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US billionaire to expand operation in Vietnam
Ashley Furniture Industries CEO Todd Waneck is in Ho Chi Minh City to discuss the possibility of opening another factory in the southern province of Binh Duong.
He has met and worked with Pho Xinh CEO Duong Quoc Nam on a new plan for bilateral cooperation.
The two companies recently signed in the US a memorandum of understanding (MoU) on joint investment cooperation worth US$10 million last July.
Accordingly, a distribution centre for Ashley products will open in 2014 with a chain of home stores and galleries put up in Pho Xinh supermarkets across Vietnam.
Waneck has visited Binh Duong where his company will build a new factory as part of its plan to withdraw its labourers in China and raise its employment in Vietnam from 4,000 at present to 10,000 by 2015.
Established in 1945, Ashley Furniture Industries are co-owned by the father and son of Ron and Todd Waneck who were once listed in the Forbes top 400 richest people in the US with total assets of US$1.5 billion.
Last year Ashley ranked 115th among the biggest private companies in the US with its total revenue reaching US$3.5 billion.
Todd Waneck joined the company in 1979 and has been in charge of its external activities for two decades.
The Waneck family is also known as financial supporter for the US Furniture Political Action Committee (FurnPAC) and politicians.
In 2006, Todd Waneck was awarded by the City of Hope National Cancer Institute-designated Comprehensive Cancer Center for his sponsorship programme.
How to penetrate the German market?
Vietnamese goods, buoyed by growth in consumer demand, are facing plenty of export opportunity in the German market.
Seizing these opportunities requires a business focus on ensuring their products can meet German consumers’ strict quality and hygiene standards.
Germany is Vietnam’s largest European Union trade partner. Two-way trade turnover hit US$3.695 billion in the first half of 2013, up 29.51 percent on the same period last year.
The volume of Vietnamese goods exported to Germany was estimated at US$2.352 billion, accounting for 18 percent of total export earnings from the EU and most of them went up in value.
Electronic devices and associated parts achieved the highest growth rate of more than 130 percent, followed by paper (up 85.32 percent).
Telephones and spare parts also increased by 80.9 percent to US$873.49 million, accounting for 37.13 percent of Vietnam’s total export earnings from Germany.
Of the figure garments came second with US$279.44 million (11.88 percent). Other notable earners include coffee (US$223.71 million), footwear (US$197.51 million), and computers and electronic devices (US$131.82 million).
Vietnam’s imports from Germany include vehicles, machinery, and industrial equipment while its exports to the country remain at a modest level in the context of growing trade exchange between the two countries.
Vietnam’s Trade Office in Germany says export businesses need to study German tax policy, customs procedures, and regulations as well as German business culture.
Products exported to Germany have to meet general EU requirements for the use of recyclable and environmentally friendly materials in packaging and labeling
Packaging is a decisive factor behind export promotion at trade fairs in Germany.
Rice export contracts cancelled
Vietnamese businesses are unable to export 6.8 million tonnes as expected in the first seven months of the year due to the cancellation of rice shipments worth of nearly one million tonnes, according to the Vietnam Food Association (VFA).
Most of the cancelled contracts were related to Chinese traders and the rest to Philippine traders.
To prevent this happening, the VFA has recommended that businesses carefully check the content of every contract before they decide to sign, especially with Chinese traders.
Nguyen Dinh Bich, a leading expert on rice exports said China will need more imported rice than last year and cannot purchase from other suppliers which are more competitive than Vietnam.
Vietnam in need of safe natural rubber standards
Vietnam needs to establish a national standard for protein-free natural rubber to ensure the safety of products made from it, a seminar related to a Japan-aided project heard in HCM City on August 21.
The “Establishment of Carbon-Cycle-System with Natural Rubber” project is being carried out at the Hanoi University of Science and Technology and Rubber Research Institute of Vietnam in cooperation with the Japan-based Nagaoka University of Technology.
The six-year project, funded by the Japan International Cooperation Agency and the Japan Science and Technology seeks to help Vietnam set a national standard for protein-free natural rubber. It will also present the latest research developments in evaluating rubber and methods to purify rubber, and enable the rubber industry to share their needs and knowledge.
At the meeting, Ngo Thi Ngoc Ha, deputy director of the Vietnam Standards and Quality Institute, said the country has not had a standard for protein-free natural rubber by which the safety of products can be measured.
The latest research on “de-proteinisation” method under the project will help create a standard, she said, adding that products made from natural rubber are environmentally friendly, but could cause latex allergy in people.
Prof Tran Van Top, vice president of the Hanoi University of Science and Technology, said the project includes five research groups, and its results would pave the way for future development of natural rubber in the country.
Prof Masao Fukuda, the programme leader, said the project aims to help Vietnam replace synthetic rubber made from fossil sources with natural rubber, enabling “green” development in the country.
Vietnam is a leading producer of natural rubber and the fourth largest rubber manufacturer in the world.
Hanoi sets sights on hi-tech future
The capital city of Hanoi is set to become a hi-tech centre of Vietnam in the near future.
To achieve this goal, it will increase the number of small and medium-sized enterprises (SMEs) operating in support industry to 300 by 2015 and 700 by 2020.
Once established and put into operation, the SMEs will be able to create high-quality products that meet regional and international standards.
To make the dream come true, Hanoi authorities will prioritise the development of sectors such as mechanics, electrical equipment, computing devices and high technology.
In addition to encouraging enterprises to attract foreign investment and apply advanced technologies, the city will offer them opportunities to access preferential capital for their production and business.
Plans are afoot to train a skilled labour force for enterprises. This year, 100 training courses on business administration will be held for 4,000 entrepreneurs and employees.
Capitalising on TPP agreement
The Trans-Pacific Partnership (TPP) agreement will create both opportunities and challenges for the local agricultural, garments and footwear sectors, a seminar was told in Ho Chi Minh City on August 21.
The event was jointly held by the Saigon Economics Times and the Vietnam Chamber of Commerce and Industry (VCCI) to shed light on updated information on TPP agreement.
Diep Thanh Kiet, Deputy Chairman of the Vietnam Leather and Footwear Association (Lefaso), said TPP will help improve the business climate in Vietnam. However, he said, local firms should promptly grasp opportunities and overcome challenges in a more open market after Vietnam joins this free trade agreement.
Since November 2010, Vietnam has been involved in official TPP negotiations together with New Zealand, Brunei, Chile, Singapore, Australia, Peru, the US, Malaysia, Canada, and Mexico, which are all potential markets for Vietnamese garments and footwear, he added.
According to Le Quang Hung, Chairman of the Management Board of the Saigon Garment Company, a number of free trade agreements Vietnam has signed has come into effect, creating more favourable conditions for local businesses to seek foreign partners and expand overseas markets.
Nevertheless, Hung said, these trade agreements will also create barriers against Vietnamese businesses, including tough competition, materials supply and labour force.
Regarding the agricultural sector, Van Duc Muoi, Chairman of the Ho Chi Minh City Food Association, pointed out that local farmers are among the most vulnerable during the international integration process because Vietnam’s agricultural sector is not sustainable and farmers are low-income earners.
Vietnam will find it difficult in TPP negotiations because its agricultural sector is usually provided with state subsidy. With strict technical barriers erected in the TPP agreement, the local agricultural sector will not benefit from tariff reductions, he said.
Muoi stressed that it is essential to have specific commitments for the agricultural sector and relax TPP members’ requirements.
Economist Pham Chi Lan noted that as global trade has shifted from trade liberalisation to trade facilitation, commercial value is based on such factors as added value and inter-dependence of industry, services and agriculture to create the competitive capacity.
She suggested local businesses build up new development strategies to take advantage of TPP when it is signed.
Shrimp exports may reach over US$2.4 billion in 2013
Vietnam earned US$291 million from shrimp exports in July, up 21.7% over the previous month and 45.3% year on year.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), export revenue from this product hit nearly US$1.4 billion in the past seven months, rising by 14.7% compared to the same period last year. The figure is expected to surpass US$ 2.4 billion by the end of 2013.
In July, shrimp and crab saw remarkable export growth, while the export of Tra (Pangasius), tuna and octopus continued to experience a decline.
VASEP said 7-month shrimp exports made up almost 40% of total seafood export turnover, or a year-on-year increase of 5%.
The export price of shrimp rose in some key markets, notably up 17.2% in the US 16.7% in Japan, 8.7% in the European Union, and 36.7% in China and Hong Kong .
Tra fish exports reaped US$985 million, 0.6% lower than the same period last year due to capital shortages and reductions in global consumption.
The local seafood sector recorded a total export turnover of about US$3.5 billion in the past seven months, up 2.2% year on year.
Dong Nai attracts over US$786 million in FDI
By mid-August, southern Dong Nai province has lured US$786.76 million in foreign direct investment (FDI) capital, meeting more than 78% of its yearly plan.
According to the provincial Department of Planning and Investment, Dong Nai licensed 50 new projects worth US$364.28 million and 46 existing ones with an additional capitalisation of US$422.8 million.
Notably, there is a sharp increase in the number of projects that use a smaller workforce and have a little impact on the environment in the services, support and high-tech industries.
The province has given priority to environmentally friendly projects in high technology and support industry, which have high added value and use a little energy. It has stopped granting licences to projects which are likely to cause water pollution. Industrial zones without waste water treatment stations are not allowed to lure investors.
To attract more investors, Dong Nai creates a healthy business environment, accelerates administrative reform and supports business operations.
To achieve the target of attracting US$1 billion investment capital in 2013, the province pays more attention to cooperation, human resources training and infrastructure development.
It also increase dialogues between management agencies and businesses to timely iron out snags.
As July 20, Dong Nai had 1,358 FDI projects with a combined capitalisation of more than US$23,596 billion, including 1,045 valid projects worth US$19.25 billion.
Around 35 countries and territories have invested in the province, including Taiwan, the Republic of Korea, Japan, and ASEAN, European and American countries.
Prime Minister approves broadcasting services plan
The Prime Minister has ratified a plan for the development of radio and television broadcasting services in the country in the run up to 2020.
The plan, which was approved on August 19, aims to develop pay-for-view TV services in a sustainable manner and cater for the growing demand for entertainment.
It also aims to ensure a healthy and competitive environment, and prevent monopolies building up.
People will be encouraged to gradually change from terrestrial TV services to other kinds, as the country’s television stations will broadcast in digital in 2020 as set out in a different plan.
By 2015 there will be up to 80 popular TV channels and around 50 specialised pay-for-view channels for viewers to choose from.
The ratio and content of all foreign channels will be based on a full calculation of the paid service system under different periods. The paid TV services are targeted to reach up to 40% of population by 2015, and 70% by 2020.
A radio and TV services market will also be set up, allowing regulated, healthy competition.
The next step is for the sector to mobilise investment capital and improve service quality.
UNDP further supports Vietnam’s environmental projects
The United Nations Development Programme (UNDP) in Vietnam will consider new projects proposed by the Vietnamese side in the fields of climate change and preserving bio-diversity.
UNDP Country Director Louise Chamberlain made the pledge at an annual session in Hanoi on August 20 with the Ministry of Natural Resources and Environment to review results of cooperation and work out a new plan of action.
Deputy Minister of Natural Resources and Environment Tran Hong Ha asked the UNDP to further support Vietnam in setting up measurements of the development of its green economy in the near future.
The ministry proposed five projects to the UNDP which are aimed at reserving significant wetlands, improving the implementation capacity of the Rio Convention in Vietnam and the climate change strategy, reducing the harmful effects of pesticide chemicals and making good use of natural resources sharing.
The UNDP has been supporting at least seven environment-related projects in Vietnam.
Louise Chamberlain said these projects are on the right track to help build climate change response capacity and reduce the level of environmental pollution in dioxin-contaminated areas.
For other projects that are underway, she urged the Ministry to shorten the appraising and approval time to make it possible for them to get off the ground soon.
Global shipping industry sets sail under new standard
The ILO’s Maritime Labour Convention – comes into force, ensuring protection for the world’s 1.5 million seafarers and fair competition for shipowners.
The International Labour Organization’s Maritime Labour Convention (MLC, 2006) comes into force on 20 August 2013, inaugurating a new era of decent work for seafarers and fair competition for shipowners in the global shipping industry.
“This Convention is a milestone in maritime history”, said ILO Director-General Guy Ryder. “The product of tripartite dialogue and international cooperation, it enables decent working and living conditions for seafarers to be advanced, along with fair competition for shipowners in this, the most globalized of industries”.
The new Convention becomes binding international law as of 20 August. It needed ratification by 30 ILO member States, representing more than 33 per cent of global gross tonnage to enter into force. To date, more than 45 ILO member States representing over 75 per cent of global gross shipping tonnage have ratified the Convention.
The Convention has the full support of the International Transport Workers’ Federation (ITF), which represents seafarers, and the International Shipowners Federation (ISF), both of which played a key role during the five years of its development and in the adoption of the Convention at a special ILO International Labour Conference in 2006. It also has the strong support of the International Maritime Organization (IMO).
According to the Viet Nam Maritime Administration, the country has nearly 32,000 licensed seafarers including about 27,000 still working in national flag and international vessels. Its 1,700 national flag ships cover one tenth of the country’s exports and nearly half of container goods on domestic routes.
Prime Minister Nguyen Tan Dung on 25 July approved the national MLC implementation plan. The important blueprint requires an overall upgrading of domestic marine laws by 2015; comprehensive assessment and certification for all Vietnamese ships in 2013; the establishment of a tripartite consultation mechanism involving representatives of the Government, ship owners and seafarers this year; and investment in public information and entertainment structures for seafarers at sea ports by 2020.
Healthcare projects need VND7,500 billion
An August 20 Health Ministry meeting in Hanoi, reviewing its activities during the first half of 2013, has heard the healthcare sector requires more social investment to overcome current capital shortages.
Participants revealed a number of healthcare projects have yet to be completed because of these difficulties.
The investment shortfall for approved projects currently totals around VND7,500 billion, including VND4,500 billion for healthcare services, VND1,500 billion for training, and VND1,000 billion for science and technology research
The capital allocated to the medical sector was cut by 20 percent to VND8,512,46 billion in 2013. Funds mobilised from government bonds amounted to only 25 percent of last year’s figure.
The first six months of 2013 saw the disbursement of VND3,850 billion, the equivalent of 45.23 percent of the estimated yearly expenditure.
Netherlands funds fresh water project in Ba Ria-Vung Tau
The Netherlands will provide non-refundable aid worth nearly VND260 billion (US$12.38 million) for the building of two water plants in the southern coastal province of Ba Ria-Vung Tau.
An agreement to this effect was signed between the Dutch Consulate General in Ho Chi Minh City and the provincial People’s Committee on August 20.
The first plant, with a capacity of 20,000 cu.m per day, will be located in Long Tan commune, Dat Do district, while the second one, in Bong Trang commune, Xuyen Moc distrct, has a capacity of 5,400 cu.m per day.
Once completed, the two works will provide fresh water for daily life and production for 35,000 local rural households.
According to Timvan Galen, Chief Advisor of the Dutch government-funded programme, ORIO, the project is one of the first seven ones signed by ORIO all over the world. It is currently funding 66 projects worldwide, focusing on fresh water, health care and energy.
Vietnam’s seafood output to hit 7 million tonnes in 2020
Vietnam’s fisheries sector is expected to produce seven million tonnes of seafood by 2020, a newly-approved master plan has set out.
Of this figure, aquaculture will make up 65 percent, according to the sector’s master plan from now until the end of the decade, with a vision towards 2030.
Under the plan, which was ratified by the Prime Minister on August 16, the country’s fisheries exports are projected to rake in 11 billion USD by 2020 with an average growth rate ranging from 7-8 percent.
The sector will be industrialised in 2020 and modernised in 2030 while continuing its comprehensive, effective and sustainable development with a high competitive edge to firmly integrate into the global economy.
The plan aims to improve the living standards of fishermen, protect the country’s ecological environment and contribute to the safeguarding of the country’s national defence and security at sea and on islands.
Up until 2020, about half of fisheries workers will be trained and the average per capita income will triple.
From 2020 through to 2030, the sector’s total output is expected to reach 9 million tonnes, of which 70 percent will come from aquaculture. Export turnover in that timeframe is projected to climb to about 20 billion USD.
Training courses will be designed for around 80 percent of workers in the sector, the plan said.
The PM has assigned ministries and municipal and provincial People’s Committees to work together in implementing the master plan, which also focuses on areas such as seafood production, processing and commerce, infrastructure, services and logistics.
Measures will be put in place to ensure the effective development of science-technology, environmental protection, production management and international cooperation.-
Toll collection right auction launched
The Ministry of Transport just kick-started the auctioning process relevant to Ho Chi Minh City-Trung Luong expressway’s toll collection right handover.
As of this time, setting an adequate traffic volume growth level for the road remains the only entanglement in establishing the auction’s starting price, according to the ministry (MoT).
The Cuu Long Corporation for Investment, Development and Project Management of Infrastructure (Cuu Long CIPM), which was trusted to pen the auction project, proposed a 6 per cent hike in annual traffic volume along the road.
It temporarily set the auction’s starting price for acquiring the right on toll collection in fight years from October 1, 2013 at VND1.603 trillion ($76.3 million) which was based on 2012’s actual toll amount and a combination of factors such as an 8 per cent interest to investor’s capital investment, 10 per cent value added tax and 6.6 per cent collection expenses etc.
