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HTC DROID DNA receives price drop at Verizon
Customers of the Verizon Wireless network in the US have been left waiting for the arrival of the elusive HTC One since it was released earlier this year, and in the meantime have often been given false hope of a release date. Now though the HTC Droid DNA has received a price drop further raising hopes that the device is imminent.
The carrier has dropped the price of the HTC Droid DNA to only $49.99 on the condition that a new two year contract is agreed to, and could mean that the company is clearing old inventory for the arrival of some new hardware that could be the HTC One.
There have been numerous rumours surrounding the handset being released on the carrier even with accessories for the device appearing back in May, and this came at a time that the carrier previously reduced the price of the Droid DNA.
It is supposedly a limited time offer but it could easily be a move to shift some remaining stock to make way for the newer HTC flagship smartphone. For the low asking price though the Droid DNA has a lot to offer users as it was one of the first smartphones that released with a Full HD 5-inch display with an impressive 441ppi.
This is powered by a 1.5GHz quad core processor with 2GB of RAM running the Android Jelly Bean OS along with an 8-meagppixel rear camera, and a 2-megapixel front facer.
Will you pick up the HTC Droid DNA at this price?


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Tulsa group gets new CEO
James Evans, 45, will take over as CEO of the Tulsa Auto Collection Oct. 1.
Earlier this month, Ford Motor Co. purchased a majority interest in the troubled Tulsa Auto Collection, buying out four of the original six investing dealers. The Tulsa Auto Collection is Ford's dealer consolidation in Tulsa, Okla.
Evans, a regional vice president of First America Automotive, replaces retiring dealer and investor Don Thornton.
California-based First America Automotive operates more than 30 dealerships.
3 execs quit Federal-Mogul
Three top Federal-Mogul Corp. executives have resigned following the earnings shortfall announced last week by the world's largest maker of engine seals.
Gordon Ulsh, 52, quit after just eight months as president and COO. Company Chairman Richard Snell took over Ulsh's duties in addition to his own.
Frank Tomes, executive vice president for the former General Products division, and Edward O'Leary, vice president of aftermarket sales for the Americas, also left, the company said.
The company's shares plunged 23 percent after Snell told analysts that third-quarter profits might be 20 percent below analyst forecasts.
Porsche to build SUV in Germany
Porsche AG said it will build its new sport-utility in Leipzig, Germany.
It plans to spend about $53 million on the plant. Development costs for the sport-utility platform will run about $530 million.
Production is slated to begin by the the end of 2001. Annual output is estimated to reach 20,000.
New airbag tests proposed
WASHINGTON - Carmakers are proposing a new airbag crash test, saying it would allow them to keep using reduced-power airbags while meeting government demands that they crash-test whole vehicles rather than test sleds.
Vann Wilber, the Alliance of Automobile Manufacturers' vehicle safety director, said Friday, Sept. 17, that makers would use unbelted medium-sized male and small female dummies in a 25-mph barrier test. He said Dr. Ricardo Martinez, chief of the National Highway Traffic Safety Administration, is balking at the 25-mph speed.
In the past, the government required unbelted male dummies in 30-mph tests. Since 1997, test sleds have been used to certify safer, reduced-power airbags. New tests are needed for advanced airbags.
GM faces ad-fund quiz
A federal judge in Columbus, Ohio, will hold an informal hearing Tuesday, Sept. 21, on a motion filed this summer by General Motors dealers in southern Ohio.
The dealers contend GM is violating terms of a 1992 court settlement requiring the return of a 1 percent assessment on vehicle invoices to regional marketing groups, said Mike Close, a senior associate of the dealers' law firm in Columbus.
GM stopped reimbursing dealer groups when it disbanded them March 31. The judge will decide if a formal hearing is appropriate.

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Street Fighter II documentary Here Comes A New Challenger raised over £27,000 when it was crowdfunded on Kickstarter recently, but the team behind the project have now announced that another funding drive will take place via Indiegogo “due to the demand from fans who missed their chance to back it in 2020”.
The goal is for another £35,000, but the team will receive all funds raised even if that goal is not met. £15 gets you a digital copy of the film, while £28 gets you the digital copy, a digital soundtrack, behind the scenes footage and your name in the end credits. The £40 tier adds in a physical copy of the movie on Blu-ray and an A3 poster. There are £500 and £1500 tiers as well, which earn you Associate Producer and Executive Producer credits respectively.
Interviews have been secured with the likes of Julian ‘Jaz’ Rignall (formerly of Mean Machines and CVG magazines), Paul Davies (formerly of CVG magazine), James Goddard! (ex-Capcom USA), Jeff Walker (also ex-Capcom USA), Stuart Ashen (Ashens), Steven E. de Souza (director and screenwriter for the 1994 Street Fighter live-action movie) and Benny “The Jet” Urquidez (martial arts choreographer for the aforementioned 1994 movie).
Nintendo Life readers might also recognise another familiar face in the new trailer (shown above), but don’t let that put you off pledging your support for this project.
Here’s a statement from the team:
From director, Oliver Harper (In Search of the Last Action Heroes) comes the ultimate documentary celebrating the phenomenon of Street Fighter II titled ‘Here Comes A New Challenger’. This feature-length film charts the origins of the game and how it impacted upon the lives of kids and teenagers worldwide. Crowdfunded on Kickstarter in December of last year, due to the demand from fans who missed their chance to back it in 2020, its now available to pre-order on Indiegogo!


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Elevation Capital appoints Amit Aggarwal as VP
He will focus on early-stage investments along with two other vice presidents, Srinivas Bhaskar and Akarsh Shrivastava, a company release stated.
Growth-stage funding rounds halve, recovery seen in H1 2021
Funding rounds of $50-100 million slips to 16 and those above $100 million fall 2...
SAIF Partners rebrands as Elevation Capital; closes its seventh fund at $400 million
Elevation’s new fund comes at a time when several large ...
‘India may see 10 startup IPOs in 3 years’
India could see at least 10 internet companies going public in 2-3 years. This, after the financials of startups became more real and viable in the long term with less dependence on equity capital funding, according to one of India’s top venture capital investors.
One track, many lessons: How U2's 'Elevation' helped Paytm boss master English, woo an early investor
Music has always been Paytm founder Vijay Shekhar Sharma’s refuge.
Berkshire’s Todd Combs set to join Paytm board
Combs is considered Buffett’s successor and as Chief Investment Officer (CIO) led the $300-million investment in Noida-based Paytm in August last year.
Pallavi Shroff joins Paytm’s board of directors
Shroff has over 34 years of experience in representing public and private corporations and other entities before legal institutions.
Midas Touch Award for Best Investor: SAIF Partner's Ravi Adusumalli
Given his long aversion to giving media interviews, little is known about the man, who has backed, and then exited, some of the biggest startup ventures that have emerged from this country.
Ravi Adusumalli taught me to go big or go home: Vijay Shekhar Sharma, CEO, Paytm
In the run-up to the grand finale of the ET Startup Awards 2017, your favourite newspaper presents a special series on the lessons that some of India's most celebrated entrepreneurs have learnt from their mentors.
ET Startup Awards 2017: Midas touch award for best investor goes to Ravi Adusumalli of SAIF Partners
SAIF Partners, with Adusumalli at its helm, has emerged as one of the shrewdest outfits in the Indian startup ecosystem.
Ravi Adusumalli - India’s most-successful tech investor you haven’t heard of
As managing partner at SAIF Partners, Adusumalli has often struck gold. The VC firm’s total $70 mn investment in Paytm is now estimated to be worth about $1.5 bn.
ClearTax raises $12 million from SAIF Partners
As a part of the deal, Ravi Adusumalli, managing partner at SAIF, has joined the board of ClearTax’s Delaware, USA-based entity ‘Software is Correct’.
Capital Float raises Rs 6 crore from venture capital firm SAIF Partners
The funding is the latest tranche of a larger round raised by Capital Float after Aspada Investment invested Rs 12 crore in June.
PE major SAIF Partners invests $ 5.5 mn in online apparel brand
In a deal that marks a series of firsts in the Indian e-commerce industry, global private equity major SAIF Partners has launched Zovi.com.
'30 new e-comm cos likely by year-end'
With WiMax & 3G launches around the corner, SAIF Partners' India head Ravi Adusumalli predicts a whole new market opening up in the next 12 months.


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The Helio P22 chip brings hardware-driven dual-camera support for 13+8 megapixel setups at 30 frames per second (FPS). Additionally, the chipset brings 20:9 HD+ (1600 x 720) display support.
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Expanding its "Helio P" family of power-efficient chips for mid-range devices, mobile phone chipmaker MediaTek on Tuesday launched Helio P22 processor in India. The MediaTek Helio P22 is the first chipset to bring the 12nm manufacturing process to the mid-range mobile segment.
"With support for high-quality dual camera photography, AI enhancements and incredible power efficiency, Helio P22 sets a new bar for accessibility to premium features," TL Lee, General Manager, Wireless Communication Business Unit, MediaTek, said in a statement.
With the P22 chipset, the chip maker will offer the benefits of Artificial Intelligence (AI) accelerated experiences, improved photography and reliable, high-speed connectivity to more affordable devices, thus, expanding the "new premium" market.
"We expect continued device maker wins and consumer growth in this segment with MediaTek's new Helio P22 chipset," Lee added.
The Helio P22 chip also brings hardware-driven dual-camera support for 13+8 megapixel setups at 30 frames per second (FPS). Additionally, the chipset brings 20:9 HD+ (1600 x 720) display support. For connectivity, the P22 will support Bluetooth 5.0, dual SIM cards, and 802.11ac Wi-Fi.
With a low-power, highly capable hardware depth engine for real-time Bokeh preview, the chipset is equipped to minimise grain, noise, aliasing and chromatic aberration. According to MediaTek, the Helio P22 is in volume production now, and is expected to be available in consumer devices by the end of Q2 2018.
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We are about leadership-the 9.9 kind! Building a leading media company out of India.And,grooming new leaders for this promising industry.


