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New York-based bitcoin exchange Coinsetter acquired the Canadian bitcoin exchange CAVIRTEX, Microsoft seems to be working on a smart payments solution and more top stories for April 9.
Coinsetter acquires CAVIRTEX
New York-based bitcoin exchange Coinsetter has announced that it acquired the Canadian bitcoin exchange CAVIRTEX. As such, CAVIRTEX reopened its doors to customers on Wednesday and resumed trading under Coinsetter’s leadership. The two exchanges will operate under their own names, sharing technology, capital, management, and banking access to maximize value to traders. Previous account holders at CAVIRTEX and Coinsetter will continue to be able to use their existing login credentials at the same websites to obtain access to their accounts.
Microsoft Might be Working on Payment Solution
It looks like Microsoft is working on a smart payment solution, which may see the light of day in the coming months. A recent report revealed a license filed by the software giant with the regulatory bodies for a mobile payments company known as Microsoft Payments Inc. while the company also registered with the FinCEN (Financial Crimes Enforcement Network) in the US Department of Treasury.
Overstock Unveils Bitcoin-Only Discounts
Overstock.com is planning to conduct exclusive bitcoin-only customer outreach, including sales and discounts. The firm’s director of communications Judd Bagley explained that “incentives” were part of what was needed to increase consumer adoption of cryptocurrency:
“We’re preparing to do our part to short circuit the cycle by adding additional motivations for customers to use bitcoin. For example, there will soon be bitcoin-only sales and discounts for purchases made with bitcoin.”
's BitLicense Will Hurt Startup Incubators New York
Boost VC CEO Adam Draper has launched a petition seeking a number of changes to
“The BitLicense framework will definitely impair bitcoin startups from starting, which would impact my business negatively. My business is to drive innovation in technology, and over-regulation stops technology. It will not hurt the companies who have been well funded, or large funds, it will hurt the early staged startups.”
Scammers Accessed Coinbase Backup E-Mail Provider
Coinbase executives have informed alarmed users on Twitter and Reddit that scammers managed to gain access to their secondary e-mail provider, Sendgrid. Both users of Coinbase and non-users received phishing mails from [email protected] Coinbase admins have now taken steps to stop further activity from the scammers.
First Fintech-Only Hub Opens in
to ‘Disrupt Banking’ Sydney
The Tyro Fintech Hub has opened in the heart of the Central Business District in
Andrew Corbett-Jones, head of the Tyro Fintech Hub, said:
“Australia is late to the party, but the time has come for financial services to be disrupted and radically improved by a swarm of fintech entrepreneurs.”
Opalcoin Launches In-Wallet Decentralized Filesharing
The developers of the anonymous altcoin Opalcoin recently implemented
International Law Office Offers Bitcoin Expertise
The International Law Office (ILO), a global nexus where financial institutions engage with pre-eminent law firms, is launching a new service that gives counsel subscribers the ability to pose topical questions to an international panel of experts. Interestingly, ILO's first headline topic is Bitcoin.
ILO writes in their new newsletter:
“Despite recent fluctuations in value, the Bitcoin phenomenon shows no signs of slowing. The meteoric rise of the cryptocurrency presents a range of issues that law enforcement agencies, legal regulators and tax authorities must consider in determining how it fits within their existing regulatory frameworks.”
Bitcoin Foundation Discloses Controversial Restructuring Proposal
The Bitcoin Foundation considers splitting into two separate organizations. One of these organizations would effectively be the continuation of the current foundation, but reorganized as a promotional body. The other would be a made up of the core development team, split off to focus exclusively on development of the core protocol — which is currently the Bitcoin Foundation's mission.
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The beautiful beach at Labadee in Haiti. (Photo: Thinkstock)
There are some destinations in the world that are so perfect and so lovely that we hear about travelers booking a vacation there time and time again. As travel editors we are personally often meandering off the beaten path. We love it when other folks take our lead.
We’ve long known that Americans are an adventurous lot, eager to explore new and exciting destinations. But according to a new global insights report from Sojern, the world’s leading performance marketing platform for travel brands, countries like Haiti, Iceland, and Cuba are starting to capture the attention of Americans.
Haiti is captivating the American traveler audience. (Photo: Sojourn)
“In North America, Haiti moved up 34 ranks since summer 2014, after experiencing a dramatic decline in tourism in the aftermath of the 2010 earthquake, followed by Iceland, up 11 spots,” the report explained. “Cuba now ranks higher than Antigua and Barbuda, Curaçao, Grenada, Saint Kitts and Nevis, and the British Virgin Islands.”
The study also found that despite recurring financial troubles, Greece remains a hot spot for European tourists. The country received an immediate dip in interest, but Sojern claims it has already seen a rebound.

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The COVID-19 pandemic has had countless significant, unexpected and disruptive effects on the entire world. These disruptions have affected everyone’s lives, and unfortunately, some have been more widespread and challenging to deal with than others.
Suppose you were one out of the millions of consumers that contributed to the massive 39% increase in online shopping during the pandemic. In that case, you may have noticed significant delays in shipping periods.
COVID-19 has had the tendency to disrupt every aspect of life, and this certainly doesn’t exclude trade and shipping. This delay in shipping can be attributed to many factors caused by the pandemic, however, has ultimately resulted in what is being called the ‘Global Container Shortage’.
So, how exactly does the container industry work, why has the industry ended up in this state, and what effects will it continue to have on global trade?
How does the Shipping Container Industry Function?
Shipping containers have more recently been used for an extensive and diverse range of purposes. However, their traditional use, and the primary source of concern for this shortage, is their functionality as the main transport mode for global trade.
An overwhelming 90% of goods are transported by sea, with 60% packed in shipping containers. Shipping containers are essentially just steel boxes used to ship anything to anyone from anywhere. However, today’s global economy runs on them as the standardised form of shipping. With formal checks and procedures in place, a good system has been developed to streamline the international movement of goods. There are three main stakeholders involved including the importer, exporter, and the shipping company, all of which have a say in the process.
The containers are standardised by being made in specific sizes, suited to be transported efficiently over long distances without being opened. Their ability to fit onto many different forms of transport with great ease has ultimately transformed the shipping and transport industry.
Goods have been shipped via shipping containers for decades, proving to be a rigid and historically effective form of transport. In their success, they have proven to be able to combat external factors that contribute to delays including:
- Changing customer habits,
- Demand for shipping containers,
- Freight rates, and
- Port congestions.
What has changed for the industry is the interference from the pandemic. The influx in consumer purchases during the pandemic means shipping containers are in demand than ever and has exacerbated all factors at once. As a result, the industry is unable to adapt as it usually would and finds it understandably challenging to combat the delays.
What is the Issue?
As mentioned, delays are generally inevitable. While the shipping container industry typically adapts well, the pandemic has essentially broken down the whole system as its structures.
To put things into perspective, over 25 million containers are used worldwide that make 170 million trips per year. This excludes the additional 55 million trips they make when they’re empty, on return voyages, or aligned with demand.
The system works on a vast scale, so when met with sudden, unpredictable shocks such as the pandemic, it can fall to pieces drastically. As a result of the system breaking down, it has caused:
- Pricing inflation,
- Delays in shipping,
- Effects on global trade, and
- Container space shortage.
Ultimately, the issue is not that there aren’t enough shipping containers in the world. Some companies are producing record volumes of shipping containers. Instead, the containers are in the wrong and inaccessible spots due to disrupted schedules.
COVID-19 and Shipping Delays
The pandemic has had drastic effects on the shipping container industry. The question remaining is how exactly it has done so?
Changing Consumer Habits
As anyone living through the COVID-19 pandemic would know, it has dramatically impacted human behaviour in many unpredictable ways. Specifically, consumer behaviour has fluctuated throughout the pandemic, and many industries have found it difficult to adapt quickly.
Evidently, when there is an influx in consumer purchases, the shipping container industry cycle becomes disrupted and can cause delays. While this issue is not exclusive to behaviours specific to the pandemic, it has exacerbated it.
Postal and shipping services generally have practices in place to combat the influx of shipments during peak customer times such as Christmas. However, COVID-19 has rendered these useless. Now that consumer behaviour is even more unpredictable, companies find it extremely difficult to adapt quickly enough to these changes.
In the initial stages of the pandemic in early 2020, consumer demand decreased, and many shipping lines cancelled their routes. In addition, the uncertainty of this period meant people were staying at home, worried about job prospects, and being less frivolous with their money.
This didn’t last long, as consumer demand rapidly increased as people began to adjust to the situation and spent a lot more time at home and on the internet. Here, it was easy to make online purchases as a coping mechanism, panic buying bulk items, or purchase goods as entertainment during lockdown periods.
Demand for Shipping Containers
With consumers avoiding visiting stores in person, online and international purchases were booming, rapidly increasing the demand for shipping container use. This increase in demand was much more substantial than what could have been expected, which meant the industry was not prepared to supply containers sufficiently.
During the initial decrease in demand because of COVID-19, many containers ended up in depots or stored in cargo ports. This meant that when demand increased rapidly, the containers were not in readily accessible locations.
While some larger countries began to recover slowly, other countries were and are still faced with national lockdown restrictions, preventing containers from being transported to where they are needed and continuing the trade cycle. The lockdown regulations and staff deficits during the pandemic are the main culprits causing transport limitations. In a time of increased demand, this meant a backlog of containers began to develop. Ultimately, this demand that is not being met means it has been taking much longer for anything to be shipped, and containers are appearing to be in short supply.
As a result of overwhelming demand driven by the global pandemic, the subsequent severe container shortage has increased freight costs.
In an attempt to cope with and combat increasing operational costs and container demands, shipping companies have increased freight rates. This was an attempt to reduce trade so that the container shortage could be addressed and solved quickly.
More specifically, longer routes mean more ships are required for a weekly service, and subsequently, more containers are stuck on these ships. As empty containers are scarce commodities, certain importers must pay for the transport of the container in addition to the holding cost of the empty container. While this does not solve the issue of the container shortage, it is an attempt to deter the use of shipping containers until they are less scarce. This increased freight rate has made it more costly for carriers to return empty containers in the process.
During normal periods, port congestion does occur when there is perhaps a decrease in shipment needs, or when workers happen to go on strike. However, this can usually be addressed as an isolated issue. However, the pandemic has meant that this issue is much more challenging to solve, as there are now several other factors simultaneously at play.
During the decrease in online consumer behaviour at the beginning of the COVID-19 pandemic, shipping companies reduced the number of cargo ships sent out to match demand. This meant that the usual flow of imported and exported goods was significantly altered, and empty containers were not regularly collected.
At the time, this dynamic seemed harmless. However, now that demand has rapidly increased, containers are in appropriate locations and are congested into inaccessible ports. In addition, the pandemic restrictions resulted in inadequate staffing, which meant the containers began to pile up. Then, as borders continued to tighten, customs became another complicated factor that worsened the congestion.
At this point, there were too many containers in the backlog for the limited number of workers to clear. North America in particular currently faces a 40% imbalance, where for every 100 containers that come, only 40 are exported back out. A staggering 60 out of every 100 containers continues to accumulate, slowing down the entire supply chain.
Ultimately, the COVID-19 pandemic has greatly affected both supply and demand, consequently rendering existing shipping container models and procedures useless in combating the container shortage. While the container shortage is causing large economic and global disruption, it is only temporary as an offset effect from the pandemic. The industry is ultimately hopeful that in gradual time it will improve as buying patterns begin to normalise.
As one of Australia’s leading suppliers in shipping containers, Tiger Containers is determined to stay up with industry trends and issues and help meet all of your container requirements. For more information about shipping container use, renting, or purchasing, contact the team today.


