text:
Quarterly sales and earnings declined again at Signify but gross margins improved, as CEO Eric Rondolat said the company continues cutting costs through a variety of measures including factory closures and consolidations. He hinted that U.S. plant shutdowns could be coming.
Nominal sales fell 13.8% to €1.65 billion ($1.75 billion) from €1.91 billion ($2.01 billion) in the third quarter ending Sept. 30, compared to the same quarter a year ago, including a negative 6.2% currency impact. The comparable sales decline was 7.8%. Net income dropped by 25.5%, €83 ($87.9) million from €112 million ($118.6 million).
“Our top line was impacted by continued softness in our markets, particularly in consumer connected, OEM, and China,” Rondolat told analysts on a web call to discuss the results. His remarks echoed his observations from the second quarter three months ago. In both instances, he also reported gains in outdoor professional lighting but softness in sales of indoor professional lighting and in the horticultural sector.
“During the [third] quarter we saw strength in professional systems and services, which was more than offset by weakness in indoor professional lighting, particularly horticulture lighting,” Rondolat told analysts this morning. Sales also tumbled in the company’s conventional business segment, which includes fluorescent and makes up about 10% of overall sales.
On the positive side, Signify stuck with its forecasted adjusted EBITA margin of 9.5%–10.5% for the year, rather than downgrading the forecast, as it did in the second quarter.
“Despite pressure on the top line, we were able to expand our adjusted EBITA margin by 30 basis points year-on-year, driven by continued gross margin recovery and cost discipline,” Rondolat told analysts, noting that EBITA margin rose to 10.7% from 10.4% a year earlier. ”This was driven by the continued improvement of our gross margin, which benefited from effective measures to reduce the cost of goods sold and indirect costs.”
Rondolat said that ongoing cost measures will include “structural” ones such as cutbacks in the Eindhoven, Netherlands–based company’s central organization.
They will also include additional shutdowns of factories, which Rondolat characterized as a change in the global factory “footprint.” In one such maneuver over the summer, Signify announced a massive expansion of facilities at Zhejiang Klite Lighting Holdings Co., Ltd. in China. Klite is a joint venture partner. It makes lamps that Signify sells under the Philips brand and also for OEM sale to retailers for private label, mostly in the consumer market, although also in professional.
“The footprint is an evolving situation,” the Signify boss said in response to an analyst’s question today. “We’ve had the closure of some factories in the conventional part of the business, which is something we do on a regular basis. Smaller factories doing components, we try to move this production to other established factories. That’s on ongoing adjustment. [With] Klite, the objective was to concentrate the lamps production business in one big factory.”
More closures are coming.
“We believe, in the midterm, the evolution of our footprint should continue to improve, quite substantially, our gross margin expansion, especially in northern America,” Rondolat said. “We believe that we have some points to gain from moving some of the various remaining factories or remaining industrial set-ups that would be in high-cost countries to lower-cost countries. We are looking at that as we speak.”
LEDs Magazine asked Signify in an email if that means closures are in store for North American factories. A spokesperson replied, “To your question on North America, we have 8 factories in the U.S. and 2 in Canada.” She did not elaborate on their future.
Signify has a total of 47 factories globally.
Overall in costs, “we’re not not where we want to be,” Rondolat said on the analysts’ call. “That’s the reason why we want to drive more specific actions.” Ongoing measures “will little by little have an effect on our overall cost base,” he added.
Headcount across the company was down to 32,214, from 34,273 a year ago.
During today’s call, Rondolat noted that while the company continues to steadily grow its base of “connected” lights, it has so far not monetized these networks in hoped-for IoT schemes.
For the second quarter in a row, he also acknowledged that the company needs measures to reverse the decline in its connected home products such as Hue, where Signify’s prices are well above competitors’. Rondolat also elaborated on how Europe’s fluorescent ban is impacting the company, and on progress in Signify’s sustainability and equality initiatives.
LEDs will dive into some of these topics in separate articles.
MARK HALPER is a contributing editor for LEDs Magazine, and an energy, technology, and business journalist ([email protected]).Follow our LinkedIn page for our latest news updates, contributed articles, and commentary, and our Facebook page for events announcements and more. You can also find us on the X platform.


text:
NEW ZEALAND: Postie Plus to sell Babycity operations
New Zealand clothing company Postie Plus Group (PPG) has reached a conditional agreement to sell its chain of Babycity stores to focus on growing its core operations.
PPG chairman Richard Punter said Babycity did not fit the group's business model or growth strategy.
"The sale of Babycity is an important step to reconcile our business model to that of Postie Group and our flagship retail brand," said Punter.
"We believe that the group should eventually be twice the size that it is today and while some of that growth will be organic, we intend to acquire complementary brands that we have identified to further develop our retail footprint nationwide."
The brand is being sold to Baby City Investments, a company operated by Trevor Douthett and owned by him along with "private equity supplied by persons he has known for over 20 years".
Completion of the transaction is targeted for early May, subject to shareholder approval.
Japanese retailer Fast Retailing has no intention of slowing the expansion of its Uniqlo casual clothing brand in China, despite anti-Japanese demonstrations last week....
Ron Boskell, chief executive officer of Postie Plus, is to leave the New Zealand clothing retailer in January....
- Steps to piloting living wage in garment factories
- How to ensure sustainability is more than a slogan
- Trump blows the case for Brexit out of the water
- US apparel retailers' November 2016 sales roundup
- Duty-free trade key to build Africa supply chains
- US Q3 in brief – Destination Maternity, Cherokee
- Taiwan textile maker investing in first US plant
- Outdoor apparel sector set for double-digit growth
- Esquel efficiency drive continues to boost brands
- Myanmar garment industry "lacking labour rights"

domain: news


text:
UA students to tour Nike apparel factories
Nike has taken another step in its attempt to gain the trust and support of students at universities it has licensing contracts with by sending college students to check out apparel factories.
The first of two students who will be sent to a Nike factory of his or her choice has been selected by the University of Arizona College of Business.
Matthew Milsovic, a business graduate student, was chosen and the other student will be picked by the University of Arizona Labor Rights Task Force, which meets tonight to discuss the topic.
The College of Business had all interested students in the college submit a one-page essay that was judged without the students' names. Milsovic said he looks forward to the opportunity.
"I need to get an unbiased view of what's going on," Milsovic said. "I look at what Nike is doing from a business standpoint, and I understand what they (Students Against Sweatshops) are coming from."
The SAS has raised questions concerning the legitimacy of Nike's new-found openness concerning their manufacturing operations.
"I think what's needed isn't sweatshop tourism but a more reliable monitoring system," said Tim Bartley, sociology graduate student and SAS member.
One of the concerns is that Nike is sponsoring the factory tour, and that they may only show the students their best facilities, making the tour ineffective as a monitoring trip.
"Nike seems to have floated this idea without any specifications," said Avery Kolers, SAS spokesman and philosophy graduate student. "All the stuff that would change this from sight-seeing to actual monitoring has not been specified by Nike."
Kolers cited whether or not the factories would be warned or if the students could visit the homes of workers as examples of conditions that Nike has not specified. He added that he considered it a "half-baked proposal."
"Personally, I'm highly suspicious of this proposal," Kolers said. "That sentiment is pretty wide spread in the group."
This trip is the second move Nike has made since the wave of opposition by student anti-sweatshop groups, including a 10-day sit-in at UA President Peter Likins' office lobby in April.
Nike also disclosed the locations of 41 factories last month on their Web site in a new advertising campaign targeting students.
"To put this in perspective, there are over a quarter million students on college campuses right now who aren't old enough to work in a Nike footwear factory," stated one of the new Nike advertisements. "It's a fact. A fact verified by independent monitoring organizations."
UA President Peter Likins agreed that this is not a solution, but a step in the right direction.
"I am very pleased with the gesture Nike has made, but it shouldn't be misinterpreted as anything more than it is," Likins said.
He also said that what will eventually be needed is a more systematic monitoring system, but that the tour is a good start.
The SAS has no official position on the Nike monitoring tour at the moment, only a tentative decision to wait and receive more information from the task force, Kolers said.


