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The world’s largest marketplace lender Lending Club branches out into auto finance, launches first secured loan product.
Lending Club, the first major marketplace lender to go public, has launched a new auto refinance product. The launch marks the first time that Lending Club has offered investors access to secured loans through the platform.
The product will only be available to California residents in the first instance, but the company plans to expand nationally in early 2017. Lending Club will lean on its technology and expertise to allow car owners access to loans with “better rates, clear terms and no hidden fees”.
“Tens of millions of Americans borrow over half a trillion dollars every year to buy cars,” said Scott Sanborn, CEO and president of Lending Club. “The practices and processes of the auto lending industry offer consumers limited options and a lack of transparency. This has created a gap between the rates consumers pay and the rates they might otherwise qualify for, unnecessarily driving up debt burdens. We are excited to leverage our technology and core capabilities to put thousands of dollars back in consumers’ pockets.”
Auto finance already accounts for a significant portion of the loans written by Lending Club’s UK counterparts, such as Zopa and RateSetter. Indeed, auto loans are Zopa’s most popular loan type. Lending Club and other marketplace lenders in the US have to date focused mostly on refinancing credit card debt, but the company sees a great deal of opportunity in the auto finance space.
Lending Club claims that there is currently more than $1 trillion in auto debt outstanding, with only $40bn refinanced annually. The company estimates that APRs for auto loan borrowers who choose to refinance with Lending Club will be approximately 1-3 per cent lower than the rate of their existing loans. This should translate to savings of up to $1,350 over the lifetime of the loan.
Potential borrowers can use Lending Club’s new auto-refinancing portal to check their rate online, in less than a minute, based on their credit profile, ability to repay, and the make, model, mileage, and current value of their vehicle (the security). Borrowers can also use the portal to compare the cost of a Lending Club loan against that of their existing loan, and to calculate estimated monthly savings and total savings.
The loans themselves range from $5k to $50k in size, with 2-6 year terms, and APRs ranging between 2.49 per cent and 19.99 per cent.
Sanborn also weighed in on the impact for investors: “This is Lending Club’s first offering of access to a secured loan with an overall risk and return profile that’s complementary to the unsecured loans available through our platform. It’s a big step in the evolution of our platform, a win for consumers, and will give our investors access to another proven asset.”
After a turbulent year so far for the marketplace lending sector's largest platform, it's a positive sign for the industry that Lending Club is once again on the front foot.
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Campo de Lorca has launched a campaign to also provide consumer products such as broccoli, cauliflower and flat cabbage during the warmer months.
Light-hearted, fresh, more daring and fun. This is the new campaign by Cricket, the international brand belonging to the specialist in brassicas, Campo de Lorca. They are using it to try to revive consumption of produce associated with the winter months. Using the slogan ‘Somos unos frescos’ (We are fresh), they are giving a nod to the younger generation, laying out the idea that vegetables can also be enjoyed in the summer, giving centre stage to the dishes thanks to their versatility.
From the 21st of June until September, they will publish different proposals on their social media accounts to inspire summer menus with broccoli, flat cabbage, cauliflower, kale and Bimi. “They can be used to make pizzas with vegetable dough, pasta dishes, cold cream soups, barbecued vegetables, salads using kale or our flat cabbage as a base…” Toñí Piernas, Marketing Manager, lists.
“Eating habits have changed since the beginning of the pandemic, and Cricket wants to be part of this change. We are also here in the summer. We plant and harvest 365 days a year to ensure that consumers can enjoy all the flavour and properties of our vegetables.”
Campo de Lorca is a company with firm social values and commitment. Within this CSR, it is developing initiatives in different fields. This is the case of the agreement signed with the paddle tennis player Patty Llaguno, linking together healthy eating and sport. “We have been sponsoring sport for some time, but this year we are committed to a female sponsorship. We are very proud of contributing to promote the career of this girl from Cartagena, in Murcia, who knows our sector very well. We hope to be an example for the rest of society and that our brand is also valued due to our commitment to equality. At Cricket we are suppliers of health, we produce vegetables and behind all of this, there are commitment and values.”
Other initiatives involve the collaboration with AFACMUR (Association of Families of Children with Cancer) and two days of blood donation which saw an important response by employees.

domain: news


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El Pollo Loco Inc. has returned to West Hollywood, opening inside Trader Joe's at 8601 Santa Monica Blvd.
The owners originally opened an El Pollo Loco at Crescent Heights and Sunset Boulevard 34 years ago, just outside of the West Hollywood limits. That location, however, closed at the end of 2019 due to the property being torn down for a redevelopment project.
"The locals used to visit us when we were on Sunset and have been asking when we were opening at this location," franchisee Gershon Wajntraub said in a company press release. "We couldn't be more excited about our return, and once again serving our handcrafted L.A. Mex food, innovative blend of traditional Mexican cuisine and better-for-you eating."
While the location and look may be different, the menu will remain the same. The chicken, for example, is marinated in-house daily with a proprietary recipe of citrus, garlic and spice, fire-grilled over an open flame and hand-cut to order. The chicken serves as the base for a selection of dishes, including individual or family chicken meals, bowls, burritos and salads.
"We're excited about our return to West Hollywood and reconnecting with our loyal and passionate guests," Brian Carmichall, El Pollo Loco's chief development officer, said in the release. "The brand will continue to flourish with a fantastic team of franchisees and our dedicated corporate staff behind it."
Since 1980, El Pollo Loco has opened over 485 company-owned and franchised restaurants in Arizona, California, Nevada, Texas, Utah and Louisiana.
Copyright © 2022 Networld Media. All rights reserved., source Industry News


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Apple Inc. (NASDAQ:AAPL) users’ love of spending money has been well-documented, and now they’ve out-spent Android users yet again. This time, according to Business Insider‘s Jay Yarow, it’s about holiday shopping as observed in a report from International Business Machines Corp. (NYSE:IBM). This latest report follows a similar report from IBM which looked at spending on the iOS and Android platforms just on Cyber Monday.
Apple users out-spend Android users by a ton
This new report from IBM included details on spending through Apple Inc. (NASDAQ:AAPL)’s iOS platform and through Google Inc (NASDAQ:GOOG)’s Android platform. In terms of a percentage of total online sales, shoppers spent more than five times as much on iOS devices as they did on Android devices. That gave Apple a 23% share of online Christmas spending, compared to just 4.6% for Google’s Android operating system.
Notes From Schwarzman, Sternlicht, Robert Smith, Mary Callahan Erdoes, Joseph Tsai And Much More From The 2020 Delivering Alpha Conference
The following are rough notes of Stephen Schwarzman, Steve Mnuchin, and Barry Sternlicht's interview from our coverage of the 2020 CNBC Institutional Investor Delivering Alpha Conference. We are posting much more over the next few hours stay tuned. Q2 2020 hedge fund letters, conferences and more One of the most influential investor conferences every year, Read More
On average, iOS users spent nearly $94 per order, while Android users spent less than $50 per order. In addition, iOS had 32.6% of overall traffic shares, while Android had 14.8%.
Apple versus Android in market share
Of course these numbers cover only the U.S. However, statistics show that Android has the biggest share of the operating system market in the U.S. So what does this really mean for Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOG)? The idea here is pretty similar to the sentiment which can be gleaned from other reports. Google may have the lion’s share of the market, but in order to make money, the company needs people to spend money on its Android platform.
Apple Inc. (NASDAQ:AAPL), meanwhile, continues to laugh all the way to the bank, as these numbers suggest that not only do Apple Inc. (NASDAQ:AAPL) users potentially have more money, but they like to spend it too. And Apple Inc. (NASDAQ:AAPL) continues to hold the greatest share of smartphone profits, which is remarkable since Android beats it in overall market share.


