text:
It's already passed the U.S. Senate, and on Thursday, a federal aid package that could help many small business that are impacted by the coronavirus pandemic is expected to received similar approval from the House of Representatives.
However, the owner of one small business is finding it difficult to feel hopeful.
- LIVE UPDATES: Coronavirus in New York City
- LIVES LOST: Remembering Victims of the Coronavirus
- What to Do If You Test Positive for COVID-19
- CDC Coronavirus Page
- WHO Coronavirus Page
“There’s no support. My business has been shut down almost a month already, and all these government small business programs, I haven’t seen a penny!” said James Chen, the founder of Blink Marketing in downtown Flushing.
When the coronavirus pandemic forced nonessential businesses to shut down across New York City, Chen laid off all 10 of his workers at Blink Marketing. And while the prospect of an additional $310 billion being pumped into the federal government’s Paycheck Protection Program (PPP) for small businesses sounds great, Chen is not feeling confident that his loan request for under $30,000 will be approved, especially after the last round of PPP money dried up quickly. He found it particularly frustrating that hedge funds, major restaurant chains, and even Harvard University, were able to score some of the initial $349 billion appropriation for so-called small businesses.
“You ask me if I have hope for the second round? No,” said Chen. “Absolutely not, because we’re always the victim, and we’re always not being appreciated.”
The new round of funding for PPP program will total $310 billion.
But even with fallout from all of the negative publicity linked to the previous round of handouts, Chen does not believe enough funding will be available to get many mom-and-pop shops the money they need to pay, rent, re-hire workers, and survive the pandemic.
“All these programs are meant for small business. Small business means mom-and-pop shops, not these publicly traded companies,” Chen said. “Harvard, Shake Shack?”
Chen is also on the board of the Greater Flushing Chamber of Commerce. He says that, after communicating with many small business owners in downtown Flushing, he believes the high rents in the area and the lack of a vaccine will probably lead to 40 percent of the restaurants and shops in the predominantly Asian-American business district to remain closed for good.
“Everyone tells me the same thing: cant’t reopen, because it makes no sense to reopen. For example, here, if I shut it down, my loss is just the rents,” Chen said. “If I reopen, I’ve lost more. So, I have to make that decision: should I reopen or should I just close down forever?”
Under the Paycheck Protection Program, businesses that receive the loans do not have to pay the government back if they retain or rehire all the workers they had in late February.
But first, businesses like Chen's have to receive a loan, and it not clear if there will be enough money for all of them to get one.
FURTHER CORONAVIRUS COVERAGE


text:
India’s leading corporate travel services provider, Yatra Online Limited has launched a new campaign, ‘Jab Yatra hai toh kaahe ka dar, #BindaasPlanKar,’ featuring Women’s Premier League (WPL) team, Delhi Capitals (DC) players Shafali Verma, Shikha Pandey, Taniya Bhatia, Alice Capsey, and Tara Norris.
The firm has unveiled this campaign in an effort to provide its clients with stress-free travel. According to the company, the campaign is centred on the Yatra.com cancellation protection function, which guarantees travellers a flawless trip regardless of annoying delays or unforeseen plans.
This digital marketing campaign will comprise three digital video commercials (DVCs) with well-known DC players to support this most recent offering. All three DVCs centre on the reservations-related anxieties that people have and how the cancellation protection option allays them.
Dhruv Shringi, Whole-time Director and Chief Executive Officer, Yatra Online Limited, said, “We understand that travelers want to explore the world, but unforeseen circumstances can lead to cancellations. With cancellation protection feature and #bindassplankar, we aim to provide a safety net for our customers, ensuring that they can travel with confidence. The expression of our campaign is a portrayal of our continued dedication to offer a care-free experience to our consumers. Travelers have evolved preferences and we are excited to introduce a flexible, comfortable, and cost-effective feature for their travel planning.”
On Yatra.com, users may book any domestic flight with the cancellation protection function. For customers of Yatra who purchase flight tickets on the Yatra website, mobile site, and mobile app, “Liberty General Insurance Ltd” offers a cancellation protection insurance policy. This solution makes it easier for clients to get a refund of the flight ticket costs that were applied in the event that the flight was cancelled.

domain: news


text:
No cash on hand
There is a very simple solution to the recent spat of pizza delivery driver robberies.
Look at the model Uber uses. You call to get a car and you give them your credit card or debit card, no money changes hands.
Same thing for pizza ,call your order in, pay by card and your pizza will be delivered. Maybe they will lose some business not accepting cash but it surely will be better than having drivers shot.
J. A. Southern
A break for thieves?
I read in the Daily Press earlier this week about a robbery that took place at a dry cleaner's I happen to frequent in the Willow Oaks Shopping Center.
I just hope that the culprit didn't steal more than $500 so he/she won't have to suffer the consequences of being identified as a felon.


text:
U.S. grain trader Archer Daniels Midland Co said on Wednesday it will seek voluntary early retirements by some North American employees and may eliminate individual jobs as part of a restructuring of specific areas.
The actions are needed to strengthen ADM’s core business and establish the company as a global leader in nutrition, the company said in a statement.
ADM makes money trading, processing and transporting crops, such as corn, soybeans and wheat. It competes against other merchants in the so-called “ABCD” group of traders, which also includes Bunge Ltd, Cargill Inc and Louis Dreyfus Co.
Such companies have been rattled by the trade war between Washington and Beijing, which has reduced shipments of American farm products to China. In recent years, a global glut of crops also hurt agricultural companies and accelerated consolidation in the sector.
The voluntary early retirements are among a range of actions ADM is taking between now and June 30 to improve productivity, growth and service to customers, according to the company.
In response to questions from Reuters, company spokeswoman Jackie Anderson declined to say how many employees were being targeted for retirement.
“Contrary to rumors, we are not considering a sale of our grain handling business,” she said.
ADM expects the number of workers whose jobs are eliminated to be a very small percentage of its global workforce, Anderson said. The company, which had 31,600 full-time employees as of Dec. 31, will try to find other roles for those workers, she said.
Chicago-based ADM said it will be realigning its “organization worldwide as we further streamline and standardize processes, implement new technologies and eliminate overlap in roles and responsibilities.”
The company has been trying to sell two U.S. dry ethanol mills since 2016.
ADM Chief Executive Juan Luciano told Reuters in January the company was pursuing growth in its nutrition business through smaller acquisitions and potential joint ventures in agricultural processing and other areas.
The company’s nutrition unit manufactures, sells and distributes natural flavor ingredients and other specialty products. The segment posted an operating profit of $339 million last year, compared to $546 million for its origination business, which includes grain handling.
ADM last month warned that flooding and severe winter weather in the U.S. Midwest would trim its first-quarter operating profit by $50 million to $60 million.
The company is due to report earnings on April 26.
By Tom Polansek
Coca-Cola is unveiling a fully plant-based PET (bPET) bottle prototype, excluding the cap and label. The beverage giant has produced a limited run of 900 bottles, confirming the prototypes are recyclable within existing recycling infrastructures, alongside PET from oil-based sources.
McDonald’s and Starbucks are committing an additional US$10 million to the NextGen Consortium, an initiative aiming to improve environmental sustainability standards in the foodservice industry. Founded by investment firm Closed Loop Partners, the Consortium is investigating methods of advancing the design, commercialization and recovery of packaging materials.
Hortifrut is purchasing Atlantic Blue for US$280 million. Atlantic Blue is a key player in the growing and marketing of berries in Europe and Northern Africa, based in Huelva, Spain. The transaction will allow Hortifrut to expand its growing area by about 20% and consolidate its position as the largest fresh blueberry platform in Europe and the UK.


text:
Most schools sell snacks and beverages to students in cafeteria a la carte lines, vending machines, or stores, and these foods can have important consequences for kids’ health. The consumption of 110 to 165 calories above recommended daily amounts—roughly the difference between an apple and a bag of chips—may be responsible for rising childhood obesity rates.
Thanks to Congress’ 2010 child nutrition law, the U.S. Department of Agriculture strengthened standards for snacks and drinks sold at school, which had not been revised since 1979. These preliminary guidelines, known as the Smart Snacks in School rule, complement the updated national standards for breakfasts and lunches that Congress also required. Together, these policies ensure that no matter where on campus children get food or drinks, their choices will provide the nutrition they need to grow up healthy.
A new study of Massachusetts schools shows that the state’s guidelines, which are similar to the USDA’s, have improved kids’ healthy snack options and spurred a 15 percent increase in lunch participation among students who qualify for reduced-price meals. The researchers also found that although snack sales declined as less nutritious items were removed, school meal programs’ overall revenue was essentially unchanged two years after the snack rule took effect.
These findings echo those of a national health impact assessment commissioned by the Kids’ Safe and Healthful Foods Project, which showed that, on average, school districts’ food service revenue and meal program participation rates stayed level or increased in states that updated their snack food and beverage nutrition policies. For example, the Cincinnati school district saw a dramatic jump in meals served after snack food and beverage standards took effect. Participation grew 64 percent in high schools and 90 percent in elementary schools, turning a budget deficit into a $4.5 million surplus.
Later this year, the USDA is expected to issue a final Smart Snacks in School rule with minor adjustments to the interim standards now in place. The evidence from Massachusetts, Cincinnati, and elsewhere makes a compelling case that strong snack nutrition standards are working for kids and schools alike. All students deserve healthy food and drink options while at school, and with the support of parents and policymakers, every district is capable of providing these choices.
How Have Children’s Options Changed Under the Smart Snacks in School Rule?
Calorie counts of available food and beverage options
View the original story here.


