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When Stripe-subsidiary Paystack raised its seed spherical of $1.Three million in 2016, it was one of many largest disclosed rounds at that stage in Nigeria.
On the time, seven-figure seed investments in African startups have been a rarity. However through the years, those self same seed-stage rounds have turn into extra frequent, with some very early-stage startups even elevating eight-figure sums. Nigerian fintech startup, Kuda, which bagged $10 million final 12 months, involves thoughts, for instance.
Additionally notable amidst the expansion in seven and eight-figure African seed offers have been beneficial properties in pre-seed fundraising. Sometimes, pre-seed rounds are raised when the startup continues to be within the product improvement section, but to make income or uncover product-market match. These investments are often made by third-party traders (family and friends), and vary between $25,000-$150,000.
However the narrative as to how a lot an early-stage African startup can increase as pre-seed has modified.
Final 12 months, African VCs who often fund seed and Sequence A rounds started partaking in pre-seed rounds, they usually don’t appear to be slowing down. Only a month into 2021, Egyptian fintech startup Cassbana raised a $1 million pre-seed investment led by VC agency Disruptech in a bid to drive enlargement inside the nation.
So why the sudden change in urge for food from traders?
Andreata Muforo is a accomplice at TLcom Capital, a pan-African early-stage VC agency. She instructed TechCrunch that final 12 months’s run of 23 pre-seed rounds (10 of which have been $150,000+ offers) per Briter Bridges data, was as a result of confidence traders had available in the market, particularly fintech.
Startups constructing monetary infrastructure obtained observed
Whereas most African pre-seed investments in 2020 went to fintech, there have been exceptions, together with Egyptian edtech startup Zedny, which raised $1.2 million; Nigerian automotive tech startup Autochek Africa, which raised $3.four million; and Nigerian expertise startup TalentQL, which raised $300,000.
Simply as Paystack and Flutterwave constructed fee infrastructure for 1000’s of African companies, these fintech startups try to make their mark within the candy spots of credit score and banking.
“Fintech is compelling. However whereas most fintech startups play across the commodities facet of fintech, it’s the businesses constructing infrastructure across the market that obtained a lot of the pre-seed validation final 12 months,” Muforo stated. Her agency, TLcom, led the $1 million pre-seed funding in Okra.
Okra is an API fintech startup. So are Mono, OnePipe and Pngme. They’re constructing Africa’s API infrastructure that connects financial institution accounts with monetary establishments and third-party firms for various functions. Inside the previous 18 months, Mono and Pngme raised $500,000, whereas OnePipe raised $950,000 in pre-seed.
It’s noteworthy that whereas these startups are clamoring to resolve Africa’s open API banking points, three of the 4 offers got here after Visa’s $5.3 billion acquisition of Plaid final 12 months in January.
Though the Visa-Plaid acquisition has now been called off, it’s secure to say some African traders developed FOMO, handing out sizable checks to fund “Africa’s Plaid” within the course of.
Digital lenders stay considered one of their most vital prospects for fintech API startups. They will entry prospects’ monetary accounts to grasp their spending patterns and know who to mortgage to.
Egypt’s Shahry and Nigeria’s Evolve Credit are fintech startups constructing credit score infrastructure for his or her markets. Evolve Credit score connects digital lenders to those that want mortgage providers in Nigeria by way of its on-line mortgage market. Shahry, then again, employs an AI-based credit score scoring engine so customers in Egypt can apply for credit score. The pair additionally secured spectacular pre-seed funding — Evolve Credit score, $325,000, and Shahry, $650,000.
A recurring theme: Serial founders
Muforo factors out that other than startups constructing fintech infrastructure, the caliber of founders was one more reason pre-seed funding peaked final 12 months.
Adewale Yusuf, co-founder and CEO of TalentQL, a startup that hires, manages and outsources expertise for Nigerian and international firms, appeared to agree. He instructed TechCrunch that belief between the VCs and founders concerned performed a significant position in most pre-seed rounds final 12 months.
“It wasn’t stunning that lots of traders put cash in pre-seed rounds. I say this as a result of we additionally noticed present founders and serial entrepreneurs coming again to the market. To me, these founders’ credibility was a significant a part of why these rounds have been massive,” he stated.
A second-time founder himself, Yusuf is the co-founder of Nigerian tech media publication Techpoint Africa. His accomplice at TalentQL, Opeyemi Awoyemi, can also be a serial entrepreneur. He co-founded Ringier One Africa Media-owned Jobberman, considered one of Africa’s hottest recruitment platforms.
In accordance with Adedayo Amzat, founding father of Zedcrest Capital, which is the lead investor in TalentQL’s spherical, the founders’ expertise proved very important in closing the deal.
He says traders are extra snug backing skilled founders in pre-seed rounds as a result of they’ve a extra mature understanding of the issues they’re making an attempt to resolve. So, in essence, they have an inclination to lift extra capital.
“In case you take a look at pre-seed sizes, skilled founders can demand a big premium over first-time founders,” Amzat stated. “Pre-seed valuation cap for first-time founders will sometimes be between 400Okay to $1 million whereas we ceaselessly see as much as $5 million for knowledgeable founders.”
It was a recurring theme final 12 months. Yele Bademosi, who runs Microtraction, a West African early-stage VC agency, is the CEO of Bundle Africa, a Nigerian-based crypto-exchange startup that raised $450,000 in April 2020.
Shahry co-founders Sherif ElRakabawy and Mohamed Ewis additionally run Egypt’s largest procuring engine and value comparability web site, Yaoota.
Mono co-founder and CEO Abdulhamid Hassan was the co-founder of Nigerian fintech startup OyaPay and knowledge science startup Voyance. Additionally, Etop Ikpe, the co-founder and CEO of Autochek Africa, was CEO of DealDey and Automobiles45.
That stated, Fara Ashiru Jituboh of Okra and Akan Nelson of Evolve Credit score as first-time founders obtained investments that almost all of their counterparts would solely dream of. For Jituboh, her strong tech background spoke for her — boasting a senior software program engineering job at Pexels and engineering guide position at Canva earlier than founding Okra.
“We backed Fara as a result of she’s a powerful tech founder. While you take a look at the core of what Okra does as a tech-heavy firm, you see how vital it was to make the choice,” Muforo stated about backing Okra’s CEO and CTO.
Nelson additionally instructed TechCrunch that his finance background helped Evolve Credit score increase its six-figure sum. The workforce’s bullishness on discovering product-market match and the potential of Africa’s mortgage market was additionally sufficient to deliver overseas and native VCs like Samurai Incubate, Future Africa, Ingressive Capital and Microtraction on board.
Whereas early-stage investments in African startups haven’t reached full velocity, the explosion within the variety of angel traders has lowered entry obstacles into early-stage investing.
Now traders are starting to indicate readiness towards African startups which have promise as they proceed to seek for the following Paystack.
“Extra persons are keen to take dangers now available in the market, particularly angel traders. They will simply let go of $10Okay-$50Okay due to success tales like Paystack,” Yusuf stated in regards to the $200 million acquisition by U.S. payments startup Stripe.
For all of its significance to the African tech ecosystem, what significantly stands out about Paystack’s exit is the return on funding made for early traders.
By the point it exited in October 2020, some angel traders had an ROI of greater than 1,400% in response to Jason Njoku in his blog post. Njoku, who took half within the spherical as an angel investor, is the CEO of IROKO, a Nigerian VOD web firm.
For Muforo, witnessing extra early-stage investments is a giant deal, one the African tech ecosystem ought to savor whatever the spherical in query.
“Pre-seed or seed are simply names traders and founders give. They will principally imply the identical factor, for my part,” she stated. “What I feel is most vital is the truth that we’re getting extra early-stage capital into Africa, and startups are getting extra consideration from traders, which is implausible.”


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At a certain point, you have to guess that someone might make a movie just about the casting for Steven Soderbergh’s upcoming film Contagion. Bryan Cranston and Demetri Martin will join Jennifer Ehle and Elliott Gould as the latest additions to the virus thriller, according to The Playlist, and they will find their place among the already ridiculous cast. The quartet joins Matt Damon, Kate Winslet, Marion Cotillard, Laurence Fishburne, Gwyneth Paltrow, Jude Law, John Hawkes, Chin Han, and Josie Ho.
Finally, while people like me eagerly await the release of Haywire, Soderbergh is not sitting idly by. He had intended to film the fast-approaching Contagion later this month in 3D, but those plans seem to be scrapped. RED, one of the high-profile camera manufacturers that have been an increasingly popular brand among filmmakers, was set to give Soderbergh first access to their brand new Tattoo camera but some faults have nixed those plans. Instead, Soderbergh will shoot with his old RED cameras that he already owns. (He reportedly lent them to David Fincher for The Social Network.) Perhaps he will post-convert the film? While I certainly hope not, it is clear that Soderbergh fans have quite a lot to look forward to in the next year: Contagion is set for an October 2011 release.

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Apple has recently released its new MacBook Pro models in global markets. During its Unleashed event, Apple brought the new true wireless AirPods 3 and a bunch of HomePod mini color options. The focus of the rumor mill now shifts to other products from Apple that are in the pipeline. One of the much-anticipated products that are expected to debut in the future is the Apple Mixed Reality (MR) headset. Apple will launch its futuristic MR glasses in Q2 of 2022. However, it looks like the company has hit a roadblock.
According to a report from 9to5Mac (via), that cites the renowned analyst Ming-Chi Kuo, Apple will face production delays due to the complex design in this product. The analyst states that Apple’s industrial design requirements for MR glasses are significantly higher compared to the industry standards. The company also wants to deliver a “solid ecosystem of hardware, software, and services” at launch. Kuo, therefore, expects a delay in production. In addition to this, Kuo states that Apple does not want to position the MR glasses only as a gaming device, but also as something ready for other applications as well.
Apple Mixed Reality Headset will cost around $3000
The analyst believes that Apple will kick off production of its head-mounted display in the fourth quarter display in the last quarter of 2022. Taiwan’s Young Optics is one of the possible component suppliers for Apple’s new device, he added.
Gizchina News of the week
The headset will not be cheap, and certainly not for the overall consumers. After all, something that will cost around $3,000 will certainly come as something for enthusiasts and early-tech adopters. The mixed reality headset will combine virtual reality (VR) and augmented reality (AR) to deliver an ultra-high resolution 8K display. Apple will also offer swappable headbands, which will allow users to change them as per their requirements. Last but not least, Apple Mixed Reality headsets are rumored to feature some sort of advanced eye-tracking feature that will show images only on the par where the user is looking. The device will also come with a plethora of cameras inside and out for tracking hard movement and delivering a seamless experience.
Apple’s Mixed AR / VR headset is a very interesting product. We are curious to see how it will look in the end of the day, as the company also pays attention to the design.


