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T-Mobile spent the better part of the last decade as an also-ran. Slinking in the shadows of AT&T, Verizon, and Sprint, the smallest of the “big four” American carriers was never quite able to muster the muscle of its competitors. Its inability to carry Apple’s iPhone never helped matters, and after AT&T failed to buy it up last year, the Deutsche Telekom subsidiary seemed more cast out and dejected than ever.
But an infusion of fresh executive blood – and the new ideas that go with that – could turn T-Mobile around. Freshly installed CEO John Legere and Chief Marketing office Mike Sievert plan to reimagine T-Mobile as the “Uncarrier;” the rebel little guy who defies the rules written by his entrenched, bureaucracy-locked competitors. We spoke with Sievert, the man responsible for curating T-Mobile’s new image, to find out how it intends to live up to its ambitious new self-coined title.
The problem with carriers
As a veteran of AT&T, Rogers, and Microsoft, Sievert might seem like the last person to approach the industry from a new perspective, but he was quick to criticize the status quo.
“We don’t think the consumer is best served by a mentality of an industry that has, for a long time, been dominated by utility companies that have utility company thinking,” Sievert says. Think contracts. Rigid rules. Thick layers of bureaucracy. But where there are problems, there are opportunities. Sievert believes T-Mobile has “a real opportunity to be disrupters.”
“We call it the Uncarrier strategy,” Sievert told us, as he explained T-Mobile’s new initiative to win back customers by rewriting the rules of the wireless carrier game. Smartphone subsidies will disappear, along with the contracts that went with them. So will hard data caps, and the expensive overages that kicked in when you accidentally rolled over them. The message: Pick any phone you want, use it as much as you want, quit whenever you want.
An Uncarrier way of thinking
This ideology might cut into the lucrative data plans that have kept competitors flush with cash, but Sievert believes that liberating consumers will also endear them to the network that has struggled to rise above fourth place. T-Mobile, he says, wants to “focus on what consumers want: a low, fair, simple price you really do understand; great access to the most amazing devices on the market; the ability to trade up and be treated fairly when its time to upgrade; and the ability to enjoy the services we sell, like an unlimited network offering that doesn’t require a contract.” This was not your average elevator pitch.
Like CEO John Legere, Sievert isn’t afraid to knock around competitors in effort to illustrate how T-Mobile will set itself apart. AT&T and Verizon’s shared data plans with hard caps are a particularly pointed topic. “Both of these big competitors of ours have fantastic margins. Man they are making money hand over fist, and these shared data plans are contributing to that.”
According to Legere, the strategy of pooling data helps carriers minimize bandwidth and maximize revenue, but works poorly for customers. “People don’t want to feel like they are on the clock,” Sievert said. “Data is everything.” Data plans, he claims, will be a game changer for T-Mobile; customers want unmetered data. “We believe the vast majority of consumers want unmetered and unlimited voice and text, and you will see us moving toward that.”
T-Mobile’s data plans will only differ in the amount of high-speed data customers receive. Less-expensive plans will put the brakes on a customer’s speeds after they use a certain amount of data, while premium plans will offer truly unlimited high-speed data for those who are prepared to pay for it. Users who go over their high-speed limit will be able to add on more data for the same rate without an overage fee. T-Mobile’s future plans will be centered on these data plans, and they won’t necessarily come with two-year contracts.
“Contracts should be something consumers sign when they get a benefit, not when they’re forced to,” Sievert says. “It’s just a philosophy of ours.” While he wouldn’t hint at anything specific, we wouldn’t be surprised to see some sort of offer or promotion tied in for those willing to make one or two-year agreements.
What’s in store for the future
Beyond its current plans, Sievert was optimistic that finally landing the iPhone this year will be a boon for the carrier that “arguably has one hand tied behind its back” without it. “We’re very excited to be partnered [with Apple] and to be launching products with them in 2013,” Sievert said. That’s the best evidence we have so far of T-Mobile’s intention to carry the iPhone 5, or perhaps iPhone 5S. It’s going to happen, and maybe soon.
VoLTE is also in the works, a technology that offers better audio and battery life for smartphones. MetroPCS had been busy testing up until it was bought by T-Mobile. “We don’t have any announcements to make, but I will say it’s exciting technology … it’s turning out to be a nice consumer experience, and has some great network utilization benefits,” Sievert says. It certainly seems T-Mobile is planning to move forward with VoLTE sooner, rather than later.
Of course, contract-free plans, subsidy-free phones, unlimited data, and a huge LTE roll-out all sound great, but how does T-Mobile plan to actually deliver? “We’re now in the process of going to do the doing,” said Sievert.
It has its work cut out for it. T-Mobile’s 4G rollout calls for reaching 100 million people by mid-2013, and “probably 200 million” by the end of the year. While that might sound ambitious, much of T-Mobile’s backhaul – the hard connections between cell towers – has already been upgraded, thanks to an initiative it started all the way back in 2007. That means while towers need new equipment, the laborious process of replacing hard lines between them has already been completed.
Even with the promise of T-Mobile’s new Uncarrier philosophy, the carrier has a lot to prove before it truly delivers what it claims. While Mr. Sievert emphasized the idea of T-Mobile “putting the customer first,” it faces innumerable challenges before it comes even close to fruition. What matters at this point is T-Mobile’s ability to stick to its word, accomplish its LTE expansion, and start selling the iPhone. We like what T-Mobile says it can be, but it’s going to take a lot before it can prove itself worthy.
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Fintech giant Square (SQ 9.11%) has several different ways it generates revenue, and many investors don't really understand how much comes from each source. In this Fool Live video clip, recorded on Aug. 23, Fool.com contributors Matt Frankel, CFP, and Brian Withers take a close look at Square's latest income statement to give investors a better feel for how this massive financial disruptor makes its money.
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Matt Frankel: This is their income statement. Look at this far left column, that's what we're going to be paying attention to. This is the most recent quarter, the three months ended June 30, 2021. This is the second quarter. This is how Square's revenue is broken down. Transaction-based revenue, a little over $1.2 billion. Subscription and services based revenue, about $685 million. Hardware revenue: A lot of people are surprised to see this hardware is just a drop in the bucket. Less than $44 million of Square's revenue comes from selling the actual payment terminals and things like that, that you see in stores.
Their biggest revenue source by far, more than after the revenue is Bitcoin (BTC 1.52%) right now. That's to be expected. This revenue counts their entire Bitcoin volume. This means that about $2.7 billion worth of Bitcoin was bought by Cash App customers. That's not money in Square's pocket. So when you see them report a lot of numbers in their earnings release, and when I talk about a lot of these numbers on this page, I'm going to say them twice, once including Bitcoin and once without Bitcoin because it distorts some of the numbers. Bitcoin is 58% of Square's revenue. But if you break down the other three categories without Bitcoin, transaction-based revenue, this is like swipe fees from their payment volume, things like that. Any transaction-based revenue makes up 52% of the non-Bitcoin total. Subscription and services-based revenue makes up 29% of the total, and hardware is just under 2% of their non-Bitcoin total revenue. Hardware is not only a very small part of the business, but when you go down to the next section where it says cost of revenue, you will see that the hardware is actually an unprofitable revenue source. They made about $44 million in hardware revenue. It cost them over $61 million to make that hardware, and the reason is, it's because that hardware is what generates the $1.2 billion worth of transaction-based revenue. They're more than willing to take a hit on that. Just a couple of other things I wanted to point out here.
Brian Withers: Matt, before you leave that and I know talking to my brother-in-law, he doesn't pay any subscription fees to Square for any of the services that he gets or for any of the reports and whatnot. He explained to me that he just pays the percentage fee for the transactions, and then there's a whole bunch that comes with that. He gets all sorts of reports, and he gets, certainly, customer service and things like that. I always think of, and I was just hoping you could tell me that I was thinking about this the right way, is that transaction-based revenue is something that everybody pays, and then for those customers that are larger and want more services, maybe like employee scheduling and things like that, that would be the subscription line so that I would think of being a high-end subscription services or the plus plan, or whatever, the premier plan.
Frankel: Yeah. Add-on services, I guess, is what you can call the subscription-based revenue. That's a really good point. Transaction-based revenue is when, for example, Square makes, I think, $0.10 or $0.12 off every swipe transaction through its seller ecosystem. That would be an example of transaction-based revenue. Square Capital generates a lot of the services-based revenue, is a good example of that. Two more things I wanted to point out. If you look at gross profit down here, Square's gross margin is 24% based on this gross profit number and this revenue number. That's not great for a tech company. But when you back out Bitcoin from the equation, Square's gross profit jumps from 24% to 63%. Bitcoin is not a high-profit business for it. That's not why Jack Dorsey has Bitcoin included on the Cash App. It's not because it's a high-margin business. Square might make 1 or 2% from a Bitcoin transaction, if that. Operating margin, which is bottom line, this is where the earnings and profitability comes from. Based on this operating income, 2.7% based on the total revenue. But if you just look at non-Bitcoin stuff, it's about 20%, big difference there. The key points that new investors should know about the income statement, if you want to see earnings per share, it's on the bottom. It's not consistently a profitable company. A $0.45 earnings per share for a company that's trading at $270 a share is not a gigantic profit margin, especially when you see that in previous periods, it hasn't really been very profitable. Those are the key points.

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Aldi is bringing back its much-loved Kevin the Carrot toy this week to celebrate the Queen’s Platinum Jubilee.
Click Here for more information: https://www.aldi.co.uk
As well as a patriotic version of the cuddly vegetable, the supermarket is launching a whole host of celebratory friends, including members of the royal family.
Costing only £3.99 each, the new toys will be available to pre-order online from May 22 and in stores from May 26.
The limited-edition toys will also be offered in two bundle choices for £15.95 each.
Kevin will be joined by a series of royally appointed friends, including The Queen herself wearing an iconic regal purple skirt suit, Prince Charles who dons his traditional medal adorned scarlet tunic and Her Majesty’s beloved Corgis in a choice of brown or grey.