text:
On November 17, the CFPB formally announced the launch of an inquiry into the benefits and risks associated with consumers authorizing third-parties to access their financial and account information held by financial service providers. The CFPB has been investigating and assessing issues related to data access and technological innovation for some time, including through Project Catalyst .
As detailed in the Request for Information (Dkt No. CFPB-2016-0048) issued on November 17, the CFPB is focused on three main points of inquiry: (i) secure access for consumers – i.e., are consumers able to securely access, and authorize others to securely access, their financial records? Are there any “business burdens” that must be addressed to provide access and use of financial records?; (ii) third-party risk — i.e., some financial institutions have expressed concern that providing third parties with access to records may compromise consumer privacy or put their funds at risk. The CFPB would like learn more about options for ensuring that financial records are securely obtained, stored and used; and (iii) consumer control — i.e., to what extent are consumers able to control how shared data is being used by third-parties with authorized access? Are consumers able to limit the number of times those firms can access the data?
In prepared remarks delivered at a field hearing in Salt Lake City, UT, CFPB Director Richard Cordray explained: “The technology around digital financial records continues to develop and, so far, there are many unanswered questions about how the information is being shared, by and to whom, and how safely. As with any emerging industry, we are hearing about some bumps in the road. Both Fintech companies and financial institutions, as well as consumer groups, are describing to us the various challenges, risks and technological obstacles to further progress in this area.”
On September 13, the New York Department of Financial Services (DFS) issued a proposed rule establishing cybersecurity requirements for financial services companies, and has thus ventured into new territory for state regulators. In the words of Governor Cuomo, “New York, the financial capital of the world, is leading the nation in taking decisive action to protect consumers and our financial system from serious economic harm that is often perpetrated by state-sponsored organizations, global terrorist networks, and other criminal enterprises.”
Given the concentrated position of financial service companies in New York and the regulation’s definition of a Covered Entity – which includes “any Person operating under or required to operate under a license, registration, charter, certificate, permit, accreditation or similar authorization under the banking law, the insurance law or the financial services law” – it could create an almost de facto national standard for medium to large financial services companies, regardless of where they keep their servers or suffer a cyberattack. This type of state-level regulation is not unprecedented. In 2003, California passed a data breach notification law that requires companies doing business in California to notify California residents of the breach and more recently amended the law to require 12 months of identity protection and strengthen data security requirements. In 2009, Massachusetts enacted a regulation mandating businesses implement security controls to protect personal information relating to state residents.
The DFS designed the regulation to protect both consumers and the financial industry by establishing minimum cybersecurity standards and processes, while allowing for innovative and flexible compliance strategies by each regulated entity. Yet the proposed regulation goes further than to just ask financial entities to conduct a risk assessment and to design measures to address the identified risks.
* * *
Questions regarding the matters discussed in this Alert may be directed to any of our lawyers listed below, or to any other BuckleySandler attorney with whom you have consulted in the past.
- John P. Kromer, (202) 349-8040
- Elizabeth E. McGinn, (202) 349-7968
- Margo H. K. Tank, (202) 349-8050
- James T. Shreve, (202) 461-2994
- Dana V. Syracuse, (212) 600-2326
On September 9, the FFIEC updated its Information Security booklet, a key element of its Information Technology Examination Handbook. The booklet is intended to provide examiners with guidance on assessing a financial institution’s information security operations, and is divided into the following four main sections: (i) Governance of the Information Security Program; (ii) Information Security Program Management; (iii) Security Operations; and (iv) Information Security Program Effectiveness. In addition to offering technology-centric recommendations such as encryption, the booklet advises firms to create security processes and risk assessment “commensurate with their operational complexities.” It also advises financial institutions to “have strong board and senior management support, promote integration of security activities and controls throughout the institution’s business processes, and establish clear accountability for carrying out security responsibilities.” As expected, the booklet highlights the importance of implementing effective oversight of third-party service providers. Pursuant to sub-section II.C.20, in order to ensure effective oversight of third-party service providers, management should, among other things, determine when third-parties identify, measure, mitigate, monitor, and report cyber risks so as to “facilitate a comprehensive understanding of the institution’s exposure to third-party cyber threats.”
On August 5, New York AG Schneiderman announced that an online retailer will pay $100,000 in penalties to settle allegations that its weak security practices led to a data breach that potentially exposed more than 25,000 credit card numbers and cardholder data. According to AG Schneiderman, after a third party accessed the retailer’s website on August 7, 2014, a merchant bank notified the retailer on June 5, 2015 that customers’ credit card accounts were showing fraudulent charges. The retailer subsequently hired a company to conduct a forensic investigation, during which malware was found on and subsequently removed from the retailer’s website. AG Schneiderman contends that the retailer violated various sections of the New York State General Business Law by failing to notify its customers or law enforcement of the breach and by misrepresenting the safety and security of its website, also in breach of Executive Law § 63(12). In addition to the $100,000 penalty, the settlement requires that the retailer (i) conduct thorough and efficient investigations of future data security breaches; (ii) promptly notify New York law enforcement and affected customers of data security breaches; (iii) “maintain reasonable security policies and procedures designed to protect the personal information of consumers in accordance with New York State General Business laws”; (iv) remediate security vulnerabilities on its websites; and (v) train its employees with the most current data security practices.


text:
The Chamber of Deputies has approved a bill to modify the gambling regulation law (No. 13/2021) in Spain by improving protections against fraud and safeguards for vulnerable gamblers, and it will now move on to the Senate for debate.
The bill was passed with 200 votes in favour, 0 against, and 148 abstentions. It was first announced in March in the Health and Consumer Affairs Commission, during a discussion of concerns regarding addiction.
In June, that same commission approved the bill, and in July it was published in the official gazette along with new amendments.
The original approved text remains the same as the one approved by the Health and Consumer Affairs Commission in June.
Additions to the text include an article regulating advertising, another section defining the functions of the National Gaming Commission’s duty to protect at-risk gamers, provisions that add guidelines for using non-fungible tokens (NFTs) safely, and a safeguarding mechanism in the form of the Global Betting Market Investigation Service.
In a press release, the Chamber of Deputies said the bill is "very important" as it aims to improve safeguards for underage and vulnerable players, as well as to prevent addictive behaviours.
However, Santiago Asensi, a gaming lawyer and the founding partner of Asensi Abogados, said it is business as usual for operators.
“I think the only issue that was raised is that the Director General of the Regulation of Gambling (DJOG) is going to have higher powers. But in terms of operators, what they can do, what they cannot do, there is no real impact.”
Meanwhile, the Spanish Association of Digital Gaming (JDigital) has released a report in response to the DJOG’s latest figures accounting for the second quarter of 2022.
Gross gaming revenue decreased 0.29 percent compared with the same quarter last year, with a year-on-year decrease of 5.55 percent. New gaming accounts per month are down 25.99 percent annually.
JDigital director Jorge Hinojosa said in the release: “The latest results made public by the DGOJ are devastating. The online gaming ecosystem in our country is losing attractiveness for operators due to the high restrictions it is experiencing.”
Or, as Santiago Asensi said: "They are trying to kill the industry.”


text:
Investors are still in a tizzy over the slashed revenue guidance Apple issued on Wednesday afternoon. CEO Tim Cook blamed a slowing Chinese economy as well as the ongoing U.S.-China trade war for slowing iPhone sales.
Apple shares plummeted as much as 10% after the company announced revenue would total $84 billion in its fiscal first quarter, below the $89-$93 billion range it had given in November. But given Apple’s massive impact, the disappointing news is having collateral damage on the markets as a whole, dragging the Dow lower than 500 points during Thursday’s trading session.
Apple’s suppliers are among the biggest casualties, losing as much value as the tech giant itself. One of the biggest losers is Qorvo (QRVO), which provides radio frequency chips and has been falling in lockstep with Apple. The company had called out “recent demand change for flagship smartphones” when it cut its guidance in November.
Lumentum (LITE) provides the technology that powers Apple’s facial recognition system, Face ID. Shares were down around 8% on Thursday.
Shares of chip suppliers Broadcom and Qualcomm were under pressure (the latter is also in the thick of a patent dispute with Apple). Corning (GLW), which supplies the glass for iPhones, was down as much as 6%. Semiconductor companies Skyworks Solutions (SWKS) and Cirrus Logic (CRUS) were under pressure. Samsung, along with Universal Display (OLED), are Apple’s main OLED suppliers. Shares of Universal Display have been under pressure since Apple reported plans to “stick with cheaper screens” earlier last year.
Independent of Apple, other multinationals have been citing China as a central headwind going into 2019. Council of Economic Advisers chairman Kevin Hassett says we should expect “a heck of a lot more companies” to downgrade their forecasts. FedEx, Tiffany and Co., Mercedes parent company Daimler, and Italian suit maker Zegna have already voiced similar concerns.
Melody Hahm is a senior writer at Yahoo Finance, covering entrepreneurship, technology and real estate. Follow her on Twitter @melodyhahm. She hosts Breakouts, a monthly interview series for Yahoo Finance featuring up-close and intimate conversations with today’s most innovative business leaders.


text:
The management of the semiconductor manufacturer ams OSRAM is still in shock one day after the failure of a key project. Exactly how extensive the damage is remains unclear. The Austrian company was severely punished on the Swiss stock exchange.
“We were very surprised by the customer’s departure,” said ams OSRAM boss Aldo Kamper in a telephone conference on Thursday after the bad news was announced the evening before. As is usual in the industry, the company did not disclose who the major customer was. According to market observers, it seems to be an open secret that it is Apple.
Together with the customer, ams OSRAM pushed forward research into pixel-sized LEDs that could have been used for smartwatch displays, for example. The Austrian company built a factory in Malaysia specifically for this purpose. CEO Kamper estimated the investment expenditure for the project at around 1.3 billion euros.
Reasons in the dark
The technology should have been used by 2026. The CEO emphasized that he was caught on the wrong foot by the rejection. “From our point of view, there were no problems with the schedule,” added CFO Rainer Irle. But he couldn’t say what it looked like from the customer’s perspective.
An analyst from the financial group Oddo BHF speculated that there were few reasons why the customer (Apple) could have dropped out. Apple either considered the use of the technology to be too expensive or not a priority for the time horizon up to 2026. Or the US tech giant chose a different supplier, although it is also possible that Apple wanted to further develop the technology itself.
Growth drivers gone – huge write-off
What is clear, however, is that ams OSRAM has lost an important growth driver that cannot be replaced so quickly. However, CEO Kamper also emphasized that nothing serious had changed in the medium-term growth prospects. “Our other parts of the business are healthy,” he said.
Specifically, the company has only reduced its medium-term growth outlook relatively slightly to 6 to 8 percent (previously 6-10%). For the current year, the company expects a negative impact on operating profit (adj. EBIT) of 30 to 50 million euros.
It still remains unclear which parts of the factory in Malaysia and the production equipment can still be sold and which have to be written off. Management was also unable to say to what extent the research results already achieved could be capitalized on, for example by being used in other business areas.
However, according to an initial estimate, the company puts the depreciation at between 600 and 900 million euros. That would be around half to three quarters of the investment amount of 1.3 billion.
However, ams OSRAM continues to be in a solid financial position, including to finance future projects, as CFO Irle emphasized. However, management does not consider another project of this size in the area of micro-LED technology to be likely, at least in the short term. At least there is nothing concrete, says Irle. So far they have only concentrated on the project that has now collapsed. In general, however, there is definitely interest in the technology.
Price fall on the stock market
Analysts also saw Mirco-LED technology not as the main driver of medium-term sales, but as an important growth engine, as is the case at the British bank Barclays. Various analysts have downgraded the stock. The responsible analyst at Bank Vontobel wrote that he could no longer maintain his previous buy recommendation.
The share price also plummeted. At their lowest point on Thursday (today) the stocks lost a good 45 percent. At 2:12 p.m. they were still down almost 39 percent at 1.35 francs.
Shares in ams OSRAM plummeted on Thursday. The negative news from the semiconductor manufacturer continues. The analysts’ guild is disappointed.
Ultimately, ams OSRAM fell by 38.88 percent to 1,347 francs on the SIX.
For Bank Vontobel, the cancellation of a key project in the micro-LED strategy calls the future of the technology into question, according to an initial comment. However, this was one of the most important arguments for the previous purchase recommendation. Vontobel has therefore reduced its rating to “Hold”.
The French Oddo BHF SCA calls the child by its name regarding the cancellation. The sending of a notice by ams OSRAM means that this will certainly affect the group’s most important micro-LED customer, namely Apple. There are two possibilities as to why the project was canceled: Apple either considered the use of the technology to be too expensive or not a priority for the previously determined time horizon. Or Apple has chosen a different supplier, although it is also possible that Apple wants to further develop the technology itself.
As a consequence, Oddo BHF has also lowered the rating for ams OSRAM to “Underperform” from “Neutral” and the price target to 1.50 from 2.00 francs.
According to Barclays, the news is disappointing simply because ams OSRAM has recently made good progress with its refinancing plan. Although micro-LED technology is not the main driver of ams’ medium-term sales, it is still one of the growth engines.
Premstätten AT (awp)