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Social media exploded on Christmas with complaints about UPS and FedEx from customers furious about empty spots under their trees.
Most complaints were directed at UPS, which issued statements on Christmas Eve and again on Christmas Day acknowledging that the company was overwhelmed by unexpected volume and some packages were delayed until after the holiday.
Barry Tesh, 52, of Jacksonville, Fla., said in an interview, "A lot of these employees keep saying 'It's the weather' or 'It's some kind of a backlog.' Well then why, all the way up until the 23rd, were they offering next-day delivery? That guaranteed delivery was 80% of my decision to buy the gift."
UPS and Fed Ex did not respond to phone calls and e-mails seeking comment on Christmas Day.
"This has been the worst Christmas ever," said Larry Ledet, 55, of Houston, who has been a UPS driver for 27 years. He made 337 stops and delivered 505 packages Monday.
Even though Ledet and other UPS drivers have been pulling 60-hour weeks, thousands of holiday gifts didn't arrive by Christmas.
UPS normally delivers 16.3 million packages and documents, 2.3 million by air, every day. Those numbers soar around the holidays.
A statement issued Wednesday said, "UPS understands the importance of your holiday shipments. UPS is experiencing heavy holiday volume and making every effort to get packages to their destination."
UPS spokeswoman Natalie Goodwin said on Christmas Eve that "a small percentage of shipments are delayed and will not be delivered today."
Mike Reynolds, 43, of Martinez, Calif., said UPS' biggest mistake wasn't the delivery delay -- it was that statement.
"They said 'a small percentage,' and that was insulting as a customer. It made me feel marginalized," Reynolds said. "My mother stayed home last night waiting for packages to come in. She just waited and waited and waited, and it never happened. She missed out on the festivities."
UPS elected not to ask employees to work on Christmas.
Christopher Le, 34, of Moore, Okla., is still waiting for UPS packages, but he says it's not a problem.
"It's really easy to sit behind the internet and bash UPS," Le says. "People forget it's not just a corporation -- it's people, too. I am proud that they made the decision to let their employees take off and spend Christmas with their families rather than make them come in because people were angry about their presents. The holiday season is about family."
On Facebook, there has been an outpouring of support for the "Santa's helpers in brown" along with criticism for UPS administrators.
Angela Lemond, 42, of Allen, Texas, placed an order with Amazon, which guaranteed delivery on Dec. 23. Now her packages won't arrive until at least Dec. 26.
"I feel bad because I see that UPS workers are being worked to the bone," Lemond says. "There is something that needs to be done higher up. They shouldn't be promising something they can't deliver."
As for UPS workers, "We are doing the best we can," Ledet says of his UPS colleagues. "I am sure I'll be working until 10 pm tomorrow."


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HARARE – Zimbabwe Stock Exchange-listed furniture retailer Pelhams Limited (Pelhams) says it plans to further improve its credit terms to boost sales.
This comes as a greater part of most retailers’ sales are credit-driven as majority of Zimbabweans’ disposable incomes remain depressed.
The prevailing liquidity crisis has also worsened the situation.
Isaiah Mukudu, Pelhams chief operating officer, told businessdaily that increased sales would also help reduce dependence on securitising debtors so that finance income is retained in the business.
“Measures will also be put in place to increase space utilisation through exploitation of synergies amongst brands,” added Mukudu.
In his trading update two months ago, Pelhams chief executive Oswald Masoha said operations had been subdued since the beginning of the financial year in April mainly due to inability to access meaningful funding for the debtors’ book.
“The Pelhams model is driven by credit and in the absence of funding for the debtors book the operations are seriously affected,” Masoha said.
“2011 showed the potential in this business to grow and effectively leverage off its established brands, staff, branch network and systems. The establishment of a consistent funding model for the debtors’ book will contribute towards growth in the short-term,” he said.
Pelhams was recently taken over by businessperson Tawanda Nyambirai’s Lifestyle Holdings (Lifestyle) — formerly TN Financial Holdings (TNFH).
Nyambirai was given the nod to appoint six directors to the Pelhams board after the High Court awarded him ownership of 35 percent shareholding of the retailer he was contesting with chairperson Oliver Chidawu.
Chidawu has since been booted out as chairperson. At the company’s annual general meeting held in September, Nyambirai won 56 percent of the votes through TN Asset Management (TNAM) and Lifestyle Holdings resulting in the appointment of Rugare Chidembo, Alexander Gonese, Winston Makamure and Charity Chanetsa as Pelhams directors.
These changes come on the back of TNAM nominees, an investment arm of TN Holdings, acquiring Chidawu’s 36 percent stake of the company in a special bargain of 358 207 502 shares at 0,71c each last year.
Chidawu had used his shares to secure a $3 million loan from controversial businessperson, Jayesh Shah as collateral.
They were the same shares that Shah sold to TNAM nominees after Chidawu failed to honour his obligations.
Lifestyle, then TNFH, later bought an additional 22 percent stake in Pelhams, giving it a 58 percent effective control of Pelhams.
Lifestyle qualifies for a board seat for every 10 percent of equity held.
Pelhams’ business model is driven by credit sales. – John Kachembere


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The 2015 Havana Cigar Festival concluded with a gala dinner at Pabexpo in Havana’s Siboney neighborhood. The night was dedicated to to the 80th anniversary of the Montecristo brand
. Throughout the dinner guests were entertained by various musical numbers while they smoked cigars handed out after each course. The cigars included Montecristo Media Corona, Habano Montecristo Edmundo, Habano Montecristo Churchill Añejados and a special edition released to commemorate the 80th anniversary of the famous Havana cigar brand. Present at the dinners were Hilton Hotel heiress Paris Hilton and supermodel Naomi Campbell; the two celebrities were visiting the island for the weekend.
The event finalized with an auction of various humidors made by the different factories. The earnings of the auction amounted to a total of 600,000 euros (671,925 USD) and were donated entirely to the Cuban health system.
Above is a video with some of the highlights of the evening. Enjoy!


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COVID-19 has changed the world, likely forever. From initial panic to digital pivots, media planning has been somewhat lost in the woods since early 2020. And we still have a way to go to see the sun again – but we’ll get there.
Here we look at how the pandemic has changed, and continues to change, marketing and media planning. To avoid speculation, we will leave health, mental health and economic investigations to experts in those industries.
How the media planning industry reacted
Coronavirus caused a justifiable panic when it first appeared as a pandemic in early 2020. Many organisations went into crisis mode almost immediately. Marketing budgets were slashed across the world, a lot of the time to zero.
Soon after, when it became clear the world would face an ongoing up-and-down battle with the virus, early adopters reversed the decision and pivoted to a new paradigm of media planning.
MarTech investment rose. Brands built a following. Online engagement became the focus. And in the competitive media landscape, brands and agencies who experimented early are leading the charge towards a predicted advertising resurgence.
What it looks like now
When we published our 2020 marketing industry outlook in February (right before COVID emerged as a global issue), we foresaw four significant trends shaping the media planning landscape:
- Machine learning (AI, marketing automation and chatbots)
- Multi-channel digital campaigns would become commonplace
- Authenticity, purpose and personalisation predicating brand success
- Consumers choosing experiences over things
Fast forward a few months and trends are starting to emerge in media planning that shows our crystal ball was at least three-quarters accurate – possibly even faster than we expected.
- 56% of businesses surveyed by Marketing Charts say chatbot investment increased
- 45% are consciously more consumer-centric in their marketing
- 39% added a new marketing channel
And the marketing industry seems to be looking inward, rather than chasing new business:
- 32.6% of CMOs surveyed by Marketing Charts said retention was a priority (14% said acquisition)
- 84.2% of marketers said social media is being used for brand building and awareness
Global ad spend is recovering after a swift and severe decline. According to the World Advertising Research Center (WARC), positivity among advertisers is spreading and the majority (54%) are no longer putting off launching campaigns. Actual ad spend across the marketing industry is still down year-on-year, but investment is up for online channels and video especially.
What does this mean for marketers? We are not out of the woods yet, but innovation and strategic investment are helping media planners find the path.
3 ways COVID is still changing the media planning landscape
1. Fewer traditional channels
Marketers are abandoning traditional campaign rulebooks, replacing them with an inventive digital-first strategy that preferences audience loyalty and online engagement over eyes on a page.
This is partly due to a decline in traditional media consumption. But for the most part, media planners are following consumers as they spend more time and money online.
2. Campaign planning is getting smarter
50% of businesses surveyed by Marketing Charts reported trying new marketing technology or features to facilitate the rapid shift to online advertising. Disruption, rather than necessity, is proving to be the parent of innovation.
Here at Mediatool, we have seen a 10.35% increase in web traffic between February and September (compared to the previous 8 months), and 19.8% more requests for demos of our comprehensive media planning tool.
3. Data is a force for change
We are in the middle of a data revolution. Media planners are harnessing the power of proven data to make faster, more insightful decisions. Google’s marketing department noted the irony in this back-to-basics approach: marketers have always had the data available, but it took a pandemic to realise the potential of real-time information access.
Businesses need a confidence boost. That means knowing when media planning is working and using data to alter ad investment for mid-campaign experiments.
Getting ahead of the change to come
Global media markets are showing signs of recovery. We are not there yet, but hope is glimmering on the horizon for marketers and agencies alike.
Now is the time to make a bold (but well-researched) decision and invest in the technology that will enable better decision-making and more thoughtful media investment. Nobody knows for sure what the world will look like next week, next month, or next year.
But with Mediatool, marketers can plan marketing campaigns faster, track real-time results, and optimise investment based on accumulated data. And it’s this potential that is powering confident media planning for global brands and agencies in an uncertain world.
Find out how Mediatool will change the way you plan, deliver and optimise marketing campaigns. Book a free demo or explore some of the powerful features.


