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Meredith Corporation has entered into a binding agreement to acquire all outstanding shares of Time Inc. for US$18.50 per share in an all-cash transaction valued at us$2.8 billion.Meredith adds leading media brands to already strong portfolio of National and Local Media Properties, creating media powerhouse with US$4.8 Billion in Revenues, Including US$2.7 billion of advertising revenues.
Tag: Time Inc.
Through a license agreement with Time Inc. and Televisa, FORTUNE en Español will be published monthly in Spanish.FORTUNE en Español will include features from the U.S. edition of the magazine, as well as original content from its staff in Mexico.
Time Inc. is launching mobile-first, all-video platform INSTANT, which will feature content about the lives and projects of digital celebrities as well as content created by digital celebrities exclusively.Time Inc.’s People, Entertainment Weekly and HelloGiggles Will Be INSTANT Launch Partners on Programming and Audience Strategy Initiatives.
Nielsen Catalina Solutions (NCS) and Time Inc. announced a groundbreaking method of cross-platform advertising measurement that makes it possible to measure the quantifiable in-store sales impact of campaigns across print, digital and TV.Study with Crystal Light Beverage Brand shows that combining print, digital and TV in a cross-platform campaign has a positive impact on sales.
YouTube network StyleHaul has team up with Magazine publisher Time Inc. Two companies are joining forces and their own audiences to provide an attractive option for brands and advertisers.
What: Time Inc has acquired social network MySpace parent company Viant for an undisclosed amount. Why it matters: The acquisition will accelerate Time Inc.’s strategy of activating
Programmatic buying for Time print; Adidas explains how to really align IT and marketing; and SMBs turn to social media marketing while luxury brands are
It’s all about the content, baby, as Hispanic characters begin to permeate TV and video. It’s a good thing, because Latino consumers are feeling spendy,
Time Inc’s Luis Solis: “Leading brands now have content marketing, social, mobile and video in their RFPs”
Magazine Media has been evolving to much more than print magazines over the last decade. To celebrate the brightest executives in Magazine Media, Folio Magazine each year puts out a list of 100 leading professionals: 20 per category (Vision, Content, Marketing, Disruption, Revenue). In 2014, two executives belonged to the Hispanic Magazine Media Sector: Luis Solis, Associate Director of Integrated Marketing at Time Inc (interviewed below) and Enedina Vega, VP& Publisher, Meredith Hispanic Ventures (watch out for next Tuesday’s interview with Enedina Vega).
Magazine publisherTime Inc. and Outbrain Inc., a global content discovery platform, have announced an exclusive multi-year agreement that will see Time Inc. enhance its digital strategy by deploying the full suite of Outbrain’s solutions for seamlessly surfacing content that is relevant to audiences across its global portfolio. The partnership is worth more than US $100 million for Time Inc. over the course of the agreement.
The closure of Source Interlink Distribution reflects the tremendous financial pressure that both magazine publishers and their distributors have been facing as the Internet has decimated newsstand sales and as retailers hand over prime shelf space to other products like candy and gum. There are now only two major U.S. magazine wholesalers: TNG and Hudson News.
As marketers are asking for more quality content targeting acculturated Hispanic women, media properties are taking notice. Time Inc.’s People en Español announced the launch of “Chica”, a new english-language digital and print content offering targeting the bi-cultural Latina woman.
Time Warner Inc. it’s spinning off parent company Time Warner with US $1.4 billion in debt. The financing will be used to buy Time Inc.’s U.K. operation, IPC Media.
What: Time Inc’s All You is publishing a 12-page custom magazine, called Celebraciones, which will focus on the holidays and will be bound into the December issue of AllYou Nestlé
Time Inc. may be close to a deal to buy American Express’ luxury publishing division, including Travel + Leisure and Food & Wine magazines.
Kika Rocha has left her post as Beauty and Fashion Director for People en Español. Her last day was May 3. In a note to


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Velo Labs, a financial technology firm utilising blockchain technology to establish a compliance-first financial system, has secured $10m in its latest financing round.
The firm’s mission is to enhance the global movement of assets and promote the mainstream adoption of digital assets.
The new capital comes from a funding round led by global digital asset market maker and multi-stage Web3 investment firm, DWF Labs. The investment is set to bolster the growth of Velo Labs’ groundbreaking “Web3+” financial ecosystem, which facilitates trustless, formless, borderless, and limitless global assets movement.
Velo Labs is creating a unique “Web3+” financial ecosystem by blending Web 3.0 products with a compliance-friendly approach. This revolutionary ecosystem aims to become the backbone infrastructure for transferring the current global economic activities onto the blockchain. Initial offerings include multi-asset trading on Universe, and the anticipated launch of a crypto payment super-app, Orbit.
The fresh funding will be directed towards Velo Labs’ objective to connect businesses and individuals to a global pool of funds, thus enhancing the velocity of money worldwide. This capital infusion is expected to fast-track the development of innovative core products, alongside auxiliary services, and facilitate expansion of global partnerships.
“We’re thrilled about this collaboration and appreciate the support from DWF Labs in recognising the immense potential of our Web3+ ecosystem. This partnership will play a crucial role in enhancing the seamless global movement of assets.
“With the long-term financial support pledged, we plan to expand our ecosystem and drive the growth of our VStablecoins by developing innovative core products, as well as other auxiliary services, and expanding global partnership,” Tridbodi Arunanondchai, vice president of Velo Labs Technology Inc., shared.
Andrei Grachev, managing partner of DWF Labs, echoed this sentiment. “We’re thrilled to lead the round for Velo Labs, one of the fastest-growing communities in Southeast Asia, and to support their vision of building an innovative Web 3+ ecosystem. With the launch of Universe and the ongoing development of Orbit, we look forward to seeing Velo Labs Technology Inc.’s continued success in the asset-oriented smart contract space.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global

domain: news


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Whole Foods Market Inc. has confirmed that it will be anchoring the CityLine development in Richardson, Texas, part of the Dallas-Fort Worth metroplex area.
The Austin-based grocer is planning to build a 40,000 square-foot store at the intersection of Renner Road and Plano Road. It’s slated to open in spring 2016.
KDC, the development firm building the giant CityLine complex, had previously told the Dallas Business Journal that the grocer was planning to open a store in the development.
In DFW, Whole Foods (Nasdaq: WFM) recently opened its first Northeast Tarrant County store at the Colleyville Downs Center in Colleyville. It also has announced four other DFW locations expected to open by spring 2016.
Highland Village is slated to open in fall 2014, followed by the Uptown location at the Gables Residential building, scheduled to open in summer 2015. The grocer will also anchor the Wade Park development in Frisco and is slated to open there in fall 2015. In Fort Worth, it will open at Trademark Property Co.’s 63-acre mixed use project in spring 2016.
Barron's recently picked Whole Foods as an undervalued retail stock to watch.


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T-Mobile USA said today that it is offering a new version of its signature Sidekick device at $99.
The Sidekick, a horizontal handheld with a swivel screen that pops up to reveal a full-sized keyboard, has been widely successful among celebrities and youth adamant about staying connected. The user interface easily allows people to send instant messages, e-mail and text messages when not taking a call.
But the device’s pricing has always been slightly out of the reach of the masses. The Sidekick 3 is $200 after mail-in rebate and with a two-year contract.
The new device, called Sidekick iD, will be $99 under the same terms. It’s set to be available April 25.
To accommodate the lower price, T-Mobile removed the phone’s camera and MP3 player, and delegated it to a slightly slower, GPRS network.
But the communication abilities will remain the same. T-Mobile said Sidekick users are among the biggest users of features such as IM, texting and Web browsing. Usage is nearly 50 percent higher than with T-Mobile’s average device or phone, and more than 30 percent of all Web page views on the T-Mobile Sidekick are to MySpace.com, with other top visited sites being FaceBook, Sconex and Google. In addition, the average T-Mobile Sidekick customer sends or receives more than 3,000 instant messages a month.
T-Mobile marketing director Greg Andrews said the phone is not only going to be accessible to a larger group of people, but also brings personalization to a new level.
The iD will also be the first Sidekick model to have T-Mobile’s myFaves available immediately to the users. The feature allows unlimited calling to five favorite people. The iD is also highly customizable with easily replaceable back-plate and side bumpers in a variety of colors.
“They love to customize their Sidekicks,” Andrews said. “It becomes a personal device, the Sidekick iD is all about individuality.”
T-Mobile USA said the Sidekick iD makes the third Sidekick available today. It joins a limited edition version designed by Miami Heat’s Dwyane Wade and the standard Sidekick 3. It also may not be the last variation of the device. T-Mobile said the Sidekick is becoming more of a brand than an individual product.