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Friday, 4 September 2015
Stub Hub - fans don't want transparency
The Wall Street Journal reports that StubHub is dropping its all-in price structure after less than two years. The secondary ticketing site launched the transparent model in order to show users final prices from the off, without adding any fees before checkout. This move prompted a 20% drop in sales and a similar loss of market share and now the eBay-owned company has announced a return to the 'industry standard'. StubHub president Scott Cutler told WSJ that while customers may claim that they seek greater price transparency, purchasing habits simply don't reflect that desire. As it returns to adding fees of 15-17% before final purchases, StubHub will still allow users to switch to an all-in display option - it just won't be the default any more.


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City of London Corporation teams up with Amazon to cut delivery vehicles and improve air quality
The City of London Corporation has today [15 December] approved its first Last Mile Logistics Hub to consolidate deliveries across central London, reduce traffic and cut harmful emissions.
The Planning and Transportation Committee approved the initiative which will transform 39 car parking spaces within the underutilised London Wall Car Park into a hub for Amazon Logistics.
The final leg of parcel deliveries will be undertaken by e-cargo bikes and people on foot, removing large numbers of delivery vehicles from City streets.
The City Corporation’s Transport Strategy commits to ensuring the Square Mile is a healthy, attractive and easy place to live, work, learn and visit. It outlines the need to reduce the impact of motorised freight on the City by delivering a programme which includes Last Mile Logistics Hubs.
Chair of the Planning and Transportation Committee at the City of London Corporation, Alastair Moss, said:
“The Amazon Last Mile Logistics Hub alone will take up to 85 vehicles off the roads each day, meaning up to 23,000 less vehicle journeys in central London every year.
“The City Corporation’s ambitious Climate Action Strategy sets a target of reaching net zero carbon emission by 2040 and radical initiatives, such as the Amazon Logistics Hub, will be key in realising that goal.
“We are determined to deliver better air quality and to improve road safety for our residents, workers and visitors. This commendable scheme delivers on both counts.”
Country Director at Amazon Logistics, Kerry-Anne Lawlor, said:
“Amazon is excited to have been chosen by the City of London Corporation as its partner for its first Last Mile Logistics Hub, supporting it in delivering freight targets laid out in the Transport Strategy.
“Amazon is committed to building a sustainable business for its customers and the planet, and last year co-founded The Climate Pledge – a commitment to be net-zero carbon across its business by 2040, 10 years ahead of the Paris Agreement.”
Amazon Logistics is expected to be able to complete all deliveries within a 2km radius of the hub without the need for motorised freight vehicles. This covers the entirety of the City of London plus some additional parts of central London.
The City of London Corporation aims to deliver two additional Last Mile Logistics Hubs by 2022 and is aiming for a total of five Last Mile Logistics Hubs by 2025.
Notes to Editors:
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk


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New Year Could Mean 'New You'
Posted January 3, 2007 9:24 a.m. EST
Updated January 4, 2007 5:02 p.m. EST
Health experts often say if you want to lose weight, burn off more calories than you eat, but that is easier said than done. But even small, simple changes can make a big difference in a year.
Packed gyms tell the story. many people start the new year with the goal of losing weight, but exercise is only half the equation.
"It's about balancing your exercise plan and nutrition plan," said Natalie Newell, a registered dietician with Rex Healthcare.
Newell said the best way to start is with a food journal.
"Write down your emotions. Write down what you're eating," she said. "Write down what you're eating when you're physically hungry. That's a key component too. A lot of people eat because it's a habit."
You should also focus on eating only when you are physically hungry and then make healthier choices. Fast-food restaurants are trying to offer healthy alternatives.
"They're giving us fruit options, so instead of french fries, choose a fruit cup. Instead of a soda, choose water," she said.
Newell said women need 10 to 11 cups of water a day while men need up to 16 cups a day. She said water will help you feel fuller and keep you from thirsting for sugary drinks.
Lastly, Newell said you should eat smaller portions.
"Our idea of what portion sizes are are very skewed, so what we think might be 200 calories actually might be 400 to 500 calories," she said.
Newell said that you could cut most restaurant portions in half and save the rest for another meal.


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OTTAWA — Research in Motion unexpectedly announced on Thursday that a new line of phones that it still hopes will revive its BlackBerry brand will be delayed until next year.
It is a critical setback for RIM, which is struggling to compete with old phone technology in a highly competitive market. After losing dominance of the smartphone market to Apple’s iPhone and phones using Google’s Android operating system, RIM has staked its future on the BlackBerry 10 line of phones. But they had previously encountered delays in its release date, which along with other issues resulted in its co-chief executives giving up management of the company in January.
The latest setback, which was announced along with a $518 million loss in the company’s first quarter, increased doubts among analysts and investors about RIM’s future.
The company also announced that it would cut about 5,000 of its 16,500 employees, raising additional concerns that a drop in morale and defections by employees working on BlackBerry 10 could lead to further delays.
“I don’t know if they can turn it around,” Ehud Gelblum, an analyst with Morgan Stanley, said in an interview on Thursday. “I’d love to see it but there are some cases that are lost causes.”
Charles Golvin, an analyst with Forrester Research, said that the delay meant that the BlackBerry 10 phones would arrive after the anticipated release of a new iPhone, more phones based on the Windows 8 operating system from Microsoft as well as updated Android phones.
That, he said, will make it extremely difficult for RIM to generate interest in its new line.
RIM’s stock plummeted more than 14.5 percent in after-hours trading after the release of its quarterly results. The stock had closed at $9.13 a share in earlier regular trading.
At several recent public events, Thorsten Heins, who became RIM’s chief executive in January, said that the development of the new phones was on schedule and they would be available for the important holiday shopping season.
During a conference call with analysts Thursday, Mr. Heins said that the delay was not related to any problems with the technology of the new phones. Instead, he said that the company was overwhelmed by the sheer amount of software code it was now handling.
He did not explain why that management issue was not apparent earlier this year. RIM has a long history of missing deadlines and releasing products before they are fully finished.
“I will not deliver a product to market that will not meet the needs of our customers,” Mr. Heins said. He said that the new phones would still be competitive against coming models from other companies.
“There’s a lot of competition coming, that’s the nature of the consumer electronics business,” he said. “We’re not afraid of it.”
RIM’s loss, of about 99 cents a share, compares with a profit of $695 million, or $1.33 a share, in the same quarter a year ago.
Revenue fell by 43 percent to $2.8 billion from $4.9 billion in its first quarter last year.
While the delay in the new phones was a surprise, the weak financial results were expected. Although RIM has stopped issuing predictions for its financial results, it warned investors in late May that it was likely to report an operating loss for the quarter.
For several months, some financial analysts have been privately skeptical about RIM’s ability to survive or even to find a buyer for its assets. Several of them began openly expressing their concerns in advance of the quarterly earnings statement.
RIM is currently conducting a strategic review which includes everything from licensing the BlackBerry 10 software to selling all or part of the company. Mr. Heins has repeatedly said, however, that the company’s best hope remains cutting costs and successfully introducing the BlackBerry 10 phones.
There is little to indicate that anyone is seriously interested in buying RIM. Facebook and Amazon are interested in making phones, and it is unclear what attraction a phone maker with software problems would hold. As Google and, more recently, Microsoft have shown, those companies do not necessarily need to buy a hardware maker to enter the market.
RIM’s loss included a $326 million write-down of good will, the value assigned to intangibles such as its trademarks and customers’ perception of its products. With that write-down, the company now assigns no value for good will. The company will not discuss the value of its patents.
Sales of BlackBerry smartphones have slowed significantly. RIM said it shipped 7.8 million BlackBerry smartphones in the quarter, a third less than the 11.2 million smartphones it shipped in the first quarter a year ago. Adding to that problem, the company said that it was selling more lower-priced phones than in the past and that it has been forced to give wireless carriers and other sellers payments to sell BlackBerrys at a discount.
Despite the large loss and the rapid decline of its business, RIM is not in imminent financial danger. The company had about $2.2 billion in cash at the end of the quarter and expects to be able to maintain that level in the current quarter through spending cuts. It also has no debt and unused lines of credit that it said were currently being renegotiated.