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Ferrari’s New Roma Grand Tourer Is a Modern Throwback
The coupé pays tribute to the carefree, pleasurable way of life that characterised the Italian capital during the ‘50s and ‘60s.
Ferrari may be firmly focused on the future, but that doesn’t mean it won’t indulge in the occasional moment of nostalgia. Witness the automaker’s just-unveiled two seat-plus coupé, the Roma, a gorgeous tribute to the La Dolce Vita.
On Wednesday night, the Prancing Horse debuted its record fifth new model of the year during a glamorous event inspired by the 1960 Federico Fellini film at Rome’s Foro Italico. The new grand tourer’s design is an elegant throwback to the carefree era that characterised life in the Italian capital from the ’50s to the ‘60s. Yet the vehicle’s technology and performance are decidedly modern.
The coupé’s sleek lines and subtle curves call to mind several cars from the brand’s past—from the 250GT Berlinetta Lusso to the 812 Superfast—while still managing to look contemporary. In a release, Ferrari said it wanted the car’s aesthetic to evoke a “contemporary representation of the carefree, pleasurable way of life that characterised Rome” during the era. To that end, the design is highlighted by a beautifully sculpted nose, a striking grille, adaptive LED headlights and razor-thin tail lights.
But the Ferrari legend isn’t just built on beautiful design. The mid-front engine coupé is powered by the company’s award-winning turbocharged 3.9-litre V8 mated to the same eight-speed, dual-clutch transmission that debuted in the SF90 Stradale. The beefy powerhouse produces 456kW and 760Nm torque, pushing the car from 0-to-100km/h in just 3.4 seconds and a top speed of more than 320km/h.
Inside, the car offers the kind of technology you’d expect from a Ferrari in 2019: Side Slip Control 6.0, a five-position steering-wheel-mounted switch and a rear windscreen with built-in mobile spoiler.
Release dates and pricing information weren’t made available, but it sounds like Ferrari has high hopes for the coupé. Currently, GTs make up about a third of the company’s business, but the financial news service reports that Ferrari expects that figure to rise to 40 per cent by 2022.
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The gorgeous grand tourer will be sold at the Monterey Jet Center Auction this August.
By Bryan Hood
May 26, 2022


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According to Director of the Vietnam National Administration of Tourism Nguyen Trung Khanh, six GMS member countries need to continue their cooperation and create new attractive products to revive the sector from the long-term impacts of COVID-19 and against stronger competition from countries outside the region.
He stated that the public sector and private investors must work together, with the former providing support in terms of investment in tourism infrastructure and training programmes, and the latter focusing on tourism products and services, accommodation and transportation.
Khanh asked member countries to continue joining hands in effectively implementing the Mekong Tourism Sector Strategy 2016-2025, action plans and tourism projects for the Greater Mekong Subregion.
The Vietnamese official also called for better public-private cooperation, stepping-up of destination promotion, enhancing tourism product quality, upgrading tourism infrastructure and accelerating digital transformation in the sector.
For her part, CEO of the Pacific Asia Travel Association (PATA) Liz Ortiguera stated that the crisis caused by the pandemic underlines the need to reshape tourism in a way that is more sustainable, inclusive and resilient.
Wouter Schaken, the senior sustainable tourism specialist at the Asian Development Bank, also made recommendations on tourism policies to ensure its resilience and sustainability.


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Chevrolet Sail U-VA to Challenge Hyundai, Suzuki and Ford; Price Starts at 4.44 Lakh
Sail U-VA, the first car launched by GM through the Shanghai Automotive Industry Corporation (SAIC) in India, will replace the company's older model Aveo U-VA. It is expected to increase the sale volume of GM in India.
The all new Sail U-VA, which is built on global small car platform, is available in both petrol and diesel engines in India. The car with a price tag starting from ₹ 4.44 lakh is priced lesser than its arch rival Maruti Suzuki Swift.
"The Sail U-VA is a strong edition to our small car portfolio. With the market preferring bigger cars in the compact segment, with Sail U-VA we are able to balance our presence in the segment along with Beat," said General Motors India President and Managing Director Lowell Paddock at the launch event.
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Sail U-VA is the fastest selling car in Chinese market. The car is available in 14 countries across the globe which includes Madagascar, Columbia, Argentina, Chile and China. In India, the company will offer the car with 1.3-liter diesel engine as well as 1.2-liter gasoline engine. According to the company, the diesel engine of the car is capable of giving 22.1 kilometers a liter and the petrol engine gives the mileage of 18.2 kilometers per liter.
The car packs Hawk Wing Style Front Headlamps and Shooting Star Style Front Fog Lamps and comes with 12 spoke - 14 inch alloy wheels. The interiors of the car also have been given a sporty look with three spoke V-style sporty steering wheel and "Fun Wide" Audio System. The some variant of the car hosts the safety features like ABS+EBD, Impact Proof Bumpers and Speed Sensitive Autolock .The petrol version of the car is available in four variants and is priced between ₹ 4.44 lakh and ₹ 5.57 lakh. The diesel model comes in three variants and is available for a price between ₹ 5.87 lakh and ₹ 6.62 lakh.
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Qoros, the Chinese carmaker that's a joint venture between Chery Automotive and Israel Corporation, has released a couple of teaser images of the small sedan it has planned for next year's Geneva Motor Show. Qoros, a play on the word "chorus," is already almost six years old, and unlike other start-ups we've watched over the years, appears to have spent that time working on a properly vetted automobile with the help of industry-standard suppliers.
In reporting on a $350 million funding round for Better Place, we said that we doubted another automaker besides Nissan-Renault is building vehicles that would work with the company's battery-swapping system. Might a report in Globes prove us wrong? According to the Israeli business news site, the "Chinese media" has disclosed that the Chery-Quantum joint venture (a 50 percent stake of which is held by Israel Corp., Better Place's chief investor) is designing a compact electric jeep at a studio
Less than two weeks after Chery unveiled its first electric car (above) comes news that the joint venture the Chinese car maker has with Israel Corporation Ltd. is set to speed up. The holding company belonging to the Ofer family, which has $100 million or so invested in Better Place, has said that, although it will pare down its investment, it will also speed things up. When we had reported about the deal a little over a year ago it was "only" worth $225 million but apparently it had grown to $
Back in 2004 serial automotive entrepreneur Malcolm Bricklin announced plans to collaborate with "rogue" Chinese automaker Chery Motors to bring new cars to the US market. Chery is referred to as "rogue" because the company never actually got permission from the Chinese government to get into the car business. Needless to say, the deal eventually fell apart when Chery decided to hook up first with Israel Corp and Quantum LLC for a different joint venture which has also yet to come to fruition.
Israel Corp plans to invest $100m in a new electric car. They will own 33 percent of the venture, which will have a total initial investment of $200m. The face on this deal is Shai Agassi, blogger, who also has had a little job (he says sarcastically) heading SAP, the world's largest business software company. He has had a few things to say about electric cars. Here are some quotes from a speech he made:


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A Vermont bakery and coffee shop shuts off its Wi-Fi and discovers that people quite like it.
After an argument over the use of a seat-recline preventer becomes heated, a United Airlines flight is diverted. Should the device be banned?
With Uber facing issues in Spain, France, and the UK, Germany becomes the latest European country to have its doubts about the car-sharing service.
The Japanese messaging app Line may be blocked in China, but it's still raking in cash from merchandise based on its cartoon characters at a huge mall in Beijing.
Legislation aimed at barring the use of Glass have stalled in many states. One professor suggests changing the wording of the bills.
The famed soccer club cites "security intelligence" in stopping fans from bringing "large electronic devices" into Old Trafford.
The country's Procurement Center, its Finance Ministry, and Apple itself say the iPhone maker never applied to be on the government's list of approved energy-saving products, according to Reuters.
New reports call into question a Bloomberg story that claimed China has banned certain Apple products from government buying.
The iPad and MacBook are apparently no longer on a list of products approved for government use due to security concerns, Bloomberg reports.
Uber's Asian expansion hit a snag in South Korea as Seoul's city government claims the service is illegal under current laws.


