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Leaders from the G7 countries concluded their annual three-day summit yesterday. A storyline involving France, the U.S., digital taxation and wine tariffs illuminates some of the most important economic issues of our time.
The White House released a statement yesterday announcing the successful negotiation of the new United States-Mexico-Canada Agreement, intended to replace NAFTA. Here are some of the significant changes people are talking about now.
The Trump administration imposed a third round of tariffs on Chinese goods, covering roughly $200 billion of imports from China. China retaliated with $60 billion of tariffs. We tell you if this is likely to be a prolonged battle and what US companies need to consider now.
A parliamentary report estimates the UK throws away 2.5 billion disposable coffee cups each year, “enough to stretch around the world roughly five and a half times.” Fewer than 1 in 400 are recycled. The report recommends a 25p (about 33-cent) levy on coffee cups, part of a trend of European lawmakers addressing the growing problem of single-use plastic waste.
The US has imposed tariffs on steel and aluminum imports from the EU, Canada and Mexico. These major US trading partners and traditional allies quickly condemned the measures and vowed retaliation. Here’s what US-based multinationals should be most concerned about now.
There are few global industries hotter than co-working, or the practice of renting shared office space to freelancers, startups and other companies. The rise of co-working recently prompted Beijing authorities to add new business-registration requirements, which may be a sign of global regulatory changes to come.
Last month, the US men’s national soccer team lost a game that knocked the US out of the 2018 World Cup. One prominent commentator called it “the most surreal and embarrassing night in US soccer history,” and its economic consequences will be significant and long-lasting.
DPAs are agreements between prosecutors and companies that essentially say authorities won’t prosecute fraudulent activity if a company agrees to pay a fine and get its regulatory house in order. Corporate leaders should know that the US and UK have different DPA systems in place.
Last week, the US Trade Representative Office released a summary of objectives for NAFTA renegotiation, which will likely begin next month. We explain the Trump administration's change in strategy and why the renegotiation is so important.
President Trump’s visit to Warsaw highlighted Poland’s steady rise to economic prominence over the last two decades. The Eastern European nation is now poised to join the ranks of IMF advanced economies. The last country to make that leap was South Korea 20 years ago.
The World Bank projects global growth to improve to 2.7 percent in 2017, up from a decade-low 2.4 in 2016. Growth rates should further improve over the next two years. We summarize the important points of the World Bank's recent Global Economics Prospects report and take a look at its forecasts for five critical global economies.
On a recent trip to Vietnam, US Trade Representative Robert Lighthizer announced that the US won't change its decision to pull out of the Trans-Pacific Partnership. Meanwhile, the remaining 11 TPP nations met to discuss the fate of the trade agreement.


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Market remains subdued, Nifty shy of 8900; Bharti Infratel up 5%
12:44 pm Reliance Jio’s grand plan: After garnering over 100 million subscribers in just six months of launch, Reliance Jio plans to overhaul the telecom industry’s revenue structure and is banking upon India’s mobile data consumption opportunity to drive up revenues in the next five years.
The company expects to corner a 50 percent revenue market share by FY21 and operating margins of over 50 percent. At an analyst meet on Thursday, the company demonstrated that there is a strong demand for data in India.
According to Jio’s estimates, about 400 million Indians can pay Rs 500 a month for data services. This would have a commensurate impact on its financials as well, as the company has invested nearly Rs 1.8 lakh crore into its ambitious telecom project.
12:25 pm Experts cheer D-Mart IPO: Market experts are already gung-ho about the Radhakishan Damani-promoted company’s IPO. Amnish Aggarwal, Senior VP-Research at Prabhudas Lilladher, likened D-Mart’s go-to-market strategy with global retailer Walmart.
Avenue Supermarts owns the D-Mart chain of around 120 retail stores, most of them in Maharashtra and Karnataka. “D-Mart has been trying to do what Walmart did in the US — enter a territory, saturate it and achieve profitability,” he told CNBC-TV18.
Overall, the dynamics on which the business model of D-Mart is built seem to be very positive and improving sales mix and financials bode well for the company, he said. Avenue Supermarts RHP (red herring prospectus) for the IPO makes a classic case of study for business schools, said market expert SP Tulsian of sptulsian.com, adding, the price band makes Avenue Supermarts IPO “very attractive”.
Also Read: Buy, sell, hold: 7 stocks to focus as market cautious
Subdued trade on the market continued ahead of key event of assembly election results next week. Profit booking too dragged the indices, but the fall was limited as compared to the previous session’s correction. The Nifty was still shy of 8900.
The Sensex was down 93.18 points at 28746.61, while the Nifty was down 29.25 points at 8870.50. The market breadth indicated strain with about 1,098 shares having advanced, 1,397 shares declined. Meanwhile, 138 shares were unchanged.
Reliance and Bharti Infratel rallied on the back of positive feedback from brokerages, while Asian Paints and HDFC were the top losers.
India’s dominant services industry returned to growth in February for the first time in four months as demand slowly recovers after the government’s cash crackdown late last year, a private business survey showed on Friday. The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to 50.3 in February from 48.7 in January, marginally above the 50-mark that separates growth from contraction.
Shares of Reliance Industries clocked its fresh 52-week high, driven by positive observations by analysts about the company’s prospects as well as the stock. The scrip rose over 4 percent intraday. Analysts are upbeat on the stock for a variety of reasons ranging from high-average revenue per user (ARPU) users target to cut in glitches.
A2Z Infra Engineering gained 6.7 percent intraday as it has been awarded a contract worth USD 70,66,613.41. The contract has been awarded by Grid Solar and Energy Efficiency Project, Nepal Electricity Authority for design, supply, delivery, installation, testing and commissioning of 33/11 KV substations and 33 KV lines, for the contract price aggregating to USD 7,066,613.41.
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Colombia’s central bank cut its
benchmark interest rate to a record today in an effort to ward
off an extended recession as inflation eases.
Policy makers, led by central bank chief Jose Dario Uribe,
reduced the interbank rate by 1 percentage point to 5 percent,
matching the expectations of 20 of 29 economists surveyed by
Bloomberg. The other analysts forecast smaller cuts of 0.5 point
to 0.75 point.
The bank is trying to spur consumer demand after Latin
America’s fifth-biggest economy contracted in the fourth quarter
of 2008, the first drop since 1999. Gross domestic product
probably shrank again in the first three months of 2009, helping
slow annual inflation and allowing the central bank to continue
its rate-cutting cycle, Uribe has said.
“Growth remains very troublesome, and inflation
expectations and actual inflation are performing much better
than expected,” said Alberto Bernal, head of emerging markets
research at Bulltick Securities Corp.
Policy makers this year have said the economy is weakening
faster than they anticipated. Still, Uribe has cautioned against
keeping rates low for too long, saying that by encouraging
borrowing they run the risk of fueling inflation. The board
targets inflation this year of 4.5 percent to 5.5 percent. The
bank has missed its annual target two years in a row.
Colombia’s consumer prices rose 0.32 percent in April from
the previous month and the annual inflation rate fell to 5.73
percent from 6.14 percent in March. Inflation ended 2008 at 7.7
percent, the highest year-end rate since 2000.
“If the economy improves strongly in the last quarter, low
interest rates for too long would be inflationary,” said Jaime
Rodriguez at Bogota-based brokerage Asesores en Valores.
At 5 percent, the rate is the lowest since 1998 when the
bank began targeting inflation principally through its overnight
Surging consumer demand in Colombia since President Alvaro
Uribe took office in 2002, pledging to make the nation safe from
drug-funded violence, helped drive the economy in 2007 to 7.5
percent growth, its fastest expansion in three decades.
That pace slowed to 2.5 percent last year as the central
bank’s 16 interest rate increases in 28 months and the global
economic slump choked bank lending and sapped consumer
“Internal demand continues to show extraordinary weakness,
and that highlights that risk remains on the downside,” said
David Duarte, a Latin America analyst at 4Cast Inc. in New York,
who expects the lending rate to be 4 percent by year-end.
Colombian retail sales have fallen for seven straight
months through March, while industrial production declined for
seven months through February. Manufacturing rose 0.4 percent in
March from a year earlier when factories were closed for the
Finance Minister Oscar Ivan Zuluaga on May 21 said there is
still room to cut rates as part of the bank’s “expansionist
monetary policy” to bolster economic growth. The government
expects the economy to grow 0.5 percent to 1.5 percent in 2009,
while the central bank sees growth at slightly above zero.
“The situation is getting better,” Rodriguez said. “We
should see improvements in the housing market, which is picking
up again, and in the export sector.”
The bank may also acknowledge that the international
economic outlook is improving, said Bernal.
“Credit dynamics appear to be becoming less bearish
internationally,” said Bernal, who expects the bank to hold
rates when they reach 4.5 percent. “Higher commodity prices
will also at some point translate into better growth dynamics.”