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Winter is coming: Pa. restaurants prep for cold weather and bet against another shutdown
Winter is coming.
And for restaurants in central Pennsylvania, that pop culture cliché couldn’t resonate any more ominously right now.
“It is going to be the scariest time for restaurants,” said Jim Switzenberg, executive chef and director of operations at John Wright Restaurant.
The coming months are a bit of a catch-22, he said. The Wrightsville-based restaurant has significant outdoor dining space (along with the backing of an open container policy, passed by borough officials earlier this year), but he’s unsure if the expected volume will be enough to use it.
“Chances are we may have to shut down in the winter,” he said.
With the state's 25 percent indoor occupancy limit still in place and a clientele not used to sitting outside in sub 40-degree weather, along with the cost of running space heaters, Switzenberg is unsure if the upcoming months will provide relief to what has already been a tumultuous year.
Without bar service, he said, the restaurant along the Susquehanna River has already lost between $250,000 to $500,000 in liquor sales. Historically, January and February are the slowest times for restaurants, but the months of November and December usually bring a late surge with holiday parties.
With such mass gatherings off the table, he’s unsure what to expect.
“[I] think myself and all restaurant people are scared of what happens in the winter. And that goes for my staff [as well].”
Dining in a 'snow globe'
While the grim outlook is a reality for restaurant owners, it isn’t stopping them from finding new ways to ensure diners continue to have some sense of normalcy.
At THEA in Mechanicsburg, chef/owner AnnMarie Nelms purchased igloo-like bubbles where a table of four can sit outside, enjoy a bottle of vino and maybe some short ribs or arancini.
“I wanted an experience for my customers that they’ve always had here,” Nelms said.
Nelms got the idea after reading how restaurants in New York were responding to the pandemic and upcoming winter months.
Each “igloo” cost about $500 and is outfitted with patio lights, a speaker and a heater for guests. Following service, each tent is sanitized using a steamer.
One guest even purchased a tent for the restaurant, Nelms said. That guest now has a standing reservation.
With only 120 seats inside and no bar, she believed the investment would help keep THEA’s doors open. Being a fine dining restaurant, Nelms felt it was paramount to make sure patrons had their personal dining rooms and noted that some guests are eager to dine outside once the first snowfall hits. It will be like sitting in a snow globe.
“I believe that’s the only way I survive,” she said.
Nelms, whose mother owns Sophia's at Walden (also in Mechanicsburg) and has two aunts also in the hospitality industry, said she’s been in restaurants since she was 9 years old.
It’s her career – her passion. And one that she understands is at a crossroads.
“I believe a lot of restaurants have been hurt so badly they don’t have the funds to do this. And it’s sad,” she said. “If I lost this, I don’t even know where I’d go or what I’d do... this is my life.”
Space heaters or self-certification?
In Springettsbury Township, David LeHeron of the Blue Heron opted to apply for the self-certification process in Pennsylvania. It's a mandate that has been met with significant criticism among restaurant owners and industry advocates.
In doing so, his restaurant can operate at 50 percent indoor capacity. It was a decision he felt he had to do in order to survive.
“If you’re serving quality food, it needs a quality environment,” he said.
Like THEA, the Blue Heron is a fine dining restaurant, and due to the 25 percent indoor capacity requirements and limited outdoor space, LeHeron felt certification was the best option to remain in business.
He has a few tables for outside dining and acknowledges the unseasonably warm weather has been a blessing, but he doesn’t expect the gas heater he has – or similar ones other restaurants may be using – to offer much aid once Old Man Winter begins to howl.
“I think it helps when the weather is mild,” he said of space heaters. “When it gets really, really cold, I don’t think it would help.”
What self-certification means in Pa.
- The owner must review and agree to follow all state mitigation requirements.
- A statement that the owner understands that under certification the restaurant is subject to penalties if mandates are not followed.
- The 50% occupancy is based on the restaurant's fire code limits.
- No bar seating, all on-site alcohol sales must be accompanied by the purchase of a meal.
For LeHeron, the frustration rests with what has felt is an ongoing uphill battle for his industry since the pandemic started.
“We were the ones who paid the price. For three months we were shut down – open just for takeout,” he said. “But other stores didn’t have the same regulations.”
Related:Taste of Sicily restaurant in Palmyra reopens to in-person dining, defying state's order
As COVID-19 cases begin to spike statewide again, the possibility of another shutdown looms. If that should happen, LeHeron thinks it would be fatal for the restaurant. But after watching places such as Taste of Sicily in Palmyra or Round the Clock diner in York defy state mandates, he's ready to go out on his terms.
“I wouldn’t shut down again,” he said. “It’s that or we die anyway, so why not?”
The fallout of Gov. Wolf's veto
The probability of another shutdown is just another ripple on the tidal wave of stressors 2020 has brought upon the industry.
"This is a heartfelt industry. There is a true passion in this industry. When people own restaurants, it isn’t some fun venture because we’re millionaires,” Nelms said. “None of us are millionaires; we’re all struggling."
The failure of HB 2513 to pass in the state and the ongoing stalemate of the RESTAURANT Act in Congress, leaves restaurants across the state at a crossroads: Close or prepare for winter.
“We can protect lives and we can protect livelihoods,” said state Sen. Kristin Phillips-Hill, R-York County.
Phillips-Hill, who supported HB 2513, added that the current restrictions placed on restaurants are "destroying an entire industry."
The bill, which would’ve eased indoor dining restrictions (effectively eliminating the need to self-certify) and allowed bar service, was vetoed by Gov. Tom Wolf in September. The State General Assembly failed to override the veto last month.
Background on the bill:Gov. Wolf vetoes Pa. restaurant bill, advocate groups ask General Assembly to override veto
Related:PLCB votes to waive 2021 liquor license fees — restaurants still need to pay 2020 dues
The fallout has forced several restaurants to close, including Vito’s Pizza & Beer in Spring Garden Township. Owner Nick Spagnola said that without aid promised in the bill, he decided to close after 58 years in business.
Since the veto, several restaurants in the region, including The Deli of Italy in Springettsbury Township and River Bend Hop Farm & Brewery in Perry County, have closed after 15 years and three years of service, respectively.
Restrictions HB 2513 would have eliminated
- Restaurants could operate at 50% indoor capacity. Currently, restaurants must operate at 25 percent but can apply for self-certification in order to operate at 50 percent.
- Bar service would be allowed, as long as restaurants follow social distancing and CDC guidelines.
- Alcohol sales would no longer require the purchase of a meal.
John Longstreet of the Pennsylvania Restaurant and Lodging Association has been lobbying for state and federal aid for the industry, but he has been predicting that without financial assistance or the removal of Wolf's July 15 mandate more than half of the restaurants in the state may close before the end of the year.
At the moment, owners are doing what they can to continue pivoting and weathering the storm.
In downtown York, city officials have agreed to extend outdoor dining along the city’s "Restaurant Row" on North George Street until Dec. 31. Left Bank co-owner Sean Arnold said in addition to space heaters, the restaurant has devised a “warm” cocktail menu for diners.
The team has also begun partnering with other restaurants in the area, including The Imperial in Lancaster for chef tables and other special events. In Hershey, Troegs Brewing has expanded its outdoor dining area and begun offering take-home meal kits for customers.
Since, the initial shutdown, O.N.E. Hospitality in York redesigned its delivery system and created an online market for residents. The team has since used its Rig-A-Toni food truck to help make neighborhood deliveries and stops.
"It was a crazy time. None of us knew what the future held, but we knew that if we could bring a hot pasta meal, some fresh meat and produce, and a few rolls of toilet paper to a community member's doorstep, and see the smile on their faces, we were doing something right," founder Toni Calderone said.
In Gettysburg, Scott Hunt of Hunt's Battlefield Fries said the recent spell of unseasonably warm weather along with a mild autumn has brought in record numbers.
But with one picnic table outside his humble cafe, he hopes this past October rush will be enough to help pull him through the winter solstice.
It’s an issue that diners and restaurant owners have been navigating both across the Keystone State and the country.
In the meantime, an industry that’s known for innovation will need to muster up a bit more this holiday season.
“This is my passion; this is all I’ve ever known. So, to be scared every day of another shutdown and possibly having to lay my staff off. I don’t sleep at night sometimes thinking about that,” Nelms said.
A list of certified Pa. restaurants can be found here.
Neil Strebig is a journalist for the York Daily Record and curator for the York on the Move newsletter. He can be reached at firstname.lastname@example.org, 717-825-6582 or via Twitter @neilStrebig.


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Supply chain problems cost Apple $ 6 billion (approximately Rs 44,890 billion) in revenue in the fourth quarter of its fiscal year, which fell short of Wall Street’s expectations.
Cook told Reuters on Thursday that the September 25th quarter had “bigger supply bottlenecks than expected” as well as pandemic-related production disruptions in Southeast Asia. While Apple had seen “significant improvement” in these Southeast Asian facilities through late October, the chip shortage persists and now affects “most of our products,” Cook said.
“We’re doing everything we can to get more (chips) and also everything we can operationally to make sure we move forward as quickly as possible,” said Cook.
Cook said the company expects year-over-year growth for the quarter ending December. Analysts expect a growth of 7.4 percent to 119.7 billion US dollars (approx. 8.95.413 billion rupees).
“We forecast very solid year-on-year demand growth. We also predict that demand will be more than $ 6 billion below that,” said Cook.
The shares of the Cupertino, California-based company, which rose nearly 15 percent this year, fell 3.4 percent on Thursday in expanded trading. The slump could make Microsoft the most valuable company in the world after Microsoft stocks soared on its cloud computing business.
Apple’s results were mixed for a fourth quarter of fiscal year that was seen as a lull ahead of the busy holiday end of the year.
Apple said its fiscal fourth quarter revenue and earnings were $ 83.4 billion (about Rs. 6.23.739 billion) and $ 1.24 (about Rs. 92) per share, respectively, compared to analyst estimates of $ 84.8 billion (about Rs.6.34.241 billion) and $ 1.24 per share, according to IBES data from Refinitiv.
The results were a rocky end to a fiscal year of above-expected sales, led by the iPhone 12 models and strong sales of Mac computers and iPads for working and studying from home during the COVID-19 pandemic.
Apple announced to investors in July that chip restrictions would hit its iPhone and iPad lines for the first time in the fourth quarter.
Apple released its results shortly after retailer Amazon forecast sales for the Christmas quarter well below Wall Street’s expectations, citing in part to labor shortages and global supply chain issues.
Apple “managed to handle the problems pretty well but did not get away with it unscathed, and prolonged duration of these problems will mean trouble, especially because the market is unforgiving about Apple’s performance,” said Sophie Lund-Yates. Equity Analyst at Hargreaves Lansdown.
Apple fell short of expectations in two major categories.
Apple said fourth-quarter iPhone sales were $ 38.9 billion (approx.
Cook said chips made with older technology continue to be the main restriction on supply. He said Apple isn’t sure yet whether the bottlenecks will ease after the Christmas shopping season.
“It’s very difficult to call,” Cook told Reuters.
The company’s accessories segment, which includes fast-growing categories like its AirPods wireless headphones, was $ 8.8 billion (about Rs.65.837 billion), half a billion dollars less than analysts’ expectations of $ 9.3 billion (roughly 69,575 billion rupees). to refinitive data.
Other segments did better. Sales for iPads and Macs were $ 8.3 billion (approximately Rs.65,823 billion) and $ 9.2 billion (approximately Rs.68,815 billion), compared to analyst estimates of $ 7.2 billion (approximately 53,855 billion rupees) and $ 9.2 billion, according to Refinitive data.
The company’s services segment – which includes its App Store business – had sales of Rs.18.3 billion (approximately Rs.136,897 billion), up 26 percent compared to analyst expectations of $ 17.6 billion (approximately $ 17.6 billion) 1.31.661 billion rupees). Cook told Reuters that Apple now has 745 million paying subscribers to its platform, up from 700 million it announced a quarter ago.
“The services have been strong and show the beauty and persistence of software and services as there are better margins and no delivery issues because software doesn’t arrive on a container ship,” said Hal Eddins, chief economist at Apple shareholder Capital Investment Company.
© Thomson Reuters 2021