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Local vinyl junkies in need of a fix now have a new place to score. Namely, the recently reopened Record Revival. Earlier this month, the LP emporium went from pint-size to supersize after debuting its newer, bigger digs along Osborn Road near Seventh Street, which boasts three rooms' worth of used records. And more reportedly are on the way.
Store manager Matt Martinez, who's also the bassist in local death metal band Landmine Marathon, estimates that they currently have 10,000 to 12,000 records on display throughout the 1,500-square-foot location, a former office space and food bank on the bottom floor of an old fourplex apartment building. It's a far cry from Record Revival's original home as a smaller pop-up shop inside Guitar Tree next door.
Martinez says they've got space to spare, including another room that will open in the next month or two and eventually contain even more records that he and other employees haven't sorted yet.
"I've counted the back stock that we haven't gone through and sorted yet from trades and buys," he says. "And there's another 4,000 to 5,000 that we haven't put out yet."
Martinez, is eager to dive into the task, since he's been a vinyl fanatic since his teenage years when he began haunting the old Eastside in Tempe.
"Eastside Records raised me," he says. "I shopped there as a kid and learned a lot about records and always had a passion for 'em. In the '90s, I was shopping there as a kid and picking up punk. And the passion never left me. That's kind of been the whole thing of it, I've always been into records."
So Martinez, a onetime employee of Guitar Tree, was plenty stoked when the shop's former co-owner, Mike Casey, asked the bassist's advice last fall about records. More specifically, how to go about selling off an enormous vinyl collection that Casey had inherited from a recently deceased relative.
"He asked me about with this massive collection of records, about 7,000 or so, and wanted to know, 'What would you do with this? How would you go about distributing all these records?," Martinez says.
The bassist's advice was simple: start a store.
Casey recruited Martinez to do just that, opening Record Revival as a pop-up last November in Guitar Tree's back room. Martinez describes Casey's collection as being "very vast, genre-wise," which made it easy to base a record store around it.
"It has, really, a little bit of everything, and, in some cases, a lot of everything," Martinez says. "Everything from prog and psychedelic rock to common classic rock to jazz to Dixieland, movie soundtracks, comedy, world music, weird novelty records, old country, rockabilly, and blues. It's really staggering to see the range of this record collection."
After only a few weeks in business, the shop's vinyl haul started getting bigger.
"It started to grow with a lot of trades and buys. And, of course, I'm bringing in a lot of punk and hardcore stuff," Martinez says. "And it got to the point where it made sense to be a standalone record store instead."
Hence the reason Casey and Martinez's breaking off Record Revival from Guitar Tree into its own location and identity next door.
"Having a guitar store nearby makes this a very music-centric destination," Martinez says. "We're going to work hand-in-hand with the guys from Guitar Tree and maybe do some parking lot events and get some live music going in the future."
(In fact, the whole intersection of Osborn Road and Seventh Street has also become an enclave of cool businesses in adaptively re-used buildings like Record Revival and Guitar Tree -- which is located in a former residence -- such as neighboring eateries Taco Guild and Gadzooks.)
Martinez says other plans in the works for Record Revival include expanding into selling things like T-shirts, audio equipment, vinyl from local distributors like King of Monsters and Gilgongo, and maybe even some tapes.
"We're possibly open to cassettes it if it's a local artist or label," he says.
Meanwhile, he and other employees will be busy getting the new room ready and sorting through heretofore unexplored boxes of records from the store's collection.
"It's a fun process," he says. "Going through records, sorting records, seeing stuff that you didn't know existed. It's a flashback and a constant learning experience."
Keep Phoenix New Times Free... Since we started Phoenix New Times, it has been defined as the free, independent voice of Phoenix, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Phoenix with no paywalls.


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MLB The Show 20 update 1.18 patch notes released for PS4 players. According to the official MLB 20 1.18 patch notes, the latest update added various fixes to the game. Apart from this, MLB The Show 20 version 1.18 also added gameplay optimizations.
Unfortunately, players are still facing several issues with the game. Today’s MLB The Show 20 version 1.18 will fix a few of these issues.
Check out more details below.
What is new in MLB The Show 20 1.18 patch notes?
- Updated over 300 hundred action shots throughout the game.
- Fixed game crashing issues.
- Added gameplay optimizations.
- Added stability and performance improvements.
- Other minor bug fixes.
Download free MLB The Show 20 update 1.18 on PlayStation 4.


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Azerbaijan is participating at the International Investment and Trade Exhibition of the Shanghai Cooperation Organization (SCO) held in Qingdao, China, the Economy Ministry’s press service has reported.
The Azerbaijani stand showcased locally-produced food and beverages as well as the country’s investment, transport, transit, and tourism potential.
At a panel presentation during the exhibition, Azerbaijan’s trade representative in China Teymur Nadiroglu made a presentation on business and investment opportunities in the country.
As part of the three-day exhibition that will last till April 29, the Azerbaijani delegation will hold meetings on trade and investment cooperation with local companies.
It should be noted that Qingdao is one of the largest port cities in China and the main economic center of Shandong province.
Earlier this year Azerbaijan also participated at the International building materials exhibition MosBuild 2021 and Prodexpo 2021 and TransRussia 2021 int’l transport expo in Moscow, Russia, China Food and Drinks Fair and TAOWINE Hotel Show exhibition in Chengdu, China, and Global Village International Fair held in Dubai, the United Arab Emirates.
AZPROMO’s acting head Yusif Abdullayev earlier announced that Azerbaijani entrepreneurs would participate in a number of international exhibitions in 2021. He said that increasing foreign investments and developing new concepts to expand the geography of Azerbaijan’s exports would be among AZPROMO’s priorities in 2021.
In 2020, Azerbaijani entrepreneurs signed contracts worth AZN 14.8 million ($8.7M) during exhibitions in various countries. The value of exports carried out under these contracts amounted to more than AZN 10 million ($5.8M). In addition, 33 export missions and 33 international exhibitions were held in 2020.