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“For edge technology, the key is how to optimize the required performance while minimizing power consumption.”
Given that industry events have generally shifted to virtual events during the pandemic, I have attended 6 virtual semiconductor conferences so far this year. One of the hot topics of discussion was artificial intelligence (AI) and deep learning (DL) chips, a growing field that spans a wide range of technologies and device types. A common theme is a focus on memory optimization and addressing power/memory bottlenecks.
Artificial intelligence is a hot market. According to estimates by ABI Research, the entire artificial intelligence chip market will reach $21 billion in 2024. Surprisingly, ASIC-based AI accelerators make up a large portion of the market and are expected to triple in value to reach a total available market (TAM) of $9 billion by 2024, at a compound annual growth rate (CAGR) ) is 30%.
Companies are looking for ways to develop low-power training and inference processing solutions. While machine learning only accounts for a portion of the total power consumption in a data center, this portion of power consumption is rapidly expanding. In 2017, data centers consumed about 3 percent of the total U.S. electricity, a figure that doubled to 6 percent in 2020. The adoption of smart edge devices is also accelerating. According to market research firm IDC, nearly 60 zettabytes of data will be created, captured, replicated and consumed annually by 125 billion “things” connected to the Internet over the next decade.
It is clear that our industry faces a major challenge: how to deploy multiple smart devices at the edge, infer all data at the edge with extremely low power consumption, and manage, process and train exponentially growing data in the cloud, while integrating Power consumption remains within control levels.
AI Reference Package Development
“There is a power bottleneck in both inference and training,” said Hiren Majmudar, vice president of the computing business unit at GLOBALFOUNDRIES®, and GLOBALFOUNDRIES products address this well, whether it’s FinFET-based 12LP (12nm) FinFET) platform and 12LP+ solution, and a planar 22FDXTM (22nm FD-SOI) platform based on fully depleted SOI.
AI processors based on FinFET technology, whether used in the cloud or at the edge, offer power and cost advantages. The 12LP+ solution is capable of running AI cores at speeds above 1 Ghz, and features a new low-voltage SRAM and standard cell library that supports operation at 0.55V. GF’s advanced FinFET solution, the 12LP+, which went into production this year, provides up to 20% higher logic performance for dual work function FETs compared to the 12LP base platform, which translates to up to 40% lower power consumption.
“Our customers use unique architectures that often rely on a limited set of standard cells,” he said. “We have been working on Design Technology Co-Optimization (DTCO) and have developed an AI reference package that can be fully leveraged with a set of prepackaged components. Unlock potential. With the collaborative DTCO model, our customers can quickly bring SoC targets to market. DTCO work includes design analysis services based on the customer’s own architecture to optimize for performance, power and area (PPA).”
Majmudar says the best PPA varies by application.
He said: “All segments are very cost-conscious. For cloud computing, the metric is TOPS per watt, getting the best performance with the lowest power consumption. For edge technology, the key is how to optimize the required performance, while minimizing power consumption.”
For customers developing “instant-on or always-on” AI applications, 22FDX’s eMRAM offering has strong advantages, Majmudar said. He added: “eMRAM has many applications to help customers achieve high density and non-volatility. Another capability is to simulate in-memory computing.”
AI workloads are broad and include speech, vision, and imaging in addition to training and inference. He said: “We are a specialty fab that is constantly introducing innovative IP products. We continue to invest in IP, wafer-to-wafer interconnect, memory and interface IP. We have a clear roadmap and are constantly taking input from our customers. Improve.”
In a future blog, I plan to detail how GF is partnering with startups in this space, but this article will introduce one of those companies to give you a glimpse into the richness of GF’s customer innovations in AI chips.
The fully depleted silicon-on-insulator platform is designed to support dynamic voltage, frequency scaling and automatic clock gating. This enables ultra-low-power signal processing and neural network algorithms that can be used in battery-powered IoT devices.
Perceive, a majority-owned subsidiary of Xperi Corp., aims to provide artificial intelligence inference on sensor data in ultra-low-power consumer devices. Perceive’s “Ergo” edge inference processors are capable of processing large neural networks on-device at 20 to 100 times the efficiency of processors currently supporting inference.
The company focuses on enabling security cameras, smart appliances and mobile devices by integrating neural network processing technology without sending data to the cloud for inference processing.
Editor in charge AJX


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Kwik Trip expansion in Twin Ports area is underway
So where are all those Kwik Trip stores we were promised? They're coming. Big time. Demolition of structures on the eight Twin Ports area sites where Kwik Trip gas and convenience stores will be built this year is wrapping up, while construction ...
So where are all those Kwik Trip stores we were promised?
Demolition of structures on the eight Twin Ports area sites where Kwik Trip gas and convenience stores will be built this year is wrapping up, while construction of the first stores has begun.
“We’ll start one every two weeks,” said Scott Teigen, the Wisconsin-based company’s vice president and chief financial officer. Construction of a Kwik Trip store usually takes four months, he said.
Along with the 24-hour stores will come about 300 jobs. A regional Kwik Trip training center has been set up in Superior as hiring gets underway.
First up will be a store at Tower Avenue and North 28th Street in Superior, which is scheduled to open in late August; other openings will follow one at a time, said Layne Froehlich, Kwik Trip’s district leader.
In Superior, additional Kwik Trip stores will open along U.S. Highways 2 and 53 near the Nemadji River, and at Belknap Street and Banks Avenue.
In Duluth, stores are coming to the 4200 block of Grand Avenue and the corner of Michigan Street and 27th Avenue West.
In Hermantown, a store will be built at Miller Trunk Highway and Sugar Maple Drive. And, if the deal works out, a store will go in front of Menards on Miller Trunk Highway. A store at Minnesota Highway 45 and Interstate 35 in Scanlon likely will be last, Teigen said.
More stores in 2015
That’s just the first wave.
Teigen has been part of the team working on the property acquisitions, contracts, permits and variances, and tedious negotiations needed to build Kwik Trip stores in the Twin Ports area. He’s now working on the next round of six or seven stores to open in 2015, bringing with them in excess of 200 additional jobs.
So far, the 2015 store list includes: Central Entrance and South Arlington Avenue in Duluth where an ICO Convenience Plus station has closed; Grand Avenue and Raleigh Street in West Duluth; U.S. Highways 2 and 53 and 21st Avenue East, a former BP site next to Culver’s in Superior; and Minnesota Highway 33 and North Road next to Gordy’s Hi-Hat in Cloquet.
The stores will mark Kwik Trip’s dramatic entry into the Twin Ports market.
However, some sites have been too expensive for Kwik Trip, such as the BlueStone Commons mixed use development, just east of the University of Minnesota Duluth campus.
“We’ve never been able to close the gap there on that price,” Teigen said. “It’s just too expensive for us right now. We can’t pay what they’re asking for.”
Teigen would like to see a Kwik Trip at the old Burger King site on the corner of London Road and 21st Avenue East in Duluth. But he said that developer also wants more than what Kwik Trip is willing to pay. Moreover, building on the rock-based site poses extra challenges.
The popular convenience store chain based in La Crosse, Wis., has about 400 stores in Wisconsin, Minnesota and Iowa. It’s known for its fresh produce, fresh bakery and dairy that’s trucked daily from its headquarters, warehouse and kitchens in La Crosse. Its milk comes direct from the company’s farm, delivering milk to the stores just 24 to 36 hours after it comes from the cows.
The stores, which generally are 5,800 square feet in size, offer fresh sandwiches made on-site as well as hot foods, including fresh pizza, cheeseburgers, soups and a breakfast line cooked in the stores’ kitchens.
“We’re a convenience store that’s a cross between a grocery store, fast food operation and a coffee shop,” Froehlich said.
While the family-owned company is opening 34 stores this year, at an average cost of $5 million per store, its biggest push is north to the Duluth-Superior area.
By 2016, Teigen said they’ll have 15 stores in the market. They’ll have created more than 500 jobs and spent $75 million to do it.
Give him five years and Teigen says Kwik Trip could have 20 stores extending from Duluth south to Hinckley or Pine City.
That’s the greater Twin Ports-area market, he said.
So why the Twin Ports?
It’s a good market, says Teigen. And because Kwik Trip delivers fresh foods to its stores daily, trucking the food to a group of stores in an area is more cost-effective than delivering to just a few. And advertising for 15 stores costs the same as advertising for one, he explained.
A series of job fairs are being held to hire the hundreds of employees needed for the new stores. To train them, a Kwik Trip regional office and training center is opening this week at the Superior Business Center. The space has classrooms, a full commercial kitchen and a partial mock store with registers.
“As we bring on new employees, they go through five weeks of training,” Froehlich said. “After three weeks in school, they go to our Spooner and Rice Lake stores for live training.”
The positions include kitchen workers, counter staff, management trainees and maintenance for three shifts. Starting pay is $9.50 or more, depending on experience, with regular raises, a medical plan and profit sharing, he said.
Kwik Trip’s planned stores
* Grand Avenue and 42nd Avenue West
* Michigan Street and 27th Avenue West
* Miller Trunk Highway and Sugar Maple Drive
* Miller Trunk Highway near Arrowhead Road
* Tower Avenue and North 28th Street
* U.S. Highways 2 and 53 near Nemadji River
* Belknap Street and Banks Avenue
* Minnesota Highway 45 and Interstate 35
* Central Entrance and Arlington Avenue
* Grand Avenue and Raleigh Street
* Minnesota Highway 33 and North Road
* U.S. Highways 2 and 53 and 21st Avenue East
*Two or three more locations are expected in 2015.
Kwik Trip job fairs
A series of job fairs are being held to hire about 300 people for the eight Kwik Trip stores opening this year in Duluth, Superior, Hermantown and Scanlon. Each fair runs Tuesday and Wednesday from 9 a.m. to 7 p.m.
June 24-25: Country Inn and Suites, 4257 Haines Road, Hermantown
July 8-9: Wisconsin Indianhead Technical College Conference Center, 600 N. 21st St., Superior
July 29-30: Hampton Inn, 310 Canal Park Drive, Duluth
Aug. 12-13: Country Inn and Suites, 4257 Haines Road, Hermantown


