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A currency increasing in value in 200% in about four months and becoming more and more attractive to investors worldwide – regardless of the size and structure of the country’s economy, for any government in the world this scenario could be hardly achievable. However, not for cryptocurrencies.
On June 12, several exchanges including Coinbase and Bitfinex registered a 200% rise in Bitcoin price that hit an all-time high of $2,983,55, according to BNC Index. The combined market cap of all cryptocurrencies, including also Litecoin, Ethereum and Ripple, reached $100 billion for the first time in history and is still projected to grow.
Full anonymity of blockchain operations along with rapid increase in value to fiat currencies can be a powerful economic tool for those national and supra-national authorities, which first learn to efficiently regulate cryptocurrency and offer secure conditions for retail investors. Introducing efficient worldwide regulation for cryptocurrency will definitely take time and effort, since there is still much debate on how to turn the first viable decentralized and most democratic form of digital cash in reliable tool for investors – but you know that in the end it is worth it.
Japan, a current leader in cryptocurrency regulation and the only country in the world that offers official licensing of cryptocurrency exchanges, had to go through the tough case of Mt. Gox, a sadly famous ‘bitcoin disaster’ with around $460 million stolen by cyber criminals and lost by the management, to learn lessons on cryptocurrency regulation.
Introducing efficient worldwide regulation for cryptocurrency will definitely take time and effort
Now Japan has recovered trust in digital currency and become one of the largest centres of bitcoin trading, since it became a fully legal currency: JFSA (Financial Services Agency of Japan) issues licenses for digital currency exchange and its biggest retailers are already accepting payments in cryptocurrency. According to Bitlegal, Japanese regulatory authority has also signed fintech cooperation agreements with Singapore and UK financial regulatory bodies to facilitate the process of entry to digital currency market.
So, what do you exactly have to do to enter Japanese cryptocurrency exchange market? ‘Any company willing to provide a digital currency exchange in Japan needs a minimum capital of 10 million yen ($90,809), government registration, sufficient level of IT defense against theft and loss, has to provide information on trading address, registration and fees, KYC (Know-Your-Client) protocols, as well as to have accordingly qualified director and head of AML division’, explained Julian Kramer, CEO of OFFSHORELICENSE.
‘It may sound not that easy, but it pays off eventually. FX margin trading in Japan is around $10 trillion per quarter and even a little part of that converted in cryptocurrency is a very desirable prize. We are lucky enough to have experience in Asian markets, so we already started offering assistance to customers in obtaining crypto licenses in Japan. I really believe, that those, who catch the moment with digital currencies today, will definitely enjoy great profits tomorrow’.
Lack of regulatory framework impeding initiatives
While Japan is already well ahead with bitcoin regulations, other countries are still halfway in this direction. According to the report of Asia Securities Industry and Financial Markets Associations (ASIFMA), governments across the Asian region have launched numerous initiatives to attract, at least, a part of $100 billion global fintech investments, but due to the lack of adequate regulatory framework, along with Hong Kong and Singapore historical rivalry, they are still losing the competition.
For instance, in Hong Kong one can obtain a money exchange license and run a cryptocurrency exchange, but that would be the same license as of an online retailer. In Singapore, the central bank proposed to regulate cryptocurrency exchangers as payment firms. This lack of adequate regulation makes fintech companies of these countries by far less competitive on international markets, as well as makes their markets less attractive to foreign investors.
Surprisingly enough, the world’s biggest economy is also struggling with bitcoin regulation. In 2015, the US defined bitcoin as a commodity, which could be regulated by the Commodity Exchange Act (CEA), but the Security Exchange Commission (SEC) refused to consider it as a security.
The world’s biggest economy is also struggling with bitcoin regulation
Trying to cope with this challenge, the New York State Department of Financial Services (NYSDFS) introduced a business license for cryptocurrency activities (BitLicense) already in 2015, but due to the lack of clear definition of virtual currency it led to a so-called ‘Great Bitcoin Exodus’ (The New York Business Journal), when at least ten bitcoin companies stopped their business in NY.
For the time being, only three cryptocurrency companies were awarded BitLicenses, while other multiple applicants were denied. According to Bitcoin magazine, there still is neither political consensus in the US concerning digital currency business, nor enough encouragement by federal banking regulators to banks to run business with digital currency and fintech startups. Some states, like Delaware, cautiously familiarize themselves with the idea of blockchain by suggesting distributed ledger share registers, but there still is a way to go.
Along with the mentioned above countries, the European Parliament and Russia has also announced the plans to proceed with blockchain regulation, but no clear plans have been laid out so far. Generally, the key questions that are still to be answered are what exactly to regulate, the blockchain codes, or the use of these codes, how to secure ICOs (Initial Coin Offerings) for the investors, how to tax digital currency activities and how to prevent financing of terrorism and organized crime.
In the end of May 2017 an Indian blockchain consortium BankChain introduced a permissioned blockchain for integrated and shared KYC (Know-Your-Client) and AML/CFT (Anti-Money Laundering and Counter Terrorism Financing). It allows sharing of KYC data, investigation reports, suspicious transaction reports, and cross-border wire transfer reports.
Such developments are a clear signal that the business is ready to work on additional regulation and transparency for digital currency, so this is a good time for the governments to back up these initiatives with efficient regulatory framework. And now it is up to investors to decide whether to wait for the digital currency developments in their countries or buy a ticket and go to Japan.