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Follow along with IntraFish's live updates from the National Fisheries Institute's Global Seafood Marketing Conference in Orlando, Florida.
Thursday, Jan. 23, 11:20 am
Got milk? For now
Jim Mulhern of the National Milk Producers Federation doesn't look like a prize fighter, but when he joined the association, he saw an industry that had let the plant-based foods sector walk over it for too long.
"This is an issue we've been dealing with for the better part of 35 years," Mulhern said. "The problem is, we played nice. I decided not to play so nice and deploy a different strategy and raise visibility of the issue with consumers and legislators."
Penetration of plant-based dairy-free options remains low -- under 10 percent.
However, huge amounts of capital is flowing into dairy alternatives, while dairy companies -- two of the largest in the US just went bankrupt -- are struggling.
VC money and billionaire investors such as Jeff Bezos are marketing heavily, buying up shelf-space in stores and attacking a younger demographic more open to plant-based food.
"Should you be concerned? Yes. Is it going to be the death of the industry? No."
Mulhern said the key is lobbying and advocating the FDA to require labeling that plant-based products use terms like "imitation."
As is, FDA is not enforcing federal labeling guidelines that are on the books.
Mulhern expects that there will be some movement on the issue in the near future, which could have beneficial implications for seafood.
"It's a consumer deception issue. These products have every right to be in the marketplace, but call them what they are," he said.
Thursday, Jan. 23, 10:55 am
'I eat what I am'
Kelly Fechner with Datassential said now is the time for “healthy 4.0;" people used to say “you are what you eat.” Now the mantra is “I eat what I am," she said.
People want “hero foods” that are local, organic, and good for the environment.
So how does the healthy 4.0 approach, which is primarily based on personalization of food, intersect with seafood? Letting consumers hyper-localize a meal, describing the boat the fish came from, the way it was caught.
Fechner says there is a cycle to US restaurants adapting seafood to their menus.
“Cod, salmon and whitefish are all growing on menus,” she said. They are in a category where you can find them just about anywhere.
Lobster in particular is exploding at US restaurant chains in the form of sandwiches. There were 20 different chains with a lobster roll last year alone.
When it comes to main menus compared to pork, beef and chicken, in general, seafood doesn’t have as high a penetration as other proteins.
In fact, some seafood is coming off of menus.
Price points are fairly similar among seafood, vegan and vegetarian and plant-based options.
This could mean those other options are beating seafood out because they tell a better story and are also affordable, she said.
Where does cell-based fit in? Impossible Foods is now looking into production. It’s not commercial yet, but it’s also not an “if but when.”
The first products coming to markets are likely going to be for chicken.
Thursday, Jan. 23, 9:40 am
What could happen to shrimp?
Thursday, Jan. 23, 9:05 am
Shrimp making headway in US retail thanks to low prices
Shrimp sales at the retail level are growing about 9 percent per year, and households purchasing shrimp have increased significantly.
Tom Domino with Wakefern Food Corporation said shrimp is driving the shopping ticket for an average grocery shopper, with prices significantly lower than in previous years.
"As preferences change, seafood--shrimp in particular--is positioned for growth," he said. Shrimp is part of American consumers looking for healthy alternatives for protein.
Domino said fresh items, and seafood in particular, is a growing category at US retailers, as they become more competitive and consolidate to compete with online retail.
Thursday, Jan. 23, 9:05 am
Shrimp remains affordable
Mike Seidel with Performance Food Group said shrimp continues to play a large role in foodservice and retail, particularly with lobster and crab increasing in price.
Shrimp continues to be the affordable seafood for US consumers, he said. It currently sells at around $7.40 (€6.68) per pound at US retailers.
Shrimp still appeals to the "traditionalist" restaurant consumer, he said of that market.
In the past year shrimp sales in foodservice grew 6.1 percent, and is predicted to grow to 8 percent, he said.
The US southeast continues to be the dominate market for shrimp, with the biggest growth in sales in the Mountain Pacific region.
"White shrimp is king," he said in terms of shrimp sales by species. Brown shrimp continues to be in decline. "We have to keep an eye on that because it's declining pretty fast."
Thursday, Jan. 23, 8:50 am
Ecuador production also growing in China despite health bans
McIntosh said Ecuador could grow to producing 800,00 metric tons in the next few years, as farming methods continue to improve.
Ecuador is exporting significant product to China now, despite issues with health bans the country has imposed on five major companies in Ecuador related to disease.
McIntosh said the disease originated in China, but now "every pond in the world, (including Ecuador), probably has white spot."
Thursday, Jan. 23, 8:40 am
India remains dominant in shrimp
Looking at month-by-month US imports for top countries, India is continuing to dominate in the US market. Sree Atluri of Devi Seafoods said he doesn't think that trend will stop anytime soon.
"I don't see any surprises coming up here for the next 2-3 years," he said.
Atluri said farmed shrimp production in India is getting close to reaching 1 million metric tons, but that issues such as chronic diseases are still impacting the country's farming community.
"The production will continue with disease being present," he said.
Unlike China, India doesn't have domestic shrimp consumption, so most of the product is exported.
Around 40 percent of Indian shrimp goes to the US market, and around 28 percent of that product is headless and easy-peel shrimp.
India's production did not fall as anticipated, and showed for the first 8 months of 2019 a growth of 7 percent.
China is the biggest market for India after the United States, he said.
Thursday, Jan. 23, 8:30 am
Shrimp production on up and up for 2020
Travis Larkin, president of the Seafood Exchange, said the import trend in global shrimp production is that it could be up around 5 percent for this year. Others on the GSMC shrimp panel said it could be as high as 8 percent this year.
Robins McIntosh of Charoen Pokphand Foods said 60 percent of the world's shrimp is grown in India, Ecuador or Vietnam.
"Any major disruption in any of those three countries would be a significant blow to the world's shrimp supply," he said.
Wednesday, Jan. 22, 3:49 pm
The markets are accepting snow crab prices
Keith Moores of FW Bryce said inventories are tight for snow crab, with landings in Alaska taking place this week.
“The category is behaving nicely,” he said. “It’s comfortable, in balance and certainly healthy.”
The markets have accepted the 2019, pricing, he said.
He doesn’t see major changes in demand, and Japan is buying a steady and stable supply.
In Alaska, snow crab quotas has increased 23 percent, with sizes likely to be small.
Wednesday, Jan. 22, 3:30 pm
Lobster is in demand
Sheila Adams, VP of sales and marketing for Maine Coast, said there is an increased demand for processed lobster globally.
“Outside of America’s, we are seeing more demand for frozen lobsters," she said.
"As technology improves, the industry now has the ability to hold onto lobsters longer, which is opening up the markets and shifting demand."
She said she is bullish on the health of fishery too.
But trade was tariffs are causing impacts. “Our customers are price sensitive,” she said. They will shift.
Pricing for lobster tails and meats, it’s all time highs. Hurricane Dorian had a huge impact on product availability, which has affected prices.
Wednesday, Jan. 22, 2:55 pm
North America's stagnant salmon
North American farmed salmon production has not exactly been on a growth trajectory. In fact, it has been downright anemic compared to the rest of the world.
Last year, according to Kontali, production barely reached 170,000 metric tons of production.
Dial that back 15-20 years and production was 140,000 metric tons.
From regulations to health issues to political opposition, North American farmed salmon, while it has had a long foothold in British Columbia and Eastern Canada in particular, is not going to fill the growing demand for salmon in the domestic US market, which Kontali puts at 5 percent annually.
Wednesday, Jan. 22, 2:45 pm
Norway is at its salmon limit
Norway has a stronger willingness to grow farmed salmon production than it does the ability to do so, the CEO of a leading Norwegian seafood company told attendees at the Global Seafood Market Conference (GSMC). Production based on what is allowed under the government licensing system is near its maximum.
At the same time, the harvest weights of the fish harvested in Norway are steadily decreasing. This is not market-driven, but the result of farming challenges such as sea lice, which leads to an early harvest of smaller fish.
Harvest weights have fallen from just over 5 pounds per fish in 2012 to around 4.5 pounds in 2019.
Wednesday, Jan. 22, 2:00 pm
A deep dive into sushi
The sushi market is growing globally, particularly among gateway countries to China such as Singapore and Hong Kong.
Digging deeper into the data shows Atlantic salmon is becoming pricey in this growing sushi market.
Jeff Moulton, sales manager of Bakkafrost, said three companies and farms on the Faroe Islands are producing for a growing global market.
“We’re finding in global market, the demand is still outstripping supply,” he said. “We’re seeing unprecedented high prices. That speaks to the quality of the salmon, and that is going to continue, As we’re limited by fish overall, we’ll see increased demand."
RAS systems for sushi are however, not yet being considered to help meet that demand.
Kyle McNicolas with Culinary Collaborations said “we’re watching it, we’re not too invested at the moment.”
But as population grows, land-based farming is a concept that can help feed the future.
“At the moment, we are not buying any,” he said.
Moulton said Bakkafrost is not looking to invest in RAS anytime soon as they have a reliable ocean farming process.
“We’re not looking to move into that direction right now," he said.
Robert Bleu, president of True World Group, the trend of farm-raised species for sushi’s raw materials is increasing, and he expects that to continue.
McNicolas added sustainability however is an important issue for sushi and only growing for the category.
Another place where sushi is growing in the US is with kiosks.
Jason Yang of JFE franchising which operates SnowFox, said the company has seen great success in US markets making rolls specifically to fit a city's personality.
Despite sushi’s popularity, there are still no US sushi chains. In the US it’s more logistically challenging to create a national chain, Yang said. Much more than in other countries.
Where can consumers find sushi then? Bleu said the southeast is seeing more sushi operations. And data also shows big growth for sushi on a variety of US menus.
Don George, president of Anova USA, said now you can find sushi at all kinds of chains, including PF Chang’s.
Wednesday, Jan. 22, 12:30 pm
Experimenting with Mickey
How do you expose customers to more seafood? Have them visit a hotel.
Michae Dunton, executive chef of JW Marriott Grande Lakes, said families are visiting for the Disney experience, something new.
“They’re willing to spend money to try something different like snapper,” he said.
The chef said there aren’t any specific proteins he has to adhere to using in the menu. After staples like beef and chicken, the appetizer menu is a great place to fill in with seafood options.
He said 48 percent of what Marriott purchases are seafood proteins.
Wednesday, Jan. 22, 11:25 am
Don’t generalize on climate change
There was thankfully little denial that climate change would continue to impact the seafood sector during this morning’s panel.
However, speakers were careful to highlight the nuances of climate change and its affects.
Environmentalists need to understand that it’s not a one-size fits all solution and that just because one stock is affected, fishing in general cannot just be swept away wholesale. “Most food companies can adapt to climate change if they just put a little forward thinking into it,” said one panelist.
Wednesday, Jan. 22, 10:50 am
You can’t teach passion
The seafood sector needs to hire people who are passionate about the industry was the message of ISEA Partners CEO Jeff Davis during this morning’s panel on what keeps seafood CEOs up at night.
“You need to find people with a passion for the seafood sector. If they have that, the rest can be taught,” said Davis.
Unfortunately finding those people can be challenging since the industry has generally done a poor job of educating the country on the prospects and opportunities in the sector.
“Most people have a very dim view of this sector,” said Davis, an opinion backed up by Clearwater’s Denise Avery-Reinhoudt.
Unlike in poultry and beef industries in the United States and the seafood sector in places such as Iceland and Norway, there has been little engagement with universities to ensure the skills needed in the sector are taught in the United States.
The change that needs to be made? Engagement, engagement, engagement.
Wednesday, Jan. 22, 10:40 am
Superchilling technology could change everything
Evolving superchilling technology holds lots of promise for seafood suppliers, both from a cost perspective and product quality. The relatively new technology has been steadily growing in use.
The real advantage is you’ll be able to ship product with 25 percent less ice, thereby reducing the weight you are shipping by air and opening up more room on trucks being used for shipping, Jeff Davis, CEO, ISEA Partners, told those gathered at the Global Seafood Market Conference (GSMC).
Superchilling technology is going to have a major impact on direct costs and on product quality, he said. “I think it’s going to be adopted not only in seafood but across other parts of the food industry.”
Wednesday, Jan. 22, 10:35 am
AI revolution is coming to seafood
“We’re on a cusp of a revolution in the way we’re going to process in the future,” said ISEA’s Jeff Davis of the coming AI wave.
"In the specific areas of seafood, the place we’re going to see opportunity is in the harvest and process side. Where we can better predict where resources at any given time, AI is going to give us all of that."
With the processing side, he said that same data will be there for vessels.
“If you have a process today running at 100 percent, it’s probably running at about 60 percent,” he said of what AI will reveal for the seafood industry. “It’s going to manage quality better, traceability, optimization, harvesting.”
The lead in technology will come from larger companies first. But we will see suppliers be able to bring that a smaller level eventually, he adds. It will have a similar path as computers — they started out as being available to a select few, and now we all have cell phones.
Wells Fargo’s Jana Dombrowski talked a recent experience she had with a produce company recently that was using 3D printing for ways to improve grocery appearance.
Frank Dulcich, CEO of Pacific Seafood said he sees AI advancements in packaging. “The greatest learning I do is walking the bigger and smaller grocery stores and just seeing what consumers are doing.”
The seafood industry is going to need to tap into this trend of consumers wanting more customization and personalization.
What happens to jobs when tech replaces them?
“I don’t think we’re going to lose jobs, but the workforce is going to change,” he said. More and more workers will be hired to create and manage these new innovations and technology, versus simply working on the factory floor.
Wednesday, Jan. 22, 10:20 am
The big threat to seafood companies
One of the biggest disruptive forces in the seafood industry is the attraction of new talent into companies, many of which have a largely older workforce that is closer to retirement.
To prevent the threat of brain drain and the loss of experience that could result from the departure of long-term employees, companies are searching for younger workers.
The challenge, however, is that a tight US job market and government policies have driven up wages, which puts a strain on margins.
Additionally, younger workers such as millennials are not automatically attracted to the seafood industry.
"How do we get people interested in working in the seafood industry, especially women?" one panelist asked.
Wednesday, Jan. 22, 10:15 am
Change from vertical integration
An all-star panel of Pacific Seafood Group CEO Frank Dulcich, Clearwater Seafoods Director of HR Center of Expertise at Clearwater Seafoods, Slade Gorton CEO Kim Gorton and Wells Fargo SVP Jana Dombrowski asked the question: what keeps seafood CEOs up at night?
Consolidation was at the top of the list, with ISEA Partner's Jeff Davis noting that the trend toward vertical integration will come with major benefits for the industry in the coming years.
"The obvious benefit is you see larger companies that can better invest in technologies that can be used to make companies more efficient," Davis said.
Seafood's biggest weakness historically has been its dependency on the whims of the supply side. The poultry sector's evolution is a road map for where the industry may go, Davis said.
"They became very creative, and that drove them to new product development," he said.
"If you just focus on the supply side, you're constantly adjusting to what people want, and you're not investing. You're more reactive."
Wednesday, Jan. 22, 10:00 am
Millennials food spend undeterred by rising debt
Millennials were unsurprisingly a large focus (did we ever talk this much about any other generation?) of a US economic update by Wells Fargo. Apparently, despite rocketing student loan debt, the largest generation in the United States is still willing to spend money on eating out and food inside the home, with spending continuing to grow.
Within this, consumer spend on fish and seafood, while not likely to set the world on fire, has been remarkably steady, growing at 1.5 percent a year.
On a macro level, trade tariffs continue to cast a shadow over US economics. While the cost of the US-China trade war has dropped since the new trade deal last week, the best that can be said about the situation is that it is not getting worse, said the speaker. “There are still a lot of headwinds there.”
Tuesday, Jan. 21, 5:30 pm
Pollock has a great story to tell, but is anyone listening?
With cod prices increasing, can pollock gain a hold on the EU market? Rasmus Soerensen, executive vice president of sales for North America and Europe at American Seafoods said that appears to be the case. He said deep-skinnned and other premium versions of pollock are more and more appealing to a European seafood market over cod.
He also noted pollock, despite record catch levels predicted for 2020, is still having issues gaining prominence on US menus.
“Pollock really checks all the boxes that consumers are looking for nowadays," he said. The question remains though, how does the industry get that story to consumers?
Soerensen as well as John Shirley with Sysco agreed pollock is evolving in foodservice. It’s not just a fillet, it’s surimi, “it’s a great fish," Shirley said.
Soerensen said the Genuine Alaska Pollock Producers (GAPP) group is helping spread that message to consumers, and the numbers should show improvements by next year.
Tuesday, Jan. 21, 5:20 pm
Is the US about to lose its pangasius supply?
The biggest elephant in the pangasius room is the huge growth in Chinese imports from Vietnam, with the hungry market buying in 1,000 containers per month versus the 400 the US imports.
If this grows, then prices will be impacted for the entire market, a worrying trend in terms of market supply, but a welcome price increase for Vietnamese farmers who struggled to meet costs in 2019.
Tuesday, Jan. 21, 5:05 pm
Turning around tilapia
Tilapia's growth story in the US market has been phenomenal, doubling in volumes since 2008, but a negative image spurred by news and social media stories has hit the species hard, with the US taking a decreasing share of Chinese production and the species showing declining market penetration.
But importers are confident that this is the bottom of the tilapia dip, with "really favorable" year-on-year retail sales growth in recent months.
This has been spurred, in part by a "rich" political environment pushing out room for negative clickbait stories on social media, which is seen as a big reason for consumption declines over the last several years.
"The challenge now is how we take this really great, healthy protein and prop it up and get beyond this perceived risk associated with the species," said one panelist.
Tuesday, Jan. 21, 4:05 pm
Big data needed
The seafood industry could benefit from improving the amount of data it routinely has at its fingertips, according to speakers at the Global Seafood Market Conference (GSMC). Because the US market is so dependent on imports, better data from supply sources around the world, particularly aquaculture operators, could greatly improve supply and pricing forecasting. Lot of pricing in seafood remains guesswork, said one speaker.
Tuesday, Jan. 21, 3:05 pm
Seafood's big moment?
As much as no-one likes to hear about the growth of seafood’s traditional protein competitors, its current ups and downs deliver pertinent opportunities for seafood.
For seven years, the consumption of US beef, pork, chicken and turkey was flat at about 71 billion lbs according to a panel on seafood’s competing proteins. But in the last few years it has started to move up and is set to hit around 105 billion lbs next year, with the largest growth from pork. But African swine fever in China will likely have a big impact on this.
Production issues are also challenging the chicken industry, but the beef industry is about to set a new record at over 27.5 billion lbs, with record high prices – an interesting lesson in how to pair increasing supply with strong demand and inflation.
How does any of this impact seafood? Well, if one thing is clear it is that China is about to grow into an even bigger market for seafood, with growing consumer demand for protein and a decimated pork sector.
Tuesday, Jan. 21, 3:00 pm
China will be critically short of their preferred animal protein, pork, in 2020, according to Len Steiner, an agriculture analyst speaking to attendees at the Global Seafood Marketing Conference.
The result of this demand is that China hog prices vs. a year ago are up 160 percent, EU prices, 45 percent and US prices 3 percent. But those higher prices, and the limited supply, consumers will need to find other options.
"One of the places they'll move is seafood," Steiner said. "I suspect we'll have a stronger market for fish."
Tuesday, Jan. 21, 1:30 pm
Consumer spending remains strong
At least right now the American consumer is still spending strongly, suggesting that we are not likely heading into a recession, said a market analyst at the opening session of the the National Fisheries Institute (NFI) Global Seafood Market Conference (GSMC) 2020.
Tuesday, Jan. 21, 1:27 pm
Pacific Seafood's Dulcich steps up
Frank Dulcich, CEO of Pacific Seafoods, was named the 2020 chairman of the National Fisheries Institute (NFI), at the trade group’s annual Global Seafood Market Conference (GSMC) in Orlando, Florida.
Todd Clark, vice president and partner of Endeavor Seafood, Inc., completed his term as 2019 as chairman of NFI.
In 2020, Clark will continue with NFI as past chairman while focusing on the group’s GSMC, a conference that he helped found in 2011.
Tuesday, Jan. 21, 1:25 pm
GMSC 2020 kicks off
The NFI's GSMC conference is underway, with a buzzing room as the plenary session kicks off. Given the recent crack-down on collusive behavior in the salmon and tuna industries in the US, this year's antitrust guidelines were given a humorous spin, with NFI President John Connelly capturing the audience's attention with a Godfather-inspired video. The message: it's for real. Don't talk prices.
Tuesday, Jan. 21, 1:20 pm
Three days of news, views and networking
IntraFish is at GMSC 2020 in force, with Editor-in-Chief Drew Cherry, Executive Editor John Fiorillo, Editor Rachel Mutter and Reporter Rachel Sapin reporting live. If you've got news or tips, drop us a line at email@example.com, and make sure and follow us on Twitter: @intrafish