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Fourth Quarter 2012 Hirings, Firings, Layoffs, Resignations By The Numbers
We’ve entered the fourth quarter for 2012, here is a breakdown of the employment situation as it develops. Unlike previous quarters so far the fourth quarter of 2012 is shaping up to have a lot of positive job activity as a result of temporary retail hiring.
Take a look at the past quarterly reports we’ve compiled for 2012.
Mass Layoff Reports
|2012||Mass Layoff Events||Total Workers Affected|
The fourth quarter is traditionally known for retailers hiring like crazy check out our post on which retailers are hiring for the holidays, upwards of 200,000 jobs.
— Emilie Mecklenborg (@EmilieMeck) October 12, 2012
— Dr. Marcia F. Robinson, SPHR | SHRM-SCP (@MarciaFRobinson) October 12, 2012
General Motors – Is actually a mixed bag, it is looking to insource most of the Information Technology (IT) jobs it has outsourced over the years. The first push will see about 1,500 workers hired. The company is also going to take over 3,000 workers from HP which purchased EDS a few years ago that company had managed IT for GM. However it is also idling its Romulus engine plant for next week 10-21-12 laying its workers off for one week.
The Kentucky plant that manufactures the Corvette is also being idled for 6 months to change over for the brand new 2014 Corvette this will result in temporary layoffs it isn’t clear how many workers of the 700 that work there will be affected. Headcount is actually up 150 for this facility.
Living Essentials – The maker of 5 Hour Energy is going to open a third facility in Indiana and it will need another 200 workers.
SeaWorld – Apparently even SeaWorld is getting into the seasonal hiring spirit, it will hire some workers
Gulfstream Aerospace Corp – The business jet manufacturer plans to add about 35 employees to its operations in Brunswick, Ga. to keep up with an expanding workload finishing aircraft.
Nissan Motor North America – The company is adding a new shift and adding 800 jobs at its Smyrna Tennessee assembly plant.
American Airlines – Ironically the company is also laying off other areas of the company like baggage handlers. After buying out many of its flight attendants it is looking to hire 1,500 new flight attendants replace some it let go. According to the Bureau of Labor Statistics these workers make about $37,000 per year, American said it pays about $45,000 but it is unclear if that will go down as it tries to save money.
DuPont – The company is expanding its innovation centers with a new on in Troy Michigan. The goal is to help bring new products to market faster for the automotive market.
There hasn’t been massive hiring announcements but you can check out our live Twitter stream for job postings.
American Airlines – The airline company has reduced its baggage handlers by about 80% many took early retirements and buyouts. The positive news is that through negotiations the massive layoffs at the company have been less severe.
Cummins – Known for its diesel engines the company will reduce 1,000-1,500 jobs as part of its cost reduction efforts. Of these jobs 150 will be at the Indiana assembly plant these cuts will happen before 2013.
FedEx – The shipping giant announced it will be making massive cuts to its workforce to increase its profitability over the next 3 years.
PayPal – Is looking to make a 3% cut to its workforce which is the first time has made cuts since the financial crisis of 2008.
AMD – Known for making CPU’s is preparing to lay off between 20 and 30% of its staff in the second quarter the company said it had 11,737 employees. So upwards of roughly 8,000 jobs look to be on the chopping block. **Update** The company is actually going cut about 1,800 jobs before the end of the year. The announced job cuts are going to come in at about 15% not the rumored 20 to 30%.
Sears Holdings Corporation – The owner of Kmart is also going to be closing a Woodhaven Michigan location in January 2013. About 52 workers will lose their jobs.
Abbott Laboratories – Is cutting 550 workers globally in the run up to a spin off of one of the companies divisions. The company is also planning to cut several hundred more workers in 2013.
Newsweek – One of the most prolific magazines to go nearly out of business and was sold for $1 is going to be fully embracing the new world of digital media 100%. It is stopping print editions and as a result job cuts are expected.
Whirlpool – The Evansville Indiana plant will live to die another day. The plant is down from 230 workers in April to about 100 now. More workers have left their jobs so the plant is expected to stay open longer than its expected 2014 closure.
Paypal – The company is cutting 3% of the workforce which is about 325 jobs.
Dow Chemical -The company is writing down their joint venture in hybrid battery.
DuPont – The company is eliminating 1,500 jobs from its United States workforce.
Martha Stewart Living Omnimedia – Due to a lack of advertising revenue the company is laying off about 70 employees tied to the magazines it publishes.
Post Presidential election layoffs accelerate.
Groupon – Possibly another great sign that the Web 2.0 movement is actually another Dot.Com bubble bursting 80 people are got the axe as the companies 3rd quarter was reported to the public, the company is looking to actually make a profit. Groupon has laid off over 600 people in the last six months.
NBCUniversal – there are 500 employees now looking for work elsewhere in the economy.
Hostess – The maker of infamous Twinkies and Wonder Bread announced after a union labor showdown that it will file for Chapter 7 bankruptcy and liquidate the companies assets. The move will see about 18,000 jobs vanish like the twist ties for bread.
CitiGroup -The banking group let 100 workers go in Long Island.
Dana – Automotive supplier is looking to layoff more workers.
Bechtel Power Corp – In Florida the nuclear plant is looking to layoff 277 workers at the plant.
Gamesa Energy – The plant is going to layoff 92 out of its current 154 workers.
Awrey’s Bakery – Just on the after narrowly escaping a mass layoff in the second quarter of 2012. They had previously taken a $1 per hour pay cut, then another $0.85 an hour pay cut due to the union. The company seems to be following Hostess trying to cut costs. Awreys will be laying off 150 workers in Livonia, MI.
Detroit Police – Chief Godbee The second Chief of Police in a row to resign or in this case “retire” amid a sex scandal.
Citi – Vikram Pandit CEO of Citi resigned from the company.
Lockheed Martin – This is one the craziest resignations around, the incoming CEO resigned pretty much before he ever got in place as CEO for an improper relationship with a female subordinate. It just rings of HP’s former CEO Mark Hurd problem.
Central Intelligence Agency (CIA) – Former Army General and now former CIA director David Petraeus resigned for his affair with another woman.
Huron Township, MI – The police department is laying off 10 of its 22 employees.
Transportation Security Administration (TSA) – About 25 baggage screeners at the Newark Liberty International Airport will likely be fired for “improper screening” of luggage.


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EA looks like it might be about to lose lots of lolly due to its unswerving support for loot boxes in the FIFA franchise. On 15th October judges at the Court of The Hague authorised enforcement of a fine that was imposed by the Netherlands Gambling Authority (KSA) back in 2019. The scale of these fines isn't negligible, EA must pay €500,000 per week, for every week that it refuses to comply, up to a maximum penalty of €5m. In mid October EA was given three weeks to change the way that loot boxes work in FIFA 19, FIFA 20, and FIFA 21 but has now decided to appeal, which will put the fines on pause.
FIFA players can spend real money on random player packed Ultimate Team packs for use in their game in competitive matches against the computer or other FIFA gamers. Gamers are generally negative about this practice but some must be paying well for EA to maintain this mechanic despite the gamer community/media blowback. Video games analyst Piers Harding-Rolls reckons that FIFA Ultimate Team sales generates as much as $2bn per annum in revenue for EA.
The KSA consider the loot boxes in FIFA to be a 'game of chance' and thus fall under the gambling act. Its studies show a link between gamers paying for loot boxes and moving on to develop a gambling addiction. As per out headline, EA disagrees with that claim that its FIFA loot boxes violate the Gambling Act. In a statement sent to Eurogamer, EA said the following in its defence:
Players all over the world have enjoyed FIFA and the FIFA Ultimate Team mode for many years and as such, we are disappointed by this decision and what it may mean for our Dutch community. We do not believe that our products and services violate gambling laws in any way. We are appealing this decision and we seek to avoid a situation impacting the ability of Dutch players to fully experience and enjoy FIFA Ultimate Team.
Electronic Arts is deeply committed to positive play. We seek to bring choice, fairness, value and fun to all our players in all of our games. We remain open to discussions with the Netherlands Gambling Authority and other stakeholders to understand and explore solutions to address any concerns.
Looking back at the HEXUS news regarding loot boxes, Belgium went through a similar 'tug-of-war' with EA back in 2018. Meanwhile, the UK government's tortoise-like response is currently in its call for evidence stage (until 22nd Nov this year). The NHS and the Lords have already asked for action based on their own investigations.


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TALLAHASSEE, Fla. (AP) - State officials say Florida's commercial spiny lobster season is off to a good start.
The Department of Agriculture and Consumer Services says several of Florida's top lobster producers are reporting abundant numbers of spiny lobsters and high demand for the seafood delicacy.
Agriculture Commissioner Charles Bronson says that's good news for Florida's seafood industry, which saw declines this year because of the oil spill in the Gulf of Mexico.
Florida's commercial spiny lobster season began Aug. 6 and continues through March 31. The bulk of the harvest comes from Monroe, Miami-Dade and Broward counties.
Last year's spiny lobster harvest totaled $13.2 million. It ranked third behind shrimp and stone crab claws.
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The recent launch of Starlink, a satellite internet service provided by SpaceX, has been making waves across the globe. This innovative technology aims to provide high-speed internet access to even the most remote areas of the world. Laibin, a city in Guangxi province, China, is one of the latest places to benefit from this service.
The impact of Starlink in Laibin has been significant. Prior to its launch, many residents in the city struggled with slow and unreliable internet connections. This made it difficult for them to access online resources, communicate with friends and family, and conduct business. However, with the arrival of Starlink, all of this has changed.
One of the most notable benefits of Starlink in Laibin is the speed of the internet connection. With speeds of up to 150 Mbps, residents can now access online content and services quickly and easily. This has opened up new opportunities for education, entertainment, and commerce.
For students in Laibin, Starlink has been a game-changer. With access to high-speed internet, they can now take online courses, participate in virtual classrooms, and access educational resources from around the world. This has helped to level the playing field for students in Laibin, who previously had limited access to these resources.
In addition to education, Starlink has also had a positive impact on businesses in Laibin. With faster internet speeds, companies can now conduct online transactions, communicate with customers and suppliers, and access global markets. This has helped to boost the local economy and create new job opportunities.
Another benefit of Starlink in Laibin is its reliability. Unlike traditional internet services, which rely on physical infrastructure such as cables and wires, Starlink uses a network of satellites to provide internet access. This means that even in areas with poor infrastructure or extreme weather conditions, residents can still access high-speed internet.
Despite these benefits, there are also some concerns about the impact of Starlink in Laibin. One of the main concerns is the cost of the service. While Starlink is more affordable than traditional satellite internet services, it is still relatively expensive compared to other forms of internet access. This could make it difficult for some residents in Laibin to afford the service.
Another concern is the impact of Starlink on the environment. The satellites used by Starlink are powered by solar panels, which is a more sustainable option than traditional satellite technology. However, there are concerns about the impact of these satellites on the night sky and the potential for space debris.
Despite these concerns, the overall impact of Starlink in Laibin has been overwhelmingly positive. With faster, more reliable internet access, residents can now access online resources, communicate with others, and conduct business more easily than ever before. This has helped to improve the quality of life for people in Laibin and create new opportunities for growth and development. As Starlink continues to expand its services around the world, it is likely that more and more people will benefit from this innovative technology.