Successful investors shall take charge of fulfilling payment within six months in three rounds, of which 40 per cent of the contract value must be paid in the first round right after the contract becomes valid.
Cuu Long CIPM’s deputy general director Duong Thi Tram Anh viewed the 6 per cent annual traffic hike proposal as reasonable as the National Highway 1 which runs parallel to the Ho Chi Minh City-Trung Luong highway is still toll free so it would continue attracting a huge volume of traffic.
Deputy head of Ministry of Finance’s Department of Public Asset Management Nguyen Tan Thinh did not satisfy with the proposal, arguing that the developer should mull higher traffic volume growth to bolster the road’s usage efficiency.
Thinh also said bright development perspective would also spur the traffic volume.
Deputy Minister of Transport Nguyen Hong Truong was reported to propose Cuu Long CIPM apply 8 per cent traffic growth hike when setting the auction starting price, which will see Cuu Long CIPM’s auction starting price jump by an additional VND30 billion ($1.4 million).
Despite these arguments, the auction of Ho Chi Minh City-Trung Luong expressway’s toll collection right is forecast to garner investors’ special attention.
Cuu Long CIPM statistics show that in July 2013 the expressway attracted around 32,830 car equivalents each day, of which below 12 set cars accounted for 35 per cent.
Toll collection on the road came to around VND1.1 billion ($52,300) each day in July though it was not a peak period for traffic.
“At least two foreign investors have showcased interests into the auction,” Anh said.
To complete the handover before December 2013, MoT Deputy Chief Nguyen Hong Truong had asked Cuu Long CIPM to shortly complete the auction project and inform of the auction on local media no later than October 1, 2013.
The auction slated to take place one month later on November 1, 2013.
“The auction is open to every individual and business having real capacity and demand,” Truong underscored.
The Ho Chi Minh City-Trung Luong expressway, part of the north-south highway network, connects Ho Chi Minh City to Tien Giang province in the Mekong Delta. Its construction cost was around VND10 trillion ($476 million)
Construction of the project kicked started in December 2004 and the 50 kilometre long expressway was open to traffic from February 2010.
McDonald's selected JobStreet.com as official recruitment partner
American fast-food giant McDonald’s has chosen JobStreet.com, a leading recruitment network in Southeast Asia which has entered the Vietnamese market, as its official recruitment partner.
Vietnam Jobstreet.com has searched and screened potential and talented candidates for the first two positions of McDonald’s in Vietnam: Assistant Manager and Crew Leader.
The choice of McDonald's reflects the quality and prestige of JobStreet.com to Vietnamese corporations and employees in recent years.
Piloting in the process of applying technology for service quality improvements, JobStreet.com has recently launched the official "Rich Information Recruitment Form" called as Rich Job Ads.
With many new functions like suggested salary, location maps and rich corporate data, the users can obtain full information about prospective employers that they have interest in a swift manner.
McDonald’s is the world’s leading global foodservice retailer with over 34,500 locations serving more than 69 million customers in more than 100 countries (37 in Asia) each day.
Vietnam was reported to be the latest among over 65 markets in which McDonald’s has employed the development licensee model.
In August 2012, McDonald’s senior officials came to Vietnam and said of the plan to enter the local market with two outlets in Ho Chi Minh City and eventually expand to 100 outlets nationwide.
Poor regulations handicap investors
It is high time for State agencies to improve the country's investment environment by creating a consistent sequence of investment procedures nationwide, a conference heard yesterday.
Chairman of the Viet Nam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said the country's bureaucratic investment procedures were obstructing both domestic and foreign investors who wanted to do business in Viet Nam, holding back the country in comparison with other ASEAN members.
While once one of the most attractive investment destinations in Southeast Asia, the country was now ranked in only a modest position, Loc said at the conference held by the chamber, where experts and enterprises joined together to suggest administrative reforms that they believe would make the environment more attractive to investors.
Of more than 8,000 domestic enterprises and 1,500 foreign companies surveyed in 2012, 33 per cent of the former and 28.3 per cent of the latter found the investment licensing procedure to be the most burdensome and complicated.
These figures were announced by Dau Anh Tuan, deputy head of the VCCI's Legal Department, who also noted that often contradictory investment licensing regulations appear in five laws, 10 decrees and nine circulars.
He added that to start a project, enterprises have to complete at least 18 major administrative procedures at the ministries of Investment and Planning, Construction and Natural Resources and Environment.
These stages included seeking a location, requesting land use rights, making an environmental assessment and submitting a detailed investment plan for approval.
Tuan argued that the complicated process was not only very costly for enterprises but also made it impossible for them to set realistic time frames for their projects, creating missed business opportunities.
Deputy Chairman of the Viet Nam Contractors Association. Nguyen Quoc Hiep - also the director of a real estate company - said that it once took 14 months for his business to receive investment approval from five different agencies.
"In this case everything ran smoothly and it still took a very long time. If any problems are thrown up then the time is even longer still," Hiep said.
"There are too many directive documents to provide clear guidance. They are confusing even to domestic investors like me so how can foreign investors abide by our laws?"
Tuan said that the overlaps in procedures could be attributed to a shortage of information sharing within and between State agencies.
He also acknowledged that in different localities a different sequence of procedures were often required using different documents.
He claimed that without one agency controlling the whole process there would always be a weakness in supervising and assessing domestic projects.
Maria Soo Chung, an associate of Baker & McKenzie Vietnam Ltd's Ha Noi branch, said different licensing procedures exist for domestic and foreign investors.
She said that the latter would always aim to seek the simplest, shortest and most cost efficient way to carry out their investment, meaning that they would soon become frustrated if legally required to begin a long-winded certification process.
"Administrative procedures concerning project implementation, such as land, construction, imports and exports are still unclear and in some cases, incoherent and incompatible with one another," she pointed out.
"We hope that Viet Nam can continue on its current path of legal reform to make administrative procedures more transparent and predictable," she stressed.
Tuan suggested the investment procedure must be simple, systematic and consistent nationwide. He said that this would help save time for both State authorities and enterprises while preventing the risk of corruption.
Nguyen Hung Hue, a representative of the Ministry of Justice's Department for Administrative Procedure Control, noted that investors were often placed in a disadvantaged position because they did not have any tool allowing them to supervise the performance of State agencies.
He too called for the removal of the existing procedural obstacles.
"It is necessary to establish and maintain only one channel to provide information about the regulations and the results of applications."
Hue estimated that if the time to complete procedures was reduced by one third, enterprises could save more than VND1 trillion (US$47.6 million) per year.
Viet Nam finds free trade has tax handicap
Viet Nam's agricultural exports are facing challenges due to export tax rates reached in Free Trade Agreements (FTAs) with other countries.
The assessment was announced by experts at a conference on rural and agriculture policies in the integration process yesterday.
It was based partially on reports on the impacts of tax barriers in FTAs on agriculture made by the Institute of Policy and Strategy for Agriculture and Rural Development (Ipsard) and the Australian National University.
Pham Thi Ngoc Linh, an expert from Ipsard, said the country was suffering from FTAs with other countries, especially in terms of tax rates.
This had led to taxes on agricultural imports witnessing a sharp decrease to 0-10 per cent on products such as beef, dairy products and rice, she said.
Most of the country's agricultural exports to FTA partners are subject to tax rates of 5-15 per cent, and sugar, dairy products, vegetables and meat had to suffer taxes of 30, 23 and 18 per cent, she said.
She forecast that Viet Nam's trade deficit with its four FTA partners including ASEAN, China, South Korea and Japan would reach US$4 billion by 2017.
The total export turnover for forestry-agriculture-aquatic products would increase by US$15-17 billion, she said.
The volume of agricultural exports to ASEAN countries is expected to surge by 18-20 per cent, while the volume of rice exported to China will be up 25-30 per cent, vegetables 15 per cent and dairy materials nearly 50 per cent.
Dang Kim Son, director of Ipsard, said tax reductions for the country's FTA partners had facilitated many foreign companies to do business and export agricultural products to a third country.
Small-scaled production, dated technology and a lack of funding had multiplied the challenges for the country's agricultural production, he said.
Deputy Minister of Agriculture and Rural Development Nguyen Thi Xuan Thu said the ministry had been restructuring the agricultural sector to make it more competitive.
Experts also suggested that protectionism be replaced by development policies of production and value chains.
Economic downturn does not deter Vietnamese TV buyers
Viet Nam imported 62,000 television sets last month, a 35 per cent year-on-year rise and the highest number for any month this year, according to the Ministry of Industry and Trade.
GfK Research Company reported that TV imports saw the strongest growth in the electronics sector, adding that it was due to the launch of a clutch of LCD, LED, and 3D models by big brands like Sony, Samsung, LG, Toshiba, and Sharp with new features, economical operation, and attractive designs.
Le Tung, marketing director of Topcare, a Ha Noi-based electronics retail chain, said TV sales have not been hit by the economic downturn.
Topcare sold around 2,200 sets last month, and expects to sell not less than 10,000 in the fourth quarter.
Dau tu (Viet Nam Investment Review) newspaper attributed the strong sales to promotions by retailers.
Topcare, for instance, is offering discounts of 4-27 per cent on most TVs.
Media Mart electronics chain is also offering discounts starting at 10 per cent on Samsung and Sony TVs this month.
US continues price dumping probe
The United States International Trade Commission (USITC) has determined that there is a reasonable indication that US industry is materially injured by reason of imports of certain oil country tubular goods (OCTG) from Viet Nam and other import nations.
According to the Viet Nam Competition Authority (VCA), Viet Nam was accused of price dumping of between 103 and 111 per cent. This will directly affect 16 domestic steel manufacturers and nearly 7,500 workers.
It is said that imports of OCTG from Viet Nam and other countries and territories including India, South Korea, the Philippines, Saudi Arabia, Taiwan, Thailand, Turkey and the Ukraine are allegedly sold in the US at less than fair value.
The US Department of Commerce (DOC) officially started anti-dumping duty investigation into OCTG imported from Viet Nam, South Korea, India, Turkey, Taiwan, Ukraine, the Philippines, Saudi Arabia and Thailand.
The move was made after some US steel and steel pipe producers had lodged complaints against those countries on dumping OCTG to DOC on July 2.
As a result of the USITC's affirmative determinations, DOC will continue to conduct its investigations on imports of these products. It's expected to issue the preliminary conclusion in December and the final one will be given in February 2014.
Last year, Viet Nam exported 199,000 tonnes of OCTG to the US, earning a turnover of US$189 million and accounting for 12 per cent of the country's imports of the product.
Since 2011, the Vietnamese steel sector has faced four anti-dumping lawsuits. Three previous lawsuits were on carbon-welded steel pipes, steel-wire garment hangers and welded, stainless steel pressure pipes.
Coal production down 4m tonnes
The Viet Nam National Coal and Mineral Industries Group (Vinacomin) is expected to produce only 39 million tonnes of coal this year, a significant drop of 4 million tonnes.
The Ministry of Industry and Trade released the sales figures, 9.3 per cent lower than targeted, which will come as a slight disappointment to the mining giant.
About 10.5 million tonnes of the total coal was for export and 28.5 million tonnes consumed domestically. Last month saw the lowest coal consumption this year with 2.1 million tones, only 0.25 million of which were for export.
Vinacomin expects to earn VND97.9 trillion (US$4.64 billion) this year, meeting 93.8 per cent of the yearly target. Its coal operations will generate VND53.4 trillion of the total.
Despite the drop in coal consumption, the corporation is still set to make a targeted profit of VND2.5 trillion on coal, aiding Vinacomin's VND10.78 trillion contribution to the State budget.
Vinacomin said the low figure was due to higher export tax rates of 13 per cent being applied from July 7. It was forced to halt its coal exports as its costs were almost equal to export prices.
The group last week proposed lowering coal export taxes to 10 per cent in order to lift coal consumption by the end of the year.
At a meeting with Deputy Prime Minister Hoang Trung Hai in coal mining Quang Ninh Province, Tran Xuan Hoa, Vinacomin's Members Council chairman declared that the move was essential to halt declining coal sales.
Land handed over for delayed Long Son petrochemical complex
The People's Committee of southern Ba Ria-Vung Tau Province has handed over 400ha of land to the Long Son petrochemical complex project, which has an investment of US$4.5 billion.
Kan Trakulhoon, President of Thailand's Siam Cement Group (SCG), the main investor in the project, said final negotiations were being completed over equipment supply packages, with work on the project expected to start early next year.
Work on the complex based in Long Son Oil and Gas Industrial Zone was initially set to start in 2009, with production scheduled to begin in late 2012. However, the complex has fallen behind schedule due to issues related to site clearance.
The complex aims to help meet the growing demands of local industries for high-quality plastic resins, valued at up to $2 billion annually.
It will consist of a factory capable of turning out 1.65 million tonnes of olefins, 1.45 million tonnes of polyolefins, 280,000 tonnes of chlor-alkali and other materials each year. There will also be support facilities including a port, warehouse and power plant.
Currently, SCG holds more than a 28 per cent stake in the complex while the remaining interest belongs to Qatar Petroleum, Viet Nam National Oil and Gas Group (PetroVietnam) and Viet Nam National Chemical Group (Vinachem).
Kan said that the complex was a major project SCG has pursued during the past six years.
VietinBank to shift $14m
VietinBank has received approval from the State Bank of Viet Nam (SBV) to contribute supplementary capital worth US$14 million to Indovina Bank Ltd (IVB) so that it can raise its charter capital as approved in January.
The Ha Noi-based bank, officially known as Viet Nam Joint Stock Commercial Bank for Industry and Trade, must carry out procedures in accordance with current laws, the central bank said in a post on its website.
SCB offers insurance
Saigon Commercial Bank (SCB) is offering insurance products at its transaction points following an agreement signed with Vietcombank Cardif Life Insurance Company (VCLI) last Friday.
VCLI is a joint venture between Vietcombank, BNP Paribas Cardif and SeABank.
Le Khanh Hien, general director of SCB, said that the agreement aimed to help diversify business operations of the bank.
SCB customers can now buy bank products with insurance benefits attached or independent insurance products from VCLI.
Vietnamese-Malaysian trade booms
Vietnamese businesses are being encouraged to invest strongly in Malaysia in order to capitalise on the nation's rising import demands.
The Viet Nam Chamber of Commerce and Industry (VCCI) says Malaysia imported goods worth US$168 billion in 2011, a rise of $51 billion from 2009.
For the first time in decades, last year Viet Nam achieved a trade surplus of over $1 billion with Malaysia. Two-way trade also rose 17 per cent in 2012 to $7.9 billion.
Statistics from the Viet Nam Customs Department show that bilateral trade continued to flourish in the first seven months of this year, with Vietnamese exports generating $2.87 billion.
Major exports include crude oil, rubber, rice, computers and spare parts, phone handsets, coffee, seafood, steel, vehicles, machinery and equipment.
Viet Nam mainly imports oil and fat, petrol, chemicals, plastic materials, timber and dairy products from Malaysia.
Shazryll Zahiran, Malaysian Consul General in HCM City, says the two countries have signed a total of 13 bilateral agreements, creating plenty of opportunity for an increase in bilateral co-operation in investment, trade, banking, education, tourism, labour, sports, security and national defence.
Vu Van Canh, a Vietnamese trade counsellor in Malaysia, says bilateral trade is expected to reach a record high this year as the Malaysian economy has already recovered from the global economic slowdown and is developing well.
According to Canh, two-way trade this year is estimated to hit up to $9 billion, of which $5.2 billion is from Vietnamese exports.
As of July 20, 2013 Malaysia had invested in 445 projects capitalised at $10.2 billion in Viet Nam, ranking it eighth among foreign investors and second among ASEAN backers in the country.
By March 2013, Viet Nam had nine investment projects in Malaysia, worth a total registered capital of $413 million.
New farming models set for Mekong Delta
The Ministry of Planning and Investment and local governments in the Cuu Long (Mekong) Delta plan to set up three new co-operative models for farming fruits, tra fish, and rice.
One of the tasks under a project to improve the condition of local people, it will be carried out in two phases in Can Tho city and the delta's 12 provinces.
The first phase, which began in July and will end in October, involves appraising the Delta's collective economy and functioning of existing co-operatives and proposing new co-operative models for the region's three key products.
The second phase, to go on until July 2016, will see implementation of the new models.
The delta's individual economy has developed well and the region has designated special areas for growing rice and fruits and aquaculture, according to the ministry.
But people are still poor and do not have stable incomes because they do not have stable markets for their products.
Deputy Minister of Planning and Investment Dang Huy Dong blamed this on individual farmers failing to co-operate.
Besides, no organisation has come forward to instruct farmers in effective production methods, he said.
The 2012 Co-operative Law offers a suitable model for fixing these problems by providing members of co-operative inputs at low prices, production techniques and technologies, and guaranteed outlets, he added.
Can Tho and the 12 provinces have 1,300 co-operatives with 23,260 members and 45,000 co-operative teams, according to the Southwestern Region Steering Committee.
Full-fledged co-operatives should have at least seven members while those with at least three are considered co-operative teams.
Only 2-5 per cent of farmers in the Delta are members of co-operatives, with the main hurdles to membership being low education standards and poor management of the co-operatives, local authorities said.
Huynh Chi Nguyen, deputy director of the Hau Giang Province Department of Agriculture and Rural Development, said most of the province's 106 co-operatives are small and have difficulty in finding regular outlets for their produce.
Besides suitable mechanisms and policies, human resources are also a key aspect in developing co-operatives, he said.
Ngo Hong Chieu, deputy director of the Dong Thap Province Department of Planning and Development, said people with money and education prefer to set up their own companies and rather than join co-operatives.
Of the province's 200 co-operatives, only a few have chairpersons with a university degree, he pointed out.
Most co-operatives offer basic services like pumping water and supplying breedstock and seeds.
It is difficult for them to attract members since most cannot find stable markets for their produce, he reiterated.
Nguyen Quoc Hai, chairman of the Can Tho City Cooperative Alliance, said problems related to policies, funding, and human resources and a lack of successful model.


