers could be seeing a silver lining.
Take a look at how those expectations have changed through April.Despite investment pessimism continuing its upward trend through April, it appears to have been stagnated by a particular group of consumers who might be eyeing up cheap assets, as more and more people seem to be torn on whether now is a time to buy in, cash out, or stay put – most notably, Millennials, who showed the strongest inclination to be increasing their investments through April, or at least considering their options.
Expectations around debt situations have also grown increasingly volatile. Leading up to the pandemic, more than half of consumers in America believed they would be able to reduce their debt over the following six months. That confidence was crippled between March 1st and March 29th, as the percentage of those anticipating less debt dropped from 56% to 30%.What’s changed since then? Collectively speaking, we saw some of that initial panic over personal finances wear down through April as a majority of consumers began to feel their debt situation wouldn’t change either way by the end of summer (though it’s worth noting that it’s the first time this year we’ve seen anticipation for debt to remain unchanged exceed anticipated debt reduction).
While debt expectations swung toward status quo for most, the interesting find here was that expectations for debt to increase grew significantly among the upper middle class – specifically those earning between $100k-150k – more than doubling from 11% to 23% during the same 20-day periods in March and April.April saw consumer spending adjustments begin to plateau. Looking back at sentiment in March, the consumers spending less were largely the same people anticipating more debt, a smaller income, and less money saved – making plenty of fiscal sense.Looking at how that spending data has evolved through the lens of income reveals an interesting contrast.
Despite a majority still reducing spending, those who report earning the least amount of money (<$50k / year) are actually the most likely of the income groups to say they are spending more as a result of the pandemic – and increasingly so. Between March and April the number of low-income earners spending more as a result of the pandemic jumped 50% while those in each of the other income brackets mostly reported typical or reduced spending. Whether that continues through May can’t be assured, but it will be interesting to monitor nonetheless.All in all, financial attitudes are changing differently for different people. Widespread panic around job security, diminishing supplies of goods, and general fear of being in public were surely key drivers of the initial adjustments consumers made to those attitudes in March – all of which is changing course. Getting to the root of the “how and why” behind the evolution of that change will be instrumental in answering the “what’s next?” question, and ultimately begin to point us towards a finish line (or an extended caution lap) somewhere out there.