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Queensland's Dalby Regional Council located about 200km west of Brisbane has recently taken delivery of a Komatsu WA480-6 loader and HM300-2 articulated dump truck for its Jimbour Quarry.
The council selected these latest machines following a tender process taking into account price, service and support, fitness for purpose and operator acceptance.
These latest additions join two existing Komatsu machines at the quarry, a PC300-7 excavator delivered in mid-2003 and a WA470-5 loader delivered in December 2000.
Dalby Regional Council was formed as a result of the recent Queensland council amalgamations, and combines six former councils: Dalby town and the shires of Chinchilla, Murilla, Tara, Wambo and division two of Taroom Shire (Wandoan area).
It is among the top 20 largest councils in Queensland, covering an area of 38,039 square kilometres, servicing a population of 30,018, operating a $120 million budget and employing a 600-strong workforce.
The council's Jimbour Quarry, which was previously run by Wambo Shire Council, has been operational for well over 50 years, according to Graham Cook, Dalby RC's acting director of engineering.
"It's a basalt hard rock quarry, producing material for road sealing and aggregate for concrete and road base material for use by ourselves and others within the region."
Before the amalgamation, much of the material from the quarry was sold to the surrounding local councils which are now part of Dalby, "so in essence, a lot of our clientele who were previously external are now in-house," he said.
"We still sell to local contractors and the Department of Main Roads, but the majority of our sales now will be internal due to the amalgamations."
At the quarry, raw rock is blasted out of the face, which the PC300-7 then loads into a rock dumper, said Graham.
In addition, the excavator will mix the rock with an imported loam material to make up roadbase to the required specifications.
Since being delivered, the quarry's WA470-5 has been its main sales loader, but when the need for a larger loader became apparent, it opted for the just-delivered WA480-6 loader.
"In addition to sales loading duties, the WA480 is also used for feeding the pugmill in the pre-coating plant, and for stockpile work with the 470 basically a backup loader now, doing the lesser duties," he said.
The quarry's HM300-2 ADT has been purchased as a sales dump truck, taking material from the hopper bins to stockpiles.
"We are currently modifying these hoppers to be able to feed the dump truck, so we haven't actually used it as yet," said Graham.
"We went for an articulated truck in this application because of the way our plant is set up and the configuration of the bins. This kind of truck just suits our operation."
Graham said the quarry opted for the Komatsu machines after going through a detailed tender process, covering issues such as price, reliability, spare parts backup and operator preference.
"The price and fitness for purpose set the Komatsu machines apart from anyone else," he said.
"Overall, we've been happy with Komatsu, the machines it's supplied and the support we've received.
"We have had problems from time to time, but they have been sorted out, so longer term, we are happy with them.
"We keep going along and dealing with Komatsu on the basis that, when you have issues, you sort them out as we have with other manufacturers," said Graham.


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The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
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CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
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Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
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Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
Shares of retailer Macy's rose 2% Wednesday, following a report the retailer may build an office tower on top its flagship New York store.
The Bloomberg report is an indication the retailer may be further evaluating ways to make money off its expansive real estate portfolio.
Department stores across the U.S. have been hurt as shoppers make more purchases online, forcing retailers to think of ways to either downsize their footprints or repurpose their stores. Macy's has one of the country's largest fleet of stores, and has been vocal about its desire trim footage at some of its stores.
Macy's declined to comment on the report.
An official from the New York City Department of Buildings told CNBC an application to enlarge the building at 151 West 34th Street has not been submitted, according to the department's records.
Shares of Macy's are down nearly 17% over the past year, giving it a market capitalization of $7.7 billion. However, investment firm Cowen has previously valued the retailer's real estate at roughly $16 billion.
Macy's CEO, Jeff Gennette, earlier this year said the company has been evaluating other uses for some of its flagship locations, including its Herald Square store. He said the company is in the process of holding "preliminary meetings with city officials and community stakeholders" to discuss "complementary uses" at the Herald Square shop.
The retailer is also adding 1,500-square-foot "Story" shops, which will curate rotating merchandise, at 36 Macy's stores across the country, including Herald Square store.
Macy's, which also owns Bloomingdale's, operates about 680 department stores. In early 2017, Macy's announced plans to shut 100 stores, but it also has been working with Brookfield Asset Management to redevelop all or part of 50 properties. Another 350 stores are slated to get a facelift. And at four locations, the company is testing a smaller format it calls "neighborhood stores," which are cut by about a fifth.
Should Macy's pursue building an office tower on its flagship, it would not be the first case of an iconic department store in New York's Midtown offering its real estate for offices. Hudson's Bay earlier this year completed the sale of its Lord & Taylor Fifth Avenue store to office sharing company, WeWork Property Investors.
—CNBC's Lauren Thomas contributed to this report.


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United Kingdom: Consumer confidence improves but remains pessimistic in November
Consumer confidence came in at minus 14.0 in November, up from October’s minus 17.0. Despite the uptick, the index remained below the 0-point threshold, separating pessimism from optimism among consumers.
The headline print reflected an improvement in consumers’ views of the general economic situation over the next 12 months and more optimism over their financial situation over the next 12 months. Households also grew more willing to make major purchases.
Regarding the reading, Joe Staton, GfK’s client strategy director, stated:
“One highlight for both physical and virtual retail is the seven-point jump in major purchase intentions in the run-up to Black Friday and Christmas. Is this a sign that shoppers are ready to bounce back, after last year’s cancelled family gatherings, with a Christmas splurge in coming weeks? That’s how it looks.”


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Should vaping be banned in Pakistan?
It should be remembered that it took many years before the actual damage stemming from cigarette smoke was assessed
An outbreak of 'vaping-induced lung injury' has killed 12 people and affected more than 800 people during the past month alone and the numbers are still rising. This outbreak has served as a wake-up call for major health regulatory organisations leading to numerous warnings against these products. Around the world, more than 20 countries have either entirely banned or at least restricted vaping products. In Pakistan, despite reports of the widespread use of vapes among young people, this issue is yet to be addressed at a government and community level.
The idea of vaping came about after Chinese pharmacist Hon Lik lost his father due to lung cancer caused by smoking. Lik, also a smoker, felt extremely motivated to break his smoking addiction, leading to the invention of the modern day e-cigarette.
Even though both vaping and actual cigarettes contain nicotine which is addictive, when it comes to the latter, the greatest harm comes from the paper that is wrapped around the tobacco. A smoker inhales about 7000 chemicals with each cigarette out of which at least 69 have been known to directly cause cancer. Other chemicals are responsible for destroying lungs leading to chronic diseases like COPD and asthma, while also causing permanent lung damage.
On the other hand, e-cigarettes provide the same amount of nicotine in vapor form, which lowers the amount of chemicals entering the body. To Lik and others, inhaling liquids rather than smoke seemed to be a less harmful option as no burned products were involved. Although concerns about nicotine addiction and its potential side-effects remained high; e-cigarettes were well-received by the medical community as a less harmful option.
In 2016, the Royal College of Physicians, U.K. issued a report encouraging the use of e-cigarettes as a safer alternative to tobacco products. Earlier this year, a study from the New England Journal of Medicine cited e-cigarettes as a more effective way of stopping smoking than other nicotine products.
Soon the supposedly healthier, nicotine touting e-cigarettes were seen as the biggest threat to the $900 billion tobacco industry, one that was already straining under increased taxes, strict regulations and bans on tobacco products in many western countries.
The tobacco giants sensed the potential lucrative financial opportunity in the e-cigarette market and decided not only to jump on the bandwagon, but rather to hijack it. Laced with robust marketing tools and a massive infrastructure, these tobacco giants were well-prepared to take over the e-cigarette market. From television advertisements to biased funded research, tobacco companies reverted to the same marketing tactics they have used for combustible tobacco products over the last 100 years.
Youth, especially teenagers, have always been the target for marketing tobacco products as they are easier to entice and make long term customers. The focus of e-cigarettes quickly shifted from tobacco cessation to recreational use among school-aged children. Nicotine products were replaced by cotton candy and other fruity flavors to entice kids and young adults. Tobacco manufacturers changed the shape of e-cigarettes from cigarette like shapes to pens and USBs in order to appeal to their target market - the youth. Within just a couple of years, vaping became a hit in schools in the United States.
By 2017, 2.1 million school kids were using e-cigarettes in the U.S. This number increased to 3.6 million kids in 2018, a 78% rise in only one year. A recent survey showed 38% of school kids' vape in the US.
Other than acute lung injury, multiple hazards of e-cigarettes have caused concerns among healthcare providers. At least 60 chemical compounds have been found in e-liquids including propylene glycol which is a respiratory irritant. Some of these chemicals are linked to an increased risk of cancer.
Nicotine is a highly addictive neurotransmitter that causes high blood pressure, fast or irregular heartbeats, increased respiration, nausea, diarrhea, and sleep disturbances. Nicotine affects brain development among teens and young adults and makes their brain prone to addictions later in life.
In pregnant females, it leads to still-births and preterm labor. It should be remembered that some 'nicotine-free' labeled e-cigarettes still contain nicotine. A recent survey showed 98.7% e-liquids sold on retail shops contain nicotine. E-cigarettes also give a sudden surge of nicotine, increasing the addiction potential among its users.
Research has found some e-cigarette flavors are potentially toxic and mixing multiple flavors can be more toxic to cells than exposure to just one flavor at a time. Since these products have not been on the market long enough to conclusively study their effects, the exact potential for toxicity is still unknown. It should be remembered that it took many years before the actual damage stemming from cigarette smoke was assessed.
Accidental swallowing or ingestion of e-liquids has been reported to cause serious side-effects and even death in some cases. Defective, poorly manufactured and improperly modified e-cigarettes have been known to explode and cause injury.
Though the harm of second hand smoke from e-cigarettes is reported to be less than conventional cigarettes, exposure among vulnerable populations, including pregnant women and children, could still be dangerous.
The risks and benefits of e-cigarettes must be weighed. Though there are some potential benefits of e-cigarettes especially for those trying to quit smoking, it is evident that recreational use is the dominant trend at this time. Furthermore, studies have shown that e-cigarette users are more likely to become smokers later in life.
It should not take long for Dr Nausherwan Burki, the architect of current healthcare reforms in the country and a renowned lung doctor, to understand the extent of damage this can cause in our country. However, medical organisations and the society in general have their own roles to play. Keeping in mind the wide-scale hazard of these products, a strong awareness campaign needs to be initiated while lawmakers should be pushed to bring in legislation to completely ban these products so that we can save an entire generation from this menace.
(All photos: Shutterstock)


