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A week before lockdown was imposed in March, Dane Whitehurst and his wife put the finishing touches to a room at their home in Kent that they hoped would be a chillout space for them and their three-year-old daughter. With normal working life abruptly halted, however, the room was urgently filled with desks and technical equipment, and any plans for relaxation were put on hold. From this temporary prototyping facility, looking out on to his garden, product designer Whitehurst began thinking about what life would be like in a post-coronavirus world.
As creative director at a firm called Burgopak, Whitehurst works with a small team of colleagues developing “innovative packaging” for a range of products including bank cards, drinks and small electronics. Now his thoughts turned to how, in a hygiene-obsessed future, people would increasingly reject cash in favour of cards – stored, potentially, in an inventive new style of wallet.
“It’s [an idea] that we have had tucked away in the back of our minds for some time, but we’ve never had the time to fully explore it,” he says. “The time and space now has given us the opportunity to do that. You know how you get those eureka moments where all of a sudden the pieces slot together? I think the way we have been working has created the environment where that can happen.”
Whitehurst has now applied to patent the “magic wallet”, part of what some intellectual property lawyers have reported is a rush of new applications since the lockdown period began. “We’ve certainly seen a lot of people coming to us with Covid-related innovation that they want to protect,” says Mark Richardson, a partner and patent attorney at Keltie LLP, the law firm working with Burgopak. “We’ve had people looking at decontamination systems, PPE, there has certainly been an uptick in that area.”
Christopher Hamer, a partner at intellectual property specialists Mathys and Squire, agrees: “In terms of the volume of new work [since the crisis began], it was a striking amount, and I know other firms have seen this as well.
“A lot of it has been people coming and saying, ‘we have talked about this in the past and I would like to progress it.’ They are looking at their long-term future and trying to understand where they are going to be when things go back to normal.”
Although precise figures will not be available until next year, according to a spokeswoman for the Intellectual Property Office where British applications are filed, “early indicators suggest that input this year is up on the January to April period last year”.
While some of the new applications directly address virus-related problems, others may have arisen from their creators processing a backlog of admin. By contrast, in some sectors such as pharmaceuticals, notes Tim Belcher, managing associate at law firm EIP, innovation has slowed due to laboratories having closed.
But with the option of patenting ruled out the instant an idea has been discussed with anyone, Belcher says, the impetus to protect a good idea, even under lockdown, is clear. “They need to come to us before they have spoken to possible manufacturers, before they have discussed it with their friend on a Zoom call.”
Another innovator who has done that is Atif Syed, CEO and founder of a firm called Wootzano. From a unit in Sedgefield, county Durham, the small company has developed what it describes as “electronic skin”, a highly stretchable polymer that Syed says can detect sensations “the way you and I would, understanding touch, pressure, temperature, humidity”.
While it could have many applications, the lockdown has underlined its potential use for robots picking soft fruit, where packing facilities faced with post-coronavirus labour shortages are increasingly looking at automation. The firm has been working on the skin for some time, but the crisis has driven the response from potential customers.
“Whenever situations like this happen, there will always be new applications [for the product],” says Syed.
One innovation with a very clear potential benefit has been developed at Imperial College, London, where a team of product designers and behavioural scientists have come up with a new product to encourage handwashing in developing countries.
“Everyone in the world knows about hand-washing, pretty much,” says project leader Weston Baxter, but research by the team in Tanzania showed that bars of soap were viewed by many as items for laundry and dish-washing, not for washing their hands after using the toilet.
In response, they developed a cheap and easily produced soap “tab” and dispenser system which, trials in the country show, dramatically increased rates of hand-washing.
In a time of immense new challenges, Baxter says, the opportunities for new ideas are enormous. “Whenever there is a lot of friction like this, it means there is a lot of opportunity for innovation. There has been a lot of very fast trial and error, certainly faster than we have seen in a normal time.”


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The new bottle design is being launched in Los Angeles September 1st, 2014.
The Lenny Wilkens Foundation announced today that Talking Rain’s Vice President of Community and Customer Relations, Nina Morrison, is the 2014 recipient of the foundation’s community service award.
Züm XR, a Denver-based energy drink manufacturer and developer of patented time-release delivery systems, is the recipient of the Whole Foods Market’s Local Producer Loan Program, a prestigious award to help small, independent companies grow their businesses.
Fanta is debuting a new Vine-based U.S. digital and social campaign, giving teens their own stage to create an original interactive comedy series created by teens, for teens – “Fanta For The Funny.”
A long-discussed investment took place this afternoon when Coke bought 16.7 percent of Monster for a $2.15 billion payout.
Sugarlands Distilling Company’s moonshine is making its way across the United States thanks to a new partnership with TAG USA.
ZICO said that the new line is aimed at reaching mainstream consumers who want to make better choices when it comes to healthy eating, but are not willing to compromise on taste.
Every Oohrah! sold provides direct support to Critical Care, Disaster Relief Funds and Services to the Armed Forces across the United States of America.
The announcement that the Coke has acquired a minority stake in Monster elicited a swarm of analyst reports on the purchase, which most view as immensely positive for both companies.
DRY Soda Co., the Seattle-based brand that is at the forefront of the better-for-you soda movement with its less-sweet, natural beverages, will be launching its first Discovery Pack this summer.
Evolva Holding SA (SIX:EVE) announced that its patent application (WO 2014122227) on a process to efficiently and sustainably produce next-generation sweeteners via fermentation, including Rebaudioside M (“Reb M”), has now published. The patent application was originally filed on February 6, 2013.
The Balvenie, in collaboration with three-time Indianapolis 500 winner and native Scotsman Dario Franchitti is celebrating some of the best examples of American craftsmanship with its 2nd Annual Rare Craft Collection.
Thirty-one years after it first arrived stateside, the Chinaco brand, imported by Anchor Distilling Company, has received a total makeover in the form of a new bottle and label design.
Horchata Pinata, which is reminiscent of rice milk mixed with a cinnamon sweetener, was created to evoke a popular beverage enjoyed by so many children and adults in Mexican restaurants.

domain: news


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Delta Partners With Airbnb to Offer Bonus Miles to Guests and Hosts
Delta Air Lines is partnering with Airbnb to give rewards to SkyMiles members who book or host on the short-term rental service.
Members of the airline’s loyalty program can get one mile per dollar spent on qualifying Airbnb stays, up to 1,000 miles and a $25 Airbnb coupon code if they are first-time guests on Airbnb, and up to 25,000 miles for first-time hosts, according to the airline.
“This partnership brings together two innovative brands focused on delivering superior travel experiences across the globe to customers,” Sandeep Dube, Delta’s vice president of customer engagement and loyalty, said in a statement.
Delta has also signed on to be the exclusive airline partner for 2016’s Airbnb Open, Travel Week reported, which is the company’s annual conference and will this year be held in Los Angeles.
Delta is the largest U.S. airline to partner with Airbnb. Internationally, Lufthansa, Fathom, and Amex GBT also work with Airbnb.


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As I wrote almost 3 years ago about a new miracle material, and I was imagining how our lives might change, this is becoming more and more a reality.
An Australian researcher from Swinburne University presented at Fresh Science, a national program that helps early-career researchers find and share their stories of discovery, his new discovery. He is researching graphene capacities and applicability in real life, and he came up with a new super battery (actually, a super-capacitor) that can store as much energy per kilogram as a lithium battery but doesn’t have the drawbacks of a classic battery. Unlike modern batteries, Dr. Han Lin’s graphene supercapacitor charges very fast (in seconds), has a very long lifespan, meaning it can be charged and discharged millions of times without losing it’s proprieties and is eco-friendly.
“Our super-capacitor is extremely efficient, as it charges in a matter of seconds and holds a larger charge for a longer time because it consists of multiple sheets of graphene – creating a very large surface area on which to store energy.
“What’s more, charging and discharging won’t degrade the battery’s quality, so it can theoretically last for a lifetime – a unique property in the world of batteries.”
says researcher Dr Han Lin
Large scale production is easy.
Dr. Lin says large-scale production of the graphene that would be needed to produce these high-performance supercapacitors was once unachievable.
By using low-cost solution-based film synthesis techniques and a laser 3D printer, the researchers are able to produce graphene on a large scale at low cost.
In addition, the super-capacitors are very strong and flexible, and can therefore also be used to develop extremely flexible and thin batteries that could be built into wearable clothing and other personal accessories.
Photos credits: FreshSience
What would you say if you will have a smartphone that will stay charged for weeks and will recharge in seconds, or an electric car that will have a range of thousands of kilometers with a single charge and will recharge in minutes to its full capacity? All these things can be a reality sooner than you think.


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ZTE has today lifted the lid on its latest flagship handset to hit the market, and this time around it comes with an upgraded screen and better camera capabilities.
Key specs of the device include a 2.5GHz quad-core processor, 5.5-inch full HD display, 16-megapixel rear-facing camera and an 8-megapixel front facing snapper for selfies and video calling. There’s also 3GB RAM and 16GB of onboard storage, plus support for microSD cards up to 64GB.
At 9.8mm thick, it’s not the slimmest device on the market but then not many other devices offer Eyeprint ID, allowing you to unlock your phone by scanning your eyes while on the lock screen.
While the device is already for sale in China – and has been since the middle of January – the company said it will now be offered more widely outside of the country. Exactly where and how much it costs are still yet to be revealed though – in China it costs 2999 RMB, which would make it around $480.