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Static for AT&T
Stock Spotlight: Ma Bell is remaking itself but investors worry it'll be too distracted by merger integration to fend off the competition.
NEW YORK (CNNMoney.com) - It's deja vu all over again for AT&T.
The telecom giant said in March that it was planning to buy BellSouth for $67 billion. And once that deal is completed, the company formerly known as SBC will be more than half way towards rebuilding the old Ma Bell phone monopoly that was broken up by federal regulators in 1984.
San Antonio-based AT&T has grown by leaps and bounds, thanks to an aggressive acquisition spree led by CEO Edward Whitacre. AT&T has the largest stock market worth of any telecom company and is the second-largest by revenues, trailing only Verizon (Research).
AT&T's stock has done well so far this year, gaining about 6 percent. But the stock has cooled since the company announced the BellSouth deal, falling 8 percent since early March on growing concerns about competition as AT&T fights off traditional phone companies like Verizon and new threats from cable firms.
So when AT&T reports its first-quarter results on April 25, investors will be eager to hear more about the competitive landscape as well as how AT&T plans to deal with the challenge of integrating BellSouth (Research). After all, the SBC-AT&T deal just closed last November.
Does bigger mean better?
The BellSouth purchase will give AT&T a firmer grip on the wireless market since AT&T will now have full control of Cingular Wireless, which was a joint venture of the two companies.
AT&T should also have a better chance to win business from large corporate customers in the lucrative Southeast where Atlanta-based BellSouth has a major presence.
After the merger, scheduled to close next March, the company will have about a 60 percent share of the large corporate telecom business, according to analyst Patrick Comack of Zachary Investment Research. Analysts said the new AT&T's sales should be split roughly evenly between its three top businesses: wireless, consumer and corporate.
The deal could also help AT&T since BellSouth was already the best performing of the Baby Bell phone companies, said Christopher King, an analyst at Stifel Nicolaus. To that end, BellSouth reported better-than-expected first-quarter sales and profits on Thursday.
But some analysts are skeptical of how beneficial the deal will really be for AT&T. The company has said it expects $18 billion in savings, with half of that coming from the 10,000 job cuts the company announced from the merger.
King, who said cost savings could be ambitious, believes the company will wind up eventually cutting just $10 billion in costs. AT&T gives no date by which the savings will occur.
Costs from merger integration may hurt the stock in the near term as well. And Joe Bonner, an analyst with Argus Research, contends that while gaining full control of Cingular is a smart move for AT&T, getting bigger is not necessarily going to help AT&T fight off competition.
"Like others, I'm pretty skeptical about the merger," said Bonner. "The company is already huge. How much 'huger' can you get?"
Competition is fierce
AT&T faces brutal competition in the consumer market as cable and Internet companies move into the traditional phone market.
Digital phone services, or voice over Internet protocol (VoIP), are eating into revenue at AT&T's consumer voice business. Cable companies are also entering the wireless market through a partnership with Sprint Nextel (Research).
For its part, AT&T is fighting back. It has a marketing deal to offer satellite TV firm EchoStar (Research)'s DISH network to customers, and is also working on rolling out its own Internet video product.
Zachary Investment's Comack believes the BellSouth deal should improve AT&T's position in an industry roiling from technological changes, noting the combined company will rely less on the traditional consumer business.
King adds that AT&T is "holding their own against competitors" and other analysts note AT&T still has strong corporate and wireless businesses.
But some investors are concerned about market share losses in wireless to Verizon as well as increased pressure from Verizon in the corporate market now that Verizon has bought MCI.
Growth on hold
With all this in mind, does it make sense for anyone other than the proverbial widows and orphans that own AT&T to take a gamble on the stock?
Tim Horan, an analyst with CIBC World Markets Corp. said that the stock, trading at about 13 times 2006 earnings estimates, is "pretty inexpensive", especially when you factor in a hefty dividend yield of 5 percent.
And according to consensus estimates, AT&T's earnings are expected to grow about 8 percent a year, on average, for the next three to five years. Verizon, by contrast, trades at about the same multiple as AT&T even though its long-term projected earnings growth rate is 3 percent.
But Sprint Nextel and Comcast are expected to grow much faster than AT&T. Analysts are forecasting 15 percent annual earnings increases for Sprint Nextel and 20 percent for Comcast.
More troubling: AT&T revenues, excluding acquisitions, are expected to be flat this year and grow only about 3 percent next year.
Still, Comack at Zachary Investments thinks that growth in the wireless and corporate business should be enough to offset declines in the consumer land-line business. But he concedes that AT&T will probably never be a company that generates double-digit earnings growth again.
So AT&T may be making the right moves for the long-term to adapt to the ever-changing telecom landscape. But it's far from certain whether that will pay off for shareholders anytime soon.
A new twist in the cell phone price wars.
The telecom boom is back. Click here.
Life after Lucent: telecom feeding frenzy.


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The Cowboys are going to spend $2.8 million on a rental car, according to a report from FOX Sports.
The deal is for the $400,000 rental car the team is using in their stadium.
Here’s what you need to know: The Cowboys will spend $1.9 million on the car.
The Dallas Cowboys will pay $400K per month on rent for their rental car.
That’s the amount the team paid for the rental car in 2012.
This year, they are only paying $400k per month for the car, but the team will pay a $1,000 per month increase to cover the $1 million increase for insurance.
That means the Cowboys will be paying $2,822 per month to rent the rental for the next four years.
That would be $1m more than the $2m the team spent on the 2012 rental car and $1 for each $1 in rent the team pays each year.
Here is the breakdown of the Cowboys’ total payments for the year: 2012: $1 Million 2013: $400 Million 2014: $600 Million 2015: $800 Million 2016: $900 Million 2017: $1200 Million 2018: $1500 Million 2019: $2000 Million 2020: $2500 Million 2021: $3000 Million 2022: $3500 Million Total: $2 Million


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In a 3-2 vote, the agency decides to apply the same rules that govern telephone service to broadband, with the hope that it ensures the fair and equal treatment of all traffic on the Internet.
Mobile World Congress starts next week in Barcelona. The largest wireless party on the planet, MWC is famous for showcasing new smartphones and wearables that you'll actually be able to buy.
The Fred & Friends Oliver serving bowl is shaped like an elephant. The fun dish gives guests an obvious place to drop unwanted olive pits.
A tech blogger's too-itchy trigger finger has revealed HTC's new flagship phone a day before the firm's press event at Mobile World Congress -- that is, if appearances are to be believed.
The Hamilton Beach 33642 Programmable Right Size Multi-Quart Slow Cooker features the ability to accommodate gatherings large and small. Graduated markings inside the crock designate serving size.
That's a plus, given the retail giant's profit margins are higher when products are sold through third parties, say analysts cited in The Wall Street Journal.
The Internet Party is slated to come to the US in 2015, according to Dotcom, who describes himself as an "Internet freedom fighter."
With the announcement of a new Android Auto API announcement, third-party developers can start adapting their apps for in-car use today.
A few key TV apps are adding support for the Chromecast TV dongle, including Showtime Anytime and Starz, as well as casual games like Wheel of Fortune and Just Dance Now.
Urthecast will tell you when the International Space Statio and its cameras are passing overhead to film your event.


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Over the past few years, Google has launched several algorithm changes aimed at improving the quality of its Search Engine Results Pages (SERPs).
Through articles such as “More Guidance on Building High-Quality Sites,” Google has been encouraging webmasters to produce quality content.
In February 2011, Google officially launched its “Panda” update, which aimed to penalize low-quality sites or sites that contained shallow content. Over the past 2 years, Google has launched 25 separate updates to Panda, as recently as March 18, 2013.
Next, Google released its “Penguin” update in April 2012. The aim of this change was to crack down on sites that violated Google’s Webmaster Guidelines by using black-hat SEO tactics, such as keyword stuffing and cloaking. Some high-profile marketers have come out and admitted to utilizing these unscrupulous SEO tactics.
According to Google’s own Blog, Webmasters who may be concerned about Google’s algorithm changes should ask themselves several questions, including:
- Would you trust the information presented in this article?
- Is this article written by an expert or enthusiast who knows the topic well, or is it more shallow in nature?
- Does this article have spelling, stylistic, or factual errors?
This is where it gets interesting …
Google’s Matt Cutts stated recently that Google would no longer be officially announcing new algorithm updates. However, employees within the company have told Search Engine Land that there is in fact a new secret algorithm change that is being released in April 2013.
The naming of the new algorithm change follows in the tradition of animals beginning with the letter “P.” Inspired by Agent P from the hit Disney show, “Phineus and Ferb,” the new update will be officially referred to as “Platypus”.
What is Platypus?
Platypus is the new algorithm update for the Google Search Engine. It will be released in April 2013.
What does Platypus Target?
Platypus will focus primarily on websites that contain poor spelling, grammar and punctuation.
Is there a Comprehensive List of Issues Targeted by Platypus?
There isn’t an official list, but some of the common mistakes that will be targeted include:
- Incorrect usage of “there,” “their” and “they’re”
- Using “me” as the subject of a sentence as opposed to “I”
- Using apostrophes to create plural words
- Using “affect” as a noun or “effect” as a verb
- Run-on sentences
- Comma splicing
- Overuse of TLAs (Three-letter acronyms)
Perhaps the biggest controversy surrounding Platypus is its seemingly irrational penalty for the overuse of exclamation points. Critics argue that this penalty is sexist, as it has been scientifically documented that women use this form of punctuation 7 times more frequently than men. A female representative from the New South Digital Marketing Conference, who wished to remain anonymous, has gone on record as saying “I know that one exclamation point is usually sufficient. But I enjoy being able to use three or more at a time. It portrays the fact that I am super excited about something.”
Yahoo CEO Marissa Mayer added to the firestorm by stating “I am a woman!!! If a company makes a change that penalizes me for my gender, I am not in favor of that!!!!!!” According to sources close to Marissa, Yahoo has no plans to penalize the overuse of exclamation points or any other punctuation for that matter.
Google has yet to comment on the criticism of Platypus.
On a slight side-note, Google had previously used the codename Platypus for it’s now defunct GDrive product, which was originally released in 2006. Google has wanted to reuse the name for several years and has often stated that they are committed to the success of Platypus, both the animal and the codename.