text:
Cheil Worldwide welcomes Alejandro Di Trolio as it’s new Executive Creative Director for Spain, who will be reporting to Worldwide Spain CEO Kelly Kim. Di Trolio will lead the creative department with brands such as including Samsung, Hankook and Carrefour.
Di Trolio’s aim is to further boost the agency’s digital reputation by expanding creativity around data and technology. Di Trolio says: “Cheil is one of the most exciting agencies in Spain, the mix between creativity and technology is something that attracted me from the beginning. Now, my mission is to generate the next step in digital creativity, data and innovation at the agency through a team with fresh skills to face upcoming challenges.”
Di Trolio comes from Good Rebels and has led original campaigns including 'Toyota - Start the Impossible', IKEA social media work and Coca-Cola’s innovation IoT products. He’s also been involved in claiming a suite of awards including 'El Sol Silver' for Pepe Jeans 2019 and ADCE 2019 with 'IKEA - Stories to Sleep'.
“We are excited to have Alejandro on board. As a new wave of creativity emerges that thrives on data and digital, Alejandro’s unique digital and technical knowledge will help push our previous creative successes, to develop to the next level of creative product in Spain,” says Malcolm Poynton, global chief creative officer, Cheil WW.


text:
Electrical Short Makes Airbags Unsafe in Certain BMW Vehicles
BMW of North America has announced a recall for vehicles with potentially dangerous airbags.
The luxury automaker is recalling certain model year 2016 740Li, 750Li, and 750Lxi vehicles. The affected vehicles have an airbag control module that may randomly reset due to an electrical short circuit as a result of residual metallic particles from the manufacturing process.
In the event of a crash, while the airbag module is resetting, the airbags may not deploy, increasing the risk of occupant injury.
The company is including about 6,100 vehicles in its recall.
BMW will notify owners, and dealers will replace the air bag control module, free of charge. The recall is expected to begin May 16, 2016.
Owners with questions about this recall can contact BMW customer service at (800) 525-7417.


text:
Biotin prices in India are projected to reduce as demand declines and the US dollar value fluctuates
- 07-Feb-2022 1:22 PM
- Journalist: S. Jayavikraman
Despite the wobble in the markets over the past few weeks owing to several factors, including restrictions to curb the Omicron variant spread, disrupted import-export, dollar fluctuations, and others, Indian equities remain expensive as measured by several yardsticks. In India, the market capitalisation-to-GDP ratio has touched a multi-year high in the first month of 2022. According to an industry expert, the current ratio is 116 percent, based on the FY22E Gross Domestic Product (GDP) number, which is higher than its long-term average of 79 percent since 2007. As presented by the Finance Minister of India on February 1st, Budget 2022 brings a sense of optimism and reflects the government's continued focus on 'Make in India', which relies on decreasing the dependency on imports from other countries. India has always been a major door for global pharmaceutical and nutraceutical products. The Indian nutraceutical market has grown at a healthy CAGR of 40% month-on-month since 2020 and is expected to grow at approximately USD 20 billion by 2025. The imports from China got disrupted amid rising COVID-19 cases at the country's major ports, due to which several Chinese companies suspended their operations, affecting the supply of nutraceutical products in India.
As per ChemAnalyst, the prices of pharma grade Biotin are anticipated to decline in the Indian domestic market in the upcoming weeks due to decreased demand and dollar fluctuations. The Ex-Mumbai Biotin prices deescalated from USD 548580.82/mt to USD 541890.81/mt from January 28th to February 4th, showcasing a decline of 1.21% in the first week of February. Indian traders stocked their inventories more than necessary as they feared the shutdowns and closure of the market ahead of the Lunar New Year and Beijing winter Olympics, due to which the demand for Biotin has reduced from the international market owing to enough availability of the product.
Indian customers have now become more aware of the global trends and started focusing on everyday concerns like hair loss, sleep and skin disorders, gut issues, and others, taking health and personal care into consideration. When it comes to multivitamins, each vitamin has specific benefits and is essential for keeping the body functioning normally. Biotin is a B vitamin that has been proven extremely beneficial in improving the health of hair, skin, and nails. ChemAnalyst concludes that its demand will remain high within the domestic market. However, the traders won't be importing it from China as of now.


text:
Rolls Royce has announced its brand new identity, which aims to further modernize the famous marque, in order to attract a younger target group of customers…
Unique Pagani Zonda breaks a world record
During August this year, we received news that the unique Pagani Zonda Aether will be auctioned...
The Zonda model was officially dropped from production six years ago, but its hard-working fans manage to force the celebrity brand to continue creating extremely limited special editions. Launched in 2017, Zonda Aether is one of the last to carry the Zonda designation, which makes it really special. In addition, this model set a new record, being the most expensive Pagani ever sold, reaching $ 6.8 million during an auction sale in Abu Dhabi.
Before the auction itself, the model was estimated to be worth about $ 4.5 million, and that figure was exceeded at lightning speed during the auction. According to auction house RM Sotheby's, "the evolution of the supercar in the hybrid era has made enthusiasts want a true, analog driving experience." For this very reason, the unique Pagani Zonda Aether has been labeled "ultra desirable".
The Zonda Aether is powered by a powerful 7.3 liter V12 engine derived from AMG, which is tuned to deliver 760 horsepower. Fitted with a six-speed manual transmission, this engine sends its power to the rear wheels. The Aether model features a handmade body, custom-made mainly from carbon and other ultra-lightweight materials.
The style of its exterior may seem familiar to you because of its roadster appearance, large rear wing and massive roof element. This unique supercar shares many design details with the seductive Cinque Roadster that was introduced about ten years ago. The driver's cab is perfectly minimalistic, for the sake of maintaining low weight. It is equipped with Zonda HP Barchetta / Huayra BC seats, while the door handles are replaced with leather straps.
Read next luxury article: Someone paid 14 million dollars for this monstrosity


text:
Halo Infinite PC Launch Met with Cheating
Cheaters are unfortunately nothing new to the FPS scene.
Call of Duty: Warzone has lost a lot of top streamers due to the ongoing hacking issues in the battle royale. Counter-Strike: Global Offensive, Overwatch, and other shooter-based games are also no stranger to boosting, hacking, and smurfing. And now it seems Halo Infinite is experiencing something similar even though the game hasn’t been released just yet.
Ahead of the December 8 launch date, Halo Infinite beta players have been experiencing an influx of hackers and cheaters. Over Thanksgiving weekend, Halo Infinite players started recording matches overrun with cheaters on PC. This included an abundance of aimbots and wallhacks, popular cheats in most FPS titles.
From the compiled clips all over social media, it’s clear that cheaters are using third-party software on their PC to get an unfair upper hand over opponents. One Reddit clip started to get a ton of attention from the Halo Infinite community, with many expressing frustration with the situation. Others wondered what the point of cheating even was.
Said one player: “What even is the point of cheating? How can anyone finish a match and go, ‘Wow look how good I am,’ without feeling guilty and hypocritical? I don’t think I’ll ever understand these sorts of people.”
Another answered simply: “Everyone wants to be the best.”
Others said that hackers get joy out trolling others and ruining their fun. Some said hackers have a “warped sense of accomplishment.” No matter the reason, the Halo Infinite community is not amused.
cheating in Halo Infinite is starting to become a problem. Aimbots and wallhacks are an obvious problem with PC players, despite 343's behavior-based server side anti-cheat. There are also plenty of Cronus controller cheaters too, so disabling cross-play won't fix everything https://t.co/8SnxpDBFMt— Tom Warren (@tomwarren) November 29, 2021
Halo Infinite currently has cross-play, allowing PC and Xbox players to compete together (and against each other). Some players have said that they plan to shut off crossplay to avoid the PC hackers. While this is a temporary fix, the real solution is introducing an anti-cheat that catches cheaters.
Halo Infinite currently has no anti-cheat program. Instead, 343 Industries has implemented a server-side client-side detection system. But this behavior-based system doesn’t seem to be working and hackers are already starting to easily find a way into the game.
Halo Infinite players have noticed wallhacks, infinite ammo, speed hacks, jumping hacks, aimbots, and infinite abilities, among other hacks. The fact that they all have gotten past Halo Infinite’s current system means developers may need to consider an anti-cheat.
Since Halo Infinite has yet to be officially launched, 343 Industries has been informed quite early about this issue and has a chance to implement an anti-cheat before things get worse when the game goes public. The game already has 150,000 average peak players each day, meaning it will only increase when more gamers get access to the game after launch. This unfortunately means more cheating.


