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Keystone RV Company is recalling 977 model year 2018 Passport travel trailers, models 153ML, 171EXP, 175BH, 195RB, 199ML, 217EXP and 239ML. The spare tire carrier may not have been mounted properly to the back wall of the trailer. As a result, the spare tire and carrier may detach from the trailer.
If the spare tire and carrier detach while the RV is being towed, it could increase the risk of a crash.
Keystone will notify owners, and dealers will inspect the spare tire carrier mounting and install reinforcing backers if necessary, free of charge. The recall is expected to begin May 22, 2018. Owners may contact Keystone customer service at 1-866-425-4369. Keystone’s number for this recall is 18-311.
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SUVs Reach Record Highs, But Overall Sales Decline for Ford Canada in June
Ford Motor Company Canada posted a 4.8 percent year-over-year decline in sales last month, but it achieved its highest June total for SUV sales in company history. On the whole, Ford delivered 31,193 vehicles in June.
“Consumers have been very clear — they want higher ride heights, more space, and increased versatility without sacrificing fuel efficiency,” said Mark Buzzell, president and CEO, Ford Motor Company of Canada, Ltd. “Ford is delivering that with our utilities lineup today and transforming our portfolio to provide Canadians with more choice, better fuel efficiency, and more electrification in the future.”
Burnt Too Much Rubber? Take the penny test to see where your tires are at
Ford car sales were down 23.4 percent in June at 3,947 delivered. The Fusion Energi saw a 111 percent sales gain, good for its best month ever, while the Fusion Hybrid posted an 84 percent increase. Sales of the Ford Taurus were up 6 percent.
Truck, SUV, and van sales were down 1.4 percent at 27,246 vehicles delivered. The record month for SUVs was helped along by the EcoSport’s best month since launch, a 7 percent gain from Escape, 64 percent gain from the Flex, and a 1 percent increase from the Edge. Ford commercial vehicle sales were the highest they’ve been for June since 1989, lead by a 49 percent increase from Transit Connect, 34 percent increase from Transit, and 138 percent increase from the E-Series.
Through the first half of the year, Ford Canada’s sales total 155,631 — down 3 percent from 2017. Car sales are down 10.5 percent at 19,246 vehicles, and truck/SUV/van sales are down 1.8 percent at 136,385 vehicles.
The News Wheel is a digital auto magazine providing readers with a fresh perspective on the latest car news. We’re located in the heart of America (Dayton, Ohio) and our goal is to deliver an entertaining and informative perspective on what’s trending in the automotive world. See more articles from The News Wheel.

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COLUMBIA -- Richland County Council will discuss several new Internet sweepstakes cafes that have suddenly popped up around the county.
Officials told The State newspaper of Columbia that the issue will be on the agenda in June.
The cafes offer prizes like phone cards or Internet use to players who win a variety of games that resemble keno, poker or slot machines. The owner of one cafe compares it to McDonalds offering prizes to people who buy its food.
But state prosecutors say if McDonalds was told to stop the games, they would still sell cheeseburgers, while the cafes have no business but the games.
Richland County Sheriff Leon Lott says he and state agents are watching the cafes closely. Lawmakers are also considering legislation that would shut the businesses down.


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Earthlock: Festival of Magic Gets January Physical Release in Europe
RPG Earthlock: Festival of Magic has been in the news lately. Only this Monday developer SnowCastle Games announced that they are hoping to release Earthlock on the upcoming Nintendo Switch. However, in a press release earlier today, publisher SODESCO revealed that the physical version of the game will be available in Europe beginning January 27, 2017.
It was announced in early November that the Kickstarted game would be getting a physical release in “Early 2017” worldwide thanks to SODESCO. The turn-based JRPG will be available for PC, PlayStation 4 and Xbox One in Europe — according to the press release, the North American version “will follow later in the first quarter of 2017.”
Earthlock: Festival of Magic is currently only available on Xbox One (as September’s Games with Gold title) and PC digitally, with the PlayStation 4 and Wii U version coming later in 2017.