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Pragmatic Play inks partnership with Reactive Games
Leading gaming industry content provider Pragmatic Play has seen its Live Casino product added to the portfolio of software solutions supplier Reactive Games.
European Gaming reports that Pragmatic Play’s Live Casino offering has continued to grow at a rapid-fire pace since its launch in early 2019.
The impressive portfolio includes casino staples such as Baccarat, Roulette and Blackjack, along with innovative takes on the classics.
With speed variants of the games and localised roulette tables, players all over the world can now receive the ‘casino experience’ online, in a live-host environment.
Reactive Games has a significant presence in Italy, and the partnership will help Pragmatic Play continue its expansion across regulated territories worldwide after already experiencing a strong period of growth in Europe.
Vice president of Pragmatic Play Lena Yasir said: “We are very pleased to have taken our products live with Reactive Games, one of the premier software solutions providers in Italy.
“Our live casino offering continues to impress and we are keen to deliver immersive gaming experiences to as many players as we can – something that is possible through deals like this.”
Reactive Games chief executive officer Enrico Melfi said: “Pragmatic Play has a strong reputation for delivering great products and its Live Casino portfolio has quickly emerged as one of the best in the industry.
“We look forward to offering these products to our customers and expanding together as Pragmatic Play’s innovative products continue to grow.”
Pragmatic Play currently delivers up to four new slot titles a month, as well as ever-growing Live Casino and Bingo products through its multi-vertical offering.
The company’s entire portfolio is available through a single API integration.
Pragmatic Solutions certified in Sweden
Online gambling platform Pragmatic Solutions marked an important milestone after receiving product certification in Sweden last year.
The company has added Sweden to the list of regulated territories it has been authorised to provide its PAM iGaming platform and has extended its availability in the lucrative and recently regulated market.
Casino News Daily reported last August that Pragmatic Solutions noted in a recent press release that Sweden has long been an important and extremely popular iGaming destination and after the recent reorganization of the market, the company’s certification was a necessary step in order for it to be able to tap into the regulated space and to provide its existing and new clients with its services.
Headquartered in Gibraltar, Pragmatic Solutions provides an online gambling platform that services all sectors of the growing iGaming and betting industry.
The PAM platform is flexible, modular and fully API based, and features complete UI control and powerful CMS as well as back office, CRM and wallet.
The platform also includes iGaming content by a number of third-party providers of products for the online gambling industry.
Most recently, Pragmatic Solutions announced that it has agreed to add online gaming content by Greentube, a division of gambling giant NOVOMATIC Interactive.
Under the terms of the deal, clients of Pragmatic Solutions now have access to Greentube’s most popular titles, including Book of Ra, the Reel King series, and Lord of the Ocean, among others.
Swedish gaming operator ups its online casino production
Swedish state-owned gaming operator Svenska Spel Sport has increased its online casino production since signing a distribution deal with Nolimit City.
Inkedin reports that Nolimit City is a leading household name in localised Swedish gambling entertainment, with Svenska Spel accessing a range of the Malta headquartered tech provider’s “most popular titles.”
Within the terms of the deal, some Nolimit City names, including Punk Rocker xWays, Deadwood xNudge, Tombstone, Dragon Tribe and Harlequin Carnival, will be on view in the Svenska Spel online casino lobby.
Malcolm Mizzi, Nolimit City’s commercial director said: “We are beyond excited with this monumental partnership.
“We established a strong foothold in Sweden, now having a long list of key players live with our portfolio, we are eyeing the next big market ahead.
“Svenska Spel are without a doubt the biggest name we could ever hope for achieving.”


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“Higher retail/bulk sales (for both diesel and petrol) are on the back of strong domestic demand,” the company said in its presentation.
“RIL achieved its highest ever domestic sales in high speed diesel (HSD) and motor spirit (petrol) through its well-entrenched pan-India retail network and direct sales. The average throughput per outlet for Reliance is more than double that of the industry average,” the company said in a press statement on Thursday.
While RIL has managed to outdo the industry average growth in the fuel industry, it lags compared to its own non-fuel retail business.
The revenue pie for the company’s retail business shows petro-retail’s contribution has fallen to 10.2 per cent in the last financial year, compared to 14.6 per cent share it held in financial year 2017-18. Revenue from consumer electronics at the same time contributed 30 per cent to the total retail revenue in FY18-19, against 21.9 per cent in FY17-18. For the full year, the retail business reported revenue of Rs 1.30 trillion.
In addition to its growing retail sales, the company also saw higher volumes in the bulk HSD segment. The presentation stated the company’s market share was now up to 8.5 per cent in this segment, sequentially higher from 8 per cent in the December 2018 ended quarter.
In the March 2018 ended quarter, RIL held a 7.5 per cent market share in the bulk diesel segment. “We maintained priority position with railways,” the company said in its presentation. The railways is one of the largest consumers in the bulk diesel segment in the country. RIL also reported a 37 per cent rise in its non-railway business. The company did not disclose actual volumes for this segment.
RIL operated 516 owned fuel retail outlets as of March 2019 and recommissioned 21 outlets in the last financial year. It operates a fuel retail network of 1,372 pumps.


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VANCOUVER — A British Columbia woman is demanding an apology from McDonald’s after a manager allegedly refused to serve her, then asked her to leave, because staff couldn’t understand her English.
Hai Xia Sun told QMI Agency she was mistakenly given a mocha coffee after she ordered a hot chocolate at a McDonald's franchise location in Richmond, B.C., on Aug. 15.
But when the 51-year-old Chinese-Canadian hotel worker – who speaks English as a second language – tried to correct the mistake, she alleges the restaurant’s manager was dismissive, saying: “You don’t understand English.”
“I was amazed and very angry,” Sun said during an interview conducted in English. “This is discrimination.
“They said they didn’t speak Mandarin. But I was speaking in English. She wouldn’t serve me. She said, ‘Don’t stay here. The line is long. I want to serve other people.’ She made me leave.”
Sun alleges that even when another McDonald’s staffer asked her what was wrong, the manager scolded him for interfering.
A spokesman for McDonald’s Restaurants of Canada Ltd. said the company is taking Sun’s allegations seriously, and representatives plan to meet with her to discuss the complaint.
“At McDonald’s Canada, we have a diverse and multicultural guest base, and our organization reflects a similar diversity of cultures and backgrounds – from our crew to our local owner and operators,” John Gibson said. “We are looking into a customer complaint regarding an isolated occurrence where a lone customer in one of our Richmond restaurants did not receive her intended order due to a language barrier.
“Our restaurant and franchisee are working directly with the customer to resolve the complaint.”
Victor Wong, executive director of the Chinese Canadian National Council, said the allegations are “disappointing” and “unacceptable.”
But Wong said he wants to hear what McDonald’s has to say.
“McDonald’s is a multi-billion-dollar corporation,” Wong said. “They have to provide an explanation for what happened. We haven’t heard from McDonald’s — the other side."
Sun hopes next week’s meeting with restaurant officials will resolve the complaint. But she wants a printed apology from the franchise owner and the manager who dealt with her — not only to her, but to other Canadians who don’t speak English as their first language.
“If someone speaks not-very-good English, you can’t just refuse to serve her or him,” she said.
Attempts to contact the franchise operator were unsuccessful. McDonald’s Vancouver said he was on vacation.
tap here to see other videos from our team.


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Afterpay Australian Fashion Week (AAFW) 2023 was a dynamic showcase of diversity, sustainability, and creative expression.
Held in Sydney 15-19th of May at Carriageworks, the event brought together designers, industry professionals, and fashion enthusiasts from around the globe. This year’s fashion week celebrated the fluidity of gender, defying traditional fashion boundaries. It also emphasized the industry’s commitment to sustainable practices, making it a truly unique and inspiring event.
Fashion’s Fluid Revolution
Embracing Diversity and Inclusivity at Afterpay Australian Fashion Week 2023:
AAFW 2023 challenged conventional notions of gender in fashion, embracing a more inclusive and non-binary approach. Designers courageously blurred the lines between “womenswear” and “menswear,” creating collections that defied traditional categorizations.
Christian Wilkins turned heads at Romance was Born, exuding confidence while strutting down the runway in a striking lace wedding dress. Outfaced, an emerging brand, captivated audiences with their gender-neutral loungewear, while Albus Lumen presented unisex styles such as crochet shirts and soft blazers.
Nicol & Ford’s collection The collection, divided into three parts, blended 19th-century feminine silhouettes with gender-fluid elements, followed by celestial-themed attire, and concluding with pieces symbolizing the mystic allure of a comet.
The event was inspired by The Great Comet of 1811 and Tolstoy’s War and Peace, aiming to highlight the triviality of societal obsession with wealth and class against the grandeur of natural phenomena.
This celebration of gender fluidity extended beyond the runway, with attendees sporting androgynous looks and oversized tailoring in their street style.
Sustainable Collaborations: Porsche Drives Innovation
Porsche Cars Australia played a pivotal role in AAFW 2023, collaborating with various designers and hosting exclusive events. Their partnership with ALÉMAIS, prominently featured in the opening show, showcased the shared values of creativity, innovation, and empowerment of women.
Porsche’s commitment to sustainability was highlighted by the presence of their all-electric Taycan sports car on the runway, emphasizing their dedication to eco-friendly practices and technological advancement.
Inspiring Conversations: Women with Drive:
AAFW’s Panels & Conversations series featured a thought-provoking discussion titled “Women with Drive: Lesleigh Jermanus.” Moderated by Harper’s Bazaar Editor-in-Chief Jillian Davison, the conversation delved into the realms of design, craftsmanship, empowerment, and sustainability. This engaging dialogue shed light on Lesleigh’s journey and her commitment to creating eco-friendly and sustainable fashion. The partnership between Porsche and ALÉMAIS served as a testament to the convergence of fashion and innovation.
Alix Higgins’ Delectable Earth Shudder: A Fusion of Imperfection and Sustainability:
Alix Higgins closed AAFW with an awe-inspiring display of creativity in his collection titled “Delectable Earth Shudder.” Celebrating imperfections and embracing sustainability, Higgins showcased pieces crafted from up-cycled materials, transforming waste into unique and meaningful creations. The collection resonated deeply with the Sydney fashion scene, as attendees proudly wore Higgins’ designs throughout the week.
All About Social at AAFW
All About Social representatives at Australian Fashion Week 2023 this year were Raluca-Sandra Moore (influencer/social media specialist & content creator) and Rob Nolan (photographer)
Between Vox pops and photographing the shows, prominent figures and street style heroes, they were taken aback by the incredibly dynamic, diverse and futuristic fashion they found themselves enveloped in.
In a serendipitous happening, Rob Nolan photographed the well-known and much loved Courtney Act and as it so happened she absolutely loved his shots and reposted them onto her Instagram –
All About Social felt the love, and cannot wait to be back next year.
Afterpay Australian Fashion Week 2023 was a true celebration of diversity, sustainability, and creative expression. The event boldly embraced gender fluidity, defying conventional fashion norms. Collaborations with Porsche Cars Australia brought innovation and elegance to the forefront. AAFW’s unwavering commitment to inclusivity and sustainability left an indelible mark on attendees and the fashion world at large, igniting inspiration and paving the way for a more inclusive future in fashion.