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Here is a sneak peek at a new Advanced Color Grading feature coming soon to Lightroom, Lightroom Classic and Adobe Camera Raw. Pei Ketron from the Lightroom team shares how the new Advanced Color Grading tool will give photographers more editing precision by adding color control for midtones in addition to highlights and shadows (previously
The perfect technique to create precise targeted adjustments in Photoshop’s Camera Raw! 🎯 SUBSCRIBE to get more amazing Photoshop tutorials! ► https://www.youtube.com/user/photoshoptrainingch?sub_confirmation=1 📘 INDEX – Use the Range Mask in Camera Raw for Amazing Selections 00:00 – Introduction 00:12 – Conver the Layer into a Smart Object 00:25 – Apply a Local Adjustment in the
This article is guide for the aspiring travel photographer who don’t know where to start. The article originally appeared here, and is being republished with express permission from Viktor. Viktor Elizarov is a travel photographer and educator from Montreal, Canada. He travels around the world and shares his experiences on his popular travel photography blog.
The Library of Congress has invited all Flickr users in the United States to submit photos of “their experiences living through the 2020 coronavirus pandemic.” The best images will be added to a special online photo pool and some will be preserved in the LOC’s permanent collections. The announcement was made two days ago on
[embedded content] Photographer Brent Hall recently went out to shoot a comparison video that a lot of Canon shooters are eager to see: the brand new EOS R5 vs the EOS R6, for astrophotography, at high ISO. Does the lower resolution sensor of the R6 give it a low-light advantage? The answer, at least according
Product photography can be a lot of fun, especially when you start to experiment with light painting. In this video, photographer Mark Duffy shows us how he does his long exposure product photography using the new KYU 6 LED lights and Godox MS300 strobes in the studio on a pair of trainers (or “sneakers”, for
California Governor Gavin Newsom has quietly signed a new law that exempts freelance photographers and some other types of independent contractors from the controversial AB 5 law that forced a huge range of freelancers to become employees. AB 5, which was signed in September 2019 and which took effect in January 2020, was designed to
[embedded content] If you’re just getting started in photography and want to build upon a solid foundation, here’s a helpful 9-minute video by the popular YouTube channel Mango Street that covers 5 basic photography techniques for beginners. Here are the 5 techniques covered in the video along with longer Mango Street video tutorials on each
dubblefilm, the brand best known for its unique film stocks, has launched its first 35mm camera. The SHOW is an affordable 35mm camera that’s basically a reusable “disposable camera” that’s cheap to buy and fun to use. The dubblefilm SHOW features a lightweight (3.5oz/100g) body that has a built-in flash powered by a AAA battery.
© Nicolas Lefaudeux, France – Galaxies Winner and Overall Winner The Earth hasn’t really been the best place to live on for the past year or so. I don’t know about you, but I’ve been fantasizing about moving to some other planet. Stunning photos from the Astronomy Photographer of the Year contest definitely make these
[embedded content] The latest release of the popular FiLMiC Pro video app for both iOS and Android comes with a much-requested feature: the ability to output a clean HDMI signal. With this update, iOS and Android users can easily turn their phone into a “broadcast” camera for livestreaming or even use it as a webcam.
[embedded content] Landscape photographer and YouTuber Mads Peter Iversen is back with another helpful tips video. This time, he’s covering a very important subject that many beginners fail to properly appreciate when they’re just starting out: how to create depth in your landscape imagery. In this video, Mads covers 7 tips for creating depth that
Next week is shaping up to be a big week. Not only is Sony going to announce a “new concept” camera—likely the rumored Sony a7C—but it seems Nikon is planning to release not one, but two much-anticipated Z-mount lenses. The news comes from the folks over at Nikon Rumors, who are reporting that both the
It’s probably not much of a surprise to anybody at this point, but the organisers of the NAB Show in Las Vegas have announced that NAB 2021 has been delayed. Originally scheduled to take place in April 11-14th 2021, the date for next year’s show has now been pushed back to October 9-13th. The timing
In 2020, amid the ongoing coronavirus crisis, brands around the world are facing increased pressure to put social responsibility above profit. Customers are demanding more transparency, honesty, and action from the businesses they support, and as companies look for better ways to connect with and support their communities during this time, we’re witnessing a sea
Scientists at the Department of Energy’s SLAC National Accelerator Laboratory have just captured the world’s first 3,200MP photos using an image sensor array that will become the heart of the world’s largest digital camera. While higher res photos have been stitched together before, these are the largest single-frame digital photographs ever captured. The sensor array
It seems the rumors of a new Sony full-frame mirrorless camera were correct. Sony has posted a teaser announcing the imminent arrival of a “new concept” in the alpha series of cameras, which will debut on September 14th at 9pm Eastern time. The teaser was first posted as an image to the Sony Japan website,
[embedded content] Even though many cameras offer built-in timelapse features that automatically process your images and spit out a single mp4 file at the end of it, a lot of photographers prefer to shoot a big series of raw files, process them ourselves, and then edit them together on the desktop. It gives us a
Earlier today, Microsoft announced two new tools that will help identify manipulated photos and videos. The first is a metadata-based system, and the second is a “Video Authenticator” that will analyze photos and videos and provide a “confidence score” that tells you whether or not the media has been altered by AI. The metadata system
After months of teasers and weeks of leaks and rumors, it’s finally here. Fujifilm has unveiled the Fujinon XF 50mm f/1.0 WR—the fastest lens Fuji has ever made and the world’s first f/1.0 autofocus lens for mirrorless cameras. Fuji has dubbed this lens “The One”, and is promising that it will change the way you
Anybody who’s followed the work of Felix Hernandez at Dreamphography knows that he loves photographing miniatures. In fact, it’s the vast majority of what he shoots and we’ve covered a whole bunch of it in the past. This time, he’s tackled a subject that’s near and dear to many a gamer’s hearts. Call of Duty.
Skylum has announced a new, AI-first version of its Lumiar photo editor. Dubbed Luminar AI, the program takes all of the machine-learning tools from Luminar 4, adds some more, and puts them all into a new app and plugin that’s all about “reinventing” traditional photo editing. Skylum has been adding AI-powered features to its more
[embedded content] Getting started in landscape photography and not sure what focal length lens to use? Here’s a 26-minute video by photographer Nigel Danson on how to go about making that decision. Over the course of the video, Danson slowly steps from an ultra-wide focal length of 14mm all the way up to a telephoto
[embedded content] In a pseudo Part III to their sensor size comparison series, Jay P Morgan and Kenneth Merrill over at The Slanted Lens decided to answer a question that popped up several times in the comments of a previous video: can the pixel shifting on a Micro Four Thirds or full-frame camera match the
[embedded content] The king of ultra wides just stepped into the ring of cine-line lenses with a very bold claim. The Venus Optics Laowa 12mm T2.9 Zero-D Cine Lens is the newest lens to come out of Laowa. The “Zero-D” supposedly stands for zero-distortion, but at 12mm how is that even possible!? After playing around
Over the past couple of years, the barrier to entry for full-frame has dropped significantly—starting with the $1,300 Canon EOS RP, and followed by the almost-as-cheap $1,400 Nikon Z5. But it seems Canon may be planning to release an even cheaper EOS R camera in 2021. This report comes from our friends at Canon Rumors,
As someone who loves to seek out and photograph unique weather events, I’m always excited to see a thunderstorm brewing over New York City, and of course my home, the Jersey Shore! There’s always something exciting to look forward to while you’re out storm chasing, including rainbows, storm clouds, fog, and of course, lightning! When
In my last article, I shot images with both the Canon R5 and Canon R6 to compare the ISO performance of both cameras. As always, this lead to a lot of comments, emails, and DMs asking me if I could also compare the different file formats of these cameras. While I still have both these
[embedded content] If someone told me that mold can be beautiful, I would just give them a disgusted look and say “Ew, no way!” But Beauty of Science proves me wrong in their latest video The Rise of Molds. It shows different types of mold growing in a super-macro timelapse, and it turns that “disgusting”
Psychological research suggests that, in general, we pay more attention and are more likely to understand artworks that have explanatory titles, as opposed to artworks that are left untitled. While many artists leave titling to the last minute, these studies reveal that titles can be an important factor in determining an audience’s response to a