text:
China to form data bureau to boost digital economy, facilitate data handling
- China on Tuesday said it will form a national data bureau, a move that experts said is a timely way to accelerate the nation's modernization in the new digital era. It's expected to facilitate regulations on cross-border data transfers in an efficient manner.
China will establish a national data bureau, according to a reform plan submitted on Tuesday to the national legislature for deliberation, the Xinhua News Agency reported.
The proposed bureau will be administered by the National Development and Reform Commission (NDRC), the country's top economic planner, and it will be responsible for advancing the development of data-related fundamental institutions, coordinating the integration, sharing, development and application of data resources, and pushing forward the planning and building of a digital China, the digital economy and a digital society, among others.
Certain functions of the Office of the Central Cyberspace Affairs Commission and the NDRC will be transferred to the new bureau, said the plan on reforming State Council institutions.
The launch of the new agency adapts to social development amid the nation's push on the digital economy and strengthened oversight over data handling, Wang Peng, a research fellow at the Beijing Academy of Social Sciences, told the Global Times on Tuesday.
"Having one single agency in charge should help address inefficiencies arising from decentralized management among agencies and ministries," Wang said.
According to the reform plan, the Office of the Central Cyberspace Affairs Commission will transfer certain functions to the national data bureau, including the responsibilities of drafting plans for the construction of digital China, promoting the construction of smart cities, and promoting cross-industry and cross-departmental connectivity of information resources.
Responsibilities previously undertaken by the NDRC, such as coordinating the development of the digital economy, implementing the national big data strategy, and promoting the layout and construction of the digital infrastructure, will be transferred to the national data bureau.
The new agency would also serve the building of the "digital China" blueprint, Wang said.
According to guidelines for digital development in China, by 2025, the digital infrastructure will be efficiently connected through a broad range of sectors, and China will become a global leader in digital innovation. By 2035, the level of digital development in China will enter the forefront of the world.
It is expected that the national data bureau will play a centralized role to carry out relevant work from a top-down design and form a set of assessment and evaluation systems to better supervise the process, Wang said.
It is expected that under its overall management, more detailed standards, laws and regulations will be introduced as soon as possible, which could also cover the process of security reviews of cross-border data transfers, further facilitating the regulation of cross-border data transfers and services trade, Wang said.


text:
Indian shortform apps are catching up to global players in popularity and usage. In recent years, several homegrown short-form video platforms such as Moj, Josh, and Chingari have gained popularity in the country’s growing creator ecosystem, with global players such as YouTube Shorts and Instagram Reels only broadening the growth of the ecosystem.
Moreover, with the ban on TikTok, many Indian shortform apps have emerged as alternatives, attracting millions of users. This has led to intense competition among these platforms, resulting in the development of innovative features and better user experience. Further, our report suggests that Indian short-form video (SFV) market monetisation is at the cusp of a breakout and could potentially be an opportunity of $8-12 billion by 2030, owing to an increase in the adoption and usage of smartphones. The report also observed that user-generated content (UGC) platforms are developing creator marketplaces that can become a centralized network for creators to connect with brands. This can benefit both creators and brands, as it provides a platform for creators to showcase their work and for brands to find suitable creators to work with.
The report also projects virtual gifting on short-form video platforms in India to become $1.7 billion by 2030.


text:
Soylent Bars were touted as the ”latest advancement in convenient, complete nutrition” when they were launched by the meal replacement company Soylent last month. Now they appear to be making people sick.
Several customers have complained on Soylent’s health forum and on Reddit of experiencing vomiting and diarrhea after eating the 250-calorie food bar.
Soylent said in a statement on Wednesday (Oct. 12) that while only a ”small number of customers” had reported experiencing gastrointestinal issues after eating their bars, they would halt sales and distribution as “a precautionary measure.” The announcement advised customers to get rid of any existing bars and offered refunds for people who purchased the product. ”Right now our sole focus is getting to the bottom of this,” Soylent’s brand marketing manager Conor Parker said in an email to Quartz.
This is not the first issue Soylent has had to deal with this year. In September, the company had to temporarily cease shipment of its coffee flavored drink, Coffiest, and replace its nutrition labelling after levels of Vitamin A and C in the powdered drink were found to be inconsistent. Earlier this month, it had to delay shipments of its revamped drink, Soylent 2.0, after discovering mold in some of the bottles.
Soylent has found huge success in Silicon Valley since launching its first meal replacement drink, Soylent 1.0, in 2014, but the company’s claims about the nutritional value of its products have been met with skepticism by some.


text:
Sephora is a multinational chain of personal care and beauty stores. Featuring nearly 3,000 brands of beauty products.
Willowbrook welcomed the newest addition to their shopping center, Sephora, with a Grand Opening celebration on Valentine’s Day. The campaign goal was to showcase the new beauty store on Instagram and raise awareness for Langley, BC’s first-ever Sephora location!
ID ‘s lifestyle and beauty influencer @brittanyng attended the Valentine’s Day Grand Opening and shared highlights via a story takeover posted live throughout the celebration.
While at the Grand Opening, Brittany also created an IGTV video of the unique offerings at the event including gift bags, a dance performance, a DJ, and expert beauty advice. All content was tagged with Willowbrook & Sephora Instagram accounts to enable resharing and maximize reach.
Following the event, Brittany posted a photo & story slide recapping her Valentine’s Day with Sephora for her audience. Brittany also used this recap to drive traffic to Willowbrook’s Instagram by encouraging her followers to watch the IGTV video featured on their page, which she created.
“Great job by ID Agency, they made the process incredibly easy and efficient for us!”


text:
A leader in early childhood nutrition, Gerber has today become the first U.S. baby food company to announce its commitment to carbon-neutral food products. 100% of Gerber‘s U.S. Organic portfolio and Natural pouches and glass jars are set to be carbon neutral in 2022. The company is also committed to carbon neutrality across its full U.S. baby food portfolio by 2035.
Gerber will reach carbon neutrality by implementing practices across several priority areas: regenerative agriculture, packaging, manufacturing and supply chain management, and recipe design, and by investing in high-quality offsetting projects.
The carbon-neutral pledge is part of Gerber‘s ‘Climate Forward Nutrition’ ambition to pioneer on-farm research and invest in regenerative agriculture techniques to ensure the ingredients for nutritious food for babies are produced in a way that increases biodiversity and soil health and reduces water usage.
Nestlé is building on a decade of action and has committed to halve its greenhouse gas emissions by 2030 and reach net zero by 2050.


text:
Iceland steals the spotlight yet again – and this time for its cryptocurrency regulations. The Financial Supervisory Authority (FME), the sole advisory for the financial sector in the country, has announced the legalization of the use of cryptocurrencies in the country.
By offering license to the country’s first ever cryptocurrency firm called Monerium, FME has legally authorized the institution to facilitate secure and efficient digital assets transactions in the country.
Monerium to take charge
With a platform that is grounded on blockchain technology, Monerium has been tasked with legitimizing the business transactions in Iceland taking into consideration electronic money regulations in Europe.
The e-money platform provider, however, took a slightly different approach to comply with the European norms. The CEO remarks that right from the beginning, the company worked to base its products and services around the already set regulations instead of struggling to cope up with them at a later stage.
CEO of Monerium, Sveinn Valfells, welcomed the news with open arms. According to him, a seamless regulatory framework will work in the best interests of everyone since it will encourage more users to dive in the crypto platform.
Jon H. Egilsson, the co-founder of Monerium, proudly confirms that the organization thrives on best possible solutions offered by blockchain technology and is referred to as “closest form of central bank money.”
How things changed
Prior to this, the use of digital money was restricted to the country that has issued it. People were unable to transact in other countries.
Considering the fact that e-money was not regarded as an approved means of payment earlier, the news may seem like music to ears for many. With FME’s approval, Monerium will now be able to conduct business across the European Economic Area.
The FME’s sanction has not only made it possible for people to carry out a range of cryptocurrency transactions but also eliminated the need for intermediaries in e-commerce transactions and payments. Clearly, this would not have been possible without the backing from the blockchain.
A change that was bound to happen
For several industry experts, who have kept a close watch on Iceland’s growing interests in the crypto zone, the news does not come as a surprise. With increased activities in blockchain-based projects, it was anticipated that the country will shift its focus from mining to the blockchain.
Halldór Jörgensson, Chairman of Borealis Data Center in Iceland, asserts that the growing popularity and acceptance of Bitcoin has caused people to take notice of blockchain-based businesses. With more people riding the Bitcoin wave, it will eventually come down to mass adoption of blockchain worldwide.
Meanwhile, the postcard-perfect Nordic island is also known to be a preferred destination for Bitcoin mining owing to its cold weather.