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A five-day symposium on African trade ends in the Kenya capital, Nairobi on Friday (3rd March).
LV EXT. City Hall
SV INT. Delegates arrive and sit down(2 shots)
SV Mr. Osogo speaking
SV Delegates listen
GV Cameroun delegates
GV Delegates from Togo, Zambia, Gambia, listen (3 shots)
GV Mr. Osogo continues speech
SV Delegates applaud
GV Delegate from Zaire Republic listens
SV Mr. Telli addresses delegates
GV Kenya delegate listens
Script is copyright Reuters Limited. All rights reserved
Background: A five-day symposium on African trade ends in the Kenya capital, Nairobi on Friday (3rd March).
The symposium is being attended by trade officials from more than thirty countries and is being held in conjunction with the first all-Africa Trade Fair, which continues this week in Nairobi.
Among the speakers at the opening of the symposium on Monday (28 Feb.) was Kenya's Minister for Commerce and Industry, Mr. James Osogo -- and M. Diallo Telli, Guinean Secretary-General of the Organisation of African Unity.
SYNOPSIS: City Hall in Nairobi - where all this week delegates from more than thirty African countries are meeting at a symposium on trade.
The symposium is being held in conjunction with the first All-Africa Trade Fair, continuing this week in Nairobi. For five days trade experts from almost every part of the African continent are exploring ways in which development can be helped through trade.
Speaking at the opening of the symposium on Monday was Kenya's Minister for Commerce and Industry, Mr. James Osogo. He called for measures to liberalise trade on the African continent. He said this shouldn't just take the form of reducing tariff and non-tariff barriers - it must also produce positive steps in raising the level of regional trade. Mr. Osogo called for government purchases to give preference to goods originating on the African continent.
Delegates were told by Mr. Osogo that it was in the interests of all African nations to expand trade with their partners and to diversify exports. He said in this way the African continent will achieve a greater degree of internal development and regional co-operation.
The Kenyan minister also told delegates that inter-dependence among African states has to be the main feature of African production and distribution. Only through African partnership, he said, can the development process in Africa be given a push and be accelerated.
Another speaker was the Guinean Secretary-General of the Organisation for African Unity, M. Diallo Telli. He told delegates that African's place within the third world depended largely on the degree of solidarity between African countries.


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The rise of the female entrepreneur
- By Sarah Dening -
- Aug 14, 2012
According to a new study, the percentage of small businesses run by women in the UK has risen 10 percent since 2008 to 30.22 percent. This reflects the large increase in the number of women starting their own businesses in the face of the worst economic downturn since the Great Depression. Today's guest blog looks at the reasons behind this current trend...
So, are these women motivated by the need to provide for themselves, or is it simply that the lack of stable jobs has pushed these women to be braver than they dared hope they could be?
I have often wondered how many of my work colleagues from the 1990s are still working in the city. Working in a law firm in London was hard, mixed with lots of social functions and overtime. I knew even then, in my early twenties, that I did not want to continue this lifestyle long term.
Some of my colleagues still live this life, some as single ladies, and others with nannies to assist their hectic schedules. A few others, such as myself, have found the answer elsewhere – to work for ourselves…
I recently celebrated the two year anniversary of my own small business – Shop On Your Doorstep. My virtual department store is an online business enabling me to also enjoy my family life in Kent (I am married with four children). I am more than able to combine the school run with the needs of my business. In 2 years I have won a handful of business awards - the most recent being Best Online Retailer (Bronze) as voted for by the public, and awarded by Loved By Parents. The Gold winner was Ocado – and therefore I was thrilled to compete at this level.
I am writing this article whilst on a (Virgin) train to Manchester – combining a visit to potential suppliers with a concert with my sister (Roxette, should you be interested).
I am not alone – I am aware of many personal friends (and other women-led businesses which I have discovered through twitter or online groups such as Mums Club and FEA) who also manage to combine sports day with the odd radio interview (BBC Radio Kent in my case).
I believe that the recession has driven these women to focus hard and discover the business person they always hoped they could be. From online retailers (such as myself), to outsourced secretaries, PR ladies and creative craft types, I think that the end result will be a more diverse UK business ethos - and a more self-sufficient one at that.
When I ask my children what they would like to be, they reply “designer, footballer or businessman, artist and pirate”. (The youngest has just turned 3).
My point is that all of my children believe they are able create their own opportunities – and their own income. Perhaps in 5 years time the percentage of women with their own business will have increased further – I, for one, certainly hope so.
Source: XLN Business Services conducted a survey and looked at the gender of the business owner behind more than 100,000 XLN small business telephone and card processing customers across the UK.
This guest blog complies to Virgin.com terms & conditions.


