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HCM CITY — Prolonged COVID-19 prevention measures have forced many factories in southern Việt Nam to shut down, raising concerns over supply chain disruption among businesses, especially foreign direct-invested (FDI) companies.
Experts said at an online conference last Friday that FDI enterprises in HCM City were facing challenges implementing the “3 on-site” model, which requires eating, sleeping; and working on site.
Most FDI firms said the model was not as effective as expected, despite being successful in the northern industrial hubs such as Bắc Giang and Bắc Ninh provinces, which experienced a COVID outbreak in June.
They noted that the number of COVID-19 cases had risen rapidly throughout industrial zones and enterprises in the south.
Võ Văn Hoan, vice chairman of the People’s Committee, said the pandemic had seriously affected people’s life and businesses’ activities, including FDI enterprises. Tens of thousands of FDI businesses have shut down or stopped operation, resulting in hundreds of thousands of workers losing their jobs.
“Without comprehensive measures to support FDI firms, the supply chain of production, circulation and export of goods will be disrupted.”
Trần Tiến Phát, general director of Datalogic Vietnam Company, said his business has 831 employees but as of August 20 only 502 people were working under the “3 on-site” model.
“The company’s sales fell from US$18.5 million in June to $11 million in July. Only 60 per cent of employees are still working. Sales have decreased by 40 per cent.”
Most of the absent workers are highly skilled workers, which has affected the production line. Experienced people are often married and cannot leave their elderly parents or children to enter the factory to work under the “3 on-site” model, he said. The model can also affect employees’ mental health because they have to live away from their families.
Hồ Thị Thu Uyên, director of external affairs for Intel Vietnam and Malaysia, said the cost for the “two locations, one route” model for Intel had amounted to VNĐ140 billion, affecting the company’s revenues and long-term production plan.
Lê Hữu Bình, a representative of the Jabil Vietnam Company factory in Saigon Hi-Tech Park, said the company was incurring a VNĐ4 billion loss on average per day. Many partners have cancelled orders and shifted to other markets such as Mexico or India, causing the company to lose $200 million so far.
The "two locations, one route" model, which started in mid-July, requires companies to transport workers from the production site to a concentrated place of residence such as a hotel or dormitory for employees. Companies are also required to conduct COVID-19 testing every seven days at their own expense.
Furusawa Yasuyuki, general director of AEON Vietnam, one of Việt Nam’s largest retail groups, said it was facing a shortage of human resources and that a number of its employees were under centralised quarantine. “We also face difficulties in goods delivery across districts.”
Regarding vaccinations, representatives of FDI enterprises urged the city to continue to give priority to workers in industrial parks, high-tech parks and export processing zones.
New group to support FDI firms
Nguyễn Thành Phong, chairman of the People’s Committee (who has been recently assigned as Deputy Head of the Party Central Committee's Economic Commission), said the city had set up a working group to support businesses affected by the pandemic.
In the first seven months of the year, more than 21,000 businesses in the city were dissolved or stopped operation, Phong said.
The city plans to vaccinate all workers in industrial parks and export processing zones, which includes 286,000 workers and 3,000 experts, and 47,000 workers in a high-tech zone.
The city has vaccinated about 85 per cent of workers in enterprises and export processing zones. It plans to give second doses to those workers, and the first dose to the remaining 15 per cent.
Phong noted that tax reductions were beyond the city’s authority, so the city would compile recommendations from the businesses to report to the Government.
Việt Nam was among a few Asian economies that could attract new FDI last year despite the pandemic. However, the country has been facing its most serious COVID-19 outbreak since the pandemic emerged last year.
The country’s largest hotspot, HCM City, has been hit the hardest. It started strict social-distancing measures on July 9, including rules on worker transport and housing, and deployment of staff on factory floors.
The city’s GRDP this year is likely to be negative instead of positive as it was in 2020. A number of indicators constituting GRDP will also be difficult to achieve. Industry, commerce, services and agriculture have been strongly affected, according to the General Statistics Office.
HCM City received $1.34 billion worth of FDI in the first five months of the year, a 16.52 per cent decline year-on-year. — VNS


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A fan emailed MomoMilk LLC last fall, excited because she had heard they were opening a store in her home town of Chicago. But she was soon disappointed when she realized it was not the nationally recognized bakery that was coming to Chicago, but another company altogether taking advantage of the Milk Bar trademark and brand recognition.
A few years ago, chef Christina Tosi started a restaurant and bakery called “Milk Bar” in New York City, which features shakes, milk cookies, cakes, pies, and a variety of cereal products. The bakery was an instant success and was soon opening other stores throughout the city, then in other cities across the country. It also works with third-party distributors and sells its delicious products through its website. Although it does not currently have a store in Chicago, Tosi has publicly spoken in interviews about the fact that she has been considering opening new stores in cities like Chicago and Miami where the brand has a strong fan base.
The famous bakery operates under the name MomoMilk LLC and it has owned the trademark to the stylized milk since 2014. Now another restaurant has recently opened in Chicago, also calling itself “Milk Bar” and using the trademarked style milk that MomoMilk has been using in all its branding materials for the past five years.
When MomoMilk received word that another company would be using its brand power to open a different restaurant in Chicago, it sent a cease and desist letter, but the other company never responded. In fact, it continued with its alleged trademark infringement by applying for a trademark for the name “JOJO’S MILK BAR”. Although the name might be different from MomoMilk, the trademark lawsuit alleges the logo is not. It points to marketing materials used by Jojo’s Milk Bar in which the “Jojo’s” part of the name is so small as to be illegible, while the stylized milkBar looks almost exactly like MomoMilk’s trademark.
MomoMilk is now suing Jojo’s Milk Bar for trademark infringement and unfair competition under Illinois law. The lawsuit was filed in Chicago earlier this year in the U.S. District Court for the Northern District of Eastern Illinois. You can view the entire lawsuit here.
The complaint alleges that Jojo’s Milk Bar attempted to capitalize on MomoMilk’s brand from the very beginning by using marketing materials that advertised the opening of “Chicago’s first Milk Bar,” and that the advertisements repeatedly capitalized the first letters of “milk” and “bar” as though it were a proper noun or a brand name, despite the fact that the name is already a federally registered trademark owned by MomoMilk.
Jojo’s Milk Bar marketing materials also contained buzzwords that were allegedly designed to deliberately confuse consumers, including references to New York, flavored milk cookies (a MILK BAR specialty) and cereal. MomoMilk has had a line of cereal products from the beginning, but Jojo’s Milk Bar does not have a significant number of cereal-based products on its menu.
In an appearance on Fox32, Jojo’s Milk Bar’s chef, Christine McCabe, showed off the store’s baked goods. The anchor repeatedly referred to the store as “Milk Bar” and “Milk Bar in River North”, eliminating the “Jojo’s” part of the name, which went without correction from McCabe. The segment even included a shot of MomoMilk’s famous birthday cake as part of a lineup of products Jojo’s Milk Bar would allegedly be serving.
This was either intentional trademark infringement on the part of Jojo’s Milk Bar or the similarity between the two brands is so strong that a reporter preparing the segment did not realize the cake didn’t belong to the Milk Bar being discussed. Either way, it clearly displays the inherent confusion between the two brands.
Super Lawyers named Illinois commercial law trial attorney Peter Lubin a Super Lawyer and Illinois business dispute attorney Patrick Austermuehle a Rising Star in the Categories of Class Action, Business Litigation, and Consumer Rights Litigation. Lubin Austermuehle’s Illinois business trial lawyers have over thirty years of experience in litigating complex copyright, trademark, trade secret, intellectual property infringement, class action, non-compete agreement, commercial defamation suits, franchise, and many different types of business and commercial litigation disputes. OurSkokie and Wheaton business dispute lawyers, civil litigation lawyers and intellectual property attorneys handle emergency business lawsuits involving copyrights, trademarks, injunctions, and TROS, covenant not to compete, franchise, distributor and dealer wrongful termination and trade secret lawsuits and many different kinds of business disputes involving shareholders, partnerships, closely held businesses and employee breaches of fiduciary duty. We also assist Chicago, Evanston and Oak Brook area businesses and business owners who are victims of fraud. You can contact us by calling at 630-333-0333. You can also contact us online here.

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El Septimo is adding more than 30 new cigar accessories to its catalog in the coming months, most of which follow the same general theme.
A total of 21 of those items are split evenly: seven torch lighters, seven cutters and seven ashtrays. The items are branded to match one of six El Septimo cigars:
- Emperor Alexander
- Emperor Augustus
- Emperor Vartan
- Emperor Napoleon
- Emperor Yao
- Sacred Arts Raphael
- Sacred Arts van Gogh
There are seven items, but only six of them correspond to an existing cigar. That’s because the company has added the Emperor Vartan to the Emperor Collection, a series based on historical figures. That is a reference to Vardan Mamikonian, an Armenian military leader who died at the Battle of Avarayr, a 451 battle believed to be one of the first wars fought to defend Christianity.
Each triple flame lighter has an MSRP of $250, the matching cutter will retail for $200 and a matching ashtray will retail for $450.
In addition, the company is introducing three different cigar cases that will come with a cross body strap. The cases have an MSRP of $450.
All of these items are limited to 500 units and will begin shipping on Sept. 1.
“During the last two years that we entered US market, we have introduced 20 new lines of cigars and 45 new lines of cigar accessories,” said Zaya Younan, owner of El Septimo, in a press release. “We are excited about the growth ahead of us and now we know exactly what we can do good for this industry. In the end, consumers will benefit from our creativity and hard work.”
El Septimo will debut the new accessories at the 2023 PCA Conention & Trade Show, which takes place July 8-11 in Las Vegas.