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Veeva Systems shares surged as much as 14% on Friday, a day after the cloud-computing company reported better-than-expected earnings in the first quarter and lifted its annual revenue outlook to $1,815 million-$1,825 million.
The cloud-computing company said its total revenue rose 29% year over year to $433.6 million. That beat the Wall Street consensus estimates of around $410.1 billion. Subscription services revenues for the first quarter were $341.1 million, up from $270.2 million one year ago, an increase of 26% year over year.
For the quarter ended April 30, 2021, fully diluted net income per share was $0.71, compared to $0.54 one year ago, while non-GAAP fully diluted net income per share was $0.91, compared to $0.66 one year ago. That was higher than the market expectations of $0.78.
Veeva Systems shares rose as much as 14% to $302 on Friday, a day after the quarterly earnings report. The stock rose over 8% so far this year.
“Veeva delivered in typical fashion a healthy beat, starting off FY22 on strong footing. With strength across both Commercial Cloud and Vault, and revenue flowing through to drive margins and FCF, elegance of the model is undeniable. As our estimates move up, we remain Overweight and increase price target to $350,” noted Stan Zlotsky, equity analyst at Morgan Stanley.
“Veeva’s core products provide SaaS solutions for the Life Sciences industry, targeting $10B+ of spend today with potential overtime to address more of the $44B Life Sciences spend on IT, leveraging the company’s strong brand recognition and expanding its TAM into other regulated industries and use cases. As Veeva penetrates this large TAM, we see a sustainable 17% revenue CAGR over the next 5 years. Our Price Target is based on 2.4x EV/CY25 FCF/Growth adjusted, a premium to large-cap peers, but justified given the long term FCF durability and large market opportunity.”
Veeva Systems Stock Price Forecast
Seventeen analysts who offered stock ratings for Veeva Systems in the last three months forecast the average price in 12 months of $329.82 with a high forecast of $360.00 and a low forecast of $270.00.
The average price target represents an 11.80% increase from the last price of $295.00. Of those 17 analysts, 12 rated “Buy”, five rated “Hold” while none rated “Sell”, according to Tipranks.
Morgan Stanley raised the stock price forecast of $350 from $340 with a high of $558 under a bull scenario and $204 under the worst-case scenario. The firm gave an “Overweight” rating on the cloud-computing company’s stock.
Several other analysts have also updated their stock outlook. UBS raised the target price to $270 from $250. Stifel lifted the target price to $345 from $325. Cowen and company increased the target price to $70 from $65. Citigroup raised the price target to $340 from $335. Piper Sandler lifted the target price to $360 from $350. JPMorgan slashed the target price to $309 from $313.
Check out FX Empire’s earnings calendar


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The global outlooks of the legal market of cannabis are excellent. It is possible to simultaneously imagine dry law repeal and craft brewing boom but not in one but in several consumer categories. For alcohol is contained in liquids and cannabis derivatives can be in three physical forms. The value of legal market of cannabis and its products can reach 10% of the world beer market in five years, and in 2030-2040 even reach the same scope provided the current rates of legalization and development of market infrastructure remain at the same level. Cannabinoids are actively integrating into the food industry from chewing gum to beverages deforming the pharmaceutical and alcohol markets, they influence the trends of healthy lifestyle and beauty. ...
Beer market of Kazakhstan acquired both traits of East European countries and South Eastern Asia taking a transitional position between them by many criteria and consumption style. Yet there is a positive trend in beer production which differs Kazakhstan from most of the neighboring countries. The market has remained consolidated in the hands of two international players because of its small size. However, it faces dynamic processes such as fast growth of draft beer sales, up and downs of regional companies and Carlsberg Group’s ultimate expansion. Excessive mainstream segment has declined over the recent years, yet, Zhigulevskoe and national brands with regional links have yielded their positions to a range of new products. In our review special attention was paid to regional analysis of the markets. In 14 regions of Kazakhstan we compared the companies’ positions, the market price segmentation and DIOT channel development. Besides we have compared the beer market of Kazakhstan to neighboring countries. ...
Beer market of Russia 2018
- General market picture
- Foreign trade setting records
- Demography as challenge to branding
- Aged consumer
- Declining of youth brands
- Nostalgia on trend
- DIOT feels at home
- 5.0 Original is the new face of import
- Positions of Market Leaders
- Carlsberg Group
- AB InBev Efes
- AB InBev
Ukrainian beer market 2018
- Better than yesterday
- Performance by value
- Positions of Ukrainian brewers
China Resources Beer to raise HK$9.5b in rights issue, as it preps to buy SABMiller’s 49pc stake in Snow Breweries
The brewery behemoth under Chinese state-owned conglomerate China Resources said part of the money raised would be used to fund the purchase.
A rights issue - an offering of shares to existing shareholders - was carried out at a 30.8 per cent discount to Tuesday’s closing price at HK$16.94, comprising as many as 811 million rights shares on the basis of one for every three existing shares.
As of 11:30am, CR Beer’s shares were at HK$16.30, down 3.78 per cent from Tuesday’s close.
The deal, which was believed be one of the biggest rights issues in Hong Kong’s capital market during the last year, came months after the beer maker announced proposals to boost its stake in the country’s biggest brewing company.
“We will continue to explore business expansion opportunities through both organic growth and acquisitions,” Chen Lang, chairman of CR Beer said. “To capture these growth opportunities, we consider the rights issue to be in the best interests of the company and its shareholders as a whole.”
CR Beer’s co-owned Chinese brand Snow is the world’s largest-selling beer, accounting for 23.2 per cent of the beer market in China in 2014, according to data from Euromonitor, an international market research company.
But it is also faced with intensifying competition from other major players, including Tsingtao Brewery, Beijing Yanjing Brewery and Carlsberg, as well as a shifting preferences among Chinese consumers who are increasingly turning to higher-end beer.
CR Beer’s US$1.6 billion acquisition of SABMiller’s stake in CR Snow is anticipated to go through by the end of this year. Nomura analysts said in November that SABMiller’s 49 per cent stake is Snow Breweries could fetch up to US$3.6 billion.
Over the last year, big transactions of this kind in Hong Kong include a rights issue by Chinese conglomerate Fosun International, which raised over HK$11.6 billion last September.
6 Июл. 2016


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Hong Kong tourism industry grapples with COVID-19 isolation protocols.
Travel agency operator Cheng Kwei-shing is working as a weight management trainer, while his partner has found a job in the security industry due to the pandemic.
“I now teach people how to improve their health by changing their lifestyle and eating habits. My courses are mainly conducted online,” Cheng, who started his travel business in 2010, says.
His travel agency used to host one to two groups of outbound tours every day before the pandemic.
“We are not able to host any outbound tours now. When the situation improved in May 2021, we hosted local tours to sustain my business, but the revenue was insufficient to maintain daily operation. With the Omicron outbreak, local tours have been suspended. I have to live on my own savings,” he says.
The government has lifted its COVID-19 flight ban from April 1. Fully vaccinated residents are required to undergo a seven-day quarantine upon arrival in Hong Kong.
“The flight ban has been lifted, but travellers still have to quarantine when they return. I do not think this will lead to a drastic increase in travelling. Anti-pandemic policies change every day, making it difficult for the industry to adapt,” Cheng says.
“Anti-pandemic policies change every day, making it difficult for the industry to adapt.”
“My travel agency is not preparing for any resumption of tours, but I will resume business when all anti-pandemic measures are removed. I am using savings to cover company operation expenses. I will do anything to keep my travel agency alive,” he adds.
Until March 2, 2022, 100 licensed travel agencies have shut down due to COVID-19, according to the Travel Industry Council of Hong Kong.
Apart from business owners, frontline workers in the travel industry are also badly affected by the pandemic, and one of them is Kenneth Mok Cheuk-nam.
“I used to have two to three tours for overseas tourists every week. Now the number of tours is down to zero,” the 25-year-old tour guide says.
Mok has started working as a part-time office worker doing clerical work at a social enterprise since May 2021.
“Some of my colleagues find jobs in security services, property management and office work,” he says.
The government introduced the Employment Support Scheme in 2020, providing subsidies to affected industries, due to the outbreak of COVID-19. The seventh round of funding allows each eligible applicant to receive a one-off subsidy of HK$7,500 (US $955.7).
“The amount is better than nothing, but that is not enough for some tour guides who have families to take care of. I am waiting for news from my company. The relaxation of anti-pandemic policies is carried out in three stages, and there is no exact date about when local tours will resume,” Mok says.
Like Mok, Danny Wong Chung-hang also has to take up part-time jobs to make a living.
“I was sacked in 2021. Then I work as a part-time office worker and a staff at COVID-19 testing centres helping with booking registrations,” the former tour escort says.
“My monthly salary now depends on how many days I work. My salary now is similar to what I used to have when working as a tour guide, which is around $10,000,” he adds.
Wong says other staffs either take no pay leave or get paid by days of work in branches or back offices, and many former colleagues have taken up jobs in isolation facilities, vaccination stations and COVID test centres.
“The travel company has developed an online market business from July 2020 mainly selling imported food from Japan and Taiwan. But I do not think staffs who have been sacked want to take up other posts even if the company offers them, as the salary is really low. We are all waiting for tours to be resumed,” Wong says.
He believes the travel industry will be revived once the anti-pandemic measures are removed.
“I am sure that the company will rehire sacked employees again. I will look for jobs in other travel agencies if I do not get my job back,” Wong says.
Tourism Ice Age
Lawmaker Perry Yiu Pak-leung, representing the tourism industry, thinks the industry is going through an “ice age”.
“The Omicron outbreak has hit the industry badly. Many frontline workers have to seek temporary jobs at vaccination centres to make a living,” Yiu says.
Over the past two years, the government has rolled out measures of more than HK$3.8 billion to support the tourism industry.
“The main goal of travel agencies is to avoid shutting down and massive manpower loss. The industry will be able pick itself up quickly once all anti-pandemic measures are removed,” he adds.
“The industry will be able pick itself up quickly once all anti-pandemic measures are removed.”
Current Status of Major Travel Agencies in Hong Kong
|Morning Star Travel||Shut down on January 27, 2022|
|EGL Tours||Developed online market business in May, 2020|
|Hong Thai Travel||Developed online market business in April, 2020|
|Wing On Travel||Developed online market business in July, 2020|
|Wincastle Travel||Shut down on April 23, 2021|
Edited by Kajal Aidasani
Sub-edited by Winkie Ng


