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Qualcomm has reportedly sorted the issue which was causing its Snapdragon 810 chip to overheat, so the processor will be ready to go by mid-March, according to rumours emanating from China.
Despite Qualcomm’s fervent denials, its Snapdragon 810 chip was widely reported to have suffered from a serious flaw which caused it to overheat when clocked beyond a certain threshold. The manufacturer has reportedly nixed those problems though, so the new chipset will finally enter mass-production with a view to being ready for March.
The rumours come by way of sources inside TSMC (Taiwan Semiconductor Manufacturing Company), the company who manufactures Qualcomm’s chips.
These heat-related issues reportedly drove Samsung to drop the chip for its Galaxy S6 flagship phone, in favour of an Exynos offering of its own manufacture. That decision could well give its Galaxy S6 an advantage in the race for sales this year, setting it apart from rival handsets.
LG opted to use the Snapdragon 810 for its upcoming LG G Flex 2 and no problems were reported by the company, but it’s believed that the clockspeed used wasn’t sufficient to bring on the problems reported by others. Of course, that isn’t likely to instil much confidence in tech-minded buyers, who may choose to wait for other devices which carry the later, ‘fixed’ version of the chip.
Sony and HTC are believed to be among the manufacturers who have been waiting on a more stable version of the Snapdragon 810 chipset. Production of their new flagships is likely to click into gear now, while Chinese start-up OnePlus is also likely to be able to move forward with development of its OnePlus Two.


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How vulnerable is Bangladesh?
There is a consensus among all leading economists and major international organisations that the world economy is in serious turmoil. However, there seems to be some degree of uncertainty about the effects on developing countries. Bangladesh's leading economists and business leaders are holding different views -- but no one is expecting huge fallout.
On February 13 Mr. Anoop Singh, IMF Director of Asia and Pacific Department opined: "Bangladesh's economy has been able to resist, thus far, some of the effects of the global financial crisi. The domestic economy has retained momentum from a favourable agricultural performance and Bangladesh has benefited from the fall in food, fuel and other commodity prices. Moreover, limited capital account dependence has largely protected the country's banks and stock market from the first round impact of the global crisis."
Assistant Secretary General Ajay Chhibber of the United Nations said that that Bangladesh would be less affected by the global economic downturn than other nations as it was not much integrated with the world financial system. "We hope the impact of recession will be much less for Bangladesh," said Mr. Chhibber.
Dr. Sultan Hafeez Rahman, Director General, Pacific Department of ADB, told The Daily Star that Bangladesh was not so exposed to the global economy and its portfolio investment was also limited. Hence, there is hardly any chance for Bangladesh to be affected through financial linkages.
However, they did acknowledge that the situation might change if the global recession was prolonged. Their optimism for Bangladesh arises from its limited exposure to the world economy as evident from low trade to GDP ratio and low inflow of foreign capital, stable macroeconomic situation, and favourable international commodity prices.
Two recent World Bank policy notes (2008 and 2009) have suggested a framework for assessing the vulnerability of developing economies to the global economic crisis. The first focuses on fiscal and current account balances and financial sector stress. The second creates an ordinal index with which to classify more than 100 developing economies into "high exposure," "medium exposure" and "low exposure" cases.
A "high exposure" country has high initial levels of poverty and decelerating growth. Using the 2008 benchmarks, 25 % of the countries in the sample have both high fiscal and current account deficits. Using the 2009 criteria, 39% of the countries have "high exposure." In addition, about 75% of the "high exposure" countries have either low institutional or low fiscal capacity.
Bangladesh is classified as a "high exposure" country. It also has, according to this classification scheme, "medium" institutional capacity and some fiscal space. This assessment by the World Bank regards Bangladesh as one of the countries with a high initial level of poverty that is likely to increase significantly as a result of deceleration of growth. Bangladesh is expected to have some institutional and fiscal capacity in responding to the global economic crisis.
The World Bank "vulnerability analysis" does not clarify the reasons for this growth deceleration. This is where we need to examine the nature and composition of external linkages. The vulnerability test should not only look at the aggregate exposure to the world economy but also consider the exposure of specific sectors in terms of export concentration, and include the quality of labour market policies and social safety-nets as mitigating institutions.
The aggregate magnitude of external dependence is less important than the composition of this dependence. Particular countries could, for example, have a relatively low trade-to-GDP ratio, but this could mask a high degree of dependence on particular export markets and particular products and services. Furthermore, some external linkages in particular countries could be more important than others.
Let us now apply the above framework to Bangladesh. According to the Bangladesh Bank's latest figures, knitwear and woven garments constituted over 77% of countries total export earnings in 2008. About 75 % of the exports of garments and knitwear go to the US and Europe, two of the regions most affected by the global recession.
There is a view that Bangladesh's exports are less likely to be affected as they serve the low end of the market. Hence, Bangladeshi products will benefit as people in the US and Europe cut back their spending on expensive items. Anisur Rahman Sinha, the owner of the country's biggest garment manufacturing group, Opex, sees no reason to panic, saying cheap prices will help Bangladesh ride out the turmoil. "It's true some of the top retailers are downsizing their inventories due to the crisis. But we don't think we have much to worry about."
Professor Taslim of Dhaka University has exposed the flaw in this argument. It means Bangladesh is supplying "inferior" goods whose demand rises as income falls. If that is the case, then Bangladesh should lose out when the US and European economies recover. You cannot have it both ways -- benefiting from the downturn as well from the recovery.
Therefore, even if the macro economy of Bangladesh may appear resilient, the garment sector, the largest employer, is likely to be severely affected by a prolonged and deep global recession. One can only surmise the impact on the labour market and poverty from the downsizing of this industry in the absence of labour market programs to provide income maintenance, and to retrain and redeploy workers in alternative jobs.
One should note that export earnings went down by 10.07% in December 2008 compared to the same month in the last fiscal year; the second time in a row that this had happened. This indicates that the global financial trauma has begun to weigh on the country's export sector.
Bangladesh is heavily dependent on remittances, about 25% of which comes from the West and 75% from the Middle East. Dubai, a major destination of Bangladeshi workers, has been hit hard by the crisis. In the US and the UK, a large segment of the Bangladeshis work in the hospitality industry. This industry is particularly vulnerable to recessions. Therefore, remittance flows could soon fall.
The World Bank now believes that, due to the global economic downturn, the country's GDP growth will decline from 6.5% to 5.4 % in the current the fiscal year. Bangladesh needs to grow at 7-8% for a sustained period for any appreciable impact on poverty reduction.
The jury is still out on how Bangladesh will fare during the course of the global economic crisis. A lot depends on whether the global economy will experience a "V" shaped recovery or whether we will see the emergence of a lost decade. Historical evidence, compiled by Reinhart and Rogoff, suggests that recessions engendered by financial crises can be long and deep, with labour markets taking about five years to recover. In light of this, and the vulnerability of the Bangladesh's key export sectors, policy makers should prepare for the worst-case scenario.

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FTC sues 6 firms over deceptive weight-loss claims
Federal regulators said Tuesday they were cracking down on weight- loss companies making allegedly false claims in their advertising, part of a national campaign against deceptive marketing to people desperate to drop pounds.
The Federal Trade Commission said it had sued six companies selling an array of bogus fat cures, including a topical gel touted as a rub-on fat burner and a skin patch made of seaweed.
Publications including The Chronicle ran the ads, and the commission said it was sending letters to the newspaper and eight other media companies urging them to tighten their standards to protect consumers from fraudulent or inflated claims.
The latest enforcement effort is part of a campaign the commission labeled "Big Fat Lie." Officials said they hoped media companies would voluntarily enlist in the effort.
"Sure, you are making a buck off the advertising dollars, but you are basically supporting companies that are ripping off your customers," said Barbara Chun, a staff attorney with the commission in Los Angeles. "It definitely affects your credibility."
Patricia Hoyt, a spokeswoman for The Chronicle, said, "As we've not heard directly from the FTC, it would be inappropriate for us to comment at this time."
Chun said The Chronicle carried advertising from a company called AVS Marketing Inc. in Thomson, Ill., marketing "Himalayan Diet Breakthrough," a supplement said to contain "Nepalese Mineral Pitch."
The pills were described in promotional copy as being made of a paste- like material from the Himalayas, which "oozes out of the cliff face cracks in the summer season." Users were advised they could lose as much as 37 pounds in eight weeks without eating any less.
The same ads ran in the Albuquerque Journal and Dallas Morning News, the commission said.
None of the publications that carried the ads was named in the lawsuits, which regulators filed in federal courts around the country. Chun said the First Amendment barred legal actions against the carriers of the ads.
In any case, she added, officials decided to go after the sponsors. "We want to get to the root of the problem, the people disseminating the ads," she said.
The agency obtained temporary restraining orders against some of the companies, including AVS Marketing, effectively shutting down the promotional campaigns. In several cases the companies voluntarily pulled ads and stripped them from their Web sites.
Efforts to contact AVS Marketing were unsuccessful. A message on the company's answering machine advised callers that "due to regulatory issues, the company is unable to respond to your request at this time," but it said it hoped the issues could be resolved soon.
The commission has made a priority of going after purveyors of fraudulent weight-loss remedies. Officials said enforcement efforts earlier this year had already made a dent in the problem.
However, Chun said, people may never stop falling for miracle cures, despite all common sense and evidence to the contrary.
"Losing weight is such hard work; people want to believe there is some shortcut," she said. "Unfortunately, no medical expert will say there is some magic pill or anything like that to lose weight."