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‘JOBS! JOBS! JOBS!’ Trump Is Responsible for Small Fraction of What He Claims
President Trump loves to talk about jobs.
“JOBS, JOBS, JOBS!” he tweeted in February.
“JOBS! JOBS! JOBS!” he added in April.
He emphasized the point earlier this month, tweeting, “JOBS, JOBS, JOBS!”
Donald Trump was back at it again on Wednesday, touting news that GM is selling its Lordstown, Ohio, plant to a company that will make “Electric Trucks,” as well as GM’s new plans to invest in the state and the 450 new jobs it will create. GM confirmed the plant’s sale to the New York Times. It also confirmed the investment plan, although it did not offer specifics about how much it intends to spend or how many jobs would be created as a result.
….in 3 separate locations, creating another 450 jobs. I have been working nicely with GM to get this done. Thank you to Mary B, your GREAT Governor, and Senator Rob Portman. With all the car companies coming back, and much more, THE USA IS BOOMING!
— Donald J. Trump (@realDonaldTrump) May 8, 2019
In November, the automotive giant announced plans to halt production a five North American factories and lay off nearly 15,000 employees. One of the plants tapped to close was its facility in Lordstown, which manufactured the Chevy Cruze. Trump responded by demanding GM “get a car that is selling well and put it back in.”
Though Trump has leaned heavily on claims that he is infusing company after company with new jobs, there’s reason to be skeptical. According to a report from ProPublica, the president is only responsible for 0.008 percent of the jobs he claims to have created, or 797 out of the 8.9 million jobs he’s said are on the way.
We called around to find out if Trump’s job creation claims are, in fact, legitimate.
If a company said he was a contributing factor, we gave him credit.
Only 797 jobs out the supposed 8.9 million are attributable to him.
Only .008% of *his* claims. https://t.co/hquY7CnnJ5
— ProPublica (@propublica) May 8, 2019
Many of the new jobs Trump claims to have created were never actually created. Others were created, but not because of anything Trump did; they’d already been planned before he took office.
In total, ProPublica examined 35 job-creation claims Trump has made. Some of them are from just after he was elected, like when in December of 2016 he said Carrier had “stepped it up” and promised 1,100 new jobs in Indiana (the company created or saved 800 jobs as a result of negotiations that began before Trump was the Republican nominee). Others are more recent, like last July when Trump said the Oklahoma-based Commercial Metals Company was going to create 300 jobs (the 250 jobs the company did create had been announced in 2015).
Other notable claims debunked include when in 2017 Trump said he was “thrilled to announce ” a commitment from Charter Communications to add 20,000 new jobs (the jobs were actually announced in 2015); when in the same year Trump said that agreements stemming from his trip to the G7 summit would “conservatively” result in a “minimum of one million jobs” (18,000 jobs may come at a later day); and when in February he claimed his daughter Ivanka created 6.5 million jobs through the Pledge to America’s Workers (they are actually opportunities for retraining and continuing education, not new jobs).
Trump has also claimed his widely maligned import tariffs are creating jobs, but the devastation they have caused across a number of industries has far outweighed any job creation that has resulted from “bringing Steel and Aluminum industries BACK” to America.
Congrats to @U_S_Steel for investing $1+ BILLION in America's most INNOVATIVE steel mill. 232 Tariffs make Pennsylvania and USA more prosperous/secure by bringing Steel and Aluminum industries BACK. Tariffs are working. Pittsburgh is again The Steel City. USA Economy is BOOMING! https://t.co/XPXjxli6uc
— Donald J. Trump (@realDonaldTrump) May 2, 2019
As the Washington Post pointed out on Tuesday, for every job Trump’s steel tariffs create, American consumers are paying $900,000 — the result of prices skyrocketing due to the taxes manufacturers must now pay to import raw materials. For example, a recent study from researchers at the University of Chicago and the Federal Reserve Board found that the average cost of a washing machine has risen by nearly $100 since Trump first imposed steel and aluminum in January of 2018.
A host of other products have been affected similarly, and it’s probably going to get worse before it gets better. On Monday, Trump threatened to raise the already-high tariffs he placed on $200 million in Chinese goods. “We’re moving backwards instead of forwards, and in the president’s view that’s not acceptable,” U.S. Trade Representative Robert Lighthizer told reporters. “Over the last week or so, we have seen an erosion in commitments by China.”
For all of Trump’s talk of his job-creating prowess, the rate at which the United States is adding new jobs has actually slowed down since he took office. As ProPublica notes, 188,542 were added per month the two years since Trump was inaugurated. During President Obama’s last two years in office, the economy produced an average of 202,417 jobs per month. The statistic underscores the reality of whatever success Trump may have when it comes to creating jobs: that it’s largely due to the strong economy he inherited from his predecessor.


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Netflix Inc beat Wall Street earnings estimates for the first quarter but offered a lighter-than-expected forecast on Tuesday, demonstrating the challenges that the mature streaming service faces in its pursuit of growth.
Netflix said it shifted a wider launch of a plan to crack down on unsanctioned password sharing into the second quarter to make improvements, delaying some financial benefits, but said it was pleased with results so far.
As the streaming video pioneer faces signs of market saturation, it is looking to new ways to make money, such as the password crackdown and a new ad-supported service.
Revenue and earnings for the first quarter came in roughly in line with the average analyst estimates from Refinitiv. Earnings per share hit $2.88 with revenue of $8.162 billion.
Shares of Netflix dropped as much as 11% in after-hours trade following the report but recovered to gain 1.4%.
From January through March, Netflix added 1.75 million streaming subscribers, missing analyst estimates of 2.06 million additions.
Analyst Paolo Pescatore of PP Foresight described the first- quarter results as mixed.
”Netflix is a mature business reinforcing less reliance on subscriber growth. However, this metric still moves the needle for key stakeholders,” he said.
The company began rolling out its solution for password-sharing – offering a ”paid sharing” option – in 12 countries in February but is delaying expansion.
”We believe it will result in a better outcome for our members and our business,” the company said. Netflix also said it was ”on track to meet our full year 2023 financial objectives.”
The clampdown on password sharing will begin in the United States during the current quarter, Netflix said.
For April through June, the company forecast $8.242 billion in revenue and $2.86 in diluted EPS. Wall Street had been projecting $8.476 billion for revenue and $3.05 for diluted EPS.
Netflix serves as a bellwether for the streaming industry, in which growth has slowed as competition has intensified.
A year ago, Netflix lost 200,000 subscribers – its first subscriber decline in more than a decade, sending its stock reeling and resetting Wall Street’s expectations for the sector.
Netflix added nearly 9 million subscribers in 2022, half as many as the 18 million gained in the prior year, with much of that growth coming from Asia, notes research firm MoffettNathanson. The gains it made in Asia and Latin America have impacted the average revenue per user, spurring Netflix to make changes to its business model, the firm said.
The company introduced a lower-priced version of its service with ads in 12 countries in the fourth quarter.
UBS media analyst John Hodulik wrote that the password- sharing crackdown could well fuel Netflix’s nascent advertising business, as it drives these ”sharers” to the lower-priced version of the service.
Read all the Latest Tech News here
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)


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- Netflix sci-fi drama 3%, the first original Brazilian series produced by the company, reaches its final season and premieres on August 14 on Netflix Brasil;
- Netflix gathered 1.75 million new subscribers in Latin America during Q2, reaching a total amount of 36.07 million users in the region;
- Latin America is the third region with most Netflix subscribers.
Netflix, which amassed 1.75 million new subscribers in Latin America during Q2, announced this Wednesday its fresh additions for the Brazilian library. The streaming giant will launch the fourth and final season of 3%, a Brazilian science fiction series, on August 14.
“We are always searching for the best stories to tell from different perspectives and cultures, no matter the format, and for that, we work with established talents and new voices. Pedro Aguilera is a good example of this – fresh out of college, he created our first original Brazilian series, 3%, whose first season had half of its audience coming from outside Brazil,” Netflix Brasil told LABS in an interview in June.
With a total amount of 36.07 million users, Latin America is the third region with most Netflix subscribers. But when it comes to production, the company revealed that is adopting specific approaches to each market since the new coronavirus pandemic is behaving differently around the world. “Parts of the world like India and some of Latin America are also more challenging and we are hoping to restart later in the year in this region,” Netflix wrote.
British website specializing in researching and comparing technology services CompariTech released a survey in June disclosing Brazil as the third-largest market for Netflix worldwide. According to the research, outside the US, Brazil accounts for the second-largest number of subscribers: 16,364 million in 2020’s first-quarter, which would account for almost half of all subscribers in Latin America. CompariTech‘s projections considered the Q1 results published by the company in April.


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Tyson has halted purchases of Canadian cattle shipped directly to their beef plants to reduce costs, the company announced. The change is due to the U.S. country-of-origin labeling rules which require labels on meat packages to show where an animal was born, raised and slaughtered, said Tyson spokesman Worth Sparkman in an e-mail to Bloomberg Businessweek.
“These new rules significantly increase costs because they require additional product codes, production breaks and product segregation, including a separate category for cattle shipped directly from Canada to U.S. beef plants without providing any incremental value to our customers,” Sparkman said in response to questions from Bloomberg News.
The Canadian Cattlemen’s Association says Tyson is the third-largest buyer of Canadian cattle. The company will continue to buy Canadian-born animals sent to U.S. feedlots. Sparkman declined to say how many animals were bought for U.S. beef plants for processing.
Tyson bought about 3,000 cattle weekly from Canada, and the nation’s exports probably will decline more than 150,000 head a year, Brian Perillat, a senior analyst at Calgary-based Canfax, a market-research unit of the cattlemen’s group, said in a telephone interview.
Tyson’s Pasco plant in Washington state is a large buyer of animals from British Columbia and Alberta, and producers in parts of the Prairies will have to pay more to ship animals elsewhere, Dennis Laycraft, the executive vice president of the cattlemen’s association, said in a telephone interview from Calgary.
For U.S. processors, “the best way to avoid extra costs is simply to avoid the product,” Laycraft said in a telephone interview from Calgary. “This is precisely what we were afraid was going to happen.”
Source: Bloomberg Businessweek