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Technological advances in recent decades have meant athletes have had to struggle to compete not just on the plains of physical tenacity, but also on the equipment of which they adorn. The long-standing conversation of what constitutes use of ‘fair’ equipment, such as swimsuits, shoes, or baseball bats, has long been embroiled in debates.
As a result, governing bodies like World Athletics have had to constantly revise their takes on the rules governing shoe technology, allowing no leeway and absolute certainties when it comes to the preparation of sporting events. This seeks to maintains the integrity and true spirit of elite, high-level competition.
Ahead of the 2021 Tokyo Olympic Games, World Athletics have introduced, upon immediate effect, stringent amendments made to these guidelines, in collaboration with the Working Group on Athletic Shoes (WGAS) as well as shoe manufacturers.
Some changes include the maximum height of spiked shoes for track and field events, as well as a new scheme entitled the ‘Athletic Shoe Availability Scheme’ for athletes who are not sponsored by manufacturers and companies.
The new regulations sanctioned an instant ban on shoes with soles thicker than 40mm, as well as those that contained more than a single plate.
Also stated are that any shoes that athletes compete in must have been available for purchase on the retail market for a period of 4 months, which tackles the use of prototypes in competition.
World Athletics have made it clear that the set changes are to maintain a level of consistency, status quo and technology amongst all equipment, and level the playing fields for competing in the Olympic Games in Tokyo.
Until a newly formed WGAS that includes representatives from global bodies such as the World Federation of the Sporting Goods Industry (WFSGI) and shoe manufactures have had the opportunity to cement standard guidelines, the amendments are a stopgap in place in pursuit of a good balance between innovation, competitive advantage, and availability of equipment to athletes.
Jon Ridgeon, CEO of World Athletics, has said that this revised set of rule changes was only possible because of the tabling of the Tokyo Olympic Games till 2021. A first set of changes made in late January of 2020, were also enacted, and now that the relevant bodies have had more time, they have been amended with the help of stakeholders and experts to form a more updated set.
“We have a better understanding now of what technology is already in the market and where we need to draw the line to maintain the status quo until after the Tokyo Olympic Games,” said the CEO.
“In developing these rules we have been mindful of the principles of fair play and universality, maintaining the health and safety of athletes, reflecting the existing shoe market in these challenging economic times, and achieving a broad consensus with the shoe manufacturers who are major investors in our sport.
“These transitional rules give us more time to develop a set of working rules for the long term, which will be introduced after the Olympic Games next year, with the aim of achieving the right balance between competitive advantage and universality.”
The newly formed WGAS had their first meeting on 22 July 2020.
Their tasking includes: scoping and overseeing studies around shoe technology; exploring definitions to provide clarity to athletes about the shoes they are able to compete in; creating a robust certification and control process; and providing expert advice and recommendations to the World Athletics Competition Commission on the future direction of World Athletics’ Rules and Regulations concerning elite athlete shoes for the long-term.


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Comcast customers in the North, West and Northwest Philadelphia areas now have an additional 50 HD channels to select from. New high-definition channels in the lineup include MSNBC HD, BET HD, Comedy Central HD, Cartoon HD, and Lifetime HD.
The areas that received the XFINITY TV high-def expansion are part of Comcast’s “World of More” digital upgrade (also code named Project Cavalry) which includes more dedicated HD channels, more HD titles On Demand and faster internet service.
“The addition of new HD channels has played a major role in improving the Comcast experience for our customers and we intend to continue expanding their level of choice and value,” said Amy Smith, senior vice president, Comcast Freedom Region.
Comcast says they have launched up to 59 new HD channels in all areas of greater Philadelphia including the City and Bucks, Chester, Delaware and Montgomery counties.


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Tom Brady has a new brand of apparel, and athletes will be the face of his brand called BRADY.
One of the athletes signed on to BRADY is Jackson State quarterback Shedeur Sanders. Sanders is one of ten athletes to join BRADY so far.
“Their embodiment of BRADY’s founding principles to be the best you can be while inspiring fearlessness, resilience, and confidence towards achieving peak performance,” the seven-time Super Bowl-winning quarterback said in a news release.
“Having these ten athletes represent our first BRADY campaign is really special,” Brady said in the release. “They are hardworking and driven players in the early stages of their careers and each one of them embodies the spirit and ethos in which our brand was founded.”
Also read: Can the NIL legislation even the playing field for HBCUs? Depends on who you ask
“Two of the outstanding athletes featured in the campaign include Freshman of the Year, Shedeur Sanders, son of legendary football player Deion Sanders; and Cade McNamara, of Tom Brady’s alma mater the University of Michigan and the first quarterback to beat Ohio State in ten years,” the release stated. “The campaign boasts athletes across several sports including basketball, football, baseball, tennis, and hockey.”
BRADY will launch next month — it’ll be on bradybrand.com and also will be available in Nordstrom stores and on Nordstrom.com.
This isn’t the first NIL deal Sanders has picked up, as he announced back in September that he signed a NIL deal with Beats by Dre to be a brand ambassador.
Sanders had a sensational season on the field for Jackson State, leading the Tigers to an 11-1 record, SWAC championship, and was became the first-ever HBCU football player to win the Jerry Rice Award as the top FCS freshman.