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Friday morning, stocks fell over -2.5% in response to an inflation report that surprised investors.*
While analysts and economists expected inflation to start to cool in May, by most measures, the prices of goods and services jumped past expectations. The Consumer Price Index (CPI), a key inflation index, was 8.6% higher than May of last year and increased from last month.
What does this mean for markets?
This most recent data point showing persistent inflation likely means the Federal Reserve will continue along its trajectory of three additional 0.5% interest rate hikes to cool red-hot inflation.
By year end, analysts expect short-term interest rates to be around 2.8% to 3%. So far this year, higher rates have led to a slowdown in economic growth, bond market turbulence, and an environment where dividend-paying stocks fare better than fast-growing stocks.
How does this affect our outlook?
We think the economy has moved into the mature phase of the expansion cycle, where markets can be quite bumpy, but money can be made over time.
In 2022, we think the U.S. economy will likely still grow 2% to 2.5%, closer to average growth, while inflation will likely start to cool to 5% to 7% as supply chains re-adjust and rate hikes cool demand.
In 2023, we think there’s about a one in three chance of a minor recession, defined as a 2% to 2.5% economic contraction over the course of a quarter.
It is also worth noting that the stock market and economy are not always in sync. The stock market has already “priced-in” about two-thirds of the average drop during recessions. During half of the past 12 recessions, stocks have generated positive returns.
In response to the shifts in the investment landscape, we have taken several steps, as suitable:
- Moved stock allocations to neutral as compared to target vs. overweighting
- Increased allocation to dividend-paying, defensive stocks vs. growth-oriented stocks
- Increased inflation hedges
- Positioned bonds defensively and added bond alternatives to cushion the impact of increasing interest rates
We also stand ready to execute our contrarian strategy of “buying low” when stocks overrun to the downside. Our next target is if the S&P 500 Index closes below a 3,900 support level. (Our last buy-low was on Feb. 24, 2022).
* Returns data are from FactSet. We use the S&P 500 index as a proxy for stocks. The S&P 500 is a market-weighted index that tracks 500 of the largest US listed-companies.


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Myanmar-India car rally to be held next yearDecember 26th, 2011 - 5:05 pm ICT by IANS
Yangon, Dec 26 (IANS) The first-ever Myanmar-India friendship car rally will be launched in January next year to build bilateral relations in culture, tourism and trade between the two countries, a media report said Monday.
Organised by North East Federation on International Trade, the international car rally, which covers 5,000 km, will run from Jan 29 to Feb 9, the Weekly Eleven News said.
The rally will have 200 participants and 55 cars, reported Xinhua.
- First Myanmar-India car rally in March - Feb 26, 2012
- Myanmar, India step up cooperation in health sector - Aug 03, 2011
- India starts river project in Myanmar - Dec 20, 2010
- Myanmar, India vow to ensure border stability - Jan 20, 2012
- 1,500 tourists enter Myanmar every day by air - May 23, 2012
- Myanmar, Singapore eye trade ties - Jun 09, 2012
- Myanmar president to visit India - Oct 10, 2011
- Chinese coach to train Myanmar gymnasts - Dec 31, 2011
- Singapore keen to invest in Myanmar's hotel sector - May 27, 2012
- Myanmar to launch new private airline - Jan 25, 2011
- India, Myanmar sign MoU on border security cooperation - Jan 22, 2012
- Myanmar to introduce e-visa system - Feb 01, 2012
- Hague praises Myanmar reforms - Jan 06, 2012
- Myanmar eyes more tourists - Feb 19, 2012
- France, Myanmar hold talks - Jan 16, 2012


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Boon Siew Honda have announced the availability of its lightly refreshed RS150R offering. In its 2020 model year guise, the popular 150cc ‘supercub’ sees a few mild changes plus a host of new colourway options to match.
According to Boon Siew Honda, the 2020-spec RS150R’s rear fender has been redesigned. It now features a sleeker taillight with independent placement of the signal lights for better visual impact.
Besides that, the 2020MY Honda RS150R also benefits with a new digital LCD dash display. This new and sportier-looking unit replaces the outgoing version’s hybrid analogue-digital display design.
Also new in the 2020 Honda RS150R are its colourway options, of which there are four in total. Retained here is ever-popular Repsol livery option, whilst the other three choices are all new and now matched with new gold-finished 17-inch wheels.
Notable here besides the new pearl black and pearl blue options is the inclusion of a new ‘Trico’ colourway, which was likely inspired by the racy livery that dresses the recently unveiled Honda CBR1000RR-R Fireblade superbike.
Apart from this, there are no changes mechanically, meaning the RS150R still retains its liquid-cooled 149cc single-cylinder and six-speed manual chain drive setup as before, the former thumping out roughly 15bhp and 13.6Nm of twist.
Available now through authorised dealers nationwide, the 2020-spec Honda RS150R commands a basic retail price of RM8,199 in standard colourways. The Repsol-liveried option, on the other hand, commands a higher basic figure of RM8,499.
Said prices include a two-year or 20,000km warranty coverage from Boon Siew Honda.


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Available today, the fourth and final installment in Volume Three of BISG's ongoing survey of Consumer Attitudes Toward E-Book Reading shows that e-book buyers are continuing to shift toward multi-function tablet devices and away from dedicated e-readers. Tablets have risen by about 25% over the past year as the first choice for respondents' e-reading device, while dedicated e-readers have fallen by the same amount.In addition to the 45-page PDF Summary Report published today, data from Consumer Attitudes is available as a dynamic online data set via Real-Time Reporting: a unique web-based tool which displays raw data -- drillable, sortable, and accessible whenever you want it.Other key findings include:Amazon’s Kindle Fire increased over the past year from no use to be the first choice for more than 17% of e-book consumers. Other Android devices, such as Barnes & Noble’s NOOK Tablet, have also increased, from 2% in August 2011 to nearly 7% in August 2012.Tablets designed specifically for the purchase and consumption of books excel when it comes to that activity, and underperform for all others.Almost 60 percent of respondents who currently own a Kindle Fire report that they read e-books “very often,” compared with 50 percent of those who own an iPad.
Wednesday, November 14, 2012
BISG Report: Consumer Attitudes to E-Books
From BISG the annoucement of the final installment of their study into consumer attitudes towards e-Books.


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Ryanair has made its name with its no frills, low cost approach – selecting to prioritise cheap fares over in-flight luxuries. The carrier has made steps to shake off its budget tag in recent years, with the launch of Ryanair Business Plus and renewed focus on customer experience.
But the airline is taking its move upmarket to new heights with yesterday’s launch of a corporate jet service. The customised Ryanair Boeing 737-700 will offer passengers luxury leather seats and fine dining as the airline shifts its focus from low-cost tickets to high-class travel.
Ryanair’s move can best be explained using the theory of 'selective excellence'.
Few businesses are as competitive as airlines. Innovative market entrants, deregulation and massive infrastructure investment — particularly in the Middle East and Asia — continue to drive up competition for passengers and profits.
With the lines between full-service, hybrid and low-cost carriers blurring, airlines have to work harder than ever to differentiate and build customer loyalty.
While each faces its own challenges, there is a simple fact that almost always rings true. An airline shouldn’t attempt to excel in every way if it wants to deliver an experience that aligns with what customers truly value. The key to success lies in looking at the customer experience more broadly, creating an experience that is ‘selectively excellent’.
Selective excellence means driving business performance by playing to a specific set of strengths and bringing them to life through the experience.
Ryanair’s new corporate service is a great example of this, with the airline choosing to focus on luxury and exclusivity for the first time.
Being selectively excellent follows the logic of many leading brands from other sectors, as they create clear value propositions that excel in some areas and simply meet expectations in others.
Zara shoppers will happily forgo durability to obtain the latest fashion at an affordable price. Similarly, passengers will accept flying into secondary airports if it means reduced airport taxes and cheaper pricing.
But low-cost doesn’t excuse hidden fees or late service, something Spirit Airlines’ new chief executive acknowledged last month. Despite being one of the most profitable low-cost carriers in the US, it was failing to provide a unique offering that would satisfy customers.
This meant customers were not willing to excuse the additional fees, and its reputation suffered.
So how can airlines achieve selective excellence? Like Ryanair’s private jet service, it starts with a clear brand idea.
Consider the US carrier, Southwest Airlines. Southwest’s brand idea of ‘Connecting People’ guides every aspect of the experience it delivers — from its overall value proposition to hallmarks such as allowing flight attendants to inject their own personality into on-board announcements. The brand helps Southwest stay focused on what it needs to differentiate itself and build emotional connections with customers.
Airlines have a broad set of opportunities to innovate the experience across the entire customer journey. That’s why understanding the customer mind-set, and how new experience innovations will impact the cost structure, is critical to guiding investments.
Delta Air Lines has mastered this over the last decade, being ahead of the competition in solving customer hassles such as device charging at the gate area and inflight Wi-Fi. Selective excellence helped Delta decide where, and where not, to innovate the customer experience.
And in doing so, ensured it came back from Chapter 11 to become a leader in both profitability and customer satisfaction among US carriers.
With its own take on selective excellence, expect Ryanair to continue soaring.