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More than 1,000 travel professionals from over 55 countries will be attending this year’s Holiday World Show at the RDS Simmonscourt, Dublin, from the Friday, January 26 to Sunday the 28th. Here’s a rundown of this year’s highlights:
Adventure Holidays: The show features African safaris, South Pacific snorkelling and trekking. Travel experts include Explore Worldwide, Bike’N Ride Holidays, Ridge Trail Trekking Nepal and Mayo The Adventure Capital.
Let’s Talk Travel with Eoghan Corry: The award winning travel journalist will present his newly formatted series of talks called ‘Let’s Talk Travel with Eoghan Corry’. Eoghan will interview leading industry experts from around the world and answer visitors’ questions on topics such as trends, Africa, solo holidays, visas and passports, Irish attractions and cruises.
Visit USA Pavilion: The largest in the show’s 29-year history, showcasing over 40 destinations, from wine tasting in the Napa Valley to theme park adventures in Orlando and shopping breaks in the Big Apple. Atlantic City is one of the new US destinations for 2018.
French Camping Pavilion: Campissimo will be the largest French Camping Exhibitor at this year’s show, introducing a new range of camping holiday options to the Irish market.
Italy: The Italian State Tourist Board is bringing its biggest ever stand to Holiday World Show 2018, showcasing a variety of holidays from historical tours in Rome, the scenery of Tuscany and the best restaurants in Sicily.
Spain: In 2017 the Spanish Tourism Board is expected to hit a milestone of 2m and will show off destinations at the show from the cities of Barcelona and Valencia, to the Basque Country and more.
Asia: Book your Asian adventure at Holiday World Show and choose from countries as diverse as Thailand, Japan, China, Taiwan, Malaysia and more.
Airline Pavilion: Aer Lingus will feature its new routes to Seattle and Philadelphia, as part of its largest ever transatlantic schedule. Turkish Airlines will highlights its schedule of flights to 302 destinations in 120 countries. Ethiopian Airlines will form part of the new African Pavilion. Qatar Airways, which recently opened its Dublin to Doha route, will also be exhibiting its routes while Air Canada will be displaying its new direct services between Dublin and Montreal and Shannon and Toronto, beginning in June 2018.
Cruises: Celebrity Cruises, Royal Caribbean International, MSC Cruises, Hurtigruten, Norwegian Cruise Lines and Silversea Cruises are just some of the cruise exhibitors who will be offering their expert advice and show-only deals.
Home Holidays: The biggest one ever with exhibitors with a new Northern Ireland Tourism Village while Donegal Tourism, voted ‘the coolest place on the planet in 2017’ by the National Geographic, will host the largest Home Holiday stand.
Caravan and Motorhome Show: The Caravan and Motorhome Show at Holiday World Show 2018 is Ireland’s number one indoor and outdoor display of luxurious motorhomes, touring caravans, and accessories.
Over 55’s Holidays: The show will have travel offerings specifically tailored to the more seasoned travellers with special over 55’s holiday discounts available.
Edmund Hourican, Managing Director of the Holiday World Show, said: “Now in its 29th year, Holiday World Show Dublin is bigger and better than ever. With over 1,000 travel professionals on hand to offer one-on-one guidance and tips on the best travel trends, it is the best place to book a holiday. For our 2018 show, we have lots of new and exciting exhibitors showcasing the newest holiday offers and value-for-money packages.”
Pat Dawson, CEO of the Irish Travel Agents Association said: “Holiday World Show is a fantastic event for travel agents and consumers alike. It is a great opportunity for our members to display their holiday products while offering invaluable travel advice to members of the public. Every year there’s such an array of culture, vibrancy and excitement packed into the RDS Simmonscourt, it is the perfect place to be inspired.”
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Fancy A Date?
Developer- and Publisher-specific Articles: Origin of Pain
Trials Evolution’s first DLC pack, Origin of Pain, has launched on Live Marketplace. The drop, developed by series creator RedLynx, is available for 400 MS Points and includes 36 new tracks, new skill games, new gear, new objects, and a new BMX bike mode.
Ubisoft has announced that the first round of DLC for Trials Evolution, Origin of Pain, will be available this fall. Developed by series creator RedLynx, the 400 MS Point pack will include 36 new tracks, a new BMX bike, and “tons” of new objects for the track editor.


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Nations feel share should be larger
profits out of the countries they’ve done business in, the online companies have managed to keep down both sales taxes and corporate income taxes on their overseas income.
Google’s British chief, Matt Brittin, said last week that the company “plays by the rules set by politicians.”
“The only people who really have choices are politicians who set the tax rates,” he told the U.K.’s Channel 4 News.
The fact that the methods are legal hasn’t stopped resentment brewing among governments, other brick-andmortar businesses, and households feeling ever higher tax burdens.
The British Parliament’s public accounts committee said Amazon, by accounting for the profits made in the U.K. elsewhere in the EU, paid $2.9 million in British tax in 2011, on revenue of $333 million.
In Italy, the government said tax police determined Google had undeclared earnings of $311 million from 20022006 and had not paid value added tax of $125 million in the period.
Philippe Marini, the French senator who leads the country’s finance commission, estimated France is missing out on $1.7 billion in taxes from Google, Apple, Facebook and Amazon. And, Marini said, that amount would pale in comparison with what they likely owe Germany and Britain where sales figures are higher.
“A bakery across the street is easier to control,” Marini said. “And households can’t relocate to Ireland just like that.”
The companies say they comply with the law and are cooperative in countries where they operate, but do not elaborate. Even people critical of their tactics say ultimately the job of an accountant is to keep a client’s tax bill as low as possible.
The companies also stress that they do pay some taxes — contributions to their employees’ social security, for example.
France, however, is going after the tech companies: On June 30, tax authorities raided Google’s Paris offices, according to court documents posted online after Google contested the seizure of its files. The tech giant has denied receiving a $2.2 billion bill from the French government and says it pays all legally required taxes.
Taxes fall under French privacy law, so specific amounts are not made public. But the raid on Google’s Paris offices is a sign the French government believes the tech company has more than just incidental support staff in the French capital. France’s budget minister, Jerome Cahuzac, said “a certain search engine needs to regularize its situation in France.”
Facebook, Amazon and Apple have come under similar French scrutiny, according to published reports and public filings. Marini said French law is lagging behind, but hopes to catch up.
Both Amazon and Google are contesting the French actions in court.
Britain and Germany have joined France in targeting the tech giants and, officials say, are coordinating against what one official calls “stateless income.”
The G-20 meeting in Mexico this month showed a measure of international support for tightening the rules. The U.K. Treasury chief George Osborne and German finance minister Wolfgang Schaeuble called for a common front “to strengthen international standards for corporate tax regimes.”
“Governments have to keep up in the race,” said Marini, the French senator. “Companies have a much faster pace than either national or European law.”
Helping the governments keep tabs on the tech multinationals is the Organization for Economic Cooperation and Development. Originally set up in 1948 with the aim of stimulating world trade, the OECD now is taking the lead role in fighting tax evasion, said Pascal Saint-Amans, director of the organization’s Center for Tax Policy since February.
The OECD has established a locked database detailing some of the world’s most sophisticated tax schemes to allow government tax authorities to privately share revenue-shifting schemes they encounter.
The main problem, for Saint-Amans, is that tax havens within Europe such as Ireland and Luxembourg ease the process that allows multinationals to send profits even farther offshore to places like Bermuda. That makes it harder for the countries with the most staff and sales to track. Google, Apple, Microsoft and Facebook have international headquarters in Ireland; Amazon’s international offices are in Luxembourg. But the biggest European markets for all those companies are Germany, France and Great Britain.
“At some point again you’re back to the basics, which is where is the real activity? And that’s something that we may have lost sight of,” said Saint-Amans. “The lowtax regimes are more the consequence than the problem.”


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ReadWrite on influence of digital marketplaces on commerce and experience
ReadWrite contributor Brian Solis has shared an article focused on the future of commerce and experience under the influence of digital marketplaces.
Solis says, “To understand the digital marketplaces of the future, it’s vital that we understand the current state of these entities, along with their most pressing challenges and near-term growth strategies. Because there’s been precious little research done into this matter to date, Altimeter Group and Kahuna set out this year to get a handle of both the current state and future of digital marketplaces. Our findings revealed a landscape of formidable players on the cusp of their next evolution and a new chapter for commerce, platforms and experience in the process.
Key findings in our research included:
Marketplaces are bigger than we thought. Of the more than 100 marketplace executives we surveyed, the majority of participants represented high-revenue companies. One-third of those companies generated $100 million or more in revenue in the last fiscal year. Further, 38 percent earned $50 to $99 million and 25 percent claimed $1 to $49 million. The majority of marketplaces (35 percent) reported gross merchandise volume (the total value of merchandise sold to customers through a marketplace) of $500 to $999 million”.
Comments are closed.