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In addition to financial investments such as shares, funds and bonds, trading in cryptocurrencies has become increasingly important in recent years. Many investors have specialised exclusively in cryptocurrencies, mainly due to the variety of different digital currencies, and earn good money with them.
Many traders are no longer able to keep track of their digital currency trading due to the rapidly changing trading environment, high volatility and short-term market distortions. Moreover, unlike equity trading, digital currencies are traded globally around the clock.
It is therefore logical that non-institutional cryptocurrency traders need help to survive in this industry. Cryptocurrency trading platforms with their trading robots are particularly helpful and often of great benefit.
In the report from https://www.danubefuture.eu/the-news-spy-en/, we would like to introduce you to The News Spy. This professional cryptocurrency trading platform often delivers superior returns with the help of its integrated trading robots and state-of-the-art computer programs. With the help of the The News Spy, individual traders can outperform the respective profit margins of professional stock market observers and – depending on the market environment – sometimes achieve a multiple of the investment as profit within a few weeks.
### Logo ###
What is The News Spy?
The News Spy is one of the leading cryptocurrency trading platforms that can generate above-average returns thanks to state-of-the-art computer algorithms. The platform includes trading robots that attempt to achieve the highest possible returns through logical buy or sell decisions.
The software underlying the trading robot is able to predict the short-term price development of the corresponding cryptocurrency with above-average accuracy on the basis of real-time market parameters.
It can trade the most common and well-known digital currencies such as Bitcoin, Ethereum, Ripple and Litecoin. Thanks to its user-friendliness, it can be easily operated even by trading novices.
Features & Functionality
### Key figures ###
Who is behind The News Spy?
The actual software developer of the cryptocurrency trading platform The News Spy is not known, which is often the case in the digital trading environment. This is analogous to the invention and development of Bitcoin, the first ever digital currency. The true identity of the founder, who published a whitepaper under the pseudonym Satoshi Nakamoto, will probably remain a secret forever.
Nevertheless, The News Spy proves its legitimacy through its network of a large number of professional and certified brokerage firms with which it cooperates.
### 3 steps ###
Opinions about The News Spy
Many internet users, who rarely use more than Google and Wikipedia in their day-to-day computing, often have significant reservations about entrusting their money to a computer system or digital trading platform. This may be due to the fact that the supposed control over the invested capital is often lost, and the operation of the software of commercial trading platforms also requires a lot of practice and know-how.
But the users are enthusiastic! Thanks to The News Spy, many retail traders are making real money on the exchange for the first time in their lives, often leaving a lot of savings at the end of the year, even if a second cruise has been taken.
Advantages & disadvantages
Free of charge: The cryptocurrency trading platform The News Spy is free of charge.
Demo account: The News Spy allows novice traders to gain the necessary experience and routine before investing their real money in digital currencies with the help of a demo account.
Low deposit amount: The minimum deposit is $250, which is less than the subscription fee for some other cryptocurrency trading platforms.
Customer support: Professional service from a customer support team – 365 days a year, around the clock, to answer all your questions.
Convenient: The News Spy is a purely web-based cryptocurrency trading platform that allows traders to trade online on any digital device, anywhere.
No founders: the actual software developer of the cryptocurrency trading platform The News Spy is not exactly known.
The News Spy is an easy-to-use and intuitively logical cryptocurrency trading platform that also allows novice traders to quickly gain a foothold in the digital currency business and achieve greater returns even without much experience.
How does The News Spy compare to other bots?
We believe that The News Spy is one of the best automatic and self-sustaining bots available.


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Kenya Tea Development Agency has been told to come clear and explain to farmers how it calculated this year’s second payment rates for bonuses.
Nyeri Senator Ephraim Maina on Saturday said farmers have made a hue and cry about low bonuses, hence the Kenya Tea Development Agency (KTDA), being a public body, should be answerable.
"It’s no use waking up one day and declaring that the bonus is Sh20 or Sh10. It is disheartening to farmers,” he said.
The senator described the management of the tea sector as a matter of concern.
But KTDA chairman Peter Kanyago attributed the low rates to the law of supply and demand, citing a glut of supply.
"If you have more tea, the prices in the Mombasa auction goes lower,” he said.
Farmers had a bumper harvest this year as a result of good weather, which was characterised by ample rain and sunshine — both of which are ideal for production.
As a result, more tea was delivered to factories and that will compensate for the low prices, Kanyago said.
But Maina told the media in Nyeri that the coffee sector faced a similar predicament before collapsing. He urged the government to step in aggressively and ensure both tea and coffee are saved.
He further called for the expedition of new tea regulations so farmers can benefit if that is the route to help save the sector from collapsing.
“I would request the government to try and put some funding to the tea sector, which has not collapsed completely, to ensure it is saved from a total collapse like that witnessed in the coffee sector,” Maina said.
He suggested that about Sh30 billion be invested in each of the two sectors (coffee and tea). Otherwise, farmers will be left in abject poverty, he cautioned.
The lawmaker said the same should apply to other sectors such as dairy, pyrethrum, sugar cane and maize as part of measures to revamp and prioritise agriculture, a key component of the Big Four Agenda pillar on food security.
When Kenya was a thriving economy, like during the reign of President Jomo Kenyatta, the country was producing enough coffee but today it is only producing 15 per cent of that, he said.
“Even milk production has dwindled to maybe 20 per cent. We need to return this country to where it belonged in those days.”
On counties revenue sharing formula, Maina said the Senate has done its part and solved the stalemate that was in the House and called on governors to spend the money prudently.
He expressed hope that the money will be disbursed this week but termed it sad that the national government has been pumping money into the counties, only for residents to face shortages of drugs and medical equipment in hospitals, as well as poor services.
Maina, in particular, cited Nyeri, which has got an in increase allocation of about Sh1 billion. He urged the county government to use the additional funds to improve the state of county hospitals.
"It is painful when our patients go to hospital and are turned away because of lack of basic drugs, yet out there, roads are being constructed.”
The money should also be spent on uplifting the living standards of small traders who were affected by the outbreak of the coronavirus, he suggested.
Maina supported religious leaders who pledged to support President Uhuru Kenyatta in the war on corruption and called on them to speak out when they suspect underhand dealings or inefficiency in government.
Source: The Star


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We look at vacation car-rental dilemmas, state electric-car fees, and yet another innovation from California carmaker Tesla Motors. All this and more today on Green Car Reports.
Tesla takes a page from the retail industry and opens its first "popup store" to sell electric cars in Santa Barbara.
Who are some of the most grateful receipients of renewable electric power? Small islands--and here's why.
Yet another update to our article on electric cars versus gas taxes, state by state. This time, it's Idaho.
Our regular commenter John C. Briggs muses on the tough choices an environmentalist faces (Toyota Prius, Ford Fusion, or full-size pickup truck?) while renting a car on vacation. (His photos are gorgeous, by the way.)
The electric-car future is coming, just more slowly than proponents expected--and that includes President Barack Obama.
Smaller commercial vans are selling pretty well in sales these days, now that U.S. makers offer them. Could it be their fuel efficiency?
So who uses car-sharing, anyhow? Is it those darned Millennials? Actually, it's not.
And finally, Hyundai has become the first automaker to integrate Android Auto smartphone recognition into a new vehicle.
However, it's pretty clear the South Korean maker won't be the last to do so. Stay tuned on that one.


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The fact that the current BMW X5 will have a shorter production span that we’re used to is no longer news. Through various interviews and opinions, BMW officials stopped just short of confirming it themselves but a host of sources speak of it already as a certainty. Our sources confirm the rumors as well and as we repeatedly reported, the new G05 BMW X5 will be available starting with 2019, bringing a couple of well-picked upgrades to the table.
The most important change will not be visible but will be felt when driving the new models, as the G05 X5 will be built atop the CLAR architecture. That means it will be most of all lighter on its feet, offering better MPG figures at the same time in the process. This move will also mean that the X5, X6 and X7 will be sharing a lot of their underpinnings, even though the latter will be the most luxurious and spacious model of the three.
And while all that sounds great, we just got word that the new X5 will also be getting all new petrol engines when it comes out. Since the range will be limited to just two mills, that’s not a big effort from BMW but it does point out to a couple of changes that may happen later down the line, which might affect other models as well. The BMW X5 will be available in sDrive40i, xDrive40i and xDrive50i guises when it finally arrives in the US according to our source in Munich. However, while the names might not be completely new, the engines will be.
The 40i badge will bring a revised version of the B58 3-liter straight six engine which will be so changed that technically speaking it will be considered a new engine altogether. The B58TU will have 335 HP in models without the M Performance logo on them which is a 15 HP increase compared to what we’re used to today, on the 340i for example. Furthermore, the N63 4.4-liter V8 will also get a makeover, making it a new engine altogether due to its extensive changes. It will be making 465 HP and yes, it will be different from the one we have on the M550i model today, making the X5 a model without any legacy petrol engines in its range.
Moving away from the US market, where the fate of the diesel engines is still unsure, other countries will also get diesel mills offered under the hood of the X5 but they won’t be completely new as is the case for petrol. The base xDrive30d model will be using the B57 engine with 265 HP, the xDrive40d will have 320 HP while the M50d model will come with the new quad-turbo B57S mill with 400 HP.


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With over 1,200 brands arriving from all over the world, Vicenzaoro ed September 2023 – VOS, from 8 to 12 September in the Vicenza exhibition centre, closed a successful edition. The international exhibition, organized by the Italian Exhibition Group and which brings together the entire gold and jewelery supply chain, recorded a +6% increase in total visitors. While foreign participation reached 50% with 132 nations represented, including many new presences.
The countries present are growing
Among foreign visitors, 52% came from European Union countries, 17% from Asia and the Middle East, 11% from the Americas, 4% from Africa and 1% from Oceania.
Among the most representative countries: in Europe Spain, Germany and France, while the United States leads the ranking of non-EU visitors.
Vicenzaoro ed September 2023 saw a significant increase in arrivals from various countries. Among these are Switzerland (+46%), Belgium (+25%), the UAE (23%), and Turkey (+6%). While among the new countries present, several African countries such as Mozambique, Ghana, Mauritius, Benin, Zambia and Burkina Faso, Ivory Coast and Kenya.
400 foreign buyers
Vicenzaoro ed September 2023 confirms the solidity of the Italian gold and jewelery sector, with growth in both turnover (+10.2% in the first six months) and exports (+9.3% in the first five months) of Made in Italy products.
These data highlight the important role of the Veneto fair as a catalyst for Italian exports in an international context. An event that remains a point of reference for large international buyers, hosting 400 foreign buyers thanks to a program organized by the ICE Agency and the Ministry of Foreign Affairs and International Cooperation.
Through the collaboration of Trendvision Jewelery + Forecasting with IEG and under the direction of Paola De Luca, in this edition the current trends of the jewelery sector were presented, providing a preview of the path that designers, market and consumers will follow in the next 18 months through the launch of the Trendbook 2025+.
This event is an authoritative point of reference for the entire community interested in understanding the future of the sector, addressing key issues such as the impact of artificial intelligence on human creativity in jewelery design, discussed both in the Trendbook and in the international seminars preparatory to the World Conference in Jaipur in October.
Interest in watchmaking is growing
This edition of the show also consolidated its presence in the watch sector, involving a community of TIME B2B operators and organizing the VO’Clock Privè event, open to the B2C public. In total, around sixty companies in the watch industry were involved, both for the exhibition part.
In terms of visibility, the 2023 edition of Vicenzaoro ed September 2023 www.vicenzaoro.com/it/ recorded a total of 134,830,414 million average gross contacts both in Italy and abroad.