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Spare parts shortage a big contributor to unplanned operational downtime
IBM (IBM) has acquired Oniqua, a global leader in maintenance repair and operations inventory optimization solutions. Oniqua is focused on asset-intensive industries such as mining, transportation, and manufacturing.
IBM acquired Oniqua to strengthen its asset optimization unit, which helps businesses predict when critical parts or equipment might fail. With insight on the health of their assets, businesses can take action to avoid an unplanned work stoppage or unscheduled downtime. Unscheduled downtime costs global industries billions of dollars in lost revenues. About 50.0% of annual unscheduled asset downtime can be linked to the lack of spare parts, according to Aberdeen Group.
IBM taking over Oniqua products and specialists
Businesses can reduce spare parts–related downtime by monitoring data from across the business and using these insights to ensure the necessary parts are available. That situation is where Oniqua comes in as it helps businesses maintain proper parts inventories.
Oniqua serves more than 50 of the world’s leading companies. IBM is taking over Oniqua’s products as well as its team of specialists.
IBM sees an opportunity to enrich asset optimization offerings
With products, solutions, and experts that it’s getting from Oniqua, IBM hopes to strengthen its competitiveness in the asset optimization market through enriched offerings. For example, IBM sees itself as not only enabling clients to forecast equipment failure and reduce unplanned downtime but also to optimize parts inventories. This capability could help it reduce losses that may be associated with maintaining a bloated parts inventory or obsolete spare parts.
IBM’s revenues rose 5.1% YoY (year-over-year) to $19.1 billion in the first quarter. Microsoft’s (MSFT) revenues jumped 16.0% in the quarter. IBM’s cloud computing rivals Amazon (AMZN), Alphabet (GOOGL), and Alibaba (BABA) grew their first-quarter revenues by 43.0%, 26.0%, and 61.0% YoY, respectively.