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For those asking if NEWSROOM is coming back, my only answer is how could we possibly keep up?
— Jeff Daniels (@Jeff_Daniels) April 10, 2019
When the printed copy of your book arrives that you are happy with… and you can put it in your office library! Taking Care of Business is out 29.04.19 pre sale now available on Amazon and Waterstones 👊🏻👊🏻 pic.twitter.com/ocz8jPzELR
— Paul Cheetham-Karcz (@PaulCKSedulo) April 10, 2019
Delighted to announce @DIBManc will be joined by ex vice-president and CEO of FC Barcelona and current CEO of Manc City and parent company City Football Group, Ferran Soriano in association with @TastCatala Futher details here: https://t.co/vKEdP9bg3E pic.twitter.com/6jAZcgfYuO
— Chris McKenna (@DIB_Chris) April 11, 2019
— Lisa Middleton (@Lisa_Middleton_) April 11, 2019


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One can hope to find a meter for street parking or wander into a deck or lot, hoping that the fee is manageable. And more times than not it is, as this is not New York or Chicago.
But still, it would be nice to know where parking is available before circling Main, High and Broadway and the streets in between to make the outing a little more smooth.
“We have plenty of parking downtown, and it’s really wonderful because it’s free after 6 p.m. and on weekends in the parking decks, surface lots and at the meters,” said Kimberly Beckett, director of business relations for the Downtown Akron Partnership (DAP). “And the first hour for parking in lots and garages is free. The mayor thought this was important to get people downtown.”
And for those downtown outings that play out before 6 p.m. and need longer than one hour, there’s the Parking Friend app.
About two years back, downtown Akron was “looking at more ways to get into the mobile market, and our regular [DAP] website wasn’t very mobile friendly, with drop-down menus, etc.,” Beckett said. “So we were able to develop a mobile platform that made it easier for people to find information about downtown with their mobile device, and we also launched the ParkingFriend app.”
As most know, tekkies are hardcore when it comes to their preferred mobile applications, which explains the lines wrapping around Apple stores when it introduces yet another iPhone. And ParkingFriend addresses the non-followers of the late Steve Jobs because it is not only compatible with iOS (formerly iPhone Operating Systems) but Android as well.
And while many applications come with a fee, ParkingFriend does not, and users can download the free app. by visiting http://www.downtownakron.com/getting-around/parking-friend-app or visit the Apple and Android sites and search for Parking Friend Akron.
ParkingFriend allows users to map out their downtown destination, driving distance, the closest available parking decks and lots, along with their rates and whether valet service is available. Contact numbers are also given for these parking facilities, and a map of downtown Akron can also be viewed with public lots and garages designated with a “P.”
“We’re always encouraging people to check it out because in downtown there are a lot of great things happening, and a lot of positive change has happened in the last 15 years,” Beckett says. “We’ve seen over a billion dollars in investment in downtown.”
If there are any changes to these parking areas, such as closings, repairs, detours, DAP updates ParkingFriend users through its website and newsletter, Facebook and other social media.
For those not inclined to tap into an Android, iPhone, iPad or iPod, they can print a PDF version of a downtown parking map by clicking “Getting Around” on the DAP homepage at www.downtownakron.com or pick up a map at its offices at Greystone Hall, 103 S. High Street, 4th Floor, (330) 374-7676.
Users of ParkingFriend are welcome to offer any suggestions or comments about the app by calling (330) 374-7618.
“Downtown is a great place and changing rapidly for the better, so getting feedback is important,” Beckett encouraged. “Getting around downtown is not as scary as it sounds, so this is a great resource to have. And we’d love to help you.”


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As bans are lifted and roads plowed, residents will see a greater postal presence around the area.
Here is the updated list of Post Office closings for Saturday, Nov. 22:
- Blasdell Branch, 4250 Lake Ave
- Lackawanna Branch, 683 Ridge Rd
- Southside Station, 2061 South Park Ave
- West Seneca Branch, 4300 Seneca St
- Derby Post Office
- Elma Post Office
- Irving Post Office
- Lawtons Post Office
- North Collins Post Office
- Perrysburg Post Office
All other mail deliveries in the Buffalo area and surrounding areas will be attempted where there is safe access to roads and customers’ mailboxes.
The United States Postal Service is committed to restoring regular delivery and mail service as quickly as possible to customers in affected areas.
To facilitate mail delivery in impacted areas, the Postal Service plans on delivering mail on Sunday, Nov. 23. Mail delivery is dependent on safe access down roads, to mailboxes and for those with home delivery, clear paths up driveways, walkways, stairs and porches.
The Cayuga Branch, 285 Cayuga Road, is open Saturdays and Sundays from 11 a.m. to 7 p.m.


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There are great advantages to being a smaller rubber product manufacturer—if it's a solid, well-run operation—in the current marketplace.
Often a customer gets an energetic, focused, creative company that responds quickly to a client.
That is why the better small firms thrive, or at least don't drown in a sea of red ink, during difficult times, several industry veterans maintained. And that's a primary reason why the best are still around today despite the recession that began in 2007 in the U.S. and has lingered since.
Among those survivors are U.S.A. Drives Inc., Santa Fe Rubber Products Inc., Cascade Gasket and Co. Inc., Extreme Molding L.L.C. and Thombert Inc. Top officials from each company discussed their experiences over the last several years as well as what makes a small business strong.
All rely on their solid reputations in the various segments they serve to maintain a bank of repeat customers as the foundation for their businesses.
And, of course, it helps if a company is in a strong niche market, said Walt Smith, CEO and chairman of Thombert, a firm that dates back to 1946.
But it has been a tough period over the course of the last seven years where, Santa Fe Rubber President and CEO William Krames opinioned, merely surviving meant you had been successful.
Quality, cost, service
Quality should be a given in the rubber industry, according to Mike Moran, general manager of Kent, Wash.-based Cascade, a custom manufacturer of molded rubber and foam products, die cut gaskets, sheet packing and metal shims for the aerospace, construction and other industries.
“Poor quality will get you a hefty penalty, usually much, much more than the original cost of the product,” he said. That's especially true in the aerospace industry where suppliers “are hyper-focused on quality.”
Price and responsiveness, Moran said, also stand out to customers.
He said Cascade has focused on trimming costs since 2004, and that has transformed the firm's culture. A company that is very cost effective and nimble has emerged.
He said “the business battlefield is changing as more global competition becomes engaged from countries that have not typically been in the aerospace side of the rubber market.” Fortunately, he said, Cascade has learned to do more with less and remain focused on its customers needs.
Competitors have doubled in volume since 2007, and the competition now includes global pricing considerations. Many customers have become accurate at understanding what a part should cost to produce, Moran said.
Krames agreed about the industry's changing landscape, noting that small manufacturers today are faced with substantial challenges, and pricing has become very competitive, to the extent that it's difficult to achieve a decent margin.
The recession impacted polyurethane product maker U.S.A. Drives, which had to downsize and reduce its work force during the worst part “because the replacement of products was not as fast as it was previously,” according to Vice President of Manufacturing James Schmidt. “But we did not lose customers.”
The firm provides customers with “the ability to change with the needs of the product and the customer,” he said. “Varying the products in hardness, color, elasticity, wear and compression of any of the properties that make urethane a fantastic product allows us to move quickly to meet the needs of our customers.”
He said “consistent quality, great response to needs and great delivery have been our trademark since we began in the late "80s.”
Products made by the Burr Ridge, Ill.-headquartered company are unique, Schmidt said, and the areas it serves are not ones that attract firms in foreign countries. “Food, robotics, dairy and packaging are going to be here in good times and bad, not in large quantities but specific niches that need to be filled.”
Schmidt said that through the recession, the company continued to make its specialty belts that help convey, move, package or grab products that need the qualities and resilience that urethanes provide. “Colors, static capabilities, good wear, great flexibility and consistency of materials” are qualities many of its customers are looking for in belting.
He said over the last two years things seem to be moving in a better direction, and the firm has hired a couple of employees to help handle new business and production increases in the products it produces.
No bed of roses
In the case of Extreme Molding, the company was formed in 2002 with two experienced managers—co-owners Lynn Momrow and Joanne Moon—at the helm. That proved fortunate and gave it an edge as it set out to serve the medical, biotech, telecommunications, biotech and high-end consumer industries.
The economy isn't great now, Moon said, “but it wasn't a bed of roses back then, either.”
They knew that an agile, small company can gain a leg up on a big firm by responding quickly to a customer's needs with great service and quality, competitive pricing and the right technology.
That's why it's now a successful 12-year-old business.
“We have a reputation for handling the tougher jobs,” Momrow said. “We've done that since the beginning.” The firm deals with industries where time lines are very important and it responds quickly to customer requests, she said.
An injection molder and micromolder of goods made from rubber, thermoset rubber, thermoplastics and other materials, it focuses on niche businesses, including medical, biotech, telecommunications, biotech and high-end consumer. It has also become a virtual one-stop shop, she said. “The customer does the design, and we work from there.”
As more technology comes into play, Moon said, customers want more, “so we make the product, package it and ship all over the world. This has made us more competitive and saves them money.”
Extreme Molding doesn't have layers of management, Momrow noted, so it doesn't get bogged down with time lost in meetings and can be very responsive.
The people employed by the firm are talented and versatile. In fact, Moon and Momrow have strong backgrounds on the financial side of the business as well as in manufacturing and each day at least one, but often both, work on the production floor for at least half the day so they maintain a handle on that end of the operation, Momrow said.
“As a smaller company with few layers, we can be very responsive,” Moon said. “Decisions can be made by us quite quickly as Lynn and I are involved with the business on a daily basis. We pride ourselves in customer service, and if we make a commitment to do something, we make it happen.
“We are also committed to getting back to our customers' phone calls and emails in a very short period of time, even on the weekends.”
Staying the course
Santa Fe Rubber has been fortunate. Krames likes to put money aside for a rainy day, or in this case, many rainy days. Because of that, the company entered the recession with sufficient cash reserves and no debt, the executive said, which enabled it to weather the financial storm.
It was tough to adjust the business downward with a 30 percent decline in volume, which Krames said “seemed to be the loss of revenue most of my colleagues were experiencing, too.”
Santa Fe Rubber has recovered most of the lost revenue largely be generating new business, he said. “We have been most aggressive in pursuit of new opportunities. Of course, we experienced some recovery in our solid base of customers but we knew if we wanted to get back to where we were prior to the decline we would have to achieve that with new customers.”
That is exactly what the company did.
It focuses heavily on engineered products and recently added a substantial new account that has helped to add another 28 jobs to the firm's work force.
“We continue to concentrate our efforts on more demanding and special applications and have pretty well abandoned the high volume widget business that the off-shore suppliers are after,” he said.
“We have a good engineering department, and we are able to solve problems,” but he maintained the company can't chase everything and, instead, concentrates on what it's good at.
Krames admitted the firm's efforts have been costly because of new project startups, but he's confident the company will get a substantial return on its R&D investments in the future.
A custom molded rubber and liquid silicone rubber molder of numerous products for the automotive, aerospace, electronics, medical, oil, gas, plumbing and military markets, the Whittier, Calif.-based business has one disadvantage other companies across the U.S. don't face, he said.
“We're operating in California, the most business unfriendly state in the country. It offers additional challenges that others don't experience. We still have to try and cover significant increases in workers' compensation, utility and medical costs for our employees, which really cuts into our margin.”
Key niche market
Thombert, on the other hand, didn't face as many problems during most of the recent downturn as other manufacturers because it services a limited but strong customer base, Smith said.
However, the Newton, Iowa-headquartered maker of polyurethane tires and wheels primarily for the lift truck market saw sales plummet 20-25 percent in 2009, he said, but that turned out to be a blip.
By 2010, it not only returned to normal, but since then the company has experienced slight sales increases.
Thombert believes in taking care of what it has, in terms of customers and employees, and takes pride in its strong service operation. “We've had amazing longevity ... and great customer loyalty.”
“We're very specific and practice limited marketing,” Smith said. “We focus on authorized dealers, OEM customers or their replacement businesses. Very ethical and disciplined marketing is one of our hallmarks. That gives us a limited but solid customer base. We can't be opportunistic and just grab anything that comes along.”
Smith said the economy is still not very strong and interest rates remain low. “It's a great time to go buy a company because of the low rates, if the buyer qualifies for a loan,” he said.
The landscape for smaller companies has always been good, Smith said. Businesses “just need to take advantage of opportunities when they present themselves.”
Every small firm wants to be a bigger company, he said, but one of the advantages of a smaller sized business is that by just adding two or three new customers, it can double the rate of increase in the economy if it remains nimble. “A little means a lot for a small company.”
Santa Fe's Krames said to remain a survivor, a business must identify its strengths and draw from that. “I've learned you can't be everything to all people.
“Life in business is not always on the mountaintop, and you learn that there are business cycles and you have to be prepared to weather the downturns. However, this downturn has been the longest and deepest one I recall experiencing during my past 50 years in the rubber industry.”