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We are working hard on developing new business models and have been testing the try and buy approach in Ghana in a project with Via Water.
The use of water filters as household water treatment is not well known in Ghana, whereas it can be an affordable and effective way for families to control their own drinking water and to prevent waterborne diseases such as diarrhea, cholera and giardiasis.
Therefore, bringing water filters to Ghana does not only mean that a new product needs to be introduced, but also a whole new method of securing safe water for households. The project, which was funded by Via Water, wanted to prove if a sustainable supply chain can be developed in Ghana using an innovative approach to reach and convince people.
Read more about the pilot in Ghana on : https://www.viawater.nl//community/lessons-learned-with-try-and-buy-approach-in-ghana


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On Christmas Day several tornadoes tore through the deep south. In Alabama several counties in south Alabama experienced damage from the tornadoes. The biggest tornado so far that is rated was in Mobile. The NWS has rated the tornado that moved through the city of Mobile as an EF-2 with estimate winds of 111-135mph based on preliminary damage surveys. Here is the radar image of the storm producing the tornado!
The tornado was caught on a tower cam from the Holiday Inn in Mobile. Here is footage from Fox 10 TV.
Here is footage from the Walgreens Pharmacy on Government Sreet at the loop in Mobile Alabama. The tornado struck the area and the footage shows the damage from both outside and inside of the business. The biggest question I have is why would customers be shopping on Christmas Day?
Here is a video shot from downtown Mobile showing the tornado along with the power flashes! Crazy stuff!
So far no one was seriously injured or killed. And that folks is a Christmas miracle!
- ‘Like a War Zone’: Intense CCTV Footage Shows Christmas Day Tornado Tossing Cars Around in Mobile, Alabama (gawker.com)
- NWS official confirms a tornado hit Mobile, Prichard (With NWS time line) (al.com)
- Mobilians assess damage, move to action in wake of EF-2 tornado (al.com)
Categories: Weather Talk Stuff


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A miniscule record shop in Mold has been officially named the smallest of its kind in the UK.
VOD Music on New Street is just a tiny 67sqft in size – but owner Colin Trueman says he wouldn’t change it for the world.
Tucked away on the town’s quiet streets, the shop first opened its doors in 2009 and is home to all the latest music, as well as specialising in prog rock, folk, blues and reggae collectables.
It was awarded the title of the UK’s smallest independent record shop by Record Store Day, which surveyed all 220 Record Store Day participating shops for their square footage.
VOD Music came out on top (or bottom), with Marrs Plectrum – situated at the back of owner Matt Hawton’s Peterborough home – coming in second at 79sqft.
In third was The Record Shop in Cheltenham (100sqft), fourth People Records in Guilford (165sqft) and coming fifth at almost three times the size of VOD Music is Earworm Records in York at 196sqft.
"We can rotate stock more often"
Colin, 60, says the shop has taken off since it opened, proving that size really doesn’t matter.
He said: “Being so small is actually a strength. It means we can rotate stock more often, and it’s more social – you get to know your customers better and find out what music they like. Customers also get chatting to each other about music too.”
Colin, who also holds regular music fairs across North Wales, established VOD Music in 2004 but it was five years until he found the perfect place for his dream business.
He added: “I always wanted to open a shop. I live in Mold and walked past the building one day and saw the sign. I could just visualise setting up in there, so I made a few calls and the rest is history.”
Despite competition from the likes of Amazon and HMV, Colin says business is stronger than ever.
“People like coming to a shop. It’s a social thing and I’ve got some really loyal customers and can order in what ever they want.”


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Amazon will help “preserve MGM’s heritage and catalogue of films” and provide customers with greater access to these existing works
The movie studio home to the ‘James Bond‘ franchise, entertainment company — Metro Goldwyn Mayer (MGM)– and Amazon on Wednesday announced a definitive merger agreement under which Amazon will acquire MGM for USD 8.45 billion.
Originated in 1924, MGM has nearly a century of filmmaking history and complements the work of Amazon Studios, which has primarily focused on producing TV show programming, the companies said. Amazon will help “preserve MGM’s heritage and catalog of films” and provide customers with greater access to these existing works, stated the companies.
“MGM has a vast catalog with more than 4,000 films – 12 Angry Men, Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent Seven, The Pink Panther, The Thomas Crown Affair, and many other icons – as well as 17,000 TV shows–including Fargo, The Handmaid’s Tale, and Vikings–that have collectively won more than 180 Academy Awards and 100 Emmys,” said Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios.
“The real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM’s talented team. It’s very exciting and provides so many opportunities for high-quality storytelling,” added Hopkins.
Chairman of the Board of Directors of MGM, Kevin Ulrich said, “It has been an honor to have been a part of the incredible transformation of Metro Goldwyn Mayer. To get here took immensely talented people with a true belief in one vision. On behalf of the Board, I would like to thank the MGM team who have helped us arrive at this historic day.”
“I am very proud that MGM’s Lion, which has long evoked the Golden Age of Hollywood, will continue its storied history, and the idea born from the creation of United Artists lives on in a way the founders originally intended, driven by the talent and their vision. The opportunity to align MGM’s storied history with Amazon is an inspiring combination,” added Ulrich
Leading entertainment giant MGM has won more than 180 Academy Awards and 100 Emmys and has one of the industry’s most exciting upcoming film slates, including House of Gucci, No Time to Die, Respect, The Addams Family 2, and the untitled Paul Thomas Anderson film.


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One Piece Odyssey is a new Japanese RPG (JRPG) being developed with the help of the original manga’s author Eiichiro Oda.
Announced today, the game is described as being “rooted in canon and sure to retain the humour and chemistry of the anime,” and will have quests and dungeons with a “One Piece twist.” It is set to release some time this year on PS4, PS5, Xbox Series X|S and PC and One Piece Odyssey will feature new character and monster designs by Oda and will be developed by ILCA Inc.
A blog post on publisher Bandai Namco’s website confirms that the game will have an original storyline and include Luffy, Zoro, Mani, Usopp, Sanji, Chopper, Robin, Franke and Brook as playable characters.
The reveal trailer can be watched below.
According to a video interview with the game’s producer Katsuaki Tsuzuki, One Piece Odyssey will offer “a One Piece adventure experience like never before.”
The game’s story synopsis reads: “The Straw Hats, led by Monkey D. Luffy, are swallowed by a huge storm at sea. They end up on a mysterious island full of nature amidst the storm and become separated from each other. The crew set outs on a new adventurous journey filled with wonders of a raging nature, powerful enemies, and strange encounters with island locals.”
Tsuzuki added that the team has “been working hard in collaboration with Eiichiro Oda to create a great adventure drama that touches the world of One Piece in a game that we hope will surpass players expectations.”
One Piece Odyssey has been announced as the original manga it is based on is gearing up to celebrate its 25th anniversary, with its first release in July of 1997.


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Daimler Truck and Toyota Motor Corporation conclude MoU on accelerating development of advanced technologies.
MFTBC and Hino to be Merged on Equal Footing
Daimler Truck Holding AG, Mitsubishi Fuso Truck and Bus Corporation(MFTBC), Hino Motors Ltd and Toyota Motor Corporation concluded a Memorandum of Understanding (MoU) on accelerating the development of advanced technologies and merging MFTBC and Hino.
Daimler Truck, MFTBC, Hino, and Toyota will collaborate toward achieving carbon neutrality and creating a prosperous mobility society by developing CASE technologies (Connected/Autonomous & Automated/Shared/Electric) and strengthening the commercial vehicle business on a global scale.
• MFTBC and Hino will merge on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production. They will build a globally competitive Japanese commercial vehicle manufacturer.
• Daimler Truck and Toyota will equally invest in the (listed) holding company of the merged MFTBC and Hino. They will collaborate on the development of hydrogen and other CASE technologies to support the competitiveness of the new company.
Common to the corporate philosophies of all four companies is the desire to contribute to a prosperous society through mobility. To continue to be an essential force of transformation in the world, the four companies intend to promote the use of environmentally friendly vehicles and increase the value of mobility in the world’s social systems.
By joining forces, MFTBC and Hino would create synergies and enhance the competitiveness of Japanese truck manufacturers, helping to strengthen the foundation of the Japanese and Asian automotive industries and contributing to their customers, stakeholders and society.
Both Daimler Truck and Toyota count global full line-ups tailored to local needs among their corporate strengths and—toward achieving carbon neutrality—value multi-pathways that provide diverse options based on local conditions and how their customers use vehicles.
Martin Daum, CEO of Daimler Truck said, “We at Daimler Truck are very proud of our products, because trucks and buses keep the world moving. And soon they will even do so with zero emissions. So there is a great future ahead – and today’s announcement is a crucial step in making that future work economically and in leading sustainable transportation. The planned new company will be a major force in Southeast Asia and an important associate of the Daimler Truck family.”
Koji Sato, CEO of Toyota Motor Corporation said, “This collaboration among our four companies is a partnership for creating the future of commercial vehicles in Japan and the future of mobility society. Our four companies will work together with a shared vision of achieving carbon neutrality by strengthening CASE technologies and of changing the future of commercial vehicles and building the future together by solving social issues.”
Karl Deppen, CEO of MFTBC added, “This close collaboration will enable us to accelerate the decarbonisation of the transportation industry, creating an even stronger Japanese commercial vehicle manufacturer. Under the two well-established brands of FUSO and Hino, we will continue to take a leading role in serving customer needs in Japan, Asia and beyond.”
Satoshi Ogiso, CEO of Hino said, “We will unite our aspirations to ‘support mobility and contribute to society’ and, hand in hand, accelerate advanced technology development in order to overcome the increasingly fierce global competition. Through these efforts, we will strive to tackle societal challenges such as achieving carbon neutrality.”