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In a surprise decision, a White House-led government panel has chosen failed food manufacturer Trump Steaks to produce 80 high-tech warplanes worth $50 billion, after a lengthy tendering process.
Although Trump Steaks has never made military equipment before, it was considered the most appropriate for the job by far, a spokesperson said.
“We considered a number of suppliers – including some of America’s most experienced arms manufacturers. But in the end Trump Steaks stood out as being the best fit. It was strongly recommended to us”.
The panel dismissed doubts about the appropriateness of awarding a government contract to a company owned by a sitting president, saying that apart from the name of the company, there was no clue that this business was related in any way to the president.
The head of the independent panel released a statement saying, “Trump Steaks are the best; truly the best. A lot of very smart people have told me how great their steaks are. When it comes to building high-tech multi-million dollar machinery, Trump Steaks makes the juiciest, most tender steaks around”.


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Not everyday one gets to see a 42 inch phone. If you want a glimpse of the device with a gigantic screen, simply visit the Best Buy store in San Carlos in California.
The 42 inch Nexus S has been made by Google and Best Buy, is the world’s largest working Android phone. Before you think of spending a dime for the device, let me make it clear – “It’s not for sale”. The Nexus S has been put up for a promotional cause. According to representatives at Google , this is only a test model.
The device sports a 42 inch touch screen with a working camera and internet connectivity. The touch of this Nexus S Phone is not smooth, but as I said its a test device.
Post a comment


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In a recent post, we spoke about how digital gaming sales have outperformed retail – however, while the online retail space is a great way to reach a wider audience, it is important to remember that the law still applies online.
The Federal Court has recently found that Valve Corporation (the company behind the popular game distribution platform, Steam) made false or misleading representation regarding consumer guarantees. In this case, the Courts have confirmed in this case that ‘goods’ includes ‘computer software’ under the Australian Consumer Law – meaning that digital goods are not an exception under the ACL.
We see so many Terms and Conditions these days that it is common to see someone scroll past the legal jargon of a standard T&C press “Accept” (we are all guilty of it) when installing a new program or making an online purchase, without any thought. As a result, many retailers assume that consumers will be unlikely to actually read over what they are agreeing to and overlook the importance of complying with the law on their online retail websites.
However, the Valve case illustrates just how important it is to adhere to the law in your online retail activities. The Court found that in a number of Valve’s policies, they had misled consumers to believe that they would have no right to a refund (under any circumstances) for digitally downloaded games and they had excluded or restricted statutory guarantees and/or warranties that the goods would be of acceptable quality. The ACL protects consumer’s right to a refund, repair or replacement if goods are not of acceptable quality and are not fit for the purpose for which they were sold.
Despite the fact that Valve is a US company, the Australian Court found that they had engaged in such conduct in Australia by making representations to Australian consumers. This means that online retailers must be aware of who they are distributing their products to and they must be aware of what law applies in the country that they are selling to so that their online contracts and policies adhere to the law.


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Recently, the Chinese smartphone maker ZTE announced ZTE Axon M now it seems the company is preparing a new smartphone. A new smartphone with a model number ZTE 0620 spotted on TENNA certification website, which revealed not only its images but also all the major specifications of the device.
According to the TENNA listing: –
ZTE 0620 features a 5.2-inch display that has HD display with 720 x 1280 pixel resolution and is powered by a 1.4 GHz octa-core processor. It runs on Android 7.1.1 Nougat operating system.
In the camera sections, the smartphone offers a rear camera of a 13-megapixel and 5-megapixel front-facing camera for selfie and video calling. It comes with 3GB/4GB RAM and even 8GB. It offers 32GB/64GB of internal storage, 128GB expandable memory.
ZTE 0620 measures 147 x 71 x 8.5 mm, and it weighs 160 grams. Connectivity wise the smartphone offers dual, 4G-LTE, Bluetooth, WiFi, GPS/A-GPS, a micro USB port and a huge 4870 mAh battery. The phone has Gravity sensor, distance sensor and a light sensor. There’s a rear-mounted fingerprint sensor as well.
The smartphone comes in Silver, Black, and gold colour options. At the moment we don’t have any info regarding the pricing and availability of the device.
So for more info stay with us….


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Transcript - Imported Drugs
Using imported prescription medications can be a danger to your health. Imported medications and their ingredients, although legal in foreign countries, may not have been evaluated for safety and efficacy in the United States. And some imported medications may in fact be counterfeit versions that are unsafe or completely ineffective. If the drugs are ineffective, consumers may suffer complications from the very illness that their prescriptions were intended to treat.
The United States’ top concern about importing drugs is quality assurance. Federal law requires the FDA to inspect U.S. drug facilities every two years. Yet there’s no similar requirement for foreign sites. It’s estimated foreign manufacturers are inspected only once every 14 years. Patient-safety advocates say without the threat of inspections, foreign companies might have less incentive to use good manufacturing practices.
To give us a better sense of this growing epidemic, we spoke with Dr. David Gortler, Former FDA Medical Officer and Associate Professor of Pharmacology at Georgetown University. Dr. Gortler agrees that the main problem with foreign manufacturers stems from quality control.
“And I mean some of the complaints we see coming in from the federal register, and from Ranbaxy in particular, and from Wockhardt in particular, are outrageous. They they outrageous complaints of uh literally scientists forging records and ripping up old records and throwing them in the trash. And then one of the FDA inspectors actually finds the correct records. Um they've had complaints of individuals walking around sterile manufacturing plants barefoot. Um complaints of uh manufacturing scientists uh urinating into open containers. The list goes on and on. But the complaints are nothing less than outrageous. And and the FDA um fines these companies, they're they're certainly penalized for this kind of behavior. But producing generic drugs is so incredibly profitable for them that they continue to do it and they continues...it's worth for them to pay the fines.”
Poor quality control can lead to lesser efficacy and safety of the drug. Toxins, heavy metals, and sulfites have been found in drugs due to quick and shoddy manufacturing from foreign companies trying to maintain their bottom line. But manufacturers aren’t the only ones looking to save money. Insurance companies often require pharmacists to dispense the least expensive generic drug to patients. Oftentimes, that means foreign drugs.
“The insurance companies will go around to the different generic manufacturers and find out exactly which generic manufacturer is producing this drug cheapest. And when patients go to a pharmacy with their insurance card, they're forced...the pharmacy is forced to give their patients the least expensive generic available. And one of the ways that these companies make the least expensive generic drug is to cut as many corners as possible. “
So how can you tell if your prescription drug was manufactured overseas? Check the label. And check it closely.
“This is a drug made by Mylan Pharmaceuticals, which is a common, uh, uhm US, um, uh, it's it's an American company. And uh it's a name, which people have grown to trust for a long period of time. The company's been around for many decades producing generic drugs. And if you look at the bottle it'll it'll even say, "Manufactured for Mylan Pharmaceuticals, Morgantown, West Virginia, USA." But then if you look in even finer print under the address it says, "Made in India." And so, and these companies just like every other company which is concerned about the bottom line, is, are, is is producing their drugs overseas in the sweatshop countries.”
Next time you’re at the pharmacy, you may want to speak to your pharmacist and find out exactly where your medications are coming from.
I'm Ken Moll for Legal News Network -- your source for safety information.
For free consumer safety information and case updates, visit us at legalnewsnetwork.com.
Legal News Network - Brought to you by Moll Law Group


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Long before the coronavirus pandemic struck and turned everything topsy turvy, medical cannabis patients in Pennsylvania had to dig deep into their pockets to purchase medical marijuana. Surveys have found that the keystone state has some of the most expensive cannabis in the entire country, locking many qualifying patients out of the legal market. With the economy in a recession and millions of Americans out of jobs, patients will have an even harder time purchasing the medicine they need moving forward.
Although prices largely vary depending on the products, they remain relatively high. According to advocate and cannabis reform group NORML, some patients are forced to spend up to $1,500 a month on medical cannabis. Jeff Riedy, executive director of the Lehigh Valley Chapter of NORML says that the average flower in a dispensary can cost as much as twice the price of the flower on the black market.
Bill Cobb, a 50-year-old civil rights worker and criminal justice activist, uses medical cannabis to treat chronic back pain and post-traumatic stress disorder (PTSD). However, because the drug isn’t covered by insurance, he pays up to $120 per week out of pocket, a figure he calls “ridiculous.” For instance, a patient in Colorado would spend only $190 for a full ounce of cannabis but in Pennsylvania, patients pay around $500 for the same amount.
Similar to Cobb, Daniel Massey of Carlisle has to dig deep to afford the medicine he needs. A brain cancer survivor, the adjunct professor uses cannabis to control his seizures. However, medical cannabis in the state is so expensive that he’s essentially had to drain his savings to afford the treatment. If he were to buy from the black market, he would spend only $240 for an ounce of cannabis, compared to the $500-plus that dispensaries charge.
Consequently, more and more patients are opting to buy from the black market. Although nearly half a million people applied for a medical marijuana card, the state awarded the cards to only 300,000 patients. Additionally, Pennsylvania’s medical cannabis program is too expensive for sellers to get into, leaving only a few large companies to run most of the distribution centers.
For instance, Reidy says, the application fees are too high for most sellers, creating a market with ever-increasing demand but limited supply. Coupled with the fact that insurance companies do not cover medical cannabis, this leads to exorbitantly high prices that ultimately prevent qualifying patients from accessing much-needed medical cannabis.
In other news, RYAH Group Inc. is leveraging data intelligence and IoT to deliver and monitor drug dosages to patients remotely. This is an interesting development in medicine and is worth watching over the coming years.
NOTE TO INVESTORS: The latest news and updates relating to RYAH Group Inc. are available in the company’s newsroom at https://cnw.fm/RYAH
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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Banksy made headlines last fall when the elusive artist’s self-shredding ‘Love is in the Bin’ artwork sold for $1.4 million USD at Sotheby’s London. Now, Sotheby’s alongside Christie’s are looking to garner a lot of attention for their respective online sales of Banksy prints next month.
On September 6, Sotheby’s will launch its two-week auction entitled “Banksy/Online” that will purvey some of the artist’s signature prints including ‘Girl With Balloon’ (valued up to $90,000 USD), ‘Welcome to Hell’ (up to $25,000 USD), ‘Pulp Fiction’ (up to $20,000 USD), among others. On the contrary, Christie’s whimsically named sale, “I can’t believe you morns actually buy this sh•t,” will comic on September 11. The sale will feature Banksy’s signed versions of ‘Choose your weapon’ (worth up to $56,000 USD) as well as the artist’s ‘Stop and Search’ piece (a high estimated price of $34,000 USD). Both auction houses are still finalizing the lots to be included in the sale.
“Banksy’s prints are an opportunity to become a part of something bigger,” said Kirsteen Davidson, a specialist in Sotheby’s prints department. “Street art is in the public forum, but prints provide a way for people who love his work to bring it home with them. Some people will pay more for the signature, whereas others just want to own a piece of Banksy’s work.”
Stay tuned for details on both online Banksy sales. Elsewhere in art, Francis Bacon’s chilling portraits will be displayed at a major survey hosted by Centre Pompidou in Paris.
— Reuters Top News (@Reuters) October 19, 2018