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Will This Be The First Summer Blockbuster of 2015 [VIDEO]
The park officially opens this weekend.
Twenty-two years after the release of the orginal 'Jurassic Park' comes 'Jurassic World' which features a fully functioning dinosaur theme park. So far, the reviews have been positive. The special effects look amazing! Here's a sneak peek of 'Jurassic World.'


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April 26 at 10AM PT
After much speculation and many leaks, Activision has spilled the beans — the nextCall of Duty, developed by Sledgehammer, is titledCall of Duty: WWII, and will naturally deal with World War 2 yet again.
For years fans have been knocking on the series, saying that the far-future element has creeped into the formula so badly that it’s warped the franchise beyond reproach. As someone who doesn’t necessarily agree with that sentiment but doesstill consider World at Warto be the best entry, I’m happy with the pivot.
We’ll know more next week on April 26 at 10AM PT, during the official reveal. I’m fully expecting PS4, PC, and Xbox One as the platforms, with the former still providing exclusive or timed exclusive content. Activision has doubled down on their Sony partnership in the past year, as the platform holder heavily sponsored their recent world championship eSports tournament.
Call of Duty [Twitter]


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Singapore-based ship management company, Eastern Pacific Shipping (EPS), has announced that it has teamed up with Canada-based coatings company Graphite Innovation & Technologies (GIT) to implement its graphene-based, biocide-free propeller coating across its fleet.
EPS plans to boost the performance of its vessels by applying GIT’s eco-friendly, highly durable, and ultra-low friction foul release coating, aiming to improve and maintain CII rating over the drydocking cycle.
The two companies started working together a year ago. EPS applied XGIT-PROP on the propeller of an LPG tanker, QUEBEC. Since then, the vessel has reportedly seen improved vessel performance, and has maintained its CII rating. Because of that, EPS decided to expand the adoption of the technology and plans to apply the coating on 15 vessels drydocking in 2023 and 2024.
XGIT-PROP is a graphene-based propeller coating that improves propulsion efficiency while keeping propeller surface smooth and free from biofouling. Applying this coating ensures no harmful toxins and biocides are released into the ocean. GIT’s XGIT-PROP is a 3-layer graphene-based coating technology that is specifically designed to withstand harsh operational conditions. It had a powerful ability to release biofouling while maintaining smooth surface and reducing the need for propeller ‘polishings’. It also maintains the propulsive efficiency of the propeller and reduces damage due to cavitation, thereby lowering noise emissions.
“The shipping industry needs companies like GIT that are leading the way in sustainable coating solutions. We see GIT’s propeller coatings as part of our portfolio of solutions to achieve long-term fuel efficiency and reduce emissions. We are pushing to make a positive impact on our oceans, and see GIT and their coatings as a key way to do that. This is another sustainable step forward for our company,” Pavlos Karagiannidis, Fleet Optimisation Manager at EPS, said.
“EPS is a valued partner, and we’ve thoroughly enjoyed working with them over the last year. We are excited they chose to apply XGIT-PROP across selected vessels. This coating is one of the simplest ways to improve and maintain CII while achieving sustainability goals,” Mo AlGermozi, Co-founder and CEO at GIT said.
The EPS project follows Stolt Tankers’ two-year deal with GIT which will see Stolt Tankers apply GIT’s XGIT-PROP graphene-based marine coating to the propellers of 25 ships during 2023.


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M Hospitality Restaurant and Catering Group -- the brainchild of the brother Matthew and David Medure of Ponte Vedra Beach -- announced today that it will add to its M Shack family with a location at 641 Crosswater Pkw. in the Nocatee Town Center. The locally-owned and operated burger chain, which has gained notoriety for its artisan burgers, milkshakes and bar offerings, has three other locations in the Southside of Jacksonville, the Riverside neighborhood and Atlantic Beach.
The new M Shack location will occupy the end-cap space of a new 12,000 square foot retail center that is being developed by Skinner Bros. Realty. The building plans to be completed by the end of the year and construction for M Shack is set to begin mid-January, 2016. The restaurant will open in late May, 2016.
“Nocatee is a vibrant and fast growing community.” said Chef/Owner Matthew Medure of M Hospitality in a news release. “We are honored to expand the M Shack brand to St. John’s County and be a part of the Nocatee neighborhood."
M Shack Nocatee will be the company’s fourth fresh-casual restaurant to open in Northeast Florida. The first M Shack opened in Atlantic Beach November, 2011, followed by the St. Johns Town Center December 2013 and the Riverside location February 2015.
The 2,400 square foot restaurant will seat 75 customers inside and 50 on the covered patio -- with a shared indoor-outdoor bar. Architect Matthew Konar from Raleigh Durham, North Carolina, was selected to design the restaurant for his philosophy of creating sustainable space reflecting the culture, history and region.
“Along with counter ordering and table service, we will offer an additional level of service through kiosk ordering, digital signage and an M Shack App to enhance the dining experience,” said Medure.
“With the success M Shack has had in Jacksonville and the quality of their product," said Riley Skinner, Vice President of Skinner Bros. Realty, "we feel M Shack is an ideal tenant for the Nocatee Town Center. We are excited to bring a unique, successful and locally-owned restaurant to the residents and visitors of Nocatee.”
M Shack – the recipient of “Best Burger” by readers of Jacksonville magazine, Folio Weekly and Void magazine -- for three years running– utilizes freshly-ground, all-natural, antibiotic and hormone-free Black Angus beef for its distinctive burgers. The chef-driven menu also features healthy salads with locally-sourced hand-delivered greens, an assortment of savory sandwiches and a selection of gourmet all-beef hot dogs. A variety of freshly-cut fries including parmesan truffle fries, taco fries and sweet potato tots are on the menu along with M Shack’s signature fried pickles. Inventive hand-spun milkshakes include pecan pie, bananas foster, marshmallow brulee along with the classics – vanilla, chocolate and strawberry. The restaurant will offer wine and a variety of draft beers.
M Hospitality Restaurant and Catering Group – founded by chef brothers Matthew and David Medure – partnering with Steve Schaefer in the M Shack brand -- includes Matthew’s Restaurant in San Marco, Restaurant Medure in Ponte Vedra Beach, M Shack Atlantic Beach, M Shack Town Center, M Shack Riverside and the M Shack Food Truck. The hours of operation will be 11:00 a.m. to 10 p.m. Monday through Saturday and 11 a.m. to 9 p.m. Sundays.