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Living in Interesting Times: Tech Manufacturing in Asia Pacific
By Ruth Seeley
By the time CES 2020 discusses what’s driving tech manufacturing competitiveness in Asia-Pacific on January 7, the landscape may well have shifted yet again. The fallout from the 16-month-long U.S.-China trade war has had many repercussions, ranging from U.S. manufacturing pulling out of China (but relocating operations to other Asia-Pacific nations) to planned Chinese manufacturing investment in the U.S. going elsewhere.
Launched in 2015, Made in China 2025 has seen government investment of hundreds of billions of dollars in manufacturing projects. According to one report, there will be more than $1 trillion in government funding made available to manufacturers by China, Singapore, India, Japan, Cambodia, Vietnam and other Asia Pacific countries over the next few years. And there are already more than 1,000 state-guided funds in China, worth a total of $807 billion, while its manufacturing-subsidy program includes more than 50 different initiatives.
The Made in China 2025 policy established specific economic targets for tech manufacturing, particularly in the semiconductor sector. Chinese demand for semiconductors represents 60% of global demand but its production hovers around the 13% mark. But the policy states China should be 70% self-sufficient in high tech industries by 2025 and hopes to be the world’s dominant tech manufacturer by 2049.
Established in 2014, the state-owned China Integrated Circuit Industry Investment Fund (CICF) raised more than 130 billion yuan (~US$18 billion) in Phase 1. Phase 2 should raise 200 billion yuan (~US$18 billion). China has also attempted to offset the effects of recently imposed U.S. tariffs by devaluing its currency, first in 2015 and again in August of 2019.
While both private and state-owned Chinese companies have been encouraged to invest in foreign companies and particularly in semiconductor firms to acquire advanced technology, foreign investment in China is usually obliged to follow the joint-venture route, giving rise to claims of “forced” technology transfer requirements. By 2016, Chinese investment in the U.S. amounted to more than $45 billion. The pace of Asia-Pacific investment in U.S. manufacturing has been slowed by U.S. political counter-measures, with government blocking the 2017 sale of Lattice Semiconductor to Chinese investors and the 2018 takeover of Qualcomm by a Singapore-based company, a $142 billion deal.
By 2018, Forbes’ annual ranking of the world’s largest public companies saw 59 Asia-Pacific tech companies make the list. There were also 54 from the U.S. While Apple topped the list, Samsung wasn’t far behind.
Whether through direct subsidies, aggressive exports, or nationalistic policies that insist investment be accompanied by technology transfers, Asia Pacific has established itself over the last three decades as the world’s manufacturing super region. As Chinese labor costs have risen and a middle class of consumers has been created, manufacturers have been shifting production in recent years to other Asia Pacific countries, particularly Vietnam and Malaysia. It’s not just policy that’s driving Chinese manufacturing costs up, however, labor costs have risen dramatically, more than trebling in a decade in some areas.
By the end of 2017, almost 45% of Nike and Adidas shoes were manufactured in Vietnam. While initially the bulk of U.S. manufacturing relocated to Asia-Pacific was textiles, by 2018, Vietnamese exports of phones and components totaled $45 billion. Its footwear and textile exports were worth $40 billion. And in 2019, both Apple AirPod and Pixel smartphone production were expected to shift to Vietnam.
It’s unreasonable to expect a wholesale shift of manufacturing from China to either Vietnam or India, however. The lack of infrastructure and a suitable labor pool and the fact that Vietnam is a much smaller country makes this impossible. Instead, firms hard hit by U.S. tariffs on Chinese-manufactured goods will have to start passing those costs along to consumers. Basic Fun toy manufacturer’s CEO Jay Foreman estimates that by the second half of 2020, the price of “everything from sneakers to blue jeans to toys to flip-flops to iPhones” will have to increase by 15% to 30%.
The 2017 McKinsey report, “Making it in America: Revitalizing US manufacturing,” concluded:
Manufacturing needs supportive government programs and policies with long-term certainty and funding. It also needs regional coalitions with everyone at the table: large and small manufacturers, workers, technology experts, educators, public officials, and investors.
By 2019, the tech manufacturing landscape has become even more interesting, with considerable consolidation within the semiconductor industry and big players like Apple beginning to shift to in-house chip design and a foundry manufacturing model.
At a November 2018 panel of semiconductor industry veterans who were asked what the industry would look like in 2024, Jim Hogan, managing partner at Vista Ventures, said he was going to bet on chips that process both analog and digital signals, and that “we are going to have to design-innovate our way out of this, using the processes that we have. It is going to be tough to process-innovate our way out of this.”
All of which means that the more things change, the more change is constant, and that the tech manufacturing landscape will continue to evolve and innovate in ways we may not yet have imagined. And that makes things very interesting indeed.


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According to attorneys in Delaware bankruptcy court, the now-fallen cryptocurrency exchange FTX has recovered over $5 billion worth of liquid assets, including cash and digital assets.
In November, FTX filed for Chapter 11 bankruptcy in the US after a failed acquisition by Binance. Binance noted that “In the beginning, our hope was to be able to support FTX’s customers to provide liquidity. But the issues are beyond our control or ability to help.”
The latest development follows the announcement of plans by federal prosecutors to seize at least $500 million worth of FTX-connected assets in line with the ongoing prosecution of the company’s co-founder Sam Bankman-Fried who resigned from his position of CEO as the exchange went bankrupt.
For FTX customers who are currently being owed at least $8 billion worth of digital currencies after FTX collapsed in November last year, the recovery is good news! According to FTX’s attorney, AdamLandis told the court, the $5 billion that was recovered regards “any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token.”
The collapse of FTX, which was one of the biggest players in the cryptocurrency space was linked to a failure to correctly mark illiquid assets to market. The company’s executives, Sam Bankman-Fried and Caroline Ellison, who is the CEO of affiliated Alameda Research, borrowed against the value of the FTX-issued native token, FTT. According to a CNBC report, “Alameda controlled the vast majority of FTT coins circulating, similar to a publicly traded companies float, and could not have liquidated their position at full book value.”
Prior to FTX’s collapse, the world’s biggest cryptocurrency exchange Binance had agreed to acquire the company but rescinded its decision about 24 hours after its initial decision. Binance’s CEO Chanpeng Zhao noted that he had initially agreed to step in after FTX’s Sam Bankman-Fried revealed the company’s situation.


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The company behind one of the most popular crypto and blockchain-related conferences in the industry has announced the launch of BlockDown.TV, a platform where users can access content from previous BlockDown conferences. The website contains hours of content from some of the most influential figures in the industry, including chats with Binance’s Changpeng Zhao, Stellar’s Jed McCaleb, Akon, and others.
Revisiting BlockDown conferences on new platform
After two hugely successful virtual 3D conferences in 2020, BlockDown positioned itself as one of the most sought-after events in the crypto industry. The most recent event, held in mid-June, attracted an even bigger crowd as it brought together industry heavyweights to discuss some of the hottest topics of the year.
And now, less than a month after the event ended, the company behind the event, EAK Digital, has launched BlockDown.TV. The platform will feature all of the conference’s past keynotes, panels, and streamed content, all presented in a simple and easy to access website.
Users will be able to rewatch hours of content from the conferences, which include lengthy one-on-one interviews with some of the industry’s leading figures, such as Binance’s CEO Changpeng Zhao, Ripple’s CTO David Schwartz, and artist and cryptocurrency investor Akon.
BlockDown.TV offers early bird access and special discounts, but only for members
BlockDown.TV will also feature the popular “Mastermind” sessions, where topics such as blockchain interoperability, cryptocurrency exchanges, and the difference between centralized and decentralized finance were heavily discussed.
Huobi’s head of global markets Ciara Sun joined OKEx’s Lennix Lai, while MakerDAO’s co-founder Rune Christensen debated the future of DeFi with Celsius Network’s CEO Alex Mashinsky.
All of the content is available for streaming in English, Spanish, and Turkish. The platform’s viewers will also be the first ones to get invitations to exclusive events, discounts, and early-bird access to all future BlockDown tickets.
The launch might fulfill the void created by the recent shut down of BLOCKTV.
You can learn more and sign up here.
The post BlockDown Conference launches video on demand service, BlockDown TV appeared first on CryptoSlate.
By: Priyeshu Garg
Title: BlockDown Conference launches video on demand service, BlockDown TV
Sourced From: cryptoslate.com/blockdown-conference-launches-video-on-demand-service-blockdown-tv/
Published Date: Sat, 04 Jul 2020 22:30:16 +0000


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Sales Tax Receipts Way Up in Austin
Texas sales tax receipts are up 3.7 percent from a year ago. Here in Austin, sales taxes were up more than 13 percent from February 2012.
Economist Angelos Angelou says that points to the rapid growth of the Austin area, which he says is adding nearly 65,000 people a year.
“The economy is overperforming both the Texas and the national economies, so we’re doing well and we will continue, I think, to prosper,” Angelou said.
A big contributor to the Austin-area economic growth is the continued expansion of the high-tech sector, Angelou added.