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India’s tech innovation engines must raise their game
There probably isn’t a country in the world that isn’t looking to build or expand billion-dollar tech corporations. The United States and China dominate the landscape of ‘unicorns’, privately owned technology start-ups valued at US$1 billion or more. But now some of the most rapid development is happening in India.
To read more: https://www.nature.com/articles/d41586-022-00154-y


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Washington: In a first of its kind of joint operation, India and the US stopped about 500 shipments of illicit, and potentially dangerous, unapproved prescription drugs and combination medical devices from entering America in January, the US Food and Drug Administration said on Tuesday.
Operation Broadsword targeted packages entering the US through an International Mail Facility (IMF) from January 28 through January 30, it said.
During Operation Broadsword, investigators from both governments examined more than 800 shipments, which identified approximately 50 different FDA-regulated products, including medications intended to treat and or mitigate serious diseases, such as various forms of cancer and HIV.
Many of the shipments, which included opioid drugs products, had been transshipped through third-party countries to conceal their point of origin and avoid detection. Health risks are further compounded when products are sent through such third-party countries, which undermines protections afforded via regulated pharmaceutical supply chains, the FDA said.
"A bilateral enforcement exercise like Operation Broadsword allows us to closely work with our US counterparts so as to share best practices, develop intelligence, better target suspect consignments, consignors and other bad actors at both ends, said Balesh Kumar, director general, Directorate of Revenue Intelligence for the Government of India.
With standards and regulations varying in each country, US consumers face hazards when they order drugs and other FDA-regulated products from unauthorized foreign sources and receive them through the international mail system, said FDA Commissioner Stephen M Hahn.
Consumers and physicians purchasing medicines cannot be assured the products they are receiving are legitimate, safe or effective if they are obtained from outside of the FDA-regulated pharmaceutical supply chain, he said.
The operation was a collaboration between the FDA's Office of Regulatory Affairs, Office of Criminal Investigations, Forensic Chemistry Center and Division of Northern Border Imports along with India's Central Board of Indirect Taxes and Customs and Directorate of Revenue Intelligence and US Customs and Border Protection.


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This week, plastic waste was back in the spotlight
This week on Dezeen, the impact of plastic on the environment was yet again a talking point, as the London Marathon gave out drinks in edible seaweed capsules and a study revealed the truth behind biodegradable bags.
On Sunday, over 30,000 biodegradable Ooho capsules were handed out to runners at the London Marathon, marking the largest ever trial of the drinks pods.
Designed to reduce plastic waste, the pods are made from a seaweed-based substance and can be filled with water or other beverages. The wrappers can be consumed or dropped on the ground, as they naturally decompose in under six weeks.
Meanwhile the University of Plymouth revealed the results of its study that found "biodegradable" plastic bags remain intact and useable three years after being dropped in the sea or buried underground.
Five types of plastic carrier bag were used for the experiment, which was conducted over three years in soil and marine environments. The biodegradable bag, the oxo-biodegradable bag and the standard plastic bag all remained fully functional.
In architecture news this week, Studio Gang's 40-storey Mira tower topped out in San Francisco, as shown in photos released by developer Tishman Speyer.
BIG also unveiled plans for a tower in Ecuador's capital Quito, which will comprise two curved blocks covered in earthy coloured tiles.
Notre-Dame continued to hit headlines, as Studio NAB proposed replacing its gothic roof with a public greenhouse and Dezeen deputy editor Tom Ravenscroft argued that a new, modern spire should be welcomed.
Over 1,000 architecture and heritage experts also called on the French president to abandon his five-year deadline for its rebuild, saying it should be carried out "without haste".
In design, Chinese e-commerce giant Alibaba unveiled a new custom typeface that its partners, sellers and consumers can use for their own brand identities.
Facebook launched its "modern" site redesign, which aims to puts privacy at the forefront and features a "cleaner", all-white design. Users will see these updates in the Facebook app immediately.
Following years of extreme land subsidence, the president of Indonesia announced plans to relocate the nation's sinking capital away from Jakarta. The new capital will be close to the geographic centre of the country.
Indonesia also featured on the shortlist for the Aga Khan Award, announced this week. A community library built by Indonesian studio Shau using ice cream tubs features on the 20-strong shortlist, alongside a courtyard home in Beijing and a fish market in Oman.
Create Streets founder Nicholas Boys Smith was named interim chair of the UK's Building Better, Building Beautiful Commission, following Roger Scruton's removal in April.
Meanwhile in the US, Airbnb's offshoot design studio Samara hired Apple industrial designer Miklu Silvanto to join the company's housebuilding initiative, Backyard, which plans to roll out housing designs later this year.
The unpaid internships saga continued this week, when recent architecture graduate Urvashi Vasishtha spoke to Dezeen about her experience of "exploitative internships" in India.
In contrast, we rounded up five of the best paid internships available on Dezeen Jobs right now, including opportunities in London, Hong Kong and the Netherlands.
Projects that sparked readers' imaginations this week included a lavender-topped writer's study in Ireland, Sutherland & Co's self-designed studio in Scotland and the revival of a mid-century house in Upstate New York.


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November 2016 saw computer benchmarking specialist Futuremark release its virtual reality (VR) software VRMark. Next week the company will be heading to the Game Developers Conference (GDC) 2017 and Mobile World Congress to showcase a new VR latency testing platform for HMDs and mobile devices in partnership with OptoFidelity.
Combining Futuremark’s expertise in benchmarking software with OptoFidelity’s expertise in robotics, measurement technology, automation, and hardware, the system pairs VRMark with OptoFidelity’s VR Multimeter head-mounted display (HMD) solution. It measures key VR performance indicators such as motion-to-photon latency, pixel persistence, and frame jitter. The universal design of the platform means it works with PCs and mobile devices and can be applied to both VR and augmented reality (AR) systems.
One of the platform’s key test cases measures motion-to-photon latency in a 3D rendering scenario. The test quantifies the impact of CPU and GPU performance for VR applications, analysing each frame to reveal the sources of latency, showing time spent in the 3D engine, the VR API, and the GPU. With detailed reporting, users can study late frames and the effects of timewarp. Configurable settings help you evaluate latency under different CPU and GPU load conditions.
Jani Joki, Director of Engineering at Futuremark, said in a statement: “By combining our strengths, Futuremark and OptoFidelity have created a VR latency testing platform that is a superior solution for a challenging problem. I invite press and VR industry members alike to visit our stands at MWC and GDC to see it in action.”
“The partnership between OptoFidelity and Futuremark shows how a shared belief in innovation and collaboration is helping to establish Finland as a world leader in virtual reality. We’re pioneering new ways to help VR manufacturers meet and exceed user expectations and I couldn’t be more proud to showcase the results of our cooperation at MWC and GDC,” commented Kimmo Jokinen, Chief Technology Officer at OptoFidelity.
For further updates on Futuremark, keep reading VRFocus


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A trailer has been released for the upcoming Pokemon Super Mystery Dungeon, which is a Nintendo 3DS video game.
Super Mystery Dungeon is expected to hit Japan earlier than North America. The Japan release will be on 17 September 2015 while the Western release will be in early 2016.
The new trailer reveals that players of the game will be able to travel places around the world with a partner who is chosen via questioning process similar to the original Pokémon Mystery Dungeon titles, reported Serebii.
The present trailer is in Japanese. It has been confirmed previously that the game will feature "720 types of Pokemon" and out of it 20 will be playable.
(YouTube Courtesy: PokemonCoJp)
Pokemon Shuffle has New Stages and Events
Pokemon Shuffle, the freemium puzzle game from developers Game Freack and Genius Sonority, gets new stages and events for the game.
The new update has, according to Serebii, brought in three Expert stages.
There is also a new event titled Escalation Battle in this Nintendo 3DS game that will be running from 8 to 22 June. This event will give players access to Pokémon Giratina. Participants will be highly rewarded, for catching Giratina at a higher difficulty level.
- Level 5 - 1,000 coins
- Level 10 - Disruption Delay
- Level 30 - Mega Start
- Level 50 - Mega Speed-up
It also notes that to mark celebration, Mega Speed-up item is being distributed too.
The report also mentioned about the second wave of Daily Events. Players can participate in the event and get the below Pokemon on the particular day.
- Pachirisu - Monday
- Sigilyph – Tuesday
- Sigilyph - Wednesday
- Farfetch'd - Thursday
- Druddigon – Friday