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Apple is heavily rumored to be announcing its next-generation iPhone 5S, and long rumored iPhone 5C – lower cost model of iPhone in the market in less than a month. It is now reported that an image of iPhone 5C devices makes it way to Chinese social network this evening, claiming to be coming from an employee of Pegatron. An image is showing couple of iPhone 5C devices in charging racks to test the quality control of the device. It is reported that a quality control employee at Pegatron posted an image of iPhone 5C on social network to compare the upcoming iPhone 5C device with low-cost China manufactured phone.
However, the image comes as a solid proof behind thousands of rumors who were suggesting the arrival of iPhone 5C finally in the market. We are still not sure whether Apple is going to name the lower-cost iPhone as “iPhone 5C” or not, but the image is giving a solid proof that a device is coming this year to bash Android phones in the market. The image shows couple of iPhone 5C devices in a rack, but it is odd for us to pick that a manufacturer does not have any better setup for testing the devices before sending out to Apple. But it is added later from big publications that it is normal testing environment for manufacturers.
The leaked image of iPhone 5C devices matches exactly with earlier leaked mockups, and leaked components of the device in the wild. An iPhone 5C device is coming in the market on September 10th. Apple is said to be hosting a media event in the upcoming month to announce next-generation series of its iPhone line.
You can follow up with older rumors here about iPhone 5C. The lower-cost iPhone 5C model will be carrying notable specifications, and mid-range price tag for the customers around the world. iPhone 5C said to be targeting the Asian users, especially Chinese customers. iPhone 5C is already flagged as a game changer for Apple in 2013 against other smartphones in the market, at least according to one analyst.


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Knowing what’s in a mix matters: It can save millions. By Tina Grady Barbaccia, Contributing Editor. When it comes to mix-design optimization, just a saving a few pennies per ton by being smart about your strategy can end up saving an operation ...
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It will have been a full two month wait, but the new Oklahoma City NBA franchise is set to announce its team name, colors and logos on Wednesday, Sept. 3, the team announced today.
The name, colors and logo will first appear on the team’s Web site, www.nba.com/oklahomacity, at 5 p.m. central time next Wednesday. The team also will hold a simultaneous unveiling event at the franchise’s headquarters at Leadership Square in downtown Oklahoma City.
The uniform designs will not be released next week.
Following the event, new team merchandise will be on sale immediately in the team’s store on the building’s ground floor. It will be the only retail location fans can purchase merchandise next Wednesday.
I think we’ll all be shocked if the name is anything but Thunder at this point. Mike Baldwin will have more details in Thursday’s editions of The Oklahoman and on-line at NewsOK.com.
In other news, OKC forward Nick Collison talks about the relocation and his feelings about leaving Seattle, where he has played for his entire career and will continue living in the off-season. You can read his thoughts here.
Also, I’ve wanted to weigh in on the Dream Team vs. Redeem Team argument since Sunday but honestly don’t have much thought-provoking analysis to contribute. Simply put, the Dream Team, in my opinion, is hands down better than the Redeem Team. But I was just a young fan who idolized those guys back in ’92. So since I can’t go beyond that, I’ll leave you with a more thorough analysis from SI.com’s Jack McCallum, who actually covered the Dream Team rather than simply gush over its stars.


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|Bid||69.69 x 100|
|Ask||88.00 x 100|
|Day's Range||74.41 - 75.97|
|52 Week Range||56.69 - 83.75|
|PE Ratio (TTM)||19.76|
|Dividend & Yield||1.84 (2.43%)|
|1y Target Est||N/A|
Categories: ETFs Yahoo FinanceGet full CapitalCube analysis *Disclaimer : This is as of previous day’s closing price. Technical Indicators Below is a quick look at 5 technical indicators for Bunge Ltd.. More studies are available on the Technical Chart. Indicator Signal Closing Price above/below 50 Day Moving Average Bearish Closing Price above/below 200 Day Moving Average Bullish 50 ... Read more (Read more...)
Grain handler Lansing Trade Group LLC is buying Interstate Commodities, marking another step in consolidation that is rippling through the U.S. agriculture sector as persistently low prices keep pressure on profits. The combined companies could handle as much as 7 percent of the U.S. corn supply of over 15 billion bushels, according to the companies' websites. "Both Lansing and Interstate believe the industry needs consolidation and want to be out at the forefront of a more efficient and customer-focused business model," Lansing President and Chief Executive Officer Bill Krueger said in a joint statement with Interstate on Tuesday.
Grain cargo ships in Argentina's main shipping hub of Rosario were halted late on Monday when replacement workers filling in for striking unions walked off the job after receiving threats, the country's export chamber said. Regular port workers were on the fifth day of a wage strike on Monday when replacement workers were brought in early in the day, allowing for the resumption of some loading of freshly harvested corn and soy. "New problems came up, including threats and intimidation, so work was halted," Andres Alcaraz, spokesman for Argentina's CIARA-CEC export companies' chamber, told Reuters by telephone.


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Shop price annual inflation decelerated further to 4.3% in November, down from 5.2% in October, according to the latest Shop price Index from BRC-NielsenIQ.
Shop price growth was at its lowest since June 2022.
Non-food inflation fell to 2.5%, down from 3.4% in October, and again at its lowest since June 2022.
Helen Dickinson, chief rxecutive of the British Retail Consortium (BRC), says: “Shop price inflation eased for the sixth month in a row as retailers competed fiercely to bring prices down for customers ahead of Christmas.
“Retailers are committed to delivering an affordable Christmas for their customers. They face new headwinds in 2024 - from Government-imposed increases in business rates bills, to the hidden costs of complying with new regulations. Combining these with the biggest rise to the National Living Wage on record will likely stall or even reverse progress made thus far on bringing down inflation, particularly in food.”
Mike Watkins, head of retailer and business insight, NielsenIQ, adds: "With the recent slowdown in consumer spending, many non-food retailers will have been reliant on Black Friday to kick starts sales to avoid discounting in December, whereas food retailers will be optimistic that footfall will increase as inflation slows and shoppers get into a festive mood. Across all retail, this year shoppers will be making savings on everyday essentials to help pay for their family Christmas.”


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(CPSC/CNN) – According to the U.S. Consumer Product Safety Commission, Amazon has recalled its portable power banks due to fire and chemical burn hazards.
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By JAKE PEARSON and JEFF HORWITZ
By GRANT SCHULTE
By ELAINE KURTENBACH
WASHINGTON (AP) — For months, President Donald Trump boasted about having steered the U.S. stock markets to record high after record high.
Tamra Binder is the new Market President at U.S. Bank in Clinton. Find out more about her in this week’s edition of Meet Your Neighbor.