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As forbearance requests slow, will usage be lower than expected?
Servicers' advancing obligations related to forbearance have gotten pretty high, but they are starting to level off and may not be as bad as feared in other ways as well.
Not only do current reports like the one Black Knight put out Friday consistently show overall enrollment in suspension plans is slowing, it's starting to look possible that usage rates could fall, too.
"You've got a lot of consumers that signed up for forbearance that haven't used it," said Joe Chappell, executive vice president at Covius.
A lot of initial requests for the coronavirus-related payment suspensions available without documentation may have been a form of "strategic forbearance" motivated more by opportunity than current need, he noted.
More than 70% of homeowners approved for forbearance aid said they could have made their payments but wanted to be able to take a breather from them, according to the results of a LendingTree survey released last week. Five percent couldn't pay their mortgage bills, while the rest would have had to skip paying other essential bills to remain current on their mortgage.
Many people may continue to engage in forbearance for strategic or need-based reasons. But for others, recent clarifications around how payment suspensions affect financing in the influential government-sponsored enterprise market could impact whether they want to use forbearance or not.
Some of the recent clarifications suggest there will be more leniency around forbearance repayment and broader financing available for consumers with payment suspensions than there would normally be. These may make some aspects of forbearance more attractive to borrowers.
On the other hand, the Federal Housing Finance Agency — which regulates and serves as the conservator for Fannie Mae and Freddie Mac — also has made it clear that forbearance and the extent to which consumers follow through payments or not has an impact on homeowners’ ability to get new loans. That could discourage some borrowers from suspending payments.
While overall enrollment in forbearance plans is plateauing at a rate below 10% on average, the obligation that forbearance could place on servicers or loan holders to advance or otherwise absorb the impact of unpaid borrower funds still could be considerable unless borrowers choose to keep paying.
Servicers may find themselves responsible for more than $1 trillion per month of suspended payments across all types of mortgages, according to Black Knight.


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Mexican fast food chain, Guzman y Gomez’s CMO Anna Jones is leaving after 15 months, according to a story on Mumbrella.
Jones launched the #fixfastfood movement at Guzman y Gomez, which pledged to focus the brand in developing a sustainable and nutritious menu that also focused on animal welfare. The company’s CEO, Mark Hawthorne, said the company had launched a search for a new CMO.
“We are committed to creating positive change in Australia’s fast food industry and will be continuing to build momentum with our #fixfastfood movement. An announcement regarding our new CMO will be made shortly,” Hawthorne told Mumbrella.


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According to CNBC, Amazon.com announced Wednesday that this year’s Prime Day sales surpassed both Black Friday and Cyber Monday combined.
The now two-day event sold more than 175 million items, according to Amazon, which didn’t disclose an actual sales figure. The press release said that Prime members saved more than $1 billion throughout the sales, and members in 18 different countries shopped.
In the United States, outside of electronics and devices, the highest-selling items were the LifeStraw Personal Water Filter, Instant Pot DUO60 and 23andMe Health and Ancestry kits.
Top-selling deals worldwide were the Echo Dot, the Fire TV stick with Alexa voice remote and the Fire TV Stick 4K with Alexa voice remote.


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This week’s update includes a rare partnership between some of tech’s biggest players (to self-govern AI development), a watershed stat for Amazon in the US and reflections on Snap’s Spectacles. Oh, and in case you missed it, we’re going to Mars guys!
- Facebook, Amazon, Google, IBM and Microsoft come together to create a Partnership on AI.
- Spotify is rumoured to be in talks to buy Soundcloud.
- HTC’s VR app store opens today, making it easier for users to find non-gaming content.
- A small survey but significant shift: more than 50% of US shoppers turn to Amazon (not Google) first to find products.
- A (free, one-click download) infographic showing how Echo users are using the device so far.
- Deloitte’s Mobile Consumer Report 2016 (UK)
- Fove – VR with eye tracking.
- IBM Watson and The Weather Company are ready to launch the first Cognitive Ads.
- Slightly beyond digital media but pretty big future facing news: Elon Musk is going to take us to Mars.
- ‘Snapchat Spectacles and the future of wearables’
- ‘What the next few years look like for VR’
- ‘In one experiment 98% of users failed to notice a clause requiring them to give up their first-born as payment’ – how the digital age has destroyed the concept of ownership.


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Sachin and Binny Bansal

In 2007, two young businessmen who happened to have the same last name decided to quit their respective gigs at Amazon India and set out to make their own fortune. While this may read like a typical Silicon Valley story, it's a new narrative for India's emerging class of entrepreneurs.
The Bansals started Flipkart, which originally sold books, like Amazon, but has since become the largest e-commerce site in India. Last year, Flipkart sold $100 million worth of merchandise, and the company wants to move $1 billion worth of goods by 2015. It's also growing like crazy. Last year, Flipkart hired 2,000 new employees and says it will grow fast enough to hire 5,000 more in the coming year. , photo: Deepak G Pawar/India Today Group/Getty
The duo’s five-year-old startup is now India’s largest e-tailer, clocking 50,000 shipments a day of everything from books to phones to baby-care products. Sales of $100 million were up 10-fold over last year, and the former Amazon software developers (who are not related) are consolidating their lead in India’s $1.6 billion e-commerce market. They snapped up online consumer electronics firm Letsbuy, launched Flyte, an online music store this year, and just closed a fourth round of funding by a consortium including U.S. heavyweights Tiger Global, Accel Partners, and ICONIQ Capital. Growth target: To top sales of $1 billion by 2015. –R.A.


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The upcoming free-to-play multiplayer RPG Fable Legends will take a bit longer to reach open beta status. Developer Lionhead Studios and publisher Microsoft have confirmed that the open beta test for Windows 10 and Xbox One won't make its previously announced launch by the end of 2015 amd instead will be launches sometime in the spring of 2016.
In a post on the game's official webpage. Lionhead stated:
"To be honest, we didn't anticipate just how big Fable Legends is becoming. It's simply the most ambitious game we've ever created at Lionhead. We've built a unique and innovative multiplayer experience combining RPG and RTS gameplay which allows you to play, and use your gear seamlessly, across Xbox One and Windows 10. On top of this, we've built a beautiful new world full of grand stories and adventures. And it's taking more time than we thought."
The good news is that Lionhead will be inviting 100,000 people to participate in the current closed beta test for Fable Legends over the next few weeks.
Source: Fable Legends


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Singapore's pawn broking industry appears to have gained a new kind of kudos in the wealthy city state, where living costs have risen and alternative sources of short-term finance have become more acceptable.
Last week, ValueMax, which was established 25 years ago, became the third pawnbroker to list its shares on the Singapore stock exchange since mid-2012. It surged 17 percent on its trading debut, reflecting strong interest from investors in alternative finance providers.
(Read more: Pawn Star:Economy is getting better)
Analysts say it's not difficult to see why there's investor interest in pawn shops: Tighter credit, rising living costs and a make-over of shops away from intimidating store fronts with metal bars have all contributed to their popularity among consumers in the Southeast Asian nation.
Singapore has gradually moved up human resources firm Mercer's global rankings of the world's most expensive cities, moving to sixth place in 2012 from eighth in 2011 and eleventh in 2010.
"We can see from the official statistics that there has been an increasing trend in people using pawn broking services in the past five years," said ValueMax Executive Director Yeah Lee Ching.
"It is linked in a way to the higher standard of living as people need more money to finance their consumption. Other reasons that have caused the growth include the wider acceptance of pawn broking as a source of finance and higher accessibility," she said.
The number of pawnshops in Singapore stood at 201 as of October 1, up from 138 in 2009 and 191 last year, according to the country's Insolvency and Public Trustee's Office.
Tighter regulations to protect consumers from loan sharks have helped the popularity of pawn shops, analysts said.
"The government has tried to crack down on underground lending and loan sharking and it wants to formalize this kind of lending to protect the consumer," said Hak Bin Chua, an economist at Bank of America Merrill Lynch in Singapore, referring to pawn brokers.
"[Pawn broking] does seem to be better regulated now than in the past with somewhat clearer rules and no overcharging," he added.
(Read more: Wealthy Flock to Pawn Shops)
Yeah at ValueMax said there's a maximum 1.5 percent interest rate that pawn shops in Singapore are allowed to charge.
She added that most customers pawn gold jewelry, diamonds or watches, noting a growing trend of more wealthy individuals using pawnshops to finance investments or business operations.
In fact, analysts note a rising trend in pawn shops around Asia as well as other parts of the world such as the U.K., where they have grown in popularity among middle-class consumers.
In March, Oi Wah Pawnshop Credit Holdings became the first ever offering of a pawn shop on the Hong Kong stock exchange.
Maxi-Cash Financial Services, listed on Singapore's Catalist board, has soared some 38 percent in the past year. It listed in June 2012.
MoneyMax Financial Services, which listed in August, has had more of a mixed performance. It's trading at about S$0.37, below levels where it started trading but off lows touched last month.
"There is a play on these stocks at the moment as they provide some source of finance for low-to-middle income consumers," said Chong Yoon-Chou, an investment director at Aberdeen Asset Management in Singapore.
(Watch: Pawn shop of the wealthy)
He added one reason for caution: "Over the other side of the world, in the U.K. for instance, we see that some listed-pawn broking companies are going through a challenging period because of the fall in gold prices so that is something to watch."
"A lot of collateral for this business [pawn shops] is gold content so if the price of gold falls that has an impact," Chong said.
In September, local media reported that shares in Albemarle & Bond, one of the largest pawnbrokers in the U.K., fell sharply after the company issued a warning about its profits, which had been hit by falling gold prices. Gold prices are down over 20 percent so far this year.