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First to speak was Agustino Fontevecchia, Digital Director at Editorial Perfil. Over the past 40 years, Perfil has managed break throughs as Argentina’s largest magazine publisher, establishing the highest circulation news magazine in the Spanish language (Noticias) and successful celebrity title in Argentina and Brazil (Caras, the latter in Portuguese).
“In Latin America, innovation is a necessity to survive,” began Agustino. “It is not something decided on by the board of directors - it is essential.” He described how an economy in recession and 40 per cent inflation rates has made Argentina a difficult environment to thrive in - yet the company is doing extremely well regardless.
In an interesting start to his presentation, Agustino took the audience through the sometimes turbulent history of the company. “My grandfather and father launched Editorial Perfil in the 1970s, when there was a monopoly on magazine media,” he explained. “Military dictatorships were taking over the continent, just as Editorial Perfil was innovating and growing.”
Circulation grew dramatically, but not without catching the negative attention of the dictatorship along the way. Eventually, in the mid-1980s, with the return of democracy, it became the number one magazine publisher in Argentina.
Editorial Perfil is a profitable business, with its sites getting 20 million unique visits across Argentina and Brazil each month, as well as 200 million page views. Argentina is currently in an inflationary recession, “but we’re stronger than ever,” Agustino said. The company’s integrated newsroom in Buenos Aires is the largest in all of Latin America.
“We still use the same legacy print teams,” added Agustino. “But we decided to start from the beginning, building our own CMS which is customisable and scalable to our needs, and we stopped paying third-party providers for sub-par tech.”
The team also has a video platform which has no upfront CDN costs which, while limiting potential profits, has the benefit of avoiding painful costs when fill rates don’t emerge.
Building on this approach, they decided it was better to empower legacy sales teams with new tools rather than reinventing the wheel. A dedicated sales manager with team of digital partners provides support for executives, while special products managers and yield management specialists take care of these specific areas. Executives pitch three interconnected digital proposals: display, special products, and programmatic (as well as print, which still make up the majority of their revenue).
He added that they consider Google and Facebook to be “the enemies” in an advertising market context. They teamed up with Argentina’s six largest publishers to launch a programmatic co-op: RPA Media Place, to challenge the dominance of these American giants. “And RPA is expanding into neighbouring countries now,” he added. “We live in a world where Google and Facebook dominate; we understand that we have to live in their world, but we’re not going to let them twist our arm. There’s a fight in Europe over this as well, so we want to join that fight.”
Agustino’s presentation was followed by that of Andrés Rodríguez, a journalist and entrepreneur who is President and owner of Spainmedia, which he founded in 2007. Publishing a variety of magazines including Esquire, Tapas, Robb Report, and Forbes, Spainmedia has branched out into podcasts of late and has grown an impressive following.
“We’re independent, launching new magazines and new products. Which is unusual in Spain,” began Andrés. He explained that while they do not make much money through Spainmedia Radio, they have a great and unique position within the country because they have really pushed the podcast business, in effective operating like a radio business would.
They now publish many weekly podcasts, including five with Forbes (Forbes Daily, Forbes Review, Forbes Emprende, Forbes People, Forbes El Golpe), daily programmes, T-Spain, NYT Style Magazine, Tapas podcast (chefs and food trends), L’Officiel Espana, Robb Report, Spainmedia Lab, Doctor Jazz, and El Enganche (sports programme).
Spainmedia Radio podcasts generally are around 20 minutes long, which he said seems to be the optimal time for listeners: “it’s the time it takes to go for a run, cook some food,” Andrés reasoned. Furthermore, “we create new content every day, and many podcasts are doing really well.”
In 2016, Andrés explained, they attracted half a million listeners: “not that much by some standards,” he added, “however, we’ve the number one podcast audience in Spain by numbers.”
For now, Andrés ended, the company is focused on audio, but video may be in the pipeline in future. “The biggest challenge we have at the moment is to convince central media that our podcasts are worthy of investment,” he said.
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GoPro Inc (NASDAQ:GPRO) trades at a forward P/E of 14.78 and a PEG of 0.82, the cheapest valuation since the company’s IPO. Shares are off more than 50% this year as investors worry about commoditization and slowing earnings growth. Let’s examine the wearable sports camera company in depth and see how the smart money feels about the former high-flier.
We mention the hedge fund activity concerning GoPro Inc (NASDAQ:GPRO) because our research has shown that historically their stock picks delivered superior risk-adjusted returns. This is especially true in the small-cap space. The 50 most popular large-cap stocks among hedge funds had a monthly alpha of about six basis points per month between 1999 and 2012; however the 15 most popular small-cap stocks delivered a monthly alpha of 80 basis points during the same period. This means investors would have generated a double-digit alpha per year simply by imitating hedge funds’ top 15 small-cap ideas. We have been tracking the performance of these stocks since the end of August 2012 in real time and these stocks beat the market by about 60 percentage points (118% return vs. the S&P 500’s 57.6% gain) over the last 37 months (see more details here).
While GoPro Inc (NASDAQ:GPRO) trades at its cheapest valuation since the company’s IPO, cheap can get cheaper. Apple Inc (NASDAQ:AAPL), a high quality company with hundreds of billions in cash on its balance sheet and a robust ecosystem, trades at a forward P/E of 11.3, or 23% below GoPro’s current forward valuation. Investors don’t give hardware companies high valuations because their earnings per share have historically tapered off as lower priced competitors eat market share. With Xiaomi having not sold its Yi action camera in the U.S. and Europe yet, GoPro hasn’t faced the entirety of its competition and could see its earnings shrink as Xiaomi enters into those markets. GoPro’s earnings growth could also slow as the sports action camera market becomes saturated.
GoPro shares will rally if it shows its earnings are sustainable. The company has beaten analyst EPS and revenue estimates for three straight quarters and would aid the long case by continuing to beat estimates. GoPro’s new product launches will help. GoPro plans to launch the Hero 5, a camera that’s expected to be 50% smaller than the Hero 4 and offer the capability to capture 3D motion and images, in the early half of 2016. GoPro also plans to sell a quadcopter drone in the first two quarters of 2016 as well. With the consumer drone market still in its nascent stages, GoPro has a big opportunity. If management executes well, GoPro shares will reward its shareholders.