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Search For "package"
Updated : 3 years, 6 months ago IST
Chennai [India], Dec.20 (ANI): Indian Test skipper Virat Kohli on Tuesday heaped praise on Karun Nair, who was adjudged `Man of the Match` in the fifth and the final Test against England, saying that he had never seen any batsman of the country sweeping so well against the spinners.
Jammu (Jammu and Kashmir), Dec. 12 (ANI): Asserting that China is setting up an economic corridor in that will connect the Central Asia with China for trade and commerce, Chief Minister Mehbooba Mufti on Monday said Jammu and Kashmir is also centrally-located, and thus, the country can make
Washington D.C. [US], Dec.11 (ANI): A recent research published in the journal Human Factors suggests that a simple redesign of medication packages can lead to a decrease in the frequency of patient errors and accidental overdoses.
Samba (Jammu and Kashmir) [India], Dec. 3 (ANI): Refugees from Pakistan-occupied Kashmir (PoK), who are now settled in Jammu and Kashmir, have welcomed the Central Government's decision to sanction a Rs 2,000-crore package for them.
New Delhi [India], Dec.1 (ANI): The Union Cabinet has approved a decision to provide central assistance of Rs. 2000 crore for 36,384 displaced families from Pakistan occupied areas of Jammu and Kashmir (POJK) and Chhamb following an announcement of Prime Minister's Development Package f
New Delhi [India], Nov 25 (ANI): RAW Pressery, India's first and largest clean label F&B company is fast changing conversations as to how the Indian consumer has come to accept as fresh juice. Replacing packaged, pasteurized and preserved with natural, fresh and sugar-free RAW Press
Mumbai [India], Oct.24 (India-Businesswire India): Smriti Irani, Union Textile Minister, brightened the TEXPROCIL Export Award Function by stating that another special package for Made-ups and Home Textile Sector, similar to Rs. 6000 crore special package announced for garment sector, was un
New Delhi (India), Oct. 13(ANI): Samsung Electronics on Wednesday said it is sending fire-resistant packages to its customers in the US as a precaution against possible fires or explosions from Galaxy Note 7 as they return to retailers.
Washington D.C. [USA], Oct. 8 (ANI): A new survey of children's andteenagers' eating habits at fast-food restaurants suggests that consumption levels of sugary drinks are closely tied to their automatic inclusion in "combo meal" packages.
New Delhi [India], Sept.26 (ANI): Clocking a compounded annual growth rate (CAGR) of about 16 per cent, the packaged food market in India is expected to have crossed USD 51.5 million (mn) mark in 2015 as against USD $25 million in 2010, noted a recent ASSOCHAM-TechSci Research joint study.
New Delhi [India], Sept.16 (ANI): The Central Sanctioning and Monitoring Committee (CSMC) chaired by Union Tourism Secretary Vinod Zutshi for the 'Swadesh Darshan Scheme' has approved projects to the tune of Rs. 500 crore as part of development package of Prime Minister Reconstruct
Washington [USA], Sept. 14 (ANI): Israel is set to get about USD 38 billion over 10 years as part of the Obama administration's largest pledge of military assistance in American history.


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China gold premiums rise on limited supply
By Sethuraman N R and Rajendra Jadhav
BENGALURU/MUMBAI (Reuters) - Gold premiums rose in China this week as traders said supply of the precious metal was limited due to tightening import restrictions to stem currency outflows.
Premiums climbed to over $20 an ounce against the international benchmark from $15-$17 last week.
"The imports are happening, but with some restrictions. The government has been doing this since November to control the capital outflows. Now, it is becoming a bit aggressive with stringent reviews," said a Hong Kong-based executive with a precious metals trading firm.
"The quotas are reviewed regularly and extended on a case by case basis. The demand has been more than supply."
China gold premiums surged to their highest in nearly three years late last year as traders saw Beijing's efforts to restrict import licences impacting supply.
China permits only 13 banks, including three foreign lenders, to import gold, Shanghai Gold Exchange said.
China's monthly net gold imports via main conduit Hong Kong plunged 38.3 percent in January.
Hong Kong prices were quoted at a premium of 70 cents to $1.10 an ounce.
"There is limited supply in the market. The banks are looking for higher premiums and would want to cash in on the demand," a trader with a leading bullion import bank in China said.
"Domestic investors have been buying to hedge currency risk. So, the demand is going up."
In India, the world's second-largest consumer of the metal, demand remained sluggish despite a correction in local prices due to the rupee strengthening against the dollar.
Dealers in India were charging a premium of up to $1.50 an ounce this week over official domestic prices. They were charging a premium of $2.00 last week. The domestic price includes a 10 percent import tax.
"Demand is weak as people are busy paying advance tax for the fiscal year," said Ashok Jain, proprietor of Mumbai-based wholesaler Chenaji Narsinghji. The Indian fiscal year runs from April to March.
In the local market, gold futures were trading around 28,470 rupees per 10 grams on Friday. They have fallen over 4 percent in three weeks.
Investment demand for gold could fall as the Indian share market has been rallying since Prime Minister Narendra Modi's ruling party won a key state election in northern Uttar Pradesh, said Prithviraj Kothari, managing director of RiddiSiddhi Bullions Ltd.
Meanwhile, premiums in Singapore rose to about $1.20, compared with the 90 cents to $1 range seen the week before.
Prices in Japan were at a discount of 50 cents to a dollar, against the 75 cents to $1 levels in the prior week.
(Additional reporting by Arpan Varghese in Bengaluru; Editing by Biju Dwarakanath)


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Stardock has launched Object Desktop 2016, an all-you-can-eat suite of tools to customize Windows to your liking. Included in this version are Multiplicity and SpaceMonger as well as Fences 3 beta.
...of Microsoft money, ARM's acquisition, and Windows 10 updates
Samsung Galaxy S7 edge Lens Cover
Expanding mobile photography with Aukey's wide-angle lenses
JESBOD QY13 sports Bluetooth earphones
Time is running out to claim your free Windows 10 upgrade
windows 10 upgrade
Insider build 14393.3 for PC and Mobile released to Fast ring
Stardock has added two popular apps to the Object Desktop collection. Multiplicity enables users to control two PCs with only one keyboard and mouse while SpaceMonger quickly frees up storage space.
Stardock has released a new beta version of its WindowBlinds 8 program, which now allows users to add the popular Aero glass look to the Windows 8 desktop UI, among other skins.
If you have Windows XP, Vista, or Windows 7, then WindowBlinds 7 is the application you need to easily and safely change the visual style of the user interface. Thousands of skins are available...
Since its launch in 1999, Object Desktop has grown and has become the ultimate suite of desktop enhancements for anyone wanting to change the look and feel of Windows, whether it's XP, Vista, and now...
Object Desktop is a suite of desktop applications designed to enhance the Windows experience, including the newly released Windows 7. Object Desktop 2010 is getting a huge and significant update, and the preview guide...


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Huboo have launched their first EU fulfilment centre in Eindhoven, The Netherlands as part of our European expansion plans.
Huboo, the UK’s fastest-growing fulfilment company, has just opened its new base in response to growing customer demand and changing international trading laws as a result of Brexit.
Creating 200 new jobs throughout 2021, the warehouse will have the capacity to cater for more than 300 eCommerce clients at all times, with the potential to expand quickly if needed. A dedicated on-the-ground team has been appointed to manage the launch, and Huboo will be the first and only company to provide its pioneering micro-hub technology in the Netherlands.
Speaking about the new base, Huboo’s co-founder and CEO, Martin Bysh said: “Expanding into Europe has always been a part of our plan for this year, regardless of Brexit. However, Brexit has naturally meant that many of our UK customers are now urgently seeking a trusted EU fulfilment partner to help get their products closer to their international markets, so we’re excited to be able to take on that role.
“We chose the Netherlands as our first European base because it is already a major hub into Europe and will allow our couriers to get to most of the mainland in just one or two days. Furthermore, there currently isn’t any other service in the Netherlands that offers the same unique microhub model that we do, so we are at a real advantage and believe the opportunities for us to grow are huge.
We’ve also noticed that the Netherlands has become a hotbed for eCommerce, tech start-ups and innovative enterprises in recent years, particularly in Amsterdam, so it is a really good fit for Huboo”
The new Netherlands base comes after a series of record-breaking months for us, with revenue increasing by 730%, the team size trebling and warehouse space quadrupling over the past 12 months, with an average of 100 customers being onboarded a month. We have also recently acquired a new 5,200 sqm warehouse site in Avonmouth, taking its total warehouse space across the UK to more than double the amount since the business launched three years ago.
We’re renowned for our unique ‘micro hub’ technology which enables online retailers of all sizes to access a complete end-to-end fulfilment operation within minutes. It also utilises software to drive a smarter, more productive and human-centric warehouse.
Each ‘hub’ replicates the inputs, processes and outputs of a complete warehouse within a few hundred square feet, with our management software keeping tabs on every item throughout the fulfilment process, with a dedicated Hub Manager running each one.
Our software provides everything from transaction management and quality control, stock control, order tracking and billing information to integration with popular sales channels and marketplaces, such as Amazon, eBay and Shopify, enabling the company to directly receive and process retailers’ orders in real-time. Huboo has been awarded a Global Business Excellence Award for Outstanding Innovation and a Logistics Award for Growth, following its recent rapid expansion.
In a unique and historic UK-first, Huboo and Bristol Sport have announced a groupwide partnership which will see Huboo as the principal partner for all FIVE of Bristol Sport’s professional sporting teams. Huboo will be Principal Partner to all the teams of Bristol Sport: • Bristol City Football Club• Bristol City W.F.C.• Bristol Bears• Bristol […]
From July 1st, EU VAT regulations for sales and marketplaces are changing. These alterations will significantly impact sellers based outside of the EU, so it’s essential to prepare yourself ahead of July. So, if you’re a foreign entity and are planning to expand your business in the EU, want to stay connected and hold inventory […]


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A south-west Victorian dairy company has acknowledged farmers will suffer as it further reduces the price it pays for milk.
Warrnambool Cheese and Butter says global dairy prices have nosedived because of the economic slowdown.
It has been forced to cut farm gate milk prices for the rest of the financial year.
Company chairman David Karpin says the cuts will hit farmers hard.
"Their revenues for the oncoming quarter will be lower than expected," he said.
One supplier, Bernard Free of Yambuk, east of Warrnambool, says his income will be cut by 50 per cent over the next three months.
He says the price had already been reduced by 30 per cent in February.
"It means that we'll have to cut costs again, we'll probably seriously look at changing factories," he said.
Mr Free says he is worried other Victorian dairy companies will follow Warrnambool Cheese and Butter's lead and slash the price they pay for milk.