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Icrontic got hands-on with the new Sony handheld PSVita game system at E3. Here is our first impression.
Can't wait :)
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Verizon Wireless today announced the GizmoWatch, a second-generation smart wearable that targets children ages 3 to 11. The device is primarily meant to serve as a location tracker for parents. Using the free Android and iOS apps, parents can view their child's real-time location, set geo-fences, and receive alerts should the child stray outside of designated zones. Parents can also control the device's uptime and ensure that it is quiet during school hours. The wearable runs on Verizon's LTE 4G network and can receive calls from up to 10 parent-approved numbers. The GizmoWatch includes 20 preset text messages that kids can send to their contacts. Kids will be able to track their steps, as well as use a voice-changer app for fun. Verizon says the GizmoWatch battery lasts between three and four days. The GizmoWatch, available starting today, costs $180 and requires a $5 monthly fee for connectivity.
Don't expect to be able to use the same phone across 5G networks, at least in the early days, says AT&T. "It's not because there isn't a desire and we don't want to," explained Gordon Mansfield, AT&T's VP of radio networks and device design, to PCMag. Technical challenges are the roadblock that will prevent 5G roaming from the onset. Specifically, phones won't be able to contain the 28 GHz 5G radio used by Verizon and T-Mobile, and the 39 GHz 5G radio used by AT&T in a single device. This means the first 5G phones will likely be carrier exclusives. The same story played out when LTE 4G first launched, as network operators used disparate bands for their high-speed service. It wasn't until 4G radios began to support multiple bands that LTE roaming became a reality. Mansfield believes this scenario won't last too long with 5G. "As an industry, that will be very quickly overcome; I don't think the single band introduction from the millimeter-wave point of view will last very long," he said. AT&T's first 5G device, expected before the end of the year, will be a puck-style mobile hotspot. The carrier hasn't said when it will go on sale, nor how much it will cost. The company is also preparing 5G-enabled smartphones, though those aren't expected to reach the market until 2019.
The nation's four largest network operators recently provided an update on the progress being made by the Mobile Authentication Taskforce. In September 2017, AT&T, Sprint, T-Mobile, and Verizon Wireless agreed to work together in order to build a better way for people to log-in to apps and other services with their phone. This week, they announced Project Verify, which they contend will replace passwords with a "more secure, device-based, multi-factor authentication." With Project Verify, consumers will have control over what information they share through their device and what apps are allowed to access it. Once they've set up the initial handshake between their phone and their favorite apps and services, they will be logged in automatically. The Mobile Authorization Taskforce says user IDs will be backed by unique identifiers, including phone numbers, account type, account tenure, and SIM card data — all of which are protected by the mobile network's authentication protocols. Consumers' ID is verified via network intelligence that matches the SIM card to device owner data. The service can work with text- and email-based two-factor authentication methods when necessary. Users will need to protect their phone with a password, fingerprint, or other method to prevent others from easily accessing their apps and data. The carriers hope Project Verify will help prevent fraud and data breaches, while also helping people bypass the hassle of usernames and passwords. There's no word yet on when Project Verify will launch, nor what phones and carriers will be able to use the service.
Apple today announced that its new iPhone Xs and iPhone Xs Max will be the first to support dual SIM cards. Rather that include the space for two physical SIM cards in the iPhone Xs and Xs Max, the phones will include support for one physical SIM and one eSIM, an electronic SIM card that can be programmed with carrier service. The eSIM will not be accessible to those purchasing the Xs/Xs Max right away. Apple says an update to iOS 12 will enable the eSIM later this year. Using the eSIM and physical SIM together will not be as simple as it would be to use two physical SIM cards. "To use two different carriers, your iPhone must be unlocked," explained Apple on its web site. "Otherwise, both plans must be from the same carrier. If a CDMA carrier (Sprint or Verizon) provides your first SIM, your second SIM won't support CDMA." Apple says the eSIM can serve as your only cellular plan if you don't have access to a physical SIM card. Otherwise, the main cellular plan will be attached to the physical SIM and the second to the eSIM. Apple says with two active carrier accounts on a single iPhone, owners will be able to select primary and secondary accounts, set one for calls/texts and the other for data, or use both lines for calls, texts, and data. AT&T, T-Mobile, and Verizon will support the eSIM, but Sprint will not. Apple warns that the eSIM may be disabled when purchased from some carriers.
Apple has realigned its roster of smartphones with the debut of the new iPhone Xs, Xs Max, and Xr. Moving forward, Apple's entry-level model is the iPhone 7 at $449 and the iPhone 7 Plus at $569. The iPhone 8 and iPhone 8 Plus start at $599 and $699, respectively. Last year's iPhone X has been discontinued, as have the iPhone 5 SE and iPhone 6s. The iPhone Xs costs $999 for the 64 GB model, $1,149 for 256 GB, or $1,349 for 512 GB. The iPhone Xs Max costs $1,099 for the 64 GB model, $1,249 for 256 GB, or $1,449 for 512 GB. All these iPhones are available with service from AT&T, Sprint, T-Mobile, or Verizon Wireless, as well as unlocked with support for global GSM/LTE networks. The iPhone Xr costs $749 for 64 GB, $799 for 256 GB, or $899 for 512 GB. The Xr will not initially be sold unlocked and must be purchased with service from one of the four national carriers. Each iPhone ships with Lighting EarPods, a Lightning charging cable, and a 5W charger. They do not include Lightning-to-3.5mm adapters for standard headphones.
Verizon Wireless will offer consumers in Houston, Indianapolis, Los Angeles, and Sacramento 5G service beginning October 1. Verizon is calling its new offering Verizon 5G Home, which is its fixed 5G service that will act as a replacement for in-home broadband, cable, or fiber. Verizon's mobile 5G service, which will offer access to phones, tablets, and other mobile devices, won't launch until 2019. For now, Verizon says its 5G Home service can offer peak download speeds of 1 Gbps and average speeds of 300 Mbps. The service costs $50 per month for Verizon Wireless subscribers, taxes and fees included, or $70 per month for non-Verizon Wireless customers. Verizon says the service will be available with no data caps at launch. Verizon is offering freebees to early adopters. For example, Verizon's fixed 5G service includes three months of free access to YouTube TV, and a free Apple TV 4K or Google Chromecast Ultra device. Verizon will install all the necessary equipment for free, including WiFi devices and routers, as well as provide dedicated support to 5G customers. People who jump on Verizon's 5G fixed service will have first access to 5G mobile devices when they launch. Verizon calls its 5G network "5G ultra wideband." It relies on Verizon's extensive fiber-based backhaul network, a large number of small cells, and mmWave spectrum. Of note is that Verizon 5G Home is not based on the 5G NR standard. Instead, Verizon is using its proprietary 5G TF standard, which is ready now. The 3GPP 5G NR standard is not yet being incorporated into commercial gear. As such, once 5G NR gear becomes more widely available, Verizon will upgrade 5G Home customers' equipment at no charge. Starting September 13, consumers can sign up to become "First On 5G Members." Signing up puts you on the list for in-home 5G service when it launches October 1, and ensures people who live outside of the launch markets will be kept up to speed on when 5G fixed and mobile service will arrive in their neighborhood.
Verizon Wireless continues to make progress in developing its future 5G network. The latest milestone saw Verizon and partners Ericsson and Qualcomm create a 5G NR call using commercial equipment and a smartphone-sized test device. Previous calls have been made in labs and to vans with the proper equipment. This demonstration shows how 5G NR mobile service will eventually work on phone-sized devices. Verizon says the call was completed over its 39 GHz spectrum with an Ericsson mmWave radio and the Qualcomm Snapdragon X50 modem. Verizon expects to launch fixed 5G service in Los Angeles, Sacramento, Houston, and Indianapolis before the end of the year, with its mobile 5G on deck for early 2019.
Verizon Wireless today said that together with partner Nokia it has taken another step forward its eventual launch of mobile 5G. The company says it completed the first "over-the-air, end-to-end data transmission on a commercial 3GPP 5G New Radio (NR) network." The test, completed in Washington, D.C., used a real-world 5G base station and transmitted data using Verizon's 28 GHz (mmWave) spectrum to a Nokia van on the city street. Last month, the two companies completed a successful hand-off between two 5G cell sites in a controlled setting. Verizon is preparing to deploy fixed 5G service as an in-home broadband replacement later this year. It won't launch mobile 5G service, which this test covered, until 2019.
The FCC wants to ensure that wireless companies don't hit any unnecessary hurdles thrown in the way by state or local governments as they build out their 5G networks. As it works today, carriers typically have to apply locally within towns, cities, and states to install new cell sites. Local government can impede progress by denying permission to put up new sites for any number of reasons. Since future 5G will require more cells in more locations, the FCC believes the process needs to change. A new Declaratory Ruling and Report and Order seeks to establish new guidelines. For example, the FCC wants to set limits on the fees that can be charged by municipalities for applications, processing the applications, and adjusting the right-of-way around such sites. The FCC also wants to shorten the shot clocks afforded to local governments to weigh such applications. For example, it wants to see a 60-day approval window when carriers seek to adjust an existing cell site and a 90-day window for installing new cell sites. The Order will codify the existing 90 and 150 day shot clocks for larger wireless facility deployments. Local governments that don't comply with the new clocks will be presumed to be denying the applications and will need to have legit reasons prepared. "This is part of a national strategy to promote the timely buildout of this new infrastructure across the country by eliminating regulatory impediments that unnecessarily add delays and costs to bringing advanced wireless services to the public," argued the FCC. AT&T, Sprint, T-Mobile, and Verizon Wirless are all in various stages of building their 5G networks.
TCL today announced the BlackBerry KEY2 LE, a mass-market smartphone with a keyboard. The phone is a scaled back variant of the KEY2 with a new exterior. Gone is the rigid metal build and in its place is a polycarbonate frame with a soft-touch material on the rear surface. The KEY2 LE comes in three color combos: slate, champagne, and atomic red. The latter two have contrasting shades to give them more personality. The LE is less buttoned-down than the standard KEY2. The screen is the same size and resolution (4.5 inches, full HD) as the original. One area where TCL moved to cut costs was the keyboard. The keys are the same shape as those on the pricier KEY2, but the keyboard loses capacitive touch support. The phone is powered by a Qualcomm 636 processor with 4 GB of RAM and 32 or 64 GB of storage. A dual-camera system graces the rear of the phone and a selfie camera is on front. The main shooter is a 13-megapixel job at f/2.2 and the secondary sensor is a 5-megapixel job at f/2.4. Other hardware features include 3.5mm headphone jack, USB-C, and the dedicated speed key on the keyboard. The phone has a 3,000mAh battery with Quick Charge 3.0. Of note, TCL says the KEY2 LE will be compatible with more networks. It will be able to operate on Verizon's network as an LTE-only phone. It is also compatible with AT&T and T-Mobile. TCL has lined up a wide number of retail and carrier distribution points for the phone, which goes on sale for $399 / 32 GB and $449 / 64 GB at the end of September.
Members of Congress want the Federal Trade Commission to investigate Verizon's data-throttling practices after it was revealed that the company slowed down the data of California firefighters fighting blazes in Mendocino. One fire company said its unlimited plan was throttled down to dial-up speeds after it surpassed its monthly high-speed allotment. Verizon refused to remove the speed cap until the fire company paid more money to up its plan. The fire company was in the field actively fighting one of California's large fires at the time. Members of Congress, including Democratic Minority Leader Nancy Pelosi, want to know what happened. "The FTC must investigate whether Verizon and other communications companies are being unfair or deceptive in the services they're offering to public safety entities, and if so, to determine what remedies are appropriate to ensure our first responders have adequate service when lives are on the line." Verizon is feeling the heat. The company has apologized, calling it a customer service matter. The company said it will adjust its policies moving forward. "We removed all speed cap restrictions for first responders on the west coast and in Hawaii to support current firefighting and Hurricane Lane efforts. Further, in the event of another disaster, Verizon will lift restrictions on public safety customers, providing full network access," said Verizon on its web site. The company plans to offer a new unlimited plan to first responders as soon as next week. The throttling first became known to the public when several fire and police departments in California sued the FCC to overturn its repeal of net neutrality. Details of the throttling were included in the lawsuit and first reported by Ars Techinca.
The attorneys general from 22 states, plus the District of Columbia, have asked an appeals court to reinstate the Obama-era net neutrality rules that were stricken by the FCC in June. The states also want to ensure the Trump administration cannot prevent individual states from installing their own such rules. The states had filed a lawsuit against the FCC back in January after the agency voted to reverse the rules, which had prohibited internet providers from throttling, blocking, or prioritizing internet traffic. The states believe the FCC's action will lead to harm against consumers, and also believe the agency doesn't have the "valid authority" to overrule state laws that would reapply net neutrality regulations. In addition to these 22 states, a handful of companies have filed their own lawsuits seeking to overturn the FCC's action. Moreover, a democrat-led vote in the Senate pushed for the rules to be reinstated. That measure will likely fail to pass the House or be signed by Trump. FCC Chairman Ajit Pai believes the industry will police itself. His decision is seen as a win for internet providers such as AT&T, Comcast, and Verizon. It's unclear what the appeals court will do.
Verizon Wireless today said that together with partner Nokia it has completed a mobile 5G call with the receiving device moving from one cell to another. This is an important step in the development of 5G, as it will eventually allow people to use 5G devices freely when moving around outside. Verizon says it completed the test at Nokia's Murray Hill, NJ, location using the 3GPP New Radio (NR) 5G standard. It used two radios on Nokia's building to broadcast 28 GHz (mmWave) to a receiver in a moving vehicle. Verizon says the vehicle traveled between the two radio coverage zones and made a successful handoff from one to the other. Verizon is preparing to deploy fixed 5G service as an in-home broadband replacement later this year. It won't launch mobile 5G service, which this test covered, until 2019.
Verizon Wireless today said that Indianapolis will join Los Angeles, Houston, and Sacramento as one of its launch markets for 5G. This particular deployment will be fixed residential 5G broadband service. Verizon is testing a number of different technologies for its forthcoming 5G network, including millimeter wave. Verizon doesn't plan to launch mobile 5G service until 2019. Verizon and its carrier competitors are all racing to be first to deploy 5G, with AT&T and T-Mobile also targeting late 2018 launches. Initial rollouts will include fixed broadband service, with mobile service to follow later. Phones with 5G may reach the market as soon as the first half of 2019. Sprint and LG announced such a device today. AT&T has gone on the record saying its first mobile 5G device with be a puck, or mobile hotspot. Verizon also announced today that YouTube TV and Apple TV 4K will be included with its fixed 5G service.
Sprint today announced that together with LG it will bring its first 5G mobile phone to market during the first half of 2019. Sprint said the "innovative handset" is being "built for the country's first mobile 5G network." Sprint claims its forthcoming 5G network will allow customers to download full-length HD movies in seconds instead of minutes, and stream graphic-heavy videos and games without delays or lag-time. Specifics concerning the device were not provided. Sprint plans to launch its 5G mobile network in Atlanta, Chicago, Dallas, Houston, Kansas City, Los Angeles, New York City, Phoenix, and Washington, D.C. Sprint says more 5G devices are in development and will be announced over time. All the major carriers are rushing to be first to launch 5G. AT&T expects to offer a 5G mobile hotspot by the end of the year, while Verizon Wireless and Motorola will offer a 5G Moto Mod to the recently-announced Moto Z3 smartphone early next year.
All the major carriers in the U.S. plan to sell the Samsung Galaxy Note9 when it becomes available August 24. Each has a different offer on hand to entice consumers to buy the phone.
- AT&T: AT&T is asking customers to pay $33.34 per month for 30 months for the $999.99 128 GB version of the Note9. For a limited time, customers who buy the Note9 can get a second Note9 or Galaxy S9/S9+ for free when the phones are financed on an installment plan.
- Sprint: Sprint customers can get the Note9 for half off for a limited time, which puts monthly payments on the Sprint Flex Lease at $20.83. Customers who opt for the Galaxy Forever plan can upgrade to a new phone after completing 12 monthly payments. Sprint's deal includes the AKG headphones and/or Fortnite V-bucks.
- T-Mobile: The Uncarrier is asking customers to make a downpayment of $280 for the 128 GB Note9 and then pay $30 per month for 24 months. The 512 GB Note9 will require a $530 down payment followed by 24 months of payment at $30 each. For a limited time, T-Mobile is offering 50% off the price with a qualifying Samsung trade-in. The price will be reduced via the monthly payments.
- U.S. Cellular: The carrier is offering $150 in bill credits to those who buy the Galaxy Note9 with a new line of service.
- Verizon Wireless: Big Red is asking for $41.66 per month for 24 months for the 128 GB model and $52.08 per month for 24 months for the 512 GB model. For a limited time, customers who initiate a new line of service and buy one Note9 on a monthly plan can score a free 128 GB Note9, or Galaxy S9/S9+. Verizon's deal includes the AKG headphones and/or Fortnite V-bucks.
Preorders for the Samsung Galaxy Note9 kick off on August 10. The 128 GB capacity variant will be available in blue and lavender from AT&T, Sprint, T-Mobile, Verizon Wireless, U.S Cellular, and Xfinity for $999.99. Samsung will sell an unlocked version of the phone on its web site. The device will also be available from Amazon, Best Buy, CostCo, Sam’s Club, StraightTalk Wireless, Target, and Walmart. The 512 GB model will be available from AT&T, T-Mobile, U.S. Cellular, and Verizon Wireless, but not Sprint for $1,249.99 The Galaxy Note9 streets August 24.
Verizon Wireless today said its customers can enjoy Apple Music for six months at no cost. Beginning August 16, subscribers to any of Verizon's Unlimited plans, new and existing alike, will be able to register for Apple Music. The offer includes the full, ad-free version of Apple Music, meaning Verizon Unlimited customers can stream as many songs as they wish via 4G or WiFi, as well as download songs and playlists for offline playback. Apple Music is available on iPhones, the iPad, Apple Watch, Apple TV, Mac and Windows computers, HomePod, CarPlay, and Android devices. After the six-month offer concludes, the normal $9.99 monthly fee for Apple Music applies. Verizon called this offer "the first step in an exclusive partnership with Apple."
Red says its Hydrogen One phone will not be available this summer as planned. The company recently had to retool a part for the phone and this has delayed the certification process. The company has a new release schedule for the phone. The device will begin shipping on October 9 to those who pre-ordered it. Red says the aluminum model will be available first, with the titanium to follow after. The device will mark its debut with AT&T and Verizon on November 2. Similarly, aluminum will arrive first, with the titanium model likely not arriving until 2019. The Hydrogen One stands out thanks to its 5.7-inch holographic display, which promises 3D without glasses. The screen handles both traditional stereo 3D as well as Red's Hydrogen 4-View (H4V). The phone recently passed certification at the the FCC. The phone will sell for $1,295.
The Democratic National Committee has told candidates running as Democrats this fall they should not use phones made by Huawei or ZTE. The Trump administration says they represent a security risk. Earlier this year, the administration pressured AT&T and Verizon to drop plans to sell Huawei devices. Best Buy also stopped selling Huawei devices. "Please make sure that you are not using or purchasing ZTE or Huawei devices anywhere within your staff — for personal or work-related use," said Bob Lord, the DNC's chief security officer in an email to party members. FCC Chairman Ajit Pai also believes Huawei represents a threat of espionage. Huawei phones are not sold on military bases. Neither Huawei nor ZTE commented on the matter.
Motorola and Verizon Wireless hope consumers will buy into the idea of upgrading their Moto Z3 phone with a modular 5G attachment some time next year. The Mod promises to bring a 10x improvement in data download speeds without sapping the battery too much. How are Motorola and Verizon making this work? We'll tell you.
The latest entry in Motorola's Moto Z series of devices is the Z3, a thin slab that's compatible with Moto Mods modular attachments. The Z3 is an improved version of the Z3 Play thanks to a better processor and camera configuration. More importantly, owners will be able to upgrade the phone to 5G on Verizon's network early next year. Here's our first look.
Motorola today announced the Moto Z3, what it calls the first "5G upgradable" phone. The phone itself is a warmed-over version of Motorola's modular phone. The Z3 is, for all intents and purposes, a hot-rodded version of the recently announced Z3 Play. The Z3 has a 6-inch AMOLED full HD+ display with a 2:1 aspect ration. Motorola improved the processor by adopting the Qualcomm Snapdragon 835 processor. The phone has 4 GB of RAM and 64 GB of built-in storage and supports memory cards up to 2 TB. The Z3 has two 12-megapixel cameras on the rear with portrait/bokeh tools. Where the Z3 Play has two full-color sensors, the Z3 has one color sensor and one monochrome sensor for depth sensing, contrast, and true black-and-white imaging. The user-facing camera has a 5-megapixel sensor. Motorola says the 3,000mAh battery supports TurboCharge and lasts all day. Other features include splash resistance, USB-C, Bluetooth 5 with aptX HD, face unlock, dual-band wifi. The phone runs Android 8 Oreo and will be updated to Android P later this year. It includes Moto Actions, Moto Display, and Motorola's swipe-based navigation tool at the bottom of the display. Verizon will begin selling the Moto Z3 on August 16. The phone will cost $20 per month, or $480 at full retail. Verizon will knock $300 off the price of a Moto Z3 to those who switch to Verizon and trade-in their old phone. Pricing and availability for the 5G Moto Mod will be announced later this year. Verizon expects to launch fixed-wireless 5G in a small number of markets, including Houston, Los Angeles, Sacramento, late this year. Verizon says its mobile 5G network will go live in early 2019.
Rok Mobile confirmed this week that it is no longer offering service on Verizon Wireless' network. "Rok Mobile has decided not to move forward with utilizing Verizon Wireless service on our platform," said the company on its web site. The change went into effect on July 30 and left customers who relied on Verizon for service stranded. "We will continue to support our other wireless carriers and those customers that are on that service," said Rok. The MVNO originally allowed customers to purchase service from AT&T, Sprint, or Verizon. Now Rok Mobile only allows customers to purchase service on AT&T's platform. The company no longer offers service on Sprint, but Rok Mobile customers who put their service on Sprint will not lose it. Rok Mobile customers who relied on Verizon will need to port their number to AT&T's network to re-establish service. Rok Mobile apologized for the inconvenience.
Hans Vestberg has assumed the role of Verizon's CEO, replacing long-time leader Lowell McAdam. The company announced the change in June. McAdam will remain with the company as Executive Chairman of the Board through the end of the year, and then transition to a non-executive Chairman role in 2019. Hans Vestberg, who previously served as the company's Executive Vice President, President of Global Networks, and Chief Technology Officer, takes on the top spot at Verizon. Vestberg has played a large role in developing the architecture for Verizon's fiber-centric networks, including its LTE 4G service and forthcoming 5G service. Vestberg previously worked for Ericsson. In June, Vestberg said, "I am humbled to be appointed CEO of Verizon at such an exciting and dynamic time for our company and industry. We are experiencing unprecedented changes in the way users interact in the digital world, and we are racing ahead to remain at the forefront of technology, connectivity and mobility." Vestberg has spent the past month in the field at Verizon locations learning the day-to-day activities of its employees.
Amazon has made the LG Stylo 4, a rebadged variant of the LG Q Stylus, available via its web site as a Prime Exclusive. Prime Exclusives are offered at slightly lower prices than retail and include a variety of Amazon apps and services preinstalled. The Stylo 4 includes a stylus and has a metal body with mil-spec 810G for protection against abuse and IP68 protection against water and dust. The Stylo 4 has a 6.2-inch screen with LG's 2:1 Full Vision (2,160 x 1,080) resolution. The phone is powered by a 1.8 GHz octa-core Snapdragon 450 processor with 3 GB of memory and 32 GB of storage. The phone comes with a 13-megapixel main camera and a 5-megapixel front camera with a wide-angle lens. The Stylo 4 has a 3,300mAh battery and specs including USB-C, Bluetooth 4.2, NFC, wifi, and LTE 4G. The fingerprint scanner is located on the rear surface. The phone ships with Android 8 Oreo and LG's pen-based software tools, such as memos and notes. Amazon is selling the LG Stylo 4 unlocked with support for AT&T, T-Mobile, and Verizon. (The phone is already being sold by Cricket Wireless and MetroPCS.) Amazon is charging $249.99, a savings of $50.
Verizon Wireless today announced Safe WiFi, a virtual private network (VPN) that can protect customers when they connect to public hotspots. Verizon says Safe VPN relies on bank-grade encryption to help protect against ad tracking as well as help block targeted ads. Safe VPN is available for $3.99 per month and covers up to 10 devices per account. The first month is free. It is compatible with Android and iOS devices.
Verizon Wireless today said that Houston will join Los Angeles and Sacramento as one of its launch markets for 5G. This particular deployment will be fixed residential 5G broadband service. Verizon is testing a number of different technologies for its forthcoming 5G network, including millimeter wave. Verizon and its carrier competitors are all racing to be first to deploy 5G, with AT&T and T-Mobile also targeting late 2018 launches. Initial rollouts will include fixed broadband service, with mobile service to follow. Qualcomm recently announced new wireless antennas that make mobile 5G a possibility on phones. Phones with 5G may reach the market as soon as the first half of 2019. AT&T has gone on the record saying its first mobile 5G device with be a puck, or mobile hotspot.
Verizon Wireless will no longer activate 3G CDMA devices on its network as it moves towards sunsetting the legacy service. "For several years we've been publicly saying that our 3G CDMA network will remain available through the end of 2019. Virtually all traffic on our network is on our 4G LTE network," said the company in a statement provided to Droid Life. "To facilitate a smooth transition to 4G LTE capable products and services, we are no longer allowing devices that are not 4G LTE capable to be activated on our network." Verizon has previously said it will shut down its 3G network by December 31, 2019. It is common for carriers to discontinue older or outdated networks and re-farm the spectrum for newer technology. Verizon says it will launch 5G before the end of the year.
Comcast's Xfinity Mobile has changed the terms of its Unlimited Plan to limit video resolution to 480p (non-HD), and throttle personal hotspot speeds to "3G speeds" (600 Kbps). The company plans to offer an option for higher video resolution for an extra fee, but not until "later this year". Video resolution limits are not uncommon with unlimited data plans. T-Mobile pioneered the practice. Comcast claims the changes are necessary in order to maintain the current plan prices. Xfinity Mobile operates as an MVNO using the Verizon network.
Verizon Wireless today added the Motorola Moto Z3 Play to its list of certified devices. This means the Z3 Play was tested by Verizon in its labs and passed Verizon's network performance requirements. Verizon itself does not sell the Moto Z3 Play, but you can buy the phone unlocked and bring it to a Verizon store for activation. The Z3 Play is available from Motorola.com, Best Buy, B&H Photo, and Amazon starting today. The phone adopts a 6-inch 2:1 screen, and is made form a slim metal-and-glass chassis. It is compatible with Motorola's Moto Mods accessories and includes either a speaker or battery. The phone costs $499. The Moto Z3 Play will be sold by Sprint and U.S. Cellular later this summer.
Verizon Wireless today added the Samsung Galaxy J3 to its lineup of postpaid and prepaid phones. The Galaxy J3, announced earlier this month, has a 5-inch HD display, 8-megapixel main camera at f/1.9, and a 5-megapixel selfie cam at f/2.2. The J3 has a 2,600mAh battery and includes Android 8 Oreo, 2 GB of memory, 16 GB of storage, Bluetooth 4.2, and WiFi. It is powered by an octa-core Exynos processor. This phone includes Samsung's Easy Mode UI skin for bigger fonts and icons and offers the Bixby Home app for learned recommendations. The phone is available as the Galaxy J3 V via Verizon's postpaid service for $168, or $7 per month. It is available as the Galaxy J3 3rd Gen via Verizon's prepaid service for $124.
Verizon says it will shut down go90, its mobile video service, by the end of July. The service launched in 2015 as a free option for consuming video via mobile devices. The service never found a real audience. "Following the creation of Oath, go90 will be discontinued," said Verizon in a statement provided to Reuters. "Verizon will focus on building its digital-first brands at scale in sports, finance, news and entertainment for today's mobile consumers and tomorrow’s 5G applications." Oath is Verizon's content branch and encompasses apps and services from the former AOL and Yahoo brands. Verizon has begun informing its content providers about go90's imminent closure and said it will return all rights back to its production partners.
Verizon Wireless today announced new discounts for members of the U.S. armed services. The company is offering savings on its Unlimited plans. Military families can select the Unlimited plan that best suits them and then apply a $15 discount off one line, $35 off two lines, or $40 off three or more lines. Verizon says active-duty military, reservists, Gold Star families, and veterans can take advantage of this offer by signing into their account and choosing the plan they need. Verizon also said military families can score a $200 Mastercard prepaid card if they activate a new line of service on a 4G LTE smartphone. The savings are available starting today.
The Attorney General's office from New York is investigating if and how T-Mobile's proposed merger with Sprint might impact the MVNO and prepaid markets. Sprint and T-Mobile separately serve the prepaid space via their own Boost Mobile and MetroPCS brands, respectively, as well as MVNOs, such as Google-run Project Fi. With reduced competition, the New York attorney general is concerned that the tie-up between the two companies could lead to higher prices for prepaid consumers. Dozens of other states are participating in the probe, says the Wall Street Journal. This investigation mirrors a separate one underway with the U.S. Department of Justice, which has similar concerns. The $26 billion deal was proposed earlier this year and would see the nation's third- and fourth-largest carriers become one. Antitrust investigations are normal for such deals. Sprint and T-Mobile defended the deal in front on Congress on Wednesday. The companies insist the deal will create jobs and ensure the combined entity can compete with AT&T and Verizon.
AT&T today said it has agreed to buy AppNexus for an undisclosed sum. AppNexus runs a global advertising marketplace and helps publishers, marketers, and agencies place digital ads. The company will be added to AT&T's newly formed advertising and analytics business, which is run by Brian Lesser. AT&T's ad business is one of four new pillars the company announced after it closed its acquisition of Time Warner. AT&T says it needs the company to compete with Verizon, Google, and others. AT&T expects the acquisition to close during the third quarter of the year.
More members of Congress are posing questions about the relationship between Google and Huawei. Republican Senators Tom Cotton and Marco Rubio, Republican Representatives Liz Cheney and Michael Conaway, and Democratic Representative Dutch Ruppersberger all signed a letter sent to Google concerning the search giant’s recent decision to halt work on Project Maven. "While we regret that Google did not want to continue a long and fruitful tradition of collaboration between the military and technology companies, we are even more disappointed that Google apparently is more willing to support the Chinese Communist Party than the U.S. military,” read the letter, in part. It’s not clear what the lawmakers’ end goal is. Huawei uses Google’s Android operating system in its phones. Huawei is the world’s third-largest supplier of phones. Some members of Congress see Huawei as a national security threat due to its ties with the Chinese government. Earlier this year, Huawei saw smartphone distribution deals with AT&T and Verizon evaporate after pressure from Congress.
Following moves made earlier in the day by Verizon and AT&T, Sprint and T-Mobile have now said they also will cease sharing customer location data with certain third-party apps and services. Sprint said it is "beginning the process of terminating its current contracts with data aggregators to whom we provide location data." T-Mobile CEO John Legere tweeted, "I've personally evaluated this issue & have pledged that @tmobile will not sell customer location data to shady middlemen." The matter rose to attention after some third-party location brokers left the real-time data of millions of customers unprotected. Lawmakers called for change and today's responses appear to be it.
AT&T today said it, too, will cease the sale of subscriber location information to outside companies. The move follows an identical change made by Verizon earlier today. "Our top priority is to protect our customers’ information, and, to that end, we will be ending our work with aggregators for these services as soon as practical in a way that preserves important, potential lifesaving services like emergency roadside assistance," said AT&T in a statement provided to The Verge. Carriers are under fire because one of the third-party companies exposed the real-time location data of millions of wireless customers without their knowledge or consent. The matter is being investigated by the FCC. Sprint and T-Mobile have yet to make the same commitment.
Verizon Communications today said it will stop making customer location data available to third-party apps and services. The decision follows last month's revelation that third-party companies didn't always properly protect this data. LocationSmart, for example, exposed the real-time location of millions of AT&T, Sprint, T-Mobile, and Verizon Wireless customers without their consent. Accuracy of the location data was as good as a few hundred yards. The breach caught the attention of lawmakers, including Sen. Ron Wyden, who wanted the matter invested. "When these issues were brought to our attention, we took immediate steps to stop it," said Verizon spokesperson Rich Young. Wyden thanked Verizon for changing its policy, but pointed out that AT&T, Sprint, and T-Mobile have left their location-sharing practices in place.