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Afghan Voice Agency (AVA) - Kabul: In the press conference held at the Government Information and Media Center today (Tuesday, March 28), the officials of the Ministry of Industry and Trade shared the work report of the fiscal year 1401 AH, with the media.
Maulavi Qadratullah Jamal, Deputy Minister of Industry and Trade, said: For the first time, Afghanistan's exports have reached about 2 billion dollars, which shows an increase of 135 percent compared to 1400 AH and 166 percent compared to 1399 AH.
According to the deputy of this ministry, the recent actions of the emirate's departments regarding improving the trade balance, maintaining monetary stability, creating work opportunities and providing transparency in revenue collection are among the basic and influencing factors on Afghanistan's trade and exports.
Maulavi Qadratullah Jamal added: During the last year, coal, cotton, hemp, pomegranate, raisins, figs, grapes, eggplant, black pine nuts and onions were sent to Pakistan, India, with a total value of 925 million 493 thousand 629 dollars. It has been exported to Uzbekistan, Tajikistan, United Arab Emirates, China, Iran, Iraq, Turkey and Kazakhstan.
Maulavi Jamal adds: In order to standardize and increase the country's exports, it is planned to establish export processing centers at the level of 5 zones of the country.
According to this official of the Ministry of Industry and Trade, the necessary facilities have been provided in the import sector and the private sector can import their imported items transparently and as soon as possible and make them available to the compatriots.
The Deputy Minister of Industry and Trade added that in order to strengthen trade, facilitate export and import and expand cooperation between the two sides, the necessary arrangements have been made with neighboring countries such as Iran, Pakistan, Russia, China, Uzbekistan, and Turkmenistan.
Also, the officials of the Ministry of Industry and Trade say that, in line with the development and improvement of the industry in Afghanistan, fundamental steps have been taken, as during the last one year, 50 sectors have been included, the iron smelting and skewer production sector, the spice sector, the beverage production sector, the carpet sector.
According to the information of this ministry, there are 51 industrial parks in the country, of which 14 industrial parks have been kept active during the last year, and efforts are underway to attract investment and keep all industrial parks active.
According to the officials, in terms of attracting domestic and foreign investments, by providing the necessary facilities, the barriers to the investors have been removed. Recently, a service center has been established at the Kabul Airport, and so far, 100 investors have been through this.
According to the information of the Ministry of Industry and Trade, during the last one year, 5100 distribution licenses, 7228 renewal licenses and 333 licenses were canceled and 7000 commercial passport volumes were also distributed.
Officials also added that, in 1401 AH, a total amount of 704 million 489 thousand 230 Afghanis was collected, which shows a 43.37 percent increase compared to last year.
The arrangement of the economic plan, textile industry, strengthening regional cooperation, increasing exports and attracting investment are among the major plans of this ministry for the year 1402 AH.


