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Alibaba Pictures, somewhat hidden in the Pasadena Playhouse Plaza, presents itself with a modesty at odds with Tinseltown’s tendency for hyperbole. In fact, relatively little fanfare accompanied the arrival of this film unit of China’s multinational technology behemoth, Alibaba Group (ranked among the world’s 10 most valuable and successful brands by the brand equity database BrandZ for the first time this year). Alibaba Pictures opened up shop in a 22,000-square-foot office in Pasadena in 2016.
Since its landing in metro Hollywood, Alibaba Pictures has been working on a handful of deals, investing in a few film productions and distributions, and keeping, at least by in-your-face American standards, a rather low profile. The Pasadena office didn’t respond to interview requests.
But in an interview with Pasadena-based East West Bank, Alibaba Pictures President Wei Zhang describes the client company’s mission here. “We see ourselves as a platform company,” she said. “Our goal in entertainment is not just to make a few movies. We’re not here to create another traditional movie studio…We are a new movie infrastructure company with Internet DNA; we use technology, data and our ecosystem to bring more efficiency and transparency to the filmmaking process.” Zhang describes her goal as growing Alibaba’s role as a gateway between Hollywood and China by developing appropriate content for Chinese movie audiences. And those audiences are expected to grow into the world’s largest, in light of China’s 1.4 billion population. Alibaba Pictures’ parent company has been reshaping the Chinese entertainment industry with an aggressive acquisition strategy since 2014.
Formed in 1999, Alibaba is the brainchild of one of China’s most beloved businessmen — Jack Ma. He’s been called the Steve Jobs of China because of his business savvy, his inspirational leadership and his intimate understanding of the American and Hollywood cultures. An e-commerce company at its core, Alibaba leverages entertainment ventures (film production investments, movie and live events ticketing apps, video-streaming platforms, mobile content browsers and others) to cross-promote interests in a multifaceted business ecosystem.
For example, Alibaba invested in Amblin Partner’s 2017 film A Dog’s Purpose (starring Dennis Quaid and Josh Gad) and helmed marketing the flick in China. Overall, the movie raked in only $64 million in the U.S., but it made $88 million in China with the help of Alibaba’s online movie ticketing app, Tao Piao Piao — in China more than 80 percent of movie tickets are bought online using apps.
From its Pasadena offices, Alibaba continues the Amblin partnership with the sequel, A Dog’s Journey, slated for a May 2019 release. Alibaba’s other successful movie investments include big-budget action flicks such as Dunkirk, Teenage Mutant Ninja Turtles: Out of the Shadows, Star Trek Beyond and Mission Impossible — Fallout.
Earlier this year, Alibaba Pictures announced it was partnering with STX Entertainment on the Robert Zemeckis–produced Steel Soldiers, an original sci-fi action movie set in a futuristic world where humans and androids battle side-by-side. Also this year, Alibaba threw its hat into the ring with other studios (21st Century Fox, Disney, NBCUniversal, etc.) to fund Jeffrey Katzenberg’s streaming video startup, NewTV, which is creating short content for small screens.
For the younger set, Alibaba is producing a full-length adaption of the hit children’s TV series Peppa Pig, based on a beloved series of animated characters that premiered in the U.K. in 2004. (The movie will be a combination of animation and live action.) It’s scheduled to be released during Chinese New Year 2019, which will usher in the Year of (what else?) the Pig.
So what can we make of this Chinese entertainment company that invests in American big-action films, heartwarming family flicks and charming children’s fare?
“I predict that Alibaba will be a good neighbor and a good company in the Southland, but I don’t think it will be a game-changer for the Southland,” says Tom Nunan, an international cinema expert, lecturer at UCLA’s School of Theatre, Film and Television and partner in Bulls’ Eye Entertainment, a mid-size independent film and television production company.
Nunan remembers the ChinaHollywood lovefest of a few years ago that seized the imagination of producers, financiers and investors, eager to partner up with a new foreign market, foreign talent and foreign money. The hope was that such a move would herald development of a China-L.A. synergy, especially since Northern California — with its emerging technology in software and AI — has had a longstanding relationship with Beijing.
In 2015, leading Chinese investment and entertainment companies, such as Fosun International, LeTV, Dalian Wanda and, of course, Alibaba, were all going Hollywood; Wanda had just bought the AMC Theatre chain, and the STX production company was doing a deal with China’s Huayi Brothers Media Group. “All of us in entertainment had stars in our eyes, thinking, Wow! China’s investment in us will pump up the volume in Hollywood financially, content-wise, across the board,” Nunan continues. “We have all sobered up since then.”
Indeed, part of the sobering reality is that the Chinese government limits and restricts the type of entertainment that can be distributed. China doesn’t have a motion picture rating system; all films must be approved by Chinese censors who officially promote Confucian morality, political stability and social harmony. For all practical purposes, these are PG films — which are the least frequently produced films in Hollywood.
“Think of it this way: The Chinese government is acting the way the FCC acted in the ’70s,” explains Nunan. “They are really, really, really strict about the kind of content they want their citizenry to be exposed to. Also, don’t forget, there is no free Internet in China. Very few countries in the world restrict the freedom to surf the web. That’s not to say you can’t do business with China. There are opportunities, but it can be complicated.”
It addition to content, since 1994 Beijing has been restricting the number of American films that can be shown in Chinese theaters. The quota started at 10, increasing to 34 films per year in 2012 with the proviso that at least 14 be in 3D or IMAX format.
Of course, Hollywood would like to raise that quota, writes Michael Dresden at ChinaLawBlog.com. “But the on-again, off-again U.S.– China trade war has thrown those negotiations for a loop and effectively given China the ability to take whatever position it likes, from slapping a huge tariff on all U.S. films to conceding on all of Hollywood’s deal points,” Dresden writes. “But China is in no hurry to agree to anything. Why should it be? They’re fine with the status quo.”
Still, China’s Alibaba is here in the Southland to be a player, and it’s also a
resource for filmmakers and studios here, contends Nunan. Of course, setting up shop in Pasadena may have surprised many, considering that the prime entertainment hubs are in Burbank, Hollywood or the West Side. Says Nunan: “I think the strategy of the move was to announce that ‘We are a Chinese company. Most of the influential Chinese folk live right here in the Pasadena area and this is where we feel most comfortable.’ It’s wonderful that they are unabashedly embracing the neighborhood. Why shouldn’t Alibaba reward them by locating here? This is where their heartbeat is.”


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|Bid||2.50 x 2200|
|Ask||3.50 x 800|
|Day's Range||2.8800 - 3.3300|
|52 Week Range||2.2000 - 11.5500|
|Beta (3Y Monthly)||1.84|
|PE Ratio (TTM)||1.20|
|Earnings Date||Feb 20, 2019 - Feb 25, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||5.17|
Is MDC Partners Inc. (NASDAQ:MDCA) a good stock to buy right now? We at Insider Monkey like to examine what billionaires and hedge funds think of a company before doing days of research on it. Given their 2 and 20 payment structure, hedge funds have more resources than the average investor. The funds have access to […]
FrontFour Capital Group LLC, a Connecticut hedge fund, is trying to shake up MDC’s board of directors and has pressured the ad holding company about making executive changes at the firm, according to a federal filing with the Securities and Exchange Commission. In the filing, FrontFour said it “believes that significant changes to the composition of the Board are required” and was evaluating calling for a special shareholder meeting to vote on a new directors. FrontFour said it already had talked to MDC Partners’ board about having shareholders represented on the board but the board “has rejected FrontFour’s request,” according to the filing.
NEW YORK , Nov. 28, 2018 /PRNewswire/ -- (NASDAQ: MDCA) – MDC Partners Inc. ("MDC Partners" or the "Company") today issued the following statement in response to the filing issued ...
An investigation by the U.S. Justice Department into improper production practices has ended for the biggest ad-agency holding firms, the companies said Tuesday. The Justice Department in 2016 launched an investigation into whether advertising agencies manipulated the bidding process for production and post-production work by persuading independent companies to raise their prices to drive more business to their own shops, The Wall Street Journal reported in December 2016.
NEW YORK, Nov. 08, 2018 -- In new independent research reports released early this morning, Fundamental Markets released its latest key findings for all current investors,.
MDC Partners Inc (NASDAQ:MDCA), which is in the media business, and is based in United States, received a lot of attention from a substantial price increase on the NasdaqGS over Read More...
The New York-based company said it had a loss of 32 cents per share. Earnings, adjusted for asset impairment costs, came to 5 cents per share. The marketing communications company posted revenue of $375.8 ...
NEW YORK , Oct. 29, 2018 /PRNewswire/ -- THIRD QUARTER HIGHLIGHTS: Revenue of $375.8 million versus $375.8 million a year ago; excluding the impact of ASC 606 (see details below), revenue was $384.0 million ...
NEW YORK , Oct. 23, 2018 /PRNewswire/ -- (NASDAQ: MDCA) – MDC Partners Inc. ("MDC Partners" or the "Company") announced today that it will report its results for the three and nine ...
MDC Partners (MDCA) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
NEW YORK, Oct. 18, 2018 /PRNewswire/ -- (MDCA) - MDC Partners Inc. announced today that Ryan Linder has been promoted to Executive Vice President, Global Chief Marketing Officer, effective immediately. Linder, charged with overseeing marketing and business development across the MDC Partners network, takes on the expanded role as part of an intensified global growth strategy for the company in response to growing client demand for MDC's diverse and progressive global agency offering. Linder will lead a strategic resource team that includes Robyn Freye (SVP, Strategic Growth, USA), Lotta Malm Hallqvist (CMO, Europe), and Ned Russell (Managing Director, Healthcare). Linder has spent six years at MDC, most recently as US CMO, and has established himself as a trusted, and successful, partner to marketers as they tackle today's most pressing and significant business challenges.
NEW YORK, Oct. 16, 2018 -- In new independent research reports released early this morning, Fundamental Markets released its latest key findings for all current investors,.
NEW YORK, Sept. 20, 2018 /PRNewswire/ -- (MDCA) – MDC Partners Inc. (the "Company") announced today its intention to explore and evaluate potential strategic alternatives, which may result in, among other things, the possible sale of the Company. The Company has not made a decision to pursue any specific strategic alternative, and there is no timetable for completing the strategic review process. This review process is proceeding in parallel with the Company's previously announced search to identify a successor CEO. There can be no assurance that the Company will pursue or complete any specific action or transaction. The Company does not intend to disclose developments or comment further regarding its strategic review or CEO search until such time as its Board of Directors has determined the outcome of the process or otherwise has determined that further disclosure is appropriate or required.
Embattled advertising company MDC Partners Inc. is exploring a potential sale, amid a slowdown in its performance and following the exit of its chief executive, according to people familiar with the matter. The New York-based company, which owns ad agencies including Crispin Porter + Bogusky and 72andSunny, is dealing with cost cuts by clients, a failure to win enough new business and a heavy debt load, leaving some investors frustrated. Boutique investment bank LionTree, which has worked with MDC in the past, has recently shopped the company to potential buyers, according to some of the people.
The New Forsman & Bodenfors Pairs Award-Winning Creativity with Innovative Data, Tech and Media Services and a Unique Way of Working NEW YORK and GOTHENBURG, Sweden , Sept. 18, 2018 /PRNewswire/ -- Today, ...
will step down from his role as chairman and chief executive of the advertising company. The New York-based firm, which owns agencies such as 72andSunny and Crispin Porter + Bogusky has struggled with client cutbacks and a slowdown in new business. Mr. Kauffman will remain in the role until the company finds a successor, and will hold onto his board role after a new CEO is appointed, according to an MDC statement.
NEW YORK, Sept. 12, 2018 /PRNewswire/ -- (MDCA) – MDC Partners Inc. ("MDC Partners" or the "Company") announced today that Scott Kauffman will step down as the Company's Chairman and Chief Executive Officer. The search led by the Board, which has retained a national search firm, will focus on an executive who can further advance the Company's ongoing commitment to creating value for shareholders, differentiating its agencies in a competitive industry, and enhancing its offerings to clients.
I am going to take a deep dive into MDC Partners Inc’s (NASDAQ:MDCA) most recent ownership structure, not a frequent subject of discussion among individual investors. A company’s ownership structureRead More...
NEW YORK , Aug. 6, 2018 /PRNewswire/ -- HL Group , a strategic communications and marketing firm, today announced that it has appointed Steven DeLuca to President and Chief Marketing Officer. In this ...
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domain: news