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The iPad is coming to the Old World!
The buzz is high, the orders are in, and early Friday morning, at that sleek Apple store at a European capital near you, the must-have gadget of the moment will finally be available. In fact, some have already been delivered in Britain today to customers who pre-ordered.
IPad prices are steep – between £429-700 pounds ($622 - $1,000). This is about 25 percent more than the prices of the same iPads available in the US, of which over 1.5 million have already been sold since they went on sale in early April.
But price tag notwithstanding, international demand has been tremendous, and Apple is opening it’s stores two hours early Friday in France, Germany, Italy, Spain, Switzerland and the UK to accommodate what is expected to be a mad crush of buyers for the uber popular tablet computer.
736 iPads for European Parliament?
But not everyone will have to pay for their new iPad. According to a report in the Sunday Times, a certain number of special Europeans – the 736 elected Members of the European Parliament (MEP) to be exact – are going to be able to avoid the crush and the expense. They're getting a spanking new taxpayer-funded iPad - as a perk.
The report set off a storm of protest here that only served to raise the already extraordinary high hype around the product.
According to the Sunday Times, the European parliament’s administrative office has earmarked £4.3 million for an “IT mobility project” which involves getting a personal iPad for each of its MEPs – even though they were recently all equipped with new Hewlett-Packard laptops and are not all are even enthusiasts.
“Most MEPs do not handle their own emails but leave it to assistants. Computer literacy is pretty low among most so frankly iPads are pretty unnecessary,” she said in an email. “I deal with my own email would say am above average on computer literacy… and even I do not need an iPad,” she stressed, saying a Blackberry was good enough for her, Thank you.
“This is a time when European taxpayers are facing very difficult times,” she added. “This iPad scheme does not seem right.”
An iPad by any other name
Jaume Duch, the spokesman for the European Parliament in Brussels, admits that there is a plan to modernize all the communications technology of the Parliament and that PC tablets (“…in parliament we cannot speak about brands,” he says) are under discussion -- but clarifies that there is no definite plan to purchase the devices yet.
But he further counters that actually, MEPs are getting to be very technologically savvy these days so it’s a mistake to say they don’t even know what a software app is or how to zoom in and out of a page. More than half of the MEPs, he says, are on Facebook -- and a growing number have their own Twitter accounts and blogs.
Moreover, he argues, for politicians constantly on the move between their constituencies, Brussels and Strasbourg, new technologies such as a tablet – with its 10-hour battery life and light weight – are key to keeping in touch with voters, each other, and their committees, not to mention for accessing internal documents from different locations without having to lug around suitcases of paper.
“Technologies are old here. We don’t even have Wi-Fi in all of the parliament spaces,” he says. “We need to keep up and adapt to the technologies of the future.”


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Custom Kahn-converted Range Rover worth more than £110,000 new stolen in suspected keyless theft in Guyhirn
- Credit: JOHN EMBLING
A custom Range Rover worth more than £110,000 new has been stolen in a suspected keyless theft in Guyhirn overnight.
John Embling, who used to run Emblings Coaches, went outside this morning (April 23) to find his “pride and joy” had been taken from his High Road home driveway.
The black Range Rover Autobiography has been modified by London-based vehicle customisers Kahn Design – boasting a custom grill, spoiler and exhaust system.
The easily-recognisable vehicle has red stripes around the black paintwork and a full red leather interior. People should look out for the registration plate, R2 JWE.
A spokesman for Cambridgeshire Police said: “We have received a report of a Range Rover vehicle being stolen. No arrests have been made and an investigation has been launched.”
You may also want to watch:
A keyless entry theft sees someone using a device to mirror the signal of the driver’s key to gain entry to the vehicle without causing any damage.
Mr Embling said: “I am absolutely gutted. The car is top spec and it is my pride and joy. It has got Kahn Design badges around the car so it is recognisable.
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“I came back from March in it [the car] yesterday (April 22) at around 6.30pm so it was taken any time between then and the following morning.”
Mr Embling has been told by one of his friends that the one-of-a-kind luxury car was spotted in Peterborough early this morning (April 23).
Anyone with information about the incident should contact police by calling 101, quoting crime reference number 35/27886/19, or report online at www.cambs.police.uk/report.


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Struggling Japanese electronics giants Sony (IW1000/33) and Panasonic (IW 1000/30) said on Jun3 25 that they would team up to develop televisions with advanced technology, in a bid to claw back market share from overseas rivals. Despite a long-standing rivalry, the firms said they would aim to establish mass-production technology for organic light-emitting diode (OLED) television panels next year, as they try to recover from multi-billion-dollar losses. The technology lets producers make TVs that consume less power while offering a sharper picture than conventional flat panels, and is expected to be one of the dominant technologies in next-generation televisions.
However, the industry has struggled to find an economical way to develop larger screens equipped with the technology.
The partnership marks the first time the two firms have teamed up in a core business, a major turning point for Japan's hard-hit electronics industry.
"Each company plans to utilize its own strengths to develop and commercialise its own competitive, high-performance, next-generation OLED televisions and large-sized displays," the firms said.
The move comes as South Korean rivals Samsung Electronics and LG Electronics reportedly plan to separately release 55-inch televisions with the advanced OLED technology this year.
But Mitsushige Akino, analyst at Ichiyoshi Investment Management in Tokyo, cast doubt on the Sony-Panasonic deal, saying it is too late. "They should have done such a deal five or six years ago," he said. "The two companies need more drastic measures such as a withdrawal from the TV business altogether. This won't change their severe business circumstances."
In a research note, Fitch Ratings analyst Alvin Lim said similar tie-ups may be in the offing for Japan's electronics giants, but he added that South Korean firms were "way ahead" in developing OLED technology. "Such tie-ups between fierce competitors in the TV segment were once unthinkable, (but) they are now necessary to claw back the technological and market leadership ceded to Korean manufacturers," said Lim, associate director in Fitch's telecommunications, media and technology team.
But he added that "Japanese OLED investment is better late than never."
"While consumer demand for OLED is still unproven, without investment Japanese manufacturers could become stranded in the TV market should this technology become mainstream."
Sony and Panasonic lost more than $15 billion combined in the year to March owing to falling sales and intensifying competition. The losses have been particularly acute in the television business, where Japanese firms have been hurt by a strong yen, shrinking profit margins and stiff competition from foreign rivals.
Earlier this month Sony shares tumbled below 1,000 yen for the first time since 1980 and the era of the Walkman, sending the value of the company crashing to less than a tenth of what it was just over a decade ago.
In April, Sony said it would cut about 10,000 jobs and spend nearly $1.0 billion on an overhaul that its new chief Kazuo Hirai described as "urgent." Sony has vowed a return to the black after losing 456.66 billion yen (US$5.7 billion) in the year to March, forecasting a net profit of 30 billion yen in the current fiscal year through March 2013.
Panasonic also projected it would return to profitability in the current fiscal year with net earnings of 50 billion yen, after posting a record 772.2 billion yen shortfall in its latest financial year.
Copyright Agence France-Presse, 2012


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The Chicago clothing company known for its over-the-top fashion extravaganzas is promising to go even bigger and better for its fall show.
AKIRA is celebrating it's 10th year in business, and as part of the celebration, hosts its annual fall fashion show September 23 at Grossinger City Autoplex (1500 N. Dayton St).
Miss USA Olivia Culpo -- the Rhode Island beauty who's been all over the gossip pages recently hanging out with Olympian Ryan Lochte -- is hosting the event and CelebTV's Kelli Zink will emcee.
This year's show is themed Métropolitain, which means the looks will be subway station-inspired and each run will represent a different hour in the daily life of the station.
Featured designers include DL1961, Diesel, French Connection, Original Penguin, Ben Sherman and more.
Tickets are $25 for general admission and $125 for VIP.
Proceeds from the show will benefit five local charities.


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Microsoft is offering Windows 11 users a preview of an update that fixes some game performance issues. The software maker originally warned of issues with lower-than-expected performance in some games earlier this month after some Windows 11 users who upgraded to the latest 2022 (22H2) update noticed issues.
“Some games and apps may perform less than expected or stutter on Windows 11, version 22H2,” Microsoft said at the time. “Affected games and apps inadvertently enable GPU performance debugging features not intended for consumer use.”
While Microsoft didn’t list the exact apps and games affected, the company did block the Windows 11 2022 update for systems with affected games and advised people not to upgrade. That protection was removed about a week ago and now Microsoft has released a full fix. If you are using the Windows 11 2022 update, you can check Windows Update and find a KB5020044 update sample that you can install.
Microsoft’s latest Windows 11 update also includes the typical bug fixes that Microsoft rolls out in cumulative monthly releases, in addition to new storage warnings for OneDrive, improvements to the Windows Spotlight feature, and more. You can use the full release notes here.
Microsoft also revealed last month that some Windows 11 virtualization features may affect gaming performance. Microsoft has provided gamers with instructions to disable them, but it’s important to re-enable the features if you temporarily disable them to prioritize performance.