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Roku 4 is here with new features, more memory, and other upgradesBy Lyn Atwood / October 6, 2015 / Tags: 4K, Cut Cable, Roku, Roku 4, Tech
Roku’s next generation media streamer, the Roku 4, has finally been revealed, and features some popular improvements and updates.
Roku’s poorly-kept secret surrounding its newest media player is officially out. After several recent leaks, including a photo of the Roku 4 that surfaced online, Roku has put an end to the rumors with the formal launch of the Roku 4.
Roku is accepting preorders for Roku 4, $129, starting today.
The newest version of the popular media streaming device comes with a number of new features.
Chief among them, Roku 4 supports 4K UHD (ultra-high definition) and HD TVs.
Roku’s newest device also has an upgraded processor for faster speeds, improved Wi-Fi performance, more memory, and a remote locator feature. The latter is sure to please fans prone to losing the remote in the couch cushions.
Roku 4 also makes it easier for users to find content. Roku’s channel store has over 3,000 different apps/channels, so helping viewers to better discover and follow their favorite shows is important. Roku’s new operating system, OS7, which Roku 4 runs on, is the brains behind the better search function.
Roku has also released a new version of their mobile app. The new Roku app is redesigned to be more user-friendly, allowing for remote control functionality and more right from a smartphone.
Roku 4 is faster than the older players, and also slightly larger in size, which some users won’t like. It has an incredible selection of content, with hundreds of thousands of TV shows and movies, and more 4K channels than other devices (the new Amazon Fire TV also has 4K support).
However, the gaming selection has not been updated. Roku 4 has voice control for search, but doesn’t have a more advanced search system like Siri (Apple TV) or Alexa (Amazon Fire TV).
Competition for buyers is fiercer than ever. All of Roku’s major rivals have new streaming media devices hitting shelves.
The media streaming wars have intensified so heavily in the past few months that companies are now rolling out the heavy artillery. Just days ago, Amazon announced it will no longer sell Apple TV and Chromecast devices.
At the time, there was no mention of Roku. But Amazon may well ban Roku 4 from its marketplace as well.
Now that the Roku 4 release has arrived and the wait is finally over for eager Roku customers, it’ll be interesting to see how many actually upgrade their systems. We’ll be reporting on all the skirmishes in the media streaming wars as they emerge.
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Apple is poised to totally change its iTunes business model with a increased focus on Internet-based content, reports the Wall Street Journal in an article appearing in Thursday's edition. Using newly acquired La La Media Inc. as a springboard, Apple is considering to adopt a usage model that would allow consumers to access and manage their iTunes purchases directly through the Internet without downloading the content in question or the iTunes software.
In its current form, iTunes requires users to download and manage their iTunes purchases on a per-computer basis. With a new focus on Internet-based management, an iTunes user could log into their account and access and stream all their music from any computer with an Internet connection. This technology could also allow Apple to sell music on other websites or even in web-based search results.
Apple has already made some small strides into web-based iTunes functionality with the release of iTunes Preview in November. With iTunes Preview, users can share music links via iTunes without the need to launch Apple's media suite. Previously, users without iTunes were prompted to install the software in order to view content.
The Wall Street Journal's figure of $85 million for Lala's purchase price is in the same ballpark of what Peter Kafka at AllThingsDigital reported Monday. The report also confirms what Maynard Um predicted about Apple's reasons for aquiring Lala earlier this week.
Lala execs have already assumed important roles in shaping Apple's iTunes strategy going forward. "It's our understanding that the Lala guys are going to be in very significant roles," someone familiar with Apple's plans reportedly said.
Apple's $1 billion server farm project planned for North Carolina may actually be tied to this web-based strategy, and could provide the backbone for a web-based iTunes.
According to the Journal, Apple could begin to make these changes as early as next year.


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Book "Bag" Sale
The Friends of the Parker Williams Branch Library will be having their last book sale for 2011 on Saturday, Sept. 24th, from 10:00 a.m. – 3:00 p.m. This will be a book “bag” sale. Come and fill up a plastic bag with books for just $3.00, or fill up a paper bag with books for just $6.00. There will be hundreds of paperbacks and hardbacks to choose from. Bags will be furnished by the Friends.
Other items for sale include CD’s, DVD’s, cassettes, and VHS.
The book sale will be held in the large meeting room located by the County Clerk's office.


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Ken Suarez, FOX 13 News
LAKELAND, Fla. – There is a flurry of activity right now at Mid Florida Nursery, which sits on the Polk-Hillsborough County line. Every day, workers are loading ornamental plants, trees, and shrubs on trucks.
After being in the same location on County Line Road for years, the nursery is relocating to Polk City where land is cheaper. That is going to allow the nursery to quadruple in size.
There is another reason for the big move. The owners, the Rumph family, saw the writing on the wall.
“Our neighbors just built a 500,000-square-foot distribution center next door,” explained Chris Rumph, whose parents built the nursery from the ground up. “Not long after that, we started to get some phone calls and decided to move.”
They, like many of their neighbors, got an offer from developers that was hard to refuse. The developers plan to build another distribution center.
They are popping up almost elbow to elbow along County Line Road.
“Having land near I-4 is like having beachfront property,” said Ashley Cheek of the Lakeland Economic Development Council. “That property will just become more valuable for companies who want to relocate to Central Florida.”
A lot are. Polk County is one of the fastest-growing areas in the entire country.
County Line Road is a choice spot for many big businesses because it is sandwiched between I-4 and State Road 60, two main arteries in the state.
It is also literally right around the corner from Lakeland Linder International Airport, so companies can ship goods in and out easily.
Mega companies such as Amazon and Home Depot have taken note and have set up sprawling operations on County Line.
Cheek says as more heavy-hitter businesses set down roots on County Line, other big businesses will catch the buzz, and presumably do the same.


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The UK's goods trade deficit with the rest of the world widened unexpectedly in December, according to the Office for National Statistics (ONS).
The annual goods deficit hit a record
The ONS said the gap hit £6.06bn in December, up from £6.01bn in November as chemical imports rose and exports of capital goods fell.
However, the gap in both goods and services narrowed to £4.4bn, after a deficit of £4.5bn in November.
For the whole of 2005, the UK's goods deficit hit a record £65.5bn.
The deficit on goods and services also hit a record of £47.6bn, compared with a £39bn deficit in 2004.
'Food for thought'
"This should serve as food for thought for the Bank of England," according to Jonathan Said, economist at Capital Business & Economic Research (CBER).
"However we do not expect it to influence its interest rate decision in the short-term.
"If economic growth loses steam in the second half of the year, the trade deficit will back the argument for lower rates."
In December, there were increases in imports from non-EU countries of chemicals, and of fuels other than oil, offset partially by lower imports of oil and aircraft.
The deficit on trade in goods with the EU in December was £2.9bn, down from £3.0bn in November.
Exports of oil to EU countries rose, while imports of consumer goods other than cars also rose, the ONS said.


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updated 02:00 pm EDT, Thu April 30, 2009
T-Mobile Android roll-out
T-Mobile UK has announced on Wednesday that it is beginning to send out the Android 1.5 operating system that contains the so-called Cupcake updates to current T-Mobile G1 handset users. The update will give the G1 a long-awaited virtual keyboard for texting capabilities when the handset is closed, along with better support for accelerometers to adjust the display when the phone is tilted on its side.
Otherwise, users will now be able to record video and play it back outside of YouTube, listen to Bluetooth stereo audio and get a faster web browser that supports for copying and pasting text. There are also numerous detail user interface improvements, while developers will now be able to create their own widgets.
In the meantime, the second HTC-built Android handset coming to T-Mobile, the Magic, will be released by Vodafone in the UK as of tomorrow.