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Cadbury Dairy Milk is launching the first ever tablet containing a soft centred flavoured filling - Cadbury Dairy Milk Puddles.
The new launch is available from 7th April and features a mould made up of rippled puddle shapes filled with a flowing hazelnut or mint flavoured filling.
Matthew Williams, marketing director at Mondelēz International, said: “The young people of today live in a tough world so enjoying the lighter side of life is important, and chocolate is ideal for making these moments even more enjoyable. The shape of the new tablet will reignite memories of childhood fun and carefree moments of jumping in puddles and will bring a light-hearted feeling to the category.
“This new innovation breaks all category conventions. With purchase intent scores as high as Marvellous Creation variants, we believe it’s going to be a big hit for retailers and customers alike!”
The launch will be supported by a £4m marketing campaign in May, including TV, PR, out of home and digital activity.
Cadbury Dairy Milk Puddles will be available as a 90g tablet in outers of 18 with an RRP of £1.49, and will be available as a £1 price-marked pack.


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As of the 19th of June 2020, Singapore has entered phase 2 of safe re-opening. The Singaporean government announced the commencement of the Circuit Breaker where various restrictions and safety measures were introduced in the country on 7th of April 2020. Most of these new implementations were set in motion to prevent the spread of the COVID-19 virus.
One of the regulations enforced during the Circuit Breaker saw that non-essential businesses had to temporarily cease operations, while businesses allowed to continue their operations had strict safety guidelines to adhere to. Simultaneously, many countries also went into lockdown, restricting travel and trade across the regions.
This caused a surge in popularity for e-commerce businesses as people began turning to online shopping for almost all their needs. Naturally, more businesses adapted by taking on a digital front to cater to these demands. We are observing a ‘New Normal’ showing the purchasing habits of consumers and the importance for a business to adopt an e-commerce front that might evolve the commerce scape in Singapore in the near future.
Transitioning from the Circuit Breaker period into the safe re-opening period allowed Singaporeans to breathe a sigh of relief as some of the measures were lifted and businesses could resume operations as long as they practiced certain safety measures. Although the situation with COVID-19 has stabilized itself in Singapore, there is much to accomplish before we can progress ourselves forward.
The first major hurdle that we have to jump over is to grasp the fact that our way of life in Singapore has changed, possibly for the long term. While the cases of the virus have dwindled in the community, the threat is still prevalent and complacency could undo the progress we have made, especially since social gatherings are now allowed with certain restrictions. Practicing responsible measures has to be the effort of all our citizens to keep the spread at bay.
The way we work and do business has also evolved, plenty of us have gotten used to telecommuting and made the switch to meet via online platforms instead of physically. To name a few: digital transactions, webinars, and online buying and selling for B2C or B2B channels will become the norm as people are exposed and more open to these concepts.
This leads us to look at our situation on a wider scale. Singapore has always been an economy heavily reliant on trading with other nations. Our imports and exports fuel local businesses by enabling manufacturing, production, trade, and global exposure. Whether it may be clear to a consumer or not, globalization plays a pivotal role in our day-to-day lives.
While Singapore gradually opens its borders, many organizations or industries are still suffering from the repercussions of the pandemic. Supply chains have been disrupted due to the inability to trade with our international partners, in addition to that, it would seem that travelling cross-border is off-limits in the near foreseeable future as COVID-19 still runs rampant in the world.
Importing to sustain supply chains has become a challenge as we observe the closure of suppliers, lack of production, and heightened restrictions in place which affects the time and costs of maintaining a reliable supply chain. This calls for many businesses to re-evaluate their sources of supply, reorganizing their inventories or material planning and of course, their business model – and this is not a simple feat. The sheer uncertainty of how things might progress or take a turn poses a great deal of risk.
PM Lee has emphasized on the challenges that the government and country face in the coming months or years due to COVID-19. Helping businesses transition to adopt more relevant models to maintain their relevance in the global economy is one of the things they are focusing on. While the government has assured us grants and schemes to support these transitions for businesses, it all starts with the people. Improving ourselves to further develop and hone our knowledge of how we can play a part in the ‘new normal’ will give us the advantage we need to remain employable and successful.
Global connectedness becomes a crucial element that enables us to be exposed to more opportunities and expand our local limitations beyond our borders. Trading with global partners has always been a core element that fuels Singapore’s economy. Transitioning small, local businesses to expand into international territories will be what propels our potential.
As we emerge stronger from the global pandemic, we have to look at ways and strategies to safeguard our supply chains, profitability, and jobs to remain prosperous. As we upgrade ourselves and our businesses, we can then leverage technologies, communications and reliable partners to create a more resilient economy.
Many of DHL Express international offices had to cease to operate to adhere to lockdown restrictions and since the nature of our business is delivering for people and businesses, the general drop in demand had taken a toll on our network. The imposing of travel bans which put a grinding halt on passenger flights almost everywhere in the world also meant that air cargo prices went up.
Despite these challenges, DHL Express Singapore has managed to secure daily international flights after being deemed as an essential service during the Circuit Breaker. Taking the initiative to be a reliable international courier service during this difficult period, our focus is to enable local customers and businesses to still have an option to send their items around the world while not compromising on similar levels of service quality and speed that our customers are familiar with.
Furthermore, we help businesses to transition from a traditional business model into an e-commerce business. DHL Express can support local businesses to take on an e-commerce front in their venture for expansions.
As the economy goes on a slow road to recovery, we are keen on helping individuals and companies connect and expand their horizons. We want to play a part in powering up your global potential as we take on this journey to press forward together.


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Akio Toyoda, president and CEO of the Toyota Motor Corp. and chairman of Japan Automobile Manufacturers Association (JAMA), gave a video conference speech to members of the organization about the situation of Covid-19 crisis.
The power of industry
“The Japanese car industry employs about 5.5 million people, ten percent of the active population in the country – recalls Toyoda – also our sector has a strong impact on the entire economy, affecting productivity in general well beyond the simple value of the cars that come out of the factories, the effect on the economy in general is equal to 2.5. Ours is therefore an extremely important industry for Japan and the world.”
“For these reasons, we will make every effort to continue to stimulate the economy and, above all, we understand that to avoid a collapse of the entire system, it is first of all necessary to protect employment. It is essential to take adequate measures to prevent the virus from spreading, which would also lead to the collapse of the health system.”
Learning from the past
“Already during the crisis triggered by the financial meltdown due to the bankruptcy of the Lehman Brothers in 2008 and then also to that of the earthquake that devastated the north of our country in 2011 – continued Toyoda – we found that holding on and continuing to produce was a fundamental step. We were also criticized for this: we were told that thinking only about Japan was not wise in terms of the economic outlook. But after the disaster in Tohoku province, I was always convinced that our help had to go beyond simple immediate intervention. This is why we wanted a body shop in that area and a school where “monozukuri” is taught, the art of building things. If we look at that area today we see that the volumes of business have grown sixteen times in these nine years and that the 100 companies have become 170. This is because the knowledge and new technologies that have been taught have been brought to Tohoku and have found a way to take root and expand”.
The answer to Covid-19
Toyoda then outlines a scenario in which not everyone in the car industry will make it through this unprecedented crisis. “If the situation continues, we could face a future in which some of our friends and partners risk not being able to stay afloat. Before it is too late, we need to work in a timely manner to identify the crucial elements that the automotive industry should maintain even in the most difficult and unstable times. To do this we need to create a fund that will serve to invest in the future of our cars and defend people’s knowledge.”
A past that strengthens
The president of Toyota, in Japan much more than an automotive giant, resorts to history to try to give confidence to the whole country: “Now it is winter on the economy: but if you can survive, you will see spring. Automotive industry fate, will have an impact for many people. In the post-war era Toyota had lost people and factories, but it survived by choosing to produce everything that had to be produced, even pans and pots. I believe we have the tenacious DNA that it will help us survive, so we will have to do everything we can. When spring finally comes – that is, when the epidemic is over – it will be the moment when the automotive industry will be the best engine to revive the economy as soon as possible. We will do our best”.