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Was it paleo concerns that were keeping people away or a too-fast expansion of a concept that wasn't so unique?
— Jason Clampet
Noodles & Co. is making a successful counterattack in the war on carbs.
The pasta chain, hurt by Americans embracing paleo diets and other low-carbohydrate regimens, is trying to prove it can still be healthy. An array of leaner options is winning back customers and will soon include zoodles — a zucchini noodle dish that’s already built a following. This approach helped sales beat estimates last quarter, sending its stock to its biggest rally in almost five years.
The chain is trying to bounce back from an overly aggressive expansion that followed its 2013 initial public offering. Diet trends have not been kind to a chain whose name is synonymous with pasta, but the latest efforts appear to be paying off.
“Improved results give us confidence that we are gaining traction,” Chief Executive Officer Dave Boennighausen said in a statement.
Though sales continued to fall last quarter, the drop was smaller than expected. The decline was 0.9 percent on a same-store basis, compared with an estimated decrease of 2.7 percent. Revenue also topped projections, sending the shares up as much as 20 percent to $7.40 on Thursday.
Last year, the chain closed more than 60 underperforming restaurants, and slowed new store openings. It now has about 470 locations, which are mostly owned by the company.
The menu changes also include more varied items such as Thai green curry and potstickers. Noodles also sells gluten-free options, and its new zoodles dish will go nationwide in May.
“One area that we identified a gap in our menu was in health perception,” Boennighausen said. The new item may help “introduce the brand to new guests who may have avoided us in the past,” he said.
©2018 Bloomberg L.P.


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Back when Ghostbusters: The Video Game – Remastered released in 2019 it was an entirely single-player experience, despite the original game shipping with a co-op multiplayer component. At the time, there was talk about releasing a multiplayer update later – however, two years later developer Saber Interactive has now finally confirmed that it’s definitely not happening.
Ghostbusters: The Video Game released in June 2009 to fan acclaim, especially as it brought back the voices of all four Ghostbusters – Bill Murray, Dan Ackroyd, Ernie Hudson, and even Harold Ramis, who passed away shortly afterward. While the PC version was a little stripped down the PS3/360 versions featured a cooperative multiplayer mode.
Fans were hopeful that when the Remastered version was announced by Saber Interactive in 2019 it would bring back this multiplayer component, including to PC, the game shipped without it – due to finding multiple copies of the multiplayer code with no way to tell which was the final product. At the time, Saber said it was “in the process of evaluating the situation” and deciding whether to bring back the multiplayer as an update.
It’s now two years later, the new movie Ghostbusters Afterlife is out, and it seems that the multiplayer definitely isn’t coming. Speaking with MP1st, Saber Interactive chief creative officer Tim Willits confirmed “This is something the team really wanted to include… but the state of the original multiplayer code unfortunately just didn’t cooperate. We did look into it but ultimately had to focus on recreating the single-player experience fans were expecting from us.”
So if you were holding out hope that Ghostbusters Remastered would ultimately bring back the multiplayer side, you can probably forget it at this point. It’s as dead as Slimer. If you’re after a multiplayer Ghostbusters fix, Fortnite currently has a tie-in going with the new movie – and it’s strongly rumoured that the next game from the team behind Friday the 13th will be a Ghostbusters multiplayer game. That makes us feel good.


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The stock edged lower, however, as investors reacted to disappointing profit margins that were pressured by rising supply chain disruption and labor costs.
The world's biggest retailer said adjusted earnings for the three months ended in October came in at $1.45 per share, rising 8.2% from the same period last year and topping the Street consensus forecast of $1.40 per share.
Group revenues, the company said, were tabbed at $140.5 billion, a 4.3% increase from last year that topped analysts' estimates of $135.6 billion. U.S. same-store sales rose 9.2% from last year, the company said, well ahead of the Refinitiv forecast of around 7.1%.
Looking into the 2022 financial year, Walmart said it sees earnings in the range of around $6.40 per share, up 35 cents from the higher end of its prior estimate, with comparable sales rising by 5%.
“Our momentum continues with strong sales and profit growth globally. Our omnichannel focus is pushing digital penetration to record levels," said CEO Doug McMillon. "We gained market share in grocery in the U.S., and more customers and members are returning to our stores and clubs around the world."
"Looking ahead, we have the people, the products, and the prices to deliver a great holiday season for our customer sand members,” he added.
Walmart shares were marked 2.7% lower in late-morning trading following the earnings release to change hands at $143.00 each.
Earlier Tuesday, Home Depot (HD) - Get Free Report kicked-off a key set of retail sector data with stronger-than-expected third quarter earnings and a big beat on same-store sales, while the Commerce Department will release its October reading for retail sales at 8:30 am Eastern time.
U.S. consumer price inflation accelerated to the fastest pace in three decades last month, data from the Bureau of Labor Statistics indicated last week, as record-high energy prices and supply chain disruptions lifted the heading reading to 6.2%.
So-called core inflation, which strips-out volatile components such as food and energy prices, rose 0.6% on the month, and 4.6% on the year, the report noted, with both readings topping the Street consensus forecast..


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Teach The People, a Facebook application and fbFund finalist that allows users to create learning communities, has launched to the public. Alongside the public launch, the startup has also annouced its partnerships with The Learning Annex (which offers lessons from celebrities), Destiny Image, and Quinnipiac University’s Professional Athlete Transition Institute which will help initially populate the site with content.
At first glance Teach The People strongly resembles Facebook Groups, but offers a number of enhancements that make the platform more suitable for teaching. Each community instructor can upload documents, media, and online webcasts. The platform also will support premium content, offering an integrated payment system that allows instructors to charge for their online lessons.
Users will make use of a Digg-like voting system to request that their favorite instructors cover topics they’re interested in. And to ensure that the content available on the site will actually be worth paying for, Teach The People is planning to offer a certification process to instructors for around $50. The site will also be implementing a rating system.
Teach The People originally launched at last year’s TechCrunch40 as a standalone site, but is now shifting its focus to its Facebook application. The company was one of 25 winners (out of 600 applicants) to win $25,000 from the fbfund, and is in the running to win an additional $225,000 this December.


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Why Silicon Valley could become tomorrow's Detroit
The San Francisco Bay Area's tech business models and government relationships will face challenges from all sides in 2021.
Welcome to POLITICO’s Global Tech Spotlight — an extension of the Global Translations newsletter. Each week we track major issues facing the globe. Sign up here.
Dozens of tech hubs around the world have dreamed of nipping at Silicon Valley’s heels, but in 2020 those dreams are starting to look like reality.
Thanks to Covid-19, “the spreading out of tech is having a 10-year acceleration,” says Rana Sarkar, Canada’s consul general for San Francisco and Silicon Valley.
Before the pandemic, mid-size cities across North America and Europe and major Asian centers would create startup accelerators only to struggle to retain their local talent or attract venture capital — one of the leading measures of success, pre-pandemic. Today it’s more about keeping talent at your company, wherever that talent happens to be. “The more broadly we can appeal to people, in terms of letting them work from anywhere and ... letting them contribute at a high level from anywhere, that’s our plan,” Okta CEO Todd McKinnon told CNBC on Dec. 3.
Silicon Valley’s ability to cluster talent has long been tied to colleges like Stanford University and a profusion of venture capital. Stanford is going strong — pandemic disruptions notwithstanding — but Palo Alto’s famed Sand Hill Road is no longer the only place startup founders flock as they seek to raise cash. The world’s biggest tech-focused venture capital fund is now SoftBank’s Vision Fund, which is Japanese-owned and Saudi-financed.
Startups can also now go online to make deals. Or they can make connections at events like Portugal’s Web Summit, which attracts 100,000 in a normal year and has been credited with doing more than any other event to shape the world’s startup ecosystem. Paddy Cosgrave, Web Summit’s co-founder and CEO, said in an interview that “Silicon Valley will one day resemble the Detroit of today,” referencing the city’s decline from its auto industry golden age. Technology and talent concentrates for a time, Cosgrave said, but in a pattern repeated across empires and ages, it always moves on.
America’s veteran tech investors and companies are looking elsewhere for success, too. Steve Case, who co-founded and grew AOL into the first huge internet company, preaches “the rise of the rest,” while working to spread venture capital to America’s heartland. Michael Moritz, the British journalist turned billionaire VC investor, is now placing his bets in Sweden as the new chair of Klarna, a fintech firm.
Established companies from Oracle to HP and Tesla to Palantir have made headlines in recent weeks with announcements they are moving headquarters and production out of California. While the moves may be mostly a symbolic protest against California’s governance and tax regime, the decisions have stirred a debate around whether Silicon Valley-style innovation is delivering the change the world needs.
“To the extent that moves from Silicon Valley reflect a desire to escape California rules and regulations, it’s a bit like running from responsibility. Running will only empower regulatory forces that are less inclined to support the innovation side of the equation,” said Eileen Donahoe, executive director of Stanford University’s Global Digital Policy Incubator. “At some point, companies and regulators need to recognize we need both innovation and responsibility to the larger communities in which the companies operate,” she said.
Benedict Evans, a former partner at the storied Valley venture capital firm Andreessen Horowitz who is now based in London, says the choices startups make matter more to the Valley’s future than what legacy companies like Oracle and HP do. Startups are not “rejecting the Valley startup model — they’re being driven out by house prices and quality of life,” Evans said.
In between the startups and tech’s old guard are the middle-aged companies that have provided the industry’s biggest successes of 2020. To find them, you need to look to Seattle-based Amazon, and Shopify, the e-commerce backroom engine often pinned as the anti-Amazon, based in Ottawa.
Weapons of Mass Attraction
Shopify is hardly the only Canadian tech success story — the country’s tech scene is now among the hottest globally. In the five years up to 2020, the city of Toronto created more tech jobs than the Bay area, Seattle and Washington, D.C. metro area (home to Amazon’s new second headquarters) combined, said Rana Sarkar. Toronto is Canada’s biggest tech hub, but others, including Ottawa, Vancouver, and Waterloo, are growing at even faster rates, bringing Canada’s tech workforce to around 900,000.
It helps that Canada shares time zones and culture with its southern neighbor, and that rents in Toronto and Ottawa are around half that of the Bay Area. But Sarkar says that Canada has spent decades ploughing resources into creating “embedded advantages” — like early artificial intelligence investments, public universities and a huge immigration program. Together he calls them Canada’s “weapons of mass attraction.”
Sarkar wants startups interested in “intentional growth” to make Canada their home. His bet is that helping people “build something meaningful by letting them plan for their family and company for 20 years” is more in-tune with what millennials and Gen Z entrepreneurs want. He’s working to lure back home any of the 250,000 Canadians — and their companies — who feel they’ve outgrown Silicon Valley’s mantra of “move fast and break things.”
If geographic competitors don’t catch Silicon Valley, tech regulators might.
Marietje Schaake, International Policy Director at Stanford’s Cyber Policy Center, said we are now in “a real catch-up moment” where democratic governments are seeking to “counterbalance the uncontrolled and outsized power the Silicon Valley giants have amassed.” Self-regulation “clearly did not work and trust has run out,” she said.
Schaake, a former member of the European Parliament, sees the same dynamics playing out on both sides of the Atlantic: While the EU announced a package of draft laws this week to restrict big tech companies, American states are filing lawsuit after lawsuit with similar aims, including, most recently, one from more than 30 states demanding Google’s breakup. Legislators from both parties are rounding on tech CEOs.
The message from Washington to Brussels appears to be that Silicon Valley needs a new, more responsible model. If Valley-based investors and innovators don’t want to change, “there is room for more ecosystems of innovation,” Schaake said.