text:
Two days after the American Academy of Pediatrics urged the U.S. Consumer Product Safety Commission to recall Fisher-Price Rock 'n Play Sleepers, the CPSC announced the recall of all 4.7 million of the units on Friday.
The Rock "n Play is not on Toys R Us" Canadian website, is listed on Walmart's Canadian website but is not available to purchase, and is available on Amazon and Best Buy's Canadian websites.
The representative told us the federal agency has been investigating Rock 'n Play Sleepers for years and the recent Consumer Reports investigation had nothing to do with this recall decision.
In the new recall, officials say that number is more than 30 deaths after infants rolled over while unrestrained, "or under other circumstances".
In Canada, the Rock 'n Play is classified as a "soother" rather than a "sleeper" due to Canadian regulations that do not allow the product to be used for unattended sleep, according to Fisher-Price.
Boeing cuts MAX 8 production by 19%
It is still unclear when the MAX jets will fly again, with global regulators including China saying they would join a U.S. Employees walk by the end of a 737 Max aircraft at the Boeing factory in Renton, Washington, US on March 27, 2019.
"AAP urges parents to stop using the product immediately", the statement said. All 10 deaths associated with the sleepers were of infants older than 3 months.
Between 2011 and 2018, 32 babies have died, "included babies even younger than the 3-month threshold cited in the initial warning, which is alarming", the AAP noted in its release.
Fisher-Price called the deaths "an unimaginable tragedy". Over 30 fatalities have been reported since the product was introduced in 2009. It does not meet the AAP's recommendations for a safe sleep environment for any baby. But, Hoffman said, "we feel like this is a unsafe product".
For more information about the recall, visit the CPSC site here.


text:
The online fashion store, ASOS, is opening an office in Birmingham.
The company is recruiting 20 positions in the city for jobs in software development.
Birmingham was selected after it was named the UK's fasting growing e-commerce city since the recession by eBay. More than 1,000 new businesses have been set up between 2008 and 2011.
International trading accounts for 59% of ASOS' total retail sales.
More top news
A Catholic school has been accused of breaching anti-discrimination laws after claims a Muslim pupil was told she could not wear a headscarf
Nirmal Tanna was jailed alongside two others for their part in an arrangement to launder more than half a million pounds.
Residents will be asked for their views on abolishing all eight councils in Lincolnshire and adopting a unitary system of governance.


text:
Equity Group has launched a private sector focused stimulus package to accelerate economic recovery and resilience in the Eastern and Central Africa region.
The Recovery and Resilience plan is envisaged to provide financing of up-to 2 percent of the combined GDP of the six economies in which the Group operates.
The financing package will be availed inform of blended financing of short-term overdrafts, medium term loans and credit facilities which require long-term project and development financing.
While launching the Recovery and Resilience Plan Dr. James Mwangi, Equity Group Managing Director and CEO said, “A total of Kshs 678 billion (USD 6 billion) will be available to 5 million MSMEs and 25 million individual borrowers for the next 5 years.
The plan conceives that the 5 million businesses largely comprising MSMEs will create 50 million jobs, 25 million jobs directly and an equal number of jobs indirectly as the ecosystems of business become more cohesive and connected
Dr Mwangi said the recovery plan will have special focus on youth and women, supporting them to be the primary drivers of creating and expanding opportunities in the real economy.
Mwangi noted that under the Young Africa Works Initiative in partnership and collaboration with the Mastercard Foundation, the plan will build capacity in young people through financial literacy, entrepreneurship training and digital literacy.
To ensure that no one will be left behind, Dr Mwangi said lending to young people will be complemented with credit guarantee facilities to mitigate default through credit risk pricing model that has opened inclusive credit access to all.
“Risk based credit pricing has enabled us to adopt a transparent, all-inclusive interest rate, at the current average central bank rate that ranges from 13% to 18.5% for the lowest risk and the highest risk categories respectively,” said Mwangi.
The Regional Development Plan through recovery and resilience initiatives focuses on five thematic areas that include;
Primary sectors of Food and Agriculture, and extractive sectors
Manufacturing and Logistics,Trade and Investments,Micro small and medium enterprises,Social impact and Environmental investments.
Under the primary sectors, principally Food and Agriculture, the focus will be on unlocking productivity gains and value addition ecosystems to achieve food security for the region while increasing value creation in the primary sectors.
The plan targets agricultural transformation by enhancing value chain coordination, capacity building of smallholder farmers-anchoring them better to formal value chains, financing mechanisation and credible inputs.
A significant plank of the plan is agro processing which adds and enhances the value of agricultural exports, while processing food for easy access by an urbanising population and production of building materials to support construction and housing development.
The recovery and resilience plan seeks to leverage on productive capacities and comparative advantages to transform the region into a manufacturing hub that converts agricultural raw material into finished products for export and national use.
The plan covers value addition for all primary products including retaining value in mineral processing to export semi-finished and finished products.
The plan targets financing of in-country manufacturing and regional supply chains to replace broken global supply chains following COVID-19 disruptions.
This Dr Mwangi said the stimulus package will build regional resilience against global supply chain shocks while contributing to economic recovery and growth of the region, creating employment opportunities for young people and markets for local producers.
Focus on trade and investments will enable expansion of markets for the primary sectors of Food and Agriculture and the manufactured products, along with the realisation of investments to support growth of the two sectors.


text:
FavoriteBikes, a leading electric bike manufacturer based in Los Angeles, recently attended the highly anticipated CABDA Expo, where they showcased their latest innovative e-bike models to a captivated audience of industry professionals and cycling enthusiasts.
The CABDA Expo, a renowned annual event in the bicycle industry, brings together manufacturers, distributors, and retailers from across the country to share their latest products and engage in networking opportunities. FavoriteBikes took this opportunity to exhibit their cutting-edge e-bikes, featuring advanced technology and premium components that cater to various lifestyles and preferences.
During the event, FavoriteBikes unveiled their newest e-bike models, which are equipped with an impressive range of features such as the Favorite Display, Smart Headlight, and Intelligent Lock. The company also highlighted the Favorite App, a user-friendly mobile application that elevates the riding experience by offering remote entry access, customizable settings, and built-in navigation.
The positive reception of FavoriteBikes at the CABDA Expo reflects the growing demand for eco-friendly mobility solutions and the company's commitment to revolutionizing urban transportation. The event also provided an excellent platform for FavoriteBikes to forge new partnerships and collaborations within the bicycle industry.
As FavoriteBikes continues to expand its product line and explore new technologies, the company is poised to solidify its position as a major player in the e-bike market. With their innovative offerings and dedication to sustainability, FavoriteBikes is well on its way to transforming the way people commute and explore the world around them.


text:
Zacks Investment Research upgraded shares of Irhythm Technologies (NASDAQ:IRTC) from a hold rating to a buy rating in a research report released on Saturday. Zacks Investment Research currently has $86.00 target price on the stock.
According to Zacks, “iRhythm Technologies, Inc. is a digital healthcare company. It focuses on the provision of ambulatory electrocardiogram, monitoring for patients at risk for arrhythmias primarily in the United States. The company offers ZIO Service, a platform which provides wearable biosensor with cloud-based data analytics that distill data from heartbeats into clinically actionable information. iRhythm Technologies, Inc. is headquartered in San Francisco, California. “
Other equities analysts also recently issued research reports about the company. Chardan Capital started coverage on Irhythm Technologies in a research report on Thursday, September 6th. They set a buy rating and a $117.00 price target for the company. BidaskClub raised Irhythm Technologies from a hold rating to a buy rating in a research report on Friday, August 24th. Canaccord Genuity reissued a buy rating and set a $93.00 price target on shares of Irhythm Technologies in a research report on Thursday, August 2nd. BTIG Research reissued a hold rating on shares of Irhythm Technologies in a research report on Thursday, August 2nd. Finally, Dougherty & Co raised Irhythm Technologies from a sell rating to a neutral rating in a research report on Thursday, August 2nd. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Irhythm Technologies presently has an average rating of Buy and a consensus price target of $93.13.
Irhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Wednesday, August 1st. The company reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.12). The company had revenue of $35.50 million for the quarter, compared to analysts’ expectations of $32.52 million. Irhythm Technologies had a negative return on equity of 53.59% and a negative net margin of 34.38%. The business’s quarterly revenue was up 48.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.29) EPS. On average, research analysts anticipate that Irhythm Technologies will post -1.91 EPS for the current year.
In other news, insider Kevin M. King sold 60,000 shares of the firm’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $82.90, for a total transaction of $4,974,000.00. Following the sale, the insider now owns 282,367 shares in the company, valued at $23,408,224.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Derrick Sung sold 10,000 shares of the firm’s stock in a transaction on Tuesday, October 16th. The stock was sold at an average price of $88.01, for a total value of $880,100.00. Following the sale, the executive vice president now owns 29,458 shares in the company, valued at approximately $2,592,598.58. The disclosure for this sale can be found here. Insiders have sold 90,000 shares of company stock valued at $7,505,200 in the last three months. 5.05% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Irhythm Technologies by 30.2% during the second quarter. BlackRock Inc. now owns 2,111,203 shares of the company’s stock worth $171,283,000 after purchasing an additional 489,585 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Irhythm Technologies by 18.6% during the second quarter. Wells Fargo & Company MN now owns 826,252 shares of the company’s stock worth $67,033,000 after purchasing an additional 129,506 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Irhythm Technologies by 17.1% during the second quarter. Millennium Management LLC now owns 726,837 shares of the company’s stock worth $58,968,000 after purchasing an additional 106,337 shares during the last quarter. Partner Fund Management L.P. acquired a new stake in shares of Irhythm Technologies during the second quarter worth $39,789,000. Finally, OppenheimerFunds Inc. boosted its holdings in shares of Irhythm Technologies by 15.2% during the second quarter. OppenheimerFunds Inc. now owns 344,730 shares of the company’s stock worth $27,968,000 after purchasing an additional 45,450 shares during the last quarter.
Irhythm Technologies Company Profile
iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.
Further Reading: Closed-End Mutual Funds
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Irhythm Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Irhythm Technologies and related companies with MarketBeat.com's FREE daily email newsletter.