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Aston Martin’s $10m two-for-one deal
Aston Martin is creating the ultimate two-for-one deal
The British brand has confirmed plans to offer an exclusive pair of old-and-new models to help celebrate the 100th anniversary of Zagato, the Italian coach builder that has crafted a range of bespoke Aston Martins.
Called the DBZ Centenary Collection, the unique project will include a track-only recreation of the 1960's DB4 GT Zagato and a new (road legal) Zagato version of the DBS Superleggera.
The cars will be sold together as a tribute to the heritage and future of the partnership, with just 19 pairs built at a cost of around $10million each.
While Aston Martin and Zagato have only worked together for the past 58 years, 2019 marks the centenary of the famed Milanese coach builder.
“The partnership between Aston Martin and Zagato is one of the most fruitful and enduring in the automotive world," said Aston Martin boss, Andy Palmer.
"With Zagato celebrating its centenary next year, what better way to celebrate this landmark - and the long-standing bond between our two great companies - than creating these 19 pairs of cars. As an engineer I would always say my favourite Aston Martin is the next one, but I have to say I’m struggling to think of a finer two-car garage than this!”
The original DB4 GT Zagato, of which just 19 were built, was first revealed at the 1960 London motor show and featured a uniquely styled, and lighter, aluminium body than the regular DB4 GT.
A handful were further modified for racing and competed in numerous high-profile sports car events with high-profile drivers like Sir Stirling Moss, including at the Le Mans 24 hour. One of the first cars recently sold at auction for more than $16million.
The new-ish models, called Continuations, will be hand built by the Aston Martin Works division at the same Newport Pagnell site as the original using "a blend of David Brown-era old world craftsmanship, with the sympathetic application of modern engineering advancements and performance enhancements."
The brand-new DBS Zagato, previewed in a single design sketch, will be built at Aston's newer headquarters in Gaydon, bookending the historic pair.
Aston Martin says the car will "embody the next evolution in Aston Martin Zagato design language" with the exterior design set to be "characterised by a new proportion featuring a fresh interpretation of the iconic double-bubble roof. Together with a striking front grille treatment and a dramatically truncated tail the DBS GT Zagato will present an amplified physique and an unmistakable presence."