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Netflix Inc. NFLX, -1.33% will allow users to stream previous seasons of shows that air on CBS Corp.'s (CBS, CBSA) and Warner Bros. Television Group's The CW network as well as future programs, as the company continues to boost its online offerings.
Netflix has licensed the rights to stream more than 700 hours of previous-season episodes of The CW's shows, as well as future programs through the 2014 to 2015 season. The rights extend for four years after each series ends its broadcast on the network.
The company said all scripted episodes of series airing on The CW this season will premiere for Netflix members in Fall 2012, while previous seasons of certain shows will be available this month.
The CW, which includes dramas "The Vampire Diaries," "Gossip Girl," and "90210" that are skewed towards a younger audience, is a joint venture between CBS and Warner Bros. Entertainment, itself part of Time Warner Inc. TWX, -28.57%
Netflix, which began as a DVD-by-mail company, has evolved into a video-streaming power. The company already has a two-year, non-exclusive international licensing pact with CBS, as well as a two-year licensing pact to stream select TV shows from CBS, mostly from the network's library of older content.
Earlier this month, Netflix reversed course on separating its movie-streaming and DVD-by-mail businesses into two different websites, easing customer outrage but raising more questions about Chief Executive Reed Hastings' recent moves. Last month, Netflix said it was renaming the mail DVD service Qwikster, forcing customers to manage separate movie queues and set up different payment schemes.
Netflix in July reported that its second-quarter earnings rose 57%, but the online video-rental company reported its costs to win customers rose from the prior quarter and its rate of lost subscriptions increased in the U.S.
Shares of Netflix rose 4% to $118.16 in recent trading. The stock is down 61% in the past three months.


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Transformative was the word that came up most often as commercial real estate executives from New York City to Northern Virginia—and in a surprising twist, Nashville, Tenn.—spoke about the impacts e-commerce giant Amazon will have on their communities as it sets up two East Coast headquarters and an operations center beginning in 2019.
While rumors that Amazon was splitting its long-awaited $5 billion second North American headquarters between two locations—Long Island City in the New York City borough of Queens and Crystal City in the Washington, D.C., metro area—began circulating last week, there was still anticipation about the announcement that came Tuesday. The two regions will get at least 25,000 jobs each and the third location in Nashville will be a new Operations Center for Excellence with about 5,000 jobs in the company’s customer fulfillment, transportation and supply chain.
“Twenty-five thousand jobs instead of 50,000 is certainly different but it will still have a direct impact on Crystal City and the neighboring submarket, the RCB Corridor,” Transwestern’s Elizabeth Norton, managing research director for the Mid-Atlantic Region, told Commercial Property Executive. “It’s still an economic win for Arlington County and the region as a whole to attract that many jobs.”
Colliers International’s Michael Cohen, president, tri-state region, in Manhattan, said the Long Island City choice took him by surprise. “What makes it so interesting to me is that so many of us just assumed Amazon would not come to New York,” he told CPE. “I don’t think there is any way to look at this as anything other than fabulous news for New York City and fabulous news for the borough.”
In Nashville, broker Chad Grout said the news it was getting a $230 million consolation prize—the operations center—was a surprise as well. Amazon will create 1 million square feet of office space at Nashville Yards, a $1 billion, 15-acre mixed-use development under construction between Church Street and Broadway near the downtown. It’s the largest jobs announcement in Tennessee history and Grout said it will place Amazon among the city’s top 10 employers.
“It’s nothing short of an economic meteor right in the heart of downtown Nashville,” said Grout, principal at Urban Grout Commercial Real Estate. “It will have a tremendous influence on vacancy rates, on neighborhood development and on multifamily and residential growth.”
“Amazon’s decision to bring 5,000 highly skilled jobs to Nashville speaks to the quality and appeal of the city,” added Erik Weinberg, senior vice president of commercial investments at FCP, a real estate investment firm redeveloping the former Madison Mill into Sylvan Supply, retail and creative office space, along with Third & Urban.
In announcing the two HQ2 sites, Jeff Bezos, founder & CEO of Amazon, said New York City and Northern Virginia would allow the company to attract world-class talent. Cohen said that may have been one of the deciding factors in New York’s favor, as it has been a growing tech center for several years. “They felt they could be a catalyst, putting that workforce, those thousands of jobs in Long Island City, and it could be transformative,” Cohen said.
Leslie Himmel, co-managing partner of Himmel + Meringoff Properties, a privately held New York real estate company that owns assets in Manhattan and two buildings in Long Island City, agreed with Cohen. “It’s definitely going to change the entire neighborhood and it’s going to mushroom,” said Himmel. She expects Amazon to have the same “spillover effect” on Long Island City that Google did when it bought 111 Eighth Ave. in Manhattan’s Chelsea neighborhood in 2010. “It’s such an important market leader that I believe you will have other tech companies that will want to congregate near Amazon,” Himmel said.
It’s already affecting the office market in the area. Savanna, owner of the iconic 50-story One Court Square tower in Long Island City, confirmed it was leasing about 1 million square feet of office to Amazon. The space will be vacated early by Citigroup, which had planned to move most of its workforce out of the 1.5 million-square-foot building by 2020.
It was unclear how long the lease will be but Amazon also plans to build new office space. Amazon is expected to invest about $2.5 billion and create 4 million square feet of office space with the possibility of expanding to 8 million, which will be constructed on the waterfront on publicly owned and privately owned sites. Amazon is expected to begin by building at least 1.5 million square feet on the publicly owned sites, which it is leasing for 99 years at $850,000 a year, according to the New York Post. It has also bought three parcels from Plaxall Realty, the Post reported.
Amazon could eventually expand up to 8 million square feet and add as many as 40,000 jobs for an investment of approximately $3.7 billion over 15 years. The company is expected to add estimated tax revenue of more than $10 billion over the next 20 years, due to its investment and job creation.
But the deal also comes with state and city incentives valued at up to $2.5 billion, including $1.5 billion in direct incentives based on Amazon creating 25,000 jobs. It includes a refundable tax credit through New York State’s Excelsior Program of up to $1.2 billion based on a percentage of the salaries, averaging more than $150,000, which works out to $48,000 per job for 25,000 jobs. It also includes a $325 million cash grant from Empire State Development based on the square footage of buildings occupied in the next 10 years. Amazon is also expected to receive $897 million in funds from New York City’s Relocation and Employment Assistance Program and $386 million in 15-year tax abatements under the city’s Industrial and Commercial Abatement Program (ICAP), according to the Post.
Numerous politicians are pushing back against the incentives, including Corey Johnson, speaker of the New York City Council, who questioned why “a company as rich as Amazon would need nearly $2 billion in public money for its expansion at a time when New York desperately needs money for affordable housing, transportations, infrastructure and education.”
Heidi Learner, chief economist at Savills Studley, noted there aren’t many penalty measures if Amazon doesn’t follow through its promises. However, she said, the agreement does “state very clearly the ability to claw back some of the incentives if Amazon doesn’t meet the job or investment targets.” Learner added she was surprised by “the magnitude of the incentives.” She noted, for example, that in the first quarter of this year Empire State Development issued a total of $157 million in incentives to 110 companies. She also pointed to an issue others have raised—the incentives in New York work out to be about $48,000 per jobs versus $22,000 per job in Virginia.
National Landing and Arlington details
Amazon said Virginia and Arlington County will benefit from an estimated $32 billion in tax revenue over the next 20 years. The company will receive performance-based direct incentives of $573 million, including $550 million based on $22,000 for each job created over the next 12 years. The company will also receive $23 million from Arlington over 15 years based on the incremental growth of the existing local Transient Occupancy Tax, a tax on hotel rooms.
Meanwhile, the Commonwealth of Virginia is investing $195 million in infrastructure in the neighborhood which is now being called National Landing, including improvements to the Crystal City and the Potomac Yards Metro stations, a pedestrian bridge connecting National Landing and Reagan National Airport, and work to improve pedestrian crossing on Route 1 over the next 10 years. Arlington will also dedicate an estimated $28 million earned from an existing Tax Increment Financing district for infrastructure and open space in National Landing.
Norton, who co-authored a joint study with Sage Policy Group on the impact of the decision on Crystal City, noted the region should still get nearly 19,000 additional indirect and induced jobs over three phases of the Amazon rollout. With 82 percent of those jobs being office-based, the Crystal City/Pentagon City and RCB Corridors will see office market vacancy decreases and rent increases. The report notes the overall vacancy rate for the Crystal City/Pentagon City submarket will likely decrease to 7.2 percent by the end of Phase 3, from 15.5 percent, while rents could rise by 4 to 5 percent annually. In the RCB Corridor, the overall vacancy rate will likely decrease to 16.1 percent by the end of Phase 3, from the current 20.3 percent, and rents are projected to rise 2 to 3 percent annually.
Amazon selected JBG Smith, a leading owner and developer of mixed-use properties in the region that owns 6.2 million square feet of existing office space in National Landing, as its development partner. JBG Smith will also be the property manager and retail leasing agent at National Landing, which it is describing as a “newly defined interconnected and walkable neighborhood that encompasses Crystal City, the eastern portion of Pentagon City and the northern portion of Potomac Yard.”
The deal calls for Amazon to lease about 500,000 square feet of existing office space at 241 18th St. S., 1800 S. Bell St. and 1770 Crystal Drive. It will purchase Pen Place and Met 6, 7, 8 land in the JBG Smith development pipeline that has a potential density of 4.1 million square feet. Construction is expected to begin next year on the new office space.
JBG Smith CEO Matt Kelly said the partnership with Amazon will “breathe new life into a market that is still recovering from the headwinds of BRAC, the global financial crisis and sequestration. As a growth engine, we expect Amazon to lead to the healthy diversification of the local economy and catalyze the development of a technology ecosystem that has long searched for its footing in the D.C. region.”