text:
No phone required: Samsung unleashes a Windows-based VR headset, the HMD Odyssey
Samsung has already staked out a big slice of the mobile virtual reality pie with the Gear VR, but now the company has announced a new headset, the HMD Odyssey. Ditching the need to slide a phone in there, the Odyssey will run on the Windows Mixed Reality platform, where it will join devices from the likes of Lenovo and Dell.
Microsoft is positioning the Mixed Reality platform squarely in the center of the VR playing field. The experiences and hardware are more advanced than phone-based devices like the Gear VR or Google's Daydream View, but (for now at least) they won't be as immersive as the high-end, room-scale offerings of the Oculus Rift or HTC Vive.
The other key feature of Windows Mixed Reality is that it's a hardware agnostic system, meaning different companies can release different headsets and accessories that will all run the same software. All the announced headsets have been pure VR devices so far, but the "Mixed Reality" moniker suggests Microsoft might be leaving the door open to eventually integrate augmented reality systems, like its own HoloLens, into the ecosystem.
The Samsung HMD Odyssey looks set to sit at the top of the Mixed Reality food chain. While other headsets from HP, Dell, Lenovo and Acer use LCD screens, Samsung has gone for dual AMOLED displays, which should make for brighter colors and deeper blacks. Each screen measures 3.5 in, creating a combined resolution of 2,880 x 1,600 with a refresh rate of up to 90 Hz and a 110-degree field of view. Those specs are all higher than other Windows headsets, and it even boasts a better resolution than the top-end HTC Vive and Oculus Rift.
Instead of a phone, the brains of the HMD Odyssey come from a PC or laptop running Windows 10, connected to the headset via a 4-m (13-ft) long HDMI and USB cable.
On the outside, the HMD Odyssey has a built-in microphone and surround-sound headphones, and a Six Degrees of Freedom (6DOF) motion sensor that tracks a wearer's movements from the inside-out. That means that users can move forward and backward, up and down and left and right, as well as tilt and turn their heads in three dimensions, without needing to set up external sensors around the room.
The HMD Odyssey controllers look much like those from other companies, which all seem to be from the Oculus Touch design school. They're small wand-shaped devices with buttons, triggers and thumbsticks, attached to larger rings around the top that allow the headset to track their movement. They have the same 6DOF sensors as the headset and are powered by two AAA batteries.
The Samsung HMD Odyssey will be available November 10 for US$499, which includes the headset and two controllers.
Please keep comments to less than 150 words. No abusive material or spam will be published.


text:
The decor at a couple of Jim Bennett’s bed-and-breakfasts in Fredericksburg will soon get a historical upgrade.
An addition at one B&B will be a gondola that carried passengers along the Brackenridge Park Skyline. Another B&B will become the new home of a 4-foot-by-10-foot hand-painted wooden sign for the skyride.
Bennett was the top bidder on two of the 150 items – many representing San Antonio cultural touchstones – that Vogt Auction Galleries, a Northside auction house, marketed Tuesday night.
The auction, which drew more than 150 people, featured three former skyline gondolas. Robert Vogt, the auction house director, had a little fun with the bidding on the gondolas, which were among the more popular items at the auction.
“Think of the selfie opportunities,” he told the audience.
While Bennett picked up the sign for just $375, he had to lay out $2,100 to win the bidding on a gondola with a pelican painted on it. He plans to put it in the backyard of his B&B.
“We’re gonna make it a photo [opportunity], like a little gazebo,” he said. “The name of the B&B is the Girlfriend’s Roost. We’ve got it fixed up with all sorts of vintage stuff, so it’ll be perfect back there.”
Vogt described the gondolas as the “fun, ‘wow’ sort of pieces that everyone remembers because it was so prominent in our skyline.”
“Everyone as a child remembers going up there being scared or rocking back and forth,” he said.
Vogt Auction typically handles European furniture, rugs, and home decor, and some of items were part of Tuesday’s auction. But with this year being San Antonio’s Tricentennial, Vogt thought it’d be fun to mix in pieces of San Antonio memorabilia.
“Frankly, I was hedging my bets,” Vogt told the Rivard Report before the auction. “I didn’t know if anyone would come in.”
But a slew of bidders filled up the Blanco Road auction house, with more participating in the auction by phone.
Vogt Auction has spent the past year accumulating the local items, primarily from area families who have had them for years, if not generations.
“San Antonio is a unique city, and those who grew up here have unique experiences,” Vogt said. “We thought being the auction house of San Antonio, we wanted to bring those items – that people of San Antonio have so much nostalgia for – to market.”
The auction’s offerings included:
- Numerous posters, guides, plates, and other artifacts from HemisFair ’68;
- Five boxes containing hundreds of vintage matchbooks from several local businesses past and present, including Luby’s Cafeteria, the Gunter Hotel, the St. Anthony Hotel, and Earl Abel’s restaurant;
- Spurs memorabilia that included championship-related newspaper front pages, whole magazines with features on the Spurs, and signed basketballs;
- Several books, dating back 70 years or more, detailing various parts of local history, including the battle of the Alamo and military aviation at Randolph;
- Fiesta gowns, including a duchess dress with a train;
- A wooden sign that once adorned the Olmos Pharmacy;
- Artifacts from the former Playland theme park and the former Hertzberg Circus Museum;
- Vintage photos taken in San Antonio by Eugene Goldbeck, including a 1925 baptism at the San Pedro Park springs and a 1922 exhibition game with the Babe Ruth-led New York Yankees;
- H.B. Zachry’s original architectural model of the Hilton Palacio Del Rio Hotel;
- A pair of altar gates that once stood at San Fernando Cathedral.
“It kind of shocks me they’ve gone into general circulation and that they’re here, being such historic pieces,” Vogt said of the gates, which are about 80 years old and fetched $4,000.
A copper lamp floor lamp designed by late local architect Isaac Maxwell was another unique item up for auction. It went to a phone bidder for $5,500.
“This came from the Maxwell home,” Vogt said. “This is considered one of his masterpieces.”
For a total of $850, Rick Samame acquired two nearly 5-foot-tall papier-maché tigers and a 7-foot-tall styrofoam Dumbo elephant head, all from the Hertzberg Circus Museum. The three figures will inhabit the new, larger storefront that Alamo Candy Co. is preparing to open soon at West Hildebrand Avenue.
Samame said the figures will act as playful decorative pieces for the family-owned candy store.
“We’re trying to have some San Antonio history in the new store,” said Samame, the company’s vice president.
Trish Hoover’s $1,150 bid scored her an original 1968 HemisFair promotional poster. She plans to place the poster in her husband Michael Hoover’s office at DH Realty Partners downtown.
“I just thought it’d look really great in there,” she said.
Delia Reed successfully bid $700 for a pair of original license plates from HemisFair. She originally set her sights on the cathedral gates, but the “$4,000 was beyond her budget,” she said.
However, the plates were an ideal consolation prize because Reed’s boyfriend is a used car dealer, and they both love vintage automobile memorabilia.
“I just had to have the license plates,” she said.


text:
A penny here and a penny there. There have been several promotions and price cuts in the wake of the February 1st price increase, and the discount chain Kiwi has made good on its promise of price fixing on more than 240 items until May 1, 2023.
It’s clear then that something has to get more expensive, and one of the commodities that made a sudden jump was First Price’s cherry tomatoes.
– A First Price tomato in Kiwi cost NOK 14.90 a short time ago, as it has been for a long time. But the last time I was going to buy it, the price went up by NOK 10 to NOK 24.90. It’s not quite a cheap “first price” for 250 grams of tomatoes. I don’t think so either Because of the war in Ukraine or because of electricity prices, which are, after all, lower than they were before the New Year, Jan Buller wrote on Facebook.
This is correct. Weather conditions in southern Europe and North Africa led to a shortage of raw materials and a sharp increase in the prices of some commodities in Norwegian stores, such as peppers and tomatoes.
And the buying and pricing of fruit and vegetables is slightly different than most other product groups, says Nora Mael-Helgesen, communications consultant at Kiwi.
– In the fruit and vegetable product group, we get new purchase prices every week, and therefore these products can fluctuate in price somewhat more than other product groups, depending on the supply and demand in the global market. Plus, prices are affected by season, weather, and crops, Helgesen tells DinSide.
Jan Bøhler told DinSide that the post, which was made on his personal and official Facebook page, was a spontaneous reaction to the fact that Kiwi had such a large price increase, when they promised a price freeze at the same time.
“I appreciated the Kiwi, because it has been at the forefront of pushing prices, so I wonder more when I see such a sharp price increase,” says Bowler.
– These tomatoes have had a stable low price for a long time, I have been buying these tomatoes for many years.
to sign up. Last time DinSide checked the price of cherry tomatoes, the cheapest is 16.90 for a 250-gram serving at all grocery stores.
This means that the price has gone up by NOK 8, or nearly 50 percent.
On Tuesday afternoon, the price was 19.90 on the Extra and Rema 1000, so it’s reasonable to think it won’t be long before Kiwi adjusts the price down in line with its competitors, though the chain isn’t authorized to comment on future price adjustments in particular.
– Kiwi follows the market at all times, and we must always be the cheapest, says Helgesen.
Nor is it the only item in Bøhler’s cart that has increased in price.
Take, for example, plums for dessert. Its cost was NOK 18-19, but once in the fall it went up to NOK 28-30 per pack.
“Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff.”


text:
It was reported in March that Spring-based restaurant Q-Shi BBQ and Sushi—which was featured on the Food Network’s “Diners, Drive-Ins and Dives” earlier this year—would be expanding to The Woodlands area this summer. However, owner Ray Aker has since pulled the plug on the anticipated FM 1488 location, said Alisha Jessa, public relations coordinator for Q-Shi BBQ and Bistro.
Although a Woodlands-area location is no longer in the works, Aker is planning to open another location in Spring within the next six months, Jessa said. This location will have a casual ambiance with a circular sushi bar at the center of the restaurant for patrons to watch the sushi chefs cook, she said. An exact location has not been announced.
Additionally, Aker is looking into opening a bistro location, similar to the proposed location in The Woodlands, in the Lake Houston and Atascocita area, Jessa said. No additional details are available for this location at this time.
In the meantime, Q-Shi BBQ and Sushi at 1491 Spring Cypress Road, Spring, is still serving its signature sushi rolls and rib baskets.