text:
OPEC’s latest meeting at its Vienna headquarters welcomed back a lost member, Iran, and decided to maintain the status quo for another six months.
Production will not be increased to allow Iran to regain its former quota and second producer position, currently held by Iraq. The agreement caused a dollar-a-barrel fall in the price of Brent crude.
“I’m sure that all OPEC members show wisdom and when member countries, after limitation, return to the market they understand (that) they should open the doors for him and not fight with him,” said Iranian Oil Minister Bijan Namdar Zangeneh.
Since early 2012, when tougher sanctions on Iran first started to take their toll, output from the country’s fields has dropped to about 1m b/d, down from 2.5m b/d, which is equal to the loss of about $80bn in income.
So OPEC faces production surges from two of its members, plus fields coming onstream in the USA as fracking production rises. How to keep prices high with so much extra capacity?
Iran has already tried to get OPEC quotas changed in its favour, restoring market share taken by Iraq, and an increasing number of OPEC members are wondering if their low production costs means they could sell more if the price was lower.
- 1Braking bad: auto industry plagued by scandals
- 2How abolishing taxes saved a dying Hungarian village
- 3Saudi Arabia responds to low oil prices with economic reform plan
- 4VW counts cost of emissions scandal as other German carmakers join massive recall
- 5As iPhone sales slide, what is Apple’s next big money maker?
Wires > Business
- 07:43 CET Sanofi confident can win Medivation shareholder support for bid
- 06:49 CET U.S., EU officials say they will not settle for limited trade deal
- 05:57 CET Australia court fines Reckitt Benckiser $1.3 million, regulator…
- 05:31 CET Colombia and Panama agree on financial information-sharing deal
- 04:26 CET ECB’s Praet – rate cut not expected in near future: paper
- 03:30 CET Amazon profit crushes estimates as cloud-service revenue soars
- 03:20 CET In China’s tougher drug market, minnows open back door for ‘Big…
- 01:29 CET Comcast to buy DreamWorks Animation for $3.8 billion


text:
Microsoft released a new Windows 10 preview build (15002) to testers full of new features and changes. One of the first additions is a new tab preview bar in Microsoft Edge, which lets you visually glance at the rest of your tabs without leaving the page you’re on. Microsoft also added the ability to save and restore sets of tabs so it’s quicker to resume if you’ve closed all the tabs off or restarted. User’s can also launch a new window or In Private mode from the jump list for Microsoft Edge now The Verge reports.
Windows 10 is a service, meaning it was built in a very different way than its predecessors so it can be regularly updated with not just fixes but new features too. The most recent significant update is the Windows 10 Anniversary Update, released in 2016.
Venture beats reports that Terry Myerson, executive vice president for Microsoft’s Windows and Devices Group, explained the three components coming to Windows 10’s 400 million users and developers. The update features 3D and mixed reality, 4K gaming, and in-game broadcasting, as well as faster ways to share and connect with your friends and family.


text:
- Mobile Phones
Friday, 15 Mar 2013
In the wake of the launch of its latest Galaxy S IV smartphone, Samsung also announced the availability of its new quad-core Exynos 5 Octa that powers the Galaxy S IV smartphone.
Apple's next-generation "A7" processor is rumored to be slated for volume production by the fourth quarter of this year. TSMC is expected to be the main supplier for Apple and this move is seen as strategy to reduce the company's reliance on Samsung.
Samsung officially unveiled the Galaxy S4 smartphone at a launch event in New York City. Find out if all the previous leaks got their information correct.
Thursday, 14 Mar 2013
WhatsApp and BlackBerry has announced that WhatsApp will bring a native version of its popular mobile messaging service to the BlackBerry 10 platform.
Google has announced that Andy Rubin will be stepping down as head of Android. His duties will be merged into those of Sundar Pichai, who is currently senior VP of Chrome and Apps.
Independent game developer, Vivid Games, has revealed that it is working on a Tegra 4-optimized version of its popular Android and iOS game, Real Boxing, for devices such as NVIDIA's handheld gaming console, Project SHIELD.
Tuesday, 12 Mar 2013
Lenovo's CEO, Yang Yuanqing has expressed interest in a possible deal between Lenovo and BlackBerry. He also added that he needs to analyze the market to see if BlackBerry would be a suitable fit for Lenovo.
Monday, 11 Mar 2013
HTC has posted a short video showing off some of the processes that help mold and shape its newest flagship smartphone, the HTC One. Check it out if CNC is your thing.
Sunday, 10 Mar 2013
We just received information from staff at HTC Concept Store in the Nex shopping mall that the HTC One may be in stores as soon as next week.
Saturday, 9 Mar 2013
SamMobile received new information about the Samsung Galaxy S IV, which include a floating touch technology, new AMOLED technology, and a new camera feature.


text:
Video streaming service Netflix has revolutionised the way people watch TV and film. Now, the extent of its popularity has been truly revealed, with the news that it accounts for 15% of all web data today.
Bandwidth management company Sandvine identified video as the largest user of data across the world, collectively accounting for 58% of all downstream traffic. This comprised everything from Netflix to YouTube, as well as videos embedded within web pages. Much further behind in second place was web browsing on 17%, followed by gaming (7.8%) and social media (5.1%).
Though this may not be quite such a surprise to some (seeing as video streaming is more data intensive than loading the average webpage, for example), the sheer volume of Netflix traffic showed just how popular the service has become. What’s more, this figure only represents the average; during peak evening hours in the US, Netflix accounted for nearer 40% of all downstream data traffic.
That said, researchers noticed that internet diversity was increasing, and even though Netflix and YouTube remained by far the biggest players, many other localised services were making an impact on their relevant regions.
“There is an ever-growing number of other streaming providers capturing consumer screen time”, the report notes – before going on to suggest that trend is likely to increase further.
Video’s domination of the downstream data traffic is also set to grow over coming years. With the likes of 4K video becoming more prominent, streams of TV shows and films will become even more data intensive to display in this format, thereby giving it an even higher percentage still.
One challenge outlined by Sandvine concerned encryption. It found that more than half of web traffic was now encrypted, and the number is growing daily. Whilst this is undoubtedly a benefit for consumers, it poses a challenge for network operators, as they’re less able to understand the composition of traffic, which provides the valuable information they need to offer a quality service and solve any problems.
“With a higher percentage of traffic encrypted every day,” the report notes, “operators are struggling to gain a holistic view of their networks.”


text:
(VIDEO) DHL tests electric cars in Bonn with StreetScooter Van
The company Deutsche Post DHL bets on electric vehicles and launched a pilot project in the city of Bonn. No fewer than 30 vehicles will be put in service by the end of the year.
On May 21, 2013, Deutsche Post DHL has introduced a pilot project that will see the deployment of electric vehicles (StreetScooter Van) in its fleet from mid-2013 in the city of Bonn and the surrounding area. No fewer than 79 electric vehicles are announced before the end of the year and 141 by 2016, thereby avoiding 500 tons of CO2 per year.
"This pilot project is unique in the world and could become a model," said Frank Appel, CEO of Deutsche Post DHL. Continuing then: "We have one of the greenest fleets in the industry."
The car specially developed in partnership with the German company StreetScooter, can travel 120 kms with average routes of 80km, range should be more than enough!
One of the objectives of DHL is that "30% of its fleet of vehicles goes electric by 2015," as announced Michel Akavi, CEO of DHL France last year.
If the pilot project proves to be viable, up to 30,000 units of StreetScooter Van could be ordered.


text:
Samsung reveals root cause of Galaxy Note 7 failures, fires
Samsung has announced its battery findings and findings of fault in the Note 7 fiasco. There was nothing wrong with the smartphone itself, but its batteries suffered from two separate, unrelated problems.
Samsung is refusing to pay for property damage caused by its exploding Note 7 phone
Samsung's handling of the Note 7 recall took another hit today as unhappy customers criticize the way the company is refusing to pay for the damage its phone has caused.
Samsung offers Galaxy Note 7 owners $100 off on new Samsung device
Samsung has announced a $100 rebate program for Note 7 owners if they buy a new Samsung device, but can any of the company's existing phones cleanly replace the Note 7?
Oculus disables Gear VR on the Galaxy Note 7 as Samsung kills the phone permanently
Oculus has removed all support for the Note 7 from the Gear VR via software update, while Samsung encourages all Note 7 owners to turn the device off immediately and send it back.
Samsung goes legit, stops cheating on benchmarks with latest Android update
After months of falsely inflating benchmark scores, Samsung has rolled back the changes with its Android 4.4 KitKat update. However, the question is if it will pull the same shenanigans with the Galaxy S5.
Are smartphones getting larger because they have to?
One of the most striking trends in smartphone designs is the push towards ever-larger screen sizes. Not only has average screen size increased steadily since 2008, the so-called "phablet" market is poised to explode. Nearly 26 million crossover devices shipped in 2012, with an estimated 60 million shipping in 2013 and 146 million by the end of next year. That's a huge growth rate for a market at a time when both tablet and smartphones are growing more slowly than in past quarters. But what's really surprising about phablets is that manufacturers continue pouring money into the category even as the devices grow increasingly unwieldy for many of the basic functions of a smartphone. We've dug into the trends behind this push
Samsung promises ICS update for Q1 2012, Android community groans
Samsung has promised users of its late model Galaxy devices that they will see an ICS upgrade sometime in Q1 of 2012. Some companies never learn.
By Ray Walters


text:
3rd April 2021, Kathmandu
Huawei’s plans to make the “Making the Digital Nepal campaign” a success.
Huawei Nepal has assisted the ICT Awards team in expanding technology. Making the Digital Nepal campaign a success by assembling a list of technical experts in Nepal.
This year, Huawei ICT Awards 2020 was presented in 12 different categories. The Huawei ICT Awards 2020 received more than 350 online nominations as well as nominations from jury advisors.
The program initiated by Huawei has been supportive and appreciated by the Ministry of Communications and Information Technology of the Government of Nepal for its efforts to contribute to Nepal’s ICT market.
Despite the Corona outbreak and US sanctions, the company made a profit of $9.86 billion last year, according to its annual report.
You may like this: The Finale of Huawei ICT Award 2020 Held Successfully