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The CEO of an electric vehicle startup said she’s making the iPhone of cars — here’s her plan
|05/14/2017||Posted by BusinessMediaguide.Com under General World News||
- Former Cisco exec Padmasree Warrior is US CEO of Nio, an electric car startup primarily based in China.
- Warrior said Nio plans to disrupt the auto industry the same way Apple disrupted mobile phones by focusing on the connected car experience.
- Nio aims to release a self-driving, electric car in the US in 2020.
Nio is far from the only car startup looking to get a slice of the autonomous driving pie.


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Parallels Desktop 6 appears on store shelves
No official announcement from the virtualization mavens at Parallels, but it appears that the next version of the company's Mac app for Windows virtual machines is already popping up at retail. Sharp-eyed reader Matthew Fern snapped this shot of Parallels Desktop 6 already on sale at Fry's Electronics in Roseville, CA.
We've got a call into the Parallels press office to find out about upgrade options and actual yes-we-admit-it release info, but chances are we'll have to wait until after the Labor Day holiday to get the final word.
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- Valve revamps Steam Mobile for iOS
- Google Drive iOS app finally lets you sort items and find and replace in documents
- Viber announces Viber Out calls for iOS, goes head to head with Skype
- Amazon Cloud Drive Photos gains video, iPad support
- Pandora Radio 5.1: Wake up to your favorite station
- Microsoft revamps Bing for iPad


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Car park closed as Felixstowe Pier revamp finally gets under way
PUBLISHED: 09:39 06 October 2016 | UPDATED: 09:39 06 October 2016
Work is officially underway on a long-awaited multi-million pound refurbishment of one of Suffolk’s best-known landmarks.
Public access, including a car park and section of promenade, has been closed off around Felixstowe Pier to sllow machinery to move on site to start demolishing the current structure.
The project, understood to be costing around £3million, is expected to take 36 weeks and the pier’s owners are hoping to open the new pier next summer – and welcome a huge influx of visitors to enjoy the new attractions.
Suffolk Coastal has closed part of the Pier Bight car park in Undercliff Road West to enable the scheme to take place.
A Suffolk district council spokesman said: “The area of the car park nearest Felixstowe Leisure Centre will be closed to allow it to be used as the compound for the construction work – which is due to last until July 2017.
“We apologise for any inconvenience this closure may cause. However, part of the Pier Bight car park will remain open for public use and alternative car parking is also available nearby in the Convalescent Hill car park and in the Felixstowe Leisure Centre car park at the new Beachside Event Area.”
The revamp of the pier will involve creation of a new 39 metre long building – slightly larger than the current one – to include retail outlets, restaurant and family entertainments centre.
It had been hoped to have a 73m building with a function suite seating 325 people, a second storey and a shipping observation tower with walkway. However, this part of the plan had to be removed because of the enormous costs of offshore works.
Pier owner Stan Threadwell has said that if the revamp proves a success, there is every possibilty that it could be extended again to include additional features in the years ahead.
One of the gains of the changed plans is that the part of the pier sticking out over the sea will remain – under the originally-approved scheme it would have been mostly demolished with only a short section staying.
However, because it is unsafe, people will still not be able to walk its length.
If you value what this story gives you, please consider supporting the Ipswich Star. Click the link in the orange box below for details.


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Netflix Plans to Spend $3B on New Content This Year
Netflix (NASDAQ:NFLX) has some big plans for 2014. In addition to creating nine new original series during the year and releasing new seasons of beloved originals like House of Cards and Orange is the New Black, the company is planning to spend $3 billion on buying other content during the year, according to the company’s yearly filing with the U.S. Securities and Exchange Commission.
Over the next three years, the company is setting aside $6.2 billion to acquire content. To help raise the money, Netflix announced on Tuesday that it plans to offer $400 million in convertible debt that will be paid back by 2024.
Netflix recognizes that curating a wide variety of licensed programming is equally as important as its efforts in creating original series. “People’s tastes are very broad, even in a single market. The Internet allows us to offer a wide selection, and to have our user-interface quickly learn and make recommendations based upon each individual’s tastes. Those members who love action blockbusters, Korean soaps, anime, sci-fi, Sundance films, zombie shows, or kids’ cartoons will find that Netflix fills their homepage with relevant and interesting titles,” the company said.
The cash will go toward not only creating new content but will also be used to fund the company’s expansion into Europe. It was reported in December that the company was in talks with the French government about the possibility of expanding into the third-largest market in Europe. Other reports have suggested that Germany is another prime European target for the streaming service.
Netflix will face protests from pay-TV companies in Europe, which see Netflix — with its cheap online streaming service — as a big threat. There are also strict regulations in France regarding when video streaming services can show movies, which has dampened the performance of streaming services already available in the country.
“We began our international expansion with Canada in 2010 and have since launched our service in Latin America and several European territories. We anticipate a substantial expansion of our service in Europe in late 2014,” the company said in its SEC filing.
In addition, the company said it plans to spend $500 million on advertising in 2014 “to attract people around the world to try Netflix, and to reinforce with our members why Netflix is worthy,” the company said in its long-term view document. The company also said it will spend $400 million on developing new technology.
Netflix reported another strong quarter of results at the end of last month. The company’s last quarter of 2013 saw a record number of new subscribers drawn in by the popularity of Netflix’s original programming. Netflix gained 2.3 million new subscribers in the U.S. and 1.7 million internationally during the holiday quarter to bring the service’s total subscribers to 44 million.
Alongside fourth-quarter subscriber growth, revenue rose 24 percent, year over year, to $1.18 billion, while profit increased to $48.4 million, or 79 cents per share, an increase from the $7.9 million, or 13 cents per share, Netflix earned in the year-ago quarter.
More from Wall St. Cheat Sheet:
- Netflix Shareholders Rejoice: Q4 Brought Record Subscriptions
- Where Will Netflix Go Next?
- 9 Netflix Originals to Look Forward to in 2014
Follow Jacqueline on Twitter @Jacqui_WSCS