text:
Fashion Roundtable, the secretariat for the All Party Parliamentary Group (APPG) for Textiles and Fashion, is convening a crisis meeting to try to prevent a “severe shortage” of skilled fashion workers in the event of a no-deal Brexit.
In September 2018, the migration advisory committee (MAC) published a report on the future of immigration after Brexit. Assuming a no-deal Brexit, the committee recommended folding European Union citizens in the UK into a modified version of the existing work visa system for non-EU migrants.
The modifications would not, however, extend to the “Tier 2” £30,000 minimum salary requirement. Skilled workers such as production or sample machinist typically earn below £30,000, and so would not be able to hold a Tier 2 visa. The committee has advised the government to “maintain existing salary thresholds for all migrants in Tier 2”.
The APPG for Textiles in Fashion is holding a meeting at the Houses of Parliament on 8 July of manufacturers and policy makers to discuss which visas the sector needs to continue to thrive. The APPG for Textiles in Fashion advocates a “more inclusive” visa system to address the shortage of qualified workers in clothing manufacturing.
Jenny Holloway, founder and CEO of north London manufacturer Fashion Enter, said: “We cannot recruit enough trained production and sample machinists to expand our business sustainably. There is just not enough UK talent to meet demand. We need skilled workers now across our factory and the wider UK manufacturing industry to not only met demand, but grow our business.”
Tamara Cincik, CEO and founder of Fashion Roundtable, said: “Our industry is growing, but without the talent from domicile residents, the sector has relied on EU and non-EU nationals. Not only does manufacturing education need to grow here in the UK, we also need to be maintained continued access to non-UK nationals, if we are not only to maintain but also grow our fashion manufacturing business.”
The House of Commons has been contacted for comment.
The APPG for Textiles in Fashion meeting will take place from 10am to 12pm in Room C at 1 Parliament Street, Houses of Parliament.


text:
As the UK nears its 2030 deadline to stop the sale of petrol and diesel cars, new research suggests that 43% of British people won’t consider switching to an EV when they purchase their next vehicle.
Researchers for from car-sharing marketplace Turo say that that the top three barriers preventing car owners from switching to EVs are concerns about initial purchasing costs (87%), battery life (88%) and the lack of public charging (87%).
Older generations seem more sceptical, with53% of Gen X and Baby Boomers saying they wouldn’t buy an EV,dropping to 25% of Gen Z and Millennials.
Turo says that, with some of the cheapest EVs on the market costing as much as £22,000 and installing a charging point costing on average another £1,000, “it’s no surprise” that drivers are hesitant. Even for those who would consider purchasing an EV, more than half (58%) are still concerned about the cost.
However, a quarter (27%) of the same drivers said that they would be more likely to make the switch if they could offset the costs. Turo publicises that its app Turo allows car owners to earn an average of £423 a month by renting out their car.
Despite the initial outlay, drivers could be also convinced to go green if there was more accessible charging, with 64% of people saying they would be more likely to purchase an EV if there were more public charging points and 61% more likely to make the switch if they had their own charging point at home.
Costs and charging aside, almost three quarters (72%) of drivers feel that EVs are uncharted territory. Almost half (46%) say that they would be more likely to purchase an EV if they were able to take it for a prolonged test drive.
Despite these concerns, researchers say “there’s no doubt” that consumer interest in EVs is on the rise, with the number of registered electric cars having increased by 20% between 2022 and 2023. Equally, one in nine cars on Turo are run on alternative energy, more than three times the national number.
(Picture – Yay Images)


text:
Almost two years after their sack from the ports, the National Agency for Food Drug Administration and Control (NAFDAC) and the Standards Organisation of Nigeria (SON) are on their way back. The government has approved NAFDAC’s return. SON is said to be lobbying to return. Will their planned return bode well for the ease of doing buisness? Assistant Editor CHIKODI OKEREOCHA reports.
The signing of three executive orders into law by Vice President Yemi Osinbajo while acting as president raised hopes of eliminating the hurdles in the way of a bigger and more productive private sector. The aspect of the executive order, which sought to promote transparency and efficiency in the business environment, was particularly music to the ears of port users and real sector operators.
To them, the initiative set the stage for a major turnaround in their fortunes, as the delay in cargo clearance had become a pain in the neck. Their hope, therefore, was that the executive order would compel a systemic change in the way businesses and operations were conducted at the ports, and hopefully, change the narrative that clearing time for goods at the ports is said to be about the longest in the world.
For instance, it takes an average of 19 days to clear cargoes at Nigerian ports, whereas it takes seven and four days to do same in Cotonou and South Africa.
Operators blame the delay in cargo clearance in Nigeria on the multiplicity of government agencies at the ports. This was why the operators were joyful when, on the strength of the executive order, the Nigerian Ports Authority (NPA) announced that only seven agencies are allowed to operate at the ports.
NPA Managing Director Ms Hadiza Bala Usman was emphatic that the Federal Government’s directive of 2011, which reduced the number of agencies from 14 to seven, remained valid. Consequently, she said only seven agencies — NPA, the Nigeria Customs Service (NCS), Nigerian Maritime Administration and Safety Agency (NIMASA), Department of State Security (DSS), Nigeria Police Force, Nigerian Immigration Service (NIS) and Port Health Services — were authorised to operate at the ports.
Ms Usman, who spoke at a meeting with representatives of select government agencies and port stakeholders in Lagos, June last year, said under the arrangement, the Standard Organisation of Nigeria (SON), National Agency for Food, Drugs Administration and Control (NAFDAC) and the National Drug Law Enforcement Agency (NDLEA) were no longer allowed to have representatives at the ports or partake in the process of cargo clearance.
Others affected by the streamlining included the Directorate of Naval Intelligence (DNI), Federal Environmental Protection Agency (FEPA), Plant Quarantine, and Port Police alongside its Bomb Disposal Unit.
“We are trying to reduce the time and process in what we are doing and it is only when we abide by this that we can do that. I want to enjoin all of you to join hands with us and make sure that we implement this to the letter. When the orders are fully implemented, we will succeed in the mandate and it will also reduce time of doing business at the port,” Ms Usman said.
However, operators’ joy and Ms Usman’s expectation of a reduction in the time of doing business may have been short-lived. In what is seen by not a few operators and stakeholders as a major policy somersault, the Federal Government, a fortnight ago, gave NAFDAC the nod to return to the ports.
Basking in the euphoria of the agency’s return, its Director-General, Prof Christianah Adeyeye, said it would restore NAFDAC’s key responsibility of monitoring imports of sensitive chemical substances, food, drug and other regulated products.
She said in collaboration with relevant Ministries, Departments and Agencies (MDAs) and with the active support of the Office of the National Security Adviser (ONSA), NAFDAC is returning to ports and borders to “effectively control the importation of narcotic drugs and chemical substances identified to be grossly abused and posing public health and security threats to the nation”.
“NAFDAC wishes to commend the Office of the NSA, the Chemical Society of Nigeria and other stakeholders for recognising NAFDAC as a key player in the national security architecture by the singular act of restoring the presence of NAFDAC officials at all designated ports of entry and land borders,” Prof Adeyeye said, exuding a burst of energy.
She argued that the laws that set up NAFDAC empowered it to statutorily operate at the ports. “The clearance of regulated products outside of the current legal framework poses immediate and life threatening risks to the public as unregistered, spurious and falsified products exit the ports without recourse to the agency’s approval for such products to be in the market,” Adeyeye said.
The agency’s comeback to the port, The Nation learnt, came on the heels of alleged clandestine moves by SON to find its way back to the port, even though the regulatory agency had denied such moves.
“Government in its wisdom removed SON from being at the ports. That singular action hampered the drive for reducing substandard products in Nigeria because today we are not at the ports so, we do not even know what is coming into Nigeria,”former SON Director-General, Dr Joseph Odumodu, said in an interview with newsmen in Lagos.
The SON’s Director, Inspectorate and Compliance, Mr. Bede Obayi, also reportedly said that since SON’s agents were withdrawn from the seaports, it has not been able to effectively monitor and control the influx of substandard goods into the country.
He said lack of SON’s presence at the nation’s seaports to check containers bringing goods into the country has accounted for a 200 per cent rise in the volume of substandard goods in the country in the last four years.
Recall that the Federal Government, through the Ministry of Finance, had in October 2011 ordered SON and some other agencies and various units operating at the nation’s seaports to vacate the place. Former Finance Minister and Co-ordinating Minister of the Economy, Dr. Mrs Ngozi Okonjo-Iweala, had explained that the action was necessary to reduce the number of agencies at the ports and facilitate faster clearance of cargoes as well as maximise government’s revenue.
The Nation learnt from reliable industry sources that almost 80 per cent of goods coming into the country enters through the seaports. “It is very bad for us to allow these goods to be coming in without SON being physically present to check them because importers may present fake certificates to other agencies that do not have the facilities to cross-check like SON would do,” Obayi said, in the heat of the agency’s push to return to the port.
Setback on ease of doing business
The return of NAFDAC to the ports and SON’s plan to come back are seen as a heavy blow to the Federal Government’s executive order on ease of doing business, particularly at the nation’s seaports.
According to experts, Nigeria’s extremely complex regulations and processes have made the business environment harsh and business transaction a harrowing experience. For instance, because of harsh operating environment, Nigeria occupied an unenviable position of 169 out of 189 on the 2016 World Bank Ease of Doing Business index.
This has continued to erode Nigeria’s global competitiveness, as cost of manufacturing products in the country has remained high. It is also the reason why the cost of finished goods in the country is high when compared to goods produced in countries with better ranking on Ease of Doing Business Index.
However, Credit Bureau Association of Nigeria (CBAN) Chairman, Mr. ‘Tunde Popoola, pointed out that Nigeria now ranks 145th out of 190 countries on the Ease of Doing Business index, compared to 169 in last year’s report.
Although, Popoola attributed this to efforts by the Presidential Enabling Business Environment Council’s (PEBEC) initiative of which the Credit Bureaux played integral part last year, the return of NAFDAC and moves by other agencies to come back is seen as being capable of taking Nigeria back on the ease of doing business index.
This is so, considering warning by Partner and Chief Economist, Pricewaterhouse Coopers (PwC), a professional services firm, Mr. Andrew Nevin, that Nigeria’s transition to a non-oil economy would be an uphill task without a significant improvement in the business environment.
He also said this may affect projection that Nigeria’s economy could be among the top 10 in 2050 with a projected Gross Domestic Product (GDP) of $6.4 trillion, surpassing Germany, the United Kingdom (UK), France and Saudi Arabia.
Recall that the overall objective of the executive order on ease of doing business was to stimulate a rebound of an economy gradually coming out of a debilitating recession and fast-track Nigeria’s transition to a non-oil economy.
This was why the initiative excited private sector operators, with the former President, National Union of Textile Garment and Tailoring Workers of Nigeria, Comrade Oladele Hunsu, expressing hope that the aspect of the order seeking to facilitate ease of doing business at the port will do away with the agonising bureaucratic bottlenecks that have been scaring away local and foreign investors.
Operators fear that with the return of NAFDAC and possible comeback of other agencies earlier sacked from the ports, Osinbajo’s instruction, based on the executive order, that Apapa Port should resume 24-hour operation, will no longer work. They also fear that the government’s target of achieving a 48-hour cargo clearance at the ports will not be achieved.
Such fears are hinged on the belief that the return of agencies earlier booted out of the port will harm efforts at harmonising agencies’ operations at the port into one single interface station as directed by the Vice President. His riot act to touts and corrupt officials at port may also not work.