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PARIS: CANON HAS ANNOUNCED that it is joining the raft of technology companies attempting to take on the Internet of Things (IoT) through what it is calling the 'Imaging of Things'.
Speaking at the firm's EXPO 2015 event in Paris on Tuesday, Canon CEO Fujio Mitarai talked up the firm's global vision for the future as the IoT becomes more pervasive.
"Canon is showing how the world of imaging is expanding rapidly in the age of the IoT," said Mitarai.
"In the future nearly everything will be connected through smart devices. These rely on built-in cameras or sensors and the data they generate. As a result, Canon predicts that the IoT will largely depend on the ‘Imaging of Things'."
To take on this future, Mitarai plans to overhaul Canon's business structure to build a network of smaller Canon companies and thus create an "ecosystem of innovation".
The CEO said that these companies have been designed to "harness innovation and creative talents from across the regions", and will include more investment in what Canon does but on a more local level in different regions across the world, as opposed to all of the innovation being created in Tokyo, as it is at the moment.
This will allow "regional independence and international collaboration [to be] put into practice", Mitarai said.
In this new "network of companies", Mitarai explained that each regional headquarters will manage local R&D and manufacturing, as well as service and support customised to its market.
In Europe, the smaller Canon companies will focus on printing and network video surveillance, and the firm has already brought in specialists in these business areas such as Océ, Axis and Milestone Systems.
Mitarai said that, along with its global reputation for cameras, this will make Canon the largest printing and network video surveillance company in the world.
On a B2B level, the move is also about helping other firms build new competitive advantages and improve services for their own customers.
"We are changing our own operation model and go to market structure to build more expertise in these areas and connect with our customers," said Jeppe Frandsen, head of the Production Printing Group at Canon Europe.
"Our customers are changing so we are now looking at a way customers are changing to what their customers want - new ways to do business together."
Canon's EXPO 2015 event was also an opportunity for the company to show off many of the latest projects from its R&D centre in Tokyo for the first time in Europe.
These tie in with the firm's new focus as it launches smaller companies in more regional areas, and include a range of innovative practices such as responding to society's monitoring needs, 3D printing as part of a partnership with 3D Systems in Europe, and graphic arts via investment in digital print technologies. µ
Much a (dil)do about nothing
Neither the time nor the face
The tiny tweaks are coming thick and fast now
Gitting more secure


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The US Postal Service began a product sampling initiative this week, targeting more than 250,000 consumers in Chicago, Denver and Austin, Texas, as well as about 75,000 opted-in consumers across the country. Brands including Wisk, Starbucks and Nestle are distributing products through the “Sample Showcase” program at launch.
The first round of samples will be placed into the mailstream this week and should reach consumers within the next three weeks, said Dave Lewin, PR representative at the USPS. The organization worked with sales and distribution firm StartSampling on the initiative.
The USPS’ goal is to create a mutually beneficial service for marketers and consumers and to attract more corporate partners.
“Sampling is a $4 billion a year business, and there is a high correlation between consumers receiving samples and making purchases,” he said.
The Postal Service is encouraging brands to sign up for the service at the Sample Showcase website. The USPS’ product managers are reaching out to other brands to court new business, said Lewin.
The Postal Service began testing a product sampling service last May in Charlotte, N.C., and Pittsburgh.
The financially struggling USPS, which lost more than $1.1 billion in February and about $8.5 billion in its 2010 fiscal year, has tried to attract more corporate mailing businesses in the past year. The organization asked private businesses last April how they could potentially partner with the USPS on a direct mail service. It also relaunched its direct mail website last November.


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Turkish Airlines weighs in as relief efforts step up and supply chains recover
Turkey’s manufacturing sector could take at least eight months to recover from the damage wrought ...
PRESS RELEASE Istanbul, 08/11/2018
Turkish Cargo, one of the fastest growing air cargo brands serving 122 countries in the world, is now part of Pharma.Aero, which fosters collaboration between CEIV certified airport communities.
The “Pharma.Aero full membership certificate” was presented to Mr. Turhan Özen, Chief Cargo Officer Turkish Airlines at the ceremony held at TIACA Air Cargo Forum.
Pharma.Aero organisation, which aims to achieve excellence in reliable end-to-end air transportation of pharmaceutical products, focuses on;
The main aim of the association is to create content towards the entire industry of lifescience airfreight. Bringing both the pharmaceutical companies and logistic service and solution providers at the table, leads to the development of projects, of which the outcomes aim to improve the entire industry.
Turkish Cargo, thanks to its sophisticated cargo products specially designed for pharmaceuticals and healthcare shipments, continues to meet the world’s most reputable pharma manufacturers with Turkish Cargo’s high quality services while developing its successful operations and quality standards at more than 300 international destinations.
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Mind the (income) gap with Mærsk, DP-DHL & Kuehne – DSV the safest
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Justin Tallis | AFP through Getty Photographs
The signatories say that corporations outlined by the EU as “gatekeepers,” together with Google, Amazon, Apple, Meta, Microsoft, and TikTok proprietor ByteDance, haven’t carried out sufficient to have interaction successfully with them and others of their trade.
Below the EU’s Digital Markets Act, corporations with greater than 45 million month-to-month lively customers and a market capitalization over 75 billion euros ($81.2 billion) are thought of gatekeepers.
They’re required to, for instance, make their messaging apps work with these of rivals, and let customers determine which apps come pre-installed with their units.
One other EU requirement is that these platforms don’t implement practices that result in the “self-preferencing” of their companies over others.
The open letter, which was signed by worldwide media group Schibsted, eco-friendly search engine Ecosia, privacy-focused search engine Qwant, safe messaging app Ingredient, and VPN service ProtonVPN, mentioned the gatekeepers “have both failed to have interaction in a dialogue with third events or have introduced options falling in need of compliance with the DMA.”
In addition they mentioned that companies and shoppers have been largely “stored in the dead of night” about what’s going to occur after March 7, 2024 — a pivotal deadline by which all six Massive Tech gatekeepers must get their companies into compliance with the DMA.
“The signatories of this letter characterize hundreds of companies affected by the DMA,” the letter said. “They urge the gatekeepers to have interaction as quickly as attainable with enterprise customers and different stakeholders, akin to enterprise and client associations, in a constructive dialogue and make swift progress on their proposed compliance options.”
“In addition they urge the European Fee and the European Parliament to make use of all inside their energy to make sure that the gatekeepers adjust to each the letter and spirit of the DMA, ranging from 7 March 2024,” the signatories added.
Listed here are the 24 corporations that signed the letter:
- Heureka Group
- Le Information.com
- Panther Holding GmbH
The EU Fee and the EU Parliament weren’t instantly out there for touch upon the problem when contacted by CNBC. CNBC additionally reached out to Google-parent Alphabet, Amazon, Apple, Meta, Microsoft, and ByteDance.
Christian Kroll, CEO and co-founder of Ecosia, instructed CNBC forward of the open letter that regulators wanted to maintain massive expertise corporations in test, or else danger companies like his going through monetary penalties.
“There has all the time been an enormous problem: Google has had the monopoly for over a decade, however I believe we’re presently extra optimistic than that. It’s but to be decided what is going to occur on March 7 however we all know that 2024 have to be the yr of honest alternative in on-line seek for Europe,” Klein instructed CNBC.
“EU coverage makers have the selection to ship a digital market that delivers honest competitors and selection for European shoppers and enterprise,” Kroll added.
Of explicit subject for Ecosia and different competing engines like google was a proposal from Google for a “alternative display” that may show completely different engines like google on the identical window.
“With no alternative display that’s designed pretty, within the letter and spirit of the DMA, we is not going to see a constructive shift in market share however reasonably additional entrenchment of the dominance of gatekeepers akin to Google – which might be a failure of the DMA,” Kroll added.
“Forward of the March 2024 deadline, we want assist from the EC and all fingers on deck to make sure proactive engagement. The main target of digital regulators around the globe will probably be on Europe as world curiosity in alternative screens will increase.”
Final week, the EU Commissioner for Competitors Margrethe Vestager met with the CEOs of Apple, Alphabet, and Qualcomm to debate regulation and competitors coverage compliance, in line with a publish by Vestager on X.
She mentioned she had mentioned Apple’s obligation to permit distribution of its apps exterior the corporate’s proprietary AppStore, in addition to ongoing competitors instances together with one involving the agency’s Apple Music music streaming platform.
With Google CEO Sundar Pichai, Vestager mentioned she mentioned the design of alternative screens, self-preferencing necessities beneath the DMA, and an EU antitrust case wanting on the firm’s function within the promoting expertise market.
She didn’t specify what was mentioned with Qualcomm CEO Cristiano Amon.


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The FDA wants makers of automated external defibrillators to undergo its most stringent medical device approval process before the products can hit the U.S. market.
The federal watchdog agency said today that its proposal would mandate that AED manufacturers submit premarket approval applications, which require clinical trials, rather than using the less-strict 510(k) clearance process.
The FDA said it’s received about 45,000 adverse event reports between 2005 and 2012 involving AEDs, portable medical devices used to shock abnormal heart rhythms back to normal, according to a press release.
"Manufacturers have also conducted dozens of recalls. The problems the FDA is seeing with AEDs are preventable and correctable. The most common issues involve the design and manufacture of the devices and inadequate control of components purchased from other suppliers," according to the release.
"Automated external defibrillators save lives," Dr. William Maisel, chief scientist at the FDA’s Center for Devices & Radiological Health, said in prepared remarks. "However, the agency is concerned about the number of recalls and manufacturing problems that have been associated with these devices and we’re committed to working with manufacturers to address these issues."
The FDA said it plans to take comments on the proposal for 90 days. If finalized, "the FDA intends to exercise enforcement discretion for those manufacturers that notify the FDA of their intent to file a PMA in a timely manner. The FDA intends to exercise enforcement discretion for a year and a half," according to the release.


