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The self-driving taxi revolution could soon be at hand as Lyft and GM prepare to test driverless cars on public roads.
A Lyft executive told the Wall Street Journal that a pilot program will launch within one year in a still-undisclosed city, using GM’s Chevrolet Bolt electric cars. Some details are still being ironed out, but the plan is to let users opt into the program wherever it happens. The self-driving technology will be powered by Cruise Automation, a startup that GM intends to acquire for more than $1 billion.
At first, the cars won’t be completely driverless. To make riders and government regulators more comfortable, someone will still sit in the cockpit to make sure nothing goes wrong. Lyft has also developed a companion app that lets riders stop or start the car, and connect to GM OnStar for assistance, the WSJ reports. Long-term, however, Lyft hopes to phase out drivers completely.
Self-driving cars face a fair number of regulatory challenges before they can hit the road in force. To that end, Lyft recently formed a lobbying group with Google and ride-sharing rival Uber to help guide driverless vehicle laws on the federal level. While some states such as Nevada and California have passed their own laws, the group is hoping for consistent rules that don’t hold back development.
Of course, there are technological challenges as well. To navigate through cities, cars must collect and interpret heaps of data, and must account for everything from weather conditions to unforeseen obstacles. For now, auto makers and tech firms such as Google are testing in a small number of cities—or even city-like testing grounds—to get things right.
Why this matters: While Lyft isn’t the only company testing autonomous cars, it’s the first to announce plans to make the technology available customers. As the program expands, and the cost of hailing a Lyft falls, it could have a major impact on not just on the taxi industry, but on vehicle ownership as a whole.


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In a press release today, Nokia announced that it has sold over 2 million Nokia Lumia handsets in Q1 2012, but despite this, the company is still falling short when it comes to financials:
“Our disappointing Devices & Services first quarter 2012 financial results and outlook for the second quarter 2012 illustrates that our Devices & Services business continues to be in the midst of transition,” said Stephen Elop, President and CEO of Nokia. “Within our Smart Devices business unit, we have established early momentum with Lumia, and we are increasing our investments in Lumia to achieve market success. Our operator and distributor partners are providing solid support for Windows Phone as a third ecosystem, as evidenced most recently by the launch of the Lumia 900 by AT&T in the United States.”
Nokia also updated its outlook for Devices and Services in Q1 2012, going from expecting a breakeven non-IFRS Devices & Services operating margin to expecting one of approximately negative 3%. The company’s outlook on Q2 2012 is also bleak; Nokia expects that its non-IFRS Devices & Services operating margin will be similar or below that of Q1.
The Lumia 900 — which was launched on April 9th — is pegged to be a flagship Windows Phone device that will hopefully drive more sales to the platform. Many buyers of the device have reported a strange data connectivity issue, which was quickly identified as a problem with the software. A fix will be pushed out shortly, and AT&T is offering a $100 credit to Lumia 900 owners affected by the problem.

domain: news


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By CultureBanx Team
- Versace to open 300 new stores by 2022
- Generations Y & Z are expected to account for 45% of the global luxury spend
Capri Holdings (CPRI +0.77%), Versace’s new owner due to its $2.1 billion acquisition of the iconic Italian brand is vying for a bigger stake with urban consumers by opening 300 new stores by 2022. Could their expansion plans tap into the mutual admiration that lingers to this day between Versace and the hip hop community, in an effort to control debt and increase sales?
Why This Matters: The Medusa and gold barocco prints that Versace is well-known for, has draped the silhouette of many hip hop artists for decades and these new store openings may make the brand more accessible. Versace currently has 188 stores globally, 28 of them are in the U.S. They plan to renovate these locations to reach its goal of doubling annual sales along with their $2 billion revenue target.
Versace boasts more than 14 million Instagram followers, making it perhaps the most influential social media platform for luxury brands. This directly impacts black consumers since they are the biggest user group on Instagram at 43%, according to Pew Research.
Their expansion plans tap into the mutual admiration that lingers to this day between Versace and the hip hop community, in an effort to control debt and and increase sales
Getting in front of the Generations Y and Z is important for Versace, who are expected to account for 45% of the global luxury spend by 2025, according to Bain & Co. They also point out the landscape is shifting, driven by a younger more digitally focused audience and represents challenges for companies like Versace to expand.
The fashion labels upcoming campaigns will be more focused on products and marketed across social media. More money will be spent on marketing in general for Versace as part of its restructuring strategy, from campaigns to how the brand can drive consumers to its site.
Situational Awareness: Capri also wants Versace to ramp up its luxury handbag offerings to 60% of sales, since they have a lot of experience is this category with Michael Kors. However, in 2016 a Wedbush Securities report found that many Nordstrom (JWN +2.00%) stores were no longer going to carry Kors handbags because their sources said “Michael Kors was the number one returned handbag brand because of poor craftsmanship.” Hopefully they’ve worked out the kinks so that Versace won’t have similar problems.
CBx Vibe: “Versace” Migos Feat. Drake


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The jittery video shows a San Francisco DPT parking control vehicle illegally parked in a commercial loading zone for six-wheeled trucks.
The unidentified amateur photographer finds the DPT officer shopping at the Goodwill store near Geary and Hyde.
"It is against our policy for her to park illegally," SFMTA spokesperson Kristen Holland said.
The San Francisco Municipal Transportation Agency says that is not the only violation -- the officer was shopping while on duty.
"The agency does not have a double standard, we want our parking control officers to follow those same regulations," Holland said.
Employees at the Goodwill store say at least two DPT officers frequently park illegally and shop during morning hours.
"Certainly she should pay for whatever tickets she's accrued, plus some because she's abusing the power that other people can't," San Francisco resident Edward Park said.
MTA officials say the case is still under investigation and the officer will be dealt with appropriately.
Meanwhile the YouTube video has gone viral and San Francisco residents, many who have gotten their share of tickets, seem to be savoring the moment.
People love to hate parking control officers. It is a tough job, but the MTA says they still have to follow the same traffic laws as everybody else and violations should be reported by calling 311.


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Lenovo, the Chinese firm that has bought up IBM’s cast off PC business, has announced a miniaturised computer not much larger than a smartphone, which can be connected to any screen via an HDMI connection.
Carsales.com and Carsguide.com.au will go head-to-head in the Victorian Supreme Court next month, after Carsales.com initiated legal action over what it alleges is deceptive and misleading advertising.
8:22PM | Wednesday, 24 August 2011 |
Tech start-ups goCatch, Filter Squad, OrionVM and StageBitz are among this year’s winners at innovation event Tech 23, which saw 23 early-stage companies vie for the chance to share in $150,000.
A free and small business advice website with a variant online start-up business community, whether you are looking for a business mentor or business ideas, StartupSmart will help you in starting a business the smart way.


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If you have a Windows 10 device and Android phone, Microsoft’s Your Phone app can prove to be pretty useful. With Your Phone app, you can integrate your desktop and your phone to call people, view photos stored in internal storage, message people, see notifications, and more.
Your Phone app is constantly updated by Microsoft with new features and improvements to make it more seamless. Microsoft is now rolling out yet another update for Your Phone app that adds support for controlling Android phone’s music playback right from Windows 10.
With Your Phone app on Windows 10, you can now control music streaming from your phone. The app currently supports streaming services like Spotify and YouTube Music, and you can also control the locally downloaded music when you play the audio in a supported music app.
As you can see in the above screenshots, basic information including tracks, titles, and album are also displayed and they’re synced between your PC and your phone.
You can also pause and resume music, and skip tracks. Microsoft has also included an option to change the music source right from the Your Phone app by clicking on the dropdown menu.
Microsoft is rolling out the feature to devices running Windows 10 October 2018 Update or later. You’ll need an Android Phone running Android 7.0 or later, and an app that supports music controls.
At the moment, YouTube video controls are not supported by Microsoft’s app, but you can use YouTube Music, Spotify, Apple Music and other music players to sync the playback with your PC.
It’s also worth noting that you’ll need to enable notifications support for music player such as YouTube Music since Microsoft will be using Android notifications to sync and display music playback.
Microsoft’s update for the Your Phone app is currently rolling out, and it will take a few days to show up on your device.


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According to proposals for Columbus, Ohio, public transportation subsidies would instead be handed to ride-sharing services.
When one thinks of the world's most expensive cities, images of New York and London probably pop to mind. But those two do not even make the list.
SkyTran is challenged to convince cities to update their aging infrastructure.
URB-E, 'the world's most compact foldable electric vehicle,' makes getting from point A to point B faster and more fun.
Cities with good bike paths and a wide selection of yoga studios finds not all have balmy climates or steep rents, according to Livestrong.
Research suggests these family-friendly municipalities are best for the stressed, tired and rushed -- the working parents of today.
The car maker showcased its New Mobility Concept vehicle at the New York International Auto Show.
If you have a business meeting in these locations, be sure to leave yourself plenty of extra time.
The announcement is part of the Smart City Challenge, a government-sponsored competition that will award $50 million to one U.S. city.
The birds are actually monitoring air pollution in London.
Meet the top 5 U.S. cities slicing regulatory burdens.
Following a successful tech career, Flint native David Tarver returned home with a zeal for solving social problems.
'The Second City' is fast becoming the Silicon Valley of B2B startups.
Cyber-security companies are hiring by the droves, with some creating hundreds or thousands of jobs every year alone.