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Volkswagen is to pay £193million to more than 90,000 people after it settled a major High Court claim over the “dieselgate” emissions scandal. Tens of thousands of owners of affected Volkswagen Group diesel vehicles in England and Wales – including VW, Audi, Seat and Skoda cars – took legal action for compensation following the emissions testing revelations seven years ago.
Their lawyers had argued Volkswagen “cheated” European emissions standards, which were designed “to save lives”, by installing unlawful “defeat devices” in its diesel vehicles. The vehicles exceeded the legal limit of nitrogen dioxide emitted when out on the road, including up to 40 times the legal limit by US standards.
The claim brought by around 91,000 people, which lawyers said was the biggest consumer group action ever to be brought before the English courts, was due to go to trial in January 2023. But in a statement on Wednesday, the car manufacturing group and lawyers acting for the drivers said a multimillion pound out-of-court settlement had been reached.
As well as the nine-figure payment, the statements said the Volkswagen Group will make a separate contribution towards the claimants’ legal costs and other fees. While the terms of the settlement are confidential, no admissions were made by the car manufacturer about liability, causation or loss.
In the statement published by Volkswagen and lawyers for the drivers, the car manufacturing giant said the legal costs of holding a trial lasting around six months, plus any risk of appeals, made settlement the most prudent course of action commercially. The manufacturing giant also repeated an apology to consumers, adding they will “continue to work to rebuild the trust of their customers here in England and Wales”.
Philip Haarmann, Volkswagen Group’s chief legal officer, said: “The Volkswagen Group is pleased that we have been able to conclude this long-running litigation in England and Wales. The settlement is another important milestone as the Volkswagen Group continues to move beyond the deeply regrettable events leading up to September 2015.”
Lawyers representing the affected drivers said they were “delighted” by the settlement. Bozena Michalowska and Shazia Yamin, partners at the firm Leigh Day, said: “We are pleased that Volkswagen has repeated its sincere apology for the use of the prohibited two mode software.
“We are delighted that this case has finally been settled for our clients and the claimants in the NOx emissions litigation. We have been unwavering in our belief in our clients’ case, that is why we have fought long and hard for this outcome. We are clear that it was in the interest of our clients to settle this early.”
Ms Yamin added: “I hope that other vehicle manufacturers who stand accused of using software to cheat emissions tests think long and hard about what their customers expect and the harm their vehicles may be causing to public health and the environment.”
David Whitmore, chief executive of law firm Slater and Gordon which represented around 70,000 people, said: “The settlement avoids the need for a lengthy, complex and expensive trial process and we are delighted to have achieved this settlement for our customers as a result of the group action.”
Tony Winterburn, a partner and head of consumer protection litigation at PGMBM, which acted on behalf of more than 15,000 people, said: “This is a good day for the claimants and is the culmination of five years of hard-fought litigation.”
In September 2015, Volkswagen Group announced that 11 million vehicles worldwide, including almost 1.2 million in the UK, were affected by the scandal, prompting a flurry of litigation around the world. This group claim litigation was filed back in 2016 but reached what lawyers described as “a decisive court battle” at a preliminary hearing in 2019, when the High Court was asked to decide whether software installed in the cars was a “defeat device” under EU regulations.
In a judgment delivered in April 2020, Mr Justice Waksman ruled that “the software function in issue in this case is indeed a defeat device”. The following month, Volkswagen was refused permission to appeal against the ruling and ordered to pay more than £3m legal fees.


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Slim Jxmmi’s latest stage dive was likely his most expensive. During a Monday (July 3) concert in Paris, the Rae Sremmurd MC jumped into the crowd and lost a chain and pendant worth $100,000.
After realizing that his chain was missing, Jxmmi stopped the show asked the crowd to help him find it. “Who got the chain?” he asked (via Complex). “Somebody point out who got the chain.”
Later, he threatened whoever might have taken the chain. “Keep playing,” he said. “I’ma punch you in the nose. I swear to God.”
Slim’s partner-in-rhyme Swae Lee took a different approach, offering 5,000 euros as a reward for the chain finder. “Bring the chain up here,” he said. “We taking you on tour right now. Bring the chain up here.”
A frustrated Jxmmi continued to look for the chain, to no avail. “Damn,” he said. “I shouldn’t have jumped in there like that.” Taking to Instagram afterwards, Slim added: “Yes I hit a 100k crowd surf.”
Despite that, Jxm said he wasn’t upset about it in the end. Asked how he felt about the lost chain, he replied: “Indifferent.”
Yes I hit a 100k crowd surf
— J✖M (@Jxmmi) July 4, 2017
Rae Sremmurd isn’t just looking for a chain. The duo is also currently working on their next album, SremmLife 3, which they announced in April. A month before that, the Tupelo twosome previewed a new potential single, “Ballin’ So Crazy,” which might appear on the project.


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A good Q1 earnings report for Verizon (VZ): Its fiber-optic 'FiOS' business picked up a lot of new TV and broadband subscribers, and Verizon Wireless continued its strong performance.
Verizon said it added 299,000 net new FiOS TV subscribers and 298,000 net new FiOS broadband subscribers during Q1, for a total 2.2 million TV subs and 2.8 million broadband subs. Despite the crappy economy, that's faster growth than a year ago, when Verizon added 263,000 TV subs and 262,000 broadband subs. (This is bad news for cable and satellite companies.)
Meanwhile, Verizon Wireless grew by 1.3 million net subscribers -- excluding the roughly 14 million it picked up as part of its acquistion of Alltel. That's down from 1.5 million net subs added during Q1 last year, but not surprising, given the economic slowdown and Verizon's tendency to take mostly high-value customers. (Many of whom are buying the AT&T-exclusive Apple iPhone.)
Overall, Verizon's revenue of $26.6 billion beat the Street's $26.3 billion consensus and adjusted EPS of $0.63 beat the Street at $0.59.


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Roku said it has ordered additional episodes of Roku Recommends, its 15-minute weekly entertainment show that presents streaming options based on the platform’s viewing data.
Roku Recommends has been a top 10 video-on-demand TV series in unique views on the Roku Channel based on internal data, the company said. Roku said that 71% of households that watched Roku Recommends streamed a new channel on the Roku platform after watching an episode of the show.
“Roku has endless shows and movies to choose from as America’s No. 1 TV Streaming Platform,” said Maria Menounos, who co-hosts Roku Recommends with Andrew “Hawk” Hawkins. “If you’re like me, it’s hard to pick what to stream next. That’s why I’m so thrilled we get to bring you more episodes of our weekly program that was designed to help viewers rediscover classics or discover their next favorite show.”
Roku said that sponsors of Roku Recommends can use the Roku Measurement Partner Program to see if their integrations into the show reach SVOD-only steamers, adds incremental reach to their video campaign, shifts perceptions of their brands, drives consumers to stores or websites or makes cash registered ring.
Walmart is among the national advertisers that have sponsored the program.
“Today, advertisers need a new way to reach their customers, especially as more streamers spend time in ad-free, subscription-only environments,” Roku Brand Studio head Chris Bruss said. “We’re thrilled that major brands are finding Roku Recommends helps their customers discover movies and shows and go beyond the traditional 30-second ad to entertain and engage.”
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"During the final three months of last year, Microsoft had a drop in overall sales from Windows, at least partly because of the Apple iPad, which sapped sales of low-end laptop computers. In its most recent quarter, sales of Windows PCs to consumers suffered because of the iPad.Microsoft’s Earnings Surpass Expectations - NYTimes.com
Big business customers, though, picked up the slack, showing how Microsoft’s products are entrenched within one of the most lucrative sectors of the technology market.
“It was nothing to get superexcited about, but relative to what we were experiencing, it’s better than a poke in the eye,” Rick Sherlund, an analyst at Nomura Securities, said of the Windows sales."
Friday, April 20, 2012
Microsoft’s Earnings Surpass Expectations - NYTimes.com
"Better living through lowered expectations"


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The Jaguar company is preparing to launch the small sedan XS to proudly stand in line against its competitors like the 3 Series from BMW or the Benz`s C-Class.
Spy shots have been rendered with the Jaguar XS being put to some tests, before seeing it into the showrooms next year, bearing the 2016 model name.
As for its body styling, the 2016 Jaguar XS seems to take its design from the XF, but with some tweaks of its own. Overall, we might be looking at a wider and lower design, with some sporty features.
Underneath the 2016 Jaguar XS, there is a fresh new aluminum platform, called iQ [A1], with some Premium Lightweight Architecture (PLA) features, also found on the Land Rover Ranger Rover.
The aluminum platform however, was only confirmed for the XS model, but new three models are likely to be built sporting aluminum, including the next-gen XF.
There are still no engine specs for the iQ [A1] based platform, but the British company has let some hints concerning the release of a new lineup engines named Hotfire.
The Hotfire units will come with four-cylinder gasoline and diesel, with the latest fuel-efficiency technology, without affecting the models` power.
We might be talking about a Hotfire put on the iQ [A1] platform as well, sporting a 3.0-liter engine and V6, which is already put on the F-Type models.


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Samsung profits beat forecast, mobile biz doubles
More News from Associated Press
SEOUL, South Korea— Samsung Electronics Co. reported Friday forecast-beating results for the fourth quarter of 2012 as profit from its mobile business more than doubled from a year earlier.
Samsung’s October-December net income reached 7.04 trillion won ($6.58 billion), a 76 percent surge of 4.01 trillion won a year earlier. Analysts expected 6.95 trillion won in income according to FactSet.
Sales and operating income were slightly higher than its earlier preview. Sales rose 19 percent over a year earlier to 56.06 trillion won and operating income jumped 89 percent to 8.84 trillion won.
Increased sales of smartphones were the key source of its stellar profit. Samsung, which overtook Apple Inc. as the top smartphone maker last year, said its operating profit from the division that makes and sells smartphones and tablets more than doubled to 5.44 trillion won in the fourth quarter, from 2.56 trillion won a year earlier.
Analysts said Samsung will likely to see a continued rise in smartphone sales this year, especially in low- and mid-priced smartphones, while Apple sees iPhone sales plateau.
Bullish analysts forecast Samsung smartphone shipments to rise as much as 50 percent this year from 2012.
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Boosted by China's E-commerce Boom, ZTO Express Retains Market Leadership
Chinese logistics industry development has entered the stage where maximizing market share is a key strategy for improving its performance. ZTO Express is likely to roll smoothly into 2021, enlarging its scale and lowering costs.
Dec 08, 2020 12:54 PM
Zhijia Technology's New Fundraising Triggers Development of Self-Driving Heavy Trucks
On the evening of February 10, Beijing time, Zhijia technology announced the completion of a new $200 million round of financing. The new investors include Guotai Junan international, CPE, Wanxiang automobile technology venture capital and old shareholders the Manbang group, among others. Zhijia technology said that this round of financing would be used to accelerate the global commercial deployment of self-driving heavy trucks.
Feb 13, 2021 08:37 PM


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Search giant Google added another board to Flash's coffin on Tuesday with the announcement that it would warn users searching from mobile devices — like Apple's iPhone or Android handsets — when the contents of a search result were "mostly Flash."
Rather than returning the website's description, Google will now tell mobile users that the site uses Flash and may not work on their device, before offering them the option to continue anyway. The announcement was first noticed by iClarified.
Google says that content which cannot be displayed on a mobile device — like Flash — is a "common annoyance" for mobile users. The company goes on to suggest that developers should eschew proprietary formats like Flash in favor of more widely-implemented standards such as HTML5.
"Fortunately, making websites that work on all modern devices is not that hard: websites can use HTML5 since it is universally supported, sometimes exclusively, by all devices," Google's announcement reads.
Apple's decision not to support Flash on its then-nascent iOS devices was a major point of contention even before late Apple CEO Steve Jobs penned his famous "thoughts on Flash" letter, with many panning the decision as short-sighted. The choice has since proven prophetic, however, with Flash's popularity waning thanks in no small part to developers' need to accomodate the massive popularity of the iPhone and iPad.