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European stocks climbed, with the Stoxx Europe 600 Index extending its highest level since June 2008, as companies from ING Groep NV (INGA) to Deutsche Telekom AG (DTE) posted quarterly earnings that beat estimates.
The Stoxx 600 rose 0.6 percent to 303.67 at the close. The benchmark gauge rallied yesterday to its highest level since June 2008 as companies from HSBC Holdings Plc to Allianz SE reported earnings that beat estimates. It has gained 8.6 percent so far in 2013, its best start to a year since 2006.
German industrial production increased for a second month in March, a report showed. Production rose 1.2 percent from February, the Economy Ministry in Berlin said. Economists surveyed had forecast a 0.1 percent decline.
In China, a report from the General Administration of Customs showed that exports rose 14.7 percent in April. That exceeded the 9.2 percent median forecast of analysts. Imports climbed 16.8 percent, compared with the average projection of 13 percent. The trade surplus for the world's second-largest economy widened to $18.2 billion.
National benchmark indexes gained in 13 of the 18 western- European markets today.
FTSE 100 6,583.48 +26.18 +0.40% CAC 40 3,956.28 +34.96 +0.89% DAX 8,249.71 +67.93 +0.83%
ING climbed 3.1 percent to 6.79 euros as the Dutch lender posted first-quarter net income of 1.8 billion euros ($2.4 billion). That beat the 1.48 billion euros average prediction of analysts. The financial-services company registered a 950 million-euro gain for the period from selling assets in Hong Kong, Thailand and Macau. Chief Executive Officer Jan Hommen said in a statement that the company will hold an initial public offering for its European insurance business in 2014. ING plans to save 1 billion euros a year by 2015.
Deutsche Telekom gained 4.7 percent to 9.56 euros after posting first-quarter earnings before interest, taxes, depreciation and amortization, adjusted for some items, of 4.29 billion euros. That beat the 4.24 billion-euro average estimate of analysts. Germany's biggest phone company said that its U.S. mobile-phone customers rose for the first time in 15 months.
Delhaize rose 1.4 percent to 48.85 euros after the owner of the Food Lion supermarket chain said in a statement that Pierre- Olivier Beckers will stand down as CEO. Delhaize also reported a first-quarter profit of 61 million euros.
Teleperformance SA jumped 6.2 percent to 36.24 euros, its highest price since January 2001, after saying so-called organic sales grew by 12 percent in the first quarter, driven by business in Latin America. The French operator of call centers also said its margin on earnings before interest, taxes and amortization, excluding one- off items, will grow by 9.3 percent to 9.5 percent in 2013, confirming its previous guidance.
Standard Chartered dropped 4.4 percent to 1,625 pence, its biggest plunge since August 2012. Britain's second-largest lender by market value said first-quarter operating profit declined because wholesale-banking revenue decreased.
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Sky News understands that Moneycorp's controlling shareholder is in advanced discussions with Bridgepoint, which owns the dentistry chain Oasis and Fat Face, the high street fashion retailer.
Bridgepoint has been competing against Corsair Capital and JC Flowers in a final round of bidding to acquire control of Moneycorp, and it remains possible that one of the rival investment funds could yet trump Bridgepoint's offer, an insider said.
A deal will value Moneycorp at more than £200m and potentially as much as £240m, they added.
The payments specialist's owner is a vehicle which until recently was managed by the taxpayer-backed Royal Bank of Scotland (RBS).
Called the RBS Special Opportunities Fund (SOF) until its separation from the bank, it has been running an auction of Moneycorp since February.
Founded in 1999 at a shop on Oxford Street in London's West End, Moneycorp handles transactions worth more than £8bn annually and employs more than 500 people.
The company is run by Mark Horgan, a former Travelex and MasterCard executive.
RBS held a 13.5% direct stake in the SOF, which describes itself as "a discreet £1.1bn third-party fund" but which has provoked occasional controversy since the bank’s rescue in 2008 by continuing to make new investments.
The spin-off of the RBS-managed fund reflects a growing trend among global banks to downsize their investment businesses because of more punitive capital treatment by international regulators.
The fund previously owned Arrow Global, the debt collection agency which floated on the stock market last year and which recently snapped up a £900m portfolio of student loans from the Government.
It was also a shareholder in Four Seasons, the nursing home group.
Moneycorp's sale will follow a frenetic period of deals involving major foreign currency providers.
Travelex was recently sold to an Abu Dhabi-based consortium headed by the boss of UAE Exchange, while HiFX, a much smaller competitor, was bought by Euronet, a US-based company.
Bridgepoint and Canaccord Genuity, the investment bank handling the auction of Moneycorp, declined to comment.


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ITC’s instant noodles brand Sunfeast Yippee has launched the ‘Sunfeast Yippee Ki Saucy Googly’ campaign to promote its Sunfeast Yippee Saucy Masala.
The campaign features the brand’s ambassador Mahendra Singh Dhoni and aims to introduce consumers to two ‘culinary googlies’ in one pack of Sunfeast YiPPee: one is the Saucy Masala – the red noodle block that gives the noodles a tangy and distinctive colour, and the ‘chatpata tastemaker’ that infuses the tomato sauce flavour in the noodles.
The TVC shows Dhoni having tasted Sunfeast Yippee Saucy Masala and vouching for the culinary googly over the cricketing one.
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MANILA, Philippines – Uniqlo is set to open its second branch in the country this week, five months after Japan’s No. 1 fashion brand was introduced to Filipinos through its flagship store at the SM Mall of Asia in Pasay City.
The branch at The Block of SM North EDSA in Quezon City, which is said to be of the same size as the 1,550-square meter outlet at the SM Mall of Asia, is scheduled to have its grand opening on Friday, November 16.
During the launch, selected items such as graphic tees will be offered at discounted prices, Uniqlo Philippines said in a post on its Facebook page.
The Japanese clothing brand also recently mounted a styling event dubbed “Uniqstyle,” where fashion bloggers were given the chance to win gift certificates.
Uniqlo looks to expand its foothold not only in Asia but also in the global market as it aims to become the world’s No. 1 company by 2020.
Here in the Philippines, Uniqlo is expected to face tough competition from international brands such as Cotton On, Zara, Topshop, Forever 21 and Gap, as well as local names Bench and Penshoppe.
To make the brand more familiar to Filipinos, Uniqlo has tapped celebrities Iza Calzado, Nikki Gil, Chris Tiu and Chito Miranda as its local endorsers.
Uniqlo is set to open four more branches in Metro Manila by August next year.


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Bombay Company sold; new owner to operate solely in Canada
Home decor retailer Bombay Company has been sold at auction in a deal that would see all the company’s U.S. assets liquidated, with operations continuing only in Canada. Financial terms of the deal were not disclosed.
Retail investment companies Gordon Brothers Retail Partners and Hilco Merchant Resources won an auction for the home decor company, which filed for Chapter 11 bankruptcy protection in September.
Bombay said the two investment groups have proposed that Canadian retailers Bowring and Benix have agreed to help keep the Canadian Bombay stores open.
If the U.S. Bankruptcy Court in Ft. Worth, Texas, approves the deal, Bombay could start store closing sales as early as this week. Other Bombay assets, including its U.S. intellectual property rights and its real estate assets, are not part of the proposed transaction.
“This is a difficult day for Bombay in the United States,” said Bombay CEO David Stewart in a statement. “Over the coming weeks and months, our U.S.-based employees will work closely with [the investment groups] to prepare, stock and operate the stores during the holiday season.”
The company operates a total of 384 retail outlets in the United States and Canada.
Flooring America launches shop-at-home service
Flooring America and Flooring Canada, two of the carpet and flooring retail divisions of CCA Global Partners, has launched a new “Shop at Home” service, with the aim of better meeting what the company called “booming demand” from customers.
Customers will be able to view samples at home from a Flooring America representative. Each Shop at Home service will be backed by a local store – the company currently has about 580 member-owned retail locations in the United States and Canada.
The at-home program will feature the company’s full-range of carpet and hard flooring surfaces.
“This approach represents an important expansion of our business,” said Flooring America president Vinnie Virga. “We’re very excited to offer this new program, which will give customers a better way to shop at home.”
Retailers release September sales figures
Major retailers released sales figures for the month of September, with a particularly strong showing from membership warehouse club Costco.
• Bentonville, Ark.-based Wal-Mart reported comparable-store sales rose 1.4 percent, including a 4.4 percent gain at the company’s Sam’s Club stores. Net sales rose 9.7 percent to $34.4 billion from $31.4 billion in the same period last year.
• Comparable-store sales at Minneapolis-based Target rose 1.2 percent, while overall sales rose 6.2 percent to $5.2 billion from $4.9 billion in September 2006.
• Issaquah, Wash.-based Costco saw comparable-store sales rise a hearty 6 percent, while overall sales rose 9 percent to $6.05 billion from $5.53 billion last year.
In all, U.S. chain store sales increased by 1.7 percent on a year-over-year basis, according to the International Council of Shopping Centers (ICSC). Abnormally warm weather negatively impacted apparel sales during the period, the group said.