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Check out what Sony has in store for its PlayStation consoles during this E3 2016 press conference live stream.
There are some exciting brand new IPs that were announced over the past couple of days, as well as some sequels we’ve been waiting for.
This year’s installment of the Video Game Awards has some huge reveals in store.
These are the games we wished would have gotten an awesome E3 2013 trailer.
As 2011 draws to a close, it’s time to take a look at how the year ended in the world of video games.
Find out if the beast that is Colossus stacks up on the PS3 to its PS2 predecessor.


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The number of vehicles on China’s roads will more than double to at least 200 million by 2020, a top official was quoted Monday as saying, further straining the nation’s environment and energy supply.
China must make it a top priority to develop fuel-efficient and alternative energy cars, the China Securities Journal said, citing Wang Fuchang, vice minister of the Ministry of Industry and Information Technology.
China’s auto sales hit 13.64 million units last year, overtaking the United States as the world’s top car market, while sales this year are forecast to hit 15 million units.
As of the end of 2009, there were 76.2 million vehicles in the country, according to government figures.
And from Reuters:
China’s top economic planner and a leading government-backed research body disagreed at an auto industry forum over whether the world’s largest auto market is facing excessive capacity after breakneck growth in 2009.
China’s top 30 auto groups are expected to have a combined vehicle capacity of 31.24 million units by the end of 2015, up from 13.95 million units as of the end of 2009, a senior official at the National Development and Reform Commission (NDRC) official the forum, which ended on Sunday.
Research results from other government bodies showed planned auto capacity in China’s northeast, southwest, east and south is even higher than the NDRC’s estimate, Chen Bin said, without elaborating.