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When you walk into a high-street shop, you’re probably looking to snap up a bargain, not get rid of an old jumper. But clothing retailers and brands are increasingly asking shoppers to dump their cast-offs in store.
Britain alone is expected to send 235m items of clothing to landfill this spring, the majority of which could have been re-worn, reused or recycled. Major retailers are coming under pressure to tackle the waste.
In response, brands including H&M and Zara are stepping up in-store recycling initiatives, which allow customers to drop off unwanted items in fashion “bins” in high-street shops. While companies such as Adidas and luxury group Kering – the owner of brands including Alexander McQueen and Gucci – agreed at this month’s Copenhagen Fashion Summit to set 2020 targets for garment collection.
The idea is to boost textile collection and recycling rates, and reduce needless waste to landfill. But if the same companies continue to drive high levels of consumption – some are launching up to 24 new clothing collections every year – can in-store recycling be more than a tokenistic gesture?
H&M says it has collected about 40,000 tonnes of garments since launching its scheme in 2013, which it passes on to its partner recycling plant in Berlin. What can’t be reused is downcycled into products like cleaning cloths or insulation fibres.
Nike too has a long-running collection scheme, Reuse-A-Shoe, which sees 1.5m worn out trainers per year collected in store or by post and sent to facilities in Tennessee and Belgium to be ground up into material for sports and playground surfaces.
But corporate enthusiasm for such schemes appears to be growing: H&M wants to increase collection to 25,000 tonnes a year by 2020, says Catarina Midby, its UK and Ireland sustainability manager. Tactics include advertising campaigns, vouchers and educating employees who can inform customers about the scheme.
Zara, which started installing collection bins during 2016 in stores across Europe, says it will soon have completed installation in all of its stores across China. The Inditex brand is donating the collected clothing to charities including the Red Cross.
Bad habits are hard to change
Despite growing investment, however, consumer behaviour is proving hard to change – a recent survey by Sainsbury’s suggested three quarters of householders in Britain chuck old clothes out with their household waste.
Cyndi Rhoades, founder of recycling technology company Worn Again, hopes the growing prevalence of high-street collection schemes will kickstart behaviour change around textiles much in the way that it’s now widely understood paper and plastic can be recycled. “It’s part of the wider communication campaign to consumers to say – whether it’s rewearable or not, whether it’s returned in store, to charity shops or textile banks – clothing can be recycled.”
Some observers, however, question the ability of in-store recycling to effect real change. As part of a wider strategy to increase resource-efficiency, such schemes can be valuable, says Dilys Williams, director of sustainable fashion at the London College of Fashion. But in isolation, she warns they could “encourage a guilt-free consumption attitude where customers think it’s a good idea to buy and wear (or not) in ever increasing amounts without thought for clothing’s inherent precious value in terms of people and resources.”
What happens to recycled clothes?
Collecting clothes is only half the battle, says Rhoades; what happens after they are collected is just as important. Current mechanical recycling of natural fibres like cotton and wool results in shorter, lower quality textile fibres that can’t be used again in clothes. Instead, they are used to make lower value products like cleaning cloths, which may eventually end up incinerated or in landfill.
Rhoades would like to see more brands investing directly in the tech companies pioneering a more circular model, where raw materials in clothes are recaptured and returned into the fashion supply chain at a competitive price. “There is very little venture capital for research and development [and] without brands playing an active role in financing, these solutions will not make it to market,” she says.
Jade Wilting, project coordinator of the Circle Textiles Programme at social enterprise, Circle Economy, agrees that brands have responsibility to fund the infrastructure and technology needed for more efficient solutions, but says a cultural shift is also needed. Even if the solution to recycle clothes into new clothes appeared overnight, Wilting says we would still have to question why we consume at the rate which we do.
Buying fewer clothes would not only help the environment, but also enhance our wellbeing, says Williams. “After the initial ‘thrill of the till’ at bagging a bargain, our satisfaction quickly fades to feelings of guilt,” she says. “The expectation is to keep up with the ever-changing trends, refreshing our wardrobe every few weeks, but studies have proven that far from bringing us happiness it can actually make us feel empty.”


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Since the 1990s, the path to hip-hop stardom largely ran through mixtapes. By 2006, the RIAA estimated the mixtape economy was responsible for 30 million to 50 million sales per year, working out to an estimated $250 million underground industry, one the trade organization viewed as piracy. Eventually the model moved online, where rising and established MCs alike would give away downloads of their projects on sites like Datpiff and LiveMixtapes. (Meek Mill’s 2012 tape, Dreamchasers 2, the most successful mixtape in Datpiff history, has been downloaded 4.7 million times and streamed another 3.2 million times on the site, according to Datpiff.) But royalty-generating streaming services have made the free model all but obsolete. “Most of those listens [were] in the black market,” says Saleh. “Now everyone wants to be in the rap business.”
“We suffered from piracy, we suffered from the free model, and we weren't demanding anything in return for our art,” adds Ghazi Shami, whose hybrid label/distributor EMPIRE earned six Grammy nominations this year for D.R.A.M.’s “Broccoli” (jointly released with Atlantic), Fat Joe and Remy Ma’s “All the Way Up” and Anderson .Paak’s Malibu. “Now there’s a new generation that says it’s okay to pay a subscription fee to Apple Music or Spotify.”
EMPIRE’s digital-first ethos has become a model for the industry, with deals that allow a label to give young acts a platform and support without a long-term commitment or investment. Priority’s relaunch is based on a similar idea, while labels like Interscope, Epic and Capitol have started focusing on joint ventures with independent labels and artists that offer distribution and major-label support when needed. (Interscope just partnered with LVRN, home to singer-rapper 6LACK; Capitol’s partnership with Quality Control includes Lil Yachty and, moving forward, Migos.)
“This structure is the future of the business,” says Habtemariam, who along with Wilson was brought in by Capitol chairman/CEO Steve Barnett to lead the label group’s surge in hip-hop. “Everyone will want the opportunity to be in business with someone from the beginning as a distributor and then connect the dots at a major level and be in a full deal with them.”
“Without the physical product being in the middle, you’re able to be a lot more nimble,” adds Saleh, who in March helped Future make history with back-to-back No. 1 debuts on the Billboard 200. That speed is a blessing and, potentially, a curse. Saleh says he’s “worried” that streaming-driven songs-of-the-moment could lead artists to focus on “quick noise” at the expense of a sustained career; Hamad says that can lead to artists being “not as realistic” in plotting tours. And the importance of playlists has, in some cases, changed what it takes to be successful. “The most exciting thing for me has always been the diversity of hip-hop,” says Shami. “I don’t want to lose that just because so-and-so has a song booming on a playlist and I can emulate it and get on that playlist.”
Still, the streaming-led R&B/hip-hop takeover is showing few, if any, signs of slowing. Total audio/video on-demand streams are on pace to top 500 billion for the first time by the end of this year, according to Nielsen Music. Thirty of the 50 slots on the Sept. 9 Streaming Songs chart are R&B/hip-hop tracks. And while 37 percent of music listeners used audio streaming services globally in 2016, that number rises to 62 percent among 16- to 24-year-olds, according to IFPI.
Meanwhile, Atlantic’s young MCs are finding success beyond playlists and singles: Kodak Black recently landed an album at No. 2 on the Billboard 200, and Lil Uzi Vert’s debut, Luv Is Rage 2, just opened at No. 1.


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The 2014 International CES, the world's largest annual consumer technology trade show, opened on January 6 at the Las Vegas Convention Center.
Models pose for pictures at the booth of Sigma America during show, which is expected to feature 3,200 exhibitors showing off their latest products and services to about 150,000 attendees. (Photo JOE KLAMAR/AFP/Getty Images)


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Ratnadeep Super Market chain eyes Rs 1000 Cr revenue by 2020
Ratnadeep Super Market, a city-based retail chain Monday said it is eyeing around Rs 1,000 crore turnover by 2020 in the food and grocery category from Rs 520 crore in FY18. The company's Managing Director, Sandeep Agarwal, said they are exploring opportunities for continuous expansion of stores in different phases and different formats like food and grocery stores with a food court and partnering with international, national and premium local brands.
"We had crossed a turnover of Rs 520 crore in FY18 with 3,000-plus employees in our network. We are expanding at a fast pace and expect to see a growth of about 30 percent YOY over the next 24-36 months," he said in a press release.
In terms of sales, the company's own brand of grocery, fruits, and vegetables, imported assortment contribute around 22 percent of the overall revenue pie, he added.
"We are working towards the goal of becoming a Rs 1,000 crore plus brand by 2020," Agarwal said. Ratnadeep which as 42 operational stores spreading across 2.50 lakhs sq.ft is also planning to enter other regions, he said adding they will be opening five stores in Bengaluru soon.