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Rover sale 'will cost 19,000 jobs'
The Midlands faces the loss of up to 19,000 well-paid jobs because of BMW's sell-off of the Rover Longbridge plant, according to a leaked report.
The first official study into the impact of the controversial sell-off warns that jobs will go within months while the economic shockwaves will be felt well beyond Longbridge.
Economists hold out little hope that those made redundant by Rover and its suppliers will find similar work. The draft report will be discussed today by an emergency taskforce set up by Trade and Industry Secretary Stephen Byers. It warns that the West Midlands faces a 'major shock'.
The leaked 40-page document, which has been seen by the Guardian, reports that manufacturing jobs are already falling, vacancies are down and employment growth has slowed.
'We therefore believe that it will be extremely difficult for the regional economy to rapidly absorb any large-scale rundown of Rover activity at present,' it says.
'The immediate prospects of Rover workers finding jobs in similar sectors do not look favourable.'
The bleak findings will be presented next Wednesday to Mr Byers, who is facing growing pressure to boost the £129m aid package pledged for the region.
Taskforce members meeting at Aston University today will be told that those whose jobs are threatened earn an average of £25,000, a fifth more than the area's average wage.
Rover is the key player in the local economy, supporting 50,000 jobs - 8% of manufacturing - with local shops, pubs, cafes and suppliers to the company's suppliers at risk.
The company spends £735m locally, the study notes. 'The potential economic impact from restructuring of the Rover Group will create a major shock to the regional - and potentially national - economy. It needs more than a sticking plaster response.'
Venture capitalist Alchemy, which is thought to have offered £50m for the Longbridge plant, could take control within six weeks and impose immediate job cuts as it renames Rover, the MG Car Company.
A rival bid headed by the former Rover chief John Towers would save more jobs but doubts remain over its financial backing.
The upper estimate of 19,000 job losses is based on the assumption that Longbridge's output is dramatically slashed.
Alchemy, favoured by BMW, wants to concentrate initially on far fewer sports models such as the low-volume MG sports car and cease production eventually of the Rover 25 and 45 saloons.
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The softening economy may have claimed another magazine. Hotdots, the Web-shopping title aimed at women launched late last year by AOL Time Warner unit Southern Progress Corp., has scotched plans for bimonthly publication in 2001. The magazine now plans to release a May-June issue--which a spokeswoman referred to as "another test issue"--and then evaluate its options, but some internal speculation says its May-June issue will be its last.
Hotdots, which Southern Progress spent around $5 million to launch, has thus far only published a November-December 2000 holiday issue, "the plan was to continue with more in 2001," said a spokeswoman. "But with the downturn, we will see where the magazine goes, an how much we want to invest in it." The spokeswoman said the company did not yet have results on how well the debut issue performed.
Publisher Jeff Ward would only say, "I tell you, it's not shutting down," before referring a reporter to a spokeswoman.
An AOL Time Warner executive claimed no direct knowledge of Hotdots' change in plans, but said the outcome was "not surprising," and hinted that internal earnings pressures within the newly merged media giant may be mounting.
"Everyone's got to make their quarterly numbers work," said the executive. "Unless something has huge potential, they can't afford to be investing."
The Web-shopping niche for magazines has been a troubled one. Last year Ziff Davis Media published two issues of eshopper, but decided in July to make it a special issue of Yahoo! Internet Life. For the holiday season of 1999, Meredith Corp. polybagged 3 million copies of Shop Online 123 to select subscribers at 10 of its titles. In late 2000, Meredith cut distribution back and has no plans to publish another issue.
Hotdots launched with a rate base of 400,000, and a one-time full-page color ad cost $22,000. Following every-other-monthly publication throughout 2001, the company planned to take the title monthly in 2002.
Copyright February 2001, Crain Communications Inc.


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Swine flu has blown a £7million hole in the profits of Europe's biggest holiday company.
Tui Travel, which owns Thomson and First Choice in the UK, stopped flying to Mexico in April after the government advised passengers not to travel there.
Although it resumed services at the end of May, the company suffered from cancel-lationand a big slump in bookings.
It also bore the cost of sending out empty planes to fly worried holidaymakers home.
Bosses said sales of summer holidays were 12% down in the UK, although there had been a pick up since the recent rain. And bookings for winter 2010 have slumped 21% as cashstrapped families cut back.
Chief executive Peter Long, left, said destinations such as Egypt and Turkey - outside the expensive euro zone - were proving most popular.
More families are also opting for all-inclusive packages to help control spending.
Despite the setbacks, the group increased its profits by 57% to £102m helped by £2m of cost savings from TUI's takeover of First Choice Holidays in 2007.


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Essential Business Briefing
- Credit: Archant
Social Life photos from the recent Haines Watts North Devon LLP and FSB 1800 Club business event in Westward Ho!
Guests enjoyed light refreshments and presentations which specifically addressed key business and financial topics.
Matthew Melksham, of Haines Watts North Devon LLP, also launched the new complimentary ‘Golden Hour’, offering local business owners the opportunity to arrange a free 60 minute consultation with one of the six partners.
Photographs: Glen King


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Epic, the new animated adventure from director Chris Wedge and his gifted team...
Nickelodeon has announced the launch of the first-ever global SpongeBob SquarePants-inspired short film competition, SpongeBob SquareShorts: Original Fan Tributes. Fans of the absorbent yellow hero around the world and filmmakers of all ages are invited to create original short films inspired by the network’s breakout character for a chance to [...]
Dark Planet Comics has released its first digital comic, Silver #1, now available for download on ComiXology. The 12-issue miniseries marks the comic book debut of animation veteran Stephan Franck, whose many credits include supervising animator on The Iron Giant, storyboard artist on Despicable Me and story artist on How [...]
At its annual MAX conference today in Los Angeles, Adobe Systems announced that its market leading Creative Suite, will be replaced entirely by Creative Cloud, the company’s software subscription option. The new suite version ties in with the company’s push to this Creative Cloud subscription model that includes downloads of [...]
Southern California studio Shade VFX has announced the company has relocated to a new facility at Santa Monica’s Bergamot Station, doubling the available space for the growing effects house. The new studio at the region’s largest art gallery and cultural center complex includes stage space that can accommodate green-screen shoots [...]
Two very different but equally worthy animated efforts are topping the Animag home entertainment shopping list this week. First, for comic-book fans, the 16th film in the DC Universe Animated Original Movies line Superman: Unbound brings the 2008 Brainiac story arc to life thanks to Warner Bros. Animation and director [...]
In This Issue!
- The Croods
- MIPTV Highlights
- Monsters vs. Aliens
- Henry Hugglemonster
- The VFX of Oz
- The Venture Bros.
The Croodsread more
MIPTV Highlightsread more
Monsters vs. Aliensread more
Henry Hugglemonsterread more
The VFX of Ozread more
The Venture Bros.read more
and much more...subscribe
New arrival Vertical Entertainment has picked up the U.S. distribution rights...
Guillermo del Toro’s upcoming sci-fi action adventure Pacific Rim has...
London-based animation studio Nexus as announced an exclusive partnership with...
Disney/Pixar’s upcoming Monsters University will feature music from...


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ASML had a record year once again, with sales exceeding €9 billion.
2016 had already marked a record year for the Veldhoven chip manufacturer, and those figures were again highly surpassed in 2017 when turnover increased by about a third. Profits exceeded €2 billion, a considerable increase on the previous year.
ASML specially benefits from the growing demand for chips that are being processed in smartphones, computers, and car navigation systems or self-driving cars worldwide. More and more chip companies are placing orders for ASML’s new EUV-machines from, which can be used to make very accurate chips. Solid growth in the number of EUV-orders is expected over the next few years.
The company’s growth has also resulted in an increase in the number of employees. ASML recently welcomed their 10,000th employee in Veldhoven. The company has about 19,000 employees worldwide.
Translated by: Bob


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The Wellington Garden Club will celebrate Wellington Garden Week with a Horticultural Day and Plant Sale on Sunday, March 8 from 10 a.m. to 4 p.m. at the Wellington Amphitheater. The event is free and open to the public.
The day will include a plant sale of nursery-grown and member-grown shrubs, trees and flowers. The sale also includes vegetable plants, gardening books and decorative garden items.
There will be a raffle of a flowering tree, orchids and more, as well as an “ask the experts” table and a lecture series.
The first lecture is “Landscape Makeovers” at 1 p.m. by Pamela Crawford, a nationally known garden author and landscape architect, who will draw sketches of great ideas for your garden. Bring photos of an area of your yard that needs improvement.
Next is “Florida Friendly Landscaping” at 11 a.m. and 2 p.m. by master gardeners Inger Jones and Mona Johnston. Learn how to incorporate Florida-friendly landscaping principles into your yard and get it certified as a Florida-friendly backyard habitat.
Finally, there is “Bee Understanding” from 10 a.m. to 3 p.m. presented by beekeeper Al Salopek. Learn the important role honeybees play in the food supply chain.
Proceeds will benefit the Wellington Garden Club’s civic beautification, environmental and youth programs. For more information, visit www.wellingtongardenclub.org.


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MapQuest Launches ActionScript API
MapQuest has launched a new, Adobe ActionScript API that will allow developers to use a robust toolset with the benefits of ActionScript 3.0.
Developers will be able to build rich applications with Adobe Flex or Adobe Flash software using a native API for ActionScript for better developer productivity.
"As an industry leading provider of geospatial web services, MapQuest has created a foundation for developers to bring a rich multi-media experience to end-users. Future enhancements will open up the possibilities even further, ultimately allowing developers to customize location-based applications that offer significant end-user control," said Christian Dwyer, Vice President of Business Solutions and Operations for MapQuest.
"Created to offer more choice, the new ActionScript API offers the possibility of enhanced interactivity, lower development costs and faster time to market while providing all the same great mapping, routing, geocoding and search feature sets that customers rely on from MapQuest."
MapQuest says because Adobe’s Flash Player is available to 97 percent of the world’s Internet-enabled desktops that developers will spend less time on cross-browser support and more on building applications.
"The API developed by MapQuest for ActionScript opens up new avenues for the Web 2.0 developer ecosystem, especially those who use Flash, Flex and Apollo to build rich Internet applications (RIAs) in the browser or right on the desktop," said Jeff Whatcott, Vice President of Product Marketing, Enterprise and Developer Business Unit at Adobe.
"Now, RIA developers can quickly and easily integrate MapQuest’s mapping services into their Web 2.0 mash-up applications, enabling them to go beyond simple HTML to create more engaging, data-rich and interactive mapping applications."