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Please contact Sales at: (212) 520-2765 or email PharmaNewsSales@informa.com
Latest From Samsung BioLogics
Pfenex founder and chief business officer Patrick Lucy has left the company to join Lykan Bioscience. Meanwhile, Samsung Biologics has announced the appointment of a new president and CEO, as the Australian generics and biosimilars association appoints a new chair.
Although there weren’t many large-scale partnerships as in previous years, Korean biopharma firms were involved in a broad range of deals across diverse therapeutic areas in 2020, with ADCs, oncology and domestic alliances emerging as key trends.
Samsung Bioepis has beaten its rivals to become the first firm to announce successful filing of a ranibizumab biosimilar rival to Lucentis in the EU.
- Contract Research Organization-CRO


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January 16, 2018
Holiday sales during November and December increased 5.5% over the same period in 2016 to $691.9 billion, as growing wages, stronger employment and higher confidence led consumers to spend more than had been expected, the National Retail Federation (NRF) reported. The number, which excludes restaurants, automobile dealers and gasoline stations, includes $138.4 billion in online and other non-store sales, which were up 11.5% over the year before.
The results exceeded NRF’s forecast of between $678.75 billion and $682 billion, which would have been an increase of between 3.6 and 4%, and marked the largest increase since the 5.2% year-over-year gain seen in 2010 after the end of the Great Recession.
NRF notes the strong numbers are evidence that the retail industry may be more fundamentally resilient than many analysts believe.
NRF’s Matthew Shay says, “We knew going in that retailers were going to have a good holiday season, but the results are even better than anything we could have hoped for, especially given the misleading headlines of the past year. Whether they shopped in-store, online or on their phones, consumers were in the mood to spend, and retailers were there to offer them good value for their money.”
It was a challenging year for traditional retailers that have struggled to shift to meet consumer shopping preferences, as well as deal with the growth of online. Thousands of stores have closed, workers were given pink slips and retailers offered deep discounts.
Reis economist Barbara Byrne Denham notes the retail real estate statistics camouflage the changes in the retail sector. Although the vacancy rate was flat for Q4 2017 and the year, new tenants including grocery stores and gyms are taking space formerly occupied by bankrupt businesses such as Kmart. At the same time, some retail space is shutting down entirely or getting converted to other uses.
Rent growth has been low but still positive throughout 2017, reports Reis. Asking rents increased 0.5% to $20.85-per-square-foot. This increase amounts to $0.10-per-square-foot. The effective rent increased 0.5%,as concessions are not as significant in retail real estate as other property sectors.
“Retail has proven once again that it is the most nimble industry in the economy, able to transform and reinvent itself to meet always-changing consumer demands,” Shay said. “Retail today doesn’t look like retail 10 years ago, and it certainly won’t look the same in another 10 years. But retail is retail, and will always be here to serve its customers.”
Connect Retail West is coming up January 25th at the Hurley Surf Club Pacific City in Huntington Beach, CA. Here’s where to get more information and register.
For comments, questions or concerns, please contact Dennis Kaiser


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Edinburgh’s new tramp service has proved a huge success. Crowds flocked to the first services outside the Gyle shopping centre at the weekend, where nostalgic shoppers were abused, spat on and asked for a pound for a cup of tea.
‘We are bringing back the good old days when there was vomit on every street corner and a wanking hobo on every park bench,’ said a Scottish department of culture spokesman. ‘In fact, we spent over £7 million to make sure that there is a homeless junkie every 30 feet along the Royal Mile.’
However, some have criticised the scheme, noting that since it began the number of genuine Scottish gentlemen of the road has halved. There has also been a marked increase of Eastern European itinerants coming into Edinburgh drinking the metal polish and picking the pockets of unsuspecting tourists.


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© Reuters. FILE PHOTO: A Johnson & Johnson building is shown in Irvine, California, the United States, January 24, 2017. REUTERS / Mike Blake
From Jonathan stamp
NEW YORK (Reuters) – Johnson & Johnson said Saturday it would pay $ 263 million to clear up claims it fueled an opioid epidemic in New York state and two of its largest counties.
As a result of the settlements, the drug manufacturer will be excluded from a jury trial beginning Tuesday on Long Island in which several large opioid manufacturers and traders are also indicted.
Johnson & Johnson (NYSE 🙂 did not admit liability or misconduct in the settlement with New York State, Nassau and Suffolk counties. The state settlement of $ 229.9 million also urges J&J to stop selling the pain relievers nationwide.
"The opioid epidemic has wreaked havoc across the country," New York attorney general Letitia James said in a statement. "Johnson & Johnson helped start this fire."
She said her focus remains on "getting money into opioid-ravaged communities as soon as possible."
J&J said the settlements were in line with its previous agreement to pay $ 5 billion to settle opioid claims from states, cities, counties and tribal governments nationwide.
The healthcare company and largest US drug retailer – AmerisourceBergen (NYSE 🙂 Corp, Cardinal health Inc (NYSE 🙂 and McKesson Corp (NYSE 🙂 – have proposed to jointly pay $ 26 billion to end thousands of opioid lawsuits.
J&J has also appealed a 2019 Oklahoma judge's ruling that the New Brunswick (NYSE :)-based company, based in New Jersey, pays $ 465 million for its fraudulent marketing of opioids.
Tuesday's opioid trial is one of several scheduled for this year, with more ongoing in California and West Virginia.
Drug manufacturers AbbVie Inc (NYSE 🙂 and Teva Pharmaceutical Industries (NYSE 🙂 Ltd and several distributors are among the defendants. The pharmacy chain Walgreens Boots Alliance (NASDAQ 🙂 Inc, which was only sued by the districts, is also indicted.
Walmart (NYSE 🙂 Inc, Rite Aid (NYSE 🙂 Corp, and CVS Health Corp (NYSE 🙂 were excluded from the process during jury selection. CVS has settled with the counties of Nassau and Suffolk. Settlement conditions were not disclosed.
According to the U.S. Centers for Disease Control and Prevention, nearly 500,000 people died from opioid overdoses between 1999 and 2019.
Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price, meaning that prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data.
Fusion Media or any other person involved in Fusion Media assumes no liability for any loss or damage that might arise from reliance on the information contained on this website, including data, prices, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets, as it is one of the riskiest forms of investment.


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Presidents Day is tomorrow, Monday Feb. 21, and many people are wondering what that means for day to day business. This includes benefit payments.
Most banks and post offices will remain closed for the federal holiday because they’re federal institutions.
Restaurants and grocery stores will still remain open for the most part.
How will Presidents Day impact Social Security benefits
Sometimes holidays will impact when you’re getting your Social Security checks.
If you collect SSI, it’s normally given on the first of each month.
Due to Jan. 1 being a federal holiday, it is given the business day prior to that.
This means SSI recipients get two checks in Dec. and none in Jan.
Presidents Day is on a Monday and Feb. 21, so it isn’t going to impact any of the payment programs run by Social Security.
Social Security payments go out on the second, third, and fourth Wednesday of each month.
SSDI payments follow that same schedule.
SSI recipients already saw their check for Feb. on the first of the month.
Food stamp benefits and Presidents Day
Dates vary for food stamps because each program is state run.
Most states send out food stamps within the first ten days of the month, so many people aren’t going to be impacted by the holiday.
States like Alabama, Florida, Georgia, or Indiana spread their schedules out, so some may see their food stamps later in the month.
The best thing to do is check with your local SNAP office to see when you can expect your payment.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].