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The volume of shipping containers passing through Colombian ports fell by 4.7% in the first quarter of 2017 compared to the same period last year, according to a recent report by the Economic Commission for Latin America and the Caribbean (ECLAC).
This is a stark contrast to the regional increase of 6.7% in the quarter and represents more bad news for Colombia’s largest ports. Buenaventura, which was Latin America’s seventh biggest port by volume in 2016, per ECLAC, saw its container volume fall by a staggering 18.5% in the first quarter of 2017, the sharpest drop of any major port in the region.
As noted by ECLAC, while the rest of Latin America is going one way, Colombia is still lagging behind. “The [Latin American] figures reveal a change to growth rates on two digits for a big number of ports of containers in the region,” said ECLAC in a statement. “The increase of the port movement of containers reverse the fall observed in 2016.”
In the 2016 calendar year, with Brazil and Argentina both in recession, container volume in the entire region contracted by 0.9%. In Colombia, the data last year was even worse, at negative 3.6%, but the first quarter 2017 figures for the Andean nation show that Colombia is continuing to struggle even while the rest of the region recovers. Only Ecuador, with a 6.1% drop in the first quarter, performed worse than Colombia, according to ECLAC, the regional economic organization of the United Nations.
By contrast, five nations showed double-digit growth while three others experienced expansion of more than 6%. The leading countries, in terms of container volume growth, in the first quarter were: the Dominican Republic (38.8% growth), Nicaragua (22.1%), Panama (12.6%), Mexico (10.0%), Chile (10.0%), Peru (8.2%), Guatemala (6.9%), and Honduras (7,7%). Uruguay (2.7%), Brazil (1.4%), Costa Rica (1.2%), and El Salvador (1.0%) also showed positive growth in the first quarter.
Overall, per ECLAC, only 732,185 twenty-foot equivalent unit (TEU) containers passed through Colombian ports in the first quarter compared to 768,370 TEU in the first quarter of 2016. Buenaventura only handled 108,628 TEU compared to 133,342 TEU in the first quarter 2016. Cartagena, by far Colombia’s largest port and the fifth largest in Latin America in 2016, also dropped by -4.1%. Its port only handled 549,971 TEU in the first quarter compared to 573,455 TEU during the same period last year.
In terms of individual ports, the biggest percentage drops across the region came in Buenaventura (-18.5%), Buenos Aires (-9.1%), Paranagua, Brazil (-7.3%), and Guayaquil (-6.1%).
Photo: A Hapag Lloyd container ship in Cartagena, Colombia. (Credit: Roger W)