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Shipping sector outlook: Container prices spike while tanker rates plunge
The shipping industry will benefit from world trade recovery in 2021, with average seaborne trade volumes expected to end up higher than their pre-pandemic levels. Container rates remain relatively high amidst stretched supply chains, yet tanker rates have fallen to record lows as global fuel demand is unlikely to fully return
Shipping markets navigate the trade rebound in 2021
After the initial disruption, last year ended better than expected for global shipping.
The industry will benefit from world trade recovery in 2021, with average seaborne trade volumes expected to end above pre-pandemic levels, yet underlying differences are significant. China is one of the driving forces behind the recovery, so shipping traffic through Asia leads to the uptake in several trades (like iron ore). Soaring freight rates in container shipping are expected to ease over the course of the year. However, with increased volumes meeting delays and stretched supply chains due to congestion, container shortage and reduced air freight capacity, rates will remain high.
Total world trade contraction remains limited to just over 5% in 2020, after the recovery in the second half of the year
Tariffs in the less eye-catching dry and liquid bulk markets – which together make up the largest part of shipping volumes – are not booming. In dry bulk, rates recovered significantly, but spot rates in tanker shipping hit 30-year lows in early 2021. Trades of liquid fuels are suffering due to the pandemic, with road and air traffic still at low levels. Volumes are expected to pick up in 2021 but won’t return to pre-pandemic levels just yet. In terms of volume, cruise shipping is obviously the heaviest impacted shipping niche and is still operating far below normal levels this year.
While the shipping industry generally benefits from the trade recovery, bunker fuel bills surged as oil prices soared, leading to higher operational costs for shippers and/or shipping companies. As fuel spreads between high and low sulphur (compliant) fuels are on the rise, and in 2021, fuel efficiency and the trade-off between fuels will be in the spotlight again.
Oil-related shipping volume declined significantly
Over 80% of world trade volume is seaborne.
Due to supply and demand factors, world trade was initially impacted heavily by the pandemic. Ultimately total world trade contraction remains limited to just over 5% in 2020, after recovery in the second half of the year. Oil products suffering from significantly lower consumption from road traffic showed the largest decline, followed by coal due to lower usage for energy generation and phase-out effects.
Despite China's strong demand, even iron ore showed just moderate growth, even though steel production was in double-digits in both Europe and the US.
Seaborne trade volumes to show a broad recovery in 2021
Although uncertainty remains, conditions supporting trade have improved.
In our base-case scenario, we expect volumes to rebound at an annual 6%, however, we see downside risks as we explained here. The resilience of world trade volumes was backed by recoveries in retail sales as consumers shifted consumption from services to goods like electronic devices, home and garden furnishings and outdoor sports article - all of which are goods shipped in containers, and many are ordered online.
On the other hand, a significant recovery of industrial production drove the recovery, especially with swelling flows to and from Asia.
Bunker fuel costs expected to rise significantly in 2021
Bunker costs expected to rise significantly in 2021
Rising fuel costs will attract attention in 2021 as the fuel bill is often the largest cost component for shipping companies. Shares in total cost run-up to 40-60% for the largest vessels.
After the implementation of IMO 2020-rules at the start of 2020, oil prices fell, concealing the higher price of very low sulphur fuel oil (VLSFO) for the majority of ships without an installed scrubber. But with oil prices now higher than their pre-pandemic levels and further tightening expected, fuel costs will rise significantly.
Bunker costs were already 50% above the 2020 average by the end of February. Given the supply of high sulphur fuel oil (HSFO) is expected to rise, spreads between fuel grades are widening again (currently 20-25%).
Charterers to weigh fuel bills more actively
The majority of vessels are sailing on compliant fuel. It now depends on contractual agreements whether shipping companies pass the extra fuel costs directly to charterers.
Charterers paying the fuel bill might favour ships equipped with a scrubber and/or will increasingly focus on more fuel-efficient tonnage (younger vessels). Ship operators and charterers might also consider further reducing the speed to save fuel.
New capacity online will slow as orderbooks for new vessels reach lows
Worldwide shipping fleet capacity expanded in 2020 by 4% in terms of deadweight tonnage (DWT)/teu (3% for bulkers, 4% for tankers and 3% for containers). This affects the market balance negatively after a year of contraction. However, new deliveries are expected to slow in 2021 and 2022 as order books for new vessels reach their lowest levels since 2003.
Worldwide shipping fleet capacity expanded in 2020 by 4% in terms of deadweight tonnage
Given the background of energy transition and next-generation vessels, shipping companies tend to act conservatively, which is strikingly different from the time of the global financial crisis when shipyards had three times bigger backlog. Besides the fact that fleets are ageing and for example, average ages of very large crude carriers (VLCC) and Suezmax tankers reached 20-highs, which could push up scrapping in 2021 also given relatively high scrapping prices.
Major container ports in the US and China have started to recover in 2021
Strong recovery of world trade fueled the rebound of containerised good flows.
Strong uptake of Chinese net exports resulted in fairly stable annual container throughput in the world’s biggest ports Shanghai and Singapore, and even a small increase in Ningbo and Shenzhen. Figures indicate the positive trend continued at the start of 2021.
The largest European container ports seemed to suffer the most from the pandemic, and the port of Hamburg stands out in this regard. On average, traffic is expected to return to above-average growth in 2021. Consumers might shift some of their consumption back to services once travel restrictions ease and services reopen, but at the same time, savings are also at high levels.
Pandemic-effect vs Global financial crisis-effect
In contrast to the downturn during the financial crisis, when tariffs dropped among excess capacity, container liners managed to reduce their capacity right from the start of the pandemic in 2020 by taking ships out of the loops (‘blank sailings’). With the three big alliances - 2M, Ocean Alliance and The Alliance covering 80%-85% of the market – supply is less fragmented than a decade ago.
Following the quick return of volumes in the second half of 2020, delays, congestion in the ports and lack of available containers at the right location, tariffs spiked. At the beginning of March, rates on the general East-West trade still quoted three times, which may be even more for specific ports and trades.
Container freight tariffs remain lifted as 1Q21 runs down
Container tariffs will remain high into 2021
Although production of new containers will catch up and more capacity is about to come online, incorporating higher prices in term contracts with forward indicative price levels will be lifted longer. The average time charter rate for container vessels doubled compared to last year.
At the same time, capacity pressure is not over yet as sailing schedules are disrupted and the efficiency of the fleet lower. On top of that, airfreight is often not an affordable option for higher valued shipments due to unusual high tariffs applicable here as well.
Performance of container liners sinks following a chaotic period
A striking figure illustrating the exceptional circumstances in container shipping is the ongoing deteriorating reliability of container liners at the start of 2021. Hardly one out of three global calls of container vessels were on time in January (source: SEA Intelligence), where this is normally more than two out of three.
This causes inefficiencies and congestion in ports, as well as delays in deliveries further down the line.
Container liners expect market conditions to remain strong
Hapag-Lloyd had a very positive start to 2021, with an “exceptionally strong” demand for container transportation services, leading to a significant increase in freight rate levels. The company expects one of its earnings parameters (EBITDA) to more than triple in 1Q21 from the comparable prior-year. The company expects the current “exceptional situation” to “normalise” over the rest of this year but that the full-year 2021 EBITDA will still be above the prior-year levels and that, unlike in previous years, a large portion of this year’s earnings will already be generated in the first two quarters of the year.
Maersk believes the current “exceptional” situation where demand surge has led to bottlenecks in supply chains and equipment shortages, the first quarter of 2021 is expected to be even stronger than the final quarter of last year but that the market conditions will “normalise” throughout this year, starting in 2Q. Maersk’s consolidated EBITDA was up as much as 44% in 2020, also helped by lower bunker costs, while consolidated revenue was relatively flat (up approximately 2% year-on-year). In 2021, the company still expects an improvement in profitability, as measured by EBITDA, even after the strong growth in the prior year.
General recovery for dry bulk markets in 2021
Dry bulk shipping markets show a mixed picture.
One of the big trade fractions coal (20-25% of total dry bulk volume) fell over 8% in full-year 2020. Simultaneously, iron ore (30% of total freight) refrained from a setback following strong demand uptake from China. On the agribulk side, trades remained solid. In specific breakbulk markets – like car transportation – however, volumes dropped significantly, impacting roll-on-roll-off ship activity.
In the second half of 2020, dry bulk rates recovered and exceeded 10-year averages. As the main industrial regions worldwide return to growth, 2021 is expected to offer widespread recovery in dry bulk markets.
Dry bulk rates recovered from last years lows
From boom to gloom: Tanker market in a Covid-rollercoaster ride
With the implementation of IMO 2020 rules pressing on capacity followed by the oil price collapse and massive speculative floating storage (reaching 11% of total fleet capacity in May 2020), tanker tariffs spiked in the first half of 2020, which resulted in a profitable year for many tanker shipping companies. However, after economic perspectives turned positive again and oil prices started to recover in mid-2020, tanker rates started to slump.
In February 2021, tanker spot earnings even dropped to the lowest levels in decades. Nevertheless, one to five-year time charter rates for tankers like Aframax, Panamax and Suezmax size have been more resilient, revealing some future confidence.
Tanker spot rates plumetted after oil-prices started to recover
Weak oil product demand will keep tanker rates low in 2021
Due to less car driving and travel bans leading to the massive grounding of aircraft, global fuel consumption fell over 15% in the second quarter of 2020. At the same time, crude supply, as well as refining, were slashed.
Although industrial demand for oil products has picked up since fuel demand from transport is still low, consumption will gradually return. Given the forecast of relatively weak demand and gradual uptake in the second half of the year, tanker rates are expected to remain low for at least the first half of 2021.
Liquid fuel flows won't return to pre-pandemic levels before 2022
17 March 2021ING’s Transport and Logistics outlook for a post-pandemic world This bundle contains 4 articles
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By Gerben Hieminga and Rico Luman