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In this episode of The MadTech Podcast Special, Geradin Partners' founding partner Damien Geradin joins ExchangeWire research lead Mat Broughton and CSO Ciaran O'Kane to discuss the EU Digital Markets Act (DMA) and its potential implications on the advertising technology industry.
Following the full implementation of the DMA and the launch of investigations into multiple big tech firms, Geradin and O'Kane discuss:
- How the DMA will directly impact the ad tech industry
- How the investigations are set to impact the ecosystem
- Interactions between the DMA and other forms of privacy/antitrust legislation
- Regulatory differences and similarities between the EU and other global markets


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The Convenience of Plastic Is Killing Our Oceans
Alex Pietrowski, Staff Writer
About 300 million tons of plastic are produced each year. In the US alone, about 30+ million tons of plastic waste is dumped into the solid waste system, including various plastic containers, bags and other types of packaging, with only about 10% being recycled.
Plastic, which was once regarded as convenient and versatile, has actually become one of the biggest environmental problems of our time. Over the last 50 years, we’ve increased the amount of plastic waste 12 fold. Typically plastics are made by using non-renewable resources, and most plastics are non-biodegadable, which means they will be around for centuries. The ingredients used to make plastics, such as petrochemical bisphenol A (BPA) and bisphenol S (BPS), have been linked to a wide range of serious adverse health effects.
“Plastic pollution is a major global phenomenon that has crept up on us over the decades, and it really requires a global and comprehensive solution that includes systemic rethinks about usage and production.” – Doug Woodring, Plastic Disclosure Project (Source: New York Times)
Plastic bags are another concerning issue. Over 1 trillion plastic bags are produced in the world each year. We use them for everything – from carrying groceries, to packing beauty products in our luggage, to storing foods in our refrigerator, and they have made our life much more convenient. Yet, the price for this convenience is astounding. The infographic below, produced by Arte IDEAS, will give you an idea of the impact plastic bags have on the environment:
The impact of plastic has been most detrimental to the world’s waterways. Environmental organizations estimate that about 7 million tons of plastic end up in the seas and oceans each year, polluting beaches even on islands, killing off precious and rare native species.
…the E.U. commissioner for maritime affairs and fisheries, Maria Damanaki, has said that pollution in the Mediterranean Sea has reached “alarming proportions.” (Source: New York Times)
One of the most harrowing examples the devastation already to the Midway Islands, home of the majestic albatross and one of the most remotest places on earth. 2000 miles from another continent, this little oasis is ground zero for the plastic apocalypse and this once pristine group of islands is now a frightening and gruesomely real sign of how plastics choke the life out of an eco-system.
Once in our seas and oceans, plastics break down info smaller fragments, and as the fragments get smaller, more marine life is able to ingest them and suffer consequences such as illness or death. We also suffer considering that we are contaminating a major food source. “One study found that fish in the North Pacific ingest as much as 24,000 tons of plastic debris a year.” (Source: New York Times)
The situation is of dire need of our attention, which makes young inventor, Boyan Slat’s, recent invention so inspiring. Boylan has designed an Ocean Cleanup Array, which he claims could remove up to 7+million tons of plastic waste from our oceans.
The device consists of an anchored network of floating booms and processing platforms that could be dispatched to garbage patches around the world. Instead of moving through the ocean, the array would span the radius of a garbage patch, acting as a giant funnel.
Slat went on to found The Ocean Cleanup Foundation, a non-profit organization which is responsible for the development of his proposed technologies. His ingenious solution could potentially save hundreds of thousands of aquatic animals annually, and reduce pollutants (including PCB and DDT) from building up in the food chain. It could also save millions per year, both in clean-up costs, lost tourism and damage to marine vessels.
Here is Boylan at TEDxDelft, in an effort to grow funding for his project:
Even though Boylan’s invention is a long way from development and barely scratches the surface of the necessary clean-up efforts, it does offer us a potential tool for helping to clean up this catastrophe. It also shows us how heavily invested the youth of today are in the future.
The problem with plastic will not go away without raising the awareness of all people. Inventive minds such as Boylan Slat are a ray of hope for a solution, but without a great change in people’s everyday awareness and attitudes, not much can be done to stop this.
Cutting out plastic completely is probably impossible in this day and age, but perhaps we can all make an effort to use a bit less. In many countries, health food stores allow you to bring your own packaging to purchase items from food bins, versus buying everything prepackaged in plastic bags and containers. Even certain cities, such as Austin, Texas USA, are starting to ban use of grocery plastic bags in supermarkets. Here is a nice list of 10 simple steps to help you stop using plastic.
As an “aware” citizen, I thought to myself, “How could I really have such a significant impact…? I don’t even use all that many plastic bags anyway.” And then I started to pay attention.
Try it for a month. Pay close attention to just how many plastic items you buy, discard, recycle, and reuse. As you do this, you’ll want to reuse and recycle, because you will quickly notice that each and every one of us buys and discards an exorbitant amount of plastic.
Support companies and stores that are more environmentally conscious in regard to packaging and distributing foods and products. Buy plastics made out of organic polymers, making them biodigredable, considering prices of these plastics are become more competitive. Be an aware shopper – our oceans, the living beings inside them, the planet – all need more kindness and awareness from us if they are to survive.
About the Author
Alex Pietrowski is an artist and writer concerned with preserving good health and the basic freedom to enjoy a healthy lifestyle. He is a staff writer for WakingTimes.com and an avid student of Yoga and life.
This article is offered under Creative Commons license. It’s okay to republish it anywhere as long as attribution bio is included and all links remain intact.
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It’s Taylor Swift’s world, we’re all just living in it. And it seems Taylor’s latest and greatest era is infiltrating none other than the beloved American football season.
By now you’ve seen the memes, the butterfly-in-your-stomach-inducing touchdown footage, and read the many theories on Taylor’s alleged new romance with Kansas City Chiefs tight end Travis Kelce. But while mainstream media is focused on Taylor’s relationship status and dating history, we marketers are bewildered (but not surprised) by Miss Swift’s profound influence on pop culture, e-commerce, and the economy at large.
Worlds collide at Arrowhead Stadium
In case you missed it, here is what happens when one of the world’s most influential women transcends into the sports category, simply by cheering in the bleachers.
Since attending the Kansas City Chiefs game against the Chicago Bears on Sunday evening, Travis Kelce’s merchandise has seen a 400% spike in sales – a true reflection of the influence her mere support and approval of Travis Kelce evoked in her millions of fans.
Travis’s Instagram following hovered under 3 million prior to Sunday’s game and has since increased by over 400,000 Swifties and it’s still climbing.
Sports media – including post-game conferences, NFL social channels, SportsCenter – and the Kansas City Chiefs’ social channels have covered the pop star’s attendance and effect on the game.
Girlfriends and wives rejoice as an explosive new TikTok trend emerges, inviting them to poke fun at their football-fanatic partners. In the popular new trend with hundreds of thousands of posts, content creators nod to Taylor Swift putting Travis Kelce “on the map” and the football fans’ reactions are nothing short of hilarious. They need to shake it off.
The Taylor Swift effect: 4 ways marketers are trying to keep up
So, how are marketers reacting and what can we learn about these iconic pop culture moments that resonate with people of all different ages, genders, and fandoms?
Timely reactionary content. Throughout Sunday’s game, the NFL and other notable media outlets continuously posted clips of Taylor at the game, which in turn contributed to the game being awarded the most-watched telecast of the week. Not only that, but Sunday’s game was the highest-rated NFL game of the week amongst women of any age group. The league understood the ‘Taylor Swift effect’ and seized the moment.
Educational moments. For the Swifties who are new to the sport of football, social media is making the most of this moment by teaching new fans the basics so they can follow along with Travis’ next game. This tactic is not only introducing an entirely new audience to the sport in an exciting and culturally relevant way but it’s also encouraging viewership of future games regardless of Taylor’s confirmed attendance. Research shows that 51% of American men consider themselves avid fans of the NFL, while only 24% of American women would say the same. But with Taylor Swift now in the mix, it will be interesting to see if we see a boost in women flocking to watch or see the next NFL game.
The Midas Touch. As we know, in the creator economy there are key players that can influence the masses and turn anything that they touch into gold. During Sunday’s game, ads were executed left and right driving the audience to buy Kansas City Chiefs merchandise, and brands were not shy about grabbing onto any connecting thread they could to join the conversation around the golden girl Taylor Swift. The pop star was photographed with a plate of chicken fingers, ketchup and seemingly ranch (and people say she isn’t relatable!), and the brands we know and love were quick to react. Will Taylor leverage this viral moment and create a new ranch sauce that pays homage to her country roots? Only time will tell (and if I’m right, you heard it here first!).
She is a mastermind. If we know anything about Taylor Swift, it is that nothing is unintentional. Whether this romance is the real deal or the subject of another one of Taylor’s crafty clues leading to something bigger, we should all pay close attention to whatever Taylor does next. And for many of us, it will be completely unavoidable.
Taylor Swift and the power of influence
This isn’t Taylor’s first time taking a new space by storm. Having started her career in country music, trying her hand at acting, and then landing at the tip top of the pop music industry, Taylor is known to wear many hats (or crowns if you will). The pop sensation is never shy to try new things and push the envelope while shattering every glass ceiling hovering in her atmosphere.
How can we be so sure? Well, we remember it all too well.
Taylor’s global tour, The Eras Tour, is hailed as the highest-grossing tour ever, set to earn over $2 billion dollars. Despite the adversity she faced changing music genres and the media’s unwillingness to accept her in the pop music industry, she kept working to prove she deserved a seat at the table. Her tour not only reflects her journey but also her triumphs across both genres, and her fans echo every word of every song performed throughout her 3-hour-long set.
Market research suggests that The Eras Tour could help generate $5 billion dollars of consumer spending for the global economy, with the tourism industry at the forefront of the impact. Her 2023-2024 dates span across five continents, 19 countries and 146 shows in total – which means she’s only getting started! Talk about a gold rush.
As if the above wasn’t enough, Taylor wanted to ensure every fan had the opportunity to see her tour. So, in true fashion, Taylor had her entire set filmed and turned into a feature film. Taylor Swift: The Eras Tour will be featured in theatres around the world and has already earned $37 million dollars in presales and is forecasted to earn $70 million dollars on opening.
The woman quite literally generated a seismic impact equivalent to a 2.3 earthquake at a recent show in Seattle.
The world loves a happy ending, a love story, and what better story than a pop star and an NFL champion? So baby, let the games – and the Halloween costumes – begin. They say all’s well that ends well, and we hope this ends well for Travis Kelce. Although, we wouldn’t mind a new album…
_About the author
Viral Nation is a new media innovation group that powers the social ecosystem through integrated solutions that align strategy, talent, media, and technology. As pioneers in the influencer space, Viral Nation is comprised of a full-service creative agency, a creator and athlete-influencer representation agency, and a technology division creating modern marketing solutions for the social media age.