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Success in marketing campaigns comes from those that create real change, according to Initiative’s director of client advice and management, Maddison Keogh.
During this year’s B&T Women in Media Awards, presented by Are Media, we’ll be recognising exceptional people who have achieved success in their professional arenas, celebrating their invaluable contribution to their industry through leadership, innovation and courage.
A recent 30 Under 30 winner in the ‘Media Planner/Buyer’ category, Maddison Keogh is the director of client advice and management at Initiative, a full-service global media agency under IPG Mediabrands.
B&T recently spoke to Keogh about whether the uncertainty of 2020 carries opportunities for the advertising, marketing and media industry, and where fearlessness—which she describes as being “bold, brave and unapologetic”— could help the industry break the status quo.
What does ‘fearlessness’ mean to you, Maddison?
To be fearless means to be bold, brave and unapologetic about who you are or what you stand for. Fearlessness means going after what you want and never having to compromise.
For me, it is waking up every day and deciding to be better and do better. Every day offers a new opportunity to be fearless, to challenge yourself and make a difference in the world.
What does fearlessness in advertising, marketing, or the media look like?
Fearlessness in the media industry is agencies and businesses alike being clear on what they stand for. Also provoking and empowering their people, their clients and the community to constantly challenge themselves and question what their impact in the world will be.
To be fearless in marketing is to challenge the status quo, to never shy away from a challenge and to take a leading role as a bold and unapologetic member of our industry.
Do you believe the advertising, marketing and media industries have been ‘fearless’ in 2020?
It has been an extremely tough year for the marketing and media industries, and I do not think we’ll fully realise the impact of COVID-19 on companies and people for years to come.
Tough decisions have been made and I do believe the leaders of our industry have been fearless in protecting people and future proofing their businesses as best they can.
However, the world isn’t just dealing with COVID-19. This year has been a pivotal moment in history with several social justice issues forcing companies to revaluate what they stand for. We have seen fearless agencies and brands re-strategise and transform their marketing plans into an opportunity to give back to the community.
Whether that was an evolution of their product or service through COVID-19, such as alcohol and cosmetic companies manufacturing hand sanitiser, or brands weighing the importance of taking a stand for what they believe, is right and purposefully incites change.
The world is demanding change right now and fearless companies who are fighting for change are standing out.
How can professionals in the media, broadly, be fearless in times of change?
The Australian media industry is extremely influential. We are a tight knit community and we have the critical responsibility of directing our client’s media strategy and investment.
It is more important than ever that we are educating our clients on the best decisions for them as a business, and for our community. I believe success in marketing campaigns comes from those that create real change. Whether that is change for the brand, for the consumer or for the community, taking a stand and creating a long-term impact is more important than ever.
Agencies shouldn’t be afraid to challenge their brands to be bold, and to strive to better the world we live in – and also lead by example.
The Women in Media Awards will be held on Wednesday 28 October 2020, at Doltone House (Jones Bay Wharf).
If you’d like more information about the event, head to this website.
You can also check out who made this year’s shortlist, here.
Thank you to all of our incredible sponsors for making the event possible!
A new player has arrived on the Brisbane scene – and it’s growing fast. Colony is a strategic communications advisory that started in Port Moresby in 2015, working with major Asia-Pacific clients like the Brian Bell Group, Digicel and Puma Energy. To build a greater capacity to support the Port Moresby office and serve these […]
AnalogFolk Group Launches Behavioural Transformation Consultancy, MindWorks Consulting. Focused on delivering improved business outcomes, the consultancy applies behavioural economics to both marketing strategy and organisational design. In a rapidly changing world, companies need to be nimbler than ever before, reading and reacting at pace to changing market conditions, competitor landscapes and customer needs. New technologies […]
Beloved radio personality, Byron Cooke is back on Melbourne breakfast radio, announcing he will host KIIS 101.1 breakfast this morning and will back behind the mic until February when the Jase & Lauren in the Morning show returns. The announcement follows news regular breakfast co-host, Jase Hawkins, is expecting his third baby any day now. “I’ve been mates […]


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Facebook says it is removing fraudulently generated "likes," which helped make some businesses on Facebook appear more popular than they really were »
When Eric Schmidt argued recently that online display advertising could become a $200bn industry within the next decade, his words triggered thousands of bullshit detectors across the media industry »
Apple's new version of Safari introduces some prominent ad-blocking features - perhaps significant given Apple's ambitions in the mobile advertising market »
The strange low-frequency sound recorded across the Pacific in 1997 has turned out to be an icequake, despite rumours it was the distant rumble of Cthulhu awakening »
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Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) entered into a consent order with Choice Money Transfer doing business as Small World Money Transfer for alleged multiple violations of the Remittance Transfer Rule and the Electronic Fund Transfer Act. The CFPB alleged the company did not accurately disclose prepayment information to remittance senders, such as money transfer fees, current exchange rates, and the date the recipient would receive the funds, and failed to provide refunds required by law. The order requires Choice Money to pay a $950,000 penalty that will be deposited into the CFPB’s victims relief fund.
The CFPB sued payment processor Active Network LLC for allegedly tricking people trying to sign up for fundraising events into enrolling into its annual subscription discount club, Active Advantage. The CFPB’s lawsuit alleges the company automatically and unlawfully enrolled families into its discount club by using “digital duplicity.” The company previously settled with Iowa and Vermont, but allegedly only changed its manner of operation in those two states.
The CFPB issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. The advisory opinion stated that “a consumer reporting agency that does not implement reasonable internal controls to prevent the inclusion of facially false data, including logically inconsistent information, in consumer reports it prepares is not using reasonable procedures to assure maximum possible accuracy under section 607(b) of the Fair Credit Reporting Act.”
The CFPB issued guidance for banks about two “junk fee” practices that the agency deems likely unfair and unlawful under existing law. The Bureau’s Consumer Financial Protection Circular on surprise overdraft fees and the CFPB’s compliance bulletin on surprise depositor fees detail when a financial institution’s back-end penalties likely break the law.
Federal Trade Commission
The FTC finalized a consent order against Opendoor Labs, Inc. an online real estate business accused of deceiving consumers about how much money they could save by selling their home to Opendoor, as opposed selling on the open market. The final order requires Opendoor to pay $62 million, which is expected to be used for consumer redress and injunctive relief prohibiting the deceptive conduct.
The FTC won a court order and permanent injunction barring a company from claiming its paint insulates, after finding the claims about the R-value of the paint were false. The order permanently bans F & G International Group Holdings, LLC, FG International, LLC, and their principal J. Glenn Davis from making deceptive claims and prohibits them from supporting similar deception from other companies.
The FTC obtained a $3.3 million stipulated judgment against auto dealer Passport Automotive Group for allegedly deceiving consumers by tacking hundreds to thousands of dollars in illegal junk fees onto car prices and for discriminating against Black and Latino consumers with higher financing costs and fees. Under the order, Maryland-based Passport, its president, Everett Hellmuth, and its vice president, Jay Klein, will pay more than $3.3 million to settle the FTC’s lawsuit, which will be used to refund consumers harmed by Passport’s conduct.
The FTC announced that it has issued three Advance Notices of Proposed Rulemaking related to 1) junk fees; 2) fake reviews and other deceptive endorsements; and 3) updated rules regarding labeling of home appliances regarding energy use and right to repair.
The FTC approved final orders regarding “right to repair” restrictions against Harley-Davidson Motor Company Group, grill maker Weber-Stephen Products, and the manufacturer of Westinghouse outdoor power equipment. The orders involving Weber-Stephen Products and MWE Investments and Harley-Davidson require the companies to take steps to recognize consumers’ right to repair and prohibits them from voiding warranties if repairs are performed by independent companies.
In Other Federal News
The Federal Communications Commission (FCC) initiated a proceeding to consider ways to bring non-IP phone networks into the caller ID authentication ecosystem. The FCC noted that STIR/SHAKEN caller ID authentication standards are only technologically possible on IP-based phone networks, leaving a relatively small but significant hole in robocall protection. The FCC’s Notice of Inquiry seeks comment on the prevalence of non-IP technology telephone service, its impact on the problem of illegal robocalls, and input on technological or policy solutions.
The FCC announced orders to begin removing seven voice service providers from the agency’s Robocall Mitigation Database. Providers must mitigate robocalls by implementing STIR/SHAKEN throughout their IP networks. If they fail to do so, they be removed from the database and other networks will be prohibited from carrying [or is that too strong?] their traffic. The FCC ordered Akabis, Cloud4, Global UC, Horizon Technology Group, Morse Communications, Sharon Telephone Company, and SW Arkansas Telecommunications and Technology to show cause as to why the FCC should not remove them from the database.
The Securities and Exchange Commission (SEC) announced charges against Kim Kardashian for touting on social media a crypto asset security offered and sold by EthereumMax, allegedly without disclosing the payment she received for the promotion. Kardashian agreed to settle the charges, pay $1.26 million in penalties, disgorgement, and interest, and cooperate with the Commission’s ongoing investigation.
The SEC charged New Jersey-based National Realty Investment Advisors LLC (NRIA) and four of its former executives with running a Ponzi-like scheme that raised approximately $600 million from about 2,000 investors, promising their money would be used to buy and develop real estate properties, which would generate returns of up to 20 percent. In reality, the complaint alleges, investor money was used to pay distributions to other investors, to fund an executive’s family’s personal and luxury purchases, and to pay reputation management firms to thwart investors’ due diligence of the executives.
The U.S. Department of Justice (USDOJ) filed a stipulation and agreement resolving a dispute with Google over the loss of data responsive to a search warrant issued in 2016, which allegedly violated the Stored Communications Act (SCA). Google agreed to reform and upgrade its legal process compliance program to ensure timely and complete responses to legal process, as required by the SCA. Google also agreed to an independent compliance monitor.
USDOJ, on behalf of the U.S. Food and Drug Administration, filed complaints for permanent injunctions against six e-cigarette manufacturers. These are the first cases in which FDA has initiated injunction proceedings to enforce the Federal Food, Drug, and Cosmetic (FD&C) Act’s premarket review requirements for new tobacco products. The complaints allege that each defendant failed to submit premarket applications for their e-cigarettes and has continued to illegally manufacture, sell, and distribute their products, despite previous warning from the FDA that they were in violation of the law. The defendants are Morin Enterprises Inc. doing business as E-Cig Crib, Soul Vapor LLC, Super Vape’z LLC, Vapor Craft LLC, Lucky’s Convenience & Tobacco LLC doing business as Lucky’s Vape & Smoke Shop, and Seditious Vapours LLC doing business as Butt Out.
District of Columbia Attorney General Karl A. Racine announced victories in actions to stop misuse of nonprofit funds, including the resolution of lawsuits against Public Media Lab (PML) and Pavilion USA 2020, Inc., which will return over $400,000 in misused funds to District nonprofits. The District alleged that over a 12-year period, PML a District nonprofit corporation, funneled nearly all its funds to a for-profit film production company, Manifold Productions Inc. The nonprofit enabled Michael Pack, the owner of Manifold and chief executive officer for PML, to receive a stream of tax-exempt dollars without a competitive bidding process, public scrutiny, or accounting requirements regarding its spending.
Attorneys general from across the country expressed their concern for victims of Hurricane Ian and cautioned donors to be alert to avoid charity scams. Among the attorneys general warning donors were Florida Attorney General Ashley Moody, Illinois Attorney General Kwame Raoul, and West Virginia Attorney General Patrick Morrisey.
Veterans and Military News
USDOJ announced that GM Financial agreed to pay over $3.5 million to resolve allegations that it violated the Servicemembers Civil Relief Act (SCRA) by illegally repossessing 71 servicemembers’ vehicles and by improperly denying or mishandling over 1,000 vehicle lease termination requests. The SCRA prevents an auto finance or leasing company from repossessing a servicemember’s vehicle without first obtaining a court order, as long as the servicemember made at least one payment on the vehicle before entering military service. The SCRA also allows servicemembers to terminate a vehicle lease early after entering military service or receiving certain qualifying military orders without incurring any early termination charges and those servicemembers are entitled to a refund of any rent or lease amounts paid in advance.
The U.S. Department of Education announced final rules related to the “90-10 Rule” which requires for-profit colleges to obtain 10 percent of their revenue from non-federal sources. Provisions in the American Rescue Plan closed a loophole which had allowed these colleges to count federal dollars outside of the student aid system—such as G.I. Bill benefits—in the 10 percent revenue bucket. Veterans’ education advocates and some attorneys general argued that the loophole incentivized recruitment of veterans and servicemembers into these institutions.
Other articles in this edition include:


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BAY COUNTY, Fla. (WMBB)— It’s that time of year again. Parents across the nation are gearing their children up with school supplies for the upcoming school year.
This year the price tags may look a little different with inflation at a 40 year high.
Which is why the Boys and Girls Club of Bay County and Simon malls are hoping to gather over a hundred supply-filled backpacks for families in need by August 7th.
“The need is a little bit greater than times before,” said Boys and Girls Club of Bay County CEO, Hank Hill.
According to a new 2022 back-to-school survey by Deloitte, a financial advising company, parents are expected to spend on average $661 per child on back to school items this year- that’s an 8% increase from last year.
Dr. Joseph Krupka, Accounting and Financial Planning Program Coordinator at Florida State University Panama City, said that supply chain issues leading to shortages, have been another cause of many price hikes.
He credits Russia’s war on Ukraine for price hikes relating to grain and oil, which he said leads to strains on other items.
“I think there will be a limitation on what the parents see for school supplies,” said Dr. Krupka.
According to the survey, clothing items are leading the increase by in price 18%.
Dr. Krupka warns the high prices may be here to stay.
“I’m looking at this mild recession and high prices going into next year,” he said.
He recommends in addition to taking advantage of the sales tax holiday which lasts until August 7th, parents should aim to budget their spending.
“Buy the staples you need. The lunchbox that works, not the most popular fad item,” he said.
If you would like to donate to the school supply drive benefitting the Boys and Girls Club of Bay County, you can drop off donations at the Simons Mall Management Office in Pier Park, Forever 21, Dillard’s, Pink Narcissus, Tervis or Dollar Tree.
Donations can also be dropped off at the Boys & Girls Clubs of Bay County facility located at 16200 Panama City Beach Parkway, Panama City Beach, Florida 32413.
The supply drive will last until August 7th.
Supplies they are looking for include:
- Spiral Notebooks
- Looseleaf Paper
- Blue ink pens
- Black ink pens
- Classic 12 point pencils
- Mechanical Pencils
- Multicolor Highlighters
- Pronged and non-pronged folders
- Three ring binders
- Index Cards
- Sticky Notes


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By: Lizzy Freier, Director, Menu & Research Insights
The past two years brought unforeseen challenges to the foodservice industry, leaving many operators scrambling to adapt. With a couple years of experience under their belts, operators entered 2022 more readily settling into solutions for these trials while facing new ones as well, such as soaring inflation costs. Through the first half of the year, we have seen operators attempt to do more with less, embrace new operating strategies that balance digital and brick-and-mortar units, emphasize flexibility with menus and continue to adapt the guest experience.
Forecasting the Future
Canada’s pre-pandemic $95 billion foodservice industry was battered by sales losses of nearly 29% as we entered 2021. While COVID-19-related restrictions—influenced by new caseloads and the looming impact of virus variants—may directly affect consumer visitation and behaviour in 2022, current Technomic research shows that the new year will also bring an upswing in the Canadian industry’s sales and overall performance. According to our latest data, Canada’s foodservice sector is expected to reach $74.8 billion, reflecting roughly a 21% increase over 2021 and just 3% below pre-pandemic sales levels. From a segment perspective, limited-service restaurant sales are projected to rebound at a nominal growth rate of 7.3%, and full-service restaurants are poised to grow sales by a nominal rate of 26.2% in 2022.
Midyear Status: As predicted, Canadian foodservice sales have begun to rebound in early 2022, with commercial foodservice sales up nearly 18% over the last year and indexing showing that industry revenue will be at 97% of pre-pandemic levels by the end of 2022. As COVID-19 restrictions have eased and indoor dining has begun to make a comeback, Canadian foodservice industry employment has also begun to recover, showing 12% year-over-year growth in February 2022. When it comes to segments, predicted nominal rebound rates have been adjusted to be slightly lower, with limited-service sales projected to grow 7.1%, and full-service sales estimated to grow 20.9% in 2022.
Leaning Into Leanness
Operators are getting leaner on multiple fronts, from downsized staff to smaller unit footprints to trimmed menu selections, in an effort to respond to changing conditions. In 2022, expect restaurant chains to accelerate investments into more compact models that service delivery and takeout while operating efficiently with fewer workers on hand. Look for ghost kitchen outsourcing to emerge as a primary avenue to allow brands to expand without additional spending on real estate. And we’ll continue to watch menus shrink in favour of optimization strategies that help make food prep simpler while reducing costs.
Midyear Status: Restaurant chains are balancing investments in traditional expansion and digital operations. As predicted, some operators have been leaning into technology-driven enterprises that focus on delivery and takeout models. For multiconcept operator Recipe Unlimited, e-commerce sales have continued to grow, even as dining rooms have reopened. On the flip side, rather than getting leaner, many operators—including Mary Brown’s, Popeyes and Jollibee—have been expanding by opening units in new regions. And despite overall menu items decreasing 2% year over year, the fact that this is compared to a 9% decrease from pre-pandemic to today signals that a slow road to menu recovery may be starting.
Menu Pivots Support Supply Chain-ges
Persistent supply chain issues will inspire creativity and require flexibility in 2022. Specifically, quirky preparations of familiar ingredients will allow for exciting menu additions without new SKUs—think pickled apples, candied garlic or salt-baked root veggies to impart new flavours and/or textures while, in some situations, even extending shelf life. Inventiveness with favourite fare will also help operators stand out without overhauling entire menus, such as chicken sandwiches or pizzas differentiated with global toppings. And because of ingredient shortages and sourcing issues, nimbleness will be table stakes, with operators ready to implement menu swaps that take advantage of more readily available and economical ingredients.
Midyear Status: The menu creativity we predicted for this year is already apparent, with innovative preparations (e.g., grilled lettuce at Tanto in Toronto) and quirky takes on classics (e.g., Mucho Burrito’s Tandoorito featuring tandoori chicken and chutney crema stuffed into a burrito) popping up on menus. We’ve also seen menu swaps when it comes to proteins, with limited-time offers such as Quiznos Canada’s Bison Reuben Sandwich. With enduring supply chain issues impacting operators, creative menus that embrace flexibility will continue throughout the year.
The Evolving Face of Hospitality
Restaurant hospitality will look very different as we head into another pandemic year. Some practicalities of on-premise dining will continue to be stumbling blocks for operators who are trying to balance safety and hospitality. And some of these decisions—whether mandated or not—will cause controversy among consumers. For example, here to stay may be vaccine passports or negative COVID-19 tests required for dine-in customers and charges for no-show reservations or last-minute cancellations. Gone by the wayside may be extensive staff interactions for ordering and payment (thanks to contactless operations), physical reusable menus (with QR menus taking permanent hold) and high-touch food and drink areas (such as communal condiments and fountain drink stations). As the foodservice industry embarks on the road to recovery, the year ahead will tell us which of these modifications might prove to be permanent fixtures.
Midyear Status: Within the first few months of 2022 as the omicron wave seemed to slow, several provinces lifted mask and vaccine mandates, leaving restaurants to adapt to new hospitality requirements once again. As we tentatively move forward, restaurants will continue to balance safety and hospitality—perhaps with hybrid operating solutions, such as restaurants defaulting to QR menus but offering physical menus for those who prefer them. The future for the foodservice industry looks hopeful, but only time will tell how comfortable and confident consumers will feel in traditional hospitality settings.
All Buttered Up
As the comfort food trend surges on, many operators will turn their attention to butter, a versatile staple ingredient in most kitchens. Flavoured butter will be grounds for endless culinary experimentation, ranging from umami-rich kombu or yeast butters to cocktails featuring herb-infused and browned butters. Beyond the classic dairy product, other buttery ingredients such as buttermilk, butterscotch and ghee/clarified butter will gain attention. Elevated versions and applications of nut butters will also continue to grow in conjunction with the plant-based trend, with pistachio and macadamia butters finding momentum, and peanut butter making headway in new directions, such as on burgers or in cocktails.
Midyear Status: Our predicted butter trends have already made moves in 2022 in the form of funky-flavoured butters (e.g., sake kasu butter at Burdock & Co in Vancouver, and Aura in Victoria, British Columbia), innovative uses of buttermilk (e.g., buttermilk sorbet at Biera in Edmonton, Alberta) and elevated versions of nut butters (e.g., hazelnut butter at Toque in Montreal). Given we’ve already seen operators get buttered up, expect further exploration throughout 2022. Additionally, look for innovation with new textures, such as butter powder, currently found at Straight and Marrow in Vancouver.