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Running Fork is bringing the curtain down on 2014 with a positive eye on good things to come with its top five travel predictions for 2015.
After an up and down 2014 most people just want to break out from their personal or professional reality and have a good laugh in a fun, lighthearted destination. And we always aim to send readers on their way with a grin on their face.
So Running Fork would like to wish everyone a very Happy New Year with a truly amazing list of its top five travel predictions for 2015:
Waiting for Myanmar
Myanmar has been Southeast Asia’s destination du jour for over a decade now and has yet to capitalise on its massive potential. Travellers who try to book flights and rooms during peak season in December or January often come up short reservation wise because they didn’t start planning early enough. While aviation and hotel infrastructure has improved dramatically in recent years, critical telecommunications platforms still lag behind. Instant confirmation is almost virtually impossible during high season and most key tourist destinations lack hotel room inventory. Best advice is to plan a visit during the annual rainy season from May to October when Myanmar’s carrying capacity can handle demand and deals are plentiful. We think 2015 will be Myanmar’s best year for inbound overseas arrivals.
TripConnect empowers small hotels
And it should deliver more to hotel customers. TripAdvisor launched TripConnect with great fanfare in late 2013 as the Holy Grail for small hotels and consumers. From a consumer point of view, the user experience is made significantly more effective through offering comparative pricing, hotel reviews and the ability to book directly all in one place. Independent hotels have been slow to adopt the model as it requires both budget and revenue management resources. We think 2015 will be the year more small hotels allocate needed resources to ‘bid’ and rank higher on TripAdvisor’s Hotel Price Comparison Search box, allowing consumers to see hotel listings and book directly with hotels, not online travel agents. For travelers it’s a win-win for greater choice, better value.
New Orleans becomes America’s finest city
This should have happened years ago, way before Hurricane Katrina forced The Big Easy into harsh glare of America’s spotlight. In 2015 the country will wake up and make trips to New Orleans an annual pilgrimage. It already is the event capital of the US, and this year CNN named New Orleans the best food city in America. Is middle America ready to eat Po Boys for breakfast and dance down Bourbon Street during Marti Gras? Probably not, but the world would surely be a better place if it did.
Thailand bounces back (again)
Thailand’s tourism sector is happy to see the end of 2014. The year began with talk of record inbound arrivals only to fizzle out as a soft Russian ruble, wet weather in beach resorts and martial law took its toll. Business picked up over Christmas and forward bookings for January and February look strong. That’s if the powers that be don’t mess things up (again), with ideas like banning liquor sales over New Year and Songkran holidays. Fortunately it didn’t happen. With a banner start to 2015 on the horizon Thailand’s tourism sector is poised for a very good year indeed.
Wearable Tech goes ‘South Park’
We recently saw several tourists wearing Google Glass out and about on holiday. Hopefully Google will ditch consumers in 2015 and sell out to attract business customers. This should be applauded as a good thing because most people who wear Google Glass look ridiculous and pretentious anyway. So throw away your obnoxious Google Glass and bin your iWatch because they don’t belong on vacation. The idea is to unplug, meet new people, relax and have fun. Google Glass specifically and all wearable tech in general belongs where Cartman was ‘probed’ and where Dick Cheney deserves to be ‘hydrated’. So go ahead, stick a fork in it!


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Vitamins, Ford F150 one of the most popular recalls in the week of 11/21 | Rare Techy
Healthy Sense, People’s Choice, recalls the Ford review:
- WHO: Healthy Sense, People’s Choice and Ford recalled their products this week. The US Consumer Product Safety Commission also issued warnings about The Laundress products and My Bouncer Little Castle.
- Why: These popular recalls are related to product safety and the potential risk of harm.
- Where: The recalls are nationwide.
A number of popular companies, retailers and manufacturers announced this week recalls of their most popular products that could harm consumers.
Healthy Sense, People’s Choice vitamins recalled due to mislabeling
Mason Vitamins Inc has recalled two vitamin products sold under its brand names Common sense and human choice. According to the recall notice posted on the US Food and Drug Administration (FDA) website, the amounts of vitamin A, vitamin B12, vitamin C, vitamin E and pantothenic acid in the products are lower than the amount declared on the label.
Affected Healthy Sense Daily Multiple with Iron are lot number 25807G with an expiration date of September 2024.
The affected People’s Choice Women’s Daily Vitamins with Iron are those with the following lot numbers, all expiring in September 2024:
No illnesses related to vitamin deficiency have been reported, but customers affected by the products are advised to discard them immediately.
Ford expands 2021 model year F-150 recall to cover 550,000 more vehicles
On November 15, Ford Motor Company expanded its previous recall to March 2022 2021 F-150 Pickups add an estimated 550,000 more vehicles. The recall affects 453,650 trucks in the United States and 103,076 in Canada built between January 8, 2020 and March 22, 2021.
According to a recall notice posted on the National Highway Transportation Safety Administration’s (NHTSA) website in March, F-150 vehicles may have a windshield wiper motor that malfunctions, causing the windshield wipers to malfunction. The main causes of inoperative or poorly functioning wipers are spot welding of the motor brush plate, insufficient motor magnet adhesive and insufficient motor nut assembly torque.
Inoperative wipers can reduce visibility in certain conditions, increasing the risk of a collision. F-150 owners affected by the recall can take their vehicles to a Ford dealership, which will replace the windshield wiper motor free of charge.
Green Day Produce Inc. is recalling mushrooms nationwide due to potential listeria contamination
The FDA issued the recall on November 17 Green Day Produce Inc. 200-gram packages of enoki mushrooms nationwide, as mushrooms may be contaminated with listeria monocytogenes. The recall applies to 200 g / 7.5 oz. Packages of Enoki Mushroom (Product of Korea) sold from September 2022 to October 2022 UPC 16430-69080 on back of package.
The Michigan Department of Agriculture and Rural Development discovered the possibility of contamination after collecting and analyzing a routine sample. Listeria monocytogenes is an organism that can cause serious and sometimes fatal infections in young children, the frail or elderly, and other people with weakened immune systems.
The FDA has suspended distribution of the mushrooms, and customers who purchased packages of the recalled enoki mushrooms are encouraged to return them to the place of purchase for a full refund.
The laundromat issues a safety notice to all products due to bacterial contamination
The Laundress, a New York-based luxury fabric care company owned by Unilever, advised consumers to do just that stop using all of its products immediately of concern, some may contain elevated levels of bacteria.
Among the products listed at The Laundress safety notice includes Baby Detergent Pack, Gentle Women’s Wash Pack, Ultimate Stain Solving Kit and All-Purpose Bleach Alternative and Cleaning Concentrate Duo. Consumers in the United States and Canada will receive a refund with proof of purchase.
A warning was given about My Bouncer’s little castle after the death of a child
The CPSC reported that consumers who own My bouncer’s little castle should stop using it immediately and discard the toy, as castles can be dangerous for children.
A 4-year-old boy died after getting stuck in a basketball hoop. The ring reportedly twisted around the boy’s neck, cutting off his breathing. Another child also got stuck in the ring, but was not hurt, according to the commission. After the tragic incident, the CPSC tested basketball hoops to better understand their safety risks. The castle did not pass the tests.
The bouncy castles have been on the market since April 2013 and cost between $100 and $200, with a yellow and green basketball hoop inside the castle.
Have you recently purchased any of the products listed in our most popular recalls? Let us know in the comments! And be sure to watch the best reminders from last week.
Read more about class actions and class action settlements:


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Taxpayer-funded charge cards are being taken away from government officials in DeKalb County.
Interim DeKalb CEO Lee May announced Monday that the county is suspending use of purchasing cards based on recommendations from Mike Bowers and Richard Hyde, special investigators who are handling an outside inquiry of fraud and corruption.
Their ongoing investigation has found examples of improper expenses charged to the county, including purchases of unauthorized items and splitting purchases to circumvent the county’s $1,000 per transaction limit, May said.
“Progress is being made every day but major challenges remain in our commitment to root out any abuse, corruption or malfeasance. This is the primary reason why we hired special investigators,” May said.
The charge card ban applies to county commissioners, their staffs and most of the nearly 300 DeKalb employees who have been issued P-cards. The cards may still be used in some circumstances, such as for emergencies, motor vehicle repairs and court expenses.
DeKalb’s government has struggled with allegations of purchasing card misuse against several officials.
Former Commissioner Elaine Boyer pleaded guilty last fall to bilking taxpayers of more than $100,000 following an investigation by The Atlanta Journal-Constitution that identified $16,800 of personal expenses on her P-card, including family airline tickets, rental cars, cell phone charges and a ski resort booking.
Her former chief of staff, Bob Lundsten, has pleaded not guilty to allegations that he used his taxpayer-backed purchasing card to buy about $200 to $300 worth of items at stores including Kroger and the UPS Store.
An audit of the county’s P-card spending found lax oversight of the program and receipts missing for some expenses. The audit found that the DeKalb Board of Commissioners and its staff spent $257,170 on P-cards since 2006, and receipts were submitted for 57 percent of those transactions.
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Article by Katherine DeClerq, CTV News Toronto
The Ontario Cannabis Store (OCS) has said that same-day delivery will no longer be available due to an increasing demand during the COVID-19 pandemic.
The OCS said on Thursday that they were experiencing a “marked increase” in sales over the last few days.
According to a spokesperson, nearly 3,000 orders were made on the website this past Saturday and more than 4,000 were made on Sunday.
On Monday, the number of orders surpassed 6,000.
Customers hoping to purchase cannabis on March 20 were met with a shipping update that said, “same-day delivery is currently unavailable due to high demand.”
“We’re currently experiencing a higher-than-normal volume of orders and our team is working as quickly as possible to fulfill them.”
The website also notes that Canada Post will no longer be delivering packages that require signatures or proof-of-age to customer’s doors.