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Lessons learned from online insurance labels in The Netherlands
In The Netherlands, more than half of all new insurance in 2013 was sold online. A large part is sold through new direct labels that are part of the traditional insurers. This article looks at the rise of these labels, their results and what can be learned from them.
Like many other countries in Europe, P&C insurers in the Netherlands were hit by the economic crisis, which lead to a decrease in consumer spending. Life insurers were even more under pressure, due to increased competition from banks, low interest rates and government imposed restrictions on fiscal benefits for their products.
Government imposed legislation has also put the intermediary channel under pressure. Following the example of Australia, Canada and England, a commission ban was introduced in January 2013 that prohibits any form of reward from the insurer to the intermediary for sold complex products (such as life insurance, investments, mortgages, and bank savings). Combined with stricter competency requirements, this legislation has led to higher costs for the intermediary. The number of intermediary agents had already been dropping rapidly the last few years.
A development also overshadowing the industry is the decreasing image of the insurer. The number of consumers that have a positive image regarding insurers has dropped from 80% in 2004 to 51% in 2013. The decline is a result of increasing premiums, lack of transparency and the profiteering policy (woekerpolis') affair, which holds insurers responsible for the misselling of investment-based saving products in the 90s in which large chunks of the premium were spent on costs.
The legislative implications and increasing pressure on costs had almost all insurers turn their eyes to direct distribution models. Since The Netherlands has high penetration levels for both internet and smartphone/tablet usage, digital was the way to go. However, the decision of insurers to offer insurance directly did lead to resistance from the intermediary channel. This can be seen as the reason for the insurers to use new labels in their strategy of entering the online market.
Introduction of new Online labels
Since Fortis (now a.s.r.) launched its direct and online label Ditzo in 2007, we have seen other traditional insurers follow. Allianz brought its online car insurer AllSecur to the Dutch market in 2009, while REAAL launched P&C label Zelf that same year. A year later Achmea launched InShared and the most recent addition was the first Facebook insurer Kroodle from AEGON last year.
These labels characterize themselves as online-only, direct and single-channel. They have developed new products and new back-office systems, resulting in ways to underwrite a product in just a few clicks.
The common denominator with these new labels is that they break with more traditional insurance conventions. The insurers are known to allow daily cancellation, as opposed to tacit renewal, and they seem to reward good behavior, instead of punish the bad. Both InShared and Kroodle pay back part of the premium to the customer, if the total of annual claims turn out to be cheaper. The labels also serve more as network organizations, outsourcing large chunks to (damage) partners, while keeping the number of internal FTE to a minimum. Lastly, their products have been made simpler and paperless, with clear conditions and clear communication through strong copywriting.
Overview of the labels
Ditzo (part of a.s.r.)
The first traditional insurer to start a new direct and online label was Fortis (now state owned insurer a.s.r.). Their label Ditzo was launched in 2007, only offering car insurance at the beginning. Ditzo started of rebelling against (the image of) the current industry in their communication outings and that strategy paid off. In a recent NPS survey they scored +28, against a -33 for parent company a.s.r.Ditzo now offers a full range of p&c products and health insurance and has lost its rebelling image: This has changed into accessible. We still want to challenge, but we're not going to kick anymore'.
InShared (part of Achmea)
InShared started in 2010 and offers all forms of property & casualty insurance. The company has around 15 FTE and a cost/income ratio of just 20%. They pay back a bonus to customers if total paid damages are lower than the total premium in a year. InShared serves 214,000 customers and sells 25% of new insurances through the mobile website, which increases with about 2% each month. On their website, an automated agent called Fleur' is able to answer 90% of customer queries, which resulted in higher customer satisfaction than with call, and significantly lower costs.
AllSecur (part of Allianz)
The car insurer AllSecur was launched in the Netherlands in 2009. While they are certainly not a discounter, they were the fastest growing car insurer in 2012 and turned profitable within 5 years. Because of their easy communication and clear conditions, AllSecur generates a top 5 position with comparison websites in almost 70% of all cases.
Zelf (part of REAAL)
Zelf is the direct label of REAAL, which started out as Zelf.nl in 2009. They generated around 60,000 customers in their first three years on the market, but did so with hardly any expensive marketing. Zelf intelligently matched their back-office with their front with Slim Schade Regelen' (Smart Claim Settling), which decides per claim what documentation is necessary.
Kroodle (part of AEGON)
The latest addition is Kroodle from AEGON. The self-proclaimed first Facebook insurer lets you take out insurance with the registration details of your social media account. This is not only used to make underwriting faster, but the social component is also said to keep claims lower since these are shared with the social network of the user. Kroodle works with a responsive, mobile first-website, which lets you do all insurance related transactions within a minute.
Continue to the full article to read about their results, lessons learned and what the future might hold here.


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Published on the 18/08/2020 | Written by Heather Wright
Internal capability and agile teamwork pay dividends…
When round one of Covid hit early this year, Sally Copland – and no doubt all of the management team at Countdown – breathed a sigh of relief for the investment they’d made in the past four years into not only digital technology but into growing their internal development capabilities and embracing agile.
Had it not been for that investment, says Copland – Countdown general manager brand and CountdownX – Covid would have been ‘much more challenging for us as an organisation’.
The company found itself front and centre as an essential service. Suddenly, it’s staff, and systems, were on the frontline.
“We are an organisation that is prepared to test and learn with new and different technologies.”
E-commerce demand ballooned, as did queries from customers – Countdown’s Olive chatbot logged more than 20,000 interactions a day, up from 1,000 a month before lockdown. Resources and logistics had to be dramatically scaled up – at one point an additional 65 trucks were plying the roads with deliveries.
A new distribution centre was built out because of the ‘enormous’ pressure on the supply chain. A priority assistance service was stood up in five days – and all while the company transitioned overnight to having 700 team members working remotely.
“Everything we did was incredibly public,” Copland says. “The demand for online shopping changed and that posed challenges for us as an organisation as to how we were going to scale the service incredibly quickly, but also make sure we could repurpose it to ensure that those most vulnerable in the community could get access.
“I’m very proud of what my team did to pivot and grow our e-commerce capacity incredibly quickly for those customers.”
More than 200,000 new registrations for online shopping were logged, including 110,000 for priority assist customers.
“I have no doubt our last two or three years of investment in digital and technology, whether from a team perspective in building out our own in-house development, testing and engineering capability, owning our own platforms, and implementing agile so that the team knew how to work at pace and in a really connected way – was crucial [to our success].
“We have embedded our technology thinking, strategy and delivery into our core business.”
Digital: More than e-Com
The company’s digital unit, CountdownX was born out of the idea of investing in digital and data-driven technology to transform the business.
A key decision in that move was owning its own platforms. It brought its bespoke Trader platform, created in partnership with long-time partner Olympic, in-house, with a team of developers and a number of squads working on the platform.
The company’s fulfilment system is, and always has been bespoke – something Copland attributes to Countdown’s early moves into online shopping, and a lack of other options at the time.
A third in-house team develops the apps for the company. All up, the company has a team of around 100 to 120 developers and core IT maintenance staff.
On the data front, Copland says: “Data drives our decision making, our insights, our understanding and our strategy.”
The company’s longstanding OneCard loyalty programme provides a wealth of data to understand customer buying behaviours and preferences and help it plan offers that resonate with customers, ensure stores are built in the right way for the right catchment and demographic and to enable quicker shopping experiences for customers.
She admits the issue of data privacy is a big one, saying it’s ‘absolutely inherent’ on the company to focus on privacy and take its role in that incredibly seriously. To that end, the company’s legal team support the squads, regular information sessions are held and there is a high focus on cyber risks, leaning on the technology and tools of its Australian sister business for support.
Digital isn’t just about online. Copland says there’s plenty of work going on to use digital to improve in-store shopping experiences.
The company’s app, launched a couple of years ago, enables customers to do what they most requested – building a shopping list and have it sorted by aisle, based on their local store. It also has OneCard details, and is used to pump out specials and ensure customers know which of their favourites purchases are on sale. Stores can also be alerted when customers are nearing arrival to pick up orders for speedier service.
Future developments will include enabling customers to share their shopping list across households.
“It’s an important experience to be able to bring that technology to enable that in-store shopping experience as well as the online experience,” Copland says.
It’s also indicative of Copland’s strong belief in only providing technology that customers actually want.
“There’s no point investing in digital and technology solutions unless there is a need for your customer to have it. You have to think about digital from the customer aspect.”
Countdown has a ‘customer experience framework’ and digital and user experience capabilities embedded in its teams, as well as working with agencies to support it in that space.
The Ponsonby office of CountdownX is above a working store, with regular customer testing taking place on premises, while customer experience panels are also held to identify areas where Countdown can improve.
“We really want to make sure that the functionality and experiences we make for customers are relevant and meaningful to them.”
Behind the scenes, automation is being harnessed for picking in the company’s eStores (a third store was announced in late July, highlighting the ongoing increasing demand for online shopping. The first store only launched during L4).
Meanwhile in the Waikato’s Rototuna store – the company’s first ‘smart’ store – robots have hit the aisles, with Kai roaming the aisles and notifying staff not only of any out of stock items, but any safety issues such as spills and unidentified objects on the floor.
“We are an organisation that is prepared to test and learn with new and different technologies,” Copland says.
The road to digital
When it comes to going digital, Copland is clear on the first step: Understand why you want to make the investment in digital infrastructure, tools and experiences.
“And that fundamentally always comes back to your customer [whether external or internal]. Who at the end of the day is your end user, what would they say is important to them and how might digital tech play a role in enabling their experiences? That’s critical.
“We always need to start with the customer and the opportunity we have around the customer.”
Learning how to deliver at speed and test whatever is built building with end users to make sure what is created is fit for purpose is also critical, she says.
“The other thing is technology historically has been seen as an enabler to your strategy and for me and our organisation, digital technology is a core part of our strategy: Providing for a connected customer experience and innovating for our customer in a digital context is one of our top priorities from a strategic perspective. It’s not business and technology, or business or technology – technology is fundamentally part of your business so how do you really think about the role it can play in modernising what you want to do.”
And, she adds, technology is nothing without having good people. “The platforms and apps still need humans to enable them to be fit for purpose for your customer and growing and enabling the team so they can deliver on that is critically important.”