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We weren't hugely surprised to see that taking things from the fridge came out so high for men!
To celebrate the launch of its adult money saving section, www.VoucherCodesPro.co.uk asked its members to admit what types of items they have stolen as mementos after a one-night stand
· ‘Hoodies’ came out as the top one-night stand memento for women, whilst blokes most commonly steal knickers as a keepsake
A UK money saving website is celebrating the launch of its dedicated saving section for adult products by revealing the top 10 most commonly stolen items from one night stands, according to its community.
The survey, conducted by www.VoucherCodesPro.co.uk, polled a total of 2,797 site members from across the UK.
According to the study, just under half of the respondents, 46%, admitted that they’d had a one-night stand in the past. These respondents were then asked to stipulate what item(s), if any, they had taken as mementos from a one night stand; to which the top answers were as follows.
The top 10 most commonly stolen ‘one night stand mementos’ by women:
1. Warm Jumper/Hoodie- 23%
2. Loose change- 21%
3. Toothbrush- 19%
4. Cigarettes- 17%
5. CD/ DVD- 16%
6. Photo of the person on a camera phone- 15%
7. Boxers- 14%
8. Watch- 9%
9. T-shirt- 8%
10. Food- 5%
The top 10 most commonly stolen ‘one night stand mementos’ by men:
1. Knickers- 25%
2. Bra- 24%
3. Food- 22%
4. Cigarettes- 18%
5. Alcohol- 17%
6. Photo of the person on camera phone -17%
7. CD/DVD- 15%
8. Phone charger-10%
9. Unopened condoms-9%
10. Loose change- 8%
When asked why they had stolen something from a one night stand, the majority, 44% explained that they simply needed the item in question; such as a jumper or t-shirt. 31%, said it was because they wanted a memento of the evening, whilst 22% explained that they wanted to prove to others that the night in question had occurred.
Speaking about the results, www.VoucherCodesPro.co.uk Marketing Director, George Charles, said:
“What better way to celebrate the launch of our new section dedicated to helping people make savings on adult products, than to delve into the murky world of one night stands and see what cheeky mementos people take to keep a memory of the passing of fluids?! However, what we found were less cheeky mementos, and more general theft. Watches, DVDs and CDs all made it into the top 10, something that staggered us all, especially as some watches can cost thousands of pounds”.
“We weren't hugely surprised to see that taking things from the fridge came out so high for men! Although, we're not sure this is for keepsakes reasons, but more about satisfying their hunger after working up an appetite.”
For more information on the brands that feature on the Adult section, including LoveHoney, Ann Summers and Passion8 visit http://www.vouchercodespro.co.uk/category/adult
For more information please contact Neil Lewis at VoucherCodesPro:
This press release was distributed by ResponseSource Press Release Wire on behalf of VoucherCodesPro in the following categories: Men's Interest, Consumer Technology, Retail & Fashion, for more information visit https://pressreleasewire.responsesource.com/about.


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In a research note sent to investors following Nio's second-quarter earnings report, Deutsche Bank's Edison Yu team raised its 2022-2023 delivery forecast for the company from 140,000/200,000 to 150,000/240,000, reiterating Buy rating and $60 price target.
Notably, the team maintained its $60 price target based on 8x 2023E EV/sales (discounted back), down from 9x previously to account for a broader re-rating of the EV-related stock.
Nio's premium market position, aspirational brand and technology roadmap allow it to remain at the top of its electric peer group, the team emphasized in the note on Thursday.
Nio reported revenue of RMB 8.45 billion ($1.3 billion) in the second quarter, more than double the year-ago figure. That was between Yu's team's forecast of RMB 8.57 billion and the analyst consensus of RMB 8.31 billion in the Bloomberg survey, and near the upper end of its guidance range of RMB 8.5 billion.
The company's gross margin for the second quarter was 18.6 percent, slightly below the analyst consensus in the Bloomberg survey and Yu's team's forecast of 18.9-19.1 percent.
The team said Nio's earnings per share of RMB -0.21 beat the previous forecast of -0.44 and the analyst consensus of -0.51 in the Bloomberg survey, mainly due to an increase in the allocation to share-based compensation (SBC) of RMB 251 million from RMB 96 million in the first quarter, which is not included in non-GAAP earnings.
Nio's management provided guidance for the third quarter in line with forecasts with expected deliveries of 23,000-25,000 units, which implies flat deliveries for the rest of the quarter at the midpoint. That would translate into sales of RMB 8.91 billion to RMB 9.63 billion, between the midpoint of the team's forecast and the analyst consensus in the Bloomberg survey.
The team said the ES6, EC6 and ES8 will likely transition to the NT2.0 platform earlier than originally expected, and that Nio's R&D spending target for the year remains at RMB 5 billion, but could actually be lower given the underspending to date.
The team kept its full-year delivery forecast unchanged at 95,000 units, resulting in revenue of RMB 37 billion, but lowered its gross margin estimate to 18.3 percent from 20.1 percent.
Nio said it will deliver three new models next year, including the ET7 flagship sedan, which will be delivered in the first quarter.
Yu's team believes the most affordable model will be a small sedan (ET5) that will compete with the BMW 3 Series and Audi A4, priced at under RMB 300,000.
The team predicts that the third vehicle could be similar to the Toyota Alphard, a luxury MPV that sold 20,000 units in China last year, or a high-performance sports coupe (EF9).
Yu's team does not think Nio's management will update its SUVs next year, as these products are still competitive with most German luxury models, especially after the launch of the Nio 3.0 operating system.
The team believes that Nio's expansion in Europe is on track and that the brand for the mass market could arrive sooner rather than later.
The team expects this new brand to target a price range of RMB 150,000-250,000 and support battery swap, but it will operate through a different network of sales and infrastructure services and a different user + application community to prevent dilution of Nio's premium brand while leveraging ongoing investments in R&D technology.
Nio said it has 40 employees in Norway and is rapidly establishing its headquarters in Amsterdam. The team predicts that the first deliveries starting next month will cover only a few hundred ES8s.
Nio closed down 3.41 percent to $42.47 on Thursday.


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NEW YORK (CNNMoney.com) -- Toyota Motor chief executive Akio Toyoda apologized Friday for the problems that led to the company's recall of more than 8 million cars. But he did not announce any solution for brake problems of its popular Prius hybrid.
Toyoda, the grandson of the company's founder, made his first public appearance in the two weeks that the company has faced a growing crisis over the safety and quality of its vehicles.
The recall affected 8.1 million vehicles worldwide and will cost the company an estimated $2 billion in repair costs and lost sales due to a sticking accelerator. Toyota has not said how much the new problems with the braking system in the Prius will cost it, though.
Toyoda said an investigation of the Prius problems is under way, and a decision on whether there will be another recall will be announced as soon as possible.
The company also announced Friday it is looking at the brake systems of the latest Lexus hybrid vehicles as well as a Japanese model called the Sai -- because they use the same system as the one on the 2010 Prius.
But Toyoda denied the company has been trying to hide problems with the brakes from safety officials in the United States and Japan. Still, he admitted Toyota needed to do more to assure customers about the safety of its vehicles.
"I feel we are in stormy weather," he said. "Under this situation, [we] must regain customer trust. Tackle the problem. My role is to carry it out. We lacked customer perspective. It's very unfortunate."
Not going far enough. But one expert said Toyota and its chief made a mistake by not announcing a recall for the Prius, especially since it now is clear there is a problem that will eventually need to be fixed.
"What we heard this morning was more foot dragging," said Michelle Krebs, senior analyst for auto sales Web site Edmunds.com. "They still are not very forthcoming. I think it'd be in their best interest to do a recall, and get it all behind them."
Other experts agreed that Toyota is suffering greater damage by not getting all the bad news out as quickly as possible.
"For reasons we may never learn, Toyota appears to be pulling their bandage very slowly, and therefore keeping their recall situation...firmly in the public eye," said James Bell, executive market analyst for Kelley Blue Book.
Krebs said that while most Toyota customers appear to be staying loyal to the brand for now, the damage being done to its image could hit future sales. She believes Toyota's estimates of a loss of 80,000 sales in North America and another 20,000 in Europe due to the recall are probably too low.
"My impression is they are fairly tone deaf about how significant this is in the U.S.," she said. "I don't think they have a good sense of what it's going to cost them in terms of reputation and sales."
She added that problems with the Prius are a particularly tough blow to Toyota -- even though the number of hybrids affected is insignificant compared to the 8.1 million vehicles recalled due to the gas pedal concerns.
"The Prius is so important to them. It's the pinnacle of their technological knowledge and engineering prowess. Now that image has been tarnished," she said.
Toyoda has faced harsh criticism over the last two weeks about his lack of public appearances during the crisis. Krebs said it was important for him to finally speak to the public.
The tone of the news conference, which took place late Friday night in Japan, was very out of character with what is normally seen at corporate press conferences in Japan. Reporters did not show the typical deference to a top executive. Some demanded answers about why there is no leadership and why the company was dodging questions.
Toyoda said the company would set up a committee to examine problems that led to the recall and said the company would cooperate with U.S. authorities who are looking into problems with Toyota vehicles.
"Believe me, Toyota's cars are safe," he said.
No solution yet for brake problem. The company has admitted it had a problem with the software controlling the anti-lock braking system of the 2010 model year Prius. The company said earlier this week that it has changed the software for cars produced since January, and it is looking into what to do with the vehicles already on the road.
Jesse Toprak, analyst with TrueCar.com, said the delay in announcing a recall for the Prius is a sign that fixing vehicles already on the road won't be as simple as fixing ones coming off the assembly line. But he said Toyota would be better off announcing the recall even if a solution is not finalized.
"Normally it would have been better off to wait for a solution. It doesn't help your image to say you don't know how to fix your own cars. But these are not normal times for Toyota," he said.
The 2010 model year Prius went on sale in the middle of last year. There are an estimated 37,000 of the cars on the road in the United States, and more than 200,000 worldwide. It is the best-selling vehicle in Japan and Toyota's fourth-best selling model in the U.S.
There have been 124 reports of problems with the brakes on the Prius in the United States, according to the National Highway Transportation Safety Administration, which Thursday announced it had launched a formal defect investigation into the car. There have been reports of four accidents involving the Prius brakes, two of which had injuries, although there have been no reported fatalities.
Toyota, which achieved steady market share growth in the United States due to its reputation of strong vehicle quality and safety, has been criticized by U.S. Transportation Secretary Ray LaHood for being slow to respond to the latest problems. LaHood said Toyota did not move on the accelerator recall until pushed to do so by U.S. safety officials.
The Prius brake problem causes a delay of about a second in the brakes engaging, but during a second a car traveling 60 m.p.h. can travel almost 100 feet.
While Toyota (TM) has far greater financial resources than most of its rivals, especially its U.S. rivals General Motors, Ford Motor (F, Fortune 500) and Chrysler Group, the quality issues do pose a financial challenge for the company. Friday credit rating agency Standard & Poor's placed its debt on credit watch, meaning it faces the risk of a downgrade that could raise its borrowing costs.
"Standard & Poor's believes that these developments may affect the company's reputation for quality, weakening its competitive position," it said in the announcement.
CNN's Kyung Lah contributed to this report.
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|General Electric Co||13.00||-0.16||-1.22%|
|Kraft Heinz Co||27.84||-2.20||-7.32%|
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Shoppers Expected to Spend a Lot on Halloween This Year
Halloween is just about a month away. Among the things preparing for this holiday involves for many is shopping. There are many types of purchases people make in connection to the Halloween season. This includes candy, decorations and costumes. A recent study indicates that Halloween-related spending might be particularly high this year among American consumers.
The study, a National Research Federation and Prosper Insights and Analytics study, predicted that Halloween-related spending here in the U.S. will hit around $9.1 billion this year. If this prediction is met, 2017 would have the highest Halloween spending total of any year on record.
As this underscores, the Halloween season can be a major sales time for retailers. What actions a retailer takes to prepare for a high-sales time of the year can impact how much in sales and business they ultimately enjoy during that time.
One of the things that can be impactful as a company is getting ready for a high-sales time of year is what steps it takes to attract customers. What things would you recommend for businesses when it comes to attracting Halloween shoppers?
Another preparation that can be impactful is how a retailer addresses things that could get in the way of it getting to take full advantage of a high-sales time of year. Among the things that business owners might be concerned could have such an effect are complicated legal matters, such as legal disputes, that have come up for their business.
For example, they might be concerned that a given legal matter could disrupt their business' operations. Business lawyers can advise retailers that are dealing with complex legal issues on what steps they can take to try to keep the issues from negatively impacting their goals, including their goals related to taking advantage of high-sales times of year.
Another concern a retail business owner may have related to a complicated legal matter is that it will take up all their attention, leaving them unable to focus on things like drawing in customers during high-sales times of the year. Having a skilled business attorney's help with their company's legal issues could give a business owner peace of mind that such issues are being handled properly. This could free them up to stay focused on making their company as successful as possible.