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A Silent Hill series showcase has been scheduled on October 19, after years and years of speculation and complete quiet from the publisher. The Silent Hill franchise will be the main topic of the webcast, however it’s not clear if that means a brand-new game or a remake or remaster of an older Silent Hill title.
The whole gaming industry has been impatiently awaiting Konami to release a new installment in the series, and it appears that we may have something concrete to work with shortly. The craze around the brand had grown out of control during the previous year, with titles from other companies even being accused of being a new Silent Hill game in disguise.
On October 19, it will be intriguing to see what the publisher has in store for us and one can only hope the new project will be able to compete with titles like PT.
The cancellation of both PT and the Silent Hills game by Hideo Kojima and Guillermo Del Toro will collaborate on a new game in the franchise called Silent Hills, starring Norman Reedus from The Walking Dead.
Then Kojima-directed “P.T,” a “playable teaser” released by Konami, provided one of the scariest and most captivating horror experiences ever. The game was later shelved after Kojima and Konami’s partnership ended, never to be seen again.
Fans are now hopeful that the series may make a reappearance and that the new company will be able to produce something that will offer an experience that is almost as terrifying as PT.
- Leaked info showcases the design and specs of the Realme 10 Pro series Global variant
- Tecno Pova 4 scheduled to debut in India on December 7
- Google Pixel Fold may have just visited Geekbench as Google Felix
- Global sales figures of the Redmi Note series exceed 300 million units
- First Snapdragon 8 Gen 2 powered phone, Vivo X90 Pro+, officially goes on sale


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PCMagazine: Google has announced that it has completed work on "Caffeine," its new Web indexing system which promises "50 percent fresher results for Web searches than our last index."
In a blog post, the company explained that the new index is constantly being updated. "Every second Caffeine processes hundreds of thousands of pages in parallel," Google said. "If this were a pile of paper it would grow three miles taller every second. Caffeine takes up nearly 100 million gigabytes of storage in one database and adds new information at a rate of hundreds of thousands of gigabytes per day. You would need 625,000 of the largest iPods to store that much information; if these were stacked end-to-end they would go for more than 40 miles."


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Recently, Madagascan President Rajoelina Andry stopped at the SAVAN (Sahanala ADM Vanilla) joint venture’s curing facilities in Antsohihy. President Andry spent an hour and a half visiting with various members of the team, noting that Sahanala – SAVAN is a model for local development, with regards to SAVAN’s approach supporting farmers. President Andry was elected, in part, because of promises he made to keep vanilla farmers’ best interests in mind as Madagascar produces roughly 80% of the worlds’ vanilla. He has made good on those promises setting fair floor (minimum) prices for vanilla beans.
Translated from Malagasy, the President’s team shared on Facebook: “The government fully supports the efforts of farmers and cooperatives like in the field, which promotes the quality of Malagasy products. Vanilla produced here is one of the best and most sought after in the world, with vanilla givrée which has a 3% vanilla content in it while it is 1.6% to 2.2%. for vanilla in general. This is a living example for Madagascar. Malagasy farmers are the best at coming together and we will be able to hold the top spot by having the best quality vanilla in the world.”
The President’s Facebook and Twitter pages even shared a picture of a bottle of Rodelle Organic Vanilla Extract, launched in Costco Canada in July. Visit this link for the video that the President’s Official Facebook page posted from the visit.
As a part of ADM, we are proud of the hard work that our vanilla team has done to forge an amazing joint-venture partnership with Sahanala that grounds our vanilla products to the origin source. Seeing Rodelle’s branded vanilla extract as part of the President’s visit as something that he noted is super cool!! Watch for more farmer-focused news and products in the coming months!


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In the latter half of 2018, LEGO made quite the splash for Halloween with a lineup of brick and minifigure-themed costumes for children and adults. That was the most prominent push by LEGO into wearable apparel that we have recently covered here in The Brick Show.
But it looks like our favorite toy brand giant has even more in store where it comes to clothing, one that they are combining with, of all things, augmented reality tech with help from social media platform Snapchat. The result is a most unusual clothes store that opened in London before London Fashion Week.
As reported by CNBC, the strange LEGO pop-up shop that was launched this Wednesday, February 13, is actually an empty white room in London. The only feature is a pedestal with a physical icon familiar to Snapchat users: a Snapcode. Scanning that code takes users to an AR platform on their devices where they can buy online a selection of LEGO-themed street wear by the company’s latest garments partner, KABOOKI.
Here we have a sample of the new LEGO casual fashion line from KABOOKI, designed as scaled-up versions of LEGO Wear clothes for kids. This was confirmed by KABOOKI’s Birgitte Holgaard Langer, who added that they also wanted to experiment with an AR platform provided by Snapchat to make their clothing available for purchase online.
Why have Snapchat as a partner for hosting the digital AR LEGO Store? Snap Inc. Director EMEA Creative Strategy Will Scougal says that it’s because the users of their social media platform are among the most frequent users of augmented reality around.
“Snapchatters engage with AR naturally, on average 70% of them play with an AR lens every day,” Scougal explains. Adding an e-commerce element to create the LEGO-KABOOKI online store seems the logical conclusion.
The best part about this LEGO clothing store on Snapchat is that prospective customers don’t even need to go to that empty shop in London. Snap Inc. has saved us the trouble with this photo of the AR store’s Snapcode. Snapchat-using LEGO fans have nothing to lose and perhaps some sweet new LEGO-wear to gain just by checking this out.


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Multiverse Network is a company that focuses on creating an MMO engine on which other developers can build online games. The benefit here is that they provide all of the heavy lifting when it comes to coding the servers and clients, and then the development company can create the content and the rules of the game. It's not a new concept in the gaming world, first person shooters have been doing this for years, but it is new to the MMO genre and may lead to some interesting developments. Games that might not have otherwise been made because they don't have the mass appeal to warrant the undertaking might actually make it. It's a company I had intended to watch...
However, they now have my undivided attention.
Today, Multiverse issued a press release stating that they had signed a deal with Fox to create a Firefly based MMORPG. <fanboy>OMG OMG OMG</fanboy> It looks like Multiverse is intending Firefly to be it's flagship game and is hoping it will draw attention to it's product and the plethora of games being developed on it.
Certainly worked on me. Please proceed... I'll be watching very closely now.


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NEW YORK, Dec. 27, 2023 /PRNewswire/ — The global leading online gift card trading platform, Tbay, hosted its first VIP gathering event on December 15th in Africa. Tbay chose Nigeria, a country with the largest economy scale in Africa, as its first destination, creating a unique Christmas celebration for the VIP users who have supported the platform for years.
The event took place at Ox Restaurant & Lounge,Victoria island, Lagos, with a full house and all guests immersed in the festive atmosphere of Christmas. Tbay stated that this event was a special gift to each VIP user, appreciating them for their continuous support, making the platform become a palace for gift card transactions in Africa.
Tbay’s Unique Advantage: Safe and Fast "Quick Sell Mode"
With roughly 700,000 registered users, over 150,000 monthly active users, and more than 400,000 monthly transaction volume, Tbay is a global digital trading platform committed to providing users with a secure, professional, and efficient service and trading experience.
The security of gift card transactions is a pain point for the industry, and Tbay prioritizes safety, promoting the slogan "You are in safe hands" to establish a secure link between sellers and buyers. To ensure transaction safety, Tbay has implemented a series of innovative measures.
Firstly, Tbay’s gift card vendors must have over three years of work experience, a good credit record, and a clean criminal record. The companies must employ staff and meet Tbay’s capital and annual income standards. Secondly, vendors must pay a transaction deposit for user compensation in case of transaction disputes, and sign an exclusive cooperation agreement with Tbay, otherwise will face punishment for violations. Finally, Tbay monitors vendors’ workspace 360° to ensure every transaction can be traced back through video.
Tbay is dedicated to providing users with a fast transaction experience, with most transactions completed within 90 seconds. Recently, Tbay launched the even faster transaction mode -"Quick Sell Mode" , aiming to reduce gift card transaction time by at least 20% in the future.
A product investigation about Tbay was also conducted at the event, and guests enthusiastically participated, trying out Tbay’s new features. Over 90% expressed that the "Quick Sell Mode" is unique, convenient, and efficient, allowing them to complete the entire transaction process more quickly and gain more profits in a short period. They were also impressed by Tbay’s vendors, giving them high ratings. Users hope for more new and interesting online campaigns as well as user-friendly and practical features in the future.
Event Speech – Tbay Charity Journey
Valerie Azaglo, one of Tbay’s on-site guests, delivered the opening speech, sharing her experience of being invited by Tbay to be the charity leader in Ghana. She vividly described the collaboration with Tbay, especially the story of donating to eight schools. She expressed great honor in joining Tbay’s charity project, giving her the opportunity to help over 1,000 students. Through donations and care, she has not only approached students’ real life but also had a profound impact on the entire community.
Valerie Azaglo emphasized her future plans with Tbay charity, including vivid interactions with children, organizing reading clubs and excursions, and introducing internet and e-learning to better prepare students for future competition. She stated that these plans would expand the impact of Tbay’s charity project, focusing not only on material assistance but also on students’ education and skill development.
Finally, Valerie Azaglo mentioned that the first charity event was in April 2020, until now Tbay’s "Donating 1,000 Schools" charity project has covered 7 African countries, benefiting over 10,000 students in more than 60 schools. She deeply cherishes the opportunity given by Tbay, allowing her to be a partner of improving the community in Ghana. Every guest at the event was touched by her enthusiasm and dedication, looking forward to witness more achievements made by Tbay’s charity in the future.
Tbay Facilitates African Business Development
In addition to providing a secure and convenient transaction experience, Tbay has been working hard to offer more business opportunities for customers and partners. Tbay’s gift card business uses internet technology as a medium, providing a wide bridge of communication in Africa and offering business opportunities for Africans in the global market. Through the online gift card trading platform, they can engage in international market transactions with gift card holders worldwide, earning additional income.
The Christmas event ended with singing, dancing, and joyous laughter. Tbay concluded by stating its commitment to being technology-driven, promoting African development through the internet and the digital economy, and connecting with global technological forces. Tbay aims to provide a convenient and efficient online gift card trading platform for Africans, creating broader markets and opportunities for entrepreneurs and merchants, meeting demands, and driving economic growth in Africa. Tbay’s mission is to create more opportunities through internet and digital economy, continuing to promote African development, helping realize dreams, bringing new hope for Africa’s future, Tbay emphasized that they would actively implement charity event, making contributions to African education.
Tbay website: https://tbay.store/
The information provided in this article was created by Cision PR Newswire, our news partner. The author's opinions and the content shared on this page are their own and may not necessarily represent the perspectives of Siam News Network.