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LONDON (MarketWatch) -- U.K. low-cost airline easyJet PLC EZJ, -0.12% said Monday that it has resolved its litigation with easyGroup over the terms of its brand license. "A revised brand licence agreement ends the long-standing uncertainty arising from the on-going dispute and confirms easyJet's right to generate revenues from ancillary activities," the company said in a statement. Under the terms of the new deal, easyJet's right to the brand will continue for a fifty-year term, with a minimum commitment from the airline of ten years, in return for an annual royalty payment of 0.25% of the group's revenue. Under the terms of the new agreement, Stelios Haji-Ioannou, chairman of easyGroup, will lose the right to appoint himself chairman of easyJet and easyGroup's right of representation on the easyJet board will also end.
EasyJet resolves brand dispute


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Showing 1,354 results for: Video Display Corporation
For many people, kitchens are the center of the home. Tech and appliance makers, aiming to deepen ties to customers, are increasingly targeting that room with smart devices.
Mr. Noah said, “Everyone watches porn, all right? It’s part of being a normal human being. Which is exactly why we know Ted Cruz didn’t do it.”
An iconic American company is closing stores and cutting costs as part of a turnaround it hopes will retain loyal customers and attract new ones.
The $60 billion-plus acquisition would give Disney control of most of Rupert Murdoch’s movie and TV empire, and give a serious boost to the company’s streaming ambitions.
Nvidia, a maker of graphics processing units, is riding an artificial intelligence boom to put its chips in drones, robots and self-driving cars.
N.Y. / Region
Of the five who died in the East River crash, some were newcomers to the city, others tourists from as far as Argentina. None were older than 34.
Never mind the logo on the storefront. Not all authorized retailers are the same.
A reorganization emphasizes video and entertainment to generate revenue, but executives say the company remains committed to its news operations.
Prince Alwaleed’s arrest is likely to reverberate across dozens of publicly listed companies that count him as a major investor.
The Learning Network
You’ll find submissions on everything from shows like Cirque du Soleil to movies like “Baby Driver” and restaurants like the T-Rex Cafe.


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If you’re looking for a way to boost your cash flow, dividend stocks are a good way to accomplish that. However, many stocks that pay dividends do so on a quarterly basis. That may not line up well with your cash flow needs, and getting paid on a monthly basis may be preferable.
The good news is there are stocks that pay on a monthly basis. One in particular that looks like an attractive buy today is Shaw Communications (TSX:SJR.B)(NYSE:SJR).
Currently, Shaw pays a monthly dividend of $0.09875. On an annual basis, that’s good for an annual yield of about 5.2% per year. It’s a solid payout and it’s probably one of the safer ones out there. If you were to invest $25,000 into Shaw today, you’d earn a dividend totalling $1,300 annually.
With the company making payments every month, that means you’d get paid more than $108 every month. If you’ve got room inside of a Tax-Free Savings Account (TFSA) to make this investment, then that could also be income that you don’t have to pay any taxes on.
It’s rare to find monthly dividend stocks that aren’t real estate investment trusts (REITs), which is why Shaw stands out among its peers. Not only does it pay a high dividend, but its payments are also more frequent than most and it’s a great way to diversify outside of just REITs.
The stock could be a solid buy during the COVID-19 pandemic
While there are many stocks investors should avoid during the pandemic, Shaw isn’t one of them. The company offers mobile and internet services, and demand should remain strong even during these difficult times.
In an update released in April, The telecom company said that it was seeing increased traffic on its network during the COVID-19 pandemic. But the company hasn’t come away completely unscathed. Shaw has temporarily laid off 10% of its staff, those working in retail and sales.
While it may see less sales growth this year, Shaw’s not a stock that normally sees a lot of change in its revenue; in its most recent quarter, the company reported sales growth of just 3.6% from the prior-year period.
Shares of Shaw are down around 14% in 2020 and now’s a great time to buy the stock, as it gives dividend investors the opportunity to lock-in a better yield than normal. The stock trades at a very reasonable 16 times its earnings and less than two times its book value.
It’s a good value investment, and with a monthly dividend, it’s an attractive buy that can help a variety of investors grow their portfolios.
Whether you’re a dividend investor or just looking for a stock to help you ride out the pandemic without incurring significant losses, Shaw’s a solid pick that stands among the leaders in the industry. While there may be limited growth for now, the company still has lots of potential, particularly with its Freedom Mobile brand.
With so much uncertainty in the economy and many businesses unable to operate at full capacity, Shaw’s stock can help offer some much-needed stability to any portfolio.


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Wearable technology company Ringly has raised US$5.1m in Series A funding to produce a range of connected jewellery that links to a smartphone, and alerts the wearer with a variety of customizable notifications by lighting up and vibrating. “This year, we’ll be expanding our collection, adding new features and introducing partnerships with fashion brands and designers to create a wider variety of new designs,” says Ringly’s Christina Mercando.
- Boston to introduce NFC and contactless transit ticketing
- UK challenger bank Monzo lets account holders save funds in flexible pots
- Samsung Pay goes live in Mexico
- Issuers to adopt common QR code for payments in Singapore from 2018
- Norwegian banks to form joint venture in bid to combat threat of global tech giants


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Results from Drapers’ consumer research shed light on shoppers’ habits and how they interact with retailers.
There’s no doubt that over the past 10 years or so consumer shopping habits and expectations have changed out of all recognition, with today’s time-poor consumers demanding the ability to shop via multiple channels and for retailers to offer a suite of convenient collection and delivery options. The high street has had to move in-line with this change, and for true multichannel retailers the challenge now is deciphering how consumers interact with, and between, each channel.
It’s with this in mind that Drapers created its first ever Multichannel Report, which surveyed more than 2,000 consumers to find out how they engage with each channel. Whether it be behaviour around shopping in store, online, via their mobiles or tablet devices, researching using social media, or their expectations around delivery, making a success of multichannel retail hinges on understanding this new dynamic. The results demonstrate how more consumers are switching on to multichannel, and how they’re combining any number of channels within a single purchase journey.
Perhaps unsurprisingly bricks and mortar remains the preferred shopping channel among 69% of respondents, though signalling a shift towards online, 61% said they make the majority of their clothing and footwear purchases on retailers’ websites. A very committed 3% make 100% of these online. Mcommerce, which appeared to have finally gripped the buying public’s consciousness last Christmas , was favoured by 7% of respondents, who prefer to shop using their mobiles and tablet devices, indicating a shift in that direction.
The demographic split becomes clearer though, when those surveyed were asked which is their preferred channel for paying for clothing and footwear. Those aged 55 and over and 45 to 54-year-olds prefer to pay in store, at 63% and 57% respectively, while 33% of both 25 to 34-year-olds and 35 to 44-year-olds cited online as their preferred payment channel.
However, there are still significant challenges facing online retail. The survey found that the inability for consumers to touch and feel product is a major barrier to purchasing online. Female shoppers are most concerned about not being able to try clothes on, at 48%, and don’t know which size will give them the desired fit, at 45%, while the inability to try clothes on was a problem for 40% of male shoppers, who also cited not being able to gauge the quality as an issue, at 34%. The survey asked consumers which functionality could help retailers address these concerns, and found that 44% want the ability to zoom in on product, while 36% said clear size measurements would help them close the deal, and 33% want to be able to read reviews to help them decide.
One of the most insightful areas of the research was around how a retailer’s activity within one channel can stimulate shopper behaviour in another. The survey found that email marketing generates a mixed response. Just 17% said an email would make them head into a store to purchase the advertised product, while 32% said they inspire no action at all. Women are more likely to click onto a retailer’s website to research a product following receipt of an email, at 21% compared with just 13% of males. Perhaps most worrying though, and indicative of the fierce competition in the online arena, is that 17% are then likely to research and compare the product on other retailers’ websites.
In-store kiosks and iPads have yet to gain real traction in the market, with 44% saying they have never seen either in a store. However, this is hardly surprising in the case of iPads, which have only been introduced into stores by the likes of Aurora, Karen Millen, Reiss and East within the past year. Indicative of the potential here, 29% said access to a retailer’s website in store was a good idea, so long as the purchases could be delivered or collected the next day. Younger shoppers are particularly keen, with 78% of 18 to 24-year-olds, and 71% of 25 to 34-year-olds in favour of the concept. This demonstrates that this is an area retailers should be investing in for future growth.
Another channel of increasing significance among younger respondents is mobile. The survey found that more than 60% of 18 to 25 and 25 to 34-year-olds use their mobiles while out shopping. Price-savvy 25 to 34-year-olds are most likely to use their mobiles for price comparison when out shopping. Meanwhile, those aged 18 to 24 are most likely to use them for coupons, at 18%, or browse retailers’ websites, at 14%, while men use them for price comparison more frequently, at 18%, compared with 12% of women. Younger shoppers were also most in favour of using mobile phones to pay for fashion purchases in store.
Despite many retailers having only rolled out click-and-collect last year, the service is becoming increasingly popular with consumers; a finding which was highlighted in the Drapers survey. The service was found to be more popular among female shoppers, and those aged either 18 to 24 or 25 to 34, with 79% and 82% respectively of all respondents wanting to, or already using the service. Convenience is a major draw when deciding where and how to shop, and the ability to collect when they want is viewed positively by consumers, with 43% citing click-and-collect as more convenient than home delivery.
There is no doubt that the proliferation of social media is having an impact on shopping habits, but with 47% of respondents notusing these platforms to shop or research fashion, it suggests that fashion retailers are yet to fully realise the potential of this channel. Encouragingly, however, 49% of 18 to 24-year-olds and 46% of 25 to 34-year-olds said the medium has changed their shopping behaviour. Social media is also becoming increasingly important to how consumers behave in store. More than 20% of those aged 34 and under have used their mobile phones, or in-store tablets and iPads to upload a potential outfit choice onto a social networking site to gain instant feedback from friends, indicating lots of potential for the channel as a brand-building tool.
Of course the final point for many multichannel purchases is delivery, be that to a consumer’s home or for collection in store, and getting this proposition right is a key component to any multichannel retailer’s strategy. The survey found that consumers’ top concerns are free delivery at 57%, free returns at 48% and quick delivery at 42%, while men are more concerned with reliable delivery at 24%, compared with 18% of women.