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The war between Russia and Ukraine affected various aspects, but perhaps most strongly it affected the grain trade. In recent times, we have seen a "redrawing" of traditional trade routes and the use of tariffs as a means of dealing with the situation.
Yesterday, the Australian Grains Industry said it welcomed China's decision to remove tariffs on Australian barley. Recall that in 2020, Beijing imposed import duties on a range of Australian goods, from wine and red meat to lobster and timber, on the grounds that these goods were "dumping" on domestic production.
In fact, the real motives had to do with Australia's tough stance on the global COVID-19 pandemic and China's role in it.
Before the tariffs, Australia was China's largest supplier of barley. "Our barley exports to China peaked at 6.3 million tonnes in 2016-17 before falling to negligible levels after the tariffs were imposed in 2020, so we are very hopeful that this decision will allow to get our trade relationship and exports back on track," commented Pat O'Shanassi, CEO of Grain Trade Australia (GTA)
Following the imposition of the tariff, barley prices subsequently collapsed, prompting Australian producers to cut production in favor of canola and wheat. Prices slowly recovered as new markets opened up for Australian barley.
On Friday, China's Ministry of Commerce ruled "that it is no longer necessary to continue to impose anti-dumping and countervailing duties on imports of barley originating in Australia in view of changes in the Chinese barley market."
However, the decision is not so spontaneous, but has its own chronology. In April, Australia agreed to "temporarily suspend" its World Trade Organization complaint against China over its decision to impose 80.5% tariffs on Australian barley. This, along with complicated imports from the Black Sea, led Beijing to make its final decision on this matter.


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It might not be an official day, but Earth Day is a celebration of all things wonderful in our world. Millions around the world will demonstrate their support for environmental protection on 22 April. Here in Singapore, companies like Apple are hosting weekend sessions with environmentalists who will share tips on leading a more sustainable life. There will be talks focusing on nature, technology, and design too.
Also happening on 22 April is a series of screenings of this year’s TED talks at the National Library. This year’s conference is titled ‘The Age of Amazement‘, and includes speakers like Gwynne Shotwell (President of SpaceX) and Tracee Ellis Ross (actor and activist).
If you’d rather lounge at home on this lazy weekend and read, here are some of this week’s best stories from the Lifestyle Asia team.
If you are confused by which wine glass to use for the drink you’re about to consume, look no further. Here is your guide to decoding all of that.
Chanel has released a short film that shows the detailed behind-the-scenes work that goes into crafting your favourite 2.55, Gabrielle, and Boy bags.
Move over Scandinavia. The Japanese home trend of wabi-sabi is here to dominate our living spaces.
Tom Ford isn’t just doing apparel and beauty products anymore. Introducing his first watch, the 001 — part of his debut timepiece collection.
#lifestyleasiasg’s Instagram of the Week


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One of the most anticipated events of the Dawson County Chamber of Commerce for the past seven years, the Reverse Raffle, will be held on Aug. 27.
The parties named in a lawsuit aimed at blocking plans for a motorsports country club in western Dawson County hope a judge will dismiss the matter next month.
Employees and volunteers at the Dawson County Humane Society are considering hanging a "no vacancy" sign on the front door.
While many counties and cities across north Georgia are struggling with businesses closing down, the city of Dawsonville is experiencing a surprising growth spurt.
U.S. Congressman Nathan Deal will be the guest speaker at the Aug. 13 membership luncheon of the Dawson County Chamber of Commerce.
Rick Palmer has always had a keen taste for chicken wings, especially the sauce that his most favorite finger food is doused with.
Officials with the U.S Fish and Wildlife Service are asking animal lovers to help save several endangered or threatened species, including three that can be found in Dawson County.
The operator of a day care facing eviction from a county-owned building can breathe a small sigh of relief after catching up on back rent.
Last week, Food Lion Charitable Foundation gave a $2,500 donation to the RIC Rack Charity Thrift Store and Food Pantry.
Wal-Mart recently donated $1,000 to a local reading program aimed to benefit the county's youngest residents.
Etowah Water and Sewer Authority voted to raise water and sewer rates Monday while at the same time lowering some tap-on fees.
Within the next six months, electric bills could look very different for Sawnee EMC customers.
When Bob Shelton opened Dragon's Den tattoo studio at War Hill almost two decades ago, he was one of only a few tattoo artists in north Georgia.
Looking for quality jewelry that makes for a great gift, even if it's for yourself?
It was a few weeks early for corn, okra and tomatoes, but beans, potatoes and squash were ripe for the picking as the Dawson County Farmers Market opened July 1.
A local steel fabricator is in talks with Dawson County officials about possible tax incentives for an upcoming project.
This year, instead of waiting until the first minutes of Black Friday to begin at midnight, retailers opened their stores Thanksgiving night to give shoppers the deals they had been waiting on.
During a Nov. 12 joint work session and board meeting, the Etowah Water and Sewer Authority voted on several financial matters, two of which go hand-in-hand.
Thanksgiving is next week and with that comes the official start of another tradition - holiday shopping.
Sawnee Electric Membership Corporation has announced a second rate reduction for its customers.
County commissioners last week approved a rezoning that has potential to bring a large-scale tourism development to western Dawson.
Belk department store is hosting its semi-annual charity sale next month and is inviting local schools and nonprofit organizations to participate.
A German-based leader in welding and exhaust safety equipment recently bought more than 15 acres near Ga. 400 in Dawson County for its North American operations.
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Peter Tuborgh, chief executive of the dairy cooperative Arla, which produces brands including Anchor and Cravendale, said he expects the price of butter to increase sharply as demand grows following a period of low production levels.
Speaking to the BBC’s Today Programme, Tuborgh said: “We need to see that the demand slows down a bit, because at Christmas time there will simply not, in Europe, be enough butter and cream. I know it from our forecasting.”
Tuborgh said it was difficult to predict exactly how prices would be affected, but said increases were already happening and some labels in Europe had already doubled in price.
“There is simply not more milk; all milk is utilised and the milk flows into where the profits are,” he said. “At the moment we are all striving to get as much butter and cream out of our products.”
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What you need to know
- Tim Cook gave testimony in the Epic Games vs Apple trial Friday.
- Things seemed to be going pretty well until Cook came under a surprise barrage of tough questions from Judge Rogers.
- Cook was asked about in-app purchases, and why it seemed that gamers were subsidizing the rest of the App Store.
Apple CEO Tim Cook came under fire in a series of intense questions from the judge in the Epic Games vs Apple trial on Friday.
Cook answered questions from the counsel of both parties on the App Store, in-app payments, competition, and more. But it was the harsh line of questioning from Judge Rogers that got the internet all in a frenzy about Apple's prospects in the trial.
As transcribed by The Verge, Judge Rogers asked about the significant portion of App Store revenue that came from games, asking "what is the problem with allowing users to have choice, especially in a gaming context, to have a cheaper option for content?" To this Cook replied that users do have a choice between a multitude of Android devices and the iPhone, but Judge Rogers pressed on:
Rogers told Cook the model was "quite lucrative" and seemed to be focused on impulse purchases. Whilst many have painted this revelation as a damning indictment from the presiding Judge, Rogers did not this was not really an antitrust matter, and was a totally different question.
She did however say that it seems to her that Apple was profiting off developers who were keeping customers playing their games, to which Cook replied " view that we are creating the entire amount of commerce on the store, and we're doing that by focusing on getting the largest audience there. We do that with a lot of free apps, so [even if] we don't collect a commission from them they bring a lot to the table. And then we have the majority of other people that pay 15 percent, and only the people that are really profiting in a major way are paying 30 percent."
Rogers also asked about the commission rate of the App Store, claiming that its Small Business program was not driven by competition. She also asked about a survey in which 39 percent of developers were reportedly dissatisfied with the App Store stating "But it doesn't seem to me that you feel under pressure or competition to actually change the manner in which you act to address the concerns of the developers — again, if these numbers are right."
Cook said that Apple "[turns] the place upside down for developers". The broadside from Judge Rogers would likely have come as a shock to Apple and indeed onlookers in what has been an otherwise mundane and fairly regular couple of weeks' testimony.
Master your iPhone in minutes
iMore offers spot-on advice and guidance from our team of experts, with decades of Apple device experience to lean on. Learn more with iMore!
During the course of Friday Cook did make one very big revelation about the App Store and iPhone, stating that even if developers used alternative payment methods to charge for digital goods, Apple would still collect commission on these payments.
Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9


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A North Okanagan lumber producer is looking towards Asia for expanded markets.
Tolko Industries president Brad Thorlakson recently took part in a trade mission to China led by Premier Christy Clark.
“I definitely saw a lot more wood use on this trip,” said Thorlakson.
“And the comfort level in building with wood is on the rise. The construction industry in China is shifting—somewhat slowly but when you consider the potential, it’s really exciting.”
China is expected to drive half of all global construction activity until 2020.
“The growth of lumber use in China and other Asia Pacific markets is key to the B.C. forest industry’s long term success,” said Thorlakson.
“Residential construction is not coming back in the United States anytime soon. Continued diversification is a must.” Today Tolko has over 40% of its products heading to offshore markets around the world. “While demand in China has recently slowed along with most global markets, the long term positioning is crucial.”


text: Last week computer giant, Dell, decided to challenge Apple’s dominance over the creative sector laptops with a novel way to launch their new XPS 14z laptop. The brand enlisted the support of LA-based creative think tank, Super! Alright! to create a three day exhibit at Openhouse Gallery, New York called Create, Work, Inspire. Tastemakers from the worlds of design, fashion, film and architecture ..read more..