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Following the lead of DoubleClick (DCLK), CMGI‘s (CMGI) Engage Technologies on Thursday created two new privacy-related positions in the company — group director of privacy and public policy, and director of privacy compliance and corporate counsel.
Mark Horan, in the first role, will work with Engage’s (ENGA) marketing team on corporate privacy initiatives. Trevor Hughes, in the second role, will work with the company’s legal team to ensure that Engage complies with its own privacy policies, and to encourage clients to do the same.
Horan most recently worked as a vice president for state government affairs for AT&T Inc. (T) Prior to working for AT&T, he worked for the US House Subcommittee on Telecommunications for US Representative Edward Markey.
Hughes worked for five years at UnumProvident Corp., the world’s largest provider of disability income protection and services, where he was assistant counsel and provided legal support for their advertising and e-commerce functions.
Back in March, DoubleClick — under criticism for its privacy practices — named Jules Polonetsky, the former consumer affairs commissioner for New York City, as its chief privacy officer. The company also brought aboard Bob Abrams, the former New York State Attorney General, to chair its privacy advisory board.
Businesses near ‘PokeStops’ are enjoying a huge surge in footfall due to the popularity of Pokémon Go, according to our first major ... read more
A new organization, The Coalition for Better Ads, has been launched to “leverage consumer insights and cross-industry expertise to develop and implement ... read more


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According to reports, the Silicon Valley-based tech industry has convinced itself that it invented everything it enjoys, including Democracy, rule of law, San Francisco, Burning Man, and sex
“Techies are really innovative, so it’s only natural that they would hack human sexuality by coming up with a pleasurable use for what was previously just a reproductive process,” Google employee Miles Davidson said. “You’re welcome.”
Brent Sternberg, a Facebook engineer who started attending Mission Control sex parties a year ago, said that blow jobs simply wouldn’t have been possible without social media. “How could you have ever told someone that you like it?” he asked. “It would never work.”
Futurist Ray Kurzweil, Google’s Director of Engineering, said he believes that the tech giant is on track to invent S&M by 2025. “It will be incredibly pleasurable,” he said, “unless it hurts too much. Until we develop it, there’s just no way to know.”
Apple vice president of design Louis Harris is especially proud of the tech industry for inventing Burning Man, a 27-year-old annual arts event, in 2008.
“Prior to the tech industry, no one had really considered creating experimental communities, or going camping,” Harris said. “But then thousands of tech workers disrupted the desert and invented DJs.”


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Whether for reasons of quantity or quality, drinking can get expensive quickly. Americans spend over $37 billion annually on beer, in part because of pricey craft brewery offerings. Similarly, hard liquor suppliers have enjoyed record sales in recent years, driven by consumer interest in high-end spirits. Even wineries are raking in more revenue than ever, despite uncertain enthusiasm among younger generations. Clearly, booze is a booming business.
But are Americans feeling the hangover in their wallets? Some say staying sober can lead to significant savings in the long run, especially for those who go out often. To test this hypothesis, we analyzed data from the Bureau of Labor Statistics’ Consumer Expenditure Survey, a national study of how families and individuals spend their hard-earned income. Our results reveal current and historical trends in alcohol expenditures, and which demographics burn the most cash on getting buzzed. To see how America’s drinking habits translate into dollars, keep reading.
Breaking The Bank For Booze?
To study Americans’ drinking expenses over time, we utilized data from 1996 through 2016, the most recent 20 years on record. That time frame witnessed a remarkable surge in spending in certain categories: Average annual education and health care expenditures increased more than 150 percent. But alongside rising costs related to those necessities, spending on vices spiked as well. Tobacco and smoking expenses increased 32 percent, due partially to rising taxes imposed on cigarettes. And alcohol spending increased even more sharply, growing nearly 57 percent over that 20-year period.
This growth in alcohol spending could be attributable to increased consumption, especially in demographics historically disinclined to stop drinking. Recent studies have found rising rates of drinking among women and older Americans since the 1990s. Additionally, a specific beverage has enjoyed increased interest: Annual wine consumption increased by 449 million gallons between 1996 and 2016. Additionally, this period witnessed an explosion of premium beverage offerings – accompanied by premium prices. The craft beer boom began in the mid-2000s, resulting in the wide availability of products that cost more than the average domestic brew.
Between 1996 and 2016, the average amount Americans spent on alcohol annually rose by $175. That represents a 56.6 percent increase over that 20-year period. But how much of increased spending is attributable to rising alcohol prices, and how much results from Americans simply drinking more? To find out, we juxtaposed the typical American’s alcohol expenses with the average price of wine and malt beverages in each year. It turns out that beer prices surged over 61 percent during that time, and wine prices increased by over 150 percent since 1996.
These price spikes suggest that rising costs account for much of the increase in Americans’ alcohol spending: People may not be drinking more frequently, but they’re definitely paying more for the privilege of the pint. Much of this is attributable to inflation and the rising prices associated with the aforementioned craft beverage boom. In 1996, the typical beer cost about $2.61, according to one study. In 2016, the average brew price was $3.99.
That doesn’t mean Americans aren’t drinking in large quantities, however. At $484, the average annual alcohol expenditure, a person could buy about three bottles of wine each month. Additionally, it’s worth noting that more than a quarter of Americans consume no alcohol at all. Assuming that this sober cohort spends no money on alcohol, those who do drink likely spend considerably more than $484 annually on average.
Drinking Demographics In Dollars
Which demographics have driven increased spending on alcohol over the 20 years studied? Our findings suggest that older Americans increased their alcohol spending dramatically, which resonates with growing public health concerns pertaining to baby boomers and booze. In a related finding, retired professionals spent 186 percent more money on alcohol. Conversely, those younger than 25 spent less in 2016 than in 1996, attesting to a trend in millennials choosing to live sober.
Certain regions spent significantly more in 2016 than they did 20 years before: In the Northeast and Midwest, alcohol expenses surged more than 100 percent. Interestingly, those who earned more than $200,000 annually spent more than $1,600 on alcohol each year on average, but these costs represented a smaller portion of this group’s income than in lower income brackets. These findings remind us that alcohol spending must always be judged in light of one’s means: If your funds are limited, even modest spending on drinks can prove problematic.
Tipsy City Spending
Among major metropolitan areas, San Francisco spent the most money on alcohol, both in terms of dollars spent and percentage of average income. That could reflect the city’s proximity to California’s wine country, or simply the Bay Area’s sky-high cost of living. At the southern end of the state, San Diego also spent big on booze, with average expenditures exceeding $850. The only other metropolitan area to spend as much was Minneapolis, although other Midwestern urban areas also had strong drinking cultures. Residents of Cleveland and St. Louis also spent more than 1 percent of their average income on alcohol.
Conversely, some metropolitan areas spent relatively modestly on alcohol. These included some major Southern population centers, including Atlanta, Dallas-Fort Worth, and Tampa. Additionally, New York and Chicago ranked in the bottom five in terms of average alcohol expenditures. While none of these cities lack for establishments serving or selling liquor, residents spent less than $500 a year on drinking on average.
Too High A Price To Pay
According to our data, recent decades have seen a definite surge in spending on alcohol, particularly in some places and populations.
Much of this trend is attributable to changing prices that have climbed steadily across the country since 1996.
But in the face of these rising expenses, it’s important to recall that all of this spending is optional:
Alcohol money could be used for other luxuries, which would likely deliver more lasting enjoyment. Instead of resigning themselves to more and more spending on drinking, consumers are free to invest in better sources of relief than booze.
When it comes to your health and hard-earned money, it’s certainly an experiment worth trying.
Of course, drinking’s downsides can be far more than financial. If you or someone you love is struggling with a drinking problem or the use of other substances, the personal price you pay can be severe. Our team of treatment experts and advisors can help you evaluate your options so that you can choose ethical and effective care. To meet our team of clinicians or learn more about our resources and programs, explore our website today.
For this project, we tapped into the Bureau of Labor Statistics’ Consumer Expenditure Survey which is conducted each year. Information on average consumer expenditures is provided year over year. Data were collected from 1996 to determine the average price of alcohol over the last decade, along with a more granular look at 2016 alcohol expenditures for various demographics.
Fair Use Statement
Unlike alcohol, our content comes to you at no cost. In fact, you’re welcome to share our images and information with your own audience for any noncommercial use. If you do, simply link back to this page to attribute us appropriately.


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Intel's Iris Xe Max, debuting on laptops first, is the first discrete graphics solution from the chip giant, but its purpose and feature focus may surprise you.
The Radeon RX 6800, RX 6800 XT, and RX 6900 XT 'Big Navi' cards are coming soon, filling in a huge gap at the top end of AMD's graphics card line. But the story's far from complete: Here's what we're most excited to learn.
With the unveiling of its long-awaited 'Zen 3'-based desktop CPUs, dubbed Ryzen 5000, a charged-up AMD is firing on all cylinders (and cores) once again. Intel and its coming 'Rocket Lake'? Look out.
Verizon's version of the new Google phone costs $100 more, because of Verizon's expensive form of 5G. That has to stop.
Olympus is selling its imaging division and the new owners are renaming it to OM Digital. Here’s what that means for Micro Four Thirds camera owners.
OnePlus, like Samsung, is rejiggering its phone lineup to reflect our less wealthy world. Will Apple be next?
A surefire way to make a video game instantly more interesting is to let players embody an animal. From Bounty Battle to Fight Crab, there are plenty of options.
Video games may be Nintendo’s medium of choice, but the new Lego Mario sets delightfully demonstrate the company’s true priority: put play above all else.
By White House decree, TikTok and WeChat are scheduled to be wiped from US app stores this weekend, creating a golden opportunity for data thieves. Here's how to stay safe.
Tech giants like Google and Microsoft have taken notice of exciting new AI research such as GPT-3, which can write articles, website markup, and even software code. But will their bottom lines stifle any real progress?
Iris Xe, Intel's latest take on integrated graphics, arrives soon in 11th Generation Core 'Tiger Lake' laptop CPUs. Our first tests show radically improved performance. Here's what that means for your next laptop.
Apple One bundles subscriptions for streaming music, TV, and other services. But it’s Apple Arcade, and its expanding library of excellent premium iOS games, that should excite you the most.
Apple's cool new iPad makes the iPad Pro look much less worth the money.
China will never put up with the US defining all the rules for mobile chips.
While Apple sticks to black slabs, the Samsung Galaxy Fold, Microsoft Surface Duo, Motorola Razr, and LG Wing show what's possible with a little imagination.
As crossplay unifies player communities, gaming hardware differences are less relevant than ever. The walls are breaking down, all paths now lead to the same destination, and games are better for it.
Is Russian security software company Kaspersky in Putin’s pocket? Rumors still abound, but there's still no real evidence of these claims. We will continue to rate Kaspersky products based on their performance and value like we do for every other company we evaluate.
The newest entry in the nearly 40-year-old game series just may be the best one yet.
Imitation isn’t just a sincere form of flattery for these indie games: Fan-driven passion projects continue and improve on the legacies of classic games abandoned by their original creators.
Three decades ago, SNK released a legendary upright that launched many long-running video game franchises and helped rejuvenate a dwindling arcade scene. We take a look at why the system and its home counterpart follow-up were so important to a gaming generation.