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Amazon India introduced on Monday it has eradicated all single-use plastic in packaging originating from its 50-plus success centres within the
nation. In September 2019, the corporate had pledged to fulfill this objective in an speeded up period of time via June this yr, it mentioned in a commentary.
The first milestone against this objective used to be completed in December 2019 when the corporate changed plastic packaging subject material, comparable to bubble wraps and air pillows, with paper cushion’ in its packaging.
The corporate then presented 100 in keeping with cent plastic-free and biodegradable paper tape previous this yr, which is used to seal and protected buyer shipments.
Additionally, the corporate has changed skinny hold movies for buyer deliveries amongst different subject material with packaging choices that don’t seem to be single-use plastic in nature.
“All other plastic packaging material originating from the Amazon Fulfilment Centres is 100 per cent recyclable through available collection, segregation and recycling channels,” the commentary added.


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Once dismissed by larger companies, Apple is now viewed by some as an anticompetitive industry bully.
SAN FRANCISCO — As Apple fans line up at stores on Thursday morning for the release of the fourth iteration of the iPhone, the company is riding high.
And it’s not just the iPhone. Sales of the iPad tablet are strong too, and Apple has surged past Microsoft to become the most valuable company in the technology industry.
But as one success follows another, the company finds itself in a bewildering position. As the tech industry’s perennial underdog, Apple was frequently scorned and dismissed by larger and more successful competitors like Microsoft or Dell. Now, with growing frequency, the company is seen by competitors and other industry players as a bully.
Companies like Google and Adobe have accused Apple of unfairly using its clout to exclude their technologies from the iPhone and iPad. And some application developers are fretting under Apple’s tight control of those devices, even though many of them built their fortunes on the popular gadgets.
But perhaps in the clearest sign that Apple has emerged as an industry superpower, government regulators are beginning to scrutinize its every move.
“This is unfamiliar territory for Apple,” said Tim Bajarin, president of Creative Strategies, who has followed Apple for nearly three decades.
The changes are a testament to the remarkable turnaround orchestrated by Steven P. Jobs, who returned to Apple more than a decade ago when the company was on the verge of extinction. But those changes have also thrust the company into an unexpected and potentially perilous role as competitors start to cooperate with each other against Apple.
For all the complaining, Apple’s self-interested and quirky pursuit of innovation is not new.
Time and again, it has been willing to break with technology industry standards by doing things its way, even if it ruffled feathers. “Apple has always marched to its own drumbeat,” Mr. Bajarin said.
The company often irked suppliers and confounded pundits, for instance, when it chose to use 3.5-inch floppy disks instead of the more common 5.25-inch disks, or later, when it did away with floppy disks altogether.
But now that Apple has grown from a niche player into one that leads the fastest-growing segment of the industry — mobile computing — its actions are far more consequential and the complaints have turned to grievances.
“People used to say, ‘Apple is crazy, they are making a big mistake,’ ” said Paul Saffo, a veteran Silicon Valley technology forecaster. “Now they are saying Apple is trying to kill competition.”
The complaints are in some ways surprising because Apple, for now, is far from reaching the kind of dominant position enjoyed by Microsoft in PCs or Google in search and online advertising.
While the iPod and iTunes lead the market for music players and online distribution of music, Apple remains a small player in PC sales. It is only now entering the digital advertising business and the sale of electronic books.
Even in smartphones, it lags behind Research In Motion, maker of the BlackBerry, though its devices dominate the market for mobile applications.
Perhaps the loudest complaints this year came after Apple barred some third-party programming tools from the iPad, including Adobe’s Flash software, which is widely used to create online videos and Web applications.
The decision led to a very public war of words between Adobe and Mr. Jobs. It also prompted the Federal Trade Commission to begin asking questions about the effect of Apple’s decision on competition.
“To ignore a major component of the Internet like Flash seems a little silly,” said John Warnock, a founder of Adobe. Mr. Warnock said Mr. Jobs would have proceeded more cautiously when the company had less clout. “Apple does what it does,” he said. “But I don’t think that they would have made a decision like this 10 years ago.”
Mr. Jobs, who declined to comment for this article, has forcefully defended Apple’s decision to exclude Flash, saying it was strictly for technical reasons. He disparaged Flash for consuming too much battery power and for what critics call its security flaws.
And he said Apple was simply making a bet that the technology, while popular today, was quickly falling out of favor and would soon be overtaken by others.
Customers “are paying us to make these choices,” Mr. Jobs said during a recent public appearance.
Perhaps Apple’s swiftest and most startling transformation from underdog to looming monopolist came in the world of mobile ads, a market the company is just entering.
Only weeks ago, the F.T.C. was on the verge of blocking a merger between Google and AdMob, which specializes in placing ads inside iPhone apps.
Regulators said that the merger would give Google, the largest seller of online ads, a virtual lock on the small but fast-growing market for mobile phone ads.
The commission approved the deal, but only after Apple acquired Quattro Wireless, an AdMob rival, and announced its own iAds advertising system for mobile phones, to be included with the iPhone 4.
Then this month, Apple appeared to make the switch from excluded to excluder in the mobile ad market. New policies for the iPhone 4 bar Google and AdMob from selling ads on the device, resulting in a complaint from Google, which was in the unusual position of playing victim.
“Artificial barriers to competition hurt users and developers and, in the long run, stall technological progress,” wrote Omar Hamoui, the chief executive of AdMob.
After Mr. Hamoui’s complaint, the trade commission expanded its investigation of Apple’s practices to include iAds, according to people briefed on the matter who did not want to be identified because of the delicacy of the investigation.
The commission’s inquiry is not the only one concerning potentially anticompetitive behavior by Apple. The Justice Department recently began a preliminary investigation into whether Apple pressured music labels to exclude Amazon.com, its rival in digital music distribution, from certain licensing agreements. And Apple is one of many Silicon Valley companies whose hiring practices are being examined by the department.
The latest inquiry from the commission has raised eyebrows among some antitrust experts, in part because Apple currently controls less than a third of the smartphone market in the United States.
R.I.M., with its BlackBerry, remains No. 1, and phones based on Google’s Android software are quickly gaining acceptance with consumers and application developers. But some said the government was right to be concerned.
“Apple has gotten really aggressive in trying to flex its muscles and trying to take advantage of its position in the market,” said Andrew I. Gavil, an antitrust expert and professor of law at Howard University.
“The question is whether they have gotten significant enough in any of these markets to affect competition,” he said. “The answer appears to be yes.”
While Apple has created a large ecosystem that has made some application developers rich, many are now fretting that the company has too much control over the world it created.
When an iPhone developer at Facebook announced recently that he was moving on because of Apple’s restrictions, the influential technology blog TechCrunch ran a headline saying the person left “over Apple tyranny.”
And when the maker of a popular app pulled out of Apple’s store in frustration over delays in approving a new version, he asked in a widely read blog post, “Was your intent to shut us down by playing the waiting game?”
For Mitchell Kapor, who invests in technology start-ups including developers of mobile phone applications, it brings back memories of confronting Microsoft while running the Lotus Development Corporation in the 1980s.
“The amount of resentment is very, very large,” he said, “and reminiscent of the kind of resentment there was toward Microsoft when it was the platform an app developer had to be on.”