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German-owned travel firm Thomas Cook is to buy British package holiday rival MyTravel. The new company will be headquartered in London and listed on the stock exchange there.
In response, MyTravel’s shares jumped more than 30%, making the combined group worth around 4.2 billion euros. As a result of the merger, they are predicting cost savings of 112 million euros a year.
The combined firm’s annual revenue should be about 13 billion euros, meaning they will close in on Europe’s largest travel operator, TUI, which had sales of 20.5 billion euros last year.
Because of the merger MyTravel said it has abandoned its earlier plans to take over the third largest player in Europe, Britain’s First Choice.
The new company will operate under the Thomas Cook name, taking around 19 million people on holiday annually.
The package holiday industry is consolidating to counter a decline in business as growing numbers of people put together their own trips using the internet and low-cost airlines.
MyTravel came close to collapsing under heavy debt in 2003 but has since returned to profit after it cut costs, closed shops and reduced the number of holidays it sells.
Thomas Cook went through similar cost cutting and made a profit last year for the first time in four years.


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Opening at 6:30pm
Multi-platinum, multi-Brit award and Grammy-nominated, singer-songwriter David Gray announces White Ladder: The 20th Anniversary Tour, to celebrate the trailblazing album’s 20-year anniversary. The show now comea to 3Arena on the rescheduled dates of 19, 20 and 21 May 2022.
White Ladder remains in the top 30 best-selling British albums of all time, and the best-selling album ever in Ireland. Twenty years on from the original release of the album, it "remains an album of great depth and startling beauty," captivating listeners for nearly two decades. The ripple effect of hits such as 'Babylon' and 'This Years Love' can be seen resonating in a new generation of artists, from singers like Ed Sheeran to Adele, both admitted fans of Gray.
Spanning countless countries and multiple countinents, the White Ladder Tour is due to be truly unforgettable.
19 May - this event rescheduled from April 2 2020, March 25 2021 & September 9 2021 to May 19 2022, original tickets remain valid.
20 May - this event rescheduled from April 3 2020, March 26 2021 & September 10 2021 to May 20 2022, original tickets remain valid.
21 May - this event rescheduled from April 4 2020, March 27 2021 & September 11 2021 to May 21 2022, original tickets remain valid.


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Hello and welcome to the details of Indian wins $1m in Dubai Duty Free raffle draw and now with the details
Nevin Al Sukari - Abu Dhabi - A video grab of the raffle draw conducted at Dubai Duty Free Head Office in Ramool on Wednesday.
Three Indian expats were announced as the winners of the latest Dubai Duty Free Millennium Millionaire and Finest Surprise draw held on Wednesday at Dubai Duty Free Head Office in Ramool.
Ajith Narendran, a 47 year old Indian national based in Abu Dubai joined the list of $1 million winners when his ticket number 2657 in Series 329 that he purchased online was drawn on Wednesday.
A father of two, Narendran works as purchasing manager for Marriot Hotel in Abu Dhabi and purchased the winning ticket with a friend.
Narendran who hails from Kerala, has been living in Abu Dhabi for 3 years now and has just recently started buying tickets online for the Dubai Duty Free promotions in January 2020.
Commenting on his win, Narendran said: “I really cannot believe this great news and in the current situation we are in today, I totally forgot about this ticket. Dubai Duty Free gave me so much happiness today with the $1 million win. Thank you so much and I cannot wait to share this $1 million to my friend.”
Wednesday’s draw was conducted following strict social distancing by Dubai Duty Free’s Executive Vice Chairman & CEO, Colm McLoughlin, Chief Operating Officer, Ramesh Cidambi and Salah Tahlak, Executive Vice President – Corporate Services.
Following the Millennium Millionaire draw, two other Indian nationals were announced winners in the Dubai Duty Free Finest Surprise Promotion to win a luxury motorbike each.
Abdul Jaleel T, a 35 year old Indian national staying in Bur Dubai won a Moto Guzzi V85 TT Evocative (Rosso Kalahari) in Series 406 with ticket number 0291.
Currently on vacation in Kerala, Jaleel is a regular participant in the Dubai Duty Free promotions for five years now. A pharmacist for Aster Pharmacy in Bur Dubai, Mr T was elated to know that he finally won in Dubai Duty Free.
“Thank you Dubai Duty Free. I am very grateful for this win considering the current situation that we are all in.”
Meanwhile, Rajesh Balan Padikkal, a 45 year old Indian national also based in Dubai, won a Moto Guzzi Audace (Nevo Travolgente) in Series 407 with ticket number 0056, which he bought online.
A self-confessed biker, Balan Paddikal who works as logistics manager for a company in Dubai Investment Park, is a regular online ticket buyer in Dubai Duty Free promotions for two years now.
“I’m happy with this news and I would like to thank Dubai Duty Free for giving me one of my dream motorbike”, added Balanpaddikal..
These were the details of the news Indian wins $1m in Dubai Duty Free raffle draw for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Gulf Today and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.


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New Delhi: While social networking websites are believed to be the best way to stay connected to friends and people around, various studies claim that these social networks, instead of bringing you closer to people, make you lonely. The following video explains how the individuals measured by personal achievements like having a career, wealth, a self image, and consumerism, lose their social and familiar connections in favour of self-actualisation, and then look for a social life online, which leave then even lonelier.
MWC 2015 highlights: From Samsung and HTC's flagship phones to Facebook and Google's big plans
Swatch announces new Touch Zero One smartwatch for beach volleyball lovers
HP launches its 'most premium' MacBook Air competitor Spectre x360 convertible laptop with up to 12 hours of battery life


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Alan Joyce, CEO of Qantas, expects travel to the US and UK to be possible again soon. Although it was reported earlier this month that Australian authorities will continue to enforce border closures until next year.
Due to ongoing border closures in Australia, Qantas has had to announce the suspension of its international flights. The US and UK have been strong markets for the airline, but flights have been at a minimum for over a year due to the pandemic. “We are still in discussions with the government. We still plan to be ready by the end of the year. We activate the planes, [en] we are training our crew… I hope that by July-August we will have some certainty about which markets will open and when they will open.said Joyce, as reported Executive traveler.
Joyce looks to the future when it comes to reopening. At present, however, one of those markets, the UK, is still experiencing a number of instances where authorities are announcing new travel restrictions for the country. Several countries are concerned about the increase in cases of new variants.
“Devoted bacon guru. Award-winning explorer. Internet junkie. Web lover.”


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Glen Moray has introduced a new Fired Oak expression, a ‘sweeter’ Scotch single malt whisky inspired by the popularity of Bourbon.
Glen Moray Fired Oak is a 10-year-old whisky matured in ex-Bourbon casks and finished in heavily charred virgin American oak.
Described as ‘intensely sweet and smooth’, the whisky is bottled at 40% abv and has notes of ‘dark chocolate… a hint of smokiness and toasted vanilla’.
Glen Moray distillery manager Graham Coull said he wanted to create a whisky that drew on Bourbon’s sweetness without overpowering the Speyside distillery’s character.
By law, American Bourbon must be matured in charred virgin oak barrels, which impart more intense flavours than a barrel that has been previously used.
‘Fired Oak is all about enhancing flavours rather than adding different character,’ he said.
‘The virgin oak intensifies the existing vanilla and spice flavours which have come from the ex-Bourbon barrels.’
To be released in the UK this month, Glen Moray Fired Oak is designed to appeal to an increasing number of consumers favouring Bourbon.
In 2016 more than one million litres of Bourbon, rye and American whiskeys were consumed in the UK, with sales up 7% according to research firm Euromonitor.
Glen Moray Fired Oak will be available as part of the distillery’s core range for £39.99.
Its release follows that of Glen Moray’s Cider Cask Finish last month, which became the first Scotch matured in ex-cider casks.
This article contains affiliate links, which means we may earn a small commission if a reader clicks through and makes a purchase. All our journalism is independent and is in no way influenced by any advertiser or commercial initiative.


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Today the official Smash Bros. website was updated and Princess Peach has now been confirmed as a playable character in both the Wii U and the 3DS versions of the new Super Smash Bros. Peach is the 15th confirmed character for the game, which will be released sometime in 2014.
Of course there’s not much surprise here since Peach has been a character in the series previously, but perhaps we’ll see some new moves from the lady in pink.
- Report: European retailers can’t order
- Report: Nintendo NX production to be at 9-10
- Free games bundle released on Wii U
- Ubisoft: NX is a “fantastic machineR
TAGS: Nintendo, Super Smash Bros, wii u