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SAN FRANCISCO (MarketWatch) -- Take-Two Interactive Software Inc.
on Monday reported a fiscal third-quarter profit of $578.4 million, or $4.69 a share, compared with earnings of $70.9 million, or 66 cents a share, a year ago. Excluding one-time items, the videogame publisher would have earned $210.7 million, or $1.70 a share, on $767.7 million. By that measure, Take-Two topped the estimates of analysts surveyed by FactSet, who forecast the company to earn $1.40 a share on $707.4 million in sales. Take-Two said its results were helped by strong sales from its "Grand Theft Auto" and "NBA 2K" game franchises. However, for its fiscal fourth-quarter, Take-Two forecast earnings excluding certain items of zero to 10 cents a share on revenue between $170 million and $200 million. Analysts had earlier estimated Take-Two to earn 12 cents a share on $212.1 million in sales for its fourth quarter.


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Lionsgate films will soon be available on iTunes US, under a new deal the independent studio has signed with Apple . The deal will make films such as Terminator 2, Dirty Dancing, The Blair Witch Project and LA Story, amongst others, available to American iTunes customers.
"We're delighted to offer these incredibly popular Lionsgate films on iTunes, and look forward to adding even more films in the future," said Steve Beeks, president of Lionsgate.
Effective from today, it marks another small victory for iTunes - Apple has failed to woo any of the big name studios to sell films on the online media store. As well as Lionsgate titles, iTunes also sells Disney films, plus films and TV shows from Disney subsidiary companies, such as Buena Vista.
Films downloaded from the iTunes store are playable on iTunes itself, on a Mac, across Apple TV and on video-capable iPods , but nothing else. This is due to Apple's Fairplay policy which restricts the use of iTunes media to Apple-approved devices.
Apple is rumoured to be making its film content available to European iTunes users later this year.


text: SAP AG is forming a new subsidiary in the US to take advantage of SAP America Inc’s expertise in the public sector to provide support for the governments, universities and other non-profit making organizations. The new subsidiary, SAP America Public Sector Inc will provide the public sector with planning, administration and information management solutions throughout the US. The company has also announced the new SAP Public Sector package, an enterprise-wide product based on the company’s R/3 business application software. The new R/3 offering will include budget management, financial accounting, materials management, human resources management, controlling links to all managerial accounting processes, treasury management to support cash flow process, year 2000 compliance and internet and intranet compatibility. SAP is currently implementing the system at a number of public sector customer sites across the US. The company believes the new organization will strengthen its presence in the public sector and the new software will help organizations improve workflow and productivity. Coinciding with the public sector news, SAP has revealed plans to release a new R/3 supply chain optimization package which will apparently enable customers to have access to a high performance, cost effective and integrated supply chain optimization product.


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Ramage will lead the US bakery café chain through a planned period of new franchise growth and has set his sights on developing up to 100 new stores within the next five years
Mark Ramage, Senior Director of Franchise Development | Photo credit: la Madeleine
Texas-based la Madeleine has appointed seasoned franchise executive Mark Ramage as Senior Director of Franchise Development to support the bakery café chain’s US expansion plans.
Ramage, who previously held similar posts at restaurant chains Wingstop, Twin Peaks and Chicken Guy, will be responsible for overseeing all aspects of la Madeleine’s franchise development, with a primary focus on the brand’s expansion in its key markets of Arizona, Colorado, Georgia, Virginia and Pennsylvania.
la Madeleine currently operates more than 86 stores across nine states. Ramage has outlined a goal of signing and developing 50-100 new locations in the next five years.
“My journey with la Madeleine started as a customer and being a fan of the quality food and French feel at each café. I believe in the enormous potential for la Madeleine nationwide and look forward to leading franchise growth as the company enters its next phase of expansion,” he said.
Founded in 1983 by French businessman Patrick Esquerré, la Madeleine was sold to a group of investment companies in 1998 before being acquired by Groupe Le Duff in 2001 for an undisclosed sum. Groupe Le Duff also operates the French bakery café chain Brioche Dorée, which has 11 stores in the US.


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This is one of the key takeaways in Rabobank’s H2 Global Aquaculture Update, which was published this week, although the report’s lead author believes that the longer term prospects are more positive.
The report, which comes with the ominous title “On the brink of recession”, warns of weaker demand for seafood compared to both the proceeding six-month periods, coupled with an increase in shrimp production leading to a significant drop in prices. When combined with the ongoing high feed, freight and energy costs, many farmers – especially shrimp farmers – are likely to struggle, it predicts.
Concerns in the shrimp sector
While the US and EU drove shrimp demand in 2021 and the early part of 2022, demand is likely to cool off in the remainder of the year, especially in food service, as inflation has reduced disposable incomes. Meanwhile, although China’s shrimp imports have improved strongly, Covid lockdowns and import restrictions remain unpredictable, it warns.
In terms of production, the report notes that shrimp supply still has strong growth momentum Indonesia, Vietnam, and especially Ecuador, even as 1H prices have corrected and costs have increased.
“If shrimp supply continues to expand as it did in 1H or if demand further declines due to recessionary consumer behaviour, we may see prices below breakeven for farmers. In some cases, this has already occurred,” notes report’s lead author, Gorjan Nikolik.
In terms of the performances of individual countries Ecuador is continuing the remarkable growth rates seen last year.
Despite considerable price declines and a 15 percent increase in feed costs in the region, Nikolik thinks that Ecuador’s production for 2022 will reach a new record – potentially as high as 1.3 million tonnes.
An additional 35 percent in Ecuador’s shrimp production is equivalent to adding the entire of Thailand’s annual production to Ecuador’s already record 2021 production, or producing enough extra to fulfil Japan’s entire demand, Nikolik observes.
Meanwhile, Southeast Asia’s shrimp producers might be more vulnerable to the combination of a drop in demand and an increase in feed prices. As Nikolik notes, the change in feed prices has been slower to hit producers in Asia than it has in South America, so it’s very possible that these were not factored in when producers were stocking their ponds in April and May.
“Did they scale down? I expect that they were still feeling bullish when stocking their ponds in H1 – hoping to repeat the 2021 situation, when the second half of the year saw a huge growth in demand,” Nikolik suggests.
"Normalisation" in the salmon sector
While the salmon sector is likely to see a reduction in prices during H2, Nikolik doesn’t expect this to be too drastic for producers.
“For salmon it’s more of a normalistion. H1 was so unique in terms of profits. It was a perfect storm combining the growth of food service, the overheated US economy, inflation had not yet made a major impact, and supply had fallen by 6 percent – the biggest drop since 2016 – which explains why the sector achieved unprecedented spot prices of 130-140 NOK per kg,” notes Nikolik.
“But for H2 the supply side is likely to see a 6 percent growth, demand is starting to fall in bars and restaurants in the US, inflation and the increasing feed prices will all have an impact,” he adds.
Despite this he points to the fact that contracts will mean that many companies’ fortunes will be less drastically reduced, while farmers won’t yet have been hit by the worst of the feed price hikes, as those fish being harvested now will have mainly been given feed bought at pre-inflation prices.
“The profitability of the sector will still remain strong in H2, although the cost of production per kilo of fish produced will continue to increase well into 2023, negatively impacting profitability also next year,” he predicts.
A longer-term forecast
Although the short-term outlook looks better for salmon than shrimp, Nikolik argues that, for those shrimp farmers who are able to ride the economic downturn, long-term demand prospects remain bright.
“It’s a product that has so much strength. It is loved by almost every culture globally – Americans love them and Chinese love them – and these are the world’s two largest economies. They’re easy to process, there are no bones, they’re perfectly bite-sized and they come in so many convenient forms – from salads, to dips to entrees, to dumplings. They have no fishy taste, so kids love them, old people love them, there’s no religious constraints. They’re even more popular than salmon, which is more dependent on Western culture and Western infrastructure, while shrimp is traded frozen and can stay in frozen inventory for months,” he points out.
And he notes that there’s scope to hugely increase production too.
“There are virtually no constraints on the supply side either. While salmon has serious constraints – not least the difficulty of obtaining concessions – there’s no such thing in shrimp. India alone could more than triple production to produce 3 million tonnes. If you look at Ecuador’s production for its size, think how much Brazil and Mexico – which have maybe 20 times longer coastlines – could produce if they even get close to Ecuadorian productivity,” Nikolik argues.
He also points to the much larger spread of wealth in the shrimp sector – wealth that really makes an impact given the fact that most shrimp farming occurs in developing nations.
“Think of the social impact too – it employs so many people in relatively poor regions and produces so much relative wealth for them," he adds.
As a result of these factors he believes in the long-term success of the sector.
“We expect a challenging period in the short term, but remain optimistic about the long-term prospects of the shrimp industry – it tends to be very supply elastic and can respond within a 100 days, whereas salmon takes two years to respond,” he concludes.