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The chef is aiming to raise £50,000 to launch a casual Japanese restaurant in Cheltenham.
Kojima, who is half-Japanese, worked in banking before making it to the finals of the 2012 series of MasterChef.
After the show he undertook stages at restaurants including Le Gavroche, Dinner by Heston Blumenthal, and Restaurant Gordon Ramsay, and has since run a series of pop-ups across the Cotswolds.
Now the chef has secured a site in Cheltenham, which he is hoping to convert in to a larger restaurant complete with a demonstration kitchen to run Japanese cooking classes.
It is expected to serve popular menu items from his pop-up Koj, such as KFC ‘Koj fried chicken’; grilled sardines with ponzu; and chicken and leek yakitori.
“This [food] is what Japanese people eat at home and when they go out to pubs,” says Kojima.
“Japanese food is still not as big as it could be…now is the time to persuade the UK that it’s not all about sushi.”
The Kickstarter project has until 6 March to raise £50,000, or it will not be funded.
An increasing number of chefs have turned to crowdfunding to open restaurants in the past few years, including Paul Foster, Gary Usher and Matt Gillan.
For more information on the Kickstarter campaign, click here.


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Inflation: Target and Walmart profits drop and stocks plunge after posting financial reports
Retail giants reported a huge decline in their profits for the first quarter of 2022, sparking significant losses in their stock market value.
Some of the biggest retailers in the United States have recorded severely disappointing figures for the first quarter of 2022, causing a slump in their stock market valuations.
Retail giant Target reported a shocking 52% fall in profits for the first quarter of this year, blaming supply chain disruption and the fall in consumers’ buying power for the decline. On Wednesday alone shares in Target fell by 25%, the company’s worst day on the stock market since 1987.
Similarly Walmart’s stock recorded its worst day in 35 years earlier this week after posting a poor earnings report. The company’s financial outlook also worsened due to the increase cost of labour and shipping.
Target CEO Brian Cornell released a statement on Wednesday explaining: “We faced unexpectedly high costs, driven by a number of factors, resulting in profitability that came in well below our expectations, and well below where we expect to operate over time.”
Inflation blamed for poor earnings reports
In May the annual inflation rate remained close to a 40-year high with sustained price rises leaving many people unable to cover the cost of essentials. With consumers’ buying power taking a real hit, shoppers appear less willing to fork out on major purchases.
Cornell said that this was to blame for the “lower-than-expected sales in discretionary categories,” and added that Target shoppers are feeling the effects of the “high and persistent inflation they’ve been experiencing, particularly in food and energy.”
It is not just Target and Walmart shoppers who are suffering from the high rate of inflation and it is hurting profits across the retail sector. In recent years the retail sector has been helped by stimulus checks and other forms of federal financial relief, boosting consumers’ spending power.
High gas prices hit retail sector hard
Along with the sky-high rate of inflation, fuel prices have also soared in recent months. On Friday the average price of a gallon of gasoline reached $4.593, breaking the all-time US record, while diesel sat at $5.570 per gallon.
Diesel is the fuel most commonly used for industry transportation and the sharp rise has had sharp consequences for the retail sector. The average price of a gallon of diesel is now around $2.40 more than it was at the same point last year.
As a result, Cornell has warned that Target’s freight costs for 2022 are expected to be around $1 billion more than they were last year. Walmart, too, have blamed the soaring fuel prices for their weak financial showing.
Walmart CEO Douglas McMillon told Tuesday’s earnings call: “Fuel ran over $160 million higher for the quarter in the US than we forecasted.”
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Watchdog warning action against hotel booking sites for misleading tactics
The UK’s Competition and Markets Authority (CMA) are attempting to clamp down on shady marketing and pressure tactics from leading hotel and travel booking websites.
Following an investigation which began in October, the CMA has made a statement regarding widespread use of pressure selling tactics, hidden charges, misleading comparison figures and search results influenced by potential commission earned.
Of key concern was a common strategy in which sites falsely claim “one room left at this price” putting undue pressure on consumers to make a decision.
Another area highlighted was price comparisons, in which a misleading higher price was quoted as the original price – such as a weekend rate vs a weekday rate – to make it appear a larger discount was being offered.
CMA chief executive Andrea Coscelli said: “Booking sites can make it so much easier to choose your holiday, but only if people are able to trust them.
“Holidaymakers must feel sure they’re getting the deal they expected, whether that’s securing the discount promised or receiving reliable information about availability of rooms.
“It’s also important that no one feels pressured by misleading statements into making a booking.”
Coscelli said that, while no sites are being named as the subject of legal action yet, measures would be taken if shady dealing was not stopped.
“We’re now demanding that sites think again about how they’re presenting information to their customers and make sure they’re complying with the law. Our next step is to take any necessary action – including through the courts if needed – to ensure people get a fair deal,” he said.
The watchdog has sent a number of warning letters to sites in danger of breaching consumer protection laws, though again they declined to single out any in particular.
The CMA also said they are consulting with the Advertising Standards Authority over many sites running “best price” or “lowest price” guarantees, asking the ASA to assess whether these statements may be guilty of misleading customers.


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Art Technology Group, Inc., major provider of top-ranked ecommerce software and associated applications, announced yesterday that it has agreed to be acquired by Oracle Corporation (NASDAQ: ORCL). The transaction calls for $6 per share in cash, totaling approximately $1 billion, and is subject to stockholder and regulatory approval. Closing is expected by early 2011.
Art Technology President and CEO, Bob Burke, said of the agreement, “More than 1,000 global enterprises rely on ATG’s solutions to help increase the value of their online customer interactions. This combination will enhance the ability to bring all their commerce activities together – creating a more consistent and relevant experience for their customers across all interaction channels, including online, in stores, via mobile devices and with call centers.”
Oracle Development Executive VP, Thomas Kurian, added, “Driven by the convergence of online and traditional commerce and the need to increase revenue and improve customer loyalty, organizations across many industries are looking for a unified commerce and CRM platform to provide a seamless experience across all commerce channels. Bringing together the complementary technologies and products from Oracle and ATG will enable the delivery of next-generation, unified cross-channel commerce and CRM.”
Art Technology Group also announced financial results for the third quarter of 2010. Revenue for the quarter grew to $50.3 million, a 16% increase over the same quarter last year, driven largely by a 37% increase in product license bookings. Net income for the quarter was $4.2 million, or $.0.03 per diluted share, a 5% increase over the same quarter last year. Cash flow from operations for the quarter was $14.9 million, a 51% increase over the same quarter last year.
ATG provides advanced cross-channel commerce software and services, offering the industry’s leading commerce solution.
For more information, visit ATG’s website at www.ATG.com.
Let us hear your thoughts below:


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HTC Offers More Android Update Details for One
HTC recently indicated via its official Twitter account that it plans to update the Verizon version of the One to Android 4.3 by the end of the year and then to Android 4.4 by the end of January. All other versions of the One will receive Android 4.4 by the end of January, too. HTC also indicated that it will update the Droid DNA to Android 4.4 and Sense 5.5 by the end of the first quarter, pending carrier certification.
Hands-On: HTC Desire 601 and Accessories
HTC recently announced the Desire 601, a smartphone that falls into the middle of its range of devices. Here are our thoughts.
Review: HTC Droid DNA for Verizon Wireless
HTC's new superphone is the first to ship in the U.S. with a 1080p HD display.
Hands On with the HTC Droid DNA for Verizon
If the "phablet" category of super-phones blurs the line between phone and tablet, HTC is now blurring the lines even more with the Droid DNA for Verizon. With a 5-inch screen, the Droid DNA is notably larger than high-end phones with 4.7-inch screens.
Best Certified Phones for Verizon Wireless
Have your eye on a shiny new phone, but it isn't sold by Verizon Wireless? Did you know that Big Red allows you to bring your own device to its network?
Sprint Scores a Red HTC One, Adds NextRadio App
Sprint today announced that a red version of the HTC One will be available online and in stores beginning Friday, August 16. It costs $199.99 with a new contract.