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Ride-sharing company Ola has entered into an agreement with the Tamil Nadu government and will be investing Rs 2,400 crore for setting up its first electric scooter factory in the state. The company says its factory will be the largest scooter manufacturing facility in the world that will create nearly 10,000 jobs.
The facility will initially have an annual capacity of 2 million units, a statement from the company read.
“In line with Prime Minister Narendra Modi’s vision, Ola’s factory is an important step in making an Atmanirbhar Bharat. It will catalyse reduction of India’s import dependence in a key future sector like electric vehicles, boost local manufacturing, create jobs as well as improve the technical expertise in the country,” it added.
Ola said India with its unique skill-sets, manpower and demography, is well placed to be a global hub for cutting edge manufacturing of electric vehicle (EVs).
Ola’s factory will cater to customers not only in India but in markets around the world including Europe, Asia, Latin America and others, the statement said. The company is gearing up to launch the first of its range of electric scooters in the coming months.
The new manufacturing plant – expected to be operational in a year’s time – aligns with Ola’s global vision to move mobility into a more sustainable, accessible and connected future.
Earlier this month, Ola had said it will launch its electric two-wheeler range in New Zealand to help support the New Zealand government’s goal of bringing on road 64,000 new electric vehicles by the end of 2021, while also helping the public sector become carbon neutral by 2025.
“We are excited to announce our plans to set up the world’s largest scooter factory. This is a significant milestone for Ola and a proud moment for our country as we rapidly progress towards realising our vision of moving the world to sustainable mobility solutions across shared and owned mobility,” Ola Chairman and Group CEO Bhavish Aggarwal said.
He added that this factory will be one of the most advanced manufacturing facilities in the world.
“This factory will showcase India’s skill and talent to produce world class products that will cater to global markets,” he said.
Earlier this year, SoftBank-backed Ola had announced plans to hire over 2,000 people for its electric business as it rapidly builds a suite of electric and smart urban mobility solutions for consumers around the world. Recently, the company roped in General Motor Veteran Jose Pinheiro to head its global manufacturing and operations for its electric business.
Ola Electric – the EV arm of Ola – has raised about USD 400 million in funding from Tiger Global, Matrix India, Tata Sons Chairman Emeritus Ratan Tata and others. (Source: Indiatvnews)


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TC Subaru and its parent company, Motor Image, has announced a recall involving four Subaru models to replace faulty brake light switches.
The specific models have been identified under the recall campaign as are stated below:
Subaru says that silicone gas from certain consumer products may seep through the housing of the brake light switch. This particular component is believed to be located at the brake pedal assembly.
As a result, functions related to the brake light switch (brake light, Vehicle Dynamics Control, transmission and engine-start interlocks, and EyeSight) will stop operating.
If the defect occurs, the brake lights will not light up and may cause other road users to be unaware of the driver’s intention to slow down or stop the vehicle, thereby increasing the risk of collisions.
Motor Image said it will notify its customers in Malaysia and the region about the recall and replace the brake light switch and related parts, free of charge.
“Motor Image is committed to the highest safety standards and quality driving experience for all our customers. Motor Image is in constant contact with Subaru Corporation for any further updates and will notify affected customers accordingly,” said the company in a media statement.


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During the state’s election campaign, a milk-related controversy has emerged. Amul, India’s largest milk cooperative, experienced a fierce response in Karnataka when they announced their entry in Bengaluru.
The state’s opposition feared that Amul’s entry, backed by the BJP, would jeopardise the Karnataka Milk Federation (KMF) brand ‘Nandini,’ which is profoundly tied with Kannadiga identity.
What is Amul vs Nandini Controvery?
The Amul vs. Nandini controversy started when Amul, the largest milk cooperative in the country, announced that they will deliver milk and curd online in Bengaluru. But the announcement did not go as planned, and people from Karnataka and the Congress party in the state heavily criticised the decision.
Also, a few days ago, Home Minister Amit Shah said in a rally that Amul and Nandini would come together to fulfil the demand for milk and dairy in the state. Although the Bharatiya Janata Party (BJP) clarified that the statement was not about the merger of these two cooperatives.
Amul is an Indian state government-owned dairy-based cooperative society, and it is under the ownership of Gujarat Cooperative Milk Marketing Federation Limited. Amul sells its products in various states across the country.
Whereas Nandini is the brand name under which KMF (Karnataka Milk Federation) sells its products in the state and in a few other cities. Nandini is the largest milk cooperative in the state of Karnataka and the second-largest in India.
Why is Amul is Facing Backlash in Karnataka?
Nandini has an advantage over Amul in Karnataka because it is a domestic brand with low pricing. According to various suppliers, Nandini Dairy’s milk costs remain among the lowest in the city, at Rs 39 per litre. Meanwhile, people who are buying Amul Milk in other states are paying Rs 54 per litre for Amul-toning milk and Rs 52 per litre in Gujarat.
Amul is an expensive option as compared to Nandini, and Amul is a bigger brand. According to protestors, Amul will disrupt the market, and the prices of dairy products will increase in the state.
Support for Nandini
Now various leaders are coming forward in support of Nandini. Former Chief Minister of Karnataka Siddaramaiah said, “All Kannadigas should pledge not to buy Amul products”. “All Kannadigas have to unanimously resist the usurpation of the KMF, which has been built for the welfare of the farmers of the country. All Kannadigas should pledge not to buy Amul products.”
Siddaramaiah also tagged Prime Minister Modi and asked, “Is the purpose of his visit to the state to give or to loot?” In the tweet, Siddaramaiah referred to the merger of Vijaya Bank and Bank of Baroda, as well as the ports and airports being handed over to Gujarat’s Adani.
In reply to Siddaramaiah, Amit Malviya, who is the IT department head for the BJP, said that Amul is not entering Karnataka. Both Amul and KMF sell their products across quick-commerce platforms, and he also claimed that the turnover of KMF (the Karnataka Milk Federation) has increased in past years.
Amul’s reaction on the controversy
Amid the boycott trend, Gujarat Cooperative Milk Marketing Federation Managing Director Jayen Mehta said the company’s entry into the state’s dairy market is not to compete but to coexist with the local Nandini brand.
Jayen said it is not Amul vs. Nandini, but Amul and Nandini. Mehta put an emphasis on coexisting with both brands, saying both were farmer-owned cooperatives with similar interests. We are not here to compete with Nandini”.
Ans. Amul is an Indian state government-owned dairy-based cooperative society, and it is under the ownership of Gujarat Cooperative Milk Marketing Federation Limited.
Ans. Nandini is the brand name under which KMF (Karnataka Milk Federation) sells its products in the state and in a few other cities.
Ans. Amul stands for Anand Milk Union Limited.


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BP is predicting that demand for oil will continue to rise over the next 20 years as growth of conventional vehicles far outstrips the increase in the number of electric vehicles.
The number of electric vehicles (EVs) globally is forecast to rise from 1.2 million in 2015 to 100 million by 2035, according to the 2017 edition of the BP Energy Outlook.
But it forecasts that the global car fleet will double in size over the same period from 0.9 billion cars in 2015 to 1.8 billion, meaning that EVs will account for 5.5% of the global fleet.
Even within EVs there will be demand for fossil fuels because, while three-quarters will be pure electric vehicles, the rest will be plug-in hybrids which run on a mix of electricity and fossil fuel.
Spencer Dale, BP group chief economist, said: “We expect oil demand to grow throughout the next 20 years, driven by increasing transport demand, particularly in fast-growing Asian economies.”
The report says that in 2015, cars accounted for 19 Mb/d of liquid fuel demand - a fifth of global demand. All else being equal, a doubling in the demand for car travel over the coming 20 years would lead to a doubling in the liquid fuel demand from cars.
However, improvements in fuel efficiency reduce this potential growth significantly (-16 Mb/d) as manufacturers respond to stricter vehicle emission standards. An average passenger car is expected to achieve more than 47 miles per US gallon in 2035, compared with around 28 MPG in 2015 - a faster rate of efficiency improvement than in the past.
The growth of electric cars also mitigates the growth in oil demand, but the effect is much smaller: the 100 million increase in the number of electric cars reduces oil demand growth by 1.2 Mb/d - less than a 10th of the impact of the gains in vehicle efficiency.
Overall, the increase in demand for car travel from the growing middle class in emerging economies overpowers the effects of improving fuel efficiency and electrification, such that liquid fuel demand for cars rises by 4 Mb/d.