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Great Basin Scientific Inc (NASDAQ:GBSN) began trading on the OTCQB market place, on October 11 and has continued to decline. The stock had been removed from NASDAQ listings, following failure to comply with the minimum market value regulations. A hearing panel from NASDAQ had granted the company until October 10, 2016, to demonstrate a $35 million market value, of its listed securities, but the company failed to do so.
Despite the extension period, GBSN had stopped trading on NASDAQ on September 16, with a share value of just over $0.06. Since it began trading on the OTCQB, GBSN has further lost another $0.03 from its share price. Currently, the company has a market capital of $680,500 on the OTC, better than its closing market capital of $48,370 on the NASDAQ exchange.
Despite the problems being faced by Great Basin in the stock markets, the company has been making progress with its products, in the US and EU. At the end of September, the company announced that it has successfully launched its Staph ID/R Blood Culture Panel, in the US and EU. It should be noted here that this is the first multiplex panel from GBSN. The panel would be used in hospitals and laboratories, detecting infections in the bloodstream, within two hours. The device particularly targets infections caused by MRSA and Staphylococcus species.
The company revealed that the panel operates by detecting the mecA gene, considered to be a marker conferring to the resistance to methicillin. Ryan Ashton, the CEO of GBSN, claimed that this was a great milestone in the growth of the company. He also expressed his pleasure at being able to equip labs and hospitals with a significant tool for the implementation of antimicrobial stewardship programs. The CEO also revealed that nearly half of GBSN’s customer base has expressed interest in Staph ID/R panel. He also commented that their sales team was gaining access to larger and previously untapped sites, to market their products.
Great Basin Scientific Inc (NASDAQ:GBSN) did not record a change in its share value, during the October 17 trading session, to close at $0.0602 per share.


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Streaming Video Alliance and CTA Partner to Advance Guidelines for Streaming Media Quality of Experience (QoE)
FREMONT, CA–(Marketwired – Sep 15, 2016) – The Streaming Video Alliance (The Alliance), an industry forum comprised of leading companies from the online video ecosystem, and the Consumer Technology Association (CTA) ™, today announced its collaboration to develop industry-wide guidelines to formalize metrics, associated terminology, and event and attribute access as it pertains to streaming media Quality of Experience (QoE). Additionally, based on the culmination of ongoing parallel efforts from the Alliance and CTA, the CTA R4 Video Systems Committee has formally established the quality of experience (QoE) working group, WG 20, to bring visibility and accuracy to over-the-top (OTT) video metrics, enabling OTT publishers to deliver improved QoE for their direct to consumer services. The CTA working group will be chaired by OTT experience management platform provider, Conviva.
The Streaming Video Alliance and CTA are committed to establishing consistency in how all members of the OTT ecosystem access applications and devices across providers for the purpose of monitoring and collecting quality statistics, regardless of device or platform.
“With the rapid growth of video streaming, on everything from mobile devices to 4K Ultra HD TVs, the importance of this initiative has never been greater,” said Brian Markwalter, Senior Vice President, research and standards, Consumer Technology Association. “Businesses rely on measurements to improve their services, and standardization will help enormously with the interoperability of analytics for improved visibility and accuracy of OTT video metrics. These measurement metrics will help everyone in the streaming video ecosystem move towards a more responsive, high-quality and seamless experience.”
The focus of the CTA’s QoE working group (WG 20) is to specifically develop and promote standards to align the data access points used across the ecosystem and create a methodology to measure viewership and QoE for both subscription-based and ad-based premium content that every OTT business can leverage.
“The Alliance has made great strides in solving important industry issues such as QoE to help advance the future of OTT video. We remain focused on fostering deeper ecosystem collaboration and promoting best practices across the streaming video industry,” said Jason Thibeault, Executive Director, Streaming Video Alliance. “We look forward to extending our collaboration with the CTA and other industry leaders to formalize guidelines for a uniform methodology every streaming video publisher can use for QoE.”
The participation of leading businesses with OTT offerings in the Alliance, including Sky, MLB Advanced Media, Comcast, Charter, Viaplay, OWNZONES and Neulion, demonstrates the critical need for measurable tools to run a successful business.
“Users consume OTT content directly from premium content providers on an ever expanding set of devices,” said Keith Zubchevich, Chief Strategy Officer at Conviva, SVA Board Member and chair of the CTA’s QoE working group. “Consistency and predictability are the critical components to providing a quality OTT experience. The CTA and the Alliance’s efforts enable the entire industry to benefit from quality metrics with a standardized structure.”
For more information, please contact the Streaming Video Alliance or visit www.streamingvideoalliance.org.
About Streaming Video Alliance
Founded in 2014, the Streaming Video Alliance’s charter is to encourage deeper collaboration across the entire online video ecosystem, which will include the development of best practices for an open architecture that operates across the entire online video value chain. The Alliance is currently focused on identifying issues and solutions related to open architecture, quality of experience and interoperability. For more information, please visitwww.streamingvideoalliance.org.
About Consumer Technology Association
Consumer Technology Association (CTA)™, is the trade association representing the $287 billion U.S. consumer technology industry. More than 2,200 companies — 80 percent are small businesses and startups; others are among the world’s best known brands — enjoy the benefits of CTA membership including policy advocacy, market research, technical education, industry promotion, standards development and the fostering of business and strategic relationships. The Consumer Technology Association also owns and produces CES® — the world’s gathering place for all who thrive on the business of consumer technologies. Profits from CES are reinvested into CTA’s industry services.


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As the weather starts to turn in the fall, so do the colors of apples in Minnesota’s many orchards.
From green to red, unready to ripe, it’s apple picking season. What will this fall be like for local farms and orchards due to the coronavirus pandemic?
It’s tough to tell, but Paul Hugunin, director of agriculture marketing and development at the Minnesota Department of Agriculture’s Minnesota Grown program, said orchards are wide-open spaces with COVID-19 guidelines in place. So it’s safe for families to get out and support their local growers.
“I’m optimistic about all of the orchards,” Hugunin said. “People are eager to do things outdoors that are fun and feel good about doing it. Hopefully, people want to go out and support local orchards.”
Minnesota Grown has helped connect customers with local farmers for more than 30 years. There are more than 100 orchards around the state in the Minnesota Grown directory.
In 2018, U.S. News selected Deardorff Orchards in Waconia as one of the top 25 places in the nation to go apple picking. The 125-acre farm also has the Parley Lake Winery on site, where customers can sample different kinds of wine made from the farm’s own grapes and apples.
Minnesota Harvest in Jordan has been around since 1971. Apple picking season usually starts in mid-August with some early varieties, but Labor Day weekend really kicks off the season that runs until the end of October.
Peter Welter, part of the wholesale apples and products division at Minnesota Harvest, said in a normal year Labor Day weekend would see as many 3,000 customers come through the orchard. This year, Welter said there was less than half that, roughly 1,200 people over the three days.
“In a normal season, many people would come here and stay half the day,” Welter said. “Now, we are seeing people just picking apples and leaving. Half of what we normally do for these months, we’ve been unable to do.”
There are plenty of apples to pick at Minnesota Harvest, but the pandemic has restricted or canceled other activities there and at other orchards, including entertainment, corn mazes, tractor rides, petting zoos and limited eating areas.
“Our hands have been tied with COVID,” Welter said. “It’s cut into our profits. It’s also been harder to find labor.”
Welter said the commercial side of the business is still doing well. Apples are getting out to grocery stores and local farmers markets.
Hugunin encourages shoppers to ask their local markets which apples are locally grown and which ones are from out of state.
Welter said one way to tell is if the apple is shiny or not, which means they are likely waxed to make them look more edible and stay ripe longer for stores.
“I don’t think they taste as good,” Welter said. “Our apples are not waxed. They go from tree to store.”
The University of Minnesota has been breeding apples since 1888. Nearly 30 different varieties have been released over the years, including ones that are ready to pick in mid-August.
The most recent early season apple to be bred was in 2017, when Rave and First Kiss were created. They are known to be juicy and tart, and are deeply colored red. They will keep post-harvest for up to five months.
One of the top varieties is Minnesota, and in many places around the U.S., is the Honeycrisp apple, which ripens starting in mid-September. Haralson is one of of the more popular late-season apples.
Honeycrisp was named the Minnesota State Fruit in 2006, and selected as one of the top 25 innovations in over a decade in the 2006 Better World Report.
“Honeycrisp is still the dominant variety,” Hugunin said. “It’s well-known nationwide, but it’s biggest in Minnesota.”