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An Irish man who has become the world's youngest self-made billionaire says wealth hasn't changed him at all.
John Collison, 27, from Dromineer, Co Tipperary struck gold when he and brother Patrick, who is almost 29, set up technology firm Stripe.
The online payment processing company is used by 100,000 businesses, including popular takeaway app Deliveroo.
Both brothers are now worth more than $1 billion each, according to Forbes.
John said: "People ask 'how has your life changed?' and they want me to have taken up some elaborate new hobby like Faberge egg collecting or yacht racing".
However, the down-to-earth young man insists he prefers normal hobbies, such as going for a jog near his home in San Francisco, according to The Irish Sun.
Both brothers showed great promise from a young age, with Patrick winning the BT Young Scientist competition in 2005 for improving a programming language.
They set up their first business, auctions payment firm Shuppa when they were just 16 and 18 years old.
In 2011, they came up with a plan to launch an innovative online payment method, Stripe.
Stripe was a huge success and the brothers now employ 750 people at their new offices in San Francisco.


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Interested in learning what's next for the gaming industry? Join gaming executives to discuss emerging parts of the industry this October at GamesBeat Summit Next. Register today.
Fresh off the heels of yesterday’s report that Samsung plans to release a foldable version of its Galaxy smartphone codenamed “Winner,” a recently published Samsung patent appears to show the device. Unfortunately, it looks and sounds like a sure-fire loser.
As the Wall Street Journal reported yesterday, the foldable phone’s key characteristics are a 7-inch screen and a chassis that folds down to the size of a wallet. “When the phone is folded,” said the Journal, “its exterior shows a small display bar on one side and cameras on the other.”
Dutch site Letsgodigital discovered a July 2018 international patent for a nearly identical Samsung device, which was filed by Samsung in 2016 and initially approved in 2017. The patent for a “Foldable Smartphone with Hidden Display” depicts a device that looks like a current-generation phone from the front, but bends at the center like a wallet. Its “Hidden Display” sits at the edge of either the top or bottom of the closed device, enabling users to access some features while the phone is folded.
Samsung apparently believes that this design will enable it to offer a 7-inch screen in a pocketable form factor — a size larger than 2017-vintage Pixel XL and Plus-sized iPhone screens. Unfolded, the surface area would indeed be closer to a tablet than a phone.
But display improvements are enabling new phones to offer nearly 7-inch screens without requiring folding. By September, Apple is expected to include a 6.5-inch screen in the iPhone X’s larger-sized sequel, which will use bezel reductions to squeeze that larger display into a chassis sized like the iPhone 8 Plus.
Two of the critical differences between Samsung’s and Apple’s approaches are pricing and power efficiency. While the new iPhone Plus model will likely start at or below $1,100, the WSJ report says that Samsung’s price tag “could easily surpass $1,500.” Moreover, the use of interior and exterior screens — the former larger than before — is raising concerns within Samsung regarding overheating and the need for more powerful components, including a graphics processor and larger battery.
Those concerns assume that Samsung gets the folding chassis right. What appears as a nice soft housing curve in a patent drawing could easily wind up like Microsoft’s Surface Book, with a thick flexing hinge that could scratch whatever else is in your pocket.
All of this adds up to a huge question: “Why bother?” According to the report, Samsung is driven by the desire to be first to offer a foldable-screen phone, which it hopes will boost stagnant sales. A sense of momentum probably also accounts for its desire to move forward: It’s been working on a folding phone since at least 2015 under the codename Project Valley. Back then, the idea was to squeeze a small tablet into a chassis sized like a pocket-sized book. The company has since juggled concepts around, seemingly stumbling on basic usability issues.
Foldable computers have been science fiction fodder since well before the technologies existed to create them, as ultra-thin, portable screens have long been imagined as magazine and newspaper replacements. Pursuing the concept for either a phone or wearable, Apple reportedly worked with Corning years ago to create a curved, flexible glass that was released as Willow Glass. But Apple didn’t wind up using the material in a device.
That’s probably because the existence of flexible glass and folding screens doesn’t necessarily justify the release of a product. A big phone or mini-tablet that folds down into a wallet form factor is trading one issue — reduced phone pocketability — for several others. Until someone gets the overall design right, a folding phone or folding tablet won’t be worth buying even at today’s prices, to say nothing of a premium.
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Discover our Briefings.


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The third annual Gig Harbor Beer festival takes place noon to 6 p.m., Saturday, May 10 at Uptown plaza, 4701 Point Fosdick Drive. Tickets are $20 in advance and $25 after April 25 and at the gate. To purchase tickets, go online to www.gigharborbeerfestival.com. For adults only age 21 and older. The festival is a fundraiser for the Gig Harbor Kiwanis Foundation.
John Fosberg likes beer. In fact, like most craft brewers, Fosberg is nuts about beer. He got hooked several years ago on locally produced craft beers from 7 Seas, Harmon and others. He soon became a regular at beer festivals throughout the region as a sampler and as a volunteer. That led to his founding of the Gig Harbor Beer Festival, which celebrates its third year in May at the Uptown Pavilion. Along the way, Forsberg starting brewing his own beer at home. So the next logical step was to start his own commercial brewery. If all the pieces fall into place, that dream will come true this fall when Fosberg opens The Gig Harbor Brewing Company. Fosberg's timing seems to be right on. According to the latest report from the Brewers Association, which represents the majority of breweries in the United States, craft brewing is seeing steady growth. Almost 450 new craft breweries opened their doors between June 2012 and June 2013. During the first six months of 2013, American craft beer sales and volume were up 15 percent and 13 percent, respectively.
Fosberg is eager to get the Gig Harbor Brewing Company up and running and he already has a group of investors on board.
"We want to be the second brewery in Gig Harbor — not the third," Fosberg said.
But first, he needs to find a suitable space.
He's looking for a 3,000- to 4,000-square-foot warehouse inside the city limits, with access to the city sewer.
"I didn't think it would be so difficult to find a space like that," he said. "But city zoning just doesn't seem to support this type of building."
He has already looked at several places, including one that would have been perfect, but he was told that the building owner "didn't want a brewery."
He has several other locations still on his list to investigate.
Like all entrepreneurs, Fosberg is an optimist and he anticipates that the Gig Harbor Brewing Company will be up and brewing by the end of the year.
He has hired Trevor Nicol of Tacoma as his head brewmaster, and the two of them are hard at work developing and testing recipes and coming up with names for the new company's brews.
"This is a project that is already backed by good investors," Fosberg said. "People have loved this idea from the very beginning and a big chunk of money has already come from a group of people who really fell in love with the project. But of course, we'd be happy to add a couple more serious investors, also," he said with a smile.
He's also gathering all the equipment the new brewery will need. "We're even looking at used equipment from breweries that have expanded," he said.
He plans to start small. "Our system is pretty basic. We'll start with eight to 10 barrels," he said. "And of course we'll have a small tasting room.
"We have all our ducks in a row, and once we find a space we're all ready to go."
Meanwhile, Fosberg is already selling tickets to this year's Gig Harbor Beer Festival. "We have all the breweries already lined up and ticket sales are looking good," he said. "People should save the date of May 10 for the festival."
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COMPANY NEWS; INITIAL PUBLIC OFFERING PLANNED FOR OFFICEMAX SHARES
Published: September 1, 1994
The Kmart Corporation, following through on a pledge to shed its specialty chains and focus on its core discount business, plans to sell 42.5 percent of the Officemax unit in a stock offering that could bring nearly $450 million. Kmart filed for the initial public offering with the Securities and Exchange Commission yesterday. Kmart said it expected a "maximum offering price" of $19 a share for the 23.4 million shares in the public offering. Officemax, an office-products chain of 337 stores, is the first of three units for which Kmart has promised to sell majority stakes. The Kmart board voted on Aug. 16 to sell the chains after pressure from shareholders. Next in line for a public offering is the Sports Authority, which sells sporting goods. A Kmart spokesman, Ronald Pauli, said that filing could come within weeks.


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Here are some of the top stories in healthcare, telemedicine, and mobile health that our sister site mHealthWatch been monitoring this past week.
For hospitals, there’s huge savings to be secured in secure SMS. Late last week, mHealthWatch was briefed on a new study that Imprivata recently published about the productivity and economic impact that inefficient provider-to-provider communication has in healthcare.
BlackBerry may be a shell of its former self among the modern smartphone superpowers of the world, but that doesn’t mean the embattled mobile giant isn’t still looking toward the future — a future rich with potential for mHealth.
Mobile communications technology has dramatically changed for the better how a myriad of industries function and perform. But the healthcare industry’s adoption of mobile tech is lagging that of other industries. And the time has come to change this reality. That’s according to a new report from Frost & Sullivan.
- mHealth + Telehealth World 2014: Parks Associates Reveals 40% of U.S. Household Seek Health Info Online
People may joke about paying an office visit to “Dr. Google,” but it’s more true than most people know. According to new research from Parks Associates, in the last 12 months, more than 38 percent of consumers in U.S. broadband households searched for health information online.
Health IT vendors are tearing it up. It’s the latest growth area, according to a new report by Mercom Capital. Mercom says the booming industry has logged its first $1 billion quarter in venture capital (VC) funding and is “smashing totals from the entirety of 2013.”
Want to get the latest mHealthWatch news and insight delivered straight to your inbox every morning? If so, sign up for our free newsletter today!


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We managed to get some time with Intel last weekend for a totally different topic -- which we can't reveal yet -- but representatives from the company ended up actually talking about Apple's direction and the iPad. Were they just sidestepping talking about the secret technology.
We asked Intel if they were upset about Apple not going with an Atom CPU in the iPad.
"Not at all. Just think, a few years ago they were not using our processors at all, and now we're in every Mac, so do you think we can be upset?"
The Intel reps also indicated that the iPad was the talk of the town and a favorite among other engineers at the chip giant, pointing to the device's ease of use and large applications and games library. When asked if they already had one, they said that most were waiting for the Wi-Fi + 3G model.
On the other side, we have Nvidia with graphics business. But discrete GPUs is just one side of Nvidia's business. The company this year will be pushing forward in the mobile devices space with the Tegra 2 SoC, which aims to power many of the tablets current in the pipeline.
Apple may have all the spotlight in the world for tablets, but Jen-Hsun Huang, Nvidia's CEO, views that as a positive thing as it's validation for tablets that will use Tegra 2, which will boast capabilities beyond that of the iPad.
"I am really delighted to see the success of Apple," he said. "And now we can take it from there forward and innovate all around that. We have seen the first of the tablets. But we haven’t seen the best of it yet."
National Security Agency, Lieutenant General Keith Alexander, also indicated that he and his colleagues are liking what Apple has done with the iPad, focusing on usage rather than following other traditional tablet makers.
"I am a technologist. I love computers. I have a new iPad," Alexander said to a committee of Senators.
The Wi-Fi + 3G iPad is slated to arrive later this month, although international availability has been delayed to May.