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Trio of TAMI Tenants Taking Full Floors in Midtown South Building
MarketFactory, Frame.io and Cuebiq each inked separate 5,702-square-foot leases at the building between Avenue of the Americas and Broadway, Commercial Observer has learned. The companies are planning to move into the building in the summer.
In the MarketFactory deal, the financial technology company which helps banks, brokers and funds trade around the globe, will take the entire top floor of the 12-story building. It signed a seven-year deal and the asking rent was in the low $70s per square foot range. The space comes with a 1,000-square-foot roof deck.
“After looking at several neighborhoods, Market Factory was drawn to the centrally located Flatiron District,” said Sam Saffman of Savitt Partners, who along with colleagues Michael Schoen, Harrison Katzman and Brian Neugeboren, represented MarketFactory in the transaction. “[The building at] 45 West 27th provides MarketFactory with full-floor presence with outdoor space, all within a building that gives the company the ability to expand further in the future.”
MarketFactory is planning to relocate from its current 3,000-square-foot space at 425 Broadway between Howard and Canal Streets.
In another deal, Frame.io, a platform that allows colleagues to easily share information and collaborate on projects, will take the entire 10th floor of the building. The company, which has clients such as Apple, Spotify, BuzzFeed and Facebook, has inked a five-year lease and the asking rent was in the high $60s per square foot.
Colliers International’s Eric Ferriello, Sam Einhorn and Robert Tunis brokered the relocation deal on behalf of Frame.io. The brokers declined to comment via a spokeswoman. It was not clear from where Frame.io was moving.
And in the final deal, the location data provider Cuebiq has signed a lease for the prebuilt space on the third floor. The three-year deal had an asking rent in the mid-$60s per square foot.
SquareFoot’s Arash Sadighi handled negotiations for Cuebiq, which uses the location data it collects from smartphone users via apps to understand consumer trends. It then sells services to marketing companies that want to target specific customers.
“We chose this space because of its personality, great location and full-floor presence, which will support our growth,” a Cuebiq representative said in a statement.
Cuebiq is moving from 79 Madison Avenue between East 28th and East 29th Streets. Sadighi could not immediately be reached.
“The demand for full-floor spaces, at the sizes we are offering, has been robust due to firms wanting to establish a brand presence in Midtown South,” Kaufman Organization’s Grant Greenspan said in a prepared statement.
Greenspan worked alongside colleagues Michael Heaner and Elliot Warren to represent the landlord in-house in the Cuebiq, MarketFactory and Frame.io deals, which took a ground lease on the building from Extell Development Company in 2014. (Extell then sold the land to New Jersey-based-Edison Properties in 2015).
Kaufman acquired the 99-year leasehold in 2014 for 45 West 27th Street as well as 19 West 24th Street between Fifth Avenue and Avenue of the Americas, 119 West 24th Street between Avenue of the Americas and Seventh Avenue and 15 West 27th Street between Broadway and Fifth Avenue for $175 million to $200 million, as CO previously reported.


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Financial resilience – what are the key questions business owners should be asking themselves?
It has been nearly six months since the World Health Organisation declared Covid-19 a global pandemic. Over those turbulent months, businesses and business owners have faced a multitude of challenges and have had to adapt quickly to changes in the way their business operates.
Here, we take a short look at a number of the key issues facing businesses over the coming months.
The end of the Coronavirus Job Retention Scheme (CJRS)
The second iteration of the CJRS came into effect from on 1 July 2020 and there are some key dates coming up.
From 1 September employers will only be able to claim 70% of salary costs up to a maximum of £2,187.50 per month (down from 80% and £2,500 respectively). Furthermore, the CJRS will no longer include employers’ NIC and employers’ pension contributions.
From 1 October the amount employers can claim falls further to 60% of salary costs up to a maximum of £1,875.
As things stand, from November the CJRS will come to an end and employers will no longer be able to claim support towards employment costs. It is therefore vital that business have factored this into their cashflow forecasts.
Self-employment Income Support Scheme (SEISS)
Claims for the second and final grant for the self-employed and members of a partnership are now open. As with the CJRS, the value of the grants have reduced to 70% and capped at £6,570. The deadline for claims is 19 October. Individuals that are self-employer or run their business as a partnership should check if they’re eligible for the grant.
Repayment of deferred liabilities or Government support
Back in March, HMRC announced that VAT payments due between 20 March and 30 June could be deferred and a significant number of business took advantage of this deferral. Those liabilities are due to be paid in full by 31 March 2021. Businesses should be including this in their cashflow forecasts and considering whether there is merit in paying the balance in instalments over the coming months rather than having to find the full amount in March 2021.
Some businesses may have also taken advantage of deferring other tax liabilities such and PAYE/NIC and corporation tax or may have received a Coronavirus Business Interruption Loan. Consideration should be taken as to when these liabilities are due for repayment.
How has Covid-19 affected working capital?
Even in a “pre-Coronavirus” world, management of a business’ cashflow and working capital was of paramount importance but during the pandemic it has now become critical. Businesses have been forced to review the components of their working capital to make sure each element is working as efficiently as possible to ease the burden on the business and some businesses have looked to implement new methods of managing working capital. Some considerations are:
- Stock – is the business holding too much stock to meet reduced demand as a result of a downturn in activity due to Covid-19. Have minimum stock levels been reviewed and amended?
- Debtors – are up to date credit checks taking place and does the business need to approach customers about receiving part/full payment in advance or negotiating a formal payment plan?
A key factor to consider later in 2020 and in the first quarter of 2021 is what impact the above will have on the business’ customers. Will the end of the CJRS, payment of deferred VAT and commencement of repayment of CBILS loans detrimentally affect their customers’ business? Businesses need to assess the risk of their customers experiencing cashflow problems before providing goods/services on credit to avoid costly bad debts down the line.
Deal or no-deal?
31 January 2020, the date the UK formally left the EU, may seem like an eternity ago. The transition period is due to end on 31 December 2020 and it is still uncertain as to whether a deal with the EU will be obtained. Therefore, in the very near future businesses and business owners that import and/or export will not only need to prepare for our new trading relationship with the EU but also the impact it will have on their business. Consideration should be given to both regulatory matters (duty, customs), the availability of goods and the movement of goods in to and out of the UK.