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If you needed any more reason to hate Chris Hemsworth, the actor, philanthropist, muscle-bound real-life superhero just gave you one. As states across the country make the drastic decision to close gyms under the new lockdown stipulations, effectively giving us the perfect excuse to just sit at home and eat Doritos, the God of Thunder just had to step in and ruin it. In an Instagram video posted today, Hemsworth revealed he is making his fitness app Centr free to all new users for a six-week trial, five weeks longer than the regular offer.
Gee, thanks, Chris.
For the uninitiated, Centr is Hemsworth’s latest fitness endeavour. A meal planner, personal trainer, and zen coach all rolled up into one neat package, the platform is sleek enough to fit inside your smart device. Designed to provide personalised meal and training plans to help you reach your goal, Centr has fast become one of the most talked-about fitness apps on the market. Having a superhero as an ambassador probably doesn’t hurt though.
For fitness fans, the government’s ban on non-essential services was essentially a death sentence for your summer gains, but Hemsworth believes this new offer could be the ticket. “Centr was founded to make health and happiness accessible to all, and I hope that this will make that access even easier during the current global health crisis,” he said.
The subscription-based fitness app ordinarily costs around $120 a year for a lock-in contract, so six weeks free is a pretty sweet deal. You can check out the free trial through Centr’s website until 31 March.
Chris Hemsworth's fitness app is called Centr.
Chris Hemsworth follows a five day workout routine, focusing on push, legs, pull, core and cardio movements.
7 Minute Workout, Map My Fitness by Under Armour and FitOn are great, free fitness apps.
Featured Video from Man of Many


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Pending home sales increased in May, according to the National Association of Realtors® (NAR). Three of the four major regions saw growth in contract activity, with the West experiencing a slight sales decline.
Pending home sales are when there is a contract on a home but it has not closed yet and this index is a forward looking indicator for housing sales. The Pending Home Sales Index, climbed 1.1% to 105.4 in May, up from 104.3 in April.
Lawrence Yun, NAR chief economist, said lower-than-usual mortgage rates have led to the increase in pending sales for May. “Rates of 4% and, in some cases even lower, create extremely attractive conditions for consumers. Buyers, for good reason, are anxious to purchase and lock in at these rates.”
Yun said consumer confidence about home buying has risen, and he expects more activity in the coming months. “The Federal Reserve may cut interest rates one more time this year, but there is no guarantee mortgage rates will fall from these already historically low points,” he said. “Job creation and a rise in inventory will nonetheless drive more buyers to enter the market.”


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The global high-performance thermoplastics market is expected to grow at a CAGR of 6.23% from 2014-2019, thanks to more stringent industry standards and increasing demand for products with better performance features, says research firm TechNavio.
The demand for high-performance thermoplastics that enable the production of specialised products for end-users is on the rise. Vendors are focusing on the development of sustainable polymers that will facilitate the recycling of end products.
“Vendors in the Global High-Performance Thermoplastics Market are constantly innovating and restructuring their product portfolios so as to differentiate their products from those of their competitors,” said Faisal Ghaus, Vice President of TechNavio.
Additionally, a new report from the firm emphasises the increasing demand from emerging markets like China and India in the APAC region. Economic development in these countries has led to improved purchasing power among individuals, thus contributing to the growth of several related industries.
A thermoplastic, or thermosoftening plastic, is a plastic material, typically a polymer, that becomes pliable or moldable above a specific temperature and solidifies upon cooling. Most thermoplastics have a high molecular weight. The polymer chains associate through intermolecular forces, which weaken rapidly with increased temperature, yielding a viscous liquid. Thus, thermoplastics may be reshaped by heating and are typically used to produce parts by injection molding.
“The electronics industry in India and automotive industry in China are expected to witness strong growth during the forecast period, leading to increased demand for high-performance thermoplastics,” said Ghaus.
Demand for thermoplastics from the automotive industry in the APAC region can be attributed to the weight reduction revolution, which is expected to be a major contributor to market growth.
Furthermore, companies such as BMW are using thermoplastics for the exterior skin of their newest vehicles such as the i series.


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DOC’s revolving loan fund now available at TBAS
Pago Pago, AMERICAN SAMOA — On Tuesday February 16, 2021, the Territorial Bank of American Samoa (TBAS) announced the start of the new Economic Development Revolving Loan Fund — a business loan program for new and existing small businesses located within the Territory.
Small businesses needing capital to start up and/or expand are encouraged to apply for this new credit product from TBAS. Maximum loan amount is $250,000 repayable over a maximum term of ten years at a favorable interest rate. The minimum loan amount is $1,500.
“Territorial Bank of American Samoa (TBAS) continues to support business in American Samoa through developing new and innovative banking products that assist our future and existing business owners to have the proper capitalization to support profitability,” states David Buehler, President and CEO of TBAS.
“We have all had a very challenging 2020, so providing a new business credit product with the assistance of a US Economic Development Administration (EDA) grant sponsored by ASG Department of Commerce (DOC) to enable American Samoan businesses to become established and grow is an important initiative. TBAS is proud to provide new banking offerings for American Samoa.”
“Access to capital is critical to underserved communities like American Samoa, especially during times like these. I encourage young entrepreneurs, veterans, women and other business minded people to learn more about this program and how it may be able to support your goals. It is our hope that this program will help businesses expand and also encourage new entrepreneurs to make their business dreams become a reality.” says DOC Director Petti Matila.
You can pick‐up an application at the Business Banking Center at the bank’s Centennial Building location or call 633‐8143, Ext 300. Applications are subject to certain credit and underwriting requirements.


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HSBC has launched a new service, FX Flexpay, which enables clients to make automated, international payments in more than 140 currencies, using a single API.
FX Flexpay connects Global Disbursements – the bank’s system for cross-border, low value mass payments – with FX FlexRate, HSBC’s proprietary FX pricing technology that guarantees FX rates or offers them in real time.
HSBC claims that the result is a solution that provides transparency for FX rates and an efficient operating model for global payments. FX Flexpay has gone live in Europe, Hong Kong, the Middle East and North America.
“Our corporate, institutional and sovereign customers will now be able to use Flexpay to make automated, overseas remittances or disbursements and other types of payments from a choice of more than 140 currencies. Clients can choose guaranteed or real-time FX rates, depending on their preferences. Pricing is transparent and reported on a trade-by-trade basis,” says Gregory Edwards, global head of transactional FX at HSBC.
Thomas Halpin, global head of payment products, adds: “We are always looking to make payments processes simpler and faster, and to support clients in improving their operational efficiency. Flexpay does just that. Embedding our payments and FX capabilities into a client’s own platforms makes the global payments process much more efficient.”


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Elanco Takes Arla Foods to Court Over False rBST Claims
Wisconsin Ag Connection - 05/25/2017
Eli Lilly and Co. and its subsidiary Elanco are suing a major food retailer for launching a $30 million marketing campaign that claims its cheese products are safer because its cows are not injected with rBST. On Friday, the Indiana-based company filed a lawsuit against
Arla Foods Inc. USA and Arla Foods Production LLC in Green Bay federal court.
"Arla's 'Live Unprocessed' advertising campaign brings heightened attention to the rBST-related claims on Arla's product labels and casts them in a new light," the complaint said. "When viewed in light of this extensive advertising campaign, Arla's product
labeling perpetuates the false claims that rBST is unsafe, that dairy products made using milk from rBST-treated cows is compositionally different and of inferior quality compared to dairy products made from milk of untreated cows, and that rBST is actually an
ingredient in some dairy products."
Elanco claims Arla ignores the fact that the U.S. Food and Drug Administration has declared rBST to be a safe product and that there is no discernable difference between milk from cows supplemented with rBST and milk from unsupplemented cows.
Arla Foods' ad depicts a young girl drawing and describing rBST as an enormous six-eyed monster with razor-sharp horns and electrified fur. The commercial ends with the child eating a sandwich with Arla cheese and the words, 'No added hormones. No
The suit is calling for Arla to stop its advertising campaign and bring its product labels into compliance with all federal and state law requirements concerning rBST-related claims.
Elanco produces and sells rBST under the brand name Posilac.