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A three-part series on the environmental, economic, and legal implications of recent regulations — and of possible legalization.
By Zach St. George
California’s Proposition 64, which would legalize recreational use of cannabis in California, is slightly favored to pass, according to recent polls. (Photo: Zach St. George)
Ross won’t give me his last name, but he is otherwise transparent in his intentions: “I’M READY TO WORK” read the fliers plastered all over his repurposed Snap-On van, words set against a background of cartoon scissors. On the drivers’ side of the van, he’s used tape to write in big letters, “Hire me to trim — win a prize.” It’s a Fleetwood Mac box set, he says, although at the moment he’s doubtful that anybody is going to win it — he’s been here four days and hasn’t gotten even a nibble.
Ross, sitting in the driver’s seat, has dark eyes, a checkered shirt, and a voluminous black-and-gray beard that flows uninterrupted into a ponytail. A black-velvet painting of Elvis sits by the passenger-side door. He’s parked along the main drag in Garberville, California, a town of roughly 1,000 people in southern Humboldt County that is currently much busier than its on-paper size would suggest. Down the sidewalk from his van, a group of long-haired kids sit in the shade listening to music. More, wearing backpacks, wander by toward the grocery store. On the street, there is a steady stream of dusty pick-up trucks. The swirl of activity seems to stoke Ross’ pessimism: These growers in their trucks, these would-be trimmers, all these stores that depend on the money — once marijuana is legalized for recreational use in California, it will all go away, he says. “This is the end of the gold rush.”
He may be right. At the very least, legalization would bring massive change to the county. Humboldt is the top western corner of what is known, along with Mendocino and Trinity counties, as the “Emerald Triangle.” For decades, the region has been the top cannabis-producing region in the state, which, in turn, produces as much as 80 percent of the cannabis in the country, according to a 2010 report by an anti-drug task force in California’s Central Valley. (Pot is a plant blessed in synonyms; here in Humboldt, “cannabis” is most polite.) It’s long been an open secret here; only the most unobservant tourist would fail to notice the hydroponic shops on every corner, the ubiquitous advertisements for soil and nutrients, and especially the ever-present smell: sweet and musky, somewhere between perfume and old taxidermy. Half the county smells like weed.
Forcing the county’s cannabis industry out of the black market could mean an end to the runaway environmental degradation currently taking place — but the destruction could also get much worse before it gets better.
Much of the industry’s influence in Humboldt, though, is less obvious. While no one knows exactly what share of the county’s economy is tied to the black market cannabis industry, most estimates are that it’s between a quarter and a third of the total. The money, one way or another, finds its way into local businesses, hospitals, media, political campaigns, and even law enforcement, which every year seizes hundreds of thousands of dollars in cash during raids on cannabis grows. These busts often highlight another side of cannabis production in the county — the scenes of environmental degradation and violence. Law enforcement’s ability to crack down, though, is waning, and locals say the cannabis business is booming like never before.
And now legalization threatens to turn it all on its head. If California votes yes on Proposition 64, the state would join Colorado, Washington, Oregon, and Alaska in legalizing marijuana for recreational use (Massachusetts, Arizona, Maine, and Nevada will also vote on recreational legalization); 25 other states have legalized medicinal use, with four more voting on it this election. In 2010, Humboldt voted with the state against Proposition 19, which would have legalized recreational use; many growers feared that legalization would undercut their prices and a way of life they’ve enjoyed for the last 40 years. As Chyrstal Ortiz, operations manager at a local growers’ collective, points out, the other states that legalized stood to gain a new industry. While that might be true for other parts of California, legalization would leave Humboldt trying to hold onto what it already has. “Nowhere has an industry to lose like we do,” she says.
According to recent polls, legalization is slightly favored to pass. But even if the proposition fails, the state and county are implementing new measures that could drastically change the cannabis industry here. Last fall, the state agency that regulates agricultural runoff issued new requirements specifically for cannabis farmers, and, this summer, Humboldt County started requiring them to register their businesses. While only a small minority of growers thus far has stepped forward to comply with the regulations, the new requirements have sent ripples through the growing community — an opportunity for the first time to talk openly about what they actually do for a living. It will also mean new taxes, more paperwork, and could mean lower prices.
The stories in this series will examine the changes currently taking place in Humboldt’s cannabis industry, as well as the changes that might occur if cannabis is legalized for recreational use on November 8th. They are stories of possibilities: Forcing the county’s cannabis industry out of the black market could mean an end to the runaway environmental degradation currently taking place — but the destruction could also get much worse before it gets better. It could mean greater legal protections for the hundreds of people like Ross who migrate to the county every fall hoping to find jobs trimming cannabis buds — but it could also mean far fewer jobs. For the county as a whole, it could mean the beginning of a new, sustainable, above-ground economy, like the wine and tourism economies of Napa and Sonoma. But it could also follow the boom-and-bust pattern of the county’s earlier economies: gold and timber. Humboldt’s small farmers have long held an outsize place in the cannabis industry in America; they could continue to exert that pull, influencing the future of weed both in the state and the nation — or it could all go away.


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GMO, a Japanese multi-billion-dollar tech conglomerate, launched the new internet banking business. The group also announced that the new business will use blockchain technology so as to facilitate cheaper and faster financial services.
GMO Aozora Net Bank
In a statement on Tuesday, the GMO Internet Group said that it was partnering with Aozora Bank Group to launch the GMO Aozora Net Bank. The two companies have been working on the initiative since July 2016. The platform will use Internet of Things (IoT), artificial intelligence (AI) and blockchain to offer financial services.
Growth of cashless society
We have seen the emergence of a cashless society as a result of the emergence of smartphones and financial technologies. This has led to new financial services. Following the trend, the new bank will be using blockchain technology to process transactions. As opposed to the traditional banking system, the new system gets rid of the need for a middleman or overseer.
In a statement, the new bank said that the technology has increased hopes and expectations for success in building safer and affordable financial and payment system.
Aozora Bank will own 85.1% majority stake in the new internet company. GMO Financial Holdings and GMO Internet will equally share the remaining stake.
The new internet bank says it will be guided by five pillars. These are speed, security, convenience, cheapness and new experience. The bank has plans to transform into a “platform bank” in the future. As a platform bank, it will be able to license its services to other companies from different industries.
The launch of the internet bank in May 2017 comes after the company launched its cryptocurrency exchange. Since the announcement, the company has made several other milestones. It has opened Bitcoin mining operations in Europe. Additionally, the company pays its employees in Bitcoin. Recently, the company announced that it would launch its cloud mining service for Bitcoin and Bitcoin Cash in August.
It was last month when GMO launched its own mining rig. This is the first crypto rig to be produced in Japan.


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At Sage we champion mid-market businesses and in the past few years, have experienced a dramatic increase in firms of this size, scale and complexity looking to upgrade their business software. This is in response to a number of growing companies casting off the infrastructure they adopted in their early stages in favour of more sophisticated systems to streamline their processes and enable expansion.
The British Government has made it their mission to support and encourage small businesses and entrepreneurs with grants and the loosening of red tape as well as attracting large businesses to the country through corporate tax changes. However, the Mid-Market remains the unsung heroes of the UK economy.
Contribution to the UK economy
A recent report from GC Capital, a provider of commercial finance solutions, highlights the significance of the Mid-Market in terms of its contribution to the UK economy and its role in driving growth. Mid-Market businesses represent just 1.37 per cent of UK companies, but contribute 32 per cent of private sector GDP. While large companies in the UK cut almost 700,000 jobs during the credit crunch, UK Mid-Market firms increased headcount by over 25,000.
In order for Mid-Market companies to maintain their resilience in the challenging economic environment it is important to rely on clearly outlined business objectives, strong IT infrastructure, and a reliable workforce.
Leading the charge
Medium sized businesses are leading the charge in IT spending according to a Gartner report, which forecast global SMB spend will reach $1tn by 2016. This trend sees medium sized businesses prioritising enterprise software solutions in their budget. As the Mid-Market looks set to take centre stage in driving the UK out of recession it is important that they have the right business infrastructure to support their growth.
There is a dangerous tendency for businesses to want to replicate software they had installed in their infancy, but it is important to implement software that will allow your company to grow. An important consideration for your Mid-Market business is at what stage have you outgrown your software? There is no clear cut answer and Sage UK profiles companies based on the sector they operate in, the number of employees they have, as well as number of other key characteristics to provide businesses with a more accurate picture of their technical requirements.
Another key consideration outlined by the GC Capital report is the need to maintain and develop a strong workforce to support the business alongside its IT infrastructure. This may mean expanding your skills base through hiring new and more technically proficient employees or up skilling your current workforce in order to maintain growth.
Jayne Archbold, MD Sage Mid Market Division


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Imagine you have a beautiful ballgown you’re trying to sell, but Congress has outlawed consignment shops, where you’d normally take it.
There, a middle person would be willing to hold onto it until a buyer came around. But without that middle person, the market for used clothing is less liquid.
“That’s what’s happening I think writ large in the bond market,” said Jeffrey Cleveland, chief economist at Payden & Rygel in Los Angeles. Cleveland stopped by to talk with us about why trading in financial markets is becoming more difficult.
Click the above audio player to hear the full interview.