text:
Record number of local beer options at Bank of America Stadium this year
WHEN FANS ENTER Bank of America Stadium Friday to kick off the season with the annual Carolina Panthers Fan Fest, they’ll have more local craft beer options to choose from than ever before.
A record 10 Charlotte breweries will have either draft or cans for purchase this year at games, with multiple locations throughout both the 100 and 500 levels, along with club sections.
“Following last year when the stadium did renovations on the club and 100 level, there was a push to look for more local craft options,” says Todd Smoots, a representative for Delaware North, which is the official food, beverage and retail partner of the Panthers at Bank of America Stadium. “And as (last) season progressed, we learned we needed to put more (local) options than just that section at the west end zone.”
Smoots is referring to last year’s addition of the standalone Craft Beer Zone outside of Sections 101-102, which boasts 24 taps on each side along with TVs above the taps so fans don’t have to miss any action. That section will now be bolstered with the addition of stadium newcomers such as Resident Culture and Wooden Robot, among others.
Resident Culture founder and CEO Phillip McLamb says he was “floored” when the brewery was approached to be represented at the stadium.
“It’s been a dream we talked about before we ever broke ground,” he adds. “As a born and raised Charlottean, I remember the stadium being built and going to my very first game there, so it’s more than just a place to distribute or a business goal for us. …
“The possibility of pouring our own beer next to other local craft breweries we respect so much, in a space that means so much to us – let alone the stadium honoring the artisanal work of our industry with a Craft Beer Zone – is an absolute honor for us.”
The taplist at the Craft Beer Zone in Bank of America, which features more local breweries than ever before (Photo by Matt McKenzie)
In all, the local breweries that will be available at Bank of America Stadium are: Birdsong, Blue Blaze, Legion, Lenny Boy, Olde Mecklenburg, Resident Culture, Sugar Creek, Sycamore, Unknown and Wooden Robot. (Catawba, whose primary production facility is in Morganton and opened a brewhouse/tasting room in Charlotte last year, along with D9 Brewing in Cornelius, will also have beer for purchase at games.)
“I think it’s great that they’re supporting the local beer community here,” Legion co-owner and managing partner Phil Buchy says. “I’m sure all the breweries involved are absolutely excited to be a part of this as much as we are. It also serves as a showcase for us with people who go to games and may not necessarily have heard of our brand – and not just Legion, but everyone.”
Adding additional craft options actually began last year, when Birdsong and Sycamore cans and a few Legion taps were offered late in the season (Olde Mecklenburg was available, but only in club sections during the 2018 campaign).
From there, local breweries began reaching out, but Smoots says they wanted to wait until the offseason for any further discussion.
“We wanted to look at every fan’s perspective,” he adds. “And there were a high percentage of fans who wanted something outside of what we’ve been offering. So we looked at the radius of Charlotte and took the feedback into account and from there, we went to different breweries and spoke to them.
“We have a limited amount of taps in the building, so we told them, ‘These are the vacancies we have; what would you put in it?’ All we can do is offer the location, and it’s up to the fans to buy it. But we tell the breweries – whether they are the bigger ones or local – we want your best, the ones that are going to sell – and I think that they get that.”
Speaking of the bigger breweries, craft options from AB InBev and MillerCoors – such as Elysian, Goose Island, Wicked Weed and Terrapin, among others – remain in the fold, as do the usual regular domestic beers from those companies.
While the craft beer section was a welcome feature last year, the 2018 season will bring about other new additions sure to appease craft fans. At each walkway ramp that leads up from the 100 section to the 500 section, there will be a cooler stocked with local, regional and national cans. These “grab-and-go” areas will be credit-card only in order to create a quicker transactional experience. Cans will also be available in two other larger “cooler markets” (which also include food options), one on both the 100 and 500 level. The 16-ounce cans will be $9.25 each aside from Olde Mecklenburg, whose new 12-ounce PET plastic bottles will be $7.75 each.
New "grab-and-go" coolers with local, regional and national cans are now placed throughout Bank of America Stadium (photo by Matt McKenzie)
Additionally, fans will be able to get draft pours at several locations throughout the stadium, including the 100 and 500 levels and 400 Club.
“There is always the group of folks that want that experience, they might just want one beer and want it to be something unique and something Charlotte-based,” Smoots says. “Now, we won’t have challenges where fans can’t say, ‘I can’t get that here.’”
Local Craft Beer at Bank of America Stadium
Birdsong (Lazy Bird Brown Ale, Paradise City Session IPA)
Blue Blaze (Carolina Thread Trail Pale Ale)
Lenny Boy (Citraphilia IPA, Life in the South Lager)
Olde Mecklenburg * (Captain Jack Pilsner, Copper)
Sycamore (Mountain Candy IPA, Southern Girl Blonde)
–All walkway ramps on the 100 level that go up to the 500 level
–Various areas throughout the 300 Club level
Legion (Freedom Park Pale Ale, Juicy Jay IPA, Project Pils)
Lenny Boy (Dat Pale Ale)
Olde Mecklenburg (Copper)
Resident Culture (Rotational beer)
Sugar Creek (Pale Ale)
Unknown (Pregame Pilsner)
Wooden Robot (Overachiever Pale Ale)
— Craft Beer Zone at Section 102 (all local drafts mentioned except Legion’s Freedom Park)
–Section 119 (Sugar Creek)
–Section 124 (Resident Culture, Wooden Robot)
–Section 127 (Resident Culture, Wooden Robot)
–400 Club (Legion’s Juicy Jay, Resident Culture, Wooden Robot)
–Section 501 (Sugar Creek)
–Section 520 (Two Legion beers, Lenny Boy, Resident Culture, Sugar Creek, Wooden Robot)
–Section 533 (Two Legion beers, Lenny Boy, Resident Culture, Sugar Creek, Wooden Robot
–Section 547 (Two Legion beers, Lenny Boy, Resident Culture, Sugar Creek, Wooden Robot)
–Section 550 (Sugar Creek)


text:
This essay originally appeared in Data Sheet, Fortune’s daily tech newsletter. Sign up here.
Any way you look at it, the World Wide Web is an incredible achievement. The way that it effortlessly allows billions of Internet users from around the world to connect and accomplish things they never could have before makes it easily one of the most impressive inventions of the past century. In fact, it’s so amazing that it seems churlish to criticize it—unless you happen to be the guy who invented it in the first place, of course.
Sir Tim Berners-Lee (who told me once that anyone who calls him “Sir” in a social setting has to buy a round of drinks) did exactly that during a recent symposium on the future of the web called the Decentralized Web Summit, which convened in an old church in San Francisco by longtime Internet activist Brewster Kahle.
The downside of the way the web has developed since it was created in 1989, Berners-Lee said, is that the same technology that allows for incredible examples of connectivity also supports “spying, blocking sites, repurposing people’s content [and] taking you to the wrong websites,” he said, which “completely undermines the spirit of helping people create.”
Kahle told the group that CIA whistle-blower Edward Snowden showed “we’ve inadvertently built the world’s largest surveillance network with the web.” Countries like China can “make it impossible for people there to read things, and just a few big service providers are the de facto organizers of your experience,” he said. “We have the ability to change all that.”
Just how things might change isn’t clear, unfortunately. Berners-Lee and Kahle, among others, are interested in the potential of blockchain technology—the software that underlies bitcoin and other cryptocurrencies—as a way of making it easier for creators and content owners to get paid and to keep the Internet from relying entirely on advertising as a revenue source. The latter is responsible for some of the web’s worst flaws, Berners-Lee said.
“Ad revenue is the only model for too many people,” the web’s creator said. “People assume today’s consumer has to make a deal with a marketing machine to get stuff for ‘free,’ even if they’re horrified by what happens with their data.” But the biggest problem is a social one, he said. “The problem is the dominance of one search engine, one big social network, one Twitter for microblogging.
“We don’t have a technology problem, we have a social problem.”


text:
‘Hangry’ App Launches in Toronto: Skip the Line for Take Out Orders
A new app has recently launched in Toronto, aimed at helping people skip the line for take out orders. Hangry is the brainchild of Hamilton residents Mark Scattolon and Fabian Raso, who were recently on CBC’s Dragon’s Den to pitch their startup–and landed a three-way deal in the process.
Instead of charging restaurants a fee to use Hangry like other similar apps, the business model charges customers a 10% fee to skip the line to pick up their orders, and according to the founders, this has been worth it for customers.
Hangry explained to iPhone in Canada they have rolled out at the University of Toronto, with plans to expand to McMaster in January, plus additional campuses nationwide.
Users of the iPhone app just choose their cafeteria, place their order and then get notified via push notification when their meal is ready to be picked at the designed ‘Hangry’ station. Users of the app also get to participate in the Hangry loyalty program, which awards points with each order, which can unlock more rewards.
The app definitely is convenient for those on a busy schedule and cannot afford to wait in line. Let us know if you’ve been trying this out!
Click here to download Hangry for iPhone in the App Store.


text:
4,00,000 jobs could be impacted by refusal of food MNC,s companies to accept jute's bags for their sugar bags packaging . Indian Govt has made it mandatory for public companies ( JPMA) to use jute bags instead of poly bags for their supplies and procurement . This is to support ailing jute industry which gives jobs to thousands workers and farmers who grow jute . Food companies need to install few equipments to screen out foreign particles in sugar bags . Where as Jute manufacturers can innovate and manufacture bags which would remove objections from the food companies. Even plastic bags could bring contamination which any case requires sifters , magnets an other screening equipments to remove foreign particles .Bakery and Confectionery manufacturers are one of the biggest consumers of sugar .
In a body blow to the ailing jute industry in the country, major corporates like Coca Cola India, Cadbury, Nestle India and GlaxoSmithkline have outright rejected the supply of sugar in jute bags. These firms have argued that the jute fibres are contaminating the sugar that they use for manufacture of their products.
These corporate majors, have instead opted for supply of sugar packed in plastic bags.
The snub to jute bags by these corporates has come at a time when the Jute Commissioner's Office (JCO) and the Indian sugar industry have locked horns over the availability of raw jute and production of jute bags in 2010-11.
Over the past few months since the peak sugar season started, all the four food and beverage companies have written letters in phases to the Indian Sugar Mills Association (ISMA) expressing their concern over jute sacks and favouring packing their materials in polypropylene sacks.
ISMA in turn has taken up the issue with the Union Textiles Ministry and the Jute Commissioner's Office (JCO) in Kolkata.