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The JVC GY-HM200SP camcorder includes embedded score overlays for streaming direct to web
JVC Professional Video demonstrated its new GY-HM200SP 4KCAM camcorder with embedded score panel graphics at CES 2016. Designed to enhance single-camera HD sports coverage, the camera produces a real-time score overlay on recorded and streamed video output without the use of an external CG and production switcher. The GY-HM200SP receives score information directly from a mobile device connected wirelessly to the camera, or interfaces directly to the sports venue’s own scoreboard controller through a wired or wireless interface. The camera includes basic layouts to cover a wide variety of sports, but JVC can also customize the overlay with the names and logos of teams.
“JVC’s new GY-HM200SP provides an easy, innovative, and affordable way to produce professional-quality, single-camera sports coverage. One person can shoot, insert graphics, record, and stream the production live directly from the camera.” explained Ian Scott, vice president, Professional Video Division.
Beyond its built-in graphics overlay, the JVC GY-HM200SP includes all the professional features of the GY-HM200, including an integrated 12x zoom lens with optical image stabilizer. Its built-in HD streaming engine with Wi-Fi and 4G LTE connectivity allows live HD transmission directly from the GY-HM200SP to the ProHD Broadcaster server powered by Zixi, Wowza Streaming Engine, other hardware decoders, and CDNs like Ustream and YouTube. The camera features dual XLR audio inputs and an integrated handle with hot shoe and dedicated microphone mount, and offers a variety of 4K, HD, and SD recording modes to Class 10 SDHC/SDXC memory cards.
“Local sports coverage is often produced by schools or public access channels with limited resources, so multi-camera productions or a dedicated CG are frequently not an option,” said In Scott.
JVC Professional Video, a division of JVCKENWOOD USA Corporation, plan to ship January 2016.
The scores can be input wirelessly to the camera from a mobile device like an iPad
JVC will also demonstrated a prototype of its new “Sports Coaching System” at CES. Designed to help coaches analyze athletic form and skills, the multi-camera system documents a player’s golf swing, pitcher form, or other movements from different angles. Up to four high-speed HD video cameras (300fps), each equipped with 10x zoom lenses and controlled through Android OS, send video to a computer via Wi-Fi for instant, synchronized slo-mo playback.
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At approximately 10:15 pm, Sheriff’s deputies responded to the Shell gas station (3530 Trask Pkwy) in
reference to a robbery occurring minutes earlier. Upon arrival, deputies met with two store employees and one
customer who advised that they had been robbed by two black males.
The victims stated that the two men, wearing dark clothing, gloves, and masks entered the store and ordered
everyone to the floor at gunpoint. The suspects demanded the victims empty their pockets. After taking an
undisclosed amount of cash as well as various tobacco products, both suspects fled the store in an unknown
No injuries were reported as a result of the incident. The Sheriff’s Office is asking anyone with information
contact either Investigator Sgt. J. Kelleher at 843-255-3418 or the Beaufort County Dispatch Center at 843-524-


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TROY — The Grand Marshals of the Montgomery County Veterans Day Parade will be Korean War veterans to acknowledge the 60th anniversary of the signing of the truce to end the war.
The Montgomery County Veterans Council is the sponsor for the parade in Troy on Saturday, Nov. 9, at 11 a.m.
Following the parade and ceremonies, visitors can enjoy local arts and crafts at Arts in Autumn on Main Street.
The parade will line up on Page Street. All veterans are invited to participate to be saluted as they ride down Main Street.
Town and county officials, JROTC Drill Team from the high schools, high school bands, Boy Scouts and other groups are expected to march in the parade.
Lowe Warner American Legion Post 159 will have its annual military display set up in the Troy Town Hall, 444 N. Main St., immediately following the parade. The public is encouraged to visit the display.
For further information on display items or to offer items for display, contact Russell Fuller, Post Commander, at (910) 576-3428.
Also at town hall, a rural health team from the Salisbury VA Medical Center will offer free flu shots and enrollment in the VA Health Care system for all veterans from 10 a.m.-1 p.m. Veterans must have either a VA Identification card or a copy of their DD-214 to provide proof of military service. The team can assist veterans to obtain a DD-214 if they don’t have one.
For further information, contact Polly King, County Veterans Service Officer at (910) 576-4711 or Marie Negus, Secretary, at (910) 428-2232
The Troy Business Association will sponsor Arts in Autumn on Main Street following the parade. Vendors will offer arts, handmade crafts, pottery, jewelry and baked goods.
The Farmers Market will also be open in the municipal parking lot on Main Street with local fruits, vegetables and meats.
Chairman Michael Hayes said the Troy Business Association is a core group of business owners who have focused on the “Think Montgomery” slogan and are putting it to work.
“We want to give people a reason to come downtown,” Hayes said. In addition to the vendors, all the stores and restaurants will be open with specials of the day. The only food vendors will be those with baked goods to encourage visitors to enjoy a meal in a local restaurant.
Hayes said they have been pleased with the number of local artists who have responded. They, along with the crafts, will be a perfect place to start Christmas shopping.
For more information on Arts in Autumn, contact Michael Hayes at (910) 576-7000.


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by Hena Hussain ‘20
Most students constantly use their cell phones for a variety of tasks, from communication to school to social media. These devices are used by adults and young people alike, and with an increased use of the internet in all aspects of society, owning a cell phone is no longer a choice for those who wish to advance their careers or simply stay connected with family and friends. However, questions have been raised about the health risks of cell phones.
It has been found that excessive cell phone use can have an impact on mental health, particularly in the area of anxiety. According to reporting done by ABC News, using cell phones frequently can lead to stress and anxiety, and “phone-induced anxiety operates on a positive feedback loop,” in which people are kept in a “persistent state of anxiety” that can only be relieved by looking at one’s phone. This constant need to look at one’s phone can result in addiction and further mental health issues.
Another potential health risk of cell phone use that has been debated is cancer. According to the American Cancer Society, “most studies of people published so far have not found a link between cell phone use and the development of tumors,” even though it is also stated that these studies have limitations that do not make their results certain. The Centers for Disease Control and Prevention (CDC) has also reported similar results, stating that “overall, no increase of [brain cancer] was observed with use of mobile phones,” and that the “possible effects of long-term heavy use of mobile phones require further investigation.” The CDC advises people to make decisions concerning cell phone use based on data from the studies conducted.
However, the CDC also states that steps can be taken to reduce the potential risks of cell phones, saying that “the radiation received from a cell phone can be greatly reduced by using it away from the head,” when texting, using headphones, speaker phone, and bluetooth. The report also reminds consumers that “cell phones and all other wireless consumer devices comply with all safety standards.”


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Steve Down has big ideas. About how to achieve world peace, for instance. “It just seems to me,” he says, “that we’re never going to have world peace as long as people are hungry.”
So he’s leaving the yakkety-yak to the diplomats and tackling the problem in a practical, entrepreneurial way.
Founder of Financially Fit financial advisers and cofounder of Noah Corporation event centers, Down is a natural entrepreneur of the smartest kind—he combines the best ideas of others and creates a whole new enterprise. His new sandwich shop, Even Stevens, for example, combines the gourmet quality of one of the country’s top delis with the altruism of one of the country’s top young companies.
Zingerman’s plus TOM’s Shoes equals Even Stevens.
The new sandwich shop pledges that for every sandwich purchased by a customer, Even Stevens will donate a sandwich to one of its nonprofit partners in SLC. One for one. Eat to give.
“Think about it,” Down says. “We’re projecting we’ll sell 50,000 sandwiches our first year from this location. Our goal is to have 100 restaurants around the world by 2020. You do the math.”
Even Stevens will work with a food distributor to deliver sandwich ingredients (in bulk, equal to sandwiches sold) to local organizations that feed the hungry.
Even Stevens’ menu goes far beyond basics, though, and even beyond sandwiches–there’s a breakfast menu and a list of snacks. Sandwich choices include roasted turkey, but the meat is layered with provolone, cranberry jalapeno jelly, cucumbers and slow-roasted tomatoes. Corned beef and chicken are “clean label,” and if you don’t want a sandwich, you can try an exotic salad like apricot gorgonzola.
Down is taking care that the sandwich ingredients are nutritionally sound, of high quality and well-made. To make sure the sandwich bread was top-notch, he sent his staff to train at Zingerman’s in Ann Arbor, MI.
In Salt Lake, Even Stevens’ nonprofit partners are the Boys and Girls Clubs, Volunteers for America, Feeding America and the Utah Food Bank.
Down moves fast–once he had the concept, the name was a natural. When he found that a man in China owned the domain name, Down called him up and bought it over the phone. He came up with the idea for his venture on a bet. He was eating a tasty and swiftly delivered Jimmy John’s sandwich with a colleague who asked him, “How could you improve this concept? Give me an answer by the time you finish your sandwich.”
A minute later, Down answered, “For every sandwich I sold, I’d give a sandwich to the hungry in the community.”
“That’s it,” said his friend. “I’d drive out of my way for that sandwich.”
It’s a bet that promises to pay off for all. After all, as Down says, “A full stomach has to come before world peace.” 414 E. 200 South, SLC, 801-727-7242. evenstevens.com
Photos in this post provided by Even Stevens