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Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele
By Babajide Komolafe
Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele Wednesday said that Nigeria should take a cue from the ongoing global trade way by adopting policies to protect the local economy.
Emefiele made this call while delivering the keynote address at the annual CBN seminar for finance correspondents and business editors in Lokoja, Kogi State.
Citing the example of the foreign exchange restriction placed on 41 items by the CBN, Emefiele stressed that selective protection is necessary to address the challenges confronting the nation’s economy.
He said: “In today’s world, countries have used trade protection repeatedly as a policy to resolve negative perceptions and shocks in their respective countries. In other words, should Nigeria with insatiable taste for foreign goods to the detriment of the domestic economic realities( unemployment and imported inflation) throw its borders open to indiscriminate importation of goods and services?
“This was the prevailing condition in Nigeria before the introduction of restriction of official foreign exchange for the importation of 41 items.
It was an eclectic policy carefully crafted with a view to reversing the multiple challenges of dwindling foreign reserves, contracting GDP-recession and an embarrassing rise in the level of unemployment confronting the economy.
“The implementation of the 41 items, in addition to the other complementary macroeconomic policies, no doubt, was effective in lifting the Nigerian economy out of recession.
“For example, the real Gross Domestic Product (GDP) grew by 1.40 per cent in the third quarter of 2017, up from 0.72 per cent, and contraction of 0.91 per cent in the second and first quarter of 2017, respectively. Also, there has been improved reserve accretion to the country’s reserve.
“Given these salutary effects on the economy; it can be argued that the stance of Classical economists argued that trade protectionism notwithstanding, to override the utility of selective protection in form of the 41 items to resolve the challenges facing the economy can hardly be overemphasized.
“Pragmatic economic nationalism therefore, would ordinarily vote in favour of protecting the domestic economy, as long as it does not infringe upon the tenets of “beggar-thy-neighbor” policies.”