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Waitrose has pledged a £2.6 million investment in its egg suppliers as it remains one of the few supermarkets not to impose purchase limits on customers.
Marks & Spencer and Morrisons are the latest grocers to join Tesco, Asda and Lidl in rationing the sale of boxes as the impacts of rising costs and bird flu continue to take their toll.
However Waitrose said it has no plans to introduce such limits, adding that it is confident it has “strong availability of British free-range eggs available for purchase both online and in our shops”.
Sainsbury’s and the Co-op have also not introduced any limits, with Co-op saying it is continuing to monitor the situation.
Waitrose said its £2.6 million investment will go directly to farmers to support them with soaring production costs such as energy and chicken feed.
Waitrose executive director James Bailey said: “Without our farmers, we can’t function as a business. We’ve cultivated longstanding relationships with our suppliers, and paying our farmers fairly and offering our customers free-range British eggs are commitments that we simply won’t sacrifice, even when the going gets tough.
“We continue to have a good supply of 100% British free-range eggs, which we believe in part is testament to these strong relationships and our commitment to our farmers.
“With shortages elsewhere in the market, we have seen a slight rise in demand but we’re working hard to ensure we continue to have quality, high welfare products on our shelves.”
Earlier this month, Asda and Lidl announced limits on egg purchases at some of their stores, followed by Tesco, M&S and Morrisons in the last few days.
The UK is facing its largest ever bout of bird flu, compounding existing shortages caused by producers cutting back on output or leaving the industry due to increased costs, with Russia’s invasion of Ukraine driving up farmers’ energy bills along with the cost of chicken feed, hens and packaging.
Demand for eggs is also up as consumers seek out cheaper sources of protein to offset soaring food bills.
M&S, which has been limiting customers to two boxes since Friday, said: “As an own-brand retailer, we benefit from direct and longstanding relationships with our trusted suppliers and have been working hard with them to maintain good availability of British, free-range eggs for our customers.
“We have provided additional support, including for animal feed, to help suppliers manage rising costs.
“While we have good supply of UK free-range eggs, given the recent spike in demand we are limiting eggs to a maximum of two packs per customer. This is to ensure fair availability for all customers and signage is now in store.”
A Morrisons spokeswoman said: “At the end of last week we saw an unprecedented demand for our eggs and are now introducing a two-pack cap. We would encourage customers to only buy what they need so that stock levels can return to normal as quickly as possible.
“All of the eggs we sell are British and the vast majority come from our own egg packing site in North Yorkshire.”
The NFU is calling for an urgent @DefraGovUK investigation into the egg supply chain following disruption for producers and consumers.
— National Farmers' Union (@NFUtweets) November 23, 2022
The National Farmers’ Union (NFU) has called for an “urgent investigation” into the egg supply chain disruption.
The NFU said the Department for Environment, Food and Rural Affairs (Defra) should look into whether a declaration should be made under the Agriculture Act 2020 to ensure “much-needed support” for egg producers.
The Government said the situation is being monitored but insisted the UK’s food supply chain is “resilient” and that no “significant impact” is expected overall.
Richard Crampton, director of fresh food at Sainsbury’s, said: “We understand that farmers who supply our own-brand egg packers are also facing significant challenges and it is clear that this is impacting the number of eggs they are able to produce.
“To support them we have increased the amount we pay our packers for eggs over the past 12 months, while at the same time remaining focused on keeping prices low for customers.
“In response to high levels of inflation in June we accelerated our support, making a meaningful 20% increase in the amount we pay for eggs and last week we further doubled this investment, paying an additional 20%.
“This brings the total we have increased pay by over the past 12 months to around 40%.”
Matt Hood, managing director of Co-op Food, said: “We are all aware of the challenges farmers are facing and the last 12 months have been some of the most turbulent suppliers have experienced.
“Co-op has pledged to continue backing British egg suppliers and has committed a new multi-million-pound support package to bolster our help, which will see our total additional investment top £5.6 million.
“We continue to work with our supplier and farmers to build an efficient, effective and sustainable British egg supply chain for now and the future.”


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Is self-improvement important to you? Yes, sometimes Not at the moment, but I want it to be Not at...Read More
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- Huawei’s effort to develop and establish its own smartphone operating system to replace Google’s Android could be doomed from the start.
- Building the operating system itself isn’t a huge challenge, say executives who have experience with upstart platforms.
- The much more daunting task would be for it to replicate the apps and services that Google has created or can be found in the Google Play store, they say.
- Without such apps and services, they explain, its operating system has little chance to compete in the marketplace.
- Visit Business Insider’s homepage for more stories.
Huawei’s plan to replace Google’s Android with its own homegrown operating system may well prove to be mission impossible.
Building the software itself likely won’t prove all that difficult, say former executives who have experience with alternative operating systems. The real trouble Huawei will face will be in trying to replicate the kinds of apps, services, and ecosystem that Google’s version of Android offers, they say.
“It’s is extremely challenging,” said Andreas Gal, the former chief technology officer at Mozilla, who helped lead the development of the organization’s Firefox OS.
Huawei acknowledged earlier this month that it is speeding up efforts to develop its own smartphone operating system and app store. The move came in response to the Trump administration’s attacks on the company.
The administration has accused the Chinese electronics maker of stealing the trade secrets of American companies. It’s also has said that Huawei’s equipment represents a security threat because of the company’s allegedly close ties to the Chinese government.
Earlier this month, the Trump administration issued an order barring American companies from supplying Huawei with their products and services without US government approval. In response to that directive, Google announced that it would be cutting the Chinese electronics maker off from its version of Android and from the apps it ships with it. Although, Google and the US government have since given the company a temporary reprieve.
Huawei is only the latest company to try to develop an upstart smartphone or computer operating system. In the 1980s and 1990s, companies such as Commodore, Be, and Next — as well as a programmer named Linus Torvalds — worked on PC operating systems to try to crack into the market dominated by Microsoft. More recently, companies such as BlackBerry, Palm, Microsoft, and Mozilla have tried to establish alternatives to Google’s Android and Apple’s iOS.
Apps will be the big challenge
Building an operating system or even developing some basic apps likely won’t prove much of a challenge for Huawei, the former executives said. There are numerous variants of the open-source Linux operating system around — including the basic version of Android — that it could use as a foundation for its new platform, said Jean-Louis Gassée, a longtime tech industry executive and investor. Because of Huawei’s size and its access to a huge talent pool of Chinese developers, he said it likely wouldn’t take the company too long to develop what he calls a “minimum viable product” that it could use in its smartphones.
“Definitely they could reach that stage without straining,” said Gassée, who as CEO of Be Inc. in the 1990s, led an effort to create a PC operating system that would rival Microsoft’s Windows and Apple’s Mac OS.
A much more difficult challenge will be in trying to put together an app store that can offer a collection that can match what consumers can find on phones with access to standard Android, the former executives said. Google’s move to block Huawei from using its version of Android means that the company won’t have access to the search giant’s popular Google Play store or any of Google’s own apps. That’s a big problem for Huawei, because the Google search, YouTube, Gmail, and Google Maps apps are among the most popular ones on Android devices. Without access to Google’s apps, “they haven’t got a chance,” said one former mobile industry executive who asked not to be named.
And Google’s apps likely wouldn’t be the only holes in Huawei’s store. Many of the most popular apps other than Google’s are made by American companies or Western countries, which are also likely to avoid doing business with Huawei. Even if they weren’t scared off by Trump’s ban, many likely wouldn’t be interested in customizing their apps for Huawei’s operating system until it had tens of millions of users, said Gal, now a technologist with Apple.
That’s where Firefox OS really struggled, he said. Because the software had few users, Mozilla couldn’t convince developers to port their apps to it, he said. And without those apps, it had a tough time attractive users.
“That’s where we struggled the most,” Gal said. He continued: “It’s a Catch 22 situation.”
Huawei could develop its own apps
Huawei could build or hire developers to create versions of Google or Facebook’s apps, Gassée said. Amazon’s Fire tablets don’t have access to Google’s official apps, because they run Amazon’s own variant of Android. But consumers can still find apps within Amazon’s store that will allow them to access Gmail or YouTube.
Similarly, on PCs consumers can access all kinds of services even if they don’t have an app for them just by using a web browser, he said.
On a PC, “You have very nice access to Google’s services without Google’s permission” in the form of a dedicated app, Gassée explained.
But many of Google’s apps incorporate features that aren’t available to developers outside of Google, so third-party versions wouldn’t necessarily be able to offer a comparable experience, Gal said. Additionally, Huawei might face legal trouble if it tried to offer a homespun YouTube or Gmail app. YouTube and Gmail are trademarked, which means Huawei and its developers couldn’t mention the services in the names of their apps without Google’s permission, he said.
“You can’t just take the YouTube icon and put it on a phone,” he said.
But Huawei faces an additional challenge, Gal said. Many of the services consumers tap into on their smartphones were built using immense amounts of data.
Services built on big data could be a big problem for Huawei
Take location services. When smartphones are figuring out where they are, they frequently look for nearby Wi-Fi routers and cell phone towers and compare what they find with what they have in a database of known locations of such radios. Compiling and maintaining a worldwide database of those radio locations is an immense and time-consuming task, Gal said, one that only a handful of companies has taken on.
Similarly, offering turn-by-turn directions that take into account current traffic information, requires a huge amount of up-to-date data. While there are open-source and other efforts to offer similar information, they tend not to be as good in part because they’re not being used as widely, Gal said.
To offer a mapping service comparable to Google Maps that’s useful globally, Huawei would likely be forced to build it from scratch.
And Huawei would face similar problems with other services, Gal said. The camera apps that ship with iPhones and with standard Android phones are able to produce stunning pictures in part due to software. That software was tuned to produce such great photographs through the use of artificial intelligence models that studied millions of images, he said. To create a similar app to the one that ships free with Android, Huawei would have to recreate that process all by itself, he said.
“It’s a daunting problem,” Gal said.
Outside of China, Huawei could be stymied
Gassée is more optimistic about Huawei’s chances. The company is smart, well-funded, determined, and ambitious, he said. As the second biggest smartphone maker, it also already has millions of users to which it could market its new operating system.
But even he notes that building a successful operating system will likely require plenty of time and money.
“It could be difficult,” he said.
Huawei’s best bet outside of China may be in developing countries. Smartphone penetration tends to be lower in such countries, and the price of the phones often matters more than the services they offer. Huawei’s operating system could find some traction in such countries, at least in the short term, the executives said.
Read this: A longtime industry expert explains why Trump’s attack on Huawei could end up hurting Google and other US tech giants
“But in the rest of the world, no way,” said the former mobile industry executive. “I think it’s really hard … because of the app ecosystem,” he continued.
Got a tip about Huawei or the tech industry? Contact this reporter via email at email@example.com, message him on Twitter @troywolv, or send him a secure message through Signal at 415.515.5594. You can also contact Business Insider securely via SecureDrop.
- Read more about Huawei and the trade war:
- China is reportedly on the brink of ‘major retaliative measures’ against the US as the trade war escalates further
- Stocks plunge after China hints it could unleash a ‘powerful’ trade war weapon by limiting US rare-earth supply
- Huawei’s US head of security hints that the company would be open to working with the US government to ease its concerns over cybersecurity
- Huawei: Blacklisting us could put tens of thousands of Americans out of work
SEE ALSO: A longtime industry expert explains why Trump’s attack on Huawei could end up hurting Google and other US tech giants
Join the conversation about this story »
NOW WATCH: I’ve used iPhones for nearly a decade and switched to the Samsung Galaxy S10. Now I understand Android loyalty in a way I never understood before.