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BEIJING — Deepening its trade battle with the U.S. and sending financial markets spinning, China announced tariff hikes Monday on $60 billion of American goods in retaliation for President Donald Trump’s latest penalties on Chinese products.
Punitive charges of 5% to 25% on thousands of American products including batteries, spinach and coffee will take effect June 1, the Finance Ministry said. That extends Chinese duty increases to $110 billion of imports from the United States.
The announcement followed an increase of U.S. duties on $200 billion of Chinese imports to 25% from 10% in the increasingly bitter dispute. American officials have accused China of backtracking on commitments they say it made in earlier negotiations.
On Twitter, Trump warned Chinese President Xi Jinping (shee jihn-peeng) his country “will be hurt very badly” if it doesn’t agree to a trade deal.
Trump tweeted China “had a great deal, almost completed, & you backed out!”
The president insisted increases on Chinese goods don’t hurt American consumers, saying there is “no reason for the U.S. Consumer to pay the Tariffs.”
Beijing Is Running out of U.S. Imports for Penalties
White House economic adviser Larry Kudlow acknowledged Sunday that U.S. consumers and businesses do pay the tariffs. “Both sides will pay,” he told Fox News.
China had vowed “necessary countermeasures” on Friday against Trump’s escalation.
Frazzled by the uncertainty, shares sank Monday across the globe. The Dow Jones Industrial Average lost 622.10 points or 2.4%, while the Standard & Poor’s 500 sank 2.5% in early trading.
China’s announcement Monday said tariff increases are going ahead based on a list of $60 billion of U.S. goods Beijing released in August. That list was issued in response to Trump’s threat to raise tariffs on $200 billion of Chinese goods to 25% from 10%. Beijing said then it wouldn’t take action until the U.S. increases took effect, which finally happened on Friday.
A 25% tariff applies to 2,493 items including industrial chemicals, electronic equipment, precision machinery and hundreds of food products, according to the Finance Ministry. A 20% penalty applies to 1,078 items, 10% to 974 items and 5% to 662 items.
Beijing is running out of U.S. imports for penalties due to the lopsided trade balance between the world’s two largest economies. Regulators have targeted American companies in China by slowing down customs clearance for shipments and processing of business licenses.
The new tariffs are likely to hurt exporters on both sides, as well as European and Asian companies that trade between the United States and China or supply components and raw materials to their manufacturers.
The Latest Talks Ended With No Word of Progress
The increases already in place have disrupted trade in goods from soybeans to medical equipment and sent shockwaves through other Asian economies that supply Chinese factories.
Forecasters have warned that the U.S. tariff hikes could set back a Chinese recovery that had appeared to be gaining traction. Growth in the world’s second-largest economy held steady at 6.4% over a year earlier in January-March, supported by higher government spending and bank lending.
The tensions “raise fresh doubts about this recovery path,” said Morgan Stanley economists Robin Xing, Jenny Zheng and Zhipeng Cai in a report.
The latest U.S. charges could knock 0.5 percentage points off annual Chinese economic growth and that loss could widen to 1 percentage point if both sides extend penalties to all of each other’s exports, economists say. That would pull annual growth below 6%, raising the risk of politically dangerous job losses.
The latest talks ended with no word of progress on Friday. Chinese officials said they hoped that the U.S. side would meet them halfway, describing the standoff as just a “setback.”
Trump might meet his Chinese counterpart, Xi Jinping, during next month’s meeting of the Group of 20 major economies in Osaka, said Kudlow, his economic adviser, Larry Kudlow.
Trump Started Raising Tariffs Last July
China’s state media tried to reassure businesses and consumers the ruling Communist Party has the resources and policy tools to respond.
“There is nothing to be afraid of,” said the party newspaper People’s Daily. “The U.S.-instigated trade war against China is just a hurdle in China’s development process. It is no big deal.”
Trump started raising tariffs last July over complaints China steals or pressures companies to hand over technology.
Washington wants Beijing to roll back government support for Chinese companies striving to become global leaders in robotics and other technology. The U.S. and other trading partners say such efforts violate Beijing’s free-trade commitments.


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The government has made a sensible choice on the issue of light bulbs, I believe. The headlines ran that traditional light bulbs will be phased out by 2012 - but the key here is that the initiative is voluntary. Supermarkets and energy suppliers have agreed to gradually phase out incandescent bulbs from next year. It is supposed that while energy saving bulbs cost more to buy they last up to 12 times as long and use nearly 80% less electricity. Which can only be a good thing. Other countries have introduced an all out ban, such as Australia who will ban conventional bulbs beyond 2009.
Greenpeace has responded by saying: "The government needs to go further and introduce tough mandatory efficiency standards rather than relying on weak voluntary initiatives. For every year of delay in getting rid of these bulbs, 5m tonnes of CO2 are emitted into the atmosphere unnecessarily." But how is working closely with the industry, letting the market decide and getting a sensible and effective result a bad thing? Well done environment secretary Hilary Benn, I say.


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The adidas Samba Millennium is a criminally underrated shoe. So often overshadowed by the low-profiled Samba, the evolved Millennium sneaker has rarely seen the light of day since its inception in the early 2010s, much to my dismay.
However, adidas’ Samba Millennium shoe is finally set to make its long-awaited comeback in November thanks to Adsum. On November 6, the New York-based label revealed a collaborative adidas Samba sneaker and a release date.
Adsum, which last teamed up with adidas back in 2017 for a football kit collaboration, have yet to unveil the Samba Millennium sneaker in its entirety, although the artwork and sole of the shoe suggests that it’ll arrive in a red and white colorway.
It’s likely that my guesswork won’t be that for too long though, as we expect everything around the Adsum x adidas Samba Millennium collaboration to become a little clearer in the coming days, not least because the New York outfit confirmed a release date of November 16.
Long-time admirers of Adsum will be well-aware that this isn’t Adsum’s
Adsum’s most sought-after footwear collaboration to date, though, undoubtedly came back back in 2018 when it teamed up with New Balance for its very own Friends & Family 990v3.
The shoe, which comprised a navy upper with Adsum embroidery at the rear, was available exclusively to those ITK, with only a few pairs actually available to the public.
This release is, however, Adsum’s first official footwear link up with adidas and, while the sneaker is yet to be fully revealed, I can already say with some gusto that barring a monstrosity on the upper, this new adidas Samba Millennium will be my favorite shoe off the Adsum footwear conveyor belt yet.


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BLUFFTON, Ind. (WANE) – PendaForm is planning to layoff 75 workers at its Bluffton facility, according to a notice filed with the Indiana Department of Workforce Development.
The company said the layoffs will be permanent.
The 86,000 square foot Bluffton facility is located at 130 West Harvest Road. The company specializes in thermoforming for trucks and the Bluffton factory includes manufacturing, warehousing, and office space, according to the company’s website.
The New Concord, Ohio-based company has five facilities: three in the United States and two in Mexico.
Bluffton operations include integrated extrusion, single and twin sheet thermoforming, robotic trimming, and assembly, according to the company’s website. It also houses full-service engineering, design and has a tooling department.
The notice filed with the state said employees were notified Jan. 18 and Jan. 25. Termination is expected to begin Mar. 25 and includes 47 full-time and 28 temporary employees.
The company announced an expansion at its Bluffton plant in 2014. The company at the time said it would invest $4 million into operations and create 50 jobs. The company received tax credits along with the expansion plans and the city of Bluffton made improvements to nearby infrastructure, according to statements at the time.
Earlier this month, TriEnda Holdings LLC acquired Pendaform.


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HTC Vive President China, Alvin Graylin Wang, revealed the forthcoming Vive Focus late last night, a new standalone head-mounted display (HMD), the HTC Developer Conference in Beijing. To showcase this headset, virtual reality (VR) videogame Spark of Light from Pillow’s Willow VR Studios was displayed, and in a press release the developer confirmed that the HMD will launch in 2018, first in China followed by the rest of the world ‘later that year’.
“We chose to use Spark of Light on stage as this game shows the distinguishing features of our new headset in an optimal way,” Alvin Graylin Wang explains. “For example this wireless headset with integrated processor, allows the user to move more freely in the virtual world. For example, Spark of Light has a high level of details and with our headset you can really lean forward and have a look at all the beautifully created visuals in the game.”
Commenting on HTC’s new developments, Pillow’s Willow VR Studios CEO Andy Lürling stated: “Besides the introduction of the Vive Focus, also Vive Wave was introduced. This is HTC’s open platform for VR, meaning that our games, without extra work, now are playable on many VR headsets of different manufacturers.
“This really can be seen as a new step to maturity of the VR market.”
Pillow’s Willow VR Studios’ Chief Creative Officer, Peter Kortenhoeven adds: “With our proprietary DreamLight system we have anticipated on this next generation headset with integrated processor. With its higher frame rate than the mobile phones versions, the visuals we created just give a so much better experience for the players of our games.”
According to Pillow’s Willow VR Studios, the HTC Vive Focus will be available in 2018, first in China followed by the rest of the world later that year. Spark of Light is set to be available on the Vive Wave platform, and is already available to download on the Samsung Gear VR and on Google Daydream.
VRFocus has contacted HTC Vive for further information regarding the western launch of the Vive Focus, and will keep you updated with any further developments.
UPDATE: Since the publication of this article a representative of HTC Vive has been in touch and offered the following quote:
“Our effort has been on bringing some other devices, including the one we announced last night to markets like China. We still have a great relationship with Google, but will not be bringing a standalone device to western markets on Daydream. We’re looking closely at our hardware roadmap, and will share when there is more to come for Western users next year.”