text:
Markham, ON-based waterpark equipment manufacturers, Empex Watertoys® have recently announced they’re now offering their AQUATOTS™ line of equipment to day care facilities and preschool-focused water park facilities across the globe. The company’s AQUATOTS™ products are designed... - October 01, 2015
Markham, ON-based Empex Watertoys® has just announced that they’ve created a new line of interactive water features, each of which offers its own tropical theme. The company’s new Aquatropica™ features tropical trees, flowers, caterpillars, monkeys and birds that will provide children... - October 01, 2015
Empex Watertoys® has announced that their waterpark equipment will be integrated into Lagan Valley Leisureplex. Lagan Valley Leisureplex is based in the heart of Lisburn City; the Leisure Plex boasts the largest leisure pool in Northern Ireland.
The Lisburn City Council has embarked on a major renovation... - June 21, 2015
The Hilton Hotel in Korea’s capital, Seoul has installed the latest version of the Empex Aquacircus water playground. The new version is a downsized layout for installation in hotels and resorts, recreation centers, and areas where space is a premium.
The Hilton water playground features an Aquacircus... - May 23, 2015
Empex Watertoys® has just completed the installation of an exciting Splash Park in Singapore’s Sports Hub. Working together with Playpoint Singapore, Empex created an exciting array of water features for children to age 12.
A central Aquadek with swaying palms is the centerpiece of the installation. - May 23, 2015
The waterpark equipment company Empex Watertoys® has announced that the latest version of the Empex Aquacircus has been installed at the Hilton Hotel in Seoul, South Korea.
The new waterpark spray equipment is a downsized Aquacircus layout for installation in hotels and resorts, recreation centers,... - March 25, 2015
The waterpark equipment company Empex Watertoys® goes green with AQUATROPICA™, a new line of leafy, tropical water spray park equipment.
The new waterpark equipment features: tropical trees, flowers, caterpillars, butterflies, bugs, snails, monkeys and birds, all intended to provide an exciting... - March 20, 2015
Claremont, ON-based leaders for innovative waterpark equipment, Empex Watertoys® have recently announced the introduction of several new products to the company catalogue. Included within the company’s enhanced selection is a new suite of Aquaton® spray features, such as the AQUASPRITZ,... - June 12, 2014
The Cronwell Platamon resort in the Pieria area of Greece has just announced the new integration of an exciting Empex Watertoys® spray park. The 5-star, all-inclusive resort recently purchased by the Cronwell Hotel group from Russia has now been completely refurbished and redesigned with the addition... - May 03, 2014
Trusted Markham, Ontario leader for expertly-manufactured water playground equipment, Empex Watertoys® has announced one of the most exciting additions to the 2014 catalogue. The company’s new additions will help boost attendance figures at water park facilities across the globe this year and... - April 26, 2014
Empex Watertoys®has created a new line of interactive watertoys under the trademark "Aquanetics™" where the kids can turn a hand wheel and produce different sprays, water flows, and kinetic effects such as turning pelton wheels, spinners, gears and pinwheels to create a zany effect... - March 07, 2014
Leading Markham-based designer of innovative water playground equipment, Empex Watertoys have recently announced several new innovations. The company’s latest products suite includes the Aquahorn, which is a spray feature from the company’s Aquaton® line that is designed to create a magical... - November 08, 2013
Toronto-based manufacturer offers equipment appealing to summer visitors. - August 08, 2013
Innovators of splash parks update portfolio - August 04, 2013
Empex Watertoys®, one of North America’s top producers of waterplay equipment have recently announced new introductions to their line of Aquatropica features. Aquatropica is a line of water play features and aquadeks that are designed to promote a tropical theme for guests enjoying fun in the... - August 15, 2012
Canada’s leading manufacturers of innovative waterpark equipment, Empex Watertoys® have recently announced several new additions to their evolving company catalogue. The new splash pad options available through the company are designed to enhance the appeal of their clients’ waterpark... - August 15, 2012
Leading designer and manufacturer of innovative splash park equipment Empex Watertoys® has announced the addition of several more products to their expanding catalogue. The company’s new solutions are being released just in time for facility visitors around North America to enjoy them during the summer months. - June 30, 2012
Canadian waterpark equipment manufacturing specialists Empex Watertoys® have announced the introduction of new water play equipment to their broad-ranging catalogue. These new styles are designed to ensure that clients around the globe achieve enhanced visitor rates, as more members of the general... - June 30, 2012
Empex Watertoys® has added another terrace spraypark in Singapore at the Changi Mall.
Space being at a premium, shopping malls in Singapore are using all available real estate to add new attractions to draw customers. Terraces and rooftops, once unused spaces, are now utilized for creative sprayparks... - May 26, 2012
Empex Watertoys® was challenged with creating something new for the waterpark industry that was refreshing and unique. Young children are a major part of the waterpark experience and a group that is often forgotten among the plethora of exciting water rides available for the older kids and adults.
The... - February 04, 2012
Leading water park innovators Empex Watertoys® have been honoured with the prestigious World Waterpark Association Industry Innovation Award for one of their latest sprayground designs, the Aquacircus®.
This award is given annuals to suppliers, individuals or parks for creativity in the development... - January 15, 2012
Leading innovators in the field of a water park equipment construction, Empex Watertoys® have recently announced that they have entered into an exciting partnership with Swimplex Aquatics in Australia to create a dynamic splash park at Waterworld in the Northern Geelong suburb of Norlane.
Because... - December 02, 2011
Empex Watertoys® Now Providing Innovative Splash Pad Solutions to Global Client-base. Found in some of the most reputable water park facilities around the globe, Empex Watertoys® splash pad products truly epitomize contemporary design excellence. This level of quality is based on more than two decades of experience within the industry, experience which has helped the company to evolve their products to match their clients’ unique aspirations. - November 04, 2011
Toronto, Canada-based sprayground equipment manufacturer Empex Watertoys® has recently announced that they have updated their product line up to include many new innovations that are designed to help water park facility owners attract new cliental to their businesses.
For the splashpad industry,... - October 01, 2011
Aquacirco has just opened at the always innovative Beachpark Waterpark in Fortaleza, Brazil. The South American continent’s largest waterpark, Beachpark has created a 12,000 square foot Aquacircus® complete with the Big Top. The site includes 170 different water events and spray features on... - May 04, 2011


text:
- Satellite Evolution Group
Eutelsat’s HOTBIRD neighborhood to launch ESR 24/7 Esports Network in Europe
Eutelsat Communications’ flagship 13° East HOTBIRD position has been selected by ESRevolution, Inc. for the European launch of its ground-breaking video gaming channel, ESR.
In an exclusive agreement, ESR, already the leading premium quality video gaming channel in the US, will make its content available in Europe for the first time in 24/7 HD linear format from February 2021, leveraging the unparalleled coverage of EUTELSAT HOTBIRD, with its reach of over 135 million TV households.
Commenting on the agreement, Philippe Oliva, Eutelsat’s Chief Commercial Officer said: “We are excited to welcome ESR on HOTBIRD. Its groundbreaking format attracts a new generation of younger audiences and illustrates that linear distribution via satellite is attractive for these new channel genres to multiply and diversify their distribution.”
Wendy Wang, CEO of ESR added: “We are delighted to partner with Eutelsat to deliver our content to the millions of gamers and fans in Europe in 24/7 linear format. The global video gaming market continues to grow at a rapid rate, and we look forward to developing our offer and growing our European audience in the years to come.”