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Tesla on "Autopilot" Destroys Stationary Michigan Police Cruiser
The EV maker’s controversially named driver assistance system has confused owners and frustrated industry analysts.
Automotive News reports that a Tesla struck a Michigan State Police vehicle that was stationary on a freeway early on Wednesday. According to police, the "Autopilot" driver-assistance system was engaged, and neither the driver nor the system avoided the crash. A police Twitter account indicated there were no injuries. It's not apparent if the Tesla or driver attempted to slow down to avoid the impact. The driver was also cited for driving with a suspended license, according to the tweet.
The police car, a Dodge Charger, suffered serious damage to the rear driver's corner. It's unclear what damage the Tesla suffered, or which model of Tesla was involved, though it appears to be a Model 3 sedan. But this impact comes right on the heels of another troubling incident in Detroit on Monday, in which a Tesla ran through an intersection and became wedged under a tractor-trailer. As Automotive News reports, NHTSA is investigating and Autopilot may be involved.
No car is immune from a crash, even cars with advanced emergency braking systems or fully attentive drivers. But the rash of Autopilot-related Tesla crashes is troubling, and many industry observers lay some blame on Tesla, for both the design of the driver assistance system itself as well as on how it is marketed. Between the Autopilot name (and the forthcoming Full Self Driving option, which Tesla currently sells to customers with the promise of future capability when technology catches up), it isn't hard to gather the impression that driver attention is not required when the system isn't engaged.
That is categorically untrue at the time of this writing, however. There are no fully autonomous vehicles available for purchase by the public, and even Tesla's most advanced system currently available is a driver-assistance system, not a full-blown self-driving, actual autonomous system. It requires an attentive driver be available to resume control at any time, prompted or not. As we've said in the past, the system may improve, but the ability to tune out and let the vehicle drive itself is a long way off.
For now, let this crash serve as yet another reminder that driver assistance systems are an aid, not a replacement for attentiveness. We're glad no one was hurt in this incident. Be safe out there.
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Innovations International To Launch Recruitment Drive In Providence
HARTFORD, CT, May 2014 – Earlier this month Innovations International announced that they will be relocating from Hartford to Providence. This week the company have released a statement publicizing that they will be launching a recruitment drive in Providence when they arrive.
The company is initially looking to recruit staff to work on direct marketing campaigns, as they build to maximise capacity. The team are in Boston throughout May training to work with a brand new client in the telecommunications industry.
Frank Fellone, director of Innovations International said: “Our 2014 goals for the new branch are going to require that we expand our team ten-fold.”
Initially we are looking to for a number of representatives who will be responsible for promoting our clients services and products and then we will be looking to fast-track individuals to supervisory and management roles.” He added.
Along with the recruitment announcement came news of improvements to the in-house training program.
The company intends to increase in size, with the current phase of development building the foundation for imminent growth.
For additional information, contact a member of the Innovations International administration team at pr@innovations-


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Concerns over Calais migrants fail to curb Eurostar bookings
Fears about disruption caused by migrants at Calais has not deterred continental rail travel this Bank Holiday weekend, according to train operator Eurostar.
The high-speed rail service between London and continental Europe revealed 148,000 passengers are booked to travel on Eurostar over the August bank holiday weekend.
This Friday will be the busiest day for departures from the UK, with over 38,000 travelling.
Eurostar revealed 148,000 passengers are booked to travel on Eurostar over the August bank holiday weekend
The figures came as Eurostar confirmed July was a record for the company with more than 1million passengers travelling during the month – boosted by demand for its South of France service that launched in May.
This performance is up 5.1 per cent compared to a year ago.
Chief executive Nicolas Petrovic said: ‘We have seen unprecedented demand over the summer months.’
The company is set to launch larger trains later this year.
It launched an express sale with some routes on sale for £32 one way.
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Barclays’ ousted chief executive Antony Jenkins was nicknamed “The Saint”. He was brought in three years ago to repair the damage of his brash predecessor Bob Diamond who had seen the Wharf-based bank mired in a number of financial scandals.
Mr Jenkins, former head of the retail division, had taken an understate approach in his mission to shine up the bank’s tarnished image, divest non-core assets and cut costs.
But his even pace and style was too much for a bank in a hurry. The share price dragged. Chairman John McFarlane arrived three months ago and on July 8 sacrificed St Antony in his quest to find a speedy return to value for shareholders.
• Also online: Join City Giving Day and bathe in beans perhaps
The bank said: “The non-executive directors led by Sir Michael (Mike) Rake, deputy chairman and senior independent director, concluded that new leadership is required to accelerate the pace of execution going forward.”
There was an apparent clash with the boss of Barclays’ investment bank – Tom King – which made a “him or me” decision seemingly inevitable and bringing the matter to a head. Mr Jenkins lost, but not financially, as he walks away with more than £2million.
Mr McFarlane has form in this regard. When he took over as chairman of Aviva he did a similar thing to chief executive Andrew Moss.
In Barclays, as with Aviva, Mr McFarlane will take executive duties in the interim and struggled to pull his punches when eulogising the departing chief executive who had, reportedly, lost support of board members.
“His skill set was suited to what we needed to get done and he did that superbly well,” Mr McFarlane said.
“Arriving at Barclays with a fresh perspective, it is evident that we have a standout brand with first-class retail, commercial and investment banking businesses. Nevertheless, we are leaving value on the table and a new approach is required.
“As a group, if we aspire to bring shareholder returns forward, we need to be much more focused on what is attractive, what we are good at, and where we are good at it.”
Mr Jenkins said: “It is easy to forget just how bad things were three years ago for our industry and even more so for us.
“I am very proud of the significant progress we have made since then. Our capital position is much stronger, our business model is more balanced, we are much more disciplined on cost management, we have made good progress in rebuilding our reputation and we are seen as a leader in the application of technology to our business.”
A day after the sacking and Barclays is in talks with potential buyers of its retail operations in Italy and Portugal, according to Sky News. This will mean nearly 200 branches in total as part of move to sell up to £100billion on non-core assets, some in the turbulent eurozone. It has already sold retail operations in Spain.
The self-flagellation is over. The Saint has been martyred. Aggression is back in vogue.


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Arts 'as important to future economic success as traditional industries'
The arts should be at the heart of the Government's business strategy, creative industry leaders have said.
The Creative Industries Federation, a national body for the UK's arts, creative industries and cultural education sectors, has called on the Government to "overhaul" its approach to business.
Brexit means that it is now "even more crucial" for the Government to enable the creative industries "to deliver more jobs, trade and exports", it said.
The federation has presented the Government with a blueprint of policy recommendations for the creative industries, "the fastest growing sector of the UK economy" .
Chief executive John Kampfner said: "There has been a tendency to dismiss the creative industries as something lightweight while claiming the glory of billions of pounds in trade that comes from hits such as War Horse, Sherlock and Slumdog Millionaire."
He said the Government should recognise that creative industries "will be as important to future economic success as traditional industries, such as cars or oil and gas".
He added: "Our blueprint presents an ambitious vision combined with practical ideas, not just for increasing growth in the creative industries, but also for delivering growth and success for the wider economy and country."
Its recommendations include plans for creative enterprise zones and campaigns to increase diversity in employment in the sector.
The sector includes everything from advertising, architecture, broadcasting and design to fashion, film, heritage, museums and galleries, music, publishing and video games.
The federation said there are 2.9 million jobs in the creative economy, a rise of 5.1% between 2014 and 2015.
Business Secretary Greg Clark said: "The UK's creative industry is one of our fastest-growing sectors, employing over two million people and it contributed nearly £90 billion to the economy in 2015.
"Through our Industrial Strategy I want to ensure we build on this sector's strengths, which is why we have committed to an early sector deal for the industry in our green paper.
"Sir Peter Bazalgette is leading this work with an independent review into how the UK's creative sector, including our world-class music and video games industries, can help drive prosperity across the country by developing new technologies, capitalising on intellectual property rights and encouraging creativity from people of all ages and backgrounds."


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Various Nicholas Hall publications, notably OTC.NewDirections and OTC New Products Tracker, provide in-depth coverage of medical cannabis developments owing to the category’s huge potential to boost future consumer healthcare growth. High levels of innovation, both in terms of positioning and delivery format (like those detailed below), continue to characterise the category, but recent regulatory moves by the WHO and EU mean that the status of CBD supplements remains far from settled.
Looking at delivery format innovations, recent developments include a new mouth spray in the UK (Natures Aid CBD Oil Spray from Thornton & Ross / Stada) and a new nasal spray in the USA (Rhinodol from New Leaf Pharmaceuticals). The latter claims to deliver the highest concentrations of medical CBD at an affordable cost (US$69.99). According to New Leaf, the oral administrative route provides the lowest bioavailability, owing to the digestive processes that occur when CBDs enter the blood stream (a significant amount of CBD goes into the liver and is broken down into unusable compounds).
Meanwhile, attitudes to CBD and cannabis are changing at a regulatory level. According to news sources, a leaked World Health Organisation internal letter to the UN Secretary-General recommends that whole-flower cannabis and its resins should be removed from Schedule IV of the Single Convention on Narcotic Drugs (1961), the most restrictive international drug category. Cannabis scheduling was discussed at the Expert Committee of Drug Dependence 41st meeting in November 2018 but the discussions have not been published. The letter also clarified that cannabidiol should not be scheduled within the International Drug Control Conventions, while tinctures and extracts of cannabis should also be deleted from Schedule I. WHO recommendations will be voted on by the UN’s Commission on Narcotic Drugs, which could take place in March 2019.
In Europe, marketers of CBD supplements are facing new regulatory hurdles. The European Food Safety Authority has amended the entry for cannabinoids on the Novel Foods register, which now states: “Extracts of Cannabis sativa L. and derived products containing cannabinoids are considered novel foods as a history of consumption has not been demonstrated. This applies to both the extracts themselves and any products to which they are added as an ingredient (such as hemp seed oil). This also applies to extracts of other plants containing cannabinoids. Synthetically-obtained cannabinoids are considered as novel.”
This means that CBD supplements are now classed as a novel food in Europe and manufacturers face the prospect of having to take their products off the market while they apply for approved novel food status, which can take around a year. In December 2018, Austria banned the sale of CBD extracts, stating that the ingredients fall under the EU’s Novel Foods regulations and cannot be marketed without authorisation.
Join Nicholas Hall at our upcoming New Jersey meeting, hosted with our partners Everything Health. Based on the theme, Innovate, Digitize, Integrate, the meeting takes place on 26-27 June, with representatives from Perrigo, MarketHub, Google and many others, joining us to discuss and debate topics including:
- Market Trends and Innovation
- Key Developments in the Cannabis Market
- Connected Health
- Consumer Insights using Artificial Intelligence