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Nintendo Co.’s Mario Kart 7 for the Nintendo 3DS held in the top three game sales at Best Buy Co. Inc.’s online division due to strong holiday demand.
This week, Mario Kart 7 ranked as the No. 2 best-selling game product at Bestbuy.com.
Mario Kart 7, which began sale Dec. 4, includes brand new tracks that include underwater territory, in addition to trademark power-ups like mushrooms, banana peels, and shells.
It sells at $39.99.
Nintendo launched the Nintendo 3DS handheld with 18 software titles Mar. 27.
The hardware includes two screens, a 3D Depth Slider, a Circle Pad, a 2GB SD Card and 3-D display technology that does not require the use of special glasses.


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Gabrielle “Coco” Chanel famously remarked “a women who doesn’t wear perfume has no future” and, later this month, the company which bears her name will release Coco Noir, an homage to her memory.
In addition to honoring the designer, the scent is also intended to examine the interplay between light and dark and the luminosity of black and Baroque elements, noted Christine Dagousset, executive vice president of fragrances and beauté at Chanel Inc., calling it “addictive.”
The scent is a “luminous, transparent oriental,” said Christopher Sheldrake, perfumer for Chanel.
The fragrance, which Chanel’s master perfumer, Jacques Polge, concocted, has top notes of grapefruit and Calabrian bergamot; a heart of rose absolute, rose essence, jasmine absolute, narcissus and rose geranium leaf, and a drydown of Brazilian tonka bean, Venezuelan tonka bean, Indonesia patchouli, New Caledonian sandalwood, bourbon vanilla and white musk frankincense. Sheldrake noted that bergamot adds freshness to the mix, while geranium leaf lends brightness and narcissus lends “animal sensuality.”
Noir’s bottle is in the classic Coco shape, executed in black with gold accents. “You can’t see the juice inside, which makes it more mysterious,” said Sheldrake.
Noir is the third in the brand’s Coco franchise; the original, Coco, bowed in 1984, while blockbuster Coco Mademoiselle was introduced in 2001. While all three are oriental scents, Noir is a luminous oriental, Coco a floral oriental and Mademoiselle a fresh oriental, said Sheldrake.
“Noir sits in its own space,” said Sheldrake. “We are careful not to launch a lot of fragrances — we choose to create scents that represent an era, not a passing fancy. ”
Dagousset concurred, saying adamantly that Noir will not cannibalize Chanel’s existing fragrance business. “This is more about bringing new choices to Chanel,” she said.
A 1.7-oz. Noir eau de parfum will retail for $98 in the U.S.; a 3.4-oz. size will sell for $130. Ancillaries are slated to join the collection within the next 12 months.
A prelaunch sampling program in a handful of upscale U.S. retailers began Aug. 1, “The intention was to create buzz,” said Dagousset. The scent will appear on counter Aug. 17 globally.
While Chanel’s total fragrance universe in the U.S. is comprised of 2,000 department and specialty stores, only about 700 of them will get Coco Noir at launch. Launch retailers in the U.S. include Saks Fifth Avenue and Bloomingdale’s. Although executives declined to break out sales projections, industry sources estimate that the new fragrance could generate as much as $20 million at retail in the U.S. in its first year on counter, despite the limited distribution.
Print advertising, which will begin dropping in September fashion, beauty and lifestyle magazines, was shot by Guido Mocafico and features a hero shot of the bottle. A social media program is also planned, although Chanel declined to offer additional details.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)


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On a conference call today, RIM Co-CEO Mike Lazaridis announced that full BlackBerry service has been restored worldwide.
Along with RIM's other Co-CEO Jim Balsillie, the company reiterated the cause of the problem, a switch outage that created a massive backlog of BBMs and e-mails.
RIM says this was the most massive outage in the company's history.
Service resumed early this morning, and BlackBerry users should notice their messages going through now.
If not, RIM suggests restarting your BlackBerry device by removing and then reinserting the battery.
Now that the service is back up, RIM says it will look into compensating customers for the outage. It is also speaking with its hardware vendors to determine what went wrong.


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The DEA Actually Didn't Reschedule CBD: Industry Insiders Explain What Epidiolex's Reclassification Really Means
For decades the DEA has insisted nothing derived from cannabis has any legitimate use. Epidiolex is the first exemption that many believe will lead to a new rule.
GW Pharmaceuticals recently made headlines across the U.S., after the DEA re-scheduled its cannabis-derived drug Epidiolex, moving it from the Schedule I category (which it previously shared with highly-addictive drugs like heroin and LSD) to the Schedule V category, which implies accepted medical uses and low potential for abuse.
Epidolex is the first FDA-approved drug to contain CBD, one of the most common compounds found in the cannabis plant. It is intended for patients with treatment-resistant Lennox-Gastaut syndrome, or LGS, a rare form of childhood-onset epilepsy. While the re-scheduling is specific to this drug for the time being, and does not apply to other CBD-containing products or drugs as many outlets reported, the language in the DEA’s announcement does suggest we might see other drugs join Epidiolex in the Schedule V group over the next few years.
“DEA will continue to support sound and scientific research that promotes legitimate therapeutic uses for FDA-approved constituent components of cannabis, consistent with federal law,” said Acting DEA Administrator Uttam Dhillon.
To get a clearer idea of what the rescheduling of Epidiolex really means for the cannabis industry, Entrepreneur reached out to a few insiders and asked them to share some thoughts.
“It’s important to note that this reschedules a very narrow class of pharmaceutical drugs, not CBD itself,” Ben Adlin, editor at Leafly told Green Entrepreneur. “For now, the only product this affects is Epidiolex, a cannabis-based epilepsy medication that's expected to cost more than $30,000 a year. In the eyes of the DEA, every other form of CBD remains a Schedule I drug -- on par with heroin and LSD -- even though these products are already widely available online and in stores across the country.”
Down a similar lane, Serge Chistov, the financial partner for Honest Marijuana Company, added: “CBD was reclassified as a part of the Food and Drug Administration's approved medication. Not, however, the CBD that you and I can purchase in a local store or from the farmer. The CBD that was reclassified is a part of the process the FDA requires a company to go through for a new drug application.”
Chistov explained that this means that, going forward, companies will be allowed to apply for FDA approval of drugs containing CBD. “This does not change anything for the supplements or pseudo-farmer manufacturers in the cannabis, THC and CBD world,” he said, acknowledging that the federal government recognizing that “at least one of the cannabinoids” found in marijuana can offer medical benefits “under certain conditions” is still a “decent and positive move.”
A step in the right direction.
One theme among the many opinions we heard is that while not the ultimate goal, the rescheduling of Epidiolex is a step in the right direction. In fact, many companies went as far as issuing press releases applauding the DEA for its move and GW Pharma for its success.
Adding to these points, Jon Cooper, CEO of cannabinoid research company ebbu explained that, “By rescheduling this FDA-approved CBD medicine, the DEA is confirming there are legitimate medical properties to this cannabinoid, which is an historic step forward for cannabis and its many components. This move will eventually create further opportunities for research into the plant’s many other cannabinoids, and it will also kickstart the development of more cannabis-based products to address patient and consumer needs.”
Morris Denton, CEO of Texas-licensed medical cannabis cultivator-producer-retailer Compassionate Cultivation seemed to agree. “This acknowledgement by the federal government that CBD holds demonstrable medical use and low risk of abuse is groundbreaking,” he told Entrepreneur, calling Texas lawmakers to “take note for the upcoming legislative session as they consider potential expansion of the state medical cannabis program to include many other deserving conditions that could be helped with low-THC, high-CBD products.”
Meanwhile, Maruchy Lachance, a veteran of the nutraceutical space and the chief operations officer and co-founder of hemp-derived CBD cultivator-processor Boulder Botanical & Bioscience Laboratory noted that, “As has been successfully demonstrated in a majority of states, medical cannabis programs provide patients with a valuable treatment option to potentially ease their suffering and improve the quality of their lives. The DEA’s rescheduling will be the gateway for future development of CBD products and research into the practical uses for this important cannabinoid compound in everyday wellness, sports medicine and other treatments.”
Evan Eneman is the co-founder of Snoop Dogg's VC fund Casa Verde Capital, co-founder of ELLO and National Cannabis Practice Leader for MGO/ELLO, and founder of Fiorello. In other words: a prolific cannabis investor and entrepreneur. So, when we asked him about the DEA’s latest move in cannabis, he had a lot to say.
“The re-scheduling of CBD-derived medicines by the DEA may feel like incremental progress, but in fact, it’s the foreshock of a seismic shift to come,” he said, mentioning a complete re-scheduling of CBD and, eventually, THC-based cannabis products was the ultimate goal, the real battle.
“While this move is seemingly limited in scope, it is just the first crack in the previously impregnable Federal stance on anything cannabis-related. Perhaps even more importantly, commonly accepted (and medically verified) use of cannabis-derived products has already, and will continue to, shift public perception of cannabis and its effects. Information is power,” Eneman concluded.