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Packaging gives major opportunities for decreasing energy use and greenhouse gases, and for saving the $4 billion worth of goods that now ends up in landfills,” said Matt Hale, director of the agency’s Office of Solid Waste.
But when it attempted shipping toys, plates and other non-eatable items to its restaurants in biodegradable packages, the firm found they could not stand the heat inside the trucks (Lewis and Jordan, 2005). And it had to make use of more virgin fiber to get the whiteness of its food bags.
Packages that at first seem to be environmentally sound can cause other issues. When bottles and other materials made of bio-based plastics such as polyactic acid are recycled together with conventional plastic bottles, they make a mix of molecules which are difficult to reuse. Reusable items and containers, either stainless steel canisters or refillable glass bottles, need a lot of energy to take and to clean for reuse. Consumer behavior comes with its own challenges, since smaller packages can look to be more expensive than those with a lot packaging (Lewis and Jordan, 2005).
Coke lately designed its classic glass contour bottles to be more impact resistant and lighter. The new bottle looks smaller. “Our challenge is persuading clients that they are receiving the same volume in a better bottle,” said Scott Vitters, Coke’s environmental manager.
Jeffery of Nestlé Waters stated that the firm would begin an “education” campaign around the new bottles to “ensure that clients don’t think the bottles less heavy because they hold little water.”
And normaly, aesthetics will trump environmentalism in the end, anyway. That recycled aluminum that Estée Lauder fought so hard for does not look good, and some of the brands, including Clinique, can’t to use it.
James, K., Lewis, H., Jordan, R., Fitzpatrick, L. and Sonneveld, K. 2005, Industrial packaging supply chains creating links and achieving change, Report to EcoRecycle Victoria, Sustainable Packaging Alliance, Melbourne.


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Venture online4 min read . Updated: 02 May 2008, 11:58 PM IST
At the VC Circle Growth Capital Forum held in Pune on 4 April, entrepreneurs took notes as diligently as college frontbenchers. The panel of venture capital investors, with their powerpoint presentations, was doling out tips such as “flattery gets you everywhere with self-doubting investors" and “paying investment bankers more than 3% is extortion". But, the promoters may not have realized that the best portal into the world of their potential investors was the host of the conference.
VC Circle is a blog housed at www.vccircle.com, which uploads the latest news on Indian deals. This blog is read every day by many, if not most, venture capital investors in India.
Blogs, easily managed online journals free to setup and update, have become important to India’s venture capital community. They help bind this nascent community together. They also go beyond the information and gossip that newspapers, magazines or websites offer. And blogs are open to anyone for comment, thus often becoming public platforms for debate and discussion.
“The entire industry is being tracked on a more intense basis (on blogs)," says Anurakt Jain, analyst at Draper Fisher Jurvetson India Advisory Services Pvt. Ltd. He adds that blogs can serve the purpose of a trade publication. “The advantage, or disadvantage, is that it is very informal."
Venture capital investors in India usually look at blogs to keep up with news or get more information on a company or industry they are looking to invest in. Ashish Sinha, of the blog Pluggd.in, says, “Venture capital investors do look for outside validation of a start-up product."
Sinha has a daily readership of 5,000, with 80% of the visitors from India. The rest are from the US, Europe, Australia and Pakistan, which signals another major benefit of blogs for the venture capital community (entrepreneurs included): Blogs provide access to on-the-ground information in sectors or countries that anyone, anywhere, can tap into. An American venture capital investor can get into the head of an Indian entrepreneur through Proto.in, or an Indian investor can read US-based blog Feld Thoughts. Twenty per cent of investor-entrepreneur Brad Feld’s readers are Indian, all reading his personal thoughts on the industry.
Indian investors read foreign blogs to be aware of competition and to get new ideas. And, they are expecting entrepreneurs to do the same. “Entrepreneurs, particularly those in Internet and mobile, have to recognize that they are not just competing in an India context, but they are competing in a global one," says Clearstone Venture Partners director Rahul Khanna. A company Khanna invested in, Games2win India Pvt. Ltd, tracks a blog, Gamasutra, to follow trends in advertising for online gaming.
In more ways than one specialist blogs help both investors and entrepreneurs stay on top of their game.
For new entrepreneurs or anyone interested in ideas and deals, here are 10 blogs and websites popular among Indian investors
# VC Circle (‘www.vccircle.com’): Sahad P.V.’s site puts out news and gathers articles from major publications (including ‘Mint’) on Indian venture capital, private equity, and mergers and acquisitions.
# GigaOm (‘www.gigaom.com’): Clearstone director Rahul Khanna says, “What appears on GigaOm is a leading indicator of what the mass media will be talking about six months from now." This American blog specializes in emerging technology.
# The Proto.in Blog (‘www.blog.proto.in’): This Chennai-based blog is run by a local entrepreneur who speaks not as a journalist, but as an active member of the entrepreneurial community.
# VentureWoods (‘www.venturewoods.org’): This India-based blog brings in voices from about 75 different members of the venture capital and entrepreneurial community across India on topics from how to put together a good management team to the lack of angel investing in India.
# VentureBeat (‘www.venturebeat.com’): The US-based start-up tracker specializes in gathering coverage in digital media, clean technology, life sciences, and mobile and communications, such as an April article on Engage, a California-based site that enlists users’ friends to help them find a date.
# Pluggd.in (‘www.pluggd.in’): Ashish Sinha, who has a day job as product manager at an Internet firm, says he blogs because “most of the entrepreneurship-supporting organizations aren’t too relevant to bootstrapping entrepreneurs". And he brings that perspective when he writes on start-ups and “VC ‘gyaan’".
# TechCrunch (‘www.techcrunch.com’): This US blog is about Internet products and companies, and was described as a “power broker" in ‘The Wall Street Journal’ (which has an exclusive content partnership in India with Mint) a little more than a year after its launch in 2005.
# Emergic.org (‘www.emergic.org’): Rajesh Jain, who once famously sold IndiaWorld to Satyam Infoway, says he writes his blog to connect with people he would otherwise not have possibly reached. He writes on just about anything, from attending the annual GSM mobile industry event in Barcelona to his life story, which has so far drawn 44 comments.
# DealBook (‘www.dealbook.blogs.nytimes.com’): ‘The New York Times’ blog presents a daily round-up of news about deals and deal makers, along with special columnists.
# The Kamla Bhatt Show (‘www.kamlabhattshow.com/blog’): Her blog has a theme broader than venture capital: “Life, People and Ideas". But because she broadcasts from San Francisco and Bangalore, she naturally has pieces that appeal to investors and entrepreneurs.


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Remember back in the day when Apple and Google were all chummy? Back when the original iPhone was released in 2007, and Google wasn’t in the smartphone business? That all changed once Google betrayed Apple’s trust and launched the Android operating system, and ever since then Google has held the stance that they never copied the iPhone. It’s hard to prove that a company wasn’t thinking about something, but newly released designs of Google’s original concept phone from 2006 show that Google wasn’t even considering the creation of a touchscreen smartphone back when the iPhone was unveiled, so they stole Apple’s designs instead once they saw them.
Google went to the carriers with drawings of their concept phone in an effort to increase the use of Google’s mobile services in exchange for providing carriers with “low acquisition cost, high-end data customers.” Considering it was a phone in 2006, the Google Concept Phone looks great. I would have taken it over the Nokia 3100 I was rocking in the Philippines at that time, but it looks a lot like a Blackberry, and nothing like an iPhone. The Verge goes on to explain the specs of the proposed phone:
“Exact specs for those first concepts aren’t detailed, but Google does spell out what it had in mind for the least common denominator across Android devices. An ARMv9 processor of at least 200MHz, GSM (3G preferred), 64MB of RAM and ROM, miniSD (yes, mini, not micro) external storage, a 2-megapixel camera with a dedicated shutter button, USB support, Bluetooth 1.2, and a QVGA display with at least 16-bit color support — a far cry from today’s 720p screens. At that time, touchscreen support wasn’t a requirement — in fact, the baseline specs required two soft menu keys, indicating that touchscreens weren’t really in the plan at all” (emphasis mine)
Basically, Google was going to carriers, trying to get them to use their dumbphone. Then Apple unveiled the iPhone which was so radically different from anything on the market and Google realized their phone would be a non-starter if it weren’t touchscreen. So they scrapped their plans, ripped off the iPhone’s hardware and software and called it their own.
After seeing these concept drawings, I can understand a little bit more why Apple feels so pissed off that Google ripped them off. Google never planned to make anything that looked like an iPhone until they saw Apple’s version of the smartphone. Their 2006 concept drawings show they were trying to rip off Blackberry, then once they saw the iPhone they realized it was a better idea to just rip off Apple’s hardware and software.
Imagine Steve Jobs and Eric Schmidt sitting at a coffee shop trying to settle their grievances over whether or not Google copied Apple’s idea, when Schmidt says, “Naw man, we like have totally been dreaming up a touchscreen phone for like, forever.” Then Steve busts out the pictures of the Google Concept phone T-Mobile sent him, throws em on the table, gives Schmidt the death-stare for 30-seconds before saying “Namaste, bitch” and walks off.
What do you think? Did Google rip off the iPhone, or is it mere coincidence that they change their design plans after the iPhone was revealed? Let us hear your opinion in the comments.
[via The Verge]