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Key Asian equity indices are mostly trading lower today, likely in some part a delayed response to Friday's University of Michigan's index of consumer sentiment that declined by 11.0pt to 70.2, the lowest level since 2011 on concerns over the virus's resurgence.
Also playing a part in today's falls, evidence that slowing global demand and rising delta cases are hindering the reopening of the Chinese economy as activity data released earlier today was significantly weaker than expected.
Retail sales increased by 8.5% in July, well below the 12.1% rise viewed in June. Industrial production increased 6.4% versus the median estimate of 7.9% and well below Junes 8.3% rise. The unemployment rate rose to 5.1% from 5.0% in June.
All of this has overshadowed preliminary Q2 Japanese GDP data released this morning, which showed a stronger than expected annualized gain of 1.3%. Robust private consumption helped the Japanese economy avoid slipping back into recession following its -3.9% fall in Q1.
However, with virus cases also rising sharply in Japan, the Nikkei 225 has been caught up in the downdraft of negative sentiment to be trading down -1.95% at 27740 as we go to press.
After reaching its highest level since 1990 in February this year, the Nikkei has spent the past six months correcting the strong run higher, within a trend channel viewed on the chart below.
Horizontal support is viewed at 27,000, however, should that level break, there is room for the decline to extend towards trend channel support near 26,000, which is the medium-term buying level.
Aware that if the Nikkei breaks and closes above trend channel resistance at 28,900, it would signal the correction is complete, and the uptrend has resumed.
Source Tradingview. The figures stated areas of 16th of August 2021. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation
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Woolworths, the parent company of New Zealand's Progressive
Enterprises, has bought EziBuy Holdings from founding
shareholders Peter and Gerard Gillespie and Catalyst
Investment Managers for $350 million.
The purchase is subject to approval from the Overseas
Investment Office but is likely to go ahead.
Craigs Investment Partners broker Chris Timms said companies
like Woolworths were keen to take a strong position in online
markets and EziBuy, which already had a presence in
Australia, fitted that model.
''They have bought a proven business that has shown it knows
what to do and has the formula right. Without knowing
anything about EziBuy's cash flow and profit, you would have
to say they are considerable given what Woolworths has paid
Woolworths was a top 10 listed Australian company with a
business model of volumes and margin, he said.
It was likely Woolworths would adopt and expand the EziBuy
model throughout its online network.
A price of $350 million was not a large outlay for a company
with market capitalisation of $A42 billion ($NZ48.2 billion),
Mr Timms said.
Woolworths group director of retail services Penny Winn said
in a statement the company was keen to invest in the next
phase of EziBuy's growth and believed the combination of the
two companies would boost its its own online capabilities.
Progressive already employed more than 18,500 in New Zealand
and EziBuy employed 500. Currently, 68% of EziBuy's sales
were to the Australian market.
''With a history of profitable growth and more than $NZ200
million in sales over the past financial year, and 550,000
loyal customers across Australia and New Zealand, the
business has been an enormous success in its own right.''
Woolworths was also seeking to learn from EziBuy's
direct-to-customers logistics at Palmerston North and apply
those lessons more broadly across the business, Ms Winn said.


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It’s scandalous! Shop owner warns new parking rules ‘biggest threat’ to traders at Earlham House Shopping Centre
- Credit: SIMON FINLAY
Controversial parking rules have left a shop owner so fearful for the future of his business that he has pledged to reimburse customers' tickets.
Paul Mundy, owner of Mundy's Beds, is one of several traders concerned about the proposed new parking regulations being imposed at Earlham House Shopping Centre in Norwich.
He described the rules, which will require people to pay for parking from June 1, as the 'biggest threat' to traders at the complex since it opened.
And in a bid to keep customers, Mr Mundy has pledged to pay for their parking tickets when they make an order.
He said: 'The only thing I can do is to reimburse their parking fee. It means the customers don't have to pay and we don't lose out.
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'I'd rather give them £2 back than lose a £500 order. It is scandalous.'
It is the latest in a series of controversies surrounding parking at the shopping centre, off Earlham Road.
- 1 £6.1m shopping street revamp will take half of 2022 to complete
- 2 Family forced to live in tent after maggots and rats found in home
- 3 Councils could spend millions to buy former Aviva office for new HQ
- 4 Roof collapses into home after major blaze engulfs it
- 5 Fire crews battling large house blaze
- 6 Seven cosy pubs to visit in Norfolk this winter
- 7 Three cars crash and two end up in ditches on rural road
- 8 MP and parents concerned over traffic and parking chaos outside school
- 9 Man arrested on suspicion of stalking after notes left on women's cars
- 10 Jailed this week: Primark brawl, attempted murder and abuse
Last year, traders claimed customers were being fined if their tyres touched the white lines of parking spaces or if they stopped briefly to drop off items.
It led to a petition calling for National Parking Enforcement, which monitors the site, to remove its CCTV cameras.
Shoppers are currently allowed to park for two hours free of charge, but must not return within 24 hours.
But notices erected around the complex on Thursday state it will become a 'pay on foot' car park in June. There will also be 10 minutes of free parking for deliveries and collections.
It comes just weeks after business owners hoped parking rules would be relaxed after it emerged the complex had been sold to new owners.
But it was later revealed that Bellgold Properties Ltd had kept ownership of the car park.
The company has once again not responded to calls for comment.
Luke Coathup, owner of The Green Grocers, said: 'By applying a charge for people to park here, it is going to be more convenient and cheaper for them to go to a local supermarket, as supposed to supporting the small local businesses here.
'I think there needs to be a more intelligent approach on how to deal with the parking. Prior to that we need to identity what is the issue, apart from making money.'


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The global soy chemicals market is forecast to reach over $13 billion by the year 2017, spurred by the anticipated high demand from the bio-diesels market and growing adoption of alternative renewable sources of energy, according to a new report by Global Industry Analysts Inc. Soy-derived chemicals such as soy-based foamed plastics, polyols, methyl soyate, fatty acids and waxes, in particular, hold tremendous potential for future growth. Increases in petrochemical and crude oil prices, combined with rising environmental concerns, generated several opportunities for sustainable/renewable raw materials. The scenario bodes well for the soybean and other chemicals made from sunflowers, corn, algae, and other renewable sources.
Market penetration of soy chemicals is likely to expand with the continued hike in prices of petrochemicals and the enhanced performance of soy chemicals over petrochemical-based materials. Health benefits, as well as rising demand of natural ingredients for consumer products, str projected to bolster the market for natural extracts. Refined industrial soybean oil is projected to earn low revenues, as the oil is used for saturated and declining application areas such as alkyd resins and newspaper inks.
In the soy chemicals category, methyl soyate is the most established market owing to its dominance in the bio-diesel sphere. The chemical is also used as a solvent in various other applications areas, such as cleaning products and coatings.
The market for soy-polyols and other oil-derived chemicals is expected to grow as a result of corporate initiatives encouraging the usage of sustainable and renewable feedstock. In addition, rising consumer demand for environmentally friendly products, specifically in the coatings and plastic markets, is expected to boost long-term prospects. Smaller volume markets such as consumer wax, adhesives and lubricants are expected to grow in the future. Major factors driving demand for soy chemicals include rising environmental concerns and enhanced products, such as soy protein flour finding application in the wood adhesives market. In consumer wax applications, soy waxes are increasingly penetrating the commercial candle market due to their ability to support high fragrance loading and clean burn.
The U.S. and Asia-Pacific make up two of the largest markets for soy chemicals, according to the report. In view of long-term growth potential, the developing markets of Latin America and Asia-Pacific are projected to surge ahead at a CAGR of more than 9.0% through 2017. By end-use segment, the biodiesel market displays dramatic expansion over the years and reigns as the largest end-user of soy chemicals. However, over the long-term, the plastics segment is forecast to race ahead at the highest compounded rate of 8.5% during the analysis period.
For more information, visitwww.strategyr.com/soy_chemicals_market_report.asp.


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A new study led by Dr. Lance B. Price, professor of environmental and occupational health at Milken Institute School of Public Health (Milken Institute SPH) at the George Washington University, has linked Klebsiella pneumoniae-contaminated food to urinary and blood infections in patients.
To better understand potential contributions of foodborne Klebsiella pneumonia to human clinical infections, the multi-center research team compared Klebsiella isolates from retail meat products and human clinical specimens to assess their similarity based on whole genome sequencing. Dr. Price and his colleagues found that 47 percent of the 508 meat products purchased in 2012 from grocery stores in Flagstaff, Arizona, where the study was conducted, harbored Klebsiella and many of the strains recovered were resistant to antibiotics. The team also found Klebsiella, including resistant strains, comprised 10 percent of the 1,728 positive cultures from patients with either urinary or blood infections in the Flagstaff area. The researchers used whole-genome sequencing to compare Klebsiella isolated from the meat samples with the patient samples and found that some isolate pairs were nearly identical.
The multi-center study was led by Dr. Price and scientists at Milken Institute SPH. Other authors on the study include researchers from Translational Genomics Research Institute, Flagstaff Medical Center, the VA Healthcare System-Minneapolis, Statens Serum Institut in Copenhagen, the University of Minnesota and the Johns Hopkins University School of Medicine.
The study, “Intermingled Klebsiella pneumoniae populations between retail meats and human urinary tract infections,” was published in the journal Clinical Infectious Diseases.