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Relax, the UK (probably) isn’t heading for recession
Immediate fears of a recession in the UK economy were eased last week with the latest Office for National Statistics (ONS) estimate of monthly GDP. The economy had shrunk in April, but growth resumed in May. This has not prevented widespread conjecture that a recession is imminent. The Resolution Foundation claimed last weekend that the […]
Forward guidance needed for companies, not consumers
Most of the commentary on the UK’s economic recovery focuses on consumers. Are they taking on too much debt again to finance their spending? Is there a bubble in house prices, as people get excited about bricks and mortar again? Certainly, in terms of its sheer size, spending by consumers is by far the biggest […]
Our economic recovery is real, but what we can still learn from the US?
Some people are never satisfied. The evidence is mounting that the UK economy is now on the path to recovery. But to those who denied the possibility of any economic revival at all under the policies of “austerity”, this is simply not good enough. It is the wrong kind of recovery, they say. Fuelled by […]
Why Can’t Debt Just be Inflated Away?
The debt problems which the UK and Europe currently face are essentially ones of political economy. Basically, there is a lot of debt around and the simple question is: who is going to pay for it? All the economic theory in the world does not get around this fundamental issue. Traditionally, bondholders paid. The real […]
Minsky Mania: a Raincheck
The American economist Hyman Minsky is currently very fashionable, especially amongst those who are sympathetic to the idea of more government intervention in the economy. Minsky argued that financial crises were an inevitable feature of capitalism, unless governments stepped in through regulation and central bank action. He hypothesised that in prosperous times, when the corporate […]
Why is economic growth stalling? May be it is Ricardian equivalence!
The British and American recoveries do seem to be stalling. The recovery profile is by no means as strong as is usually the case after recessions, even after pretty major financial crises like that of 2008/09. One of the insights of complex systems is that the impact of any particular factor may differ dramatically according […]


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Best NVIDIA Black Friday & Cyber Monday Deals 2019: NVIDIA Geforce GTX & Shield TV Sales Reviewed by Retail Egg
Our Round-Up of the Best NVIDIA Deals for Black Friday & Cyber Monday 2019, Featuring NVIDIA Shield Gaming Tablets, Shield TV Streaming Media Players and Geforce GTX 1080 & 1070 Graphics Card Deals
The best NVIDIA deals for Black Friday & Cyber Monday 2019 have been rounded up by the team at Retail Egg. Links to the top NVIDIA graphics cards, gaming tablets and streaming device deals for shoppers this year are listed below.
Best NVIDIA deals:
- Shop NVIDIA Holiday Deals at the NVIDIA online store
- Save up to $300 on NVIDIA powered laptops, NVIDIA Shield streaming & NVIDIA GeForce graphics cards at Walmart
- Save on NVIDIA Shield TV streaming media players at Amazon – check the latest prices on top-rated NVIDIA Shield TV Pro & Gaming Edition media players with 4K HDR streaming
- Save up to $300 on a wide range of HP Omen gaming laptops & PCs with optimized NVIDIA GTX graphics cards – at HP.com
- Save up to 50% on NVIDIA powered gaming PCs, laptops & NVIDIA Shield tablets at Amazon – check the latest prices on high-powered gaming machines featuring high-performance GTX 1070, GTX, 1080 and GeForce GTX graphics cards
- Save up to $110 on NVIDIA GeForce GTX 1070, 1080 & more top-rated graphics cards at Amazon – the GTX Card series features up to 2560 shading units, 160 texture mapping units and 64 ROPs
- Save up to $200 on NVIDIA GeForce GTX graphics cards at Walmart
Black Friday & Cyber Monday deals are time sensitive. Check out Amazon’s Black Friday & Cyber Monday sale page and Walmart’s Black Friday & Cyber Monday home page for thousands more deals on a wide range of products. Retail Egg earns commissions from purchases made using the links provided.
Graphics processing chip manufacturer Nvidia supplies a large percent of GPUs being used today. Though the company has delved into the game-streaming industry with the Nvidia Shield tablet K1, they still specialize in GeForce graphics cards such as the Nvidia GTX 1080 and GTX 1070. These are specially designed for laptops and support Ansel, Optimus, BatteryBoost and G-Sync technologies.
What percentage discounts can be found on Black Friday? Deals on Black Friday offer considerable savings to shoppers across all product categories. In 2016, Profitero reported that Amazon sold mid-range electronic items, which are normally priced between $50 to $100, at 36% off on average.
The dominance of online shopping as the preferred shopping option becomes more evident on Black Friday. Adobe Analytics reports that the online sales for 2018’s Black Friday reached $6.22 billion, a 23.6% increase from the preceding year’s sales.


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Emails viewed in Gmail on smartphones will soon look like they were made for the small screen, rather than squashed desktop layouts.
The better-looking email will arrive as Google begins rolling out support for so-called "responsive web design" in Gmail and Inbox by Gmail. It will allow developers to build better looking email that's easier for recipients to view and interact with, no matter what device they're using.
The change will provide better support for emails that use more visual communication, such as the YouTube example Google offers where four video thumbnails are crammed onto the display. New style rules will allow developers to automatically reformat this email for the smaller screen.
Google is aiming to address formatting quirks when viewing email on smartphones, which it says stem from a desktop-led, one-size-fits-all approach that can result in squished text, or links and buttons that aren't friendly for touch on smaller-screen mobile devices. It will also allow for smarter-looking email on larger screens.
"Starting later this month, Gmail and Inbox by Gmail will support emails created with responsive design, meaning their content adapts to fit screens of all sizes," Google notes.
"Text, links, and even buttons will enlarge to make reading and tapping easier on a smaller screen. If you're on desktop, you'll also see improvements, since emails designed for mobile can also adapt to fit larger screens."
The support for responsive design means developers can use a range of Cascading Style Sheets (CSS) media rules to automatically adjust formatting based on width, rotation, and resolution, helping tailor email for desktops, tablets and phones.
A full list of supported queries for Gmail and Inbox is available, which Google plans on expanding over time.
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IPOH: More Malaysian Muslims are now travelling abroad for their holidays due to better facilities at the countries that suit their needs.
Malaysian Association of Tour and Travel Agents (MATTA) Perak Chapter deputy chairman Ken Chong said there had been higher demand for Muslim tour packages in the past few years.
“These packages include all-halal cuisine, prayer stops and Muslim tour guides who speak English. Apart from Middle Eastern countries and China, other favourite destinations include South Korea, Japan, Australia and Vietnam,” he said.
“Japan is the latest country to have improved facilities to cater to Muslim travellers,” he told a press conference to announce the 22nd Perak MATTA Fair to be held at Ipoh Parade shopping centre from Sept 2 to 4.
Fair committee member Mohamad Hisam Mohamad Yusof said many countries, including cities in Vietnam and Thailand, had halal restaurants now.
“Aside from China, which has one of the biggest Muslim populations in the world, many other countries have taken note of the needs of Muslim travellers.
“In Vietnam about six years ago, there weren’t any halal restaurants. There are now a handful of them, allowing travellers some options to choose from. Even Hong Kong has a substantial amount of halal eateries,” Mohamad Hisam said.
“Some hotels in Bangkok now have separate and certified halal kitchens while the airport in Japan has created a prayer room for Muslims,” he added.
Mohamad Hisam said the trend of Muslims travellers going abroad beyond the South-East Asian region was growing.
“Most Malaysian Muslims used to travel locally. They then began to travel within the South-East Asian region. They are now moving from one region to another,” he said


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A UK man was sentenced last week to seven years in prison for the death of a woman to whom he sold the industrial chemical 2,4-dinitrophenol (DNP), a compound abused by bodybuilders and other people for weight-loss purposes.
Bernard Rebelo, now 31, was convicted of manslaughter after 21-year-old Eloise Parry, also from the UK, died in 2015 after consuming DNP purchased from Rebelo through his website drmusclepharmaceuticals.com, which historically sold DNP, steroids, and other prescription drugs. Although the website is now parked (displaying third-party content such as registrar-generated advertisements), it historically provided information on how to dose DNP, which is notoriously difficult. The chemical burns fat and carbohydrates, but raises the body's temperature and can lead to fatal overheating, or what users have described as "burning up from the inside out."
Rebelo's website was operational at the time Parry purchased DNP; it used language and displayed links indicating the chemical, which is typically sold as a pesticide or fertilizer, was being sold for human consumption. Prosecutors also pointed to comments in online forums to demonstrate that the website was selling the chemical for human consumption.
DNP use has been linked to multiple deaths and, in April 2015, was the focus of an Interpol global health warning that described the imminent threat of DNP as a "lethal risk for the consumer." Even so, the chemical remains widely available online for human consumption. LegitScript continually identifies and monitors websites that market the chemical for weight-loss purposes. For example, one website we identified - which markets steroids, human growth hormone, and other pharmaceuticals - states that DNP is a research chemical not for human consumption, but lists the chemical under the category "fat loss."
DNP use is a serious problem in part because the chemical is frequently marketed as a dietary supplement. This may give consumers the impression that it is safe. Furthermore, some products are marketed as DNP but don't actually contain the chemical. For example, one YouTube channel includes a video titled "DNP Weight Loss Professional Supplements Prosupps DNP X2, 60 capsules."
It markets the product DNP XII by ProSupps, which LegitScript has flagged for containing two problematic ingredients (picamilon and DMAA), but not DNP. These kinds of deceptive practices can make the dietary supplement landscape even more confusing for consumers.
LegitScript is committed to stopping the sale of DNP marketed for human use and other dangerous chemicals that are abused for weight-loss purposes. We maintain the world's largest database of dietary supplements, designer drugs, pharmaceuticals, and other products such as DNP that are misbranded as dietary supplements. Members of the public can search a product in our database to see whether it contains dangerous ingredients or makes illegal claims. Our data is trusted by major credit card companies and internet platforms, including Visa, Google, and Bing. Learn more about LegitScript's Product Database.