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Technology: 60% of Indian startups report increased revenue and profitability in 2023
New Delhi: The funding crunch of 2022 and 2023 may have come as a blessing in disguise for many Indian startups, as 60 percent of startup founders reported increased revenue and profitability in 2023.
Also, according to Weathering The Challenges- The Indian Tech Startup Landscape Report 2023, a study undertaken by The National Association of Software and Service Companies (Nasscom) and Zinnov, a global management consulting firm, a significant portion of unfunded tech startup founders anticipate higher revenues in 2024 compared to their funded counterparts.
This year, the technology startup founders expect to continue the revenue growth path with measured steps, focusing on optimizing expenditure and maximizing profitability for B2B tech startups.
Nasscom President Debjani Ghosh said, “India’s tech startup ecosystem has truly matured, attracting more than USD 70 billion in cumulative funding between 2019 to 2023. This growth is now anchored in a strategic shift towards improving business metrics and revenue streams.”
“DeepTech, a key innovation driver, accounts for just 14 percent of this funding and needs an exponential acceleration to build India’s DeepTech ecosystem. The proliferation of tech startups in Tier-II and III cities marks the ecosystem’s resilience,” she noted.
According to the report, India remains the third-largest tech startup ecosystem globally, with over 950 tech startups founded in 2023, contributing to a total of more than 31,000 tech startups in the last 10 years. The cumulative funding for these tech startups from 2019 to 2023 exceeded USD 70 billion.
The report also highlighted the increasing mainstreaming of deep technologies. Indian startups are leveraging deep tech to improve organizational efficiency (59 percent of the surveyed tech startups), reduce operational costs (52 percent), and automate internal operations (41 percent of the surveyed tech startups).
The democratization of technology in 2023 has led Indian technology startups to diversify into Tier-II and Tier-III locations. The share of tech startups established in emerging hubs rose to 40 percent in 2023, reaffirming the depth of India’s startup proliferation.
The report said that business model innovations in core sectors witnessed improvement in the last 12 months. These sectors included automotive, industrial, and manufacturing, which recorded stability with an increase in share of funding as compared to other sectors.
Despite reports about layoffs dominating the startup sector in 2023, over 65 percent of the over 100 startup founders surveyed have done moderate hiring in 2023.
Investments in DeepTech will continue an upward trend in 2024. With Gen AI acceleration, 70 percent of startup founders are embedding Artificial Intelligence (AI) in their solutions.
Deep tech, or deep technology, refers to those startups whose business model is based on high-tech innovation in engineering, or significant scientific advances.
“Despite funding headwinds – including valuation corrections, selective capital allocation, and regulatory changes– India’s tech startup ecosystem continues to grow at an impressive clip. DeepTech, a burgeoning sector, is gaining prominence, and Tier-II/III cities are transforming into innovation hubs, decentralizing the startup landscape.
“The India startup story is no longer about just scale and innovation but also efficiency and adaptability – all building blocks of sustainable value,” said Pari Natarajan, Chief Executive Officer at Zinnov.


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Dundrum Town Centre to mark Watches of Switzerland Ireland debut, Gym + Coffee expands at mall
As the Watches of Switzerland (WoS) success story continues apace, the luxury timepiece and jewellery retailer is to open its first ever store in Ireland early next year.
The new Tag Heuer boutique at the Hammerson co-owned Dundrum Town Centre forms part of WoS’s expansion plan to open monobrand boutiques across Europe “where customers can book private one-to-one appointments in-store and experience the finest in luxury brand hospitality”.
The 1,475 sq ft store will be positioned directly opposite the newly-opened Brown Thomas on Level 1 and is expected to open in February 2023.
Meanwhile, Hammerson also announced Irish clothing brand Gym+Coffee will increase its footprint with an upsize and relocation adjacent to the North Mall entrance on Level 2. The new 1,918 sq ft flagship store is to open in September.
Gym+Coffee Retail Director, Natalie Conway, said: “Dundrum Town Centre was our very first bricks and mortar retail location and the community there has always been incredibly supportive of us and our Make Life Richer mission. It definitely holds a special place in our brand’s history, and we’re absolutely delighted to be investing further into our Dundrum community with this flagship Clubhouse.”
The commercial property giant added: “The in-store success and now permanent occupancy of Gym+Coffee underpins a wider Hammerson strategy to identify digitally native brands and offer them an opportunity to grow their business and customer-base through a physical space”.
It also noted the brand opened another store at Hammerson’s Swords Pavilions earlier this year.
Other Irish brands Hammerson has recently “incubated” at Dundrum Town Centre include Millies, Movrs, 4th ARQ and Folkster.
The Centre has also attracted a number of other labels over the last 18 months. Brown Thomas opened at the turn of the year, “driving significant footfall” as “high-street favourite” Penneys also confirmed its major relocation and expansion within Dundrum.
Connor Owens, Managing Director, Asset Management (Ireland & Scotland), Hammerson, said: “The arrival of Watches of Switzerland… reinforces Dundrum Town Centre’s position as Ireland’s premier shopping and leisure destination.
"Across our portfolio, premium jewellery brands have performed exceptionally well as people invest in timepieces after saving up during the pandemic and we expect demand to continue. The new Tag Heuer will resonate well with Dundrum customers, and we’re excited to be pioneers, bringing a new concept to Dublin. We’re also delighted to facilitate Gym + Coffee’s ongoing growth as it becomes the go-to athleisure brand in Ireland.”
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Maker Expo planned Saturday in Elmira
The Chemung County Library District Maker Expo is scheduled this year from 11 a.m. to 3 p.m. Saturday at the Steele Memorial Library.
The Expo is a free event where local artists, professors, craftspeople, educators, tinkerers, hobbyists, tech clubs, engineers, musicians and businesses come to show what they make.
There will be a Slime Walk, Pottery demonstrations, First Team Lego Robotics, Power Tool Races, 3D printing demonstrations, Yo Yo contest, Minecraft, a Spinning Wheel and giant Loom demonstration, to name a few of the activities.
Last year approximately a thousand people showed up to see more than 30 exhibitions, presentations and demonstrations. Nothing is bought or sold at the Maker Expo. Folks are invited to share what they have learned while practicing the disciplines they are passionate about.


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HP Inc. has been exceptionally bustling so far this year, with purchaser dispatches at CES 2018 (definite here) and similarly encouraging standard business scratch pad PC and portable workstation dispatches (read more here) simply a week ago. HP Inc. exceeds expectations in these territories with the #1 business share and #2 in workstations and is viewed as likely in each arrangement. It is important, in any case, that HP’s printer division is falling off a great turnaround, speaking to 35% of HP’s income and 70% of its benefit in the latest quarter. It has been a while since I have composed on HP’s 3D printers (2014, to be correct), however the organization has been extremely occupied from that point forward endeavoring to disturb the $12T fabricating market. This week the organization declared its new HP Jet Fusion 300/500 of 3D printers, and in addition another coordinated effort with Dassault Systemes to upgrade its SOLIDWORKS 3D outline and building applications with HP Inc’s. Multi Jet Fusion 3D printing arrangements.
3D printing foundation
How about we move down somewhat—added substance (versus diminishment) 3D printing, for the uninitiated, is the procedure by which material is joined and cemented into a 3D protest through the progressive layering of material which is softened, all guided by electronic, 3D configuration instruments. It is fundamentally what it sounds like, imprinting in 3D. These innovations are making enormous waves in the assembling business, and have an inconceivably wide scope of potential applications (think engineering scale models, prosthetic appendages, and so forth.).
HP started its 3D printing venture more than ten years prior, in 2007. The organization took as much time as is needed getting things right, debuting its Multi Fusion Jet innovation and its Sprout PC in 2014. HP has a few 3D printers as of now propelled and transporting, including the 3200 (intended for prototyping and creation situations from 130-299 sections for every week (PPW), the 4200 (intended for prototyping and generation, 300-699 PPW), and the 4210 (intended for creation, 700-1000 PPW). These assembling grade 3D printers cost a huge number of dollars if not millions.
Jabil Inc, a main high-volume producer, seems “in with no reservations” on HP 3D printers. Their trial of HP 3D printers uncovered the break-purposes of “hardware” versus “HP 3D print”. Here is what Jabil’s Vice President of Digital Manufacturing said in a blog entry a year ago. “We saw breakeven directs move from 5,000 units toward 20,000, 30,0000, up to 40,000 units,” says Dulchinos. “We have likewise experienced 19 plan cycles for a section in the time it would take us to complete one with customary assembling techniques. This velocities time-to-market and spares a lot of cash, which affirmed our conviction that 3D printing is prepared for assembling applications.” Using 3D printing is genuine for assembling.