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Businesses that were forced to close at the end of March due to the COVID-19 pandemic will be reopening on Monday in the Greater Montreal area, according to Global News.
Quebec has been hardest hit of any province and Montreal has had the highest case count in the province, however, retail stores that have a street level or outdoor entrance may reopen. Shopping malls will remain closed as they won't be able to maintain proper physical distancing.
The retail stores will be operating differently than prior to the economic closures, with additional protective measures put in place. Plexiglass may separate cashiers from patrons, and shoppers may be asked to practice no-touch browsing.
Of the retail business outside of the Greater Montreal area, those that have already opened said they have noticed a difference since reopening, such as reduced sales and changes in customers habits.
The Quebec government is allowing certain retail stores to open as part Premier Francois Legault's plan to slowly reopen the economy and lift those restrictions that were initially brought in to slow the spread of the virus.
Last Friday, the province permitted outdoor gatherings to return for up to 10 people. Businesses such as private health services, spas and beauty treatment facilities are expected to reopen next week. Daycares are expected to open next week as well.
As of Sunday, Quebec has 47,411 active cases of coronavirus and a death toll of 3,984 coronavirus-related deaths.


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(C) Reuters. FILE PHOTO: Gucci’s designer Alessandro Michele arrives at the “Green carpet Fashion Awards” event during the Milan Fashion Week in Milan, Italy, September 24, 2017. REUTERS/Stefano Rellandini/File Photo
By Mimosa Spencer
PARIS (Reuters) – The abrupt departure from Gucci of Alessandro Michele, the flamboyant designer who was a favourite of Harry Styles and Lady Gaga, increases pressure on owner Kering (EPA:PRTP) as it faces slowing revenue growth at the Italian fashion house.
News of the creative director’s exit after seven years comes as Kering is seeking to reinvigorate the label, which accounted for two thirds of the parent company’s profits last year, and ahead of the lucrative holiday shopping season.
Tensions had been high between the designer and company management, sources told Reuters.
Announcing his departure on Wednesday, Michele referred to “different perspectives each one of us may have.”
Kering chairman and CEO Fran?ois-Henri Pinault lauded the designer’s tenure as “an outstanding moment” in Gucci’s history. He did not name a successor.
Without an obvious replacement, analysts said Michele’s exit created a vacuum the label needs to fill fast.
“This raises a few question marks in our view on the execution and evolution of the brand in the coming months, leaving further uncertainty around the timing of the acceleration of the brand’s momentum,” JP Morgan analyst Chiara Battistini said in a research note on Thursday.
Michele’s departure is “more than just the exit of one of the most iconic designers of the last decade,” said analysts at Jefferies, who pointed to a likely “deeper rethink” of the label at Kering.
“The next step is necessarily more complicated now,” they added.
Shares in Kering, worth more than 66 billion euros, have lagged rivals in recent years. They have lost a quarter of their value this year.
Graphic: Gucci shares fall out of fashion – https://fingfx.thomsonreuters.com/gfx/mkt/zdpxdokqopx/gucci.PNG
Michele, 49, reinvigorated the brand with his eccentric, gender-fluid styles popular with younger shoppers.
Early hits were fur-lined loafers, embellished with the label’s signature horse bit, that fetched over $1,000 and the Dionysus handbag, with a chain strap and double tiger heads, starting at around $900 for mini sizes.
After his promotion from designing accessories in 2015, he helped fuel profits, which grew four-fold by 2019 as revenue soared to nearly 10 billion euros from under 4 billion.
In recent years, growth has slowed while rivals like Dior and Louis Vuitton, owned by rival luxury group LVMH, have shot ahead.
Third-quarter sales at LVMH’s fashion and leather goods division rose 22% while Gucci grew by 9%, less than the market had expected, and which some analysts attributed to fading appetite for the designer’s styles.
They have questioned the mid-term target for annual sales of 15 billion euros, set in June.
The brand has also suffered from COVID-19 lockdowns in China where it has an extensive store network and higher exposure compared with other heavyweights.
China generates around 35% of Gucci’s annual sales, according to Barclays (LON:BARC) estimates, compared to 27% for LVMH’s fashion and leather goods division and 26% for Hermes.
Time is not on the iconic label’s side.
While making such a radical change is positive, “it could take around a year to see the results of any aesthetic shift”, said UBS, citing design and production lead times.
Industry observers say there is a large pool of potential creative directors, ranging from big-name designers to relative unknowns who could be tapped from the inside like Michele was.
A new director could give the brand an entirely new direction with a “tabula rasa” approach, as Demna Gvasalia did at Balenciaga, or build on a previous designer’s direction like Anthony Vaccarello, who followed Hedi Slimane at Saint Laurent, said Serge Carreira, head of emerging brands at the French fashion federation FHCM.
“You could also stick with the status quo for a spell and take a break for a year or so,” he said. The existing team could keep designing collections, just as the men’s team at Louis Vuitton has, following the death of designer Virgil Abloh last year.
But given the strength of Michele’s aesthetic and brand identity, a change in positioning could mean more of a “revolution than an evolution”, said JP Morgan’s Battistini.
“This, in our view, could mean a period of relative disruption, both operationally and financially, that could further put the re-rating story of Kering on hold for now,” said Battistini.
($1 = 60.3500 roubles)
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The leading payments platform, PayPal just launched their famous seamless payment experience named OneTouch in India. Powered by Google’s smart lock, it lets the Indian Android smartphone users stay logged into PayPal to speed up the payments. This feature is known for is time-saving character and it avoids the hassle of logging in each time to execute any payments. However, all other security measures and authentications are still there to ensure the maximum security for the users.
Speaking at the launch, Narsi Subramanian, Director, Growth, PayPal India stated, “As payment
systems evolve, it is essential for the platforms to simplify the process and render better user
experiences for consumers while paying online. At the same time, it is critical that customers feel
secure in making their transactions as well. The One Touch feature along with Google Smart Lock
addresses both of the above and aligns with our vision of offering a frictionless payments experience.”
The Government of India recently started giving more priority to digital payments and other internet-based services. So it led PayPal to partner with Government and state-owned banks on a number of initiatives including digital financial literacy programme and eTourist Visa (eTV). With today’s launch, India becomes the first country to have the PayPal OneTouch experience connected with Google smart lock.


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WASHINGTON—The federal deficit more than tripled in the first 10 months of the fiscal year, as government spending to combat the coronavirus continued to outpace federal tax collection, the Treasury Department said Wednesday.
The U.S. budget gap totaled $2.8 trillion from October through July, 224% bigger than the $867 billion gap during the same period a year earlier. The government has spent $5.6 trillion so far in the fiscal year that ends Sept. 30, 51% more than a year earlier, fueled in large part by the economic relief legislation Congress enacted in March to keep households and businesses afloat during the pandemic.
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LG has announced that they’ve started the global rollout for the LG G Flex 2. What does that mean? It means select retailers and carriers in select markets will soon receive a shipment of the phones to begin selling at some point in the near future.
Technically LG only needs to ship the phone to carriers and retailers in a couple of different countries to be considered a “global” rollout, so we wouldn’t expect to see it made available far outside of South Korea in immediate fashion. That said, they did confirm that the United States, Hong Kong, Singapore, France, Germany and the U.K would be among the first to get the phone. Those in parts of North and South America, Europe and Asia will see it in the weeks following that.
Sprint is already confirmed to be launching the device on March 13th, and they’ve started pre-sales for those who want to make sure they get one on that date. We’ll have to wait for word from other carriers, but we imagine Sprint won’t be the only carrier in the United States to offer it. Getting one? Let us know in the comments below, and join us at the LG G Flex 2 section at AndroidForums.com to talk about it!


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Here‘s one way to turn around an advertising slump.
General Electric — on the heels of its blockbuster agreement with Comcast to sell the cable company a 51 percent stake in NBC Universal — said in a regulatory filing that it plans to buy at least $345 million worth of advertising from NBC once the deal with Comcast goes through.
I’ve been digging through GE’s regulatory filings, but have yet to find the specifics. But according to the Associated Press, GE will make annual of buys of $59 million over the next five years, not including a $50 million ad buy for the London 2012 Olympics, which NBC owns the rights to.
Not a bad start for Comcast’s proposed ownership of NBC, a company that has seen a steep drop in advertising revenue in 2009.
However, to be fair, $50 million for 2012 is a drop in the proverbial bucket. The 2008 Summer Games in Beijing generated more than $1 billion in ad revenue — and that was before the Olympics started.
NBC spent a reported $894 million to acquire the U.S. broadcast and digital rights to the 2008 Olympics.
The company’s advertising goal for Vancouver in February 2010: $900 million.
Why so conservative, given the billion in Beijing? Two reasons: the recession, and the Super Bowl, which will air on CBS in February.