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The disgusting food museum opened this week in Sweden and it has people flocking over there just to test out their gag reflexes.
The museum is the first of its kind in showcasing such a wide variety of food items that come from so many different cultures. But the whole idea behind opening a museum like this, was not to mock what other people eat, but to understand why they eat it. Sometimes, it’s the lack of resources and extreme weather conditions, while sometimes it just comes down to culture.
Samuel West, a psychologist who is on a path to understand and change people’s perception on things, is the curator of the museum. He previously created the Museum of Failure, which helped change people’s notion on failure and later decided that the next human tendency he wants to explore, is disgust.
In a report by Deutsche Welle, museum director Andreas Ahrens said, “We shouldn’t be so quick to judge the foods of other cultures as disgusting because our foods are just as disgusting when seen through the lens of another culture.”
The museum has 80 dishes from various parts of the world that is labelled “disgusting” by many. It features dishes like Durian from Thailand known for it’s unbearable odor, maggot-infested cheese Casu Marzu, another type of Sardianian cheese called Su Callu Surdu which is obtained by filling the mothers milk of a goat in the stomach of a slaughtered baby goat, roasted guinea pigs, sheep eyeball juice, fruit bats, fermented horse milk, mouse wine, bull penis, century old eggs and many many more.
The museum also features dishes like jell-o, candy, licorice, root beer and pork. Things that Americans and a good majority of the world consider “normal” food items. But that is the idea that the museum wants to challenge. A regular meat eater might look at fruit bats on a plate and feel like throwing up, at the same time, a pure vegetarian might look at something like a chicken burger and turn their head away. They want to prove that the feeling of disgust is completely subjective. On being asked about why something like pork was added in the museum, Ahrens said, “when you look at other things, like the way that pigs are held in factory farms, when you look at the antibiotics — that is absolutely disgusting and could potentially be life-threatening for humans.” Something like root beer is considered to be disgusting and repulsive to someone from Europe or Asia. “It all depends on what you grew up with, what your parents were eating and drinking,” he added.
The idea behind the opening of such an institution was to not just let people see, but for people to learn and hopefully leave the museum with changed perspectives.
Header Credit – Official Website of Disgusting Food Museum


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Sonic the Hedgehog could soon be coming to a cloud near you.
Japanese game maker Sega said Monday (November 1) that it was exploring an alliance with Microsoft.
That would see it develop big-budget titles for the U.S. giant's cloud gaming service.
Shares in Sega Sammy Holdings - its full name - jumped 5.5% following the news.
Microsoft's cloud gaming initiative is available via the Xbox Game Pass on various platforms.
It removes the need for bulky hardware, but does require a fast internet connection.
The firm's focus on online services comes amid signs that its latest Xbox console is losing out to Sony's PlayStation 5.
Sega abandoned its own consoles business after a string of flops.
Now a tie-up could go deeper than cooperation.
It's long been rumoured that Microsoft could bid for Sega, with the pair having a long history of partnership.
Any such deal could strengthen Microsoft's position in Japan, which is the world's number-three gaming market, but a weak spot for the U.S. firm.


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Thanksgiving is this week and you know what that means –– the greatest shopping weekend of the year is soon upon us.
With deals rolling in and people lining up at stores days ahead of the actual holiday, it’s easy for consumers to get a little overwhelmed.
Trae Bodge of RetailMeNot.com visited Business Insider this week to offer up some excellent tips on how to best prepare for Black Friday and Cyber Monday.
Hint: You might want to leave your tent at home.
Produced by Business Insider Video


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Upgraded iPhone 7 or iPhone 8 in 2017
Apple seems to have big plans for 2017, as speculations about upgraded iPhone models give us strong hints of new designs and revolutionary new technology. However, recent revelation of Mac Otakara forces us to think otherwise. Before we move forward what the Japanese blog says, the question arises, how credible this information is? Well, Mac Otakara has a reputation of leaking true information, so let’s assume they are right about this, as they were right about the removal of headphone jack from the iPhone 7.
The blog reveals Apple won’t be introducing iPhone 8 next year rather it will reveal three iPhone models namely iPhone 7s, iPhone 7s Plus and a 5-inch variant supposedly code named ‘Ferrari’ featuring border less OLED display, invisible home button, a glass sandwich design, wireless charging and more. Additionally, we also have reports that the high-end version would boast a curved screen. All these are just assumptions; the high-end version might be just an extension of the lineup with no radical changes.
Talking about the design, the new iPhone models might have the same design as the current iPhone 7, however you would notice some changes including a dual-lens camera that has iSight module arranged vertically, instead of horizontally, as you can see in the iPhone 7 Plus. The Japanese blog also says these specs are not final yet; Apple will confirm these in the second quarter of Apple’s 2017 fiscal year in April.
If you have been following Apple news stories, you might know that 5-inch iPhone launch is not a new rumor. 9to5Mac reported it back in October along with the revelation that next iPhones would feature all-glass backs and at least one might be as big as 5.8 inch long. Moreover, we heard that the new iPhones will boast a bezel-less design, possibility of which cannot be denied.
After all these speculations, you can see nothing is certain as of yet. However, Apple certainly has something new in store for 2017 and is looking for a bigger phone to rival leading Android phones. Would that contain wireless charging, borderless OLED display, curved screen etc, is still a mystery.
We are aware Apple has knack of wrapping things deep, therefore, we would only know specifics closer to release or when the iPhone 7s, iPhone 7s Plus and high-end variant (or iPhone 8) is actually introduced. It is highly likely to see a triple play providing consumers the option of 3 premium phones to support the slowing sales and bump the profit margins.
Would you be interested in just a 5-inch iPhone with no extraordinary features or you definitely look to see a new design with high-tech features in the shape of iPhone 8? Please share with us in the comments.


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The UK economy can’t catch a break.
Britain is already facing its steepest recession in 300 years, and expected to suffer the worst coronavirus-induced slump of any major economy this year. It’s also risking a rupture with its single biggest trading partner, the European Union, if a new trade deal is not agreed soon.
Tens of thousands of jobs have already gone in energy, banking, aviation and aerospace and now many more are at risk after Intu (INTU), one of the United Kingdom’s largest shopping mall owners, said Friday that it is entering administration. The company has debts of £4.5 billion ($5.6 billion) and was unable to agree repayment holidays with its creditors. Its shares, which have been on a downward trajectory for several years, plunged 54% on Friday before they were suspended.
Intu owns 17 UK shopping centers and two in Spain, accommodating 800 brands and 400 million shopper visits a year, according to the company. These centers will remain open during the insolvency process and individual retailers will have to enter transitional agreements with the administrators, KPMG.
But UK retailers are themselves suffering from a collapse in sales and many have been unable to pay rent for the upcoming quarter, raising questions as to how many of the shopping centers can realistically afford to remain open.
Just 14% of the rent owed by UK retailers for the third quarter of this year was paid on June 24, the due date, according to property management platform Re-Leased.
“We expect there will be more pressure to come,” Re-Leased CEO Tom Wallace said in a statement Friday. “The temporary ban on evictions for non-payment of rent and the government furlough scheme is providing a lifeline to many tenants at the moment, but those measures will not last forever,” he added.
Intu said it received just 29% of second quarter rent from tenants, down from 77% for the same period last year. Intu, which employs 2,600 people, was in a tight spot going into the pandemic. It posted a £2 billion ($2.5 billion) loss last year.
News of its collapse into insolvency will come as a particularly bitter blow to retailers because it coincides with a loosening of lockdown restrictions in the United Kingdom that has allowed stores to welcome customers again for the first time in months.
Brands such as Zara and H&M, which have already suffered steep sales declines this year, have outlets in malls owned by Intu. H&M said Friday that worldwide sales fell 50% from March through May, while Zara owner Inditex, the world’s biggest clothing retailer, reported a 44% drop in sales for the three months to March. Both brands plan to accelerate store closures and a shift to online retailing — one of the few bright spots in the pandemic.
Only grocery stores and online retailers have dodged the slump in UK retail sales over the past few months, with the pandemic accelerating a move to e-commerce that was already hurting physical stores. Both the volume and value of retail sales suffered record declines over the three months to May, falling by 14% and 13%, respectively, when compared with the previous three months, according to the Office for National Statistics.
The proportion spent online soared to the highest on record in May at 33.4%, breaking April’s 31% record, according to ONS.
In the United States, several major chains, such as JCPenney and Neiman Marcus, have already filed for bankruptcy and as many as 25,000 physical stores are expected to permanently close this year, driven partly by the continued shift to online shopping, according to Coresight Research. More than half of the store closures are expected to come in malls.
The pandemic is forcing companies across Britain to take drastic action.
British Airways parent IAG went into the crisis with cash of around €10 billion ($11.2 billion). Still, the carrier may cut about a quarter of its workforce, or 12,000 jobs, as the effects of the coronavirus crisis on global aviation linger.
Several other major UK companies, from Rolls Royce, BP (BP), EasyJet (ESYJY) and HSBC (HSBC), to luxury goods maker Mulberry, energy company Centrica (CPYYF) and aerospace parts supplier Meggitt (MEGGF) are cutting jobs.
More job losses are expected when the government’s wage support program — currently subsidizing 9.2 million salaries, or over 27% of the workforce — ends in October.
Industry groups have meanwhile warned that British businesses, which have already borrowed billions of pounds under government coronavirus relief programs, won’t be able to withstand the shock from new EU trade barriers that will result if a trade deal is not agreed with Brussels this year.
— Nathaniel Meyersohn contributed reporting.


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roundbreaking news emerged this week as “dozens of states and the federal government sued Facebook (FB) on Wednesday in twin antitrust lawsuits.” Allegations include the social media giant’s “abuse” of dominance in the digital marketplace and engaging in “anti-competitive” behavior.
The Federal Trade Commission has a specific aim at “seeking a permanent injunction in federal court that could, among other things, require the company to divest assets” reports CNN Business. The assets include the popular global platforms Instagram and WhatsApp.
Director of the FTC’s Bureau of Competition Ian Conner said in a statement of the matter, “personal social networking is central to the lives of millions of Americans.” As such, “Facebook’s actions to entrench and maintain its monopoly deny consumers the benefits of competition. Our aim is to roll back Facebook’s anticompetitive conduct and restore competition so that innovation and free competition can thrive” added Conner.
In 2012 Facebook announced its purchase of Instagram for $1 billion. Two years later, the announcement of a $19 billion acquisition of WhatsApp was announced. Facebook’s impenetrable monopoly of the market “makes Facebook the second global tech company to be taken to court by US and state government officials this year over antitrust concerns” reports CNN Business. The first was Google when the Justice Department and 11 states filed a lawsuit in October claiming the tech giant had “stifled competition to maintain its powerful place in online search and search advertising.”
The FTC has been conducting its investigation of Facebook since June of 2019 and more than 40 attorneys general signed onto Wednesday’s complaint following New York Attorney General Letitia James’ announcement of an investigation into anticompetitive practices by the company 14 months prior. “For nearly a decade, Facebook has used its dominance and monopoly power to crush smaller rivals and snuff out competition” said James during a press conference. “By using its vast troves of data and money, Facebook has squashed or hindered what the company perceived to be potential threats” she added.