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COMPANY NEWS; EMULEX SAYS SALES WILL FALL SHORT OF ESTIMATES
Published: August 10, 2002
The Emulex Corporation, a maker of circuit cards for data-storage systems, said sales in its current fiscal year would fall short of analysts' estimates and its stock fell 35 percent. Sales will be $305 million to $325 million in the year, which began July 1, the chief financial officer, Michael Rockenbach, said in a conference call on Thursday. Emulex was forecast by analysts surveyed by Thomson First Call to have sales of $335.6 million. Stock in Emulex, which is based in Costa Mesa, Calif., fell $8.34, to $15.27 a share.


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Thorntons bosses have explained why the company's Scunthorpe town centre shop is set to close.
A sign in the window of the chocolate-maker's High Street branch informs customers that it will shut for the last time on Saturday, September 1 - less than two weeks from now.
Now, Thorntons has confirmed it is looking to find alternative employment opportunities for the five members of staff who work at the branch.
Explaining the reasons for the planned closure of the Scunthorpe shop, a Thorntons spokesperson said: "Like any retailer, we are continuously reviewing our store estate to ensure we are in the locations that meet our customer needs.
"As a result of such a review, the decision was taken to close the store at Scunthorpe on September 1, 2018.
"Currently, five staff members are employed at the store and we are looking to find them other employment opportunities where possible.
"Thorntons has been delighted to serve our many local customers over the years and we would encourage them to shop for their favourite Thorntons products at our Doncaster store or online at www.thorntons.co.uk in the future."
As well as the branch in Doncaster's Frenchgate shopping centre, Thorntons also has a shop at Freshney Place in Grimsby.
It will become the latest firm to leave the town centre, following on from Evans, which closed its store on High Street in June.
Prior to that, fashion giant H&M closed its branch in the Parishes shopping centre in November after 14 years of trading in the town centre, while other high-profile departures in recent years have included HMV, TJ Hughes and BHS.
Plans are in place, however, to bring the former BHS unit back to life as a new indoor market.
British chocolate brand Thorntons was established in 1911 by Joseph William Thornton.
The firm was bought by the Italian chocolate-maker Ferrero in 2015, months after it issued a profit warning.
In 2011, Thorntons said at least 120 shops would shut across the country over the next three years, with the possibility of a further 60 closures over the same period.
At the time, the firm said the closures would part of a plan to create a chain of 180 profitable "own stores".


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The trade war between China and the United States is having a negative impact on the cities of China, too. Many Chinese cities, which were solely dependent on manufacturing plants of foreign companies, are becoming ‘ghost towns’, as the companies shut down the plants.
China built unparalleled urban infrastructure- equipped its cities with airports, railway stations, highways, sustainable drainage infrastructure- and the cities equipped with infrastructure became engine of Chinese growth story. The foreign companies, which were looking cheap manufacturing destinations with proper infrastructure, made China ‘factory of the world’.
But as these companies started relocating the factories in other countries, these cities are becoming ghost towns. With the latest changes in China’s place in the global supply chain, the urban scenario of the country is also undergoing unprecedented transformation. And the smaller cities, which were solely dependent on the manufacturing plants for economic, social, and political activities, are at the receiving end of this transformation.
As per a report by South China Morning Post, with Samsung’s closure of Jinxinda complex in Huizhou city, the city which was flag bearer of China’s growth story became a ghost town. The Guangdong province on the coast of South China Sea, to which Huizhou city is a part of, became the manufacturing hub for the world. Fuelled with manufacturing plants, the economy of Guangdong province reached 1.47 trillion dollar – ranked independently it would be 11th largest economy in the world- in FY 2018.
But, as the foreign companies relocate their plants to countries like Vietnam and India, the shops which were dependent on the factory workers for revenue, are closing down. “Before the Samsung factory moved, our turnover could reach 60,000 yuan [US$8,500] or 70,000 yuan [US$9,900] a month, but now we can only earn a few hundred yuan a day, only two or three tables a night,” said a restaurant owner in Huizhou city.
With the closure of the Samsung plant, 60 per cent of the nearby business closed down. This phenomenon is not limited to Huizhou city, there are hundreds of cities in China which are solely dependent on manufacturing plants of foreign companies, the shops in these cities have closed down as the revenue dipped, and the people employed at the shops don’t know what to do with life.
This phenomenon is known as Detroit syndrome of cities. The city of Detroit in Northeastern United States, which was a major megapolis a few decades ago, became a ghost town with the closure of factories. In the United States, the syndrome was limited to neighbourhoods of Detroit, but in China, the syndrome has plagued hundreds of cities.
The ongoing trade war between the United States and China is plaguing the Chinese economy, but, Vietnam and India are bound to gain at the expense of the dragon. For example, as Samsung closed down the factory in Huizhou city, it opened a new factory in Noida, India, and increased the production in its Vietnamese factory.
A few months ago, Minister Nirmala Sitharaman said that since the MNCs exiting China are “definitely considering India as an option, it might be important for the government to now see and meet up with a lot of industry leaders and invite them to India.” It is clear from Finance Minister Sitharaman’s remarks that the Modi government understands fully well the kind of opportunity that the ongoing US-China trade tensions offer.
The American and even European and Japanese companies will have to look for new sources and avenues in the backdrop of the trade war. As the MNCs companies look beyond China in the face of the ongoing trade war, India is the most natural alternative given its encouraging economic growth rate in the recent past and also the fact that the size of India’s economy most closely resembling that of China, making it a perfect substitute.
Only India has the potential of matching the expansion needs triggered by the trade tensions between the US and China. It is a welcome development that the Modi government has already started thinking in the right direction, with the Finance Minister disclosing her plans for wooing MNCs exiting China.


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The cryptocurrency market collapses, bitcoin depreciates by 13% on the news from China and South Korea
The global cryptocurrency market drops sharply at the head with the most popular cryptocurrency – bitcoin (bitcoin), which was cheaper earlier on Tuesday by more than 13% on news of the tightening of control over the market received from China and South Korea, in which such trade the most popular, it follows from these trades.
According to CoinMarketCap, as at 12.27 GMT bitcoin was cheaper by 12.71% to 12.1 thousand dollars. On the stock exchange Bitfinex cryptocurrency when it was reduced in price by 12.6%, to 11.89 thousands of dollars on GDAX – by 10.51%, to 12.17 thousand. According to Coindesk, bitcoin depreciated by 11.67%, to 12 thousand. In the course of trading am bitcoin was cheaper by 3-4%, and then accelerated the decline to more than 13%. Bitcoin slips on concerns about the regulation of cryptocurrencies
Alternative cryptocurrencies have also accelerated the decline of Ethereum became cheaper by 18.78%, to 1.08 thousand dollars, Ripple – by 26.77% to 1.35 USD, Bitcoin, Cash by 22.35% to 1.9 thousand dollars, consonants, according to CoinMarketCap. The market capitalization of cryptocurrencies, according to the service, is at the moment 568,9 billion dollars, while in the morning it was estimated at 650,8 billion (a decrease of almost 13%).
Bloomberg on Monday reported that the Chinese authorities will block the platform for cryptocurrency trading. According to sources familiar with the situation, the measures will affect online platforms and mobile applications. Last year, the authorities decided to close the cryptocurrency exchanges under the jurisdiction of the country, and now China intends to “block access to local and offshore platforms that allow for centralized manufacturing”. Experts assign to the stabilization of bitcoin prices from two weeks to a year
In addition, earlier media with reference to Minister of justice of South Korea, Park sang-Ki reported on the preparation of the bill, implying a ban on the sale of cryptocurrencies in the country. Then the Finance Ministry has officially denied the possibility of a ban, but on Monday, reiterating the Ministry of justice, the South Korean Agency Yonhap said that the authorities intend to restrict trade cryptocurrencies.
Moreover, on Monday the Director of the Central Bank of Germany Joachim Wuermeling (Joachim Wuermeling) stated that the regulation of cryptocurrencies should be carried out on a global scale. In his opinion, due to the fact that national or regional regulations will be difficult to implement in the boundless virtual community.