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Come along to a presentation with Regalo’s Harriet Russell on Wednesday 30th October at 1pm to find out more.
You might have already heard about our exciting partnership with Regalo, an online gift voucher platform, but if you haven’t… Regalo provides growing hospitality businesses an easy and effective way to sell gift vouchers online and generate direct revenue.
As members of Cumbria Tourism, you have the opportunity to sell gift vouchers directly through Golakes, which attracts 19 million page views per year.
Harriet Russell, Account Director at Regalo, said: “I can’t emphasise enough how key the next three months are in terms of potential revenue generation for businesses. Around 70% of all gift voucher sales are made in the last quarter of the year, so any business which is not already offering gift vouchers is missing out on a very easy, and potentially large, additional stream of revenue”
Gill Haigh, Managing Director of Cumbria Tourism, told us: “We’re excited to be approaching our second Christmas with Golakes vouchers. Throughout the year, we receive extremely positive feedback from our members, but we know that the winter months are a crucial time for voucher sales. We are increasingly proud to offer Regalo as one of our member benefits. So, I would highly recommend coming to Staveley on the 30th October to listen to Harriet’s presentation, see the platform in action, and let her answer any questions you may have.”
Keswick Alhambra are Cumbria Tourism members who signed up to Regalo just before last Christmas and have been delighted with the product.
“It’s such a great way for people to introduce our cinema to friends and family who might not have been before. We’ve generated sales we might have never made with Regalo and had people find our website through theirs. We’ve found that people are buying last-minute birthday and special occasion gift vouchers for us from Regalo. It’s a great, instant present, and those who get the vouchers are delighted with them!”
To sign up for this event or learn more about it please email Beatrice Hooson at email@example.com.


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Junk food makes kids fatter but merrier
Fast food and soft drinks may be fattening kids but are also making them merrier. One way of tackling childhood obesity is to reduce the quantity of unhealthy food.india Updated: Apr 15, 2009 15:26 IST
Fast food and soft drinks may be fattening children but they are also making them merrier, a new study has found.
One way of tackling childhood obesity effectively is to reduce their consumption of unhealthy food and drink, and keeping them happy in other ways, according to Hung-Hao Chang from National Taiwan University and Rodolfo Nayga, University of Arkansas.
Childhood obesity is a public health issue worldwide, thanks to unhealthy eating patterns that pile fat upon fat. However, very little is known about the relationship between fast food and soft drink consumption and children's happiness.
For the first time, Chang and Nayga looked at the relationship between unhealthy dietary habits and children's psychological health. In particular, they studied the effects of fast food and soft drink consumption on children's body weight and unhappiness.
Using data from the National Health Interview Survey in Taiwan, carried out in 2001 - the authors looked at the fast food and soft drink consumption, body weight and level of happiness of 2,366 children aged between two and 12 years old.
Fast food included French fries, pizza and hamburgers; soft drinks included soda and other sugar-sweetened beverages.
A quarter of the children were overweight or obese. About 19 percent sometimes or often felt unhappy, sad or depressed. The key finding was that children who ate fast food and drank soft drinks were more likely to be overweight, but they were also less likely to be unhappy.
The authors' analysis also highlighted a number of factors influencing children's body weight, eating patterns and happiness. For example, mothers' consumption of fast food and soft drinks predicted her child's eating habits.
Those children who ate fast food were more likely to also consume soft drinks. Children from lower income households were more likely to have unhealthy dietary habits and be overweight or obese, said an Arkansas release.
The authors conclude: "Our findings suggest that consumption of fast food and soft drinks can result in a trade-off between children's objective (obesity) and subjective (unhappiness) well-being."
"Policies and programmes that aim to improve children's overall health should take
these effects on children's objective and subjective well-being into account to facilitate the reduction in childhood obesity without sacrificing children's degree of happiness."
These findings were published in Springer's Journal of Happiness Studies.
First Published: Apr 15, 2009 15:23 IST


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In the new economy, knowledge is king
Shifts in global trade patterns, coupled with rapid technological changes are presenting challenges to sustaining growth. Therefore, a transition to a more knowledge-based growth model is now ever more urgent in the current uncertain global context.
The economic shocks of the COVID-19 crisis has spelled major impacts for firms across the globe. In the short term, the crisis threatens to cause numerous bankruptcies and layoffs in the private sector, particularly among SMEs. Once mobility restrictions and mandatory lockdowns are removed, thus allowing businesses to reopen – many firms, including both larger corporations and SMEs, will have not escaped unscathed and may face the risk of insolvency.
Firms may stand a better chance during times of crises by harnessing technological and innovative capacity to adapt. Innovative capacity can help firms to pivot to new ways of generating revenue.
In the current crisis, some businesses are repurposing their production lines, and regulatory authorities need to strike a balance to support them as they make these shifts.
For example, textile companies are switching production lines from producing garments to making hygienic masks and medical robes, cosmetic companies are making hand sanitizers, hotels are becoming quarantine centers, distilleries are creating disinfecting alcohol, and automotive companies are evaluating options to produce urgently needed medical devices, such as ventilators.
Building up capacity and capabilities to produce simple products is comparably easy and can be achieved quickly. However, a lack of technological capability in producing complex medical equipment has become a major hurdle for factories looking to shift their production lines. There is a role for strengthening research capacity and helping countries develop science and technology policies that would help increase capacity to reverse-engineer, adopt, and adapt technologies to local needs.
Such belief is ubiquitous among policymakers alike. In order to chart a fruitful path forward to begin this transformation, a clear definition of what an innovation-led knowledge economy is necessary.
First, incentives to develop entrepreneurship with the efficient use of existing and new knowledge can be encouraged by a supportive economic and institutional ecosystem. Second, raising an educated and skilled talent pool is important to cultivate professionals that can create, share, and use knowledge effectively. Third, as innovation brings forth new ways to improve processes across varieties of interlinked sectors and industries, effective communication, dissemination, and processing of information is vital to ensure adaptation. And finally, this growing stock of global knowledge can be leveraged by a system of firms, research centers, universities, and other organizations to adapt to local needs, and in turn, create new technologies.
The COVID-19 Crisis and Global Value Chains: What Does it Mean for SMEs in Malaysia?
The global economic system has grown to be increasingly integrated. Almost 50% of global trade today involves Global Value Chains (GVCs) that have been an important source of growth and poverty reduction.
The global economic disruptions that have ensued due to the current COVID-19 pandemic will likely affect countries that heavily rely on trade in goods and services and that are deeply inserted in GVCs, such as Malaysia. This makes Malaysia particularly vulnerable to supply shocks, since vital sources of inputs may be shut down or countries may start imposing export restrictions. Moreover, the recent growth of GVCs means that, even more than in past crises, the COVID-19 shock is affecting many locations suddenly and simultaneously. This leads to a mutual amplification of reverberations, as the health of any economy must depend on the health of other economies supplying inputs or buying outputs, directly or indirectly.
GVCs are becoming more knowledge-intensive and reliant on high-skill labor, with investments in intangible assets (e.g. R&D, brands, IP) increasing from 5.5% to 13.1% of revenue across value chains since 2000. Moreover, technology and innovation have, on balance, boosted trade and led to the emergence of new traded goods and services. In fact, in 2017, 65% of trade were in categories that did not exist in 1992. Malaysia is deeply embedded within GVCs and has sought to upgrade its position in them. This is particularly true of the E&E sector. Accounting for 98.5% of total firms in Malaysia, and the bulk of production and employment, small and medium-sized enterprises (SMEs) are a crucial component of Malaysia’s economic growth strategy.
New technologies associated with the 4th Industrial Revolution (Industry 4.0) are transforming production processes by reducing the importance of low wages in determining competitiveness. The COVID-19 pandemic has increased the benefits SMEs could derive from using new technologies – e.g. for remote work, and online business platforms. E-commerce and digital payments should also be further encouraged through regulatory reforms and measures to foster innovation. It is thus imperative that Malaysia focuses on building its capabilities in terms of skilled workforce and adoption of technologies, especially amongst SMEs, across the board.
In response to the Industrial Revolution 4.0, the government has launched the Industry4WRD: National Policy on Industry 4.0 to drive digital transformation in various sectors in Malaysia, aiming to be an Industry 4.0 hub in Southeast Asia. In order to achieve this ambition, firms, especially SMEs, would need to aggressively adopt new technologies and effectively participate in GVCs. Measures to boost jobs and private investment, particularly by SMEs, through increased digital adoption are an important step in this direction.
The above is an extract from an article written by Smita Kuriakose, Senior Economist for the World Bank’s Finance, Competitiveness and Innovation Global Practice in Malaysia.
The full article appears in the April 2020 issue of the Development Digest: Navigating a New Normal, a half-yearly publication that features key works from teams based at the World Bank Group Global Knowledge and Research Hub in Malaysia.


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Tuesday, October 21, 2008
© Copyright 2015
COVINGTON - The Subway sandwich shop at 55 Crowell Road was robbed at gunpoint about 8:45 Saturday night, according to the Newton County Sheriff's Office.
Lt. Mark Mitchell said investigators were told a young black man, wearing all black clothing and a black ski mask entered the store, produced a weapon and demanded money.
"He left on foot, traveling north toward the interstate," Mitchell said.
He is described as approximately 5 feet, 8 inches tall and weighing about 165 pounds.
Authorities ask that anyone with information on this incident call the NCSO at 678-625-1400. Tips can be given to the NCSO anonymously at 678-625-5007 or through their Web site at www.newtonsheriffga.org and clicking on "anonymous tip line." Those who want a response from NCSO personnel should leave contact information.


text: . . . The Times Mirror Co. of Los Angeles, parent company of The Morning Call, has announced the sale of $100 million worth of five-year, 10 percent notes to refund a portion of commercial paper borrowings incurred in connection with the paper's July purchase of 7.5 million shares of its common stock . . .