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Roxon proposes compulsory reporting of online privacy breaches
Attorney-General Nicola Roxon: "Australians who transact online rightfully expect their personal information will be protected." Photo: Alex Ellinghausen
Companies would be required to notify customers if the security of their personal information was compromised under proposals released for discussion by the Gillard government today.
Currently, organisations are encouraged to disclose data breaches to the Commonwealth Privacy Commissioner, but are not obliged to do so.
Attorney-General Nicola Roxon this morning released a discussion paper to seek comment on whether organisations should be required to report breaches, what kind of breaches should have to be reported, who should be notified, and what penalties should apply for failure to comply.
"Australians who transact online rightfully expect their personal information will be protected," Ms Roxon said.
"More personal information about Australians than ever before is held online, and several high-profile data breaches have shown that this information can be susceptible to hackers."
In April last year, hackers accessed the accounts of more than 100 million users of Sony's PlayStation Network and Qriocity entertainment services. Last December, the details of 800,000 Telstra customers were found on an unprotected website.
These breaches are in addition to the University of Sydney, ANZ, Westfield, tech giant Dell, South Australian government-owned medical company Medvet, gaming behemoth Valve, web host and domain name company Distribute.IT, First State Super, Computershare and Vodafone all exposing customers' personal information.
The release of the discussion paper comes more than four years after the Australian Law Reform Commission (ARLC) concluded a 28-month inquiry into the effectiveness of the Privacy Act, which recommended that government introduce mandatory data breach notification laws which force companies to reveal breaches.
It also comes after one of the world's most infamous computer hackers, Kevin Mitnick, told Fairfax Media in an article published in August this year that the Australian government's inaction on data breach laws meant scores of privacy disasters were going under the radar. "The only reason that [companies in the US] come forward [now] is because the laws now require it," Mitnick said.
Privacy Commissioner Timothy Pilgrim said he had received 15 voluntary breach notifications from organisations this financial year so far, and had initiated seven investigations of other breaches. Last financial year his office received 46 voluntary notifications and launched 37 investigations into other breaches.
Mr Pilgrim said because organisations were not currently required to report breaches, it was impossible to know how common it was for data to be compromised, for example by being accessed by hackers, through the loss of computer equipment or through negligent or improper disclosure.
Mr Pilgrim said notifications could give customers the opportunity to reduce the impact of the security breach on them, for example by cancelling credit cards or changing account passwords, and could also improve public confidence in the handling of their information.
Security analyst James Turner, of IBRS, believed the introduction of data breach notification laws was an important stage "in our maturity as a society that's increasingly relying on interconnected computer systems".
But he warned of some of the fatigue issues the US faced when it introduced the laws in certain states and said the challenge for government was going to be in "defining what a breach is".
"It's becoming a running joke now about people who are getting this constant stream of letters in their letterbox telling them that their data has been compromised," Mr Turner said.
Mr Turner added that Australians would "genuinely be shocked" by the magnitude of breaches in Australia if data breach notifications laws were introduced.
"I would expect that when [data] breach notification [law] comes through that we're going to suddenly discover that there is a lot of stuff happening that we didn't know about before," Mr Turner said.
Paul Ducklin, of security firm Sophos, said he believed it had taken too long for government to announce any action on data breach laws.
"I thought it was a good idea back in 2008 [and] I've been publicly calling for it for a while now," he said.
On the fatigue issue, he said the best way to fix it was via companies preventing data breaches from occurring in the first place.
Chris Gatford, of security firm Hacklabs, agreed that it had taken too long for laws to be proposed in Australia.
"We are one of the last western society's not holding organisations to account when they lose personally identifiable information of customers, employees or citizens," Mr Gatford said.
He said jurisdictions that had mandatory data breach notifications laws were more security aware. "We have noted this difference quite considerably on our Australian versus international customers," Mr Gatford said.
"We see evidence of hundreds [of data breaches] a quarter [in Australia] and aren't really looking that hard," he said. "I would estimate tens of thousands."
Ty Miller, of security firm Pure Hacking, said 99 per cent of organisations his company performed data breach investigations for in Australia did not disclose the breaches. This was because "it would have a negative impact on their brand and bottom line", he said.
"Data breach notification laws may negatively impact businesses who become compromised since brand damage will occur if the information is made public. This may lead to more small to medium sized businesses folding after a security breach."
Despite this, he said such laws would enable both consumers and business owners to gain a realistic picture of the large number of security breaches that were occurring in Australia.
In 2008, the ALRC recommended organisations be required to notify people whose privacy had been infringed, where the breach caused a "real risk of serious harm". Notification would not be required if it would compromise a criminal investigation or was determined by the regulator to be contrary to the public interest, the ALRC said, and civil penalties, including financial ones, should apply to organisations that failed to make the required notifications.
In the US, almost all states have data breach laws and Congress is considering national proposals. In the European Union, only electronic communications providers such as telecommunications firms are required to notify regulators and customers of breaches. It is considering wider proposals that would cover all sectors.
Submissions in reply to the Australian discussion paper are sought by November 23.


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Cleveland Restaurants Are Buckling Under Surging Commission Fees For Delivery Services
Chef Douglas Katz rings the doorbell of an old house in Cleveland Heights on a stormy November night. He carries a brown paper bag twice the size of a shoebox in each hand as he delivers groceries from his Middle Eastern restaurant, Zhug. Set against the backdrop of the COVID-19 pandemic, Zhug’s warm, minimalist interior stages the back and forth of Katz’s kitchen staff, who carefully wrapped fresh pita in aluminum foil and swirled hummus in rectangular containers before topping it with curry lamb, apricots and olives Oil. Katz was recently named one of the 23 Best New Restaurants in America by Esquire. His job in Zhug is braving the rain-soaked sidewalks of Cleveland’s inner East Side to hand-deliver their dinner to customers.
“All of my thinking was more triage than anything else,” explains Katz. “We closed the fire [Food & Drink] and closed Zhug, and we immediately started takeaway and delivery. To be honest, I never thought of anything else. When someone is going to order, I want someone I know to bring it to the door. When I order something, I want someone to have some skin in it. “
The hotel industry has changed forever as a result of the pandemic. Dozens of permanent closings have been made in Cleveland, including two of the city’s gold standards, Katz’s Fire Food & Drink and Michael Symons Lola. In order for restaurants to survive in this new reality, they need to rely on delivery and take away, whether they like it or not.
“Before the pandemic, dine-in was our bread and butter,” says Bac Nguyen, co-owner of Ninja City in Gordon Square, where pre-pandemic takeout was 10% of sales. “We’re more of a place in the neighborhood where people come to the meeting point.”
Like many restaurateurs, Nguyen and his partner Dylan Fallon have turned to services like Uber Eats and DoorDash that rely on independent contractors as a delivery management strategy. While they’re convenient and affordable, they have a number of problems: an onerous fee structure and a lack of accountability governed by opaque tech giants headquartered 2,400 miles away.
“When Uber Eats first started in Cleveland, they were looking for people and giving me a really good price, so it made sense,” says Anna Harouvis, owner and cook of Good to Go Cafe downtown and Anna on the Raw. “They kept increasing their rates and taking more until they were 33%. [of each order]. ”
Delivery-based services like Uber Eats and DoorDash charge restaurants a commission for every order placed through their service. Once a restaurant is part of the Uber Eats network, it charges each restaurant 30% of each order for using Uber’s delivery network, or 15% of the total order if the restaurant chooses to use its own delivery service. DoorDash doesn’t openly disclose its fees, but a typical restaurant can expect the company to pay about 20% of every order. In an industry known for its wafer-thin margins, Cleveland’s restaurateurs flinch at a commission of 30%.
“They told me I could only charge customers 33% more,” says Harouvis when she tried to discuss this structure with Uber. “I can not do this. I’m already doing a luxury item with GMO-free and organic food. Can’t ask more than $ 8 or $ 9 for a juice. ”
Since the beginning of COVID, this commission fee structure has been heavily criticized by restaurateurs. In cities like New York and Portland, Oregon, city lawmakers have set caps of between 10% and 15% on the commissions these platforms can collect. And in December, Cleveland City Council passed similar laws to cap commission on delivery and pick-up jobs to 15% during COVID.
“The biggest problem is that the model is not sustainable for the restaurant,” says Katz. “If they take 20% or 30% off the top, there is no profit. They can’t even cover part of your expenses. “
Equally worrying is the lack of transparency in the use of these platforms and the lack of control restaurateurs have over their product as soon as it leaves their hands. In Harouvis’ case, customers complained about late orders or no orders at all.
“I would call Uber and they would say they were never picked up,” she says. “If someone said they didn’t get anything, they would automatically be on their side and we would have to pay for the fine.”
In Fallon’s case, there was no communication with delivery platforms.
“Now that we’ve signed up with Uber Eats, I find it almost impossible to get in touch with anyone in the US,” he says. “All technical questions, all ordering problems, all complaints that I need to correct are brought to a call center overseas.”
As these services proliferated over the past five years, they acted as a means for restaurants looking to deal with delivery to outsource their logistics and insurance problems to third parties. Due to COVID-19, take-away and delivery are now an essential part for restaurants to stay in business, but the quick fix from delivery platforms is not what many restaurateurs have signed up for.
“We tried Uber Eats as a delivery service at Fire over two years ago,” says Katz. “We were terribly lucky with them. They write the check for the delivery orders after they collect the money. It took them about 60 days to write us our first check and it gave us a really bad taste in our mouths. “
Cleveland Magazine contacted Uber Eats for comment, but it was not available.
Katz and Harouvis found solutions by completely bypassing third-party delivery platforms. Katz and a small team personally deliver orders from Zhug as well as from his two nearby ghost kitchens, Amba and Chimi, which serve Indian and South American cuisine from Rising Star Coffee Roasters on Lee Road.
“We’re a small company and I run my business as a small company,” says Katz. “The people we trust are the people I want to deliver.”
Harouvis cut ties with Uber Eats more than a year ago and hired a former Uber driver to deliver their delicacies ahead of the COVID-19 outbreak.
“I have my own delivery because I can control it,” says Harouvis.
Others like Fallon and Nguyen have taken a different approach: they incorporate Uber Eats and DoorDash into their business model, and charge an additional 10% for orders through these platforms – compared to orders through the Ninja City website – to make up for this fee.
“If we’re just using Uber Eats, you’re pretty much wasting your time,” says Fallon. “The way we try to make it work is kind of a combination.”
At the moment, tech platforms seem to be in a privileged position. If you’re not on Uber Eats or DoorDash, you are missing out on the diners market looking for a multitude of options in a stay-at-home digital age. And when you use these services, you are at the mercy of a platform that receives your cut, regardless of whether the diner receives your order.
“This whole pandemic is going to change the way consumers shop for groceries online. It’s going to make them all the more competitive for restaurants,” says Fallon. “Something has to change. [The delivery services] Truly get the best of all aspects now. “