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For many Canadians and their families, the past few months have been difficult and uncertain. At the same time, food banks and local food organizations are facing challenges in delivering services to Canadians in need, including in securing volunteers and…
Fromagerie La Station of Compton, Que. will get $910,355 from the federal Dairy Processing Investment Fund to install robotic equipment to improve the quality of its organic cheese products and enhance production capacity. The family-owned business that produces award-winning cheeses…
Almost $1 million from the federal government will go towards BC’s seafood sector and helping it expand into new markets
The federal government is investing $325 million in the fisheries and seafood sector through a new fund. Under the fund the Atlantic provinces and the government will work together to create jobs and grow the provinces’ economies.
The Ontario Craft Cider Association will receive up to $220,000 under the Growing Forward 2 initiative
Over the next five years, the federal government will invest $30.7 million to strengthen Canada’s ability to anticipate, detect and respond to food safety risks
Funding to the tune of $34.2 million over five years is going towards refurbishing and major upgrades of salmon hatcheries and spawning channels
The federal government is putting $15 million toward a new Growing Forward 2 program to help farmers have more and better ways to manage the risks of farming
The federal government launched its Safe Food for Canadians Action Plan, which it says will strengthen Canada’s food safety system
Sand Plains Aquaculture spending $5-million to convert plant, raise tilapia for Toronto market
A Must Read for all food & beverages industry personnel
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Does anyone ever wonder about the concept of luxury by Chanel? In fact, has anyone ever thought about how these big houses keep their “luxurious” status over the years?
Earlier this year, the French giant house Chanel announced a price increase for most of their bags. This is not the first time. In fact, this marked the fourth time Chanel announced a price hike in the last 12 months. Now, some of its signature handbags now cost up to twice what they did before the pandemic in 2019.
“The point about luxury is that everyone shouldn’t be able to afford it, so many high-end brands ration their products and accessibility,” according to So Creative. Likewise, the price increase enacted by Chanel is not at all unpredictable. Even Chanel has made the statement clear for itself about the price increase:
“What has been implemented yesterday is not a price increase,” said Chanel. But rather a harmonization of the prices of our entire in-store offer. In fact, Chanel has been doing price increase since 2015. They said it was an effort “Which aims to avoid excessive price disparities between the markets where we are present.”
According to Investopedia, “A luxury item is not necessary to live, but it is deemed highly desirable within a culture or society. Luxury items tend to be sensitive to a person’s income or wealth, meaning that as wealth rises, so do purchases of luxury items. As a result, people consider luxury items to show positive income elasticity of demand, which is a measure of how responsive the demand is for a good to a change in a person’s income.”
So, basically, what that means is that even though these brands may have quality materials and handcrafted goods, their price will always go up for the sake of scarcity. To protect their luxurious “brand”, they have to make it less and less accessible for everyone.
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Two Australian digital artists will board the RSV Aurora Australis next year to document the journey from Australia to the Antarctic, with the aim of creating a virtual reality experience upon their return.
The artists, Dr Adam Nash and Dr John McCormick (collectively known as Wild System), have experience in creating mixed reality artworks and installations. Their artistic Antarctic expedition next year will be made possible thanks to support from the Australian Antarctic Arts Fellowship and two Australian universities.
While aboard the ship, they will document the journey using “cutting-edge technologies, such as drones, portable motion capture system, ambisonic recordings, LiDAR scanning and still, 360 and video cameras.” This will allow them to map the journey and then convert the recordings into an immersive experience available after their return.
The ship they’ll be travelling on, the RSV Aurora Australis, is over half a mile long, accommodates 166 passengers and currently serves as a “multi-purpose research and supply ship.”
Given the scale of both the ship and the journey, there’s potential for the artists to create a really unique VR experience from the trip. Speaking about the project, Dr McCormick said, “It is a lifelong dream to travel to Antarctica. We want to create a work that honours the spirit of those who have explored the world’s last great wilderness area.”
The resulting immersive experience will be available in “galleries and festivals, and via mobile, gaming and virtual reality technology.” It’s unclear whether the experience will be publicly available on VR headsets, or limited to VR headsets at the aforementioned galleries and festivals. Let’s hope it’s the former – it would be quite cool to take a trip to the Antarctic from the comfort of one’s own home!
The artists will begin their journey in January of next year.


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After giving his personal information to a recruiter at the University of Minnesota, recent graduate John* trained for months to become a salesman for Southwestern Advantage. But after arriving in Ohio to begin selling for the company in 2016, he started questioning the decision.
“They admire this discipline of working 90 hours a week. It was such a cutthroat, competitive, run-you-into-the-ground summer,” said John, who requested anonymity because he fears backlash from the company.
Southwestern Advantage teaches college students to build their own business by selling books and advertises earning over $8,000 a summer. The company uses a direct sales method where those involved sell books from a parent company and earn profits depending on their sales. Students are not required to buy books to sell up front but are responsible for travel and living expenses.
After the company began recruiting this semester on the Twin Cities campus, students have raised concerns over their business model and methods of recruitment, which include visiting classrooms and renting tables at prominent buildings like Coffman Union.
The University sent a letter to Southwestern Advantage last week saying if they “receive further reports of deceptive marketing tactics or interruptions in classroom spaces, we will be forced to consider limiting your access to campus.”
Southwestern Advantage has worked with students at the University for decades, according to Senior District Sales Leader AJ Skalsky.
“We try to be very transparent and do everything by the book of what they teach us to do. They are very aware of our presence on campus,” he said.
Students, faculty concerned with on-campus recruitment
Concerns about the company stem from student complaints regarding misleading marketing and “sketchy encounters” with representatives, according to the letter sent to Southwestern Advantage on Friday by Maggie Towle, interim vice provost for student affairs and dean of students.
Recruiters for Southwestern Advantage focus on the value of the program’s work experience and the amount of money a student can make, but some students are left wondering what the company does until they attend an information session.
“They were super vague about what it was and wouldn’t give any details besides that it was very competitive,” said University psychology student Bailey Stolz, who had recruiters visit her class this semester. “I didn’t even realize what it was until I saw it on [social media] later.”
The University letter says Southwestern Advantage has also been “falsely indicating a working relationship with Career Services” while recruiting in classrooms, something the company has previously been reminded not to do by the University.
While the company is not banned at the University, they’re unable to recruit in classrooms and career events or use the University’s job board GoldPASS, the letter said. They can request to rent tables, but Student Unions and Activities leadership must review the request, said SUA Communications Director Steve Henneberry.
University senior John Bilbao said Southwestern Advantage shouldn't be allowed on campus. He urged others to write in to SUA soon after Southwestern Advantage began renting tables in February.
“I think it's kind of an abdication of responsibility. This is a learning environment, but there are certain predatory things that have been circulating through campus as long as I've been here,” he said.
For Caroline Pavlecic, a sophomore and at-large representative for the Minnesota Student Association, the recent attention on Southwestern Advantage pushed her to start drafting a resolution addressing direct sales and multi-level marketing companies on campus.
While still a work in progress, the draft calls for the University to educate students and instructors on the topic.
“I would like for ... students and faculty to become a lot more aware of these companies and how they operate. Whether or not a ban [on these companies] is feasible, we have to determine that through consultation with the University,” Pavlecic said.
Work after University recruitment
After multiple interviews, those selected for the program travel to the company’s headquarters in Nashville for a week of training. They then move to another town, frequently in a different state, to sell educational books door-to-door for the summer.
A typical work week for Southwestern Advantage employees is Monday through Saturday, beginning at 8 a.m. and ending at 9 p.m., according to three-time seller Barron Marschall.
“[My recruiter] would drop me off in the morning and pick me up on his way back home,” Marschall said. “I just packed a lunch and got a bike. It was tough … but you get used to the challenges.”
Marschall earned around $6,000 each summer for his first two years, a number he said is below average. He has also recruited several friends.
When recent graduate John* was struggling in the program, he said he had a hard time discussing concerns with his managers after they told him to focus on the positives of his situation. When he began selling, he said he felt like he was taking advantage of people.
“Our sales tactics just seemed so predatory. The company sold me on investing in children and their future, but it doesn’t seem like they care about any of those things,” he said.
He eventually left the program after five weeks of selling without telling anyone, where he calculated he made around $2 an hour.
“An hour after I left, my manager and my manager’s boss chewed me out over the phone for not being driven enough. They told me if I didn’t turn around, I was making the biggest mistake I would ever make,” he said.
Skalsky, who oversees multiple states in the Midwest, said many of the company’s critics are people who don’t fully understand the program.
“People that either quit or have never done our program have a tendency to … go online to try and make us look bad, because it validates why they quit,” Skalsky said. “People oftentimes don’t want to take responsibility for themselves.”
Skalsky sold for Southwestern Advantage for nine summers and met his wife through the company. For him, the program turned his life around.
“The reason why I continue doing this is because I believe every single person deserves opportunity to learn about it. And from the right kid, it's going to change their life. They're going to see what their full potential is,” Skalsky said.
Complex business models concern some, encourage others
While commonly labeled a pyramid scheme or multi-level marketing company online, Southwestern Advantage President Dan Moore said the company uses a direct sales model, which helps college students develop their own businesses.
“The model is that people are independent businessmen. They buy products from their company at a wholesale price, and then they resell those products to customers at a retail price. It's just like any business,” Moore said.
Sellers who later recruit others receive what Skalsky calls a “dealer discount” from the company, which pays the recruiter depending on how well their recruitee does instead of the number of people hired.
Robert FitzPatrick, an expert in multi-level marketing schemes, pyramid schemes and direct selling, said the company’s model of bringing students to sell in a different state puts them in a vulnerable position.
“You’re picked up, taken away from your home turf, away from friends and family. There’s nothing else to do but keep working. They can impose all sorts of psychological pressure on you … because you’re physically stuck,” FitzPatrick said.
Skalsky said that while students who drop out of the program he oversees may face money problems or other trouble, he has always made sure they make their way home, even if it means paying for their plane or bus ticket himself.
“I always try and leave students in a good place, [even if] they didn't finish the summer. I have the utmost respect for anybody who tries our program,” Skalsky said.
While Southwestern Advantage has plans to recruit throughout the semester, their presence on campus still raises questions for students and faculty.
“The whole idea of going to college is that it’s a somewhat protected space,” FitzPatrick said. “[Colleges] should, at the very least, be forcing these companies to make it a real choice for a student and not something they get misled by.”
*This University student requested to use another name for fear of backlash from the company.