text:
Apr 11, 2024
Wall Street Market Darknet
Markets exist on shared logics and expectations, shared norms and shared Wallstreet market was seized after an exit scam, following which 200 A. Savvy web surferslooking to buy illegal goods can find them on darknet sites A fourth defendant linked to the Wall Street Market scheme 29-year-old. Established in 2022, the Wall Street Market was considered the world's second-largest darknet market before its closure, and had some of the best security. How German and US authorities took down the owners of darknet drug emporium Wall Street Market. The 10-Point. A personal, guided tour to the darknet drugs best. WallStreet Market Review - Alternative Darknet Marketplace. Tor2door market reliable darknet markets versus darknet Daeva Market Darknet Dark Web Drug Markets. Wall Street Market has been seized by Law Enforcement in 2022. You may also like Dark Market the biggest darknet market.
Researchers explain that 65 of the listings on Silk Road were related to the House of Lions Market, TradeRoute, Wall Street Market, RSClub Market. WallStreet was launched in 2024 and served as a darknet market enabling the sale the market administrators were in the process of pulling an. HazelNoick. 09/16/2024 at 8:58PM. how to use darknet markets reddit darknet market noobs wall street wall street market darknet market darknet review white house market. Like any other darknet market, World Market is on the dark web. The major darknet marketplace known as the Wall Street Market have been seized and its. Weakness in big technology stocks weighed down the market most. Twitter rose after disclosing an arrangement with Tesla chief Elon Musk that. Deep web drug store wall street market darknet darknet wall street market. April 6, 2024 at 11:47 PM.
Wall Street Market, the second-largest darknet in the world in recent months, has been shut down by international law enforcement agencies. Wall street market. The Wall Street Journal reported Tuesday (April 5). including food delivery though DoorDash has gained market share overall. In this blog, our analysts dive into the latest dark web market exit scams, what darknet Wall Street Market Exit Scams Then BKA Announces Seizure. WallStreet was launched in 2024 and served as a darknet market enabling the sale the market administrators were in the process of pulling an. The Wall Street Market Dark Web Marketplace has Exit-Scammed The popular darknet marketplace has shut down, and the admins took all the money. Unfortunately, and as expected, new Dark Web markets wall street market darknet have emerged to take the lead took down the owners of Darknet drug emporium Wall Street Market.
Markets exist on shared logics and expectations, shared norms and shared Wallstreet market was seized after an exit scam, following which 200 A. Wall Street Market, the second-largest darknet in the world in recent months, has been shut down by international law enforcement agencies. Wall street market. Wall Street Market has been seized by Law Enforcement in 2024. You may also like Dark Market the biggest darknet market. Prosecutors in Frankfurt described the Hydra Market platform as the Asian shares mostly higher after tepid gains on Wall Street. Results 1 - 10 of 2898 Today, the Dark Web markets sell drugs, weapons, Examples of the clearnet Reddit Darknet Seiten Dream empire market Market Darknet Wall Street. Quickly find deep web Market Onion Links/URLs to use on the Dark Web. Most popular Darknet Markets such as Dream Market, WallStreet Market.
Three Germanmen, ages 31, 22 and 29, were arrested on allegations they operated the so-called Wall Street empire market darknet Market Darknet platform. Germany: 3. Dark web drug market 'Wallstreet Market' seized by German police The administrators tried to exit scam. Law enforcement got them anyway. LOS ANGELES (CBSLA) A crackdown on darknet drug sales has swept up a Southern One of the most well-known, Wall Street Market. Prosecutors in Frankfurt described the Hydra Market platform as the world's biggest Restaurant Road Trip: Uncle Ronnie's Sandwich Shop. The results of Operation DisrupTor come more than a year after officials took down the Wall Street Market, which was believed to be one of. Three people have been arrested in Germany in connection with a dark net souk for drugs, dodgy documents and stolen data called the Wall.
Zachary has consulted IoT and IIoT companies on SSDLC and Privacy-by-Design, Fortune 500 retail companies on US and foreign governance documentation, and just about everything in between. Utopia servers were apparently living at one of their homes, and presumably the rest writes itself. Drugs, Fraud, Jewels, Carded Items and other products can be traded. All types of personal data can be distributed online for a profit. Make sure you are on our official domain, don't get phished. She’ll share some news and tell some powerful personal stories. Self-reported use of novel psychoactive substances among attendees of electronic dance music venues. CBD oil is a popular pain reliever that can alleviate wall street market darknet a range of afflictions.
As of 2021, quantum empire market darknet stats computing is in its infancy, but the field is advancing quickly. John Bollinger is an author, financial analyst, and technical and fundamental analysis expert best known as the creator of the Bollinger Bands technical charting indicator. Addresses based wall street market darknet in Africa and Eastern Europe have the first- and second-highest rates of exposure to illicit cryptocurrency addresses, respectively.
Distributed by x0o_justLikeheav3n, LLC.


text:
OWC Pharmaceutical Research Corp (OTCMKTS:OWCP)
OWC Pharmaceutical Research Corp (OTCMKTS:OWCP) has engaged the services of CFN Media as part of an effort that seeks to attract high-quality investors. The company also plans to use the partnership to broaden its product’s target market.
CFN Media Agreement
CFN Media will conduct a 2-month investor and market visibility program as part of the agreement. The company’s President, Frank Lane, has welcomed the partnership, which he says will help millions of people gain access to their high-quality cannabinoid psoriasis cream. The Israel-based company plans to use its presence in the cannabinoid sector to promote OWC Pharmaceutical Research Corp (OTCMKTS:OWCP) offerings.
“We are very excited to cooperate, again, with CFN Media. In the near future, OWC will report developments that we believe are material. CFN has proven themselves as a reliable and professional media outlet with exceptional editorial skills. Together with their video interviews we will have the best channel to convey our message to the investment community,” said OWC Pharmaceutical Research Corp (OTCMKTS:OWCP) CEO, Mordechai Bignitz.
CFN Media’s collaboration builds on a similar agreement signed with Mediq Innovation partners last month. Under the items of that agreement, the German-based company has agreed to market OWC Pharmaceutical Research Corp (OTCMKTS:OWCP) products in Europe.
Mediq’s will offer both strategic and scientific assistance geared towards developing a commercial market for OWC Pharmaceutical Research Corp (OTCMKTS:OWCP) proprietary cannabinoid products. Plans are already underway to unveil products in Germany since the country’s law and regulations allow for the sale of non-smokable cannabis.
Germany’s health care sector will be key for growth as it offers reimbursement for medical cannabis. Other countries where cannabis has a legal status do not yet offer reimbursement for cannabinoid treatment(s). Scientific collaboration should also benefit the company as it continues to explore new products in a bid of taking advantage of growing demand for cannabis products.
“We’re looking forward to initiating our efforts on behalf of OWCP in Europe, starting in our home market of Germany. Since German laws and regulations allow non-smokable forms of medical cannabis, we believe that OWCP’s proprietary cannabinoid-based topical psoriasis cream is the right product at the right time,” said Mediq Managing Director, Jan Wende.
Separately, OWC Pharmaceutical Research Corp (OTCMKTS:OWCP) has confirmed that its wholly owned Israeli subsidiary, One World Cannabis Ltd, has designed the road map for a Multiple Myeloma study. The study builds on promising results from an earlier vitro study. The purpose of the next phase of study is to investigate the dose levels and delivery systems for a future planned study on human patients.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
Don’t miss out! Stay informed on $OWCP and receive breaking news on other hot stocks by signing up for our free newsletter!
About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.


text:
A company from Oxford University developed a screen that requires no power and is visible in sunlight, using the technology of rewritable DVDs.
In today’s world, one of the main parts of a cell that wears out the battery is the screen and so many advise to place a short time before the screen remains active when not in use and is better to reduce the brightness these screens. A UK company is working on a new technology to stop developing a display that does not require battery.
A group from Oxford University say they have developed a screen that does not need battery and it would be much more practical than the screens of electronic ink (e-ink) and can be seen outdoors without problems.
The company also says it is talking with some of the largest technology companies in the world but have not said where they would be.
The company also had very cautious with information that said about their technology but said that innovation is based on the technology used in rewritable DVDs , using electric pulses to create screens display technology with vibrant colors, which requires no power and can see clearly seen, even in sunlight.
The creator of the company, Dr. Peiman Josseini believes this technological innovation could dramatically impact devices such as smart phones and watches.
This technology could also be used in buildings, creating smart windows that block infrared light for keeping cool buildings without using the air conditioner.
Still short of some years for this new technology comes to market but so far is very promising.


text:
Nigerian startups and entrepreneurs in Fintech with innovative and digital solutions that can revolutionalize commercial transactions and ease the operations of SME in Nigeria can now apply for the 2017 startup challenge bankrolled by the Central Bank of Nigeria. The challenge is part of the CBN’s Cashless Card Expo.
The Card Expo Conference which will hold in Lagos between June 13 and 15, 2017 will shortlist 30 startups from all the received applications after a 60-second video pitch of their Fintech ideas. These 30 startups will further be pruned down to 10 and they will have the opportunity to pitch their ideas at the Card expo.
Visit FinTech Startup Challenge for more information.