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Lululemon Q2 profit up sharply as revenue soars 33%
Lululemon Athletica Inc. is reporting a big increase in second-quarter earnings on the strength of soaring revenue and higher comparable store sales.
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VANCOUVER — Lululemon Athletica Inc. is reporting a big increase in second-quarter earnings on the strength of soaring revenue and higher comparable store sales.
The Vancouver-based retailer of high-end activewear said net earnings were $57.2 million or 39 cents per share in the three months ended July 29. That compared with net earnings of $38.4 million or 26 cents per share in the second quarter of fiscal 2011.
The boost in profit came as Lululemon reported revenue up 33 per cent in the period to $282.6 million from $212.3 million in the same quarter of fiscal 2011.
Comparable store sales increased 15 per cent on a constant dollar basis.
Lululemon had been projecting net revenue would come in the range of $273 million to $278 million for the quarter, below the $289.8 million projected by analysts, according to Thomson Reuters.
In its update outlook for the remainder of the year, Lululemon said its fiscal third quarter should bring revenue in the range of $300 million to $305 million, based on a comparable-store sales percentage increase in the low- to mid-teens on a constant-dollar basis.
Diluted earnings per share are forecast to be in the range of 34 to 36 cents.
For the full fiscal 2012 year, it now expects net revenue to be in the range of $1.345 billion to $1.360 billion and diluted earnings per share in the range of $1.76 to $1.81. That it up from previous guidance of $1.3 billion of revenue and earnings of between $1.55 and $1.60 per share.
Lululemon opened its first store in 1998 in Vancouver and has expanded to 137 stores in the past decade.
The popularity of Lululemon yoga and run apparel is already well-established in Canada and is growing south of the border — a phenomenon that has been reflected in quarterly results that had soared past expectations for more than a year.
But that has also created supply problems in its stores, where its body hugging pants, shorts and tops fly off the shelves faster than they can be restocked.
for the full year.
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Melissa Zomro Davis, the owner of The Show Trunk, and Dragonfly Beads proprietor Erin L.M. Harris recently announced they are combining efforts and retail space to form the new store “Wishlist” at 53 Albany St.
The boutique specializes in women’s clothing and accessories, drawing from Davis’ knowledge of trend-setting fashions and Harris’ talent at creating unique pieces of commemorative jewelry.
“We’re ready to meet your fashion needs, from head to toe,” Harris and Davis said in a recent blog post on their website, wishlistcaz.wordpress.com.
After conceiving the idea over drinks at the Brewster Inn, the women spent the last two weeks merging inventory and stocking shelves in Wishlist.
Davis will continue to offer the popular clothing lines once available at the Show Trunk, and Harris has begun to expand upon her personal jewelry line to complement the new store’s wares.
The merger now affords the women more time to spend with their families and plan the next season of fashions at Wishlist.
With the coming of spring, customers can find mini skirts, fashionable tops and affordable jeans, as well as unique handbags, clutches, socks and scarves.
Especially popular areHarris’ handcrafted earrings, necklaces and bracelets, along with her custom thumb-print pendants for new parents and grandparents and her line of jewelry memorializing lost loved ones.
To view examples of Harris’ work, visit commemorativejewelry.com.
She will also continue to teach classes in precious metal clay; class schedules will be posted on their blog, wishlistcaz.wordpress.com.
Contact Harris or Davis at Wishlist by calling 655-1050 or by email at email@example.com.


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A despondent Michael Arrington has written a rather lengthy obituary mourning the death of the stillborn CrunchPad.
The enigmatic device was apparently just weeks away from its official launch before Arrington received the bad news that every inventor dreads.
“Two weeks ago we were ready to publicly launch the CrunchPad. The device was stable enough for a demo. It went hours without crashing. We could even let people play with the device themselves – the user interface was intuitive enough that people ‘got it’ without any instructions,” claimed Arrington.
“Our plan was to debut the CrunchPad on stage at the Real-Time Crunchup event on November 20, a little over a week ago. We even hoped to have devices hacked together with Google Chrome OS and Windows 7 to show people that you could hack this thing to run just about anything you want.”
But some things are just not meant to be.
Indeed, according to Arrington, the entire project had “self destructed” over “nothing more” than greed, jealousy and miscommunication.
“On November 17, the CEO of our partner on the project, Chandra Rathakrishnan, sent me an email with the subject ‘no good news.’ Chandra said that based on pressure from his shareholders he had decided to move forward and sell the device directly through Fusion Garage, without our involvement.”
However, Arrington noted that TechCrunch jointly owned the CrunchPad product intellectual property and was the sole owner of the CrunchPad trademark.
“So it’s legally impossible for them to simply build and sell the device without our agreement,” wrote Arrington. “It’s a sad day at TechCrunch HQ. Hitting the publish button on this post, which makes all of this so final..is a very hard thing to do. I’m enraged, embarrassed, and just sad. The CrunchPad is now in the DeadPool.”


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Sony Ericsson Xperia Pro On Pre-Order In The U.K.
One of the Sony Ericsson smartphones on display at this year’s Mobile World Congress, besides the Xperia Arc, Xperia Neo and Xperia Play, was the Xperia Pro, basically a Neo with a slide-out keyboard.
The smartphone is available for pre-order in the U.K. straight from the manufacturer. It goes for £349.99 (around $574) SIM free and you get a 3.7-inch 854×480 resolution display as the Neo, 1GHz Snapdragon CPU, eight-megapixel camera on the back with a two-megapixel front facer. It’s also running Google’s Android 2.3 Gingerbread mobile platform. It should be available for shipping sometime in July


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Biden called the actions “another blow to the Russian economy,” which was hit by comprehensive financial sanctions announced following Moscow’s Feb. 24 invasion of its neighbor. The United States and Europe have cut Russia’s big banks off from global financial channels, blocked the country’s access to cutting-edge technology, and blacklisted wealthy corporate executives who support and profit from Putin’s regime.
“The free world is coming together to confront Putin,” the president said in a speech from the White House.
President needs congressional approval to change Russia’s trade status, end so-called ‘permanent and normal trade relations’ and treat the country as a pariah with nations like Cuba and Korea North. European changes must also be approved by national legislatures.
Friday’s actions will bolster the allies’ “maximum pressure campaign,” though they pale alongside measures already imposed, including a ban on U.S. purchases of Russian oil, according to Elina Ribakova, deputy chief economist at the Institute. of International Finance.
In a largely symbolic move, the administration also plans to ban Russian seafood and alcohol imports, which amounted to $550 million last year. And Biden intends to ban US exports of luxury goods favored by wealthy Russian oligarchs who support Putin.
The United States has already halted imports of Russian petroleum and energy products, which accounted for about 60% of the $26 billion worth of goods that American buyers imported from Russia in 2021. Biden’s announcement will have a limited effect on future U.S. purchases from Russian firms, according to Ed Gresser, who headed the U.S. Trade Representative’s economic research unit until last year.
That’s because the policy change, if approved by Congress, would reinstate import levies set in an infamous piece of legislation known as the Smoot-Hawley Tariff Act of 1930. The measure, which, according to many economists, made the Great Depression worse, imposed high tariffs on foreign-made manufactured goods. But he left raw materials largely unscathed, to the benefit of US factory owners.
“Russia is quite unusual as a large, complex economy that is a producer of natural resources,” Gresser said.
For some critical Russian products — like palladium — tariffs will remain at zero, Gresser said. The industrial metal is used to make catalytic converters for automobiles. Other imports such as plywood, which enter the United States duty free, would be subject to a 30% import tax.
European policymakers could potentially do more damage to Putin’s economic empire.
Bilateral trade between the EU and Russia amounts to around 281 dollars billion a year, or about 10 times the US-Russian trade. (Last week, Canada announced it would strip Russia and Belarus of their most-favoured-nation status, subjecting goods from those two countries to a new 35% tariff.)
The key question is what the EU is doing about tariffs on Russian energy products. Earlier this week, the European Commission, the union’s executive arm, announced a plan to cut European imports of Russian natural gas by two-thirds this year.
Russia provides around 40% of EU gas supplies, with Germany, Poland, Finland and Hungary being particularly dependent on Russian sources. Austria and the Czech Republic get all their gas from Russia, according to the IIF.
“Russia cannot flagrantly violate international law and at the same time expect to enjoy the privileges of being part of the international economic order,” said European Commission President Ursula Von der Leyen. Friday in Versailles, France, presenting a fourth package of European sanctions to be presented on Saturday.
Allied sanctions imposed to date have already weighed on the Russian economy. The ruble has plunged, the country’s stock exchange has been closed for more than a week and foreign companies are fleeing.
The war also weighs on the American economy. Gasoline prices hit a record high of $4.23 a gallon this week, which will contribute to worsening inflation which is already at its highest level in 40 years. And on Friday, the University of Michigan’s consumer confidence reading fell to 59.7 from 62.8 as Americans grew increasingly gloomy about the economic outlook.
The president said the allies will also seek to prevent Russia from borrowing from the International Monetary Fund and the World Bank.
“Putin is the aggressor and he must pay the price,” the president said.