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With additional females playing games online, the standard label of a typical online gamer being an introverted, obese teenage child whom spends a majority of their time inside playing computer or system games, is blown from the water. Based on a brand new survey conducted on the web in October 2011 by Harris www.datingmentor.org/escort/santa-maria Interactive with respect to GameHouse among over 2,000 U.S. grownups, over fifty percent (55%) of online gamers (those who perform online flash games to their computer, social media web web web sites, or mobile phones) are females. Also, these women can be more social and had been discovered to own more intercourse than females that do maybe maybe maybe not play games that are online.
As an example, 42% of feminine online gamers socialize with family and friends face-to-face one or more times each day versus 31% of females that do maybe not play games.
In addition, 86% of feminine online gamers socialize on social media web web internet sites in comparison to 71percent of the that do perhaps not play games that are online. It absolutely was additionally unearthed that more female online gamers have actually intercourse than females who do perhaps perhaps not play games (57% vs. 52%). Nonetheless, both females whom play games and people that don’t are spending lots of time watching television (74% of feminine online gamers view television at least one time each day along with 71% of females that don’t play online flash games).
“Maybe whenever we all viewed just a little less television and played more games online, we would all be having a tad bit more intercourse,” stated Matt Hulett , chief gamer at GameHouse, a unit of RealNetworks. “Joking apart, this study matches up with this interior information that ladies are commonly adopting online flash games with 63per cent of GameHouse players being ladies. It is good to learn that females who perform online flash games are content both inside their relationships and also into the bed room.”
Here are some other facts that are surprising today’s females whom perform online flash games:
Over fifty percent are in a severe relationship. Sixty four % are hitched or residing with a partner, 22% have not been married, and 14% are divorced, separated, or widowed. Seven away from 10 are content along with their relationship status. When asked just exactly just how satisfied these are generally inside their relationship for a scale of 1-10 (with 10 being “totally happy” and 1 being “not at all happy”), 71% of feminine online gamers ranked their present relationship status with a 6 or above.
This woman is in the same way active as those that do not play games. Since it pertains to working out or playing activities, there is no factor discovered between people who perform online flash games and people that don’t. Forty nine per cent of both females whom perform online flash games and females that do perhaps maybe maybe not play online flash games work out or play activities one or more times each week or higher.
She doesn’t play online flash games to interact with individuals.
just 16% associated with the ladies who perform online flash games state that linking with individuals is the reason why they perform. Very popular reasons are relieving anxiety (61%), relieving monotony (58%), and supplying a mental break (58%).
Games make her delighted and feel smarter. Fifty five per cent of women whom play online flash games suggested because they play online games and 50% feel that online games make them feel smarter that they are happier in their life.
Mommy gamers are most likely playing after their young ones retire for the night. With 38per cent of females gamers saying they will have children underneath the chronilogical age of 18 vs. 28% of females that do perhaps perhaps maybe not play games that are online 61% of female online gamers play later in the day between 8:00 pm 11:59 pm.
She is older and a lot of are now living in the Southern. Sixty four per cent of female online gamers are over 35 yrs . old with a normal chronilogical age of 42. Thirty five per cent of feminine online gamers live in the Southern, when compared with 21% within the Northeast, 22% within the Midwest and 22% within the western.
This study had been conducted online inside the united states of america by Harris Interactive with respect to GameHouse from Oct 24-26, 2011 among 2,132 grownups many years 18 and older. This survey that is online maybe perhaps maybe not centered on a likelihood sample and for that reason no estimate of theoretical sampling error could be determined.
GameHouse, an unit of RealNetworks, develops and distributes games that individuals want to play and share. With all the catalog that is largest of 3,000 casual games and counting, you can expect more games and much more how to play them — all over an expansive mixture of channels including online, download, smartphone, pills, and social. Now more than 50 million players enjoy our games, lots that grows daily through a diverse enterprize model that includes direct-to-consumer sites, social game development, and cross platform publishing, certification, and technology.


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How does some Chex Mix Muddy Buddies Snickerdoodle sound?
Minnesota-based General Mills has announced its lineup of new products for 2013. The company aims to cash in on peanut butter and chocolate, along with fiber and protein, which continue to be trendy with consumers, the company says. General Mills is also trying to capitalize on "better-for-you snacking options."
General Mills says it has more than 100 new products coming, to be rolled out from January to May, including Greek yogurt for kids, berry cobbler granola, cheesy garlic pizza rolls, and multigrain sweet potato chips.
The company highlights some of them here.


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Truly immersive first-person-racing.
Latest Articles for DriveClub
Evolution Studios' street racer may be hitting stores on April 9.
PS4 racer showing big improvements.
Italian OPM claims to have heard something about new release date for PS4 racer.
Sony 'really excited' about Evolution's progress on delayed PS4 racer.
With the new year fast approaching, let's have a look at the biggest – and potentially the best - games of 2014.
Game is improving with each passing day, says Evolution Studios.


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The FM’s announcement of an increase in tax rebate under the new tax regime in the Budget 2023 will result in more money in the hands of the middle class. But will it help revive consumption?
By Nehal Gautam and Anagha R Ratna
Mumbai: The increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh in the new tax regime in the union budget 2023 bring cheers to retailers and consumer durable companies as the tax-slashing measure is expected to put more money into consumers’ hands.
Rajat Wahi, Partner, Deloitte India said initiatives like raising the exemption of personal income tax from Rs 5 lakh to Rs 7 lakh and simplifying the tax slabs are designed to “revive consumption.”
Retailers look at the new tax regime as a window of opportunity which would benefit the retail sector and stoke consumer spending.
The Indian retail market is expected to grow to $1.5 trillion by 2030 from about $850 billion at present, possibly due to urbanisation and income growth.
While, Rajat Agrawal, chief executive officer, Barista lamented the union budget 2023 gave a “complete miss” to sops like input tax credit the industry was expecting, he termed the personal income tax-related announcements as pro-retail.
“Keeping a positive view, I see measures for bringing more cash flows in hands of individuals through relaxed tax sops, this will certainly have a direct bearing on their spends and we see this as a small window of opportunity which can benefit the retail sector with increased spending,” Agarwal said.
Sitharaman announced new tax slabs and discarded the old twin-structure system which taxed citizens under 25 per cent without exemptions and 30 per cent with exemptions allowed, respectively. The new tax regime will be the default tax regime while the old one will also continue. She also proposed