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As the impact of the COVID-19 crisis continues to expand, some Cornell faculty — who have scrambled to address the effects the pandemic will have on students, families and University staff — are now focusing on the Ithaca community, which they fear will be irreparably harmed.
On Thursday, the Cornell Coalition for Inclusive Democracy, a group composed primarily of Cornell faculty, started a petition — addressed to President Martha E. Pollack and Cornell’s Board of Trustees — on Change.org imploring the University to support the local community during the crisis.
In the petition, which had been signed by 246 people as of Friday afternoon, the faculty wrote that Ithaca’s prosperity is a key factor in influencing students’ and faculty’s decision to come to Cornell. The professors who signed the petition expressed concerns about the impact the coronavirus will have on Ithaca and called on Cornell to help mitigate the local economic impact.
“Cornell cannot thrive without Ithaca,” the petition reads. “With the spread of Covid-19, however, thousands of our most vulnerable neighbors face threats of a kind and degree unseen in our lifetime.”
While Cornell cannot thrive without Ithaca, many fear that the reverse is also true: Local businesses and the economy as a whole are likely to struggle with students’ early departure.
According to the Ithaca Journal, Cornell students spend $4 million in Ithaca and Tompkins County per week when school is in-session. A Cornell report estimated that over the course of a year, Cornell students inject $221 million into the local economy.
Ithaca businesses are already facing the harsh reality of a spring without Cornell students. April and May are usually two of the busiest months of the year for restaurants and other small companies — one business owner said these spring months are the “lifeline of business.”
The petition asks the administration to create a committee to make recommendations on how the University can support the community and its members.
Suggestions of what these recommendations should be include asking trustees to make unrestricted donations in order to “help preserve the Ithaca they know and love,” freezing rents on University-owned properties and increasing funds that Cornell contributes to the City of Ithaca.
Gregar Brous, the owner of Collegetown Bagels, told The Sun last week that economic relief for the city likely needed to come from Cornell.
“You have campuses like Amazon which sent all [its] employees home, who [are] supporting all the businesses around them and giving out money and giving out loans,” Brous said. “So I think it’s going to be dependent on Cornell or the big institutions that are going to think about how they want to help provide for the local economy and for the businesses.”
While Mayor Svante Myrick ’09 has called on State and federal officials to take action to help businesses and workers, he also told The Sun on March 12 that he wanted Cornell to take action: As the dominant force in Ithaca’s economy, he said, the University needs to step up to help the city during what could quickly become an economic crisis.
“I would hope that [Cornell officials] keep an eye as we move into the future on the impact,” Myrick said. “This could really affect Cornell when students return in the fall and half the retail stores in the Commons and half the stores and restaurants in Collegetown have closed.”


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A big piece of the new brokerage giant that will emerge from the Dean Witter-Morgan Stanley merger doesn't seem to fit with the two companies' securities-oriented competencies.
That piece-the Discover card business-was started by Sears, Roebuck and Co. a decade ago and, as part of Sears' 1993 Dean Witter spinoff, grew to become the second-largest U.S. credit card lender.
Continually subject to card industry speculation about how long it could sustain itself independent of the MasterCard-Visa structure, Discover is likely to attract renewed attention as an acquisition or spinoff candidate.
Monoline credit card companies like MBNA Corp. emerged from bank ownership to attain high market capitalizations. Another, First USA Inc., recently agreed to be acquired by Banc One Corp. for five times its book value.
Another diversified financial company, Providian Corp., is getting in on the action by spinning off its San Francisco-based bank card subsidiary, Providian Bancorp.
Bank card consultant James Shanahan said Dean Witter's Discover-Novus organization, with about 40 million cardholders and two million card- accepting merchants, could fetch between $5 billion and $10 billion.
"Dean Witter has the financial resources to do what they want with that business," said Mr. Shanahan, a partner in Business Dynamics Consulting, Nyack, N.Y. Combining with Morgan Stanley "doesn't enhance that business."
Dean Witter and Morgan Stanley executives were talking very differently Wednesday, underscoring their commitment to cards as a growth business and a potential vehicle for international expansion.
"Credit cards are a very important component to us and will continue to be," said Dean Witter chairman and chief executive officer Philip J. Purcell, who would get those same titles at Morgan Stanley, Dean Witter, Discover & Co. "You can expect to see us invest in and grow the card business."
When they received news of the merger announcement, some analysts said they thought Dean Witter's card subsidiary, Novus Services Inc., would likely be spun off or sold.
But Mr. Shanahan pointed out "there is a fierce loyalty to that business" within Dean Witter and pride in the fact that it has become the biggest program in terms of number of cards.
For 1996, Dean Witter reported a 15% increase in managed loans, to $36.6 billion, but credit services net income was up only 1%, to $450 million.
While Morgan Stanley has never gotten close to a mass-market card operation, it has a securities presence in 32 countries. Mr. Purcell said that will provide Dean Witter with a global base from which to operate.
PaineWebber analyst Gary Gordon said the merger may help Dean Witter internationally as it becomes part of a bigger company with a larger capital base.
Moreover, John J. Mack, president of Morgan Stanley Group, who will be president of the combined company, said he sees an opportunity to market more financial services to Dean Witter's 39 million cardholders.
Riverwoods, Ill.-based Novus Services issues credit cards only in the United States. The company has hinted at its interest in markets abroad, but it lacks the millions of acceptance locations of MasterCard, Visa, and American Express.
"International expansion and partnerships make sense to us," said Thomas R. Butler, president of Novus Services Inc., said in an interview in January. He said Dean Witter was thinking about international penetration from a "planning perspective."


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- The Schrodingër’s Cat approach to Google’s 30% cut
- RBC Launch
- visa marketing campaign
- Twitter Blue rolls out NFT profile pictures for subscribed iOS users
- How to Access DApps on Your Mobile Phone
- El Salvador's world-first adoption of bitcoin endures bumpy first day
- Cryptocurrency Explained: What's the Difference Between an Exchange and a Wallet?
- Thread Details
- Building a digital wallet for the future with Huawei Pay
- Huawei Pay launches in South Africa this week, with Zapper
The Schrodingër’s Cat approach to Google’s 30% cut
Amsterdam- and Beijing-based BTC. The launch of BTC. Consumers who purchase a new Huawei or Honor smartphone from the P20 and up will have the Huawei app store automatically installed on their device, while previous models will begin gaining access to it later in the current quarter.
Huawei phone users will be in for a surprise when downloading the bitcoin wallet from the App Gallery, as BTC. China is a global leader in mobile payments with apps like WeChat and AliPay leading the way. But the government has taken a hard line on the cryptocurrency industry, as evidenced by its banning of initial coin offerings ICOs and local bitcoin exchanges from operating in the mainland, not to mention its crackdown on bitcoin mining, which is a feature on the BTC.
Nonetheless, BTC. Huawei execs have a similarly ambitious view. Huawei and BTC. And China like India is almost entirely cashless. Read full article. Gerelyn Terzo. Story continues. Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting.
Maiar is powered by the amazing technology of the Elrond blockchain, and is going to radically change the way we interact with money. Create a wallet in seconds. No username, no password, no recovery phrase to backup. Just use your phone number. Maiar offers a digital identity layer that starts with a service mapping the phone number to a wallet address while preserving privacy and allowing users to send money to friends and family via their address book.
visa marketing campaign
Today Visa officially launched a new marketing campaign that says Visa's 'Ready. By checking this box, you agree to receive marketing emails from Visa. Found inside — Page Ismaeel said the firm had worked in collaboration across five regions and its global teams around the world. Found inside — Page 17expertise would've helped Visa create a campaign that created reams of Inviting the world to 'Meet Visa,' the global payments technology company has unveiled the initial phase of its brand evolution spotlighting the diverse capabilities of its network and commitment to enabling global economic inclusion. Aligned closely with the company's business strategy, this phase includes the debut of a dynamic global marketing campaign and a preview of a modernized. Bloomberg News. You can unsubscribe at any time.
Twitter Blue rolls out NFT profile pictures for subscribed iOS users
Alternate app stores for Android can be created, for example, as Huawei and others have already done. Apple, along with Alphabet, Amazon and Facebook , were declared monopolies by a US House judiciary subcommittee on anti-trust. This week, it filed a landmark lawsuit against Google for alleged anti-competitive practices. So, when Google recently announced that it would soon start forcing every app on its Play Store to exclusively use its billing system, it caused quite a stir.
How to Access DApps on Your Mobile Phone
RealFevr, a Portugal-based startup, is offering the next best thing, a football video NFTs marketplace. When asked this week, 1 was bullish down 1 from last week , 2 were neutral up 2 from last week and 2 were bearish down 1 from last week about the price of ETH for the week of 31 January Game Images. Private Sale Details. And much more to come! Live Streams, Flexible Forwarding and More.
El Salvador's world-first adoption of bitcoin endures bumpy first day
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Cryptocurrency Explained: What's the Difference Between an Exchange and a Wallet?
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Thread DetailsRELATED VIDEO: Как установить Trust Wallet на андроид - Trust Wallet удален из Google Play
A certificate authority is installed on this device huawei. It supports Android and iOS. Export a certificate for re-signing or distribution. You might, however, see a message telling you that a certificate is expired or not valid. All you need is a smartphone, internet connection, and a registered Singpass account. Huawei appears to have GMS certification with Android 10 for these models To solve this error, contact a website admin and ask him to get an SSL certificate from the trusted Certificate Authority and get it to install.
Building a digital wallet for the future with Huawei Pay
Chinese telecommunications firm and smartphone maker Huawei is partnering with BTC. The site's vice president for business operations, Alejandro de la Torre, said its new wallet application will appear in Huawei's proprietary app store, AppGallery, which was launched in March. Currently, AppGallery is only available for customers via a pre-install on the latest Huawei devices, but will be rolled out for older versions in the second quarter of this year. That said, the effort to boost cryptocurrency wallet support is still a notable move by Huawei, and is likely to open up cryptocurrency services to a potentially huge user base. We expect to see massive growth in global cryptocurrency adoption habits in the near future," said Dr. Jaime Gonzalo, vice president of Huawei Mobile Services.
Huawei Pay launches in South Africa this week, with Zapper
Using DApps on your smartphone is not as daunting as it may seem — CoinMarketCap breaks it down for you right here. Join us in showcasing the cryptocurrency revolution, one newsletter at a time. Decentralized applications, commonly referred to as DApps, are open-source applications that operate in a distributed peer-to-peer blockchain network. Unlike traditional software applications, DApps are typically not controlled by a single centralized entity.