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Dell computers has named Wichita-based ConcergentIT its Mid-Market Business Partner of the Year.
Clearwater Engineering, based in Clearwater, has received Spirit AeroSystems’ Supplier of the Year Platinum Award for quality and delivery.
Galichia Heart Hospital has been awarded another three-year term of accreditation in computed tomography – or CT – scanning from the American College of Radiology.
U.S. News & World Report and Best Lawyers has named Monnat & Spurrier among the Best Law Firms in the Wichita area in appellate practice and criminal defense: white-collar.
Moundridge-based lawn mower manufacturer Grasshopper donated a commercial-grade zero-turn mower to Steve Ellsberry, a retired combat-wounded Army staff sergeant from Jacksonville, Fla. This is the second year the company has donated one of its mowers to a combat-wounded veteran, in partnership with Military Warriors Support Foundation.
More than 40 Ameriprise Financial advisers, employees and clients organized by Stoutheart Financial Group will volunteer at the Kansas Food Bank on Friday to stock food shelves, repackage bulk food items and assemble holiday meal packages.
Park N Pork BBQ food truck has a crowdfunding campaign on GoFundMe to replace the loss of equipment from an Oct. 26 fire.
Beautiful Day Cafe has a crowdfunding campaign on Kickstarter to open a restaurant offering locally sourced foods.
Seven and a Half Sisters Quilting has an Operation Buddy Builder crowdfunding campaign on Kickstarter to produce large quantities of its We Wu puppet.
Have a new business, name change, new location or award to share? Send announcements to Jerry Siebenmark at firstname.lastname@example.org. Include a contact name and phone number. For business openings, please also include a street address, phone number and operating hours and days.


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MUMBAI (Reuters) - Sun Pharmaceutical Industries, India’s largest drugmaker, reported its first fall in quarterly profits in a year on Tuesday, as pricing issues and supply constraints affected sales in the United States, its largest market.
Sun’s U.S. business faces increasing uncertainty as it struggles to fix quality control problems found by regulators at its key drug factories, and is the subject of a U.S. Department of Justice investigation into increases in drug prices.
On Tuesday the world’s fifth-largest generic drugs maker sought to allay those concerns by saying its focus was on high-margin ‘specialty’ products.
“The idea for us is to improve our supply and regain market share ... our plan is to create a very successful specialty business,” billionaire founder and Managing Director Dilip Shanghvi told analysts on a conference call.
U.S. supplies have been hit over the past year after the Food and Drug Administration (FDA) found violations in manufacturing practices at Sun’s Halol factory in western India. Sun has spent months trying to resolve those concerns but the FDA outlined further problems with the plant in an inspection report in December.
Shanghvi said on Tuesday the company hoped to be able to fix the problems at Halol “over the next few quarters.”
Some other factories that the drugmaker took over with the acquisition of rival Ranbaxy in 2014 are still barred from supplying.
Sun said it was cooperating with a U.S. Department of Justice investigation, under which several drugmakers were subpoenaed last year. “We have followed the law in the U.S. and all our people have followed appropriate behaviour,” Shanghvi said.
Chief Financial Officer Uday Baldota said competitive pressures also continued to affect the U.S. business.
Sun earlier reported a 4 percent rise in U.S. sales in the final three months of 2016, but its total net profit fell to 14.72 billion rupees ($220 million) from 15.45 billion rupees in the same period of 2015. Analysts on average had expected a profit of 17.83 billion rupees, according to Thomson Reuters I/B/E/S Estimates.
The company’s majority-owned U.S. subsidiary Taro Pharmaceutical Industries Ltd last week reported a 15 percent drop in quarterly sales for the same period, mainly due to price erosion in the United States.
Changes to healthcare policy under President Donald Trump also look likely to affect companies like Sun, which generates 45 percent of its revenue from the U.S. market. Trump last month proposed imposing a ‘border tax’ on companies exporting to the United States.
($1 = 66.9500 rupees)
Reporting by Zeba Siddiqui in Mumbai; Editing by Vyas Mohan, Greg Mahlich
Our Standards: The Thomson Reuters Trust Principles.


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As the Federal Reserve debates whether to raise interest rates in June and negotiators race to meet the debt ceiling deadline, consumers have increased spending significantly last month and inflation has accelerated. was shown in the latest data on Friday.
Private consumption, a key driver of economic growth, rose 0.8% in April, fueled by higher spending on services such as cars, insurance and health care, the Commerce Department said on Friday. April’s figures came after two months of sluggish spending, with both March and February up 0.1%, the report said.
The personal consumption expenditure price index, which the Fed recommends as an indicator of consumer inflation, rose 0.4% from the previous month in April and 4.4% from the same month last year. Excluding volatile food and energy costs, April prices rose 0.4% month-on-month and 4.7% year-on-year. Economists believe that so-called core inflation is a better predictor of future inflation.
Over the past six months, Fed officials have focused on prices for some labor-intensive services, excluding food, energy, housing and goods. Officials believe the category could reveal whether wage pressures from a robust labor market are spilling over to consumer prices. The Wall Street Journal calculated that April figure was up 0.4% from the previous month and 4.6% from the same month last year.
Another rate hike by the Fed could be considered during the June meeting
The Fed’s inflation target is 2%.
The Fed is trying to slow the economy
The FRB has raised interest rates at 10 consecutive meetings since March 2022 in order to curb investment, spending, and employment in order to curb high inflation. Friday’s report provides clues as to how much effort central banks should do to keep inflation down. The next Fed policy meeting is June 13-14.
US economic growth slowed in the first quarter. However, a robust labor market has kept unemployment low and wage growth higher, fueling consumer spending, a key driver of economic growth.
Americans increased their spending in stores, restaurants and online in April for the first time in three months. U.S. economic activity rose to a 13-month high in May. But a prolonged political struggle over the country’s borrowing ceiling could plunge the economy into recession, and a financial crisis if the government defaults.
“We are not in a situation where the economy is contracting,” said Gregory Daco, chief economist at consulting firm EY-Parthenon. “We are not in a very strong economic situation. We are in the middle, and the momentum seems to be tilting downwards.
Fed Officials Divided on Another Rate Hike, Minutes Show
spending on experience
Americans are spending big on summer travel, concert tickets and cruises despite rising prices, part of a shift from spending on goods to services during the pandemic’s worst.
In addition to rising wages, households still have surplus savings from the pandemic, when governments poured money into the economy in response to the economic turmoil caused by Covid-19.
A recent report by the San Francisco Federal Reserve Bank estimates that such excess savings remains about $500 billion in the economy as a whole. “We expect the aggregate stock of excess savings to continue to support consumer spending through at least the fourth quarter of 2023,” the report said.
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Some consumers withdraw
Retailers say companies such as Best Buy, Dick’s Sports Goods and Kohl’s have sent mixed signals about the state of the U.S. consumer in recent days, with inflation-stricken consumers stepping back. ing. Home Depot announced earlier this month that spending on home improvements has cooled off sharply this year.
Dean Downey, founder of Downey Brewing in Dearborn, Michigan, said inflation is affecting both customers and operations.
“It’s kind of a luxury to come here and have a beer. You don’t have to do that,” he says. “Some people have said to me, ‘I love coming here, but I have to cut back on some of the discretionary things because of inflation.’ The brewery is part of that.”
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Downey Brewery, which employs six employees, is facing rising costs, including malt prices that have surged about 50% over the past two years.
“Costs are going up, people are spending less, and it’s hard to raise the price to match your costs,” he says. “I am a little worried.”