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Polo Ralph Lauren announced today that it will continue its relationship with the U.S. Olympic Committee (USOC) as an Official Outfitter of the U.S. Olympic and Paralympic Teams for the 2010 and 2012 Olympic and Paralympic Games. As a continuation of the Company’s involvement in the 2008 Olympic and Paralympic Games in Beijing, Polo Ralph Lauren will be designing the official Opening Ceremony and Closing Ceremony Parade Outfits for the U.S. Teams for both the 2010 Olympic and Paralympic Winter Games in Vancouver and the 2012 Olympic and Paralympic Games in London. In addition Polo Ralph Lauren has created a unique collection of village wear apparel and accessories that will be provided to the athletes on these teams.
“The Olympic Games are the greatest sporting event in the world and we are incredibly honored to play a part and celebrate the achievements of American athletes,” said David Lauren, Senior Vice President of Advertising, Marketing and Corporate Communications.
For the 2010 Olympic and Paralympic Winter Games, Polo Ralph Lauren has designed and created a collection of authentic sporting apparel which embodies the spirit of American athleticism and sportsmanship. Celebrating the rich history of the Olympic Games with a nod to the Lake Placid Games of 1932, the clothing will showcase a classic Americana and patriotic palette of red, white and blue.
“We are thrilled that Polo Ralph Lauren will be returning to outfit Team USA at the Olympic and Paralympic Games in Vancouver and London,” said USOC Chief Marketing Officer Lisa Baird. “Polo Ralph Lauren is an iconic American company and we greatly appreciate the elevated style and classic look that will be donned by U.S. athletes at the Opening and Closing Ceremonies and throughout the Games. It is a look that we feel all Americans will be proud to wear as they support Team USA in 2010 and 2012.”
Apparel from the entire Polo Ralph Lauren U.S. Olympic and Paralympic Team Parade Outfit collection will be available for sale, along with a full assortment of the athlete village wear pieces for men, women and children, in Polo Ralph Lauren retail stores, RalphLauren.com, USOlympicshop.com, U.S. Olympic Shops and exclusively at select department stores.
This announcement reinforces Polo Ralph Lauren’s leadership in major sporting initiatives. In addition to the Company’s involvement with the U.S. Olympic and Paralympic Teams, the Company serves as the Official Apparel Sponsor for both Wimbledon and the U.S. Tennis Open. Polo Ralph Lauren currently also sponsors an elite roster of professional golfers, as well as the Blackwatch Polo Team.
ABOUT POLO RALPH LAUREN
Polo Ralph Lauren Corporation (NYSE: RL) is a leader in the design, marketing and distribution of premium lifestyle products in four categories: apparel, home, accessories and fragrances. For more than 40 years, Polo’s reputation and distinctive image have been consistently developed across an expanding number of products, brands and international markets. The Company’s brand names, which include “Polo by Ralph Lauren”, “Ralph Lauren Purple Label”, “Ralph Lauren Collection”, “Black Label”, “Blue Label”, “Lauren by Ralph Lauren”, “Polo Jeans Co.”, “RRL”, “RLX”, “Rugby”, “Ralph Lauren Childrenswear”, “American Living”, “Chaps”, and "Club Monaco" among others, constitute one of the world’s most widely recognized families of consumer brands. For more information, go to http://investor.ralphlauren.com.
ABOUT THE U.S. Olympic Committee
The United States Olympic Committee (USOC) is recognized by the International Olympic Committee as the sole entity in the United States whose mission involves training, entering and underwriting the full expenses for the U.S. teams in the Olympic, Paralympic, Pan American and Parapan American Games. In addition to being the steward of the U.S. Olympic Movement, the USOC is the moving force for support of sports in the United States that are on the program of the Olympic, Paralympic, Pan American and Parapan American Games.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5996025&lang=en


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Interchange fees for handling debit and credit card payments cost the retail industry almost £1bn in 2013, the British Retail Consortium’s (BRC) latest survey has found.
The BRC’s Payments Survey 2013, published today, found the average cost to a retailer to process a credit or charge card payment last year was 40.9p, up 18.3% in five years.
Credit and charge cards account for only 9% of transactions, but almost half of the costs retailers have to meet to handle all payments. By comparison, cash accounts for 53% of all transactions but only represents 9% of the costs.
Helen Dickinson, director general of the BRC, said the survey showed banks were still levying “unjustifiably high charges” on retailers for handling card payments.
“It is really disappointing that the average cost of accepting both credit and debit cards has increased over five years, while cash costs have gone down,” she said. “Interchange fees cost the retail industry and its customers almost £1bn in 2013.”
In April, the BRC welcomed a vote by MEPs in the European Parliament for an overhaul of the European payments market, which will cap the fees retailers’ pay banks to process card payments.
Dickinson said these proposals were close to final approval, adding: “In the meantime, we continue to work with the government and payment system regulator to implement caps on UK fees without further delay, as has happened in other European countries.”
The annual survey also revealed that customers are spending the same amount in total on their credit cards, but on fewer items. The BRC said this suggested customers were making more considered purchases.
“The recent pattern of spending on larger but fewer products on credit cards shows that customers are now feeling more confident than they did a year ago and reflects the wider consumer outlook of cautious growth,” said Dickinson.
Cash payments continued to decline in popularity in 2013 due to the increasing availability of contactless cards, express stores and self-service tills, as well as online sales.
Cash is still the dominant method of payment, accounting for 53% of transactions, but this declined by 3% over the course of 2013 and 10% over a five-year period.
Over the last five years, the average transaction value for cash has declined by 17%, from £11.43 in 2009 to £9.47 in 2013.
Debit cards now account for 50% of sales turnover, up 2% year-on-year, and 32% of transactions.
“Customers are taking advantages of new ways to shop and pay,” said Dickinson. “This is very much in line with the attention customers have paid to price.
“It shows that customers are embracing digital shopping whether online or on the high street and retailers are adapting and evolving to meet the demand with excellent services.”


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The UK’s departure from the European Union provides the industry with ‘an opportunity to think afresh about regulation and supervision’, according to the UK Payments Regulation Review.
Composed by The Payments Association, UK Finance, and global law firm Latham & Watkins, the paper called ‘UK Payments Regulation Review: Making sense of where to go now’ brings an in-depth view on the post-Brexit opportunities UK lawmakers and regulators can utilise to advance the national payments infrastructure through the introduction of new digitised frameworks.
Jana Mackintosh, UK Finance, said: “We believe that regulators and industry have an opportunity to think afresh about payments regulation and supervision. This industry report will help players in the sector to reflect on the digitalisation of payments and consolidate past learnings that can be drawn upon as the industry moves forward.”
Seeing the payments industry as the most important wheel cog of the UK economy, the report suggests that the sector should regulate itself through collaborative efforts by both market players and stakeholders.
Furthermore, as UK firms continue to engage with international actors, the report additionally highlights the importance of frictionless cross-border payments, being proactive with SEPA, and maintaining high-level of participation in the global market infrastructure.
Brett Carr, Senior Associate Fintech & Payments, Latham & Watkins, commented: “We are proud to lend our firm’s legal expertise and deep fintech and payments experience to this report at such an important time for the sector. The UK and EU payments markets have experienced a prolonged period of regulatory change punctuated by implementation challenges, the impacts of Brexit, Covid-19 and a shifting supervisory strategy of the regulators.
“With question marks remaining over the UK’s priorities for the regulation and development of the fintech sector, market participants will be anticipating how the regulatory environment is set to progress. This report presents a compelling case for greater cooperation between the industry, lawmakers, and regulators, and calls for an evolution in approach that both enables and supports innovation.”
Emerging technologies such as distributed ledger and digital identity are also expected to bring innovations and improve the way the payments sector operates.
Tony Craddock, Director General at The Payments Association, added: “It is an exciting and challenging time to be in the payments space. In a very short time, we have seen the explosive growth of the FinTech industry, the arrival of distributed ledger technology like cryptocurrency and stablecoins and the UK leaving the EU while simultaneously adopting PSD2 regulations.
“This is a timely report that grapples with the major issues in the payments industry and produces ideas on how to create the next generation of regulations, and we are keen to see how the wider industry reacts to the proposals we make.”


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Lexus is planning to dominate the premium small crossover market when it introduces its new vehicle. Two versions are possible, a super-efficient hybrid and a rocket with a V6. Here's how they will do it.
Based on a recent Tweet from Elon Musk and a hint dropped in Tesla’s quarterly report, the firm may be working on a replaceable battery scheme to speed up recharging, or is at least promoting the notion it might have such intentions.
Startup carmaker Elio Motors has unveiled their prototype 3-wheeler at an event in Michigan. The car claims 84 mpg highway and safety standards equivalent to most compact cars. Are they better than all of the other failed 3-wheel automakers who've come before them?
The National Safety Council claims reporting on the causes of traffic fatalities is dramatically wrong and that fully a quarter of all deaths are related to cell phones. Here is a look at their study and some reasons why their conclusion is hard to take seriously.
Toyota's engine plant in West Virginia has built ten million powertrains (engines, transmissions) and is now celebrating a billion horsepower - enough horses to stop the earth's spin and wreak havoc on our ecosystem. But they promise to use it only for good.
The first full-sized, full-powered, 12-liter heavy-duty trucking engines powered by pure natural gas to be commercially produced are now in service in Georgia. And you can expect to see many more of them in the near future.
Hoping to blend solutions for economic, environmental, and human problems in one car, Toyota's new ME.WE concept rethinks how automotive is traditionally approached. The design is both odd and refreshing.
A recent J.D. Power and Associates survey highlights the importance to shoppers of car audio and navigation. Buying a certified pre-owned or used vehicle does not have to mean living with old sound and navigation technology. Here is what you need to know.
The 2013 Global RallyCross season kicked off this past weekend at X Games Brazil but on a variety of levels – the Brazilin X Games failed to build on the momentum gained by the Global RallyCross association during the 2012 season even though the first event ended in a fantastic lap last pass.
While some private investors in Scuderi Engine Group express their dismay at the delay in OEM acceptance of the evolutionary split-cycle engine, the realities of today’s automotive business models are clear, as my interview with Stephen Scuderi at 2013 SAE World Congress in Detroit revealed.