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In a noteworthy development, Pakistan’s automotive industry faces a significant setback as three prominent automobile manufacturers, namely Honda Atlas Cars, Pak Suzuki Motor Company, and Indus Motor Company (the assembler of Toyota vehicles in Pakistan), have announced temporary suspensions in production operations.
Indus Motor Company made the first move by declaring a one-month suspension of production, commencing on October 17, 2023. Concurrently, Honda Atlas Cars and Pak Suzuki Motor have independently communicated the temporary shutdown of their production plants.
The primary reason cited for this unprecedented production halt by Honda, Toyota, and Suzuki in Pakistan is a persisting scarcity of vital raw materials, according to official statements issued by these entities. Indus Motor Company’s suspension period spans from October 17 to November 17, 2023. Meanwhile, Pak Suzuki Motor will observe a brief two-day closure, from October 25 to October 27, 2023. In a similar vein, Honda Atlas Cars will cease production from October 24 to October 31, 2023.
Explaining this decision, Pak Suzuki Motor Company’s management stated, “Due to the shortage of inventory levels, the company’s management has decided to suspend the automobile plant from October 25 to October 27, 2023. However, the motorcycle plant will continue its operations.”
Honda Atlas Cars echoed a similar sentiment, expressing, “The current level of inventory and parts shortages within the company’s supply chain has severely disrupted operations. As a result, the company is unable to continue production and, consequently, will halt its plant from October 24 to October 31, 2023.”
This suspension imposed by these global automotive manufacturers underscores a more profound issue that has plagued Pakistan’s automobile sector for over a year. Pervading inventory shortages have triggered a recurring cycle of temporary production stoppages across the automotive industry. According to a report by The News, the nation’s auto sector, reliant on imports, has been substantially impacted by government measures to curtail imports, driven by dollar shortages and rupee depreciation, thereby inflating car prices.
This development will continue to be closely monitored in the context of its potential implications for Pakistan’s automotive industry and the wider economic landscape.


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Ivan McKee Minister for Trade, Investment and Innovation: Being at the forefront of the global transition to carbon neutrality means Scottish businesses can attract investment and sell expertise, innovation and leadership. We are already seeing the benefits. In 2016, our low carbon and renewable energy sector supported 49,000 jobs and generated £11 billion in turnover. The Scottish Government wants to build on that success, growing the economy and creating skilled jobs as part of our transition. By setting the world’s most ambitious climate change targets in law for 2020, 2030 and 2040, while at the same time doubling our business expenditure on research and development by 2025, the message from the Scottish Government is clear: we are growing the economy while simultaneously tackling climate change. This can, should and must be the case. We want Scotland to benefit from the global markets for low-carbon goods and services and we are backing this mission with investment that will stimulate innovation and private investment. We recently published our Economic Action Plan, which recognises the huge opportunities for Scottish businesses associated with reducing demand for natural resources. Scotland’s abundant assets, together with our record in innovation, represent an opportunity to launch new competitive and innovative businesses that deliver carbon neutrality and sustainable economic growth. For example, innovation was on show at the beginning of November when a number of new Scottish businesses were shortlisted at the Climate Launchpad Global Grand Final. A variety of business ideas were presented, ranging from Planet Heat’s water-source heat pumps to decarbonise domestic heating, Undisturbed’s innovative designs for bathroom consumer products and Crover’s remote device for real-time monitoring of bulk-stored cereals to significantly reduce waste. Innovative businesses are essential for meeting Scotland’s climate targets and also for moving to a carbon-neutral economy.
Scotsman 8th Dec 2018 read more »


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The latest report from future games console from Microsoft, Xbox 720, likely will have features similar to Siri.
Yes, this means that the Xbox 720 can be controlled via voice commands.
Excerpted from The Verge, Friday (2/8), this information comes from [...]
The issue of global warming causing many manufacturers to make devices that are environmentally friendly. Including one replacement power source for electricity with renewable sources or unlimited.
This one device seems to be an environmentally friendly [...]
Good news for all you lovers of the game The Sims. Electronic Arts officially announced that The Sims 4 ready to be released in 2014.
Quoted from Ubergizmo, Tuesday (7/5), EA sure about human life simulation game is being developed for PC and Mac.
Easy to find because it is positioned right next to the “Like”
Facebook are testing the “Reply” button at the comments posted on the Timeline each user, say a Facebook spokesperson told Mashable last weekend.
After the release of the game Grand Theft Auto III in the mobile version, Rockstar Games is back doing the same thing for Grand Theft Auto: Vice City.
Quoted from Slashgear, Saturday (27/10), the presence of iOS and Android version marks the 10th anniversary [...]
About 60 percent of those planning to buy a tablet chose Nexus 7.
Christmas Day will soon be arriving. In many parts of the world, it is time to hunt items to be used as Christmas gifts. According to a survey in the U.S. revealed that many public want [...]
Screen sharing or screenshots into its own excitement for BlackBerry users. But how do I do this on the BlackBerry 10 platform?
Like on iOS and Android, BlackBerry 10 does not require an additional application for taking screenshots.
Quoted from CNET, [...]
Apple is reportedly preparing a new MacBook Pro is equipped with Intel’s Haswell and will be introduced at the WWDC 2013, 10-14 June 2013 in the U.S..
Never heard about Intel Haswell? This is the latest generation of Intel processors, which will [...]
If the basic applications like wallpaper request access to the GPS data, then it is suspicious.
More than 100,000 Android apps in the Google Play are included in the category of “suspicious” and “questionable”, according to a [...]
Forget for a moment about advanced products. During the next week, TechBoom will discuss more about the person behind the successful world of IT companies in his career.
The first person to be examined is Steve Ballmer. Are there some of you who’ve [...]
HTC launched its newest product to sail in 2013. This time, they introduced Android smartphone named HTC One.
Quoted from Ubergizmo, Wednesday (2/20), one of the most highlighted features of the Taiwanese manufacturer is Ultrapixel camera.
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We are so proud to share the news that we have been included in the list of “The Most Admired Wine Brands”, and we are humbled by some of the most successful of the world’s wine brands that we share the list with.
Kanonkop is in position 32/50 as the Most Admired Wine Brand in the World.
Drinks International Magazine coordinates The World’s Most Admired Wine Brands list, which is conducted in association with market research specialists at Wine Intelligence.
The brands were chosen by Drinks International’s academy of global drinks buyers and wine experts, including professionals from 48 different countries.
Drinks International editor Martin Green said: “There are thousands of wineries vying for attention on a global basis, but just 50 elite brands have made the cut. To win a place on this prestigious list is a tremendous achievement, as there are a number of fantastic producers that missed out.”
We would like to extend our warmest congratulations to the full list of brands who hold a position on this list!


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By many accounts, it’s been a long, hard year for cryptocurrency.
Markets have shed billions, confirming suspicions that the crypto boom near the end of 2017 was the product of a speculative bubble. Public perception of crypto has suffered for this reason, and for many others.
Join the iFX EXPO Asia and discover your gateway to the Asian Markets
On the other hand, the strength that crypto markets have managed to hold on to could be considered as a sign of maturation: a market fueled almost entirely by practical usage and long-term investments, and not by speculators.
One thing’s for sure: this year is shaping up to be quite different from the last. How did we get here?
Bitcoin’s Epic Downhill Slide
“Clearly the most defining moment of the year for Bitcoin was its incredible rise to nearly $20,000 in December 2017 and its subsequent plummet to today’s levels below $4,000,” said longtime consumer tech journalist and co-host of the new Globalive Media series “Beyond Innovation” Michael Bancroft to Finance Magnates.
Indeed, what started off as a bad year for Bitcoin seems to be ending as an even worse year. “Many investors were burned badly by the collapse of Bitcoin’s price over the past six months, and that will have consequences for any hopes of a Bitcoin bull market,” Bancroft said.
Is a Bitcoin bull market even a possibility? Maybe–but it probably won’t be driven by speculation. Bancroft believes that the long-term effects of the sliding valuation will include a market that is “driven by concrete applications for the cryptocurrency as well as improvements to the transaction times and energy required.”
In other words, “2019 will be Bitcoin’s year of the true believers, not the speculators!”
The Reversal of Ad Bans by Google and Facebook
In the face of a serious lack of regulation in the cryptosphere, the year 2018 started off with some unexpected efforts to self-regulate. Within the first several months of the year, Facebook, Google, Snapchat, MailChimp, Twitter, and a number of other social media platforms had banned cryptocurrency-related advertisements from their platforms.
Because of the lack of clear regulations on cryptocurrencies and ICOs, this was a smart move by the platforms, who were concerned about becoming entangled with crypto’s legal grey-area status. Cryptocurrency firms were left reeling, forced to seek alternative methods of reaching new users and customers.
** Breaking **
Google ends cryptocurrency ad ban
“Google is reversing part of its sweeping ban on cryptocurrency-related advertising and plans to allow regulated crypto exchanges to buy ads in the United States and Japan.”https://t.co/RW2QhrVmfx#crypto #cryptomarkets pic.twitter.com/85Q5hw0WXU
— C3|Nik (@C3_Nik) September 25, 2018
In addition to Venezuela’s unprecedented entanglement with the Bitcoin network, Venezuelan President Nicolas Maduro shocked the world with the launch of the Petro, a national cryptocurrency that was allegedly backed by real-world assets, such as oil. However, there were a number of suspicions that the assets didn’t really exist, and that the cryptocurrency was nothing more than a thinly-veiled attempt to evade international sanctions.
“If this scheme is even moderately successful, other maligned governments such as Iran and North Korea may also start to experiment with similar efforts and this could tarnish the public perception of cryptocurrencies and discourage their adoption by legitimate enterprises,” Michael Bancroft said. Indeed, similar plans have been explored in Iran and Russia, for similarly dubious reasons.
That’s All, Folks
As eventful as this year has been, it’s unlikely that anything major will happen in the next couple of weeks as it draws to a close. Then again, you never know…
What were your favorite crypto moments of 2018? Leave a comment below and let us know.