text:
JSE-listed paper and plastic packaging manufacturer and recycler Mpact has entered into an agreement with the Industrial Development Corporation (IDC) to build a R350-million polyethylene terephthalate (PET) recycling plant in Gauteng, the company announced on Wednesday, in conjunction with the release of its financial results for the six months ended June 30.
The new plant, which would be owned by newly formed company Mpact Polymers, in which Mpact held 79% and the IDC 21%, was expected to be commissioned during the second half of 2015.
Mpact CEO Bruce Strong told Engineering News Online that the company believed this to be a suitable investment as the company already had an established paper collection network, which could be expanded to include the collection of PET bottles.
The company was also a significant producer of PET packaging.
“Given the network in our recycling business, we thought we could use that to collect bottles which we could then beneficiate to produce a raw material that would help reduce the costs of the raw materials for our customers, [while also] improving the environmental credentials of our business and the sector,” he said.
He added that the facility was also a good investment, which would enhance Mpact’s shareholder returns.
The IDC had provided loan funding of R210-million in debt, as well as a further R30-million for its equity stake in Mpact Polymers, while the Department of Trade and Industry had approved a Section 12I tax incentive.
“The new plant will process about 29 000 t/y of PET plastic bottles, generating 21 000 t of new raw material directly from what was previously considered waste material that would have been sent to landfill. This raw material is commonly referred to as rPET.
“Collecting and processing 29 000 t of PET bottles amounts to a saving of about 180 000 m3 of landfill space each year, the equivalent of 75 Olympic-size swimming pools,” Mpact stated, adding that it expected the project to deliver about 1 000 direct and indirect job opportunities.
Strong added that the company’s entry into plastic recycling was an exciting opportunity, which would add an important dimension to its business.
“It is an excellent fit with our strategy and will enhance our position as a leading beneficiator of recyclables in South Africa,” he commented.
The company stated that the development of the plant for PET recycling was done in close collaboration with key customers to ensure that the processed recycled material met international standards.
Mpact worked with Coca-Cola, its bottling partner Amalgamated Beverage Industries (ABI), SABMiller and industry body PETCO to bring the project to fruition.
ABI would be the anchor customer for the rPET produced by the plant.
“When suppliers and customers work together, we are able to achieve solutions that benefit all stakeholders. This is a solution that we, as customers, have been seeking and [we] are excited that Mpact has responded with this R350-million investment. This will not only benefit business but will create jobs and, most importantly, address environmental concerns,” ABI MD John Ustas commented.
Meanwhile, Mpact on Wednesday also reported a 14.5% increase in its underlying operating profit for the six months ended June 30, to R270-million, while revenue was up 13.2% to R4-billion.
Mpact’s basic earnings a share increased by 19.2% to 91.8c as a result of the increase in operating profit and unchanged finance costs.
Strong said that through cost and capacity management, as well as working capital management interventions, coupled with productivity improvements, the company was able to achieve “reasonable” results despite difficult circumstances, characterised by strikes.
“A decline in fruit exports resulted in reduced demand for fruit packaging. Further, [the] escalation in input costs was above inflation, driven by rand depreciation, administered prices and wage settlements,” Mpact said.
The company reported that higher average selling prices only partially offset raw material and distribution cost increases, leading to a decline in gross margin compared with the same period in 2013.
External sales volume grew by 1.8% in the period under review.
Improved productivity and fixed cost saving across the group helped improve the operating profit margin to 6.8% from 6.7% in the comparable prior period.
Return on capital employed, a key performance measure for Mpact, improved to 16.9% compared with 15.5% in the first half of 2013.
Mpact’s paper business increased its revenue 14.2% to R2.9-billion for the six-month period, while underlying operating profit increased by 11.7% to R280.7-million.
“Productivity improvements resulting from recent investments in the corrugated business, as well as fixed cost savings across the paper business, partially offset the under-recovery of increased raw material costs.”
Meanwhile, in the plastics business, revenue increased 10.4% to R1.1-billion, owing to higher average selling prices.
Sales volumes measured in tons were in line with the comparable prior period, with good volume growth in bins and crates offset by a decline in certain products in the fast-moving consumer goods (FMCG) business as a result of rationalisation.
Underlying operating profit increased 28% to R43.9-million with margins increasing to 4.1% from 3.5% as a result of a more favourable product mix and better management of fixed costs.
Further, the group’s net debt at June 30 was R1.4-billion, a decrease of R76-million from debt levels as at June 30, 2013. Average net debt was 4.4% lower than the comparable prior period with gearing of 32.5%.
Meanwhile, the company noted that, to meet changing operational requirements and to remain competitive within the Mpact plastics FMCG business, an agreement had been reached with all affected parties to close the converting factory in Robertville, Gauteng, and relocate certain plant to other plastics operations.
The closure of the plant was expected to be completed by the end of the 2014 financial year at an estimated nonrecurring cost of R23-million.
Further, the direct financial cost of the four-week-long industry-wide strike that affected six plastics converting operations during July was estimated to be R20-million, which could be partly recovered during the balance of the year, the company said.
Strong said that, going forward, the company would continue to look for opportunities to grow its business, despite the weak economy.
“Despite the difficult economic conditions in South Africa, we are identifying investment opportunities that offer the prospect of enhanced shareholder returns [while also meeting] our other strategic objectives,” he stated.
Strong, however, noted that, while the company was ambitious to grow, it also wanted to ensure that Mpact’s growth was underpinned by good profitability and good returns for its shareholders.
“As we move along, we hopefully will find some opportunities that we can exploit, but at the same time, making sure we don’t lose sight and focus of the businesses that are currently doing well for us. We will make sure that they continue to receive the required investment to keep them globally competitive,” he said.
Mpact declared an interim gross cash dividend of 26c a share, up 18.3% on that declared for the prior corresponding period.


text:
The projects would be among the largest greenfield investments in Lithuania’s history.
Alina Adomaitytė, president of the Indian Chamber of Commerce, which was established in September, confirmed to BNS that India’s SVP Global Ventures and Elegant Industries are planning the investments.
Adomaitytė on Tuesday attended the signing of letters of intent by the Economy Ministry and the two Indian companies.
“They have explored the European market for the past two years and selected Lithuania as their final choice,” she told BNS. “Our country, its clear tax system and its geographical location, best fit their needs”.
According to Adomaitytė, Bombay-listed SVP Global Ventures plans to invest 97 million euros in a textile factory that will employ 1,500 people and Elegant Industries intends to create around 200 new jobs in its planned 95-million-euro can production facility.
“Preparatory work will begin next month, and we plan to start groundworks in the first quarter of next year,” the president of the Indian Chamber of Commerce said.
“As we haven’t yet received all the data, we are considering two options: Rokiškis and the Klaipėda Free Economic Zone. Priority is given to Rokiškis, and Klaipėda is our option B in case something changes,” she added.
Both factories are planned to be built by 2020.
Neo Group’s 145-million-euro investment in a PET resin production facility in Klaipeda in 2005 remains the biggest-ever greenfield investment in Lithuania.
The German automotive component giant Continental this past summer launched construction on a 95-million-euro plant in Lithuania, the second-largest greenfield investment in the country.


text:
TIGHTER RULES ON FOOD PACKAGING RECYCLING ANNOUNCED BY SOUTH KOREAN GOVERNMENT
South Korea is tightening up its food packaging regulations to help improve recyclability and safeguard consumers and the environment.
The regulations for some types of food packaging are being changed in South Korea so that manufacturers are obliged to achieve certain recycling rates for them – or face penalties.
In total 15 materials, some of which are used as food packaging, are covered by the new rules. Previously, these substances were classified as “difficult to recycle” and were subject to waste charges, South Korea’s Ministry of Environment said in a statement.
It has subsequently become possible to recycle these products, the ministry said, so manufacturers must now achieve certain recycling rates or pay recycling dues that are higher than the cost of recycling.
In most cases, such as with “daily consumables made of polypropylene”, the new regulations come into force in 2023.
However, manufacturers and importers with turnovers below 1 billion Korean won and 300,000 Korean won respectively will be exempted from the regulations until 2025, “easing the burden on small business owners”, the ministry statement added.
Improving packaging recycling rates has been a challenge faced by governments across the globe, with the consultancy McKinsey reporting that just 28% of food packaging plastic is recycled in the United States, while in Europe the figure is about 40%.
Rates for paperboard and, glass and metal recycling in Europe are around double those for plastic food packaging, highlighting the extent to which plastic recycling lags.
In related news, SIAL Paris Newsroom reported in February that Nestle, Coca Cola and Unilever had teamed up to improve recycling rates.


text:
Sales figures for the subcompact sedan segment are out for the month of August 2018. And as expected, the Maruti Suzuki Dzire and the Honda Amaze continue to the lead the segment, which comprises of 7 models as of yet. Here’s how each car in this category fared on the sales chart in August:
1. Maruti Dzire’s dominance: As anticipated, the Dzire’s demand is twice as much as the Amaze. The third-gen Dzire long surpassed the monthly/average demand of the second-gen model thanks to its hard-to-miss packaging. The Dzire is expected to continue this spree for the times to come.
2. Aspire could jump to the third or fourth spot: The Aspire secured the last spot in August 2018 sales purely because of the fact that the carmaker is clearing stocks of the pre-facelift model. The mid-cycle update of the Aspire will hit the market next month on October 4. With the most powerful 1.2-litre engine in the country along with a host of additional features, including electronic stability control, the updated Aspire could jump a few rungs up in the ladder. It could very well be at the third spot right after the Amaze.
3. The rest: The Volkswagen Ameo continues to show dismal performance in the segment. In its usual fashion, Volkswagen could introduce a special edition of the Ameo for the festive season that might boost its sales.
4. Upcoming: Apart from the 2018 Ford Aspire facelift, Tata will soon launch the performance-oriented JTP version of the Tigor around Diwali. The Tata Tigor JTP will be the first-ever go-fast sub-4m sedan in the country.
With the ongoing festivity along with attractive offers, combined sales of the segment is expected to go up in the coming months.


text:
Slightly more than 7 million Belgian shopped online last year, which means 64% of the population has ordered something via the Internet in 2014. Of all these shoppers, 440.000 Belgians ordered something online for the first time ever.
During the first quarter of 2015, Dutch consumers spent 4.4 billion euros online. Last year, online sales in the Netherlands during that period were worth 3.8 billion euros, so this means the ecommerce industry has increased by 16% year-on-year.
Starting immediately, GLS Germany offers an advanced online returns solution, which makes the handling of returns easier. With the new online returns solutions, GLS Germany now provides three ways to create a return label.
Whistl had stopped its home deliveries in the United Kingdom. The Dutch-owned business will however continue developing its other activities in the UK, such as downstream access (DSA), door drop media, packets & parcels and logistics.
Global marketplaces such as Amazon, eBay and Alibaba will own almost 40% of the global online retail market within five years. At least, that’s what retailers from all over the world expect to happen. A new study gives more insights in the rise of global marketplace and how retailers can compete with them.
Last night, the winners of the European E-Commerce Awards have been announced. During the Global E-commerce Summit that takes place in Barcelona, awards were handed out in the Entrepreneurial, Omnichannel and Pure Player categories. And we’ve got all the winners listed for you.
It is said that mobile commerce is the future of online retail. If that’s the case, online retailers should have their own app, so consumers can shop online more easily. But developing an app can be very expensive, that’s why some online retailers ignore this opportunity. Dutch mcommerce software company JMango360 wants to change this and offers retailers a cheap way to turn their Magento store into an app.