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The fintech revolution takes no prisoners. New technologies are revolutionizing the way finance is conducted, creating more efficient and cheaper financial services across the board. This hasn’t been more true than in the banking industry, where a new type of banking is opening the doors to data collection, and in turn, better products and services for banking customers. That is, as long as it doesn’t create more of a security risk for consumers and businesses.
What is open banking?
Traditionally, banks closely held all transaction and account data for their customers for security reasons. However, financial institutions and technology companies have recognized the benefits of opening data collection and sharing between third parties for the benefit of banking customers. This allows for seamless and fast access to information, as well as the ability to anonymize data. This opening of banking data to third parties has come to be known as “open banking”.
Previous methods of data sharing by banks included methods like screen scraping, which required users to enter their bank username and password into every third-party service. These data sharing methods were not only unreliable, they served as a major security risk for consumers and businesses.
Alternatively, the main technology used in open banking is Application Programming Interfaces (APIs) which is the mechanism that gives outside parties access to banking data. Through the use of APIs, an entire ecosystem of banks and trusted third-party providers is better able to serve its customer base.
Why is it important?
The most important asset in today’s world is data, and banking data is the cream of the crop, as it provides insight into how consumers and businesses are spending money, saving, and acquiring debt.
The average consumer has multiple bank and credit accounts. In the past, to get a holistic picture of their finances, consumers had to manually compile their financial information from all of their accounts in one place. Open banking now allows third-party services to aggregate data from multiple financial institutions and let consumers analyze their spending and earnings, allowing them to better budget for the future.
Through the use of open banking financial services can offer better product recommendations for their customers, such as a more optimal credit card or savings account with a better interest rate. Banking services, such as applying and being approved for a loan, can now be done much more quickly, as financial firms are able to easily share information between one another. With open banking loan origination times have been significantly reduced, with financial institutions partnering together to provide faster loan originations.
All of this will add up to massive savings for banking customers. In England alone, it is expected that open banking could save consumers and businesses a collective £18 billion in value per year.
Open banking in Europe
Europe has created its own legal framework in which it can regulate and monitor open banking practices. In 2018 countries in the European Union began to adopt Payment Services Directive 2 (PSD2), a set of regulations designed to open up access to banking data.
The adoption of PSD2 meant that banks are required to give their customers access to their own data, allowing these customers to then provide this data to third party providers. With more banking data flowing in and out of banks, PSD2 also required stronger identity checks for banking customers to ensure better digital security.
By requiring banks to open data access, PSD2 hopes to make the financial industry more inclusive. “The directive aims to improve the level-playing field for payment service providers – including new players or FinTechs – and contribute to a more integrated and efficient European payments market,” says the EU. “Overall, the updated rules will help to facilitate innovation, competition and efficiency in the EU online payments market.”
An initiative known as Open Banking Europe (OBE) was started to help manage and facilitate open banking, taking it from concept to reality. OBE offers a variety of tools and resources for developers and financial institutions in the industry, such as a Bank API Directory which lists all available public APIs used by banks. The project boasts participation from financial firms such as Citi, Bank of America, Danske Bank, Deutsche Bank, and HSBC, among others.
Companies leading the charge
Some companies are taking charge of providing better open banking services as the access to data has made banking innovation easier than ever. On the technical side, services are being created for companies to integrate their own products into banking information and payments. The London-based Yapily works on the side of businesses and services, giving them the tools to integrate more than 250,000,000 bank accounts into their own products. TrueLayer is a similar company which recently partnered with Visa as part of its Series C funding round in which it raised $35 million.
The Open Bank Project (OBP) is a consortium of over 11,000 developers and fintech companies facilitating a better flow of financial data. This type of collaboration in the finance industry could be the new norm:
“OBP offers a fully-operational and self-contained sandbox environment deployed in the cloud or on-site and using test customer data. This sandbox environment enables the bank to offer an experimentation facility without connecting to production systems (ideal for hackathons and prototyping). It includes a catalogue of over 250 pre-built APIs to choose from – e.g. access to accounts, transactions, payments, KYC, etc.”
For consumers, finance apps to budget and control expenses are now the norm. Mint was one of the first companies to provide its users with all of their financial information in one app complete with budgeting and bill payment tracker. Today, there are many more options for consumers to track financial data, such as You Need A Budget which completes all of the budgeting work you previously did in an Excel spreadsheet automatically, giving you insight on how to better manage your own money. PocketGuard gives you real-time insight into your spending, helping you determine how much you can afford to spend in any given moment.
There are also new, innovative apps for investing which utilize banking data. Acorns lets you invest your spare change automatically, without doing any work yourself. Personal Capital will analyze your financial accounts to determine your current financial health and how you could better invest in the future.
Risks and regulation
Historically, the public has been hesitant to share their personal banking information. This is especially true given the bevy of attacks on financial and banking data that have only been increasing in recent years. This makes consumer education an important aspect of this new technology, where a recent study found that only 22% of residents in the UK have heard of open banking.
The idea of consumers and businesses opening the doors of their personal data runs counterintuitive to the messaging they have received in the past decade about securing all online data. Open banking will have to educate consumers about why allowing for a more open data structure in banking will benefit them. According to the Institute of International Finance:
“The narrative they have been rightly told to date — do not share your data, do not open yourself up to attack — is difficult to align with a market evolution based on opening data. In this new context, education must raise consumer awareness and understanding of what they are doing with their data, the functioning of consent mechanisms and the risks and benefits of the new products and services.”
The other main issue with open banking, as with any sharing of data, is privacy. As banks open their doors to financial service providers there is an increased risk of data being compromised or stolen. This is especially troubling seeing as banking data is extremely sensitive and personal information.
Yet, when compared to previous methods of data collection, such as screen scraping, open banking provides a significant boost in security and scalability. With open banking, passwords are not shared with third-party providers, and third-parties can be regulated by local authorities, making them known and keeping them in-check.
A system of open and shared data isn’t any good if no one decides to participate. Consumers must be able to see the direct benefit of open banking, or else they will fail to give their consent and participate fully in this new ecosystem. Therefore, it is up to financial institutions and fintech companies to show the value of this new technology.
The pressure is on
Ever since the 2008 global financial crisis, the public sentiment of traditional banks has been extremely negative. With the advent of open banking, alternative financial resources are now more efficient and cheaper than ever before, better serving consumers and businesses alike. The banking experience that used to be tedious and costly is beginning to shift, all thanks to open banking.
This has immediately put more pressure on traditional banks to step up to the plate and offer better services than ever before, reducing their fees, and creating a more compelling case for their customers who have more banking opportunities than ever before.
*As with any investment, your capital is at risk and the investments are not guaranteed. The yield is up to 6.75%. Before deciding to invest, please review our risk statement or consult with a financial advisor if necessary.