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COVID crisis presents opportunity for trade reform in Atlantic Canada
Earlier this summer, the four Atlantic provinces formed the “Atlantic Bubble” as the region works toward freer movement of people amid the COVID crisis. And clearly, the pandemic’s effect on the economy underscores the value of free movement of people and goods, which—on the bright side—presents some opportunity.
For example, as the Atlantic provinces cooperate in their recovery, the four provincial governments can seize this moment to create a common zone for the sale of goods and services. In doing so, they can help eliminate a major obstacle to growth and prosperity in the region—namely, interprovincial trade barriers related to regulation, labour mobility and of course the trade of goods and services.
Often, these barriers serve no legitimate purpose yet frustrate commerce and add regulatory burden. For example, regulations across provinces have mandated different standards for the size of coffee creamers, bus breaking mechanisms and the packaging of hay.
There’s clear evidence that these barriers have been impeding economic growth in Atlantic Canada long before COVID. A 2017 study found that, for Canada as a whole, the elimination of barriers to trade between provinces could boost the economy between $50 billion and $130 billion.
The same study also found that, in some ways, Atlantic Canada would benefit from reduced trade barriers even more than the rest of Canada because lower trade barriers allow resources to shift more easily toward lower-income regions. Put differently, from an economywide perspective, lower trade barriers allow businesses to shift resources more easily toward areas where goods and services can be produced more cheaply. This could disproportionately benefit Atlantic Canada, the country’s lowest-income region.
Simply put, freer trade between provinces boosts economic growth. It would also likely be popular. Polling suggests Canadians overwhelmingly favour loosening interprovincial trade restrictions. According to a 2017 poll, 89 per cent of Canadians feel they should be able to bring any legally purchased product from one province to another. And yet, the status quo has prevailed for many reasons including influence from special interests, bureaucratic gridlock and a simple lack of cooperation among governments.
But there’s hope. Some provinces have already moved toward freer trade. The New West Partnership Agreement between British Columbia, Alberta, Saskatchewan and Manitoba seeks to harmonize regulations, improve labour mobility and open up procurement so governments get the best value for tax dollars when purchasing goods and services.
Moreover, in 2015 the Maritime provinces signed a memorandum of understanding to create a joint office of regulatory affairs and service effectiveness, which aims to improve cooperation and reform regulations among the provinces. Newfoundland and Labrador joined the agreement in 2017. Unfortunately, a three-year review of the program in Nova Scotia stated “when measured against the value of regional harmonization and the scale of economic opportunity that exists, the work (of the office) has been incremental and slow.”
The COVID recession has reminded everyone about the importance of movement—the free flow of goods and people between jurisdictions. As economies reopen and trade begins to resume, policymakers in Atlantic Canada and beyond should think big and consider how to not only remove emergency restrictions, but also remove harmful trade barriers that predate the recession.
Eliminating these barriers can help accelerate the economic recovery particularly in the Atlantic region where interprovincial trade barriers were already stunting economic growth and the prosperity of Atlantic Canadians and their families.
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The Week that Was: Indian Startup News Overview (13 August - 17 September)
All startups, especially those that are just getting started, must ensure that their growth is unimpeded. The company grows with the help of funding. The funds cover incorporation, business permits, insurance, premises, and equipment. It also helps with the design of marketing collateral and the hiring of qualified staff. It also sponsors the manufacturing of things, as well as the marketing and distribution of services, in order to attract customers. As a result, every company is constantly on the lookout for capital.
This week startups that have raised funds from investors like Temasek Holdings Pte, Lightrock India, Legatum Capital, Accrete Capital and many others include Jungle Ventures, Jupiter neobank, Onesto labs, and also few IPO bound startups.
Jungle Ventures raised $225 million in the first close of its fourth fund, as the VC company looks to repeat its startup success in Southeast Asia and India.
In an interview, founding partner Amit Anand indicated that many of the prior fund's existing investors endorsed the new one. Temasek Holdings Pte, International Financing Corporation, and DEG, a German development finance agency, are among them. The new fund is expected to be $350 million in size.
In Southeast Asia and India, where the tech industry is booming, there has been a rush of fundraising operations and initial public offerings.
Jungle Ventures has been one of the fastest-growing local VC companies in the city-state, with assets under management of around $600 million, since opening its first early-stage fund in 2012.
Jupiter Neobank has raised money from QED Investors, a fintech-focused fund whose investments NuBank, Affirm, and SoFi are among the hottest fintech businesses in the world right now, and signals its ambition to invest more in India.
Jupiter, founded by fintech veteran Jitendra Gupta, is one of a wave of startups aiming to disrupt traditional banking by offering a better experience and a platform for financial services.
Nigel Morris, who earlier co-founded Capital One, one of the largest financial organisations in the United States, co-founded QED, a US-based investor.
Morris and Sandeep Patil, who joined QED last year from Truecaller to head investments in India and Southeast Asia, led QED's investment in Jupiter.
Jupiter just raised $45 million from Brazil's top neobank, Nubank, as well as other investors such as Rocket Internet, Sequoia Capital, Matrix Partners, and others.
Delhi based startup Onesto Labs, the parent company of D2C personal care brands Chemist at Play and Bare Anatomy has raised about $2.5 million in a fresh funding round which was led by 72 Ventures, the family office of KKR India chairman Sanjay Nayar.
Among the existing investors, Sauce VC and Arihant Patni of Patni Family Office participated in the round along with angel investors like Suhail Sameer (BharatPe CEO), Ramakant Sharma (Livspace founder) and Rajeev Chitrabhanu (Magnetic founder). The fresh funds will be used to boost the company’s R&D capabilities, hiring, branding and marketing.
“The investment will help us double down on R&D activities and expand our manufacturing and distribution capabilities,” said Rohit Chawla, Founder and Chief Executive Officer at Onesto Labs.
Eupheus Learning, a B2B edtech startup, announced that it has raised $10 million in Series C funding from Lightrock India, a private equity firm.
The funds will be used to help the Delhi-based firm scale faster, expand geographically, pursue acquisitions, and extend its product line.
Eupheus Learning is a school-focused distribution platform that prioritises classroom-based learning.
According to the company, schools' adoption and demand for new-age solutions has improved with the establishment of the National Education Policy (NEP) 2020. Eupheus Learning has a huge library of curricular and supplemental programmes and works with over 5,500 schools in India and middle east.
Mobile Premier League becomes India's second gaming unicorn. It raised funds at a $2.3 billion valuation after the pandemic drove entertainment-starved consumers to mobile. The Bangalore-based startup raised capital from investors led by Legatum Capital, Accrete Capital, Gaingels LLC, Moore Strategic Ventures LLC and RTP Global.
On its app platform, the three-year-old startup connects game publishers with users. Users in India, Indonesia, and the United States can play hundreds of free games ranging from sudoku, speed chess, and puzzles to shooting, fantasy, and strategy games, as well as compete in gaming competitions for cash prizes.
IPO bound Startups fundraising
Supplier of automotive components, Sansera Engineering Ltd announced that it has raised Rs 382 crore from anchor investors ahead of its initial public offering, which begins on September 14. According to a circular posted on the BSE website on September 13, the company has chosen to allocate 51,35,162 equity shares to anchor investors at a price of Rs 744 each, valuing the transaction at Rs 382.05 crore.
The anchor investors include the Singapore government, the Monetary Authority of Singapore, Nomura, the Abu Dhabi Investment Authority, Axis Mutual Fund (MF), ICICI Prudential MF, SBI Life Insurance Co Ltd, Max Life Insurance Company, and Kuber India Fund.
The initial public offering (IPO) is wholly comprised of promoters and investors making an offer for sale (OFS) of 17,244,328 equity shares. Existing investors Client Ebene, CVCIGP II Employees Ebene, and promoters S Sekhar Vasan, Unni Rajagopal K, FR Singhvi, and D Devaraj are among those selling shares in the OFS.
Payments and merchant commerce startup, Pine Labs has hired Morgan Stanley and Goldman Sachs as consultants for its initial public offering (IPO) in the United States next year.
The e-payments company, which focuses on India and Southeast Asia, is expected to raise roughly $6 billion in the IPO, but they added that it might increase even higher.
After raising $600 million in two tranches earlier this year, the company was valued at $3.5 billion. It's also exploring a "pre-IPO" investment round, although the details haven't been worked out yet.
“They (Pine Labs) are looking to raise new money before the IPO but are not calling it pre-IPO according to the current talks,” a person aware of the matter said.
Despite the fact that talks are still in the early stages, Pine Labs is expected to raise at least $100 million, according to insiders.