text:
Analysis Huawei's US ban has been extended to even more affiliates, leading to a bleaker outlook for the company.
Updated Apple's iOS 13 is nearing launch, and we've had some hands on time with the public beta.
The new look is rolling out now, and a fresh style for Google Play Music could be on its way.
Apple has announced that applications for its Apple Card are now open to anyone in the US.
Updated The foldable Huawei Mate X looks to take on the Samsung Galaxy Fold in a bid for the future of smartphones. Here's our take on it.
Updated The Huawei P20 Pro combines a brilliant camera with a big battery, a stylish design and a competitive price tag.
The Galaxy S10 5G has a lot more than just 5G going for it, but that price means 5G has to be a key consideration.
Motorola’s One Action is a budget phone that tries to do more than your average Moto G.
Updated The new phablet from Samsung is slimmed down from previous models, but beefed up in terms of specs.
Browse reviews by category
Updated You can use your Apple device's camera for quick and easy data access if you see a QR code out and about.
Looking to disable Bixby? The smart assistant from Samsung hasn't caught on as much as Amazon Alexa or Google Assistant – here's how to remove it.
This is how you can factory reset your iPad and wipe all the files, accounts and downloads.
Updated This is how you use Apple's secure payment system, on whatever device you're using.


text:
The Devil Wears Nast
This past month, Anne Hathaway reprised her high-fashion role from The Devil Wears Prada as she walked out of her Vanity Fair photo shoot, in a show of solidarity with the Condé Nast strike. Condé Nast is a multi-media conglomerate which owns the likes of Vogue, Vanity Fair, Glamour, and other fashion media. While this 24-hour strike speaks volumes about the current state of journalism, it is also a needed reminder of the problematic systems within the fashion industry. Fashion media companies, such as Condé Nast, contribute to an increasing sense of body dysmorphia through the models and clothes they choose to market . Body dysmorphia describes one’s hyper-fixation on the flaws they see in their appearance, contributing to unhealthy conditions such as anorexia and bulimia, primarily among women and youth. Consistently seeing ultra-thin models in expensive clothing conditions our brains to view ourselves differently in comparison. This culture can be so toxic that even celebrities and praised models turn to altering photos to seem more desirable, which furthers unrealistic expectations surrounding body image . AFP via Getty Images Multiple studies confirm the detrimental effects of the fashion industry, with one study finding that those assigned to read fashion magazines, as opposed to news magazines, had less confidence in their bodies, wanted to weigh less and focused more on their weight than the section assigned news magazines. The psychological effects of the attention fashion gains impacts those working in the industry themselves. 20% of models suffer from Fashion Imposter Syndrome , a condition that stems from the insecurity acquired from being at the center of public attention, which degrades confidence. Moreover, those working in fashion are prone to suffer from mental illness 25% more than those in any other field, according to Fashion Law and Journal.
Companies commonly lack models of diversity in both sizes and body types, frequently selecting mid-size models (8-14) for their plus-size line (size 16+). When fashion companies handpick models that inaccurately represent the population, the message is loud and clear: body positivity is not their priority. Furthermore, many brands labeling "plus-size," would be better labeled as “average.” Fashion brands need to have the foresight to create and display their clothes on models that represent their customers that want to feel good in their clothes. 62% of customers can’t find clothes that fit in stores according, to The Fashion Structure Journal. It is hard for many to be body positive when t hey can’t find their size in-store , which is the case with many brands that do not offer the same amount of plus-size clothing in store as they do online. In fact, In 2022 Old Navy limited its Bodequality line both in store and online. Similar stories go for both M.M. Lafleur and Loft who cut back their lines as well. While these brands have made efforts to be inclusive, self-esteem issues are only heightened by brands such as Lululemon, a fitness brand very popular with Gen Z, notorious for its smaller-than-standard sizing. This lack of commitment to inclusivity is echoed by the founder Chip Wilson’s recent comments “You’ve got to be clear that you don’t want certain customers coming in.” While Lululemon responded that the founder, who resigned from the board in 2015, doesn’t have the views of the current company in mind, it is hard not to see the correlation. The spike in social media influencers who cover the latest fashion trends contributes to an unhealthy and unnecessary mindset of many. The desire to stay in style leads to a fear of missing out (FOMO). In the same vein, many stress unnecessarily about the clothes they wear. This dynamic can be a positive, such as the beneficial effect one gets from feeling comfortable and confident in the clothing they wear. However, like most things, this measurement has a reverse. Today's vast scope of influencers and media can put such an emphasis on clothing that it can cause insecurity, anxiety and FOMO, especially in the mind of teenagers, also known as “cognitive dissonance” as Fashion Law and Journal describes. It leads to a culture in which one feels they must throw out clothes not in trend and buy new ones. These trends lead to a culture of “fast fashion” which harms the environment. Fast fashion stems from brands hoping to optimize the return on a certain style and therefore producing clothes at a cheap and expedited rate to get them on shelves quicker. This produces an i mmense amount of waste, pollution and emissions as well as calls into question the labor used to make such garments. The Condé Nast strike , much like the SAG-AFTRA strike, is forcing many to look at how the media and Hollywood industry operate with new eyes. The workers, who protested outside of One World Trade Center , are sending a message in response to the company’s expected layoffs as well as the current state of union negotiations. While it is important not to take away from the issues the workers in New York are standing against, this latest conflict should be a wake-up call for many to reflect on the ways the fashion industry negatively impacts society’s mental and physical health, and determine if changes need to be made. New York took an important first step with the induction of “Fashion Sustainability and Social Accountability Act '' which placed much needed responsibility on brands for both human rights violations and environmental issues. Proposals in and out of the U.S. have looked to make legal changes to social media algorithms for both addiction and body image issues. Fashion’s toxicity is only heightened by the mass use of social media. An increase in protective legislation and personal style, going against the wave of fast-trends, should help to combat these issues. Henry is a freshman in the College studying English,


text:
NEW YORK While advertisers fret about a shortage of high-quality ad space in hot areas like video, they are enjoying what a Yahoo executive called a "glut" of cheap ad space thanks to the rising popularity of social networks.
Yahoo said last week its disappointing third-quarter ad revenue was due, in part, to the explosion of sites like MySpace and YouTube. MySpace alone produced 35.7 billion ad impressions last month, per Nielsen//NetRatings, giving direct response marketers and ad networks fertile new sources for cut-rate ad space, which Yahoo sells in sections like e-mail.
"That is going to change the market dynamics," Yahoo COO Dan Rosensweig told investors last week.
For now, the beneficiaries of the supply surplus are ad networks, which are the usual outlets for extra inventory. Networks typically buy bulk impressions, then use Web behavior across a network of sites to show ads to users more likely to click. The increase of cheap inventory has helped fuel their growth. According to comScore Media Metrix, ValueClick's reach is up 11 percent in the past six months and BlueLithium's 22 percent.
To help goose demand and raise the prices it gets for inventory, Yahoo has made a pair of deals to expand the pool of advertisers buying its leftover space. It acquired AdInterax, a self-service rich media tool that will allow small advertisers to create banner ads. It also struck a deal to set up a remnant ad exchange, part of a 20 percent investment made in Right Media. It hopes the auction channel will draw in new display advertisers and increase demand for remnant ad space. Fox Interactive Media has also signed up with Right Media to create a similar exchange.
Such exchanges not only cut down on operating costs, but increase the price publishers can command, said Michel Walrath, CEO of Right Media. "It's become a big enough piece to [publishers] that it matters and you need a strategy," he said. "It's far more effective to sell to thousands of advertisers."


text:
The crayon brand's Colours of the World collection represents more than 40 global skin tones to help kids feel included.
When Rihanna launched her makeup brand Fenty Beauty back in 2017 she all but changed the game.
After seeing a void in the industry for products that suited all skin types and tones, she launched a line “so that people everywhere would be included,” releasing a whopping 50 shades of foundation.
The move was well overdue – and it put the industry as a whole on notice. Brands scrambled to diversify their shade offerings, with many currently only stocking a few shades of beige which had long frustrated those with hard-to-match skin tones.
While it was arguably tokenistic that others were playing catch-up so late in the game, there’s no denying Rihanna certainly got the inclusivity conversation a seat at the mainstream makeup table.
And now, the kid's art world is following suit. Crayola looked at the ever-growing foundation shade ranges and decided to use them as inspiration to create 24 new crayon shades designed to represent diverse skin tones.
Crayola teamed up with Victor Casale, who was a founding partner and the chief chemist of MAC Cosmetics, the chief innovation officer and co-founder of Cover FX, and the co-founder and CEO of MOB Beauty to develop the new Colours of the World collection.
Want to go steady? Sign up to our whimn.com.au newsletter for more stories like this.
“I have spent my life trying to create truly global shade palettes because I know what it’s like to be with a person who has finally found their exact match. They feel included and recognised, and I am hoping every child who uses these crayons and finds their shade will have that feeling,” Casale explains.
The range consists of three undertones – rose, almond, and golden – with a wide range of skin tone shades from extra light to deepest, similar to foundation. The side of each box will feature a shade panel in three languages (Spanish, French, and English) to help children find their perfect match, too.
“Crayola hopes our new Colours of the World crayons will increase representation and foster a greater sense of belonging and acceptance,” Crayola CEO, Rich Wuerthele, explains.
“We want the new Colours of the World crayons to advance inclusion within creativity and impact how kids express themselves.”
No news on when they’ll be released in Australia, but you can order a pack from the US as of July.
Pretty Easy: Should You Clean Your Tongue ?
Find out why a 20 second tongue clean is an essential part of your beauty routine.