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EDMONTON, Alberta, Nov. 10, 2021 (GLOBE NEWSWIRE) — Bitcoin Well (the “Company” or “BTCW”), a technology company building and utilizing products that offer safe and easy ways to buy, sell and use bitcoin, is pleased to announce the grand openings of two new retail customer focused over-the-counter (OTC) offices in Montreal (now open) and Winnipeg (opening November 29, 2021). We are also extremely proud to announce that the Company is now operating our 200th ATM in Canada, a considerable growth milestone for Bitcoin Well which was realized ahead of our internal forecasts.
Bitcoin Well Expands Further into Eastern Canada
Consistent with our existing Edmonton and Calgary retail customer focused OTC offices, our two new retail locations in Montreal and Winnipeg will feature our white-glove service approach to customer activations in a comfortable environment for individuals seeking to transact in larger bitcoin denominations or learn about bitcoin. Expanding on the success of our first two offices, these new retail locations are set up to reach a broader market with a reduced upfront investment. Rather than securing a storefront that operates during regular business hours, our local Bitcoin Specialists will work from a full service office space, with flexible hours to accommodate our customer’s schedule. This new model is in line with our corporate mission of making bitcoin accessible and understood. It will give us a greater opportunity to generate incremental revenue.
“Our strategy to open retail OTC offices via a full service office space allows us to confirm our assumptions that these markets will be fruitful, without a significant up-front capital investment into permanent office space. The next phase to this approach could be to secure a standalone regional office, like we have in Edmonton and Calgary, once we have the data to confirm that such an investment is merited,” said Adam O’Brien, Founder and CEO of Bitcoin Well. “Our in-person services have proven to be beneficial in Edmonton and Calgary so far, and we are excited to find a scalable and capital efficient way to replicate this success across a multitude of other cities.”
Bitcoin Well Achieves Critical Milestone of 200 ATMs Operated in Canada
We are also proud to confirm that Bitcoin Well has officially reached a key milestone of operating our 200th bitcoin ATM in Canada. Since our inception in 2013, under the leadership of two of Canada’s original Bitcoin entrepreneurs, Adam O’Brien and Dave Bradley, Bitcoin Well has become a trusted voice in Bitcoin usage and education. Operating 200 Bitcoin ATMs nationwide represents a landmark achievement and serves as a reminder that the continued growth in Bitcoin adoption represents society’s increasing demand for bitcoin. This growth comes well in advance of year end, which was the internally anticipated timeline for reaching these milestones.
“I’m excited that Bitcoin Well continues to grow more rapidly than anticipated by our internal forecasts and that we continue to realize our vision, by allowing customers to access Bitcoin in the fastest and safest way possible,” said Adam O’Brien. “The white-glove approach offered through our OTC model allows us to adapt to the customers’ needs and gives our team more flexibility to proactively connect with the local community, rather than waiting for them to come to us. We will continue to execute our aggressive growth strategy by opening additional OTC offices and expanding our fleet of Bitcoin ATM machines around the world.”
About Bitcoin Well
Bitcoin Well (TSXV: BTCW) offers convenient, secure and reliable ways to buy and sell bitcoin through a trusted Bitcoin ATM network, white glove in person service and suite of web-based transaction services. Based on management’s assessment of publicly-available data, Bitcoin Well the first publicly traded Bitcoin ATM company in the world, with an enterprising consolidation strategy to deliver accretive and cost-effective expansion in North America and globally. As leaders of the longest-running, founder-led Bitcoin ATM company in Canada, management of Bitcoin Well brings deep operational capabilities that span the entire value chain along with access to proprietary, cutting-edge software development that supports further expansion. Bitcoin Well is on a mission is to shift the relationship that society has with money by offering an ecosystem of products and services that make Bitcoin accessible and understood. This ecosystem includes non-custodial financial offerings (both in-person and online); technology development, including SaaS and internal technology developments through Ghostlab, the technology arm of the business; and educational resources designed with the needs of both the customers, and the industry, in mind.
For investor information, please contact:
10142 82 Avenue NW
Edmonton, AB T6E 1Z4
Adam O’Brien, President & CEO or
Dave Bradley, Chief Revenue Officer
Tel: 1 888 711 3866
For media queries and further information, please contact:
Karen Smola, Director of Marketing
Reader Advisory / Forward-Looking Statements
Statements in this press release regarding Bitcoin Well which are not historical facts are “forward-looking statements” that involve risks and uncertainties, such as the timing of expansion plans and activities, allocation of the proceeds from the private placement as well as various business objectives. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties such as the risk that the closing may not occur for any reason. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) adverse market conditions and (ii) the need for additional financing. Except as required by law, Bitcoin Well does not intend to update any changes to such statements.
The content is by GlobeNewswire. DKODING Media is not responsible for the content provided or any links related to this content. DKODING Media is not responsible for the correctness, topicality or the quality of the content.


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I have not yet commented on the impending doom from Detroit and the efforts to bail them out. It’s been the talk of the Sunday news programs, however, and since I’ve been using today to catch up on the blogging I’ve not been able to do during my busy week, now seems the time to comment.
I have to start out by saying that Meet the Press this morning was, as ever, an exercise in false equivalence. The guests where Carl Levin of Michigan and Richard Shelby of Alabama. A guy who is in the tank for automakers and a hard-line Conservative who wouldn’t agree to tax-payer funded water if his hair was on fire. This is not a useful discussion, since neither man is in a position to compromise, but compromise is exactly what is needed in this case.
Because if ever there was an industry I would be in favour of letting crash and burn – hoping that we could finally then let more innovative minds and more cost-effective business models take the lead – it would be the auto industry. Nowhere in American business is there a more completely ass-backwards group of companies. . . and that’s saying quite a lot. Still, its not an industry we can expect to let drop without having huge and probably unpredictable consequences on the rest of the economy. There are simply too many people working in the industry and too many subcontracting companies tied to it to think we can let the automakers drown themselves.
What is required is that we yes, do bail out Detroit. But we do so in a way that guarantees us a better chance of a viable auto industry in the future. It’s not a simple question of letting them go or handing them a blank check. Carl Levin said today that the auto industry might have had problems “ten or twenty years ago,” but that they’re making changes. Bullshit. They’ve made half-assed efforts at going hybrid – itself not a solution to our energy problems – only in the last two years. And what have they produced? Hybrid SUVs. Hybrids which get a paltry 34 miles a gallon, compared to the 40-50 MPG of Asian counterparts. This hardly represents a true effort at reform, particularly when there are plenty of minds working on the issue in garages and backyards whose ideas are not being listened to.
So, we need not a bailout package, but an investment plan in our auto industry which considers the future as a primary means of growth. We should demand that Detroit automakers actually engage small private businnesses working on energy-smart cars and use their industrial might to produce those cars. Similar things are commonplace in the record industry, where small indie labels like Interscope or Def Jam are distributed by Sony or Warner Brothers, but exclusivity has plagued the auto industry. Yes, I’m aware that there are downsides for Interscope. But the point is that Detroit has gone out of its way – Microsoft style – to crush competition in its infancy, and it is precisely those infant companies that are generating the ideas we need.
And of course, we need leadership. Barack Obama has been trying to stay off the stage and work on his cabinet, since after all, he’s not yet the president. But the problems we face currently are much beyond the ability – and let’s be honest, the desire – of our current White House resident for him to handle. As hard as it undoubtably must be, Barack Obama is going to need to find a way to represent a leadership role – even if that leadership is only a Senate-bound leadership – to help steer the ship as best he can in the next few months so we can get things done in something approaching a rational way.


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In the recent KPMG report, they illustrate four scenarios for the market to return to more normal conditions. They have time horizons ranging from the fourth quarter of this year until the last quarter of 2023. At least one of the KPMG scenarios (continuing low supply matched with high demand) has the potential to see used car prices climbing even higher before they decline.
So, yes, you can expect price drops, but plan for a slow ramp down, unlike the rapid increases the used car market experienced.
Of course, further disruptions could accelerate drops in prices or bring them to a screeching halt. If rapid interest rate increases are matched with automakers’ production of new cars returning to previous levels, prices could drop quickly. On the other hand, if shortages persist, it could be a long time before prices retreat significantly. New factory shutdowns due to parts shortages or the continuing pandemic could aggravate the lack of new car inventory, which is then reflected in the pre-owned vehicle market.
“JD Power is beginning to see some early improvements in production, which should continue over the second half of this year.” says Paris. “However, despite improving new vehicle production, retail inventory on the ground remains extremely tight which will keep new and used vehicle prices high throughout 2022.”
How Much Will They Drop?
While used car prices will probably drop, there’s no consensus on how much they will fall, or how fast. The new price floor will likely be a long way off, even if prices start to drop quickly. Buyers who have been sitting on the sides will re-enter the market, and their demand will slow any price drops.
If you’re holding hoping for pre-pandemic prices, you should not be your breath. Even without market disruptions, the used car market would have seen some natural price climbs, just as new car prices have slowly risen through the decades. The price floor for the used car market will naturally be somewhat higher in 2023 than it was in 2019.
Prices and Interest Rates
Even as used car prices drop, the total cost of owning a used car may increase. That’s because interest rates, which have been at historic lows, are quickly climbing as the Federal Reserve tries to tamp down inflation.
Here’s an example: When you take out a $20,000 car loan for 60 months at 4%, you can expect to pay $2,100 in interest over the term of the loan. That makes the true cost of the car $22,100. With a 6% car loan, you’ll pay $3,199 in interest, or $23,199 over the loan term. That’s about $1,100 more than the 4% financing.
Will the Prices of Some Cars Drop More Than Others?
According to JD Power Valuation Services, any price drops we see in the used car market will not be evenly spread across all vehicle segments.
“If we fast forward to 2024, JD Power is expecting some of the larger declines to be observed in the segments that are the most superheated right now,” says Paris. “These include small, compact and midsize passenger cars.”


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When it comes to millennial spending, this generation has the same proportion of their income allocated to some basic needs and necessities, except that they have less money to spare.
Millennials are ‘dramatically financially worse off’
A new study by Deloitte said that this generation referring to individuals born between 1980 and 2000 are “dramatically financially worse off” than previous generations.
It revealed that millennial consumers spend their money on the same things that their parents did three decades ago. The percentage of millennials’ income spent on food, alcohol, and restaurants are almost the same as those of the older generations in 1997.
The report authored by Kasey Lobaugh, Jeff Simpson, and Bobby Stephens said that the avocado toast is not the factor influencing how millennials spend their money. It is college debt and financial crisis, instead.
Put simply, the study suggested that millennial consumers don’t skip out on homeownership only to waste their money on avocado toast.
The survey done by Deloitte involved over 4,000 consumers, 200 billion credit card transactions, 450 billion points of location data, and government data.
How millennial spending behavior changed
Consumers in the U.S. aged 35 and below saw their net worth falling by 34% since 1996.
Millennials spend more on non-discretionary items, which is blamed for the escalating student debt reaching as much as 160% since 2004.
This generation is often held liable for the lackluster performance of various industries in previous years, from razor manufacturers to golf equipment manufacturers. But the new study debunks a lot of the narratives about millennials.
Millennial consumers are usually referred to as being more experience-oriented, idealistic, more narcissistic, and more socially-conscious than the Gen-X and Baby Boomers.
In a statement, Lobaugh said that the ‘consumer has not fundamentally changed’ in many ways. Rather, the growing gap between the high and low-income groups and the rise in non-discretionary expenses influence their behaviors.