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Photo: Mario Tama (Getty Images)
Used car sites are cutting their advertising spend and you’ll be able to tell in about a month, the U.S. government wants to end transportation emissions once and for all it was a decent year for some German brands, a worse one for others. All that and more in your Morning Shift for Tuesday, January 10, 2023.
1st Gear: What Happened, Carvana? CarMax? Vroom?
Y’all have made such a splash during prior Super Bowls, cheekily demonstrating to Americans a new way to buy cars free from the pain of shady dealership tactics. In Carvana’s case, maybe you’d never get the title you paid for, but hey — at least you wouldn’t have to sit in a stuffy office! People hate sitting in offices that much, apparently.
Anyway, none of those three companies look set to air spots during this year’s Super Bowl on February 12. PR representatives from each toldAutomotive Newsthey have no plans for the big game.
Fox, the network that will carry the game broadcast, said in September that 95 percent of available commercial time was already sold out. Costs of some select 30-second advertisements reached an estimated $7 million.
Richmond, Va.-based CarMax did not air a commercial during the Super Bowl in 2022, though it has placed such advertisements before. Tempe, Ariz.-based Carvana made its debut as a Super Bowl advertiser in 2022 with a 30-second commercial titled “Oversharing Mom.”
Houston-based Vroom has twice aired advertisements during the Super Bowl. The online retailer sparked some controversy in 2021 with a commercial called “Dealership Pain,” which ribbed the car-buying process at a traditional dealership. In 2022, Vroom ran “Flake the Musical,” a commercial that evoked the movie musical La La Land to tout the seamlessness of selling through its online platform.
The reason for the change of heart is simple: 2022 wasn’t kind to any of them, and they need to save money. Each spent less on advertising through the last fiscal quarter, with Vroom being the most conservative, slashing ad spend by 58 percent compared to the same period in 2021. Looks like we’ll just have to turn to other companies to serve up the cringe on Super Bowl night.
2nd Gear: The Government Has a Plan
On Tuesday the Biden administration revealed a blueprint to “eliminate nearly all greenhouse gas emissions” from the transportation sector by 2050. In truth, it’s less a precise strategy and more a set of goals to steer lawmakers, co-authored by the Environmental Protection Agency and Energy, Transportation and Housing and Urban Development departments. Again, from our friends at Automotive News:
The blueprint is intended to guide future policymaking as well as R&D and other efforts in the public and private sectors, such as increasing access to clean and affordable transportation options, modernizing the grid to meet demand from electric vehicles and reducing emissions from the entire transportation life cycle, including emissions from construction.
It also requires working closely with states, local communities, labor unions, the private sector and other key stakeholders.
For the auto industry, it means continuing investments in EV and battery manufacturing and expanding the number of electric models across their vehicle lineups, a senior administration official said Monday during a press briefing.
You can read the blueprint in its entirety here, but the crux of it — as highlighted in the official fact sheet — is three pillars: increasing convenience, improving efficiency and transitioning to clean options. Broken down, this handy graphic explains what each actually means:
As the document states, “while the first two strategies will contribute to reducing GHG emissions and produce significant co-benefits, transitioning to clean options is expected to drive the majority of emissions reductions.” The government’s data places 49 percent of emissions in the sector on light-duty vehicles, with medium and short-haul heavy trucks and buses comprising 14 percent, and long-haul trucking 7 percent. For the latter two, and particularly the long-haul group, hydrogen is viewed as posing the biggest opportunity as a “clean” fuel option. This, of course, isn’t the first time we’ve heard as much.
3rd Gear: Volvo <3 Subscriptions
A few weeks ago, Bloomberg posted an interview with Volvo’s chief operating officer that the company wasn’t about to nickel-and-dime customers for stuff like heated seats. But CES just happened, and part of Volvo’s story there was its partnership with Qualcomm in developing its first “software-defined vehicle.” That’s code for “car with feature subscriptions,” as far as I’ve found. Take it away one more time,Auto News:
Features that Volvo could monetized over time include audio content, navigation content and digital services, [Martin] Kristensson, [Volvo’s head of product definition and partner management] said.
Volvo uses Qualcomm’s Snapdragon SA8155 chip to help power the car’s Android operating system from Google, leveraging Qualcomm’s experience in supplying chips to power Android smartphones.
The automotive industry is reaching the same tipping point as smartphones did when they became updateable with new apps and features, Mark Granger, head of Qualcomm’s Digital Cockpit automotive product, said.
“We can do so much more in the cockpit. We can innovate and bring new features over the lifetime of the vehicle,” he added.
Volvo would always ensure upgrades to safety features are free, Kristensson said.
“What we can monetize are things that go above and beyond — both car-centric functions like automatic parking and also digital services,” he added.
However, he hinted that increasing autonomy to Level 3 hands-free might not be classed as a safety function, and therefore could be chargeable.
“Autonomy is time saving, and time is the most precious resource. If I can save half a day more, that is probably very valuable for you,” he said.
If Volvo’s looking to charge primarily for digital or software-based content, that’s pretty much the best we can hope for as consumers in this day and age. But honestly, it’s foolish to expect anyone to stick to their ideals once they realize how much money they are leaving on the table.
4th Gear: Not a Great Year for Volkswagen…
The brand moved 6.8 percent fewer cars in 2022 compared to 2021, and doesn’t expect 2023 to pan out significantly better. From Reuters:
Volkswagen warned on Tuesday that ongoing chip shortages meant 2023 would remain volatile and challenging but expects supplies to improve, as it reported a 6.8% drop in sales by the brand to 4.56 million in 2022.
Order books in Europe, where the war in Ukraine has caused extensive supply chain problems, were up 18% from the same time to 640,000 vehicles, and the carmaker was working to deliver faster this year, it said in a statement.
On the flip side, VW’s battery-electric vehicle sales grew 23.6 percent last year. And it’s probably a good thing the company finally has a repertoire of SUVs these days, because SUVs reportedly represented 80 percent of its sales in the U.S. Not that it sells much else here anymore.
5th Gear: …But a Better One for BMW and Mercedes
As we look to the luxury German makes, however, things were considerably brighter in 2022. BMW sold 4.8 percent fewer cars last year, however its fourth-quarter deliveries improved year-over-year by 10.9 percent in Europe and 12.7 percent in China. It’s been able to stave off a drop in revenue, despite the downturn in units, by jacking up MSRPs, Reuters said Tuesday.
Meanwhile, Mercedes-Benz only lost 1 percent in terms of global sales in 2022, and improved 17 percent in the fourth quarter alone. North American sales actually improved through last year, by 3 percent. Luxury brands continue to be in the best position to weather these headwinds as everything becomes more expensive and less plentiful. Is it any surprise?
Reverse: The Little Car That Was Supposed to Change Everything
Neutral: The Best Intro In Motorsports History
It really never got better than early-2000s WRC. If you want more golden-era WRC bliss, the three-minute (!) intro to the first game in Evolution Studios’ PS2 series is more of a wonderful thing.


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Summer days are on the horizon, and that means more fun in the sun, long beach days and some of the best sales of the season, including the annual 2022 Nordstrom Anniversary Sale.
This year's sales event officially kicks off on July 15 and will run through July 31. However, if you are a Nordstrom cardmember, you can start shopping as early as July 9.
Whether you're looking for fashion, beauty or home items, the annual sale not only has a wide variety of brands to shop from, but it also features over 100 new brands, including Nike, Charlotte Tilbury, Cult Gaia, Free People and list goes on.
To get a head start on your shopping, a special preview will begin on Nordstrom's website on June 29. Shoppers will have access to get an early look at sale items, save favorites and to their Wish Lists.
Different from years past, and for the first time, customers will also have the chance to browse through at a digital catalog online as well as on Nordstrom's app.
Nordstrom Anniversary Sale key dates:
June 29: Preview sales on Nordstrom.com and Nordstrom's app.
July 6 - 14: Icon early access shopping begins.
July 7-14: Ambassador cardmember early access shopping begins.
July 9 - 14: Influencer Cardmember early access shopping begins.
July 15-31: Anniversary sale shopping starts for everyone.
If you are looking to stock up this summer, this will be a great time as prices will go back up promptly on Aug. 1.


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Rumours of optical image stabilisation on the Galaxy Note 3 were shot down yesterday, when sources revealed Samsung could not meet the order for the new phablet before it launched. Samsung is also testing a 16MP camera without the large hump on the back of the device, this will apparently come on the Galaxy S5.
Samsung is reportedly still contemplating adding a flexible display to the Galaxy Note 3, despite reports it will launch at IFA 2013, on the first week on September. The company is keeping the decision until the last minute, as they try to work out if they can mass produce the flexible plastic OLED display to
Despite making an amazing promise to its users anticipating their next flagship smartphone during the launch of the HTC One, HTC seems to have let everyone down with reports of delays of the phone and talk of its poor financial standing. Their recent launch of the HTC First and the Facebook Phone or FaPhone has


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Kuraray announces that it will increase the price of Kuraray Poval™, Exceval™ and Elvanol™ as shown in the table. This increase will take effect April 1, 2017.
With the global rise in the prices of crude oil, naphtha and utility cost, though Kuraray has been making continuous efforts to reduce costs, it has now become difficult for us to absorb the increased cost coming from the rise in the prices of raw materials and fuel. Under these circumstances, we now have to implement a price adjustment in upward direction.”
|Middle East & Africa


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Guangzhou's municipal government is planning to launch its own Uber-like online taxi hire service, only weeks after police closed the San Francisco-based transport app's office in the southern Chinese city.
The new company, Ruyue (meaning "by appointment"), will offer rides to customers using a smartphone app. However, the journeys will be provided by the four taxi companies with licences to operate in Guangzhou, which had faced competition from Uber before it was shut.
The timing of Ruyue's looming launch — weeks after Uber was taken out by a police raid — has raised questions about the city's commitment to a level playing field.
"It is hard to say for sure whether the crackdown against Uber in Guangzhou was directly related to this new app, but I think it is natural to make the connection," said Zhang Yi, head of iMedia, an internet consultancy in Guangzhou. "It appears the intention was to clear the scene for the new government-run app."
State-run companies that dominate many sectors in the Chinese economy face pressure from nimble internet companies that can disrupt inefficient markets such as transport and financial services.
However, taxi hire apps — both Chinese and foreign — face attention from law enforcement agencies in many Chinese cities due to prohibitions on unlicensed taxi operation.
Ruyue will be run by the Guangzhou Public Transportation Data Center, part of the city's municipal transportation committee, and initially have access to almost 3,000 cars from partner companies.
The app has been in testing stages since earlier in the year and is supposed to work with all suppliers of private car-hailing services.
In practice, however, the only winners of the company's tender process were four licensed taxi companies — Baiyun, Guangjun, Jiaotong and Lixin — according to an article in the Southern Daily, a local Communist party affiliated newspaper.
City officials quoted in the media have said the launch of Ruyue is expected within weeks, though no specific timeframe was given.
Uber is no stranger to controversy, having weathered attention by regulators across the world. Uber and other car-hailing apps such as Didi Dache and Kuadi Dache skirt the legal ban on private taxis by offering rides in rental cars.
One Uber service, People's Uber, which is priced to compete directly with cheap licensed taxis, offers rides from private cars.
More from The Financial Times:
On May 1 Uber's Guangzhou office, which comprised a driver support centre with two staff, was raided by police who confiscated equipment and closed it, saying it did not have a local business licence. The office remains closed pending application for a new business licence, said Uber.
Uber declined to comment on the Ruyue rollout, though independent analysts said it set a harmful precedent.
"It is hard to have huge expectations for Ruyue as it is government-run and the four companies are all state-owned so essentially it still has not broken up the monopoly," said Mr Zhang.


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By Raymond Zhong
NEW DELHI--India said output expanded 7.3% in last year's fourth quarter and is expected to grow 7.6% in the 12 months ending March 31, as consumer and government spending lift Asia's No. 3 economy amid flagging prospects in other developing countries.
Such a rapid clip has put India ahead of China as the world's fastest-growing major economy. But by some other measures, economic activity appears relatively weak. Corporate earnings have disappointed and firms aren't making big investments.
Manufacturing output increased by 12.6% in the three months that ended Dec. 31, according to figures announced Monday by the country's Statistics Ministry. Agriculture contracted 1%, weighing on the otherwise robust expansion.
Some economists say they are still unsure how much to trust India's official gross domestic product data, following a major revision last year.
Write to Raymond Zhong at firstname.lastname@example.org and Anant Vijay Kala at email@example.com