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Apple has been in an ongoing dispute with the bankrupt technology company Proview over who owns the trademark rights of the iPad name in China. Proview Technology claims that, although Apple went out of its way to make sure to properly secure the iPad name, a loophole in Chinese law lets the Hong Kong-based company retain ownership rights throughout most of China. After many accusations, threats and even an attempt to ban sales of the iPad in China, a few days ago Apple was rumored to be willing to discuss the possibility of settling out of court with Proview. Today, a Chinese government official has stated that Proview will likely win in the high courts against Apple.
Reuters has reported that a senior official with the State Administration for Industry and Commerce (SAIC) stated that Proview is the rightful owner of the trademark.
“According to the … provisions of the China Trademark Law, currently Shenzhen Proview is the legal registrant of the iPad trademark,” Fu Shuangjian, a deputy director of SAIC, was quoted as saying at a news conference in Beijing.
This is the first time a government official has made public comment on the matter and shows that the Chinese High Court may rule in favor of Proview. Fu said the commerce department will take the matter seriously.
Apple’s recent willingness to discuss a settlement may be another sign that things aren’t going as planned for the tech giant. Proview has stated that the company is willing to sell the trademark to Apple for $400 million. Until now, Apple has been firm that it already owns the trademark and would not back down from the fight. It looks like there is a chance that this will be Apple’s first retreat.


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Since its founding in 1948, the World Trade Organization (WTO) and its precursor have remained quite tightly targeted on the trade and investment zone. With its particular focus on tariff reduction and trade negotiations, it serves as the pre-eminent glorious knight battling on behalf of consumers.
However, all that began to change in the past two decades. Success attracted allies. The number of WTO members rose from 27 in 1948 to 162 today. Decisions of the WTO remain consensus based, which means that all votes have to be unanimous. Pervasive terror threats, encouraged politicians to focus on the high-intensity and visibility politics of national security and war, as opposed to the low-intensity politics of trade and investment. Progress was also slowed due to shifts in the center of trade gravity and challenges in current markets by rapidly growing new competitors. The global recession intensified the tendency to ignore international economic issues, as attention shifted to domestic job creation and the protection of domestic credit markets. In consequence liberalization has stepped outside of the WTO. The last two decades brought a do-it-yourself approach, defined by mega-regional agreements and preferential pluri-lateral trade negotiations, tailored for only a limited number of players.
The Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP) are key to this development. TPP is a free trade agreement covering 12 countries from North and South America to the Pacific Rim, while TTIP represents a free trade agreement between the United States and the European Union. The TPP negotiations concluded in October 2015 after four years of intensive talks. Legislative ratification will be the next step. TTIP has been under negotiation since June 2013; hopes are for completion by the end of 2016, making use of the transition time for U.S. administrations and Congress.
The combined trans-Pacific and trans-Atlantic space covered by these agreements encompasses 60 percent of the world economy, and 22 percent of its population, according to the International Monetary Fund.
But the economies differ in terms of per capita incomes and living standards. The TPP economies represent 27.3 percent of world GDP and 10.7 percent of the world’s population. The TTIP economies represent 33 percent of world GDP, with 11.2 percent of the population. However, there are also notable differences in the scope and goals of the agreements themselves. TPP is focused at opening markets and eliminating tariff barriers on trade and investment. TTIP mainly concentrates on tackling costly non-tariff barriers and strengthening Foreign Direct Investment (FDI) rules.
Trans-Atlantic average tariffs at 4 percent are much lower than the trans-Pacific ones. TTIP is much more about investments than free trade, with both parties extensively embedded in each other’s economies. Such relationship has produced more income, created more jobs and generated more wealth than trade alone.
TTIP is more ambitious in comparison to TPP. In addition to to the financial and economic benefits, TTIP will have a larger geostrategic impact, since it reinforces the strong ties that exist between Europe and the United States. TTIP is a natural Western partnership, with mature, well-developed and consolidated markets, and a strong mutual defense relationship based on the North Atlantic Treaty Organization (NATO). Both components are missing in Asia. However, this might change with a tumultuous re-formation of the EU and perceived instability of the region.
Economic realities emphasize TTIP as well. The trans-Atlantic economies are the innovation powerhouses of the global economy, and a crucial element of future growth and balance. The United States and the EU are by far the two largest trading blocs in history. Given the size and scope of the trans-Atlantic economy, standards negotiated by the United States and the EU could become a leading benchmark for future global rules, and slow down the acceptance of competing standards.
TTIP and TPP are strategically interlinked with each other. Both agreements are important in terms of how the various partners, including the pivot of the United
States, jointly relate to newly rising powers, and whether the West still has the energy and dedication to set new standards for the international economic order. Both TTIP and TPP take on an increasing strategic importance in light of the continuously growing role of China, and other emerging markets in the global economy. A simplification of trade and investment relations via the two agreements would also push the WTO to expand its useful life.
TPP is also important for the EU. Higher growth rates in the trans-pacific region will help Europe through increased exports. TPP also reinforces the geopolitical reality of rebalancing Asia.
Achieving progress in the simplification of trade and investment relations is important to global prosperity. The approaches taken by TPP and TTIP may well indicate the future of trade negotiations – tightly focused talks between selected participants aiming for improvements in fields of comparative advantage within a clearly defined time frame.
Michael Czinkota (email@example.com) works at Georgetown University and is a former Deputy Assistant Secretary of Commerce in the United States Department of Commerce. His key test is International Marketing, 10th ed. Cengage
Valbona Zeneli (firstname.lastname@example.org) is a professor at the George C. Marshall European Center for Security Studies. The views presented are those of the author(s) and do not necessarily represent views and opinions of the Department of Defense or the George C. Marshall European Center for Security Studies.


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SBI Cards is down as Carlyle dumps shares but the credit cards business is bouncing back
Business Insider India
- SBI Cards is the second largest issuer of credit cards in India.
- As of July 2021, every fifth credit card issued in India was by SBI Cards.
- With the company’s credit card business bouncing back, find out what analysts have to say.
AdvertisementSBI Cards share price fell by over 4% on Tuesday (September 21) after US-based private equity firm, The Carlyle Group offloaded a 3.4% stake in the company, mopping up approximately ₹3,267 crore from the markets.
The slump in SBI Cards’ share price today is on expected lines, since Carlyle Group’s price band was ₹1,021-1,072. Shares were trading around ₹1,025 as of 11:00 a.m., on September 21.
The Carlyle Group held a 15.89% stake in SBI Cards when the company listed on the Indian stock exchanges in March 2020. Since then, it has pared its stake multiple times, and with the most recent sale, its holding is down to 3.14%.
However, for existing investors in the company, there’s good news on the horizon.
Analysts at Edelweiss are bullish on the company and its future prospects. “We view SBI Cards as a concept stock offering high-growth and high-returns by the only listed player of its kind for a foreseeable future. It would thus sustainably command a premium accorded to few Indian stocks,” stated an Edelweiss report dated September 15.
It's not just the analysts at Edelweiss who are bullish on the company. Here are a few brokerage recommendations for SBI Cards:
Credit card business is bouncing back
SBI Cards posted a strong comeback in the June quarter, reporting a sharp jump in earnings and lower provision for bad debts.
Here’s a quick look at some of the key metrics of SBI Cards’ financial performance:
Source: Company reports
|Net interest income||₹924 cr||₹828 cr||₹1,138 cr|
|Net profit||₹3,046 cr||₹1754 cr||₹3,933 cr|
While its performance is still not back to the levels of the previous year, SBI Cards has posted a substantial improvement across all the three metrics compared to the previous quarter.
Analysts at Motilal Oswal predict that it’s only going to get much better from here onwards.
Source: Motilal Oswal
|Net interest income||₹4,006 cr||₹3,884 cr|
|Net profit||₹1,664 cr||₹985 cr|
Given that SBI Cards is the second largest credit card issuer in the country, it bodes well for both the company as well as its shareholders.
“Spends have started showing a gradual improvement from Jun’21. The same is likely to rise further, as economic activity picks up and restrictions ease,” stated a Motilal Oswal report dated July 24.
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Cash is king in the UAE
There is strong potential for growth in electronic payment methods in the region as only 10 per cent of transactions in the UAE are paid for electronically compared to 15 per cent globally, senior MasterCard officials told Gulf News.
There is a “huge growth curve for conversion” from cash to electronic payments, said Ann Cairns, president of international markets at MasterCard during the inauguration of the company’s Dubai office on Thursday.
The cost of dealing with cash ranges from 0.5 to 1.5 per cent of a country’s GDP annually, varying from one country to another, which reveals that the government can save more by converting to electronic payments, she said.
There is “rapid progress” in developing contactless payment methods in the GCC because of its concentrated cash spending and the company is planning to bring 1,000 additional contactless terminals to the UAE by next year, said Michael Miebach, president for Middle East and Africa at MasterCard.
The UAE currently has 1,000 contactless terminals and Qatar has 500 terminals, compared to two years ago when there were none in the GCC, he said, adding that there are 400,000 contactless cards in the Middle East.
MasterCard is now focusing on bringing electronic payment methods in to daily transactions, working with banks and acquirers to bring credit card and contactless terminals into small groceries by the end of the year, said Miebach. “When we build the infrastructure, we build habits.”
“Everyday spend is the next focus,” he said, adding that MasterCard is already seeing spending on non-traditional categories such as private school fees and insurance payments.
“Contactless payments are changing the way consumers make day-to-day transactions the world over. Globally, PayPass is present in 50 countries and accepted at nearly 700,000 merchant locations. As of the fourth quarter of 2012, MasterCard or Maestro PayPass cards or devices can be used at nearly 700,000 merchant locations, a 64 per cent growth from 2011,” said Cairns.
“In the UAE, PayPass contactless payments are accepted at 950 terminals across 73 merchants as of March 2013. Contactless payments are still in its nascent phase in the UAE, and we expect a rise in these payments as more consumers become familiar with the technology. The expected expansion in merchant acceptance will further drive the move towards wider contactless payments usage.” Miebach noted.
There is a total of 10 million credit cards in the Mena region, of which 52 per cent are MasterCard, Miebach said. The company’s international business saw just under 16 per cent growth last year, according to Cairns.
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