text:
The first 3G (third-generation) handset based on the Symbian operating system has been unveiled in Japan, the Fujitsu F2051 which will go on sale there in late December.
This is the first phone to reach the market, since Sendo's last minute decision to ditch Microsoft's Windows Powered Smartphone OS (operating system), in favour of the Symbian OS. Sendo is still working on its Symbian-based handset.
The Fujitsu handset, which also has the distinction of being the first Symbian OS-based phone to be available in Japan, is a clamshell-style model packed with a number of advanced features.
These include a 100,000-pixel CCD (charge coupled device) camera which can be used for taking still pictures or moving images up to 15 seconds long. The camera rotates through 270 degrees so it can be pointed either towards or away from the user, and software in the phone allows images to be cropped and the brightness to be corrected automatically before sending.
The handset has a 2.2in colour TFT (thin film transistor) display, standby time of around 200 hours, talk time of around 110 minutes and weighs 114g.
It will cost around ¥30,000 (£154). As yet there are no plans to launch the phone over here, but PC Advisor will keep you posted.


text:
Corporate earnings are set to hold the stage for traders here this week as reporting season kicks into place. This would offer more guidance for the local market after the series of corporate deals in the limelight last week and the dovish statement from United States Federal Reserve chairman Janet Yellen that spurred sentiment globally.
"Market participants are waiting for earnings season to paint a clearer picture of market direction over the next few weeks, as (the) focus now shifts to companies' mid-year reports," said CMC Markets Singapore market analyst Margaret Yang in a note.
A number of Reits, such as Keppel Reit, CapitaCommercial Trust, Hutchison Port Holdings Trust and Ascott Reit, will announce results this week, starting today.
Others to look out for include M1, which is due to release its earnings report tomorrow, followed by Keppel Corporation on Thursday and Sats on Friday.
On the economic data front, Singapore's June non-oil domestic export figures - a key indicator for economic outlook - will be out today. Moody's Analytics said in a report that it expects non-oil domestic exports growth to have bounced back to 3 per cent year on year in June, after declining 1.2 per cent in May.
"May's decline in exports was the consequence of anomalies in the data rather than a clear signal of softening demand for Singapore's production," it noted.
"Pharmaceuticals exports, which fell in May because of high base effects, should have improved in June. Electronics exports will continue to be the main positive for the headline figure."
Market participants are waiting for earnings season to paint a clearer picture of market direction over the next few weeks, as (the) focus now shifts to companies' mid-year reports.
CMC MARKETS SINGAPORE MARKET ANALYST MARGARET YANG, on what traders will be on the lookout for this week.
A slew of economic numbers from China today, including that for second-quarter gross domestic product and industrial production, could also play a part in swaying market sentiment.
The benchmark Straits Times Index rose 51.76 points, or 1.6 per cent, to 3,287.43 last Friday to hit its highest in about two years, marking a sturdy 58.42-point, or 1.8 per cent, gain for the week.
Much of the attention was on corporate acquisitions. Last Thursday, a consortium led by Perennial Real Estate Holdings and Yanlord Land Group said it has bought a 33.5 per cent stake in United Engineers (UE), one of the oldest companies in Singapore, at $2.60 a share. The consortium plans to make a mandatory general offer for the rest of UE at the same price.
Perennial gained 1.7 per cent, or 1.5 cents, to 90 cents last Friday, while Yanlord Land eased 0.6 per cent, or one cent, to $1.715. UE sank 1.5 per cent, or four cents, to $2.67.
But the bigger deal for the market was probably the privatisation bid for warehouse provider Global Logistic Properties. The stock rocketed 21.9 per cent or 59 cents to $3.29 in heavy trade last Friday after the group announced it has picked the $3.38-per-share acquisition offer from a Chinese consortium following a months-long sale process.


text:
We are observing what is going on in the West. We try to understand why so many...– Spiegel Interview with Vice Minister of Foreign Affairs | China Digital Times (CDT)
七月的人民 People of July by 川子 Chuanzi 七月的人民上车了 他第一次看天安门 People of July got on...– Music Video: People of July － By Chuanzi (川子) | China Digital Times (CDT) - Tribute to victims of the Wenzhou train crash. Watch the video on CDT.
Apple gadgets have become key items used to bribe officials or business...– China in thrall to the cult of Apple - FT.com
People want justice. They want to talk. But they cannot because they are still...– - Wang Youqin, a professor who has compiled a personal history of the Cultural Revolution “People Want Justice” | China Digital Times (CDT)


text:
On Friday, Oct. 1, economic indicators were released including the personal consumption expenditures (PCE) price index, personal income, and personal savings rate. These indicators show growing consumer spending and expansion in manufacturing as well as rising prices and the potential for an extended period of inflation. Together, these numbers reflect government aid related to COVID-19, a growing workforce, more spending, and inflation at the consumer level.
PCE and Core PCE
The Federal Reserve has been consistent in saying that the current inflationary pressures are transitory rather than a signal of an extended period of inflation. However, the Commerce Department’s Oct. 1 report on core PCE price index shows that inflation is the highest it has been since May 1991. Core PCE, which excludes food and energy and is the Fed’s preferred measure of inflation, increased 0.3% for August and was up 3.6% from a year ago. PCE prices rose 0.4% for August and 4.3% year over year, the highest since January 1991. Food prices increased 2.8% and a 24.9% increase in energy prices from a year ago.
The Fed’s statements about the transitory nature of inflation may conflict with the data: The year-on-year consumer price index and producer price index increases are higher than the Fed’s 2% inflation target. However, the Fed’s September 2021 economic revised projections may show an easing of the theory that the inflationary pressures are fully transitory, as the core PCE inflation 2021 projection significantly raised to 3.7%, up from 3.0% in June. The Fed still projects inflation falling back to 2.2% in 2022, more in line with its long-term stance.
During that same meeting, the board also released updated projections for GDP and unemployment. GDP growth for 2021 was lowered to 5.9%, 1.1 percentage points from 7.0% in June. The unemployment rate projection increased 0.3 percentage points higher than June to 4.8%.
On Oct. 12, supply-chain disruptions and global-health concerns led the International Monetary Fund (IMF) to lower its growth forecast for the world economy in 2021. In its October 2021 World Economic Outlook, the IMF, a group of 190 countries that promotes international financial stability and monetary cooperation, projected the global economy will grow 5.9% in 2021 and 4.9% in 2022, 0.1 percentage point lower for 2021 than the IMF’s July forecast. The IMF also estimated consumer-price inflation in advanced economies to reach 2.8% in 2021 and 2.3% in 2022, increases from 2.4% and 2.1%, respectively in the July report. In emerging and developing economies the IMF forecasts 5.5% in 2021 and 4.9% in 2022.
The question of whether these inflationary pressures are truly fleeting isn’t new. It’s been a topic of discussion for economists for some time, recently making an appearance at ISRI’s Commodity Roundtables Forum in Chicago. When discussing the inflationary pressures throughout the economy, speaker Jason Schenker, chair of The Futurist Institute and the president of Prestige Economics, argued the U.S. may be looking at an extended period of high inflation.
“People are paying attention to this issue,” says Joe Pickard, ISRI’s chief economist and director of commodities. That’s because inflation not only affects producers like manufacturers and recyclers, but it also affects households when prices of goods sharply rise—that cuts into their disposable income. According to Mark Zandi, chief economist at Moody’s Analytics, households earning about $70,000, the U.S. median annual income, have needed to spend an additional $175 each month on food, fuel, and housing because of the current rate of inflation.
“If we were to see [extended inflation] the Fed would have to abruptly change course, and in addition to tapering some of their asset purchases they’d have to start raising rates too, which would have serious consequences for the economy if they were signaling one thing and then actually needed to raise the rates because of inflation,” Pickard notes.
Loan rates have been near historically low levels, which has been good news for recyclers. It’s an opportunity for the industry to continue expansion projects (adding equipment, machinery, facilities, etc.) and supports availability of funds for new loans.
“There’s not a unanimous position among economists on expectations for inflation,” Pickard adds. “Some agree with the Fed, and some take a different approach that we’re going to have high inflation for an extended period.”
The Fed may be trying to work as though both approaches are correct in its September economic projects, says Bret Biggers, ISRI’s senior economist. “They’re trying to move forward with both philosophies; that’s part of the reason why they raised the inflation projection and why they decreased the GDP projection for this year to 5.9% from 7.0% in June. It’s like they’re trying to split the differences but not quite fully give in yet.”
Some inflationary pressures may be related to the current supply chain bottlenecks, which in turn are related to the continued recovery from the pandemic. If that’s the case, then once the economy returns to a more stable rate of growth, that may take pressure off price inflation. “I’ve seen statements from officials saying that supply chain bottlenecks are part of what’s causing the inflation and they expect that to ease going forward; we’ll see how that all plays out,” Pickard says.
Biggers says the Fed may be looking at employment as a catalyst that could improve inflationary pressures. “The idea is that as people go back to work, they’ll start earning income and prices will start subsiding that that will trigger everything else. The supply chain issues are separate from employment, but let’s say we could fill all the open positions for truck drivers: That would help disperse materials more quickly and alleviate some of the supply chain pressures.”
Like most aspects of the economy, employment is a complicated issue. Pickard and Biggers add that people returning to work could alleviate some production and labor shortages, more people returning to the workforce also means more people making money and spending money which adds to inflationary pressures.
Personal Income & Personal Savings Rate
In August, personal income increased 0.2%, while spending grew 0.8%, which is slightly higher than the 0.7% forecasted. Biggers does not think this is unexpected. “Keep in mind, August is the last month of pandemic assistance, which stopped on Sept. 6,” he explains. “So, these numbers are still with pandemic assistance, so we’ll have to see what affect it has on personal income and disposable income.”
The personal saving rate fell to 9.4% in August from 10.1% in July. With the historical average of 8.7% to 8.9%, the rate is still high but lower than the average during the pandemic. According to Biggers, during the height of the pandemic, the average personal saving rate was about 16.1% and the median was 13.8%. In 2018 and 2019, the averages were 7.7% and 7.6%, so the pre-COVID economy was humming.
“The new numbers confirm the trend that we’re coming down,” Biggers explains. “We’re not in double-digits savings. We’re starting to come back into a more heated economy; we’re in single digits, so the economy is starting to perform better and more in line with historical standards. Things are getting better—but not perfect.”