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Maruti Suzuki is all set to launch the new Baleno on February 23 in the country. We are already aware that the upcoming hatchback will come packed with a plethora of features including a heads-up display, a new touchscreen, and a 360-degree camera. Recently, it has been revealed that the car will also get a comprehensive suite of connected car features.
The automaker is already offering Suzuki Connect Tech in its existing models. However, the new Baleno is all set to receive an upgraded system. Having said that, the new system will be built on Maruti’s current connected platform. It will further offer additional connectivity features including Amazon Alexa support. With this, the customers can easily use voice commands with the help of Alexa support just like the one that is offered on the fifth-gen Honda City. Besides this, Maruti has also confirmed that the latest connected car tech will support remote commands via the user’s smartwatch. Moving on, the 2022 Maruti Baleno will also come equipped with a 9.0-inch SmartPlay Pro+ touchscreen infotainment system that further features a built-in voice assistant. The touchscreen unit will also get Android Auto and Apple Carplay connectivity.


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Why are Speedos so speedy?
Imagine a product so incredibly good it’s actually credited with helping athletes break records.
No, we’re not talking about steroids. We’re talking about swimsuits. Speedo believes it has one and it’s got the grams of gold to prove it. Numerous medal winners have made it to the podium after wearing Speedos, and on Day One of the London Olympics, US swimmer Ryan Lochte wore about a foot of Speedo’s fabric to win the gold in the 400 meter individual medley.
In a Fox Sports exclusive, Speedo USA president Jim Gerson says the push for innovation combined with pool prodigies equals pure gold.


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Sobering thoughts for Russians
Russians will have less choice this New Year’s Eve in what bottle to buy to bring in the New Year. Changes last July in the alcohol industry led to shortages and high prices for champagne, wine and other popular drinks.A new law was adopted requiring electronically chipped excise labels which traced every bottle, from the producer to the consumer. This applied to all alcoholic drinks except beer.The main goal was to create a database, to track turnover, and collect taxes. However, the new labelling machines were too expensive for most of the players on the market.Neither the hardware, software nor the labels were ready in time. This caused chaos and empty shelves.The government had to take a step back: new labels were introduced, but these were not entered in the unified database, the so-called EGAIS, which tracks the production of wine and spirits.The poor implementation of EGAIS in 2006 cost the alcoholic beverages business an estimated $ US 1 BLN.In addition, EGAIS was not the only blow to wine-lovers.Russia banned Moldovan and Georgian wines in March 2006 citing health and quality concerns. These accounted for more than 40% of the Russian wine market. Rival producers rushed to fill the gap.Even after the ban was lifted in November, Moldovan wine companies had to fight hard to win back their market share. Meanwhile, counterfeit products, particularly in the lower price-range, proliferated.After a series of alcohol poisonings, the government introduced a bill proposing a monopolization of the alcohol market, including production and distribution.Both houses of the Russian parliament support the bill.However, some experts think a government monopoly will not solve the three main problems facing the drinks industry: first – the legalization of the market, second – counterfeit products, and third – collecting taxes.The New Year could herald in more problems than solutions for the troubled industry.From February 2007, the EGAIS register will indeed switch to a fully-electronic tracking system and companies are being given only 25 working days to comply with it.A sobering thought.


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Out-Law News | 21 May 2018 | 3:52 pm | 2 min. read
Jacek Glinka said the introduction of a manufacturing waiver for SPCs could lead to up to 25,000 new jobs in Europe's pharmaceuticals industry by 2025, according to a report by the Irish Times.
The introduction of such a waiver is being considered by the European Commission, according to a consultation it held last year. However, life sciences specialist Karen Gallagher of Pinsent Masons, the law firm behind Out-Law.com, said the move would not be universally popular across the pharmaceuticals market.
SPCs serve to extend the life of a patent by up to a maximum of five years in the field of medicinal products. SPCs are provided for under an EU Regulation which is directly applicable across the whole of the EU, although they have to be applied for separately in each EU country.
The rationale for SPCs is to compensate patent holders for the period of patent protection during which they are prevented from commercialising their products owing to the lengthy drug approval process. Patent protection lasts 20 years but it often takes drugs companies around a decade to develop new medicines and gain marketing authorisation.
Currently, drug manufacturers based in the EU cannot begin their manufacturing operations while patents are in force. This restriction applies even in relation to exporting outside the EU to patent-free territories.
Glinka said the existing framework "impedes the growth of additional pharmaceutical manufacturing in Europe and in particular in Ireland, which given its impressive track record in this area, would be in pole position to make investment gains", according to the Irish Times' report. Mylan has premises in Dublin and County Galway in Ireland.
Gallagher said: "The potential introduction of an EU SPC manufacturing waiver is a controversial issue, and there are many competing commercial interests at stake. This is a significant issue in Ireland, which, according to the Irish Pharmaceutical Healthcare Association, is now the largest net exporter of pharmaceuticals in the EU."
"Generic pharmaceutical companies are lobbying the Irish government to back the introduction of an EU manufacturing waiver to allow them to commence manufacturing generic products in Europe despite the fact that the originator product is still protected by an SPC here, provided they do so for the purposes of stockpiling and/or export to countries where the originator is not protected by an SPC. The argument is that this will positively impact profitability and generate employment in the generic pharmaceutical sector in Ireland, and in Europe," she said.
"However, Ireland is also home to many research-based pharmaceutical companies. They are concerned about the erosion of their exclusive patent rights, and the practical difficulties of ensuring that generics produced under a manufacturing waiver are actually exported, and do not make their way onto the EU market. Therefore, the Irish government will also have to take account of the potentially detrimental economic effect that a manufacturing waiver might have on the research-based pharmaceutical industry before coming to a view on this issue. The effect on the pharmaceutical industry generally must be considered. An IMS study last year on the impact of the proposals highlighted that a manufacturing waiver might result in generic exports from the EU replacing exports of originator products, thereby decreasing the export value of pharmaceutical products for the EU overall," Gallagher said.
"The challenge for the EU is achieve a balance between these competing interests. To do so it must assess the potential impact on the EU pharmaceutical industry as a whole. This is what the European Commission consultation process seeks to achieve and the publication of its findings are eagerly anticipated," she said.


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Rep. Edward J. Markey (D-MA) called on federal regulators to step up oversight of bed rail regulations. The congressman spoke out in the aftermath of a tough investigation into bed rail entrapment.
In a letter to the Food & Drug Administration, the Federal Trade Commission and the Consumer Product Safety Commission, Markey said he would like to see a national task force formed to increase regulation of bed systems and bed rails.
“Comprehensive oversight of these products, which sometimes blur the line between medical devices and consumer products, requires coordination among federal agencies,” Markey wrote in a Nov. 30 letter to FDA commissioner Margaret Hamburg, M.D.
“We need a national task force dedicated to addressing any regulatory gaps.”
The letter stemmed from a New York Times report that said since 1995 from bed rail entrapment. While 61% of bed rail deaths happened at home, a quarter happened in a nursing home or assisted living location, report authors noted.


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All startups and businesses with a .TECH domain can apply for the STARTUPS.TECH program before November 12
Namecheap is teaming up again with .Tech Domains to offer a unique opportunity for businesses and startups that own websites with .TECH domain names. At least one Namecheap .TECH customer will win a chance to have their business featured on the “This Week In Startups” podcast hosted by Jason Calacanis. Calacanis is a Silicon Valley icon and has backed many successful startups, ranging from Uber and Superhuman to Robinhood.
The STARTUPS.TECH competition is the latest in a long history of Namecheap teaming up with .Tech Domains to empower creators and entrepreneurs. Selected businesses will also have a chance to pitch and promote their company to an audience of over 200,000 people, gain valuable exposure, make new industry connections and potentially even attract new funding opportunities.
Namecheap .TECH customers must head to the program’s dedicated page and complete the form to apply. While the process is simple, startups looking to submit an application need to act fast — at least one slot is reserved only for Namecheap customers, and the deadline to apply is November 12. Shortlisted applicants in the running for the prize will receive notification via email.
To learn more about the STARTUPS.TECH program and competition, read this blog.


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Amazon HQ sale set record, but don’t expect major market changes
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Despite the record price, Amazon will benefit by not being at the mercy of a landlord when it comes time to renew its lease. Companies buy their leased buildings for that and other reasons.
Developer and investor Dan Ivanoff, founder and managing member of Seattle-based Schnitzer West, said that from the standpoint of managing real estate, buying the headquarters is what he would do if he were Amazon. “If you’ve got the cash, you control your destiny.”
Plus, owning the campus also will give Amazon tax advantages, he said. That means the company can afford to pay more per square foot than investors who would lease out the 11 buildings on the campus on Boren and Terry avenues north between Mercer and John streets.
Scott Coombs, regional managing director in the Northwest of Colliers International, a real estate brokerage, said that with interest rates at record lows, now is the time for companies to buy their buildings, if they can. Companies could find that the debt service on a purchase is the same as the rent they’re paying. “It may not pencil, but I think you ought to be looking at it.”
John Grassi is president of Spear Street Capital in San Francisco, which is developing 202 Westlake, a six-story office building in Seattle. When it’s done, Grassi said Amazon will lease all 110,000 square feet of office space. Will Amazon eventually buy the building? “I have no idea,” Grassi said.
Grassi said that in Silicon Valley, some companies are buying their headquarters, “but that doesn’t seem to be a trend.”
Going forward, the amount Amazon is paying could set a precedent for the market.
Marc Stiles covers commercial real estate and government for the Puget Sound Business Journal.Jeanne Lang Jones covers retail and real estate for the Puget Sound Business Journal.
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