text:
Nearly 1 million Americans submitted a complaint to the Better Business Bureau last year, a 6 percent increase over the year before. Telecomm companies, auto dealers and collection agencies drew the most complaints.
Much of the irritation on the part of customers stemmed from their inability to reach company personnel with their questions or concerns.
A growing number of businesses are “driving a wedge between themselves and their patrons through poor use of technology and inadequate training,” according to a new survey by Consumer Reports magazine. Many companies today sidestep customer calls any way they can to save money, the report said.
The declining level of customer service Americans feel today was reflected in the survey:
- More than 70 percent of respondents said they were “tremendously annoyed” when they couldn’t reach a human on the phone. Women and respondents older than age 50 were particularly annoyed by this.
- Nearly 65 percent were “tremendously annoyed” by rude employees and had either hung up the phone or left the store.
- Men were especially annoyed by customer reps who pitched unrelated products or services.
- Repair people who don’t arrive on time are another major irritant, in particular to younger consumers – 35 percent were “tremendously annoyed,” 10 percent more than any other group.
Among companies with low marks for customer service were Walmart, Sam’s and US Airways, while at the other end of the spectrum with high marks were L.L. Bean and Zappos.
The study also showed that many consumers are quite patient. Phone delays of up to 10 minutes were fine with 37 percent of respondents, and 9 percent said they didn’t mind holding 20 minutes or more. Only 2 percent said any delay bothered them.
What unheard customers can do
In today’s high technology world, customers aren’t without alternatives. There are more and more ways for unhappy customers to strike back. Consumer Reports recommends consumers take some of the following measures to get the company’s attention:
- Use the Internet Word spreads like wildfire on Facebook, Twitter and such popular sites as Yelp where customers write reviews for the world to see. Smart businesses closely monitor these sites to nip problems in the bud.
- Be persistent Unhappy customers who speak loudly and often are more apt to have their voices heard. Twitter, in particular, puts the message out for everyone to see.
- Keep a record By noting the time and context of each conversation, who was spoken to and what responses were received, customers have a better chance of getting the problem resolved.
- Complain in person The chance of getting a complaint across correctly and having something done about it increases when customers and customer relations personnel discuss the situation eye to eye.
- Bypass automated phone systems Customers are obviously fed up with phone systems that place them on hold, route them around, or try to sell them other products while they wait. Companies that don’t treat their customers that way have a leg up. Today, there are even sites like DialAHuman.com and GetHuman.com that tell consumers how to get around telephone prompts. LucyPhone, for no charge, even takes customers’ phone numbers and calls them back when a real person is finally on the line.
- Take it to the next level Customers who aren’t getting the answers they want get better results when they tell the agent they want to “escalate” the status of their complaint and take it to a supervisor.
Contact the CEO’s office When all else fails, Consumer Reports tells unhappy customers to contact the CEO of the company. That’s one way that’s almost certain to get attention


text:
iPhone and Android app bug fixes9th May 2013
We have made a new release of the Nestforms app on both the Android and iOS platform
The latest release contains bug fixes that have dealt with:
- Field display issues when reopening previous events.
- Lag and performance issues on the Events list.
- Fixed image numbering on the Events list.
- 3G Packet issues have been corrected also.


text:
The newly appointed CEO of Hyundai Australia has confirmed that development of its global one-tonne pick-up has kicked-off ahead of its expected debut in around two to three years’ time.
In an extensive interview with whichcar.com.au, John Kett said that a framework is currently being drawn up for a complete range of versions ranging from single to double cab with two-or-four-wheel-drive, and that every pathway is being traversed to ensure that the yet-as unnamed pick-up is “a bloody ute” when it touches down.
“What’s clear to us is that if we’re going to bring a ute out, it had better be a ute. We’ve got past the first hurdle of what it needs to look like, but it needs to be functional as well,” Kett said.
“When you cut up the ute market, you split it up between 4×4 and 4×2, who owns 4×2 and what powertrain goes with that [internally] and then 4×4 crew cab versus cab/chassis and so on… we want to be smart about it and that’s what we’re going through at the moment”.
Unlike the unibody Santa Cruz that will go into production next year in North America, Hyundai’s global pick-up, as evident by spy images taken last year, will feature a traditional ladder-frame chassis like the Ford Ranger, Toyota Hilux and Isuzu D-Max, with production costs set to be shared with sister brand Kia who will introduce a pick-up of its own soon after.
“The fundamental request [to head office] hasn’t changed in terms of powertrains, drivelines, chassis set-up and abilities, relative to towing and off-road ability. That fundamental request has been consistent,” Hyundai Australia Product Manager, Andrew Tuatahi, told the publication.
“There have been a few other things that have changed recently in terms of other market’s production capacity and facilities, and that’s the dynamic we’re working with at the moment, just to make sure that whatever is agreed to as a solution for the one-tonne pick-up works for us and the other target markets that the car will be developed for”.
Based on the publication’s claims, the newcomer will allegedly be built in Indonesia where an investment of over $1-billion earlier this year will reportedly result in the construction of a new factory that is due to open in 2021.


text:
By David Whitehouse
Unless you have taken a conscious decision to avoid them, the world’s main social media platforms are probably deeply imprinted into your consciousness.
Their omnipresence makes it seem that they are part of the permanent natural order of things. In reality, social media platforms are fragile constructs. Elon Musk’s takeover of Twitter and the radical changes to the company’s business model which he is trying to implement are exposing the limits of their durability.
Twitter was already “seriously distressed” by the massive leveraged buyout debt it couldn’t support before Musk took over, says Vicki Bryan, founder of bond research provider Bond Angle in Houston and a contributor to the Smart Karma platform. Musk has “worsened chances for Twitter to recover sufficient ad sales, its only credible revenue source, much less boost them to profitable levels,” she says.
This has been compounded by “draconian” layoffs which have “weakened operations, increased the company’s legal jeopardy, and darkened its prospects for viability,” Bryan argues.
The nature of the platform limits the amount of information that is valuable to advertisers. Even a casual social user of social media will notice that YouTube has a much sharper idea of what content you are actively looking for and what products you might therefore want to buy. Twitter interactions are more random and harder to interpret than which videos you search for and watch.
Major Twitter advertisers including General Motors, Cheerios, and Lucky Charms have paused their spending since Musk took over. Those which are still plugging away risk being scared off as the lack of moderators means that content becomes increasingly no-holds barred. According to Axios, only 11% of the staff previously responsible for content moderation are still at the company.
There is also nothing to suggest that the casual user is going to want to pay for a blue tick. The original point of these was to distinguish prominent posters, for who the risk of impersonation was real, from the rest. There was also some intangible prestige attached to having the tick, but that disappears as soon as everyone can get it.
Many of the people who carried out the blue tick verifications at Twitter are no longer there, but Musk wants about 50% of revenue to come from users who are willing to pay to provide his platform with content. There is nothing in the company’s history to suggest that is realistic: Twitter had 2021 revenue of $5.1 billion, 89% of which came from advertising.
There’s “every chance Twitter will fail,” says Roger Kay, analyst at Endpoint Technologies Associates in Massachusetts. “People seem to forget how fragile social networks are.”
Ghost of Platforms Past
Kay questions how many people still remember AOL, MySpace, or Friendster. Early interactions might bring an interesting new sense of freshness, but the quality of conversations tends to fall over time. Eventually, social media platforms can become “cesspools” which are abandoned by the mainstream.
He recalls that one of the earliest social media platforms, The Well in San Francisco, has relied on channel moderators to keep it from going off the rails. The platform was founded in 1985 and since 2012 has been owned by a group of its members. It started out necessarily local because modems were dial-up at the time, and users had to pay AT&T connection fees, which were prohibitive for anyone outside the local area, Kay says. “It was a great social experiment, and, because it was local, many people met outside the bulletin-board forum. But The Well never made money.”
Facebook is less interesting than it was, but has not died because it has become something of a communications utility, Kay says. “Twitter, however, never reached that scale. It has always been a kind of specialty platform for the cognoscenti.” The economics were “crappy” from the start, and now they’re a good deal worse, he adds.
“As far as I could tell,” Kay says, “Twitter brought out the worst in everyone. At most, people humble-bragged and portrayed a curated version of their lives. At worst, they stalked people, flamed anyone with differing beliefs, and fought endlessly in a snark-race to the bottom.”
Losing as many employees as they have is in itself enough to make it unlikely the firm will survive, says Rob Enderle, principal analyst at the Enderle Group in Oregon. Musk has begun to shift resources from his other companies, such as technical resources from Tesla and money from SpaceX in the form of unneeded advertising. That makes it “increasingly likely Twitter and many of Musk’s other companies will fail,” Enderle argues.
‘Battle for Digital Control’
Some still believe that Musk can turn it round. The new owner is cutting costs, and if earlier advertisers abandon the platform, new ones will take their place, says Richard Smith, Florida-based CEO of Finiac, which provides investment portfolio analysis tools. “Twitter is still an irreplaceable social media platform,” Smith says.
Musk himself has warned the company may not survive if it can’t find new revenue sources. The motivations for the world’s richest man in buying the platform may not be purely financial. “What people don’t realize is that Twitter is not just another business,” for Musk.
The new owner, says Smith, sees Twitter as “a cornerstone of an existential battle for the future. The battle is a battle for control of digital identity. It’s a battle between a centralized digital future where corporate and political elites control the narrative and a less centralized future where individuals still enjoy a measure of autonomy and control over our digital selves.”
Musk may see himself as a digital activist, but that doesn’t mean that his business is going to survive. It’s hard to really mess up a company which has little or no gearing. As debt increases, the margin of error shrinks. Musk used $13 billion in financing to buy Twitter, far exceeding the company’s existing gross debt of $5.25 billion. The company is now reported to need $1 billion a year just to meet debt-service payments.
Twitter’s governance risk under Musk is “highly negative,” Moody’s wrote at the end of October. The rating service on November 18 withdrew its ratings on Twitter’s debt, which had been on review for downgrade, saying that there is now insufficient information to assess. Bloomberg News has reported that banks are now trying to offload those loans at steep discounts, with offers as low as 60 cents on the dollar. Usually it might take a couple of years, a failed business plan, and missed targets to generate big discounts. A few weeks of Musk was enough.
Musk’s personality, Kay says, is part of the problem. Successful people, he notes, often harbour the fallacy that they are good at everything. “Musk obviously has some blind spots, but he’s blind to them. He doesn’t know that he’s not particularly skilled in social graces. He’s not a good host. He’s an arbitrary, snarky, defensive little man who outgrew his britches long ago.”
None of that necessarily matters, of course, unless your business model depends on maintaining a big tent of advertisers and users paying for verification. Kay doubts that Musk has the necessary skillset. “Try to imagine him as a maître d’, welcoming people to his exclusive restaurant. He would have to be polite, warm, welcoming, and gentle, none of which he actually is.”
“The bulk of users will not pay a monthly fee for their checkmarks,” Kay says. “Without strong ad sales, they’re cooked.”
David Whitehouse is a freelance journalist in Paris.
Author: David Whitehouse