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Automotive aftermarket parts distribution company FPS has taken delivery of 35 Vauxhall Combos.
Painted in FPS's distinctive peppermint green, the 35 vehicles are all the long wheelbase L2 models with ply lining and have joined the company's 390 vehicle fleet.
The vans have start/stop technology, helping reduce the company's CO2 and fuel usage throughout its daily deliveries.
The vehicles will be used to service the company's 2,500 motor trade-based clients, making up to six deliveries a day between a network of 20 sites across the UK, covering around 50,000 miles each year.
"We are very pleased to add 35 more Vauxhalls to our fleet," said Stuart Collett, fleet manager at FPS. "We currently have 164 Vauxhall vans including a fleet of Vivaros and 10 cars which we have used for the last four to five years without a single fault."
"The added start/stop feature means we can reduce emissions even further, something that we take seriously here at FPS, while at the same time seeing a return on the overall fuel consumption of our fleet."
"We are pleased that FPS has decided to continue to use the Vauxhall brand and are confident that the business will continue to enjoy their dependability, comfort and economy," said Richard Collier, Vauxhall's national commercial vehicle and B2B sales manager.
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If you’re new here, this is the latest edition of the Build Mode newsletter. Subscribe here to get the top insights in your inbox every week.
The Big Idea: Are enterprises taking the easy way out with Gen AI?
The latest numbers from Deloitte show that most organizations are primarily relying on off-the-shelf generative AI solutions.
Seventy-one percent of productivity applications, for instance, come from off-the-shelf products like Microsoft’s suite of copilots. That’s low-hanging fruit, and there’s nothing wrong with taking that approach. But it has limited ROI.
As May Habib, the CEO of Writer, put it on LinkedIn: “The most impactful generative AI use cases in your company have to do with SHARED workflows and insights around UNSTRUCTURED DATA. CoPilot is about team access to STRUCTURED data, and productivity on PERSONAL unstructured data. Based on what we've seen, you don't get transformational business impact from individuals using generative AI on their personal unstructured data.”
We asked Don Brumfield, Build Mode Editorial Board member and former VP of Global IT at Heidrick & Struggles, for his take. He said it depends on what your firm is trying to accomplish. If you are trying to focus on productivity and elevating customer experience—which is a great place for many firms to start—then off-the-self is totally fine. It provides a quick win environment by leveraging someone else's R&D costs and allows you to remain flexible from a cost standpoint.
So when does it make sense to "build your own" when it comes to AI? And, given that productivity increases alone won’t be transformational, where can orgs find the real ROI of AI?
We assembled a panel of CFOs last week and the CFO at Hungryroot, Wajeeha Ahmed, explained how their custom generative AI solution helps personalize healthy food selections for customers on their online grocery and delivery platform.
“There is a very direct business result when you personalize better,” Ahmed said.
CHART OF THE WEEK
This is where CEOs expect to see ROI from AI
Sixty-four percent of CEOs expect at least a 5% increases in efficiency from their employees as they implement Generative AI, according to a new CEO survey from PwC.
That feels like an understatement.
It would have been interesting if they had included an option for 10% or 20%. According to our own forthcoming research the productivity gains are much higher, at least among highly-skilled product builders.
Then again, with bigger companies there’s typically an uphill climb in terms of change management when doing large scale digital transformation.
The fact that 41% of CEOs expect at least a 5% increase in revenue in the next 12 months is exciting. It suggest that the rubber is beginning to meet the road with all these AI initiatives.
Can chatbots convince climate deniers to change their minds?
Nature published a report in which researchers had users of different ideological persuasions and background chat to GPT3. They found specifically that climate deniers and those skeptical of the BLM movement reported dissatisfaction with the AI Chatbot and an unlikeliness to use it again... however they also expressed attitudinal changes towards being less skeptical of climate change or BLM.
Dan Balsam, head of AI at RippleMatch and Build Mode Editorial Board Member, explained it like this: We don't pay enough attention to how AI chatbots could be a tool for pro-sociality of various kinds. Chatbots which get people to expand their thinking and challenge their own deeply held beliefs seems like a very positive potential for the tools.
There's an opportunity for a new generation of products to design themselves in ways that encourage and reward this behavior—where we've been in a state of epistemic decay due to the incentive structure of social media.
The best version of AI will challenge beliefs on both sides of the aisle. Ultimately I'd like to see a human species that is more interested in the pursuit of truth, even when it contradicts what feels good to believe. All human beings would benefit from an interlocutor who made them strengthen the evidence behind their own beliefs more deeply—it's the only way we've ever moved forward.
AI Leaders Roundtable: Build vs. Buy
When does it make sense to "build your own" when it comes to AI?
Join us tomorrow for an insightful discussion with Allie Meng, Director of Product at Newmark. Allie will share her experiences in leveraging Generative AI to drive efficiencies in a traditionally structured industry, shedding light on the practical applications of this transformative technology.
Elevate your open rates with Mailberry’s free AI subject line generator. Built by experts in the A.Team network, this tool ensures your emails get opened, read, and remembered.


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It’s that time of year again for auto enthusiasts to get together and check out the hottest trends, latest innovations and some old classics at the 94th annual Vancouver International Auto Show.
This year’s show, which runs from March 25-30 at the Vancouver Convention Centre West, promises to be a great family-friendly event with some exciting new features, following a record-breaking year for auto sales in Canada in 2013.
The show, owned and operated by the New Car Dealers Association of BC (NCDA), serves as a new model showcase for the Canadian automotive industry and represents over 30 distinct brands from the world’s leading manufacturers.
It’s also a chance for auto enthusiasts to gain hands-on experience with some of the world’s most popular brands.
For the second year in a row, the Auto Show will feature the Green Ride and Drive, which gives guests the chance to test drive the latest eco-friendly vehicles from top manufacturers.
I’m excited for The Exotics, myself, a selection of truly exhilarating automobiles that will be on display.
Visitors to this year’s show will also get to experience a bit of automotive history at Hagerty Classic Alley, featuring beautiful cars from the 1950s and 1960s, including a special salute to the Ford Mustang and its 50th anniversary celebration. Other vehicles you won’t want to miss — and each with its own unique story — include a 1956 Chevy Nomad Restomod, a 1965 Ford Mustang Convertible and a 1967 Ford Mustang.
Two classic cars will also be auctioned off, with 100 per cent of the funds going towards two very deserving causes. The first is a 1966 Plymouth Satellite, funds from which will go toward the MS Society of Canada. The second is a 1966 Ford Mustang Coupe, profits from which will be donated to the New Car Dealers Foundation of BC.
Anyone who is a regular reader of this column, or familiar with the NCDA, knows that the Foundation is a very near and dear charitable arm of ours that raises funds for local causes.
One in particular is the Special Olympics BC (SOBC), a volunteer non-profit organization dedicated to providing opportunities for individuals with intellectual disabilities and their pursuit sports training and competition.
This year, we are proud to celebrate the 30-year relationship between the SOBC movement and the New Car Dealers Foundation. Since 1984, the Foundation has raised more than $3.6 million for SOBC, playing a critical role in its growth.
New Car Dealers support SOBC athletes and programs each year during the annual Vancouver International Auto Show. Partial proceeds of the Preview Gala dinner and awards ceremony go toward the Foundation.
This year’s gala will be held on March 24 and will include awards presentations for the 2013 Salespeople of the Year, presented by The Vancouver Sun and Province newspapers, and the first Community Driver Awards.
There’s a lot to look forward to at this year’s auto show. I look forward to seeing you there!
For more information on the show visit vancouverinternationalautoshow.com
Blair Qualey is President and CEO of the New Car Dealers Association of BC. Email him at email@example.com.


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End of an era with furniture removed from Highcross restaurant Carluccio’s as it closes permanently
Carluccio’s highcross restaurant was stripped of its tables and chairs after it closed for good after the chain collapsed.
St. Peter’s Square Restaurant is one of 41 UK restaurants that will not reopen.
It stays in the dark now, with posts on the doormat and only the umbrellas standing outside.
The Italian restaurant and delicatessen chain announced in March that it had joined the administration and put 2,000 jobs at risk.
You will receive regular email updates on the latest news from Leicestershire restaurants and bars.
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Directors said they made the decision to take over the company “after a prolonged period of challenging trading conditions exacerbated by Covid-19 and the wider issues the UK retail and hospitality sector is currently facing.” “.
In May it became known that the Boparan Restaurant Group (BRG) had bought the chain – which was founded in 1991 by the late Antonio Carluccio and his then-wife Priscilla.
The rescue contract secured the future of 30 Carluccio UK branches and saved more than 800 jobs.
However, the remaining 41 restaurants – including Leicester – did not reopen after the lockdown restrictions were lifted.
(Image: Leicester Mercury Group Limited)
There are now three highcross restaurants in a row that are permanently closed.
In addition to Carluccio’s, the Café Rouge next door and its neighbor Handmade Burger Co have finally closed this year.
The Leicester Highcross branch of the French restaurant chain Café Rouge was finally closed after its owner, the Casual Dining Group, took over management at the end of June.
Together with the Loughborough branch of the Italian restaurant chain Bella Italia, it was one of 91 British restaurants out of a total of 250 restaurants in the Casual Dining Group that have permanently closed.
Handmade Burger Co’s Leicester office closed permanently in January after the company took over management for the second time in three years.
While some highcross restaurants reopened after the lockdown restrictions were lifted, many are currently closed, with temporary closure signs on the windows.