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Sunday Times launches campaign for app list
By Staff, campaignlive.co.uk, Monday, 28 January 2013 11:50AM
The Sunday Times has launched an integrated campaign to promote The Sunday Times App List 2013.
The list, which was published yesterday, is part of the News International title's wider 'Tech Joy' series, which includes 40 different app categories and expert reviews.
The press, outdoor and digital campaign, by Grey London, aims to reflect the guide's "every tech for everyday people".
Creative features custom-made objects, including a drum kit, a sandwich, a teddy bear, a dartboard and a rubber ring, each representing a different app.
Award-winning photographer James Day shot the photographs and the ads were created by John Gibson and Erik Weidenhielm.
Media planning and buying was by M/six.
This article was first published on campaignlive.co.uk
- Account Manager/Senior Account Manager Tomorrow Recruitment £28000 - £40000 per annum, East London
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- PR Exec and Managers Wanted Major Players £120 - £200 per day, London
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- ASA receives 240 complaints about Sainsbury's Christmas ad
- Watch: The Post Office's first Christmas TV campaign in five years
- Tesco Clubcard uses Twitter to pick out Christmas gift ideas
- Samsung launches first Christmas TV campaign in the UK
- BBH London promotes Caroline Pay to deputy ECD
- O2 launches 'walk' campaign with Ed Sheeran


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The New Zealand-based over-the-counter therapy will be available for US patients on Amazon's website in 2018.
The US Food and Drug Administration (FDA) has approved an over-the-counter therapy cream for atopic dermatitis.
New Zealand-based company BioNona’s Atopis eczema therapy cream was approved by the FDA, improving on the product’s previous label as a “Dry Itchy Skin Relief Cream.”
The cream, containing novel compound myriphytaseis, has no steroids, parabens, or solvents. It created through a process the company calls “Peptilization,” which fuses components of plant, bacteria, and insects.
According to BioNona, it has been developed in research for over 30 years by chief executive officer Iona Weir, PhD. The natural cream spent another 7 years in development, but Weir called the eventual approval “so rewarding.”
“Now we are going into America, it can help even more,” Weir said. “The FDA accreditation is a coup for our company as well as for New Zealand.”
Weir said the cream contains nutrients extracted from ingredients such as bee pollen, coconut, honeydew, and bacteria from New Zealand forests. The intention of the ingredients is to create immunological response to attack areas affected by dermatitis and repair damaged cells, in a nature similarly seen in plants.
“I wanted to create something completely natural, but that could still get proven results from robust clinical tests on humans,” Weir said. “We’ve gone through the world’s most rigorous clinical testing to prove that this is a natural product which actually works.”
The treatment showed efficacy in New Zealand and US-based clinical trials, according to BioNona, and its primary compound is developed for treating psoriasis and acne, as well.
When the Atopis cream comes to US markets, it will be via Amazon. The shopping website will feature the treatment, as it already does many other over-the-counter therapies. By Weir’s count, about 50% of over-the-counter sales occur online through FDA-approved outlets such as Amazon.
In the annual US market, over-the-counter atopic dermatitis treatments amount to approximately $2 billion, Weir said.
The cream will come to US markets in 2018, according to BioNona. The company intends to pursue FDA consideration for an acne skin care treatment next.
A press release regarding the approval was made available.


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By Iyabo Aina
In recent times, there have been an upsurge of beauty pageants on the Nigerian soil. Some of them well commended, while many others controversial and criticised by purists.
However, the Nigerian pageant world is set to take a new twist and and introduced something which is expected to be a breath of fresh air.
According to informations gathered, a team of top Nigerian beauty queens, have put heads together to organize Miss Ayeogaga, a first of its kind pageant revolving its criteria around not only physical beauty but also inner beauty with brains; and it will hold on the Internet.
The newly launched pageant which will run online every month stands out in its ability to create more winners for different categories, even though there will be an overall winner for each month taking home pricey prizes.
An overall winner will then be selected out of the monthly top winners following a live pageant which will not only be streamed online but held live in the real world simultaneously.
Speaking with the media in Lagos, organizers explained why they thought of the pageant: ‘Miss Ayeogaga’ is a brand that is bringing stability and the ability to be productive to the female gender. This is a contest where inner beauty, talent and brains are invested in.”
“Ayeogaga means ‘strong woman’, a woman of independence that is capable of bringing positive impact to her Nation and the world at large. We believe more women have these qualities and we want to use the online pageant to make more of such queens every month instead of the usual one-time winner style of pageant we see everywhere”, they said.
“In summary it’s about empowering women and making them Trailblazers who will make society proud. Women are valuable and powerful and deserving of every chance and opportunity in the world to pursue and achieve their own dreams.”
Following the report that the pageant is being put together by experienced beauty queen, It is believed that the firsthand emotions, dedication, training and preparation contestants go through in competing in a competition of that sort will be brought to a higher level in Miss Ayeogaga.
According to reports, contestants must be 17 years old and above and must apply via https://www.missayeogaga.com/pageant
“Our aim is to ensure finalists enjoy the whole experience of competing, in the lead up to the day and the event itself. We emphasize the opportunity to make new friends, embrace new experiences and try new challenges, all whilst meeting ladies from all over the country and the chance to feel like a real princess!”, the organisers concluded.


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For up-to-the-minute news on everything from market futures to new partnerships, from product launches to new appointments and approvals, CEM’s Newswire has the information you’ve been looking for.
FARGO, N.D. (August 6, 2012)—Casino Enterprise Management is proud to announce the winners of its third annual run of the Hospitality Operations Technology Awards, or HOT Awards.
These awards honor outstanding products in the gaming-hospitality industry. Nominations were divided into six different categories, with one winner selected from each. This year, there was a three-way tie in the guest experience enhancement category, therefore a total of eight products will be honored. The categories were: employee productivity and efficiency; revenue generation; guest experience enhancement; self-service products; media and content management; and Internet services. Nominations reflected a range of products that make a positive difference in a casino-hotel’s operations.
A panel of judges was assembled and tasked with combing nomination materials to decide the winner in each category. These select judges were Bob Ambrose, professor and independent gaming consultant; Stephen Keener, assistant vice president casino operations, Dover Downs Hotel & Casino; J.B. King, CIO, San Manuel Band of Mission Indians; Donald Kneisel, vice president of information technology, Resorts Casino Hotel; Sheleen Quish, senior vice president of human resources and IT, Ameristar Casinos Inc.; and Wendy Reeve, director of casino operations, Sycuan Casino.
The winning companies and their products, by category, are:
“We are thrilled to announce the winners of our third annual award series for the hospitality industry,” said Peter Mead, publisher of Casino Enterprise Management. “The fact that there was a tie in a category proves to me that innovation is high. While it makes the decision for the judges difficult, we are excited to see such amazing products available for the market. We also want to sincerely thank each of the companies that nominated for this series. All of them deserve recognition for their commitment to the industry and development of new products.”
An article highlighting the winning products will be featured in the September 2012 issue of Casino Enterprise Management.
About Casino Enterprise Management (CEM)
Casino Enterprise Management magazine delivers the most comprehensive need-to-know information in the world of casino management. All operational facets of the casino business are thoroughly covered in each issue. Readers enjoy first-hand reporting from the brightest thought leaders in the worldwide casino gaming industry. CEM puts on several prestigious awards for the gaming industry including Great Women of Gaming, Slot Floor Technology Awards, and the Hospitality Operations Technology Awards. The website, www.aceme.org, is the gaming industry’s most complete digital doorway into the world of casino management and includes audio articles, videos, web exclusives, case studies, white papers, an up-to-the-minute newswire, and much more. The newly launched www.CEMAudioEdge.com includes live Internet talk radio shows and archived podcasts from industry leaders.


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Solar panels have become cheaper and it will now take home owners six rather than eight years to earn back their investment, latest calculations by environmental advice organisation Milieu Centraal have shown.
A set of 10 panels now costs some €5,000 compared to €7,500 last year. Last year, solar panels were more expensive overall because of greater demand caused by spiralling energy prices.
The situation is back to normal, sustainable energy expert Mariken Stolk told broadcaster NOS, but consumer interest in solar panels has plummeted.
Some 25 solar panel makers have gone bust this year alone, and independent installation businesses are hard put to find work.
“People are holding back because they are not sure what the energy companies are doing about paying home owners for the energy they don’t use,” Stolk said. But with a standard energy contract and a reduction in payments, an investment in solar panels will still result in a 6% return, she said.
Earlier this year, MPs voted to stop allowing panel owners to deduct the energy they feed back into the grid from their bills. The measure, which still has to be passed in the senate, iwas introduced to encourage people to place solar panels and is being replaced by a straightforward payment to save the government €400 million in lost taxes.
An additional problem for would-be buyers in areas where many people have solar panels is that the panels can switch off on sunny days because of current overloads.
The Milieu Centraal calculation is good news for the sector, said Doekle Terpstra, chairman of the Techniek Nederland sector organisation. “I expect demand to bounce back. The potential for solar energy is huge, not just for private homes but for businesses as well,” he said.
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