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"This top layer is roughened so that cyclists and later cars can grip the road. It will also counter the reflection of the sun." said Sten de Wit van TNO.
The original press release in Dutch is available; as well as an article on a second-party site (Dutch here). Google translate has some problems with the Dutch translation, though.
Link to Original Source


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Biznextindia : CCAvenue, the leading payments aggregator in the Middle East and a flagship brand of Avenues World FZ LLC, a subsidiary of Infibeam Avenues Limited is one of the first payment aggregators to have partnered with PayPal, a worldwide leader in the payment industry to offer global payment acceptance for businesses in Middle East & North Africa (MENA) region. This allows MENA businesses the convenience of a single partner for all their payment requirements and streamlines processes for a seamless payment experience.
“We are excited to partner with CCAvenue, one of the leading payment aggregators in the Middle East, to bring PayPal’s trusted and secure payments to businesses in the MENA region. With this partnership, entrepreneurs and businesses across MENA can leverage PayPal’s global reach to expand their cross-border sales,” said Mr. Mark Mwongela, PayPal Director for Middle East and Africa. This partnership enables entrepreneurs and businesses across the MENA region to sell their products in 200+ countries globally to over 435 million worldwide active PayPal accounts, broadening their global reach. With the inclusion of PayPal payment option, recent research has shown that businesses can see approximately a 30% increase in sales, and customers who use PayPal spend an average of 43% more money at the retailer overall. This to a certain extent is due to the buyer protection and dispute settlement offered by PayPal, which gives customers greater confidence to shop.
Mr. Vishwas Patel, Executive Director Infibeam Avenues, commented, “We are thrilled to announce that CCAvenue is one of the few payment aggregators to offer PayPal as a payment choice to businesses in the MENA region. With PayPal’s trusted reputation in the payments industry and its extensive global reach, this partnership opens up an array of new opportunities for growth and increased cross-border sales for MENA businesses. We are excited about the potential this partnership brings and shall continue pushing the boundaries to explore and offer the best payment solutions.” The launch of this service saves entrepreneurs valuable time and effort, eliminating the need to have a US bank account to access their funds. With this partnership, CCAvenue and PayPal are committed to facilitate friction less payment processing, enabling entrepreneurs to focus on their goals and business expansion.


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There has been a never ending coverage of the increasing retail investor participation in the last year. Robinhood, meme stocks, r/wsb, the list goes on.
However, while these grabbed most of the news headlines, there was a bit of a storm brewing in Southeast Asia as well.
Retail participation has reached new heights in the region. Armed by reasons akin to the US, there has been a Cambrian explosion of retail investing in Southeast Asia.
But who and what have been driving this?
How much Netflix can one watch in a pandemic?
As with most things relating to the markets, don’t let “experts” fool you.
A core reason for why this explosion has taken place has been rather simple.
It has been well documented that sitting at home with not much to do during the pandemic has empowered investors to look to trading. This was no different for Southeast Asians, especially millennials.
Just as the pandemic led bored Americans to make the Robinhood app synonymous with retail investing, it’s the amateurs who have helped lift equities from Indonesia to Thailand despite some dire macroeconomic fundamentals and previous declines.
This was even true for countries that have seen retail investors stay away from the markets for decades. Japanese individuals opened more than 820,000 online brokerage accounts between February and April, more than double the number in the same period in 2019.
Going from never having opened an account, to piling millions into the market, retail investing in Asia went mainstream.
However, on top of just personal behaviour, there were a number of macroeconomic factors at play too.
Yields, Yields, Yields
Southeast Asia has high savings rates, with countries like Singapore in the top 10 of the world.
However, due to the extremely low interest rate environment, bank deposit rates have been decreasing constantly. In fact, they are pretty much at historic lows throughout the region. This has led retail investors to take to the markets.
UBS regularly tracks the difference between on and offshore gold prices in the region, which has shown that regional savings continue to shift from safe havens like gold to stocks.
In January 2021, the Indonesian Stock Exchange, IDX saw a record of 2 million transactions a day, as opposed to an average of 600,000 the year before. It had never crossed 1 million ever before in history.
Across the board, investors were piling money into the markets as they edged higher. While this obviously was a positive sign for increasing liquidity in local markets, there domino effects went beyond just this.
This also led to firms in Southeast Asia raising a record US$4.9 billion through IPOs in the first six months of 2021. Instead of the dream US listing, many big companies were looking at local listings.
For example, a US$1.5 billion listing for a Southeast Asian tech company on a local exchange seemed far fetched a few years ago. Then Bukalapak happened.
The fear of missing out is not a phenomenon only confined to US investors. The Gamestop saga in the US also got the attention of millennial investors in Asia.
So much so, that many started to replicate similar behaviour with local stocks.
In Thailand, millennial investors piled into local cannabis-related stocks in anticipation of regulatory changes by the government there.
In Hong Kong, retail investors borrowed more than US$50 billion to buy shares in Chinese video sharing app Kuaishou Technology’s float.
In Malaysia, investors were inspired by the Reddit orchestrated short squeeze to form their own group and do the same with the Top Glove stock.
What does this all mean
Just like the entire saga in the US, opinion on the retail explosion is divided.
Some are criticising it for the speculation and risk involved. Others are commending it for the much needed increase in retail participation in local markets.
While there are merits and demerits to both these arguments, it is certain that the retail investor in Southeast Asia cannot be ignored going forward.


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Cybersecdn- Walmart is being sued in federal court by a guy from Texas who wants $100 million in damages or the freedom to shop at any Walmart store for life. Roderick Jackson of Waskom, Texas, sent Walmart two handwritten complaints saying he was suing them for something that happened in March 2021 at a shop in Omaha, Nebraska.
Jackson sent the charges to the US District Attorney’s Office in Fayetteville for the Western District of Arkansas. Both reports were sent in on January 8 by people who did not have lawyers.
He made two complaints. One was about a “pretense of shoplifting,” and the other was about “civil rights violations based on race/color.” One of the complaints has a civil cover sheet that says the suit is about “other civil rights” but doesn’t say anything else.
Jackson wants Walmart to pay all of the court costs that come with the case along with the money. The case has not been served on Walmart, according to court records. Walmart for a response, said, “We do not accept any kind of discrimination.” We are aware of Mr. Jackson’s lawsuit and will defend the company against the claims as soon as we receive them.


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Springfield - State Senator Dan Rutherford (R-Pontiac) indicated that the Fiscal Year 2004 budget has a number of positive points on the spending side, but the total impact on most consumers remains to be seen.
The General Assembly recently approved hundreds of fee and sales tax increases despite Rutherford-s objections that the plan would impact jobs and consumers throughout Illinois.
-What we did in Springfield - parts of the spending side - was good. I think there-s probably more than what we should have, nearly $1 billion in increased spending,- Rutherford said. -What I am concerned about is the considerable increase in 300 fees on business and retail that will eventually be passed along to the consumer.-
Rutherford is concerned that the plan will impact consumers as business passes along the cost and eventually eliminates jobs. The fee increases could push Illinois businesses out of state, close their doors, or cut back their workforce in order to make ends meet.
Aside from the fees, the budget also includes a state death tax on inheritance, retroactive to January 1, 2003. Rutherford also objects to this outdated tax.
-If someone works all their life to build a small nest egg to pass along to their children and then government comes along and taxes, it is inappropriate,- Rutherford said.
The federal government no longer imposes its version of the death tax, largely because of its impact on small business and family farms, both of which are prevalent in the 53rd District and throughout Illinois.


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A record month for cruise ships brought Port Canaveral nearly $50 million in revenue in the first three months of the fiscal year.
Cruise revenue for December, including parking, came in at $19.3 million, $8.7 million over budget. The funds came from 95 ship calls, carrying nearly 700,000 passengers. This includes the two weekends before and after the holidays, close to or above 100,000.
“We spent a lot of time and a high level of coordination to make sure we had as little disruption as possible,” Port Canaveral Chief Executive Capt. John Murray said at Wednesday’s port board meeting. [the sheriff’s office] A lot of help in keeping the traffic flowing and doing their best to plan ahead. For the most part, it’s been quite successful. “
The number and size of ships at the port has been growing over the last year. It includes Royal Caribbean’s new Miracle of the Seas, the world’s largest cruise ship, as well as Carnival’s Mardi Gras, Norwegian Prima, Disney Wish and Legend of the Mediterranean, as well as newer and larger ships that call the port home.
Since the start of the fiscal year in October, the port has seen 243 vessel calls and more than 1.7 million passengers.
Cruise accounted for $40.7 million of the $48.9 million in total operating income. In three months, cruise revenue increased by $7.6 million over the proposed budget, with additional revenue coming from more passengers than planned, while ship visits still met targets.
That compares with just 300,000 passengers in December 2021, even as cruise lines continue to ramp up in response to the COVID-19 pandemic. It’s worth noting that December 2022 does include five weekends, not four, and New Year’s Day falls on a Sunday, so expect some extra revenue.
Still, the sheer number of people does reveal a shortcoming of the cruise terminal, Murray said. Cruise Terminal 10, which has paid parking, faces about 5,000 passengers leaving a cruise ship after only a two-night voyage. Because of the short flight, most people didn’t have checked luggage, so it caused a big setback.
“Everyone came to the garage at the same time,” he said. “Simple math, all four of our gates are running in the time it takes to process departures. You can’t have that many people leaving that quickly.”
It’s a headache now that the traffic flow has changed, but the port is also considering paying an admission fee for this garage.
“We have to deal with handhelds. It’s not as efficient and requires more manpower, but we do it because we can’t have people stuck in garages,” he said.
Operating expenses also decreased $1.1 million to $27.1 million due to savings in service contracts, payroll, engineering, insurance, maintenance and supplies.
Combining the additional revenue and reduced expenses, September-December operating income was $21.8 million, $9.8 million above budget.
The proposed budget for the fiscal year ending Sept. 30 is expected to hit a record high of more than $154 million, with $124 million of that coming from cruise lines.