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By Li Haitao, Dean’s Distinguished Chair, Professor of Finance and Associate Dean, Cheung Kong Graduate School of Business
Inflation has become a global problem. In May, the US’s year-on-year (YoY) CPI was 8.6% whereas its Core Personal Consumption Expenditure (PCE) Price Index was 4.9% on a YoY basis, both recorded at the highest level in the past four decades. The Euro zone and Germany both experienced a high inflation of 7.4% in April. The inflation in the world’s major economies are due to a multiple of factors – the persistent COVID-19 pandemic, flooding liquidity in Europe and the United States, the supply chain crisis and labor shortage, the Russia-Ukraine war and China’s strict pandemic control. The global economy is now facing the possibility of a depression.
The volatility in the market shows that interest rate hikes might be too late to help the situation. Coupled with geographical conflicts and strained energy and food supply, global inflation may get out of control. Some experts say that it is possible the world may degenerate back to the Great Inflation in the 1970s. There are also concerns that the Fed’s increase of interest rates may send shockwaves through the US capital market and add to the risk of a hard landing.
Will that be the case? Will rising interest rate burst the bubble and trigger the next financial crisis? How does the Fed’s interest rate rise affect China?
The US inflation may not get out of control as it did in the 1970s.
We will need to reexamine the risks in the US’s inflation system. According to the equation of exchange, MV=PQ, the price of goods and services is determined by the demand and supply. As the Fed has been tightening its monetary policy, people may lower their demand, easing the pressure on the recovering supply chain. The development of energy technologies also prevents the US from facing the hyperinflation seen in the 1970s.
1) While the Fed could have acted sooner to increase the rate, unlike the 1970s, they have been keeping a close watch on inflation this time.
Biden shares Powell’s emphasis in curbing inflation. In one of his speeches in late-May, Biden referred to fighting inflation as his top economic priority. Powell also said recently that “inflation is much too high” and it needs to decelerate.
The pain of this year-long inflation hasn’t been felt by most people, which gives the government enough time to deal with it, whereas in August 1979 when Paul Adolph Volcker, Jr., the 12th chair of the Federal Reserve (1979-1987) took office, the US had been struggling with an inflation of over 5% for six years. Powell faces a much less tricky situation in front of him.
2) Many signs show that demand has started to decline.
The US’s consumption of products such as semi-conductors has drifted downward. As a result, South Korea’s semiconductor export, the country’s largest foreign exchange earner, climbed only 15.8% in April at USD $1.8 billion. The downward trend was prominent, which is correlated to the US’s declining consumption. The slowing growth rate of consumption of semiconductors, one of the essential consumer goods other than energy, indicates the overall cooling off of consumption in the US.
The YoY Growth Rate of South Korea’s Semiconductor Export and The YoY Growth Rate of the US’s Semiconductor Sales Volume
The US’s real estate sentiment has started to cool as interest rates increased. Demands on new houses and exsiting houses in the US have been suppressed by the highest 30-year fixed mortgage rate since 2010 at 5.3%. Since the Fed is expected to increase the interest rate further, the high mortgage rate may cause the prices of existing houses in the US to keep falling.
The Median House Prices of the US Existing Houses Have Fallen from its Peak
Americans’ consumption on services has slowed down compared with the same time last year. With the rising inflation, increased interest rate and drop in savings rates, Americans’ consumption on services grew by 10.8% in April YoY, down from 11.3% in March.
The YoY Growth Rate of the US Residential Consumption on Services
3) Supply-side Risks may be Alleviated
With an average wage rising by 5.5% on a YoY basis in April, the stressful labor market in the US is expected to regain its balance as interest rates increase. The Fed seems to have been ready for an unemployment rate on the rise so as to cool off the labor market. On May 12, Powell said in an interview “what we need to do is we need to get demand down, give supply a chance to recover and get those to align. Right now, in the labor market, there are two job openings for every unemployed person. It’s a historically high level.” The imbalance in the labor market also shored up the inflation. The Fed’s recent actions on interest rate cooled off the overheating labor market. The US employees lowered their expectation on wage increase.
The Fed is increasing the interest rate and tapering to lower the wage increase and to stop inflation.
The low savings rate will force more people to return to the labor market, alleviating the stressful labor shortage. Previously, the US’ financial subsidy plans allowed many people to receive money without having to work, which additionally fueled the pressure on the labor market and contributed to inflation. In April, the US residential savings rate has dropped to 4.4%, much lower than before the pandemic. This will force many workers back to the labor force, slow the wage increase and lower inflation.
The US residential savings rate is lower than before the pandemic.
The diversification of energy supply nowadays would cushion the blow of the energy crunch. Back in the 1970s-1980s, crude oil was the US’s major energy, which made the US more prone to the shock of disruptions in oil supply from the Middle East in 1973 and 1979. Global demand for oil is cooling as we transition to other forms of energy.
Also, the U.S. can satisfy its own energy demand with its shale oil reservation and technology, which wasn’t the case back in the 1970s. It has become a net oil exporter in 2019 during Trump’s presidency. The current pressure on the U.S. energy supply is caused by short-term shortage of labors and materials, instead of by technical or reservation issues.
The U.S.’s Crude Oil Production
Making up of 13% of all American consumption, US food and their prices also played a part in the high inflation. In April, the US Consumer Price Index for food grew by 9.4% on a YoY basis, up from 8.8% from March. So far, we haven’t seen a clear downward trend in its food prices, especially with the affected food production and export in Russia and Ukraine due to the war. However, given that the U.S. is a developed country and a net food exporter, the chances of food price triggering virulent inflation are low.
The Biden administration may consider cancelling some tariffs on Chinese products to lower its domestic inflation. In his national speech in Washington D.C. on May 10, Biden said he may lift tariffs on some imported Chinese products to curb the CPI in the US.
The clogged supply chain is also on the mend from the disruption of the COVID-19 pandemic. A declining demand and recovering supply chain both alleviated the strain on the supply-side. Take shipping as an example, the container shipping prices from China to the U.S. are gradually reducing.
The container shipping prices from China to the U.S. gradually reduce.
There are indeed risks in supplying products, energy and food but things so far are under control. On the one hand, to ease inflation, the U.S. can be independent in energy supply and can even expedite its energy production by invoking the Defense Production Act (DPA). On the other, the labor market will feel less pressure with the rising interest rate and the recovering economy from the pandemic. As people’s income drops, more people will return to the labor market, evidenced by the US Core PCE in April, which eased to 4.9% from the previous 2 months.
The U.S. Core PCE and the Fed’s Estimates of the Core PCE Inflation
Chances of a hard landing in the US are not high.
If the inflation drops as expected by the Fed, the U.S. economy will not likely be heading for a rapid downturn despite it facing downward risks.
1) Amid the COVID-19 pandemic, it was mainly the U.S. government that hiked leverages. The debt level of businesses and individuals are ingeneral reasonable.
The market was mainly concerned that the increase of interest rates by the Fed may trigger debt default that leads to the tapering and an economic hard landing as in 2000 and 2008. The current situation suggests that the chances are low because it was mainly the government, instead of businesses and individuals, who borrowed heavily.
Right now U.S. companies have a reasonable level of debt, compared with that in 2000 and 2008. Interest rate expenditure of American private companies accounts for roughly 15% of their profits, which is at a low level.
Ratio of Interest Expense of American Private Companies to their Net Profits
US residents are not under much debt pressure either. As of the end of 2021, the charge-off rate of US residents’ credit card consumer loans is only 1.82%, which is near a historical low, significantly different from the situation in 2000 and 2008.
The Charge-off Rate of US Residents’ Consumer Loans
This time the US government has seriously increased leverage. Generally speaking, the probability of bankruptcy and default of the US government is small, and it is more able to cope with the impact of tapering and rising interest rates than the residential and corporate sectors. In the process of fighting the COVID-19 pandemic, the US government has increased its debt by about 5 trillion, corresponding to the expansion of the Fed’s total assets from 4.2 trillion to nearly 9 trillion. The Fed’s tapering, which starts in June, is expected to reach $5.9 trillion by 2025. As long as inflation doesn’t get significantly out of control, the pace of the Fed’s tapering can be adjusted based on economic conditions. This will subjectively reduce the risk of a hard landing for the US economy.
In 2020 When the COVID-19 Pandemic Erupted, the Leverage Ratio of the US Government Rose Rapidly
2) The interest rate spread of long-term and short-term U.S. treasuries shows that the market is not worried about a sharp economic recession at present.
3) In the previouscycles, the inversion of the long-term and short-term interest rates of US bonds caused by the Fed’s increase in interest rates often indicates a recession. This is mainly due to the fact that the Fed’s interest rate hikes have more influence on the rise of short-term interest rates, while long-term interest rates reflect the premium of inflation and actual economic growth, and are often higher than short-term interest rates. When the time premium of long-term interest rates is negative (that is, the long-term and short-term interest rates are inverted), it means that the market is not optimistic about the long-term economy. The market is the most sensitive, and market concerns often end up happening, such as 2000 and 2008.
The inversion of the long-term and short-term interest rates of US bonds caused by the Fed’s increase in interest rates often indicates a recession.
At present, the 10 year-2-year bond yield spread and the 10 year-3 month bond yield spread diverges, which shows that the market is not consistent with expectations for a rapid recession in the US economy. At the same time, the 10 year-2-year bond yield spread has recently rebounded from the bottom, indicating a low possibility of a rapid recession in the US economy in the near future.
The 10 Year-2 Year Bond Yield Spread and the 10 Year-3 Month Bond Yield Spread
US inflation expectations are overall under control. Its residents and companies are under reasonable debt pressure. After tracking its indicators such as employment, income, consumption, production, inventories, and inflation, we don’t think the possibility of a hard landing for the US economy is high.
Implications for China in Economic Development and Investment
The Fed’s rate hike is one of the most obvious external shocks to the Chinese economy, which will pose risks to both the Chinese economy and the capital market. In the shock caused by the Fed’s interest rate hike, we need to pay attention to the following risks and prepare for them:
1) China’s external demand is facing downward pressure, and it must be well prepared to deal with the impact of the decline in external demand.
In 2021, China’s economy was robust, due to a strong export to a large extent. But this trend is rapidly changing. Reduced demand in Europe and the United States due to tighter monetary policies and recovering local production capacity from the pandemic will all pose challenges to China’s exports. As an export-oriented country, the decline in exports means pressure on China’s economic growth, which will bring challenges to domestic employment.
US Import Growth and China’s Export Growth
2) At present, it is a viable policy for the Chinese government to increase leverage to save the economy. During the COVID-19 pandemic, the United States adopted unconventional monetary and fiscal policies to stabilize the economy. Now China’s domestic pandemic prevention and control is at a critical moment. The Chinese government needs to consider increasing leverage to save the economy and boost market confidence to sustain a healthy economic development until after the pandemic ends. At the same time, if the US inflation is under control and the Fed does not raise interest rates, China should prioritize setting up its own monetary policy based on its own economic condition, and there is still room for interest rate cuts in China.
3) The Fed will aim to reduce its domestic inflation. At present, the priority of the Fed is to reduce the inflation, which will bring down demand and put pressure on risk assets. However, it is difficult for the US economy to have a hard landing, and the probability of inflation running out of control is low, so there is limited room for US stocks to continue to dip. In addition, the rising interest rate will put pressure on growth stocks before inflation is tamed, and energy high-dividend stocks (XOPXLEEnergy ETFs) will be favored.
This article was originally published on Financial Times in Chinese.
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