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In a matter of a few years, Aerocity has emerged as a prime destination in New Delhi. Due to its proximity to the airport, the area until a few years ago was dominated by five-star and business hotels meant for travellers. But today, with its diverse offerings, including hotels, F&B outlets and retail establishments, Aerocity has rightfully transformed its image from being a transit hub to the one playing a central role in Delhi’s hospitality scene.
Bharti Realty, a real estate firm, is responsible for the development of this complex as a mixed-use realty project. Mohit Pruthi, Vice President, Head Retail, Marketing and Brand Communication at Bharti Realty, talked to us about the project. He said, “Aerocity has always been on the mind of people of Delhi, but it was always known as a hospitality district. Nobody thought that any commercial operations related to F&B or retail could exist here.”
The firm has taken Aerocity beyond hospitality with the hugely successful brand Worldmark, which is a 1.5 million sq. ft. zone meant for office, F&B and retail spaces. It houses a number of Fortune 200 and local companies; many fine-dining restaurants and a food court with 300-plus seating capacity. There are also luxury brands stores here, in addition to Central, a 150,000 sq. ft. shopping mall with fashion and lifestyle stores spread across its four floors.
What appeals to the public about this complex is the fact that is has been built according to international standards. All the main aspects of the area, including the architecture, environment and security, have been carefully thought through and strategically designed.
According to Pruthi, the success of this development has been the result of three factors: infrastructure, restaurant formats and location.
He said, “We have been able to give an experience which is aspirational and of international standards. We have invested a lot in creating public plazas, sitting areas, colonnades, alfresco seating etc. We have also made pedestrian-friendly areas. Moreover, there are no parking issues.”
They have also paid attention to proper crowd management and security. He said, “There aren’t any places in this city where women can find themselves in a safe environment, but since this is a private estate which is managed by us, we control the footfall walking into these places. There are no dark areas or menaces like hawkers, strays etc.”
Different formats and concepts of restaurants at The Walk, Worldmark have also added to the complex’s popularity. Pruthi said, “The leasing played a role in giving the people of Delhi-NCR quirky, innovative and intriguing places which the city hadn’t seen. We’ve pulled the monotony out of the city.”
They wanted to create a space that is inclusive—open to customers who want a meal at a food court, as well as to those looking for a fine-dining experience. Pruthi informed us that their approach towards creating the F&B region was family-centric. According to their vision, food should be central to a restaurant’s business motto, rather than liquor—which is exactly the model restaurants in Aerocity follow.
Lastly, he mentioned how the location and better connectivity of Aerocity gives them an advantage. It’s no more a transit point where travellers convene before they take off; it sees visitors every hour of the day. “Mostly these kinds of developments (airport complex) are outside the city limits. The uniqueness here is the ease of access and world-class facility. It took us a little time to break the myth that it is inside Delhi and is more than just hotels,” he said.
The expertly planned venue was designed with the environment in mind. So there is a lot of greenery on the premises. There are also mini nurseries in each building, to keep the air quality in check and keep the surroundings cool.
Originally constructed as a hospitality district, Aerocity has a number of five-star properties. Many international hotel chains have set up shop here. Tristan Beau De Lomenie, General Manager Delegate of five-star properties Pullman & Novotel (European chain), spoke about the hotel circuit in Aerocity: “The proximity from the airports and business hubs of Delhi and Gurgaon make Aerocity an ideal spot. The micro-location has advanced as a hub for luxury experiences, fine-dining, shopping and entertainment.”
Recently, the global A-list nightclub, Toy Room has also opened its India flagship in Aerocity.
Restaurateurs have been keen on opening their ventures in this newest hub. From traditional Indian food to fusion cuisines, Italian to pan-Asian or café menus—customers are spoilt for choice at Worldmark. And it’s not just cuisines, the restaurant concepts are also unique. For example, Plum by Bent Chair is a retail restaurant where everything you see is for sale. Its founder, Priyank Sukhija finds Aerocity as the most evolved hub of Delhi that gets a well-travelled clientele. He is set to open another standalone restaurant in Aerocity, called Dragonfly, which is slated for a May launch.
There are specialty restaurants in The Walk too. Daryaganj, a recently opened restaurant, serves authentic Mughlai dishes. Its founder, Raghav Jaggi, predicts decent future growth both for his own enterprise and for Aerocity in general. “There will always be control of the developer here on the kinds of brands that come in to operate. So a balance will be created of all different cuisines under one roof,” he said.
Zorawar Kalra, Founder of Massive Restaurants, also recently launched Farzi Café at Aerocity. He said: “With a well-travelled clientele, including expats, residents and corporates, visiting and dining at Aerocity, bringing Farzi Café to Aerocity has been a wise decision. With the increasing awareness among people of this place, we are witnessing a good share of new clients from India and the world.”
Cuisines from around the world are in huge demand at Aerocity. Avantika Sinha Bahl, Founder of Kampai, a Japanese restaurant, told us that a big reason for them to be there is the presence of Japanese offices and expats from Japan in this area.
Worldmark Aerocity also frequently hosts events, such as musical performances, standup comedy acts, festival celebrations etc. Hence, it is building a reputation for being a one-stop destination for residents and visitors alike.


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made its first circulate at the inventory market, and has raised $2.15 billion. The courting app, which is marketed by stars love Priyanka Chopra and Serena Williams, raised its IPO pricing as soon as every other time to $43 per share to promote 50 million shares.
First, the company had region a draw of promoting 34.5 million shares at $28 to $30, and then raised it to promoting 45 million shares within the price band of $37-$39 per share. In step with this, the company’s valuation has grown from $3 billion in 2019 to
$8.2 billion now.
The six-year outdated company joins the list of tech IPOs which bask in taken over Nasdaq – after the success of the likes of Airbnb, DoorDash and others.
Bumble faces competition from the likes of Tinder and Hinge. In its SEC filing, the company had mentioned linked to a risk element. “The courting industrial is extremely competitive, with low switching prices and a consistent breeze of most modern merchandise and entrants, and innovation by our competitors would possibly per chance well also disrupt our industrial,” the company had stated.
Bumble Inc, founded by Whitney Wolfe Herd, runs two courting apps Bumble and Badoo that are accessible in in 25 and 51 diversified languages, respectively, all the plot by the realm.
In 2019, the company supplied a majority stake within the company to American funding huge Blackstone community.
In January 2021, the company filed for IPO and printed that it has 42 million monthly customers. “While we are proud of how a ways we have reach, having grown from a community of fine about a of us to an IPO, this day is hey one. This marks the delivery of a in reality vivid future for Bumble Inc., one which we mediate will change lives and pressure huge trace for shareholders,” Herd had stated in an
e mail to workers regarding the IPO.
Chaos at upGrad— mass resignations pour in as offended workers refuse to relocate straight
India and China delivery up to disengage from friction areas along the border — terms and prerequisites apply
India is brooding about four-day work weeks nonetheless with longer shifts


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John Torok of Hatch Outdoors explains some of the newest products for 2015 from the company that’s mostly known for its quality reels.
Latest Accessories News
The Esky Series Cooler from Coleman has just passed stringent testing to achieve certification on the Interagency Grizzly Bear Committee’s list of approved products. Read more in the press release below.
John Torok of Hatch Outdoors gives us the rundown on the new Nomad pliers. They were the winner of the 2015 Field & Stream Best of the Best award this year and feature “Tungsten Carbide for abrasion resistance and reliable … more
Matt Crawford explains the Pro Series Stripping Guards from Buff USA. “Don’t let burns or line cuts shorten your time on the water,” says Buff. Designed to glide smoothly over your fingers, Fly Line Stripping Guards eliminate stripping cuts and … more
Throughout the new Howler Brothers 2015 Spring collection there are two resounding themes: “Dawn Patrol” and “Constellations.” Dawn Patrol, symbolized by the rooster, harkens to early morning sessions of surf, getting out on the water before anybody else, getting that fix … more
Last year Buff USA debuted the UVX Balaclava. This year they’ve upgraded the product with “insect-shield” protection. Matt Crawford of Buff explains the details of the product which should be available in the spring of 2015.
Dj Bell from Yeti Coolers give a look at the company’s newest addition to its cooler line-up, the Hopper. Yeti calls the Hopper “a leakproof, ice-for-days, tough-as-nails portable cooler that allows you to go farther into the wild, and the … more
Polar Bear Coolers has announced the release of their new “EC” line of coolers. The Extreme Chill soft coolers will be available in March of 2015. Read more in the press release below.
DJ Bell of Yeti Coolers gives us the down-low on the company’s newest way to keep things cold, the Yeti Rambler/Tumbler. Yeti says,”we over-engineered our Rambler Tumblers with kitchen-grade 18/8 stainless steel and double-wall vacuum insulation. Rambler Tumblers keep ice … more
Finn Utility makes some absolutely gorgeous pieces of gear for the fly fishing world. The brand has that “gotta have it, even if you don’t need it” feel to it. In my humble opinion their latest piece, the Richmond Tube … more


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Creativity is a Ukrainian national idea
Ukrainian creators and advertisers joined the All-Ukrainian flash mob with a call to sign a petition on the website of the President of Ukraine in support of the fact that creativity is a Ukrainian national idea.
Based on the examples of the developed countries of the world it is clearly seen how the focus shifts from resource-oriented economy toward innovative economy, how ideas become the most valuable currency.
If you look at the creative professions in Ukraine today, we can notice a lot of positive changes. Ukrainian filmmaking was recognized as the best one in 2018, and various video studios occupy deserved places in the top 100 world rankings. Young and purposeful specialists turned IT in Ukraine into a huge industry that is worth $ 5 billions. Over 2000 startups of international level started from Ukraine. During international fashion weeks the works of Ukrainian designers are becoming increasingly popular. In Ukraine, representatives of many international and local advertising agencies generate creative projects for international clients. And this is only a part of the creative achievements of Ukraine for the last few years.
Representatives of leading communication agencies of Ukraine, media companies and other players of the Ukrainian advertising and communication market have joined the flash mob.
Online petition that is addressed to the President of Ukraine will be considered in case if not less than 25 thousand citizens will support it within three months from the day of it’s publication.
We invite everyone who shares this idea and would like to join the flash mob and sign the petition. The petition can be signed via link.
It could be your idea that can change your country.
The initiator is the All-Ukrainian Advertising Coalition.