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BOCA RATON, FL, Jul 27, 2020 (GLOBE NEWSWIRE via COMTEX) -- BOCA RATON, FL, July 27, 2020 (GLOBE NEWSWIRE) -- Retail sales , which increased a whopping 18.2 percent in May, showed stronger than expected numbers with a 7.5 percent increase in June.
"There is still a lot for Congress to do, but there seems to be growing support for a second round of stimulus payments to Americans," Gould said.
Gould said the stimulus checks would give consumers more money, which would keep retail sales increasing and help grow the economy.
Gould, the founder and CEO of Nutritional Products International, has worked throughout the COVID-19 crisis with international health and wellness companies that want to position themselves to sell their brands to the American consumers as the economy rebounds.
"Businesses are adapting to the 'new normal,'" Gould said. "Right now, health and wellness companies are emphasizing online retail outlets. They see that online sales for health and wellness brands increased dramatically during the past several months."
Gould said the health and wellness brands don't want to be left behind when the economy returns to its pre-COVID-19 heights.
Gould, who helps companies enter the U.S. market or expand their presence here, developed the 'Evolution of Distribution' platform, which provides health and wellness brands with expertise in sales, marketing, and product distribution.
"At NPI, we make it as easy as possible for health and wellness brands to reach the American consumer," Gould said.
Jeff Fernandez, president of NPI, brings both seller and buyer experience to the brands he represents.
"I worked as a retail buyer for Amazon, the largest online retailer, and Walmart, the largest brick-and-mortar retailer," said Fernandez, who helped create Amazon's health and wellness and sports nutrition categories from inception.
Fernandez is also the point person for NPI at the annual ECRM buyer-seller shows.
ECRM, which holds dozens of shows for different industries throughout the year, sets 20-minute, private meetings between retail buyers and brands. Because of COVID-19, ECRM has turned the live shows at hotels around the country into virtual events by using an innovative digital platform for face-to-face meetings between buyers and sellers.
"I recently attended a virtual ECRM event where I met with more than 50 buyers," Fernandez said. "I was able to introduce new products to them."
The retail buyers came from major outlets in the country, including Amazon, Bartell Drug Company, Giant Eagle, CVS Health, H-E-B, Rite Aid, Target, Value Drug, Albertsons, Bealls, Bed Bath & Beyond, Walgreens, and United Supermarkets.
Both Gould and Fernandez said brands and retailers are working around the COVID-19 crisis.
"Just like the president, who wants the economy to reopen," Gould said, "retailers are looking for new products to sell, and brands are looking for new outlets to carry their products.
"In some respects, nothing has changed," Gould said, adding that the retail industry is moving faster toward online sales, a trend that started before COVID-19 but which has escalated since March.
For more information about NPI, visit www.nutricompany.com .
MORE ON NPI AND ITS FOUNDER
NPI is a privately-held company specializing in the retail distribution of nutraceuticals, dietary supplements, functional beverages, and skin-care products. NPI offers a unique, proven approach for product manufacturers worldwide seeking to launch or expand the distribution of their products in the U.S. retail market.
Mitch Gould, the founder of NPI, is a third-generation retail distribution and manufacturing professional. Gould developed the "Evolution of Distribution" platform, which provides domestic and international product manufacturers with the sales, marketing, and product distribution expertise required to succeed in the world's largest market -- the United States. Gould, known as a global marketing guru, also has represented icons from the sports and entertainment worlds such as Steven Seagal, Hulk Hogan, Ronnie Coleman, Roberto Clemente Jr., Chuck Liddell, and Wayne Gretzky.
Andrew Polin Nutritional Products International 561-544-0719 email@example.com
Is there a problem with this press release? Contact the source provider Comtex at firstname.lastname@example.org. You can also contact MarketWatch Customer Service via our Customer Center.
(C) Copyright 2020 GlobeNewswire, Inc. All rights reserved.


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Samsung Galaxy A15 5G Gets More Affordable Option with New Variant in India
Samsung launched the Galaxy A15 5G in India in December, offering two storage options: 8GB RAM with 128GB or 256GB storage. Now, the company has expanded its offerings with a new variant featuring 6GB RAM and 128GB storage, catering to users seeking a more affordable option.
New Variant Offers 6GB RAM and 128GB Storage:
The new variant comes with 6GB of RAM and 128GB of storage, priced at Rs 17,999. This makes the Galaxy A15 5G more accessible to a wider range of consumers looking for a 5G smartphone without breaking the bank. The phone is available for purchase through Samsung's official website, Amazon, Flipkart, and leading retail stores across the country. Additionally, buyers can avail of discounts through select bank offers depending on the purchase channel. The new variant comes in three color options: Blue Black, Light Blue, and Blue.
Familiar Features with a New RAM Option:
Apart from the RAM difference, the new variant boasts the same specifications as the other existing configurations. This includes a 6.5-inch Super AMOLED display with a waterdrop notch, offering a Full HD+ resolution and a smooth 90Hz refresh rate. The phone retains the unique "Key Island" design, housing the power and volume buttons on a raised section on the right edge.
Camera and Performance:
On the camera front, the Galaxy A15 5G features a 50MP main sensor accompanied by a 5MP ultra-wide-angle lens and a 2MP depth sensor. The phone is powered by the MediaTek Dimensity 6100+ processor, and users can choose between 6GB or 8GB of RAM, with up to 256GB of storage. A long-lasting 5,000mAh battery with 25W fast charging support keeps the phone powered throughout the day. The new variant, like the others, runs on Android 14 out of the box.
The new variant of the Samsung Galaxy A15 5G provides a more affordable option for those seeking a 5G smartphone with respectable features. It offers a 6.5-inch Super AMOLED display, a 50MP main camera, and a long-lasting battery, all powered by the MediaTek Dimensity 6100+ processor. With the new variant, consumers have more options to choose from depending on their budget and storage needs.


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80% of Sudan’s gold leaves the country illegally to largely end up in the United Arab Emirates. UN trade data for 2020 show a discrepancy of at least $4 billion between the UAE declared gold imports from Africa and what African countries say they exported to the UAE.
Gold smuggling is rampant in at least 9 African nations. Bloomberg’s Simon Marks explains how gold was sneaked out from Sudan to the UAE. According to Sudan’s Ministry of Finance, 80% of Sudan’s gold leaves the country illegally to largely end up in the United Arab Emirates.
United Nations trade data for 2020 show a discrepancy of at least $4 billion between the United Arab Emirates declared gold imports from Africa and what African countries say they exported to the UAE. The United Arab Emirates denies any involvement in illegal practices.
Ways to smuggle are many and often imaginative. As recently as mid December, an attempt was reported by Hyderabad customs. Customs at Hyderabad airport recovered and seized 7.3 kilograms of gold from four Sudanese passengers travelling from Dubai who had concealed the contraband in their rectums, said customs officials.
Previously Gibril Ibrahim, Minister of Finance, has pledged to develop new policies and mechanisms to tighten gold mining and export revenues. Since Sudan failed to crack down on smuggling and attract the needed foreign currency through the official channels. The government opened gold export to private companies provided they pay taxes and royalties. But the large scale gold smuggling continued.
A common factor in Africas illicit gold trade is how much of the metal transits through Dubai. Figures from the UN’s Comtrade database show that Africas share of Dubai’s gold imports rose to 50% from 16% between 2006 and 2016.


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Many companies seek to avoid the costs of direct employment by contracting with outsource providers to perform work, sometimes alongside regular employees, at company facilities. One advantage of using outsourced labor is insulating the company from employment related claims – but a recent California District Court decision may signal that companies are no longer insulated from potential liability.
The case involves a contractor who provided logistics services to Wal-Mart in Southern California. The contractor operated warehouses that received and processed shipments bound for Wal-Mart stores. The employees alleged various wage and hour violations, and brought suit against both the contractor and Wal-Mart, who sought dismissal on the grounds that it was not responsible for any violations committed by the contractor.
In a groundbreaking decision, the District Court judge refused to dismiss Wal-Mart, holding that the company had a duty to refrain from using contractors “it knew or should have known would violate applicable wage and hour laws.” The judge went further in opining that Wal-Mart could be liable if it paid the contractor low rates that virtually guaranteed wage and hour violations by the contractor. The importance of this ruling is that plaintiffs will now be able to conduct extensive discovery of Wal-Mart’s practices in an effort to find evidence of knowledge or imputed knowledge of the contractor’s practices.
Although this is only a decision by a single court, and may be subject to limitation or reversal on appeal, it opens up an enormous new avenue for plaintiff’s attorneys to pursue for wage and hour litigation. Employers must therefore use prudent due diligence in screening and monitoring their outsourced labor providers, and should seek to insert appropriate labor compliance and indemnification language in their outsourcing agreements.


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Out of the 146 companies on this list, 84 percent were profitable in 2013 (versus 77 percent in 2012). Collectively, those 123 companies raked in $66.2 billion in income.
Two newcomers to the list made waves this year. CDW Corp., not even a year after its IPO, breached the top 20. Meanwhile, Horizon Pharma saw far and away the fastest growth, with a 292.8 percent increase in revenue in one year. The company previously had been too small to be included in the list. All in all, 14 companies entered the ranking this year, while 10 left it.
Archer Daniels Midland Co. takes the No. 1 spot with $89.8 billion in revenue. The agricultural company holds that ranking for the third year since dethroning Walgreen Co. in 2012. That's in spite of losing 0.8 percent in revenue and its income shrinking by 2.4 percent last year. Nipping at its heels and ever closing the gap is Boeing Co. at No. 2. with $86.6 billion in revenue. Boeing's income rose 17.6 percent and is nearly three-and-a-half times larger than ADM's. Walgreen is a slightly more distant No. 3 with $72.2 billion in revenue, staying nearly flat. The gap grows larger for No. 4, Caterpillar Inc., whose revenue shrank by 15.5 percent. Rounding out the top five, United Continental Holdings Inc. bumped up into the spot previously occupied by Abbott Laboratories.
The pages of this ranking are packed with insight into Chicago's largest publicly held companies. Peruse the full list detailing revenue, profits and losses, market caps, worldwide employee totals and industries. In the PDF version, you'll learn which companies lead (and which lag behind) in shareholder return, which industries employ the most people and bring in the most money, and much more. The spreadsheet version includes full mailing addresses as well as names of those in executive management.
To view or buy the full list, go to ChicagoBusiness.com/2014public.
To purchase Crain's most recent list of Chicago's largest privately held companies, go to ChicagoBusiness.com/2014private.
Can't get enough of this data? Our annual Book of Lists — which compiles every Crain's list from a calendar year into one zipped file of spreadsheets — is available for sale at ChicagoBusiness.com/bol.