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LEADING REAL ESTATE DEVELOPER EMBARKS ON IMPORTANT PROJECT FOR SHOPPERS IN WESTERN QUÉBEC, EASTERN ONTARIO AND BEYOND
VAUDREUIL-DORION, QC, Nov. 16, 2016 /CNW Telbec/ - A leading Canadian real estate developer Harden revealed today plans for the creation of a unique lifestyle shopping experience with the development of Les Avenues Vaudreuil, an innovative shopping centre concept that is the first of its kind and will soon become a social and shopping hub for Western Québec, Eastern Ontario and beyond.
Les Avenues Vaudreuil will comprise four distinct shopping nodes specialising in fashion, food, sports and leisure and a forth one to be announced to create one major retail hub in Vaudreuil-Dorion. Each site will represent its own Avenue – Mode for the latest styles, Marché for the freshest food and grocery products, Loisirs for active living and dining, and a fourth Avenue concept that is coming soon – each offering visitors an exclusive lifestyle experience and one-stop-shop for all their needs.
"This is, without a doubt, our largest and most exciting project to date," said Bill Harden, president and CEO of Harden. "When complete, Les Avenues Vaudreuil will be an impressive destination. Customers will find everything they need and desire from a diverse lifestyle shopping destination offering new entertainment experiences."
Strategically located at the junction of highways 40, 30 & 20 in Vaudreuil-Dorion, Les Avenues Vaudreuil will span 1.4 million square feet of retail space consisting of over 225 stores, restaurants and services. Les Avenues Vaudreuil will be completed in phases. Avenue Marché which opened in June 2016 is located at the intersection of highway 40 and St Charles boulevard, the main northerly entrance to the city of Vaudreuil-Dorion. Avenue Loisirs presently under construction and officially to be opening in the spring of 2017, is located at the roundabout at the intersection of the 40 and Cité des Jeunes. Avenue Mode, currently known as Mega Centre Vaudreuil, is presently being redeveloped with a fresh look, new and exciting world class retailers such as Forever 21 RED and many others that will be announced in the following months. Located along highway 40 at the intersections of highway 40 and 30 is scheduled to be completed by summer 2018. Finally, Avenue Vaudreuil Avenir is located at the intersection of highway 30 and Cité des Jeunes just to the north of the junction with highway 20 and is known as the main southerly entrance to the city of Vaudreuil-Dorion.
With the expected creation of 2,400 full and part time jobs and an investment of $475 million in the local economy, the development of Les Avenues Vaudreuil is the first of its kind in Western Québec (from the Greater Montreal area to Eastern Ontario) and represents significant growth potential and opportunity for Vaudreuil-Dorion and beyond. Its strategic location sees over 40 million vehicles per year travelling on the adjacent highways, positioning Les Avenues Vaudreuil as a major shopping destination for the local community, visitors from neighbouring cities and tourists alike.
"Helping to build communities and creating shopping experiences has been our priority to us since we opened our first shopping centre in 1985," continued Harden.
At a media conference held today on the site of L'Avenue Vaudreuil Mode property, the developers unveiled their design plans in the presence of local dignitaries and revealed some of the flagship tenants that will be moving in. Harden also launched an interactive exhibition called Les Avenues Pop-Up, located at Avenue Mode. From now until spring 2017, the public can visit the four pop-up spaces – each one representing an Avenue – to enjoy an immersive experience and get a feel for what they can expect from the retail and community environment of Les Avenues Vaudreuil.
"An investment of the scale announced by Harden in our community is excellent news for Vaudreuil-Dorion. The community will benefit from the visibility this new shopping destination will create, making Vaudreuil-Dorion, a better place to live, shop and dine," said Mayor Guy Pilon, at the press conference this morning. "A project of this magnitude will also contribute to create jobs, an element of interest for our residents and for families looking to settle in the area."
Vaudreuil-Dorion has enjoyed one of the fastest-growing residential and commercial booms in Quebec in recent years. The population for the area has grown 67 per cent over the past 10 years, and continues to develop as young people and their families move in to the community. With the construction of a new hospital expected in five to six years and the recent investment of a major international tech company, the Vaudreuil-Dorion region is undoubtedly thriving.
Established in 1985, Harden is a family-owned real estate development company operating shopping centres in numerous communities in the provinces of Quebec and Ontario. Being vertically integrated enables Harden to specialize in all facets of the real estate development process including: development, construction, leasing, and property management.
We at Harden are committed to developing projects that are sustainable, while answering the needs and desires of the consumers who visit our properties. Family, community and culture are the values that Harden cherish and that are reflected throughout all of our projects and achievements. Our shopping centres are designed with purpose, a goal of becoming a source of inspiration that emphasizes cultivating a strong community spirit. Harden connects people by offering spaces where consumers can enrich their lifestyles by shopping, eating, working, relaxing and being entertained, all in one location.
Image with caption: "Bill Harden, President & CEO, Harden, and the Mayor of Vaudreuil-Dorion, Guy Pilon cutting the inaugural ribbon of the pop-us showcasing the major development project, Les Avenues Vaudreuil. They are flanked by Harden associates, Sylvain Ménard and Raymond Allard, and by the Harden kids, Tyler, Vanessa and Chris holding the ceremonial ribbon. (CNW Group/Harden)". Image available at: http://photos.newswire.ca/images/download/20161116_C3214_PHOTO_EN_820576.jpg


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By ANNE D’INNOCENZIO
AP Retail Writer
NEW YORK (AP) — Online pet retailer Chewy has reported a sales shortfall for its fiscal second quarter, a sign even spending on dog treats and other pet accessories has fallen victim to inflation. The company based in Dania Beach, Florida, also issued a sales forecast that fell below what Wall Street had been looking for. Its shares tumbled more than 9% after the markets closed. Chewy’s disappointing results underscore how shoppers are cutting back on discretionary items in the face of high inflation — even pet products that were once considered recession-proof.


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Automotive sales in Malaysia slipped down a gear in the second quarter, with both April and May showing a deceleration in the figures, though experts believe activity in the industry will pick up in the latter half of the year after the government unveils a new policy aimed at reducing vehicle price tags.
On June 18 the Malaysian Automotive Association (MAA) report on May vehicle sales showed a 5.4% drop in roll-outs from dealers’ lots compared to the previous month, which had also seen a decline in sales. The report said there had been a 15% dip in trade year-on-year for May, though 2012 had set the bar high, with record sales of 627,753 units for the full year.
While the April and May figures were down on the corresponding months in 2012, overall sales are up 6.2% for the first five months of the year, with just under 260,000 units sold compared to 244,000 over the same period in 2012. This was thanks to a strong performance in the first quarter, the MAA report said. The association noted that, despite uncertainties in the market, it expected year-end sales to top 640,000 units.
One of the key reasons given by analysts for the easing sales figures is a wait-and-see approach adopted by potential car buyers stemming from a promise made by the government in the lead-up to the recent national elections to reduce vehicle prices by 20-30% over the coming five years. This commitment was repeated by Prime Minister Najib Razak at the end of May, three weeks after the polls closed.
While the government has reiterated its promise to lower vehicle costs, it has not made clear how it will do so. The government has said the price cuts will stem from a revision of the National Automotive Policy (NAP), the blueprint for the direction of the industry first drafted in 2009 and amended last year. The NAP aims to boost competitiveness and liberalise the sector in the lead-up to the ASEAN Economic Community launch in 2015, when most of the region’s tariff borders will be removed.
The revised version of the NAP is due to be released some time in the third quarter, after it is reviewed by the Cabinet, by which time producers and dealers hope there will be more clarity over how the cuts will be achieved. The government is reluctant to reduce its automotive taxes at a time when it is trying to narrow the state deficit to 4% in 2013 from last year’s 4.5%, and down to 3% in 2015.
Trade Minister Mustapa Mohamed said on June 24 it was impossible for the government to cut the automotive excise tax, which brings in RM7bn ($2.18bn) to the Treasury annually.
“Our budget is in deficit,” Mustapa said. “If we sacrifice RM7bn, where are we going to find it? At this point of time, it is not something the government is considering.”
If this position is maintained, it would appear to limit options on how to reduce costs for the consumer, though the NAP may open up new avenues and help stimulate sales when released.
Another reason given for the slowdown has been weaker consumer sentiment, a reflection of concerns the Malaysian economy may be cooling. On June 24 OCBC Bank lowered its forecast for economic growth to 5% for this year, a reduction from its earlier estimate of 5.4%. The bank’s projection was in line with that of other analysts, who have tipped GDP expansion of between 4.5% and 5.5%, down from last year’s 5.6%. If the economy does move towards the lower end of market expectations, this may curb Malaysians’ appetite for new vehicles, at least until the position on new tariffs is made clear.
While there may be some uncertainty hovering over the immediate situation of the sector, a number of foreign manufacturers appear to be taking a positive position on its longer-term prospects. Chinese manufacturer Chery has announced it intends to set up a production plant in Malaysia, targeting both the domestic market and using it as a stepping stone into the region. Japanese rival Mazda has also unveiled plans to spend some $30m to expand its production capacity through acquiring an existing facility and constructing a new factory.
Another seeing improved potential in the Malaysian market is German carmaker BMW, which is targeting a 10% increase in sales in 2013 over last year’s 7000 units. The manufacturer reported in early June that sales for the first four months of the year were up by 5%, with hopes a new release of the Mini Cooper would push them even higher.
Some producers, including local manufacturer Proton, moved to lower the prices on some vehicles, though this can be linked to marketing pressures to increase sales and promotional activity leading into Ramadan, the end of which is traditionally linked with higher consumer spending, Malaysia’s carmakers may overall also adopt a wait and see attitude to pricing until after the NAP is rolled out.