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The CIQA officials visited an avocado orchard in Katikati, heard presentations from NZ Avocado, Zespri, Pipfruit New Zealand and New Zealand’s Ministry for Primary Industries, and also toured the Plant & Food Research site in Te Puke.
While New Zealand-grown apples and kiwifruit have access to China, the avocado industry is in negotiations to gain phytosanitary access, with industry body NZ Avocados welcoming the opportunities to network with the officials from China.
“China as a market is very important to New Zealand avocados as we increase productivity and volumes of our amazingly healthy fruit,” Jen Scoular, NZ Avocado CEO said in a company statement. “We do not yet have phytosanitary access to China but wish to understand the market and build relationship for the future. We strongly support the negotiations being led by the Ministry for Primary Industries with the Chinese officials.”
Scoular said the opportunity to share the tour across the three industries in the Bay of Plenty region was a positive one.
“We are thrilled to have the opportunity to make connections with Chinese people and present our horticulture industry to them. All three industries, avocado, kiwifruit and pipfruit, are committed to delivering the highest quality, premium, safe fruit to the Chinese consumer,” Scoular said.


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Fujifilm X-Pro 2 camera is coming with 273 focus points! According to the latest rumors from Fujirumors, Fujifilm X-Pro2 is scheduled to be announced on January 15th 2016 to replace the current Fujifilm X-Pro1.
Here are some more specifications of Fujifilm X-Pro2:
- lossless RAW compression
- 273 Focus Points
- Improved Noise Reduction
- Pixel Mapping
- Grain Effect
- New Menu Interface
- The X-Pro2 will use Fujifilm NP-W126 batteries
- EXR III processor will get the much cooler named “X-processor”.
Read More Fujifilm Camera Rumors


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• Belk’s big stage: Grammy Award winner Miranda Lambert will perform as part the pre-game festivities at this year’s Belk Bowl. The 13th annual Belk Bowl kicks off at 6:30 p.m. on Dec. 30 at Bank of America Stadium. The game, sponsored by Charlotte-based retailer Belk Inc., pits teams from the Atlantic Coast Championship and Southeastern Conference.
The Belk-sponsored free Fan Fest begins at noon. Lambert will take the stage at 4 p.m.
Lambert is the reigning five-time Academy of Country Music Awards and four-time Country Music Association Awards Female Vocalist of the Year.
Tickets for the 2014 Belk Bowl will go on sale in early October.
• Going up: Air Aerial Fitness has opened its first location in Charlotte. The 1,500-square-foot Myers Park studio offers aerial fitness training programs that fuses ballet barre work with yoga and pilates.
Air Aerial Fitness was founded by Shama Patel, who opened her first Air studio in Chicago in 2013. Since then, Patel has opened or announced plans for five additional locations.
She estimates she has invested less than $50,000 to get the Myers Park Center location off the ground. Patel says a second location in south Charlotte is possible in the future.
The studio builds on another venture Patel operated in the Queen City. In June 2011, she opened a boutique fitness concept called Flex & Fit in uptown Charlotte. That venture is now owned by the Charlotte Athletic Club.
• Looking good: Lush Fresh Handmade Cosmetics opened its SouthPark mall store this week. The 697-square-foot store is the British company’s first location in Charlotte.
“We’ve been looking for the perfect second location in North Carolina for some time now and think that our beautiful corner spot in center court will be great for attracting both new and existing customers,” says Alyssa Gates, director of U.S. real estate.
Lush is known for products such as its signature Bath Bombs — soaps with essential oils, fruits and vegetables.
Lush has more than 900 stores worldwide, including 190 in North America.
Its only other North Carolina store is in the Crabtree Mall in Raleigh.


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Many more small businesses can expect to benefit from a fairer energy market this summer after Ofgem revealed plans to introduce new enforceable standards and extend its definition of ‘mico-businesses.’
Suppliers will be required to treat their small business customers in a more “honest, transparent and professional” way when billing, contracting and switching them, and could face steep fines for breaches, the energy regulator has confirmed.
The new rules include a requirement for suppliers to add contract end dates to bills so that small businesses know when they can start to compare the market.
Small businesses will also be given much longer to tell their supplier that they want to switch at the end of their deal, a move which Ofgem hopes will reduce the number that are unwittingly rolled over onto new contracts.
Suppliers will also have to act promptly to put things right when they have made a mistake, for example wrongly stopping a business from switching.
A greater number of small business customers will be protected by the new rules after the consumption cap was raised to 293,000kWh in gas and 100,000kWh in electricity, equating to about £10,000 spend on each fuel.
“Businesses told us they want more protection and clearer information on contracts and bills. Our proposed reforms and protection measures will ensure this happens - by making it far easier for them to engage in the market,” Andrew Wright, Ofgem’s senior partner for markets, said.
The reforms support action Ofgem is already taking on clearer contracts, back-billing and on new powers to tackle misselling to businesses.
Nine suppliers including British Gas and npower have already pledged to limit back-billing for small businesses to one year, from no later than 2014.
Going forward Ofgem will also review whether or not automatic rollover of contracts for businesses should be banned altogether.
The Association of Convenience Stores (ACS) said the new rules represented a victory for small shops.
ACS chief executive James Lowman said: “Today’s announcement is a welcome step forward for our members. The extension of legal protections to more independent convenience store operators is a hard won concession and the new rules on transparency and switching will make a difference for retailers.
“We will continue to work with Ofgem to deliver a regulatory framework that makes the energy market fairer and reduces costs on everyday entrepreneurs,” he added.


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Not a lot of people understand the importance of shipping containers. They’re just large, steel boxes stacked together or on huge trucks. These containers actually carry tens of thousands of pounds of cargo. Aside from trucks, they’re also transported via trains and ocean freight ships.
Lately, the shipping container shortage has been a global problem plaguing the shipping industry for years. It has disrupted the supply chain and threatened the global economy. The problem stems from an increase in demand for goods. As more people buy goods, more containers must be manufactured and transported across the globe.
Due to high costs and low margins, there aren’t enough containers for increased demand. Businesses must pay higher prices or wait longer than usual for their shipments to arrive.
What Contributed to the Shipping Container Shortage?
The shortage was caused by numerous factors, starting with the demand for new containers, which has increased due to industries such as e-commerce growing rapidly over the past few years.
Many older containers are also no longer suitable for use because they were built before regulating bodies put modern safety standards into place. These old containers are now being recycled instead of being reused.
The pandemic is a factor as well. It undoubtedly rocked society to its core affecting every aspect of life, including shipping. Regardless of the industry, the situation has made it difficult for shipping companies to operate, but as restrictions loosen, shipping companies are bouncing back.
The loosened restrictions influenced the higher demand for shipping since many people can now buy international products. Most industries are still recovering from the effects of the pandemic, posing some problems logistically.
What Are the Stats Saying?
Recently, there have been major changes in all facets of shipping. For instance, about 226 million shipping containers are transported annually. Additionally, because of the high demand, container prices continue to rise.
It doesn’t help that COVID-19 has forced businesses to limit operations, with over 815.6 million 20 ft. units congested in ports during the beginning stages of the pandemic.
One of the biggest problems companies face is unprecedented buyer behavior changes. To take advantage of competitive pricing, some buyers have begun purchasing from providers offering expedited shipping options at higher prices, which can lead to further delays.
The pandemic has also shifted the needs of several people, resulting in different buying patterns for services and goods. In short, the demand for goods has changed, but businesses have remained to have limited shipping options.
The future is uncertain. The pandemic taught everybody that some of the most unpredictable things can happen and can drastically change how people live as a society.
The shipping industry is no exception; things like lockdowns, supply, demand, and prices can suddenly change. Even the material restrictions can vary because of environmental reasons, so it’s always a good idea to be updated with current events.
If you’re someone who heavily relies on shipments, the infographic below breaks down recent statistics and provides feasible solutions businesses can follow to address this shipping crisis.


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MSA Aircraft Products Inc., a nearly 30-year-old San Antonio manufacturer of aircraft interior products, filed for Chapter 7 bankruptcy Tuesday.
What led MSA Aircraft to seek liquidation couldn’t immediately be determined. President and CEO Tim Schweitzer didn’t immediately respond to an email, and a call to the company’s headquarters went unanswered.
Carlisle MSA Inc., a company affiliated with MSA Aircraft, also filed for liquidation in U.S. Bankruptcy Court in San Antonio.
Carlisle Enterprises LLC, a San Diego-based private equity investment firm, acquired a majority interest in MSA Aircraft and its sister company, San Antonio’s Flight Composites, in late 2008. MSA Aircraft founder Mike Spraggins retained a “significant interest” in the company, it says on its website.
Carlisle Enterprises’ website says it acquired its interest in the San Antonio companies through its small business initiative, which targets companies with revenue from $10 million to $40 million. A Carlisle official didn’t immediately respond to a request for comment.
In a bare-bones bankruptcy petition (without various schedules and statements), MSA Aircraft reported assets ranging from $100,001 to $500,000 and liabilities ranging from $1 million to $10 million.
MSA Aircaft was founded on 1986 and has been a designer, manufacturer and supplier of engineered window systems and associated composite components for use in business jet and VIP-aircraft industries. It owns more than 18 design and product patents. Its main product line has been the Accordia, a pleated window shade.
The company’s website says it employs 60 people. It has operated from a 33,000-square-foot building at 10000 Iota Drive near San Antonio International Airport. Flight Composites has operated in a 18,000-square-foot facility nearby at 222 W. Turbo Drive.
Mark C. Taylor, an Austin bankruptcy attorney representing the debtors, couldn’t be reached for comment.


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Benefits of Economic Action Plan 2012
March 30, 2012, Surrey, B.C. - The Honourable Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, today spoke with workers at SMS Equipment Inc. about the government’s plan to create jobs, growth and long-term prosperity and how the plan helps Canadian companies succeed. While touring SMS Equipment, one of Canada’s leading suppliers of mining equipment, Minister Fast highlighted the elements of the Economic Action Plan 2012 that will ensure that major development projects, such as mines, face a streamlined and predictable review process. Under the streamlined review process, fixed timelines will create certainty and predictability for businesses like SMS Equipment, which will lead, in turn, to good, well-paying and skilled jobs for Canadians.
A high-resolution version of this photo may be downloaded.
For further information, media representatives may contact:
Office of the Honourable Ed Fast
Minister of International Trade and Minister for the Asia-Pacific Gateway
Trade Media Relations Office
Foreign Affairs and International Trade Canada
Follow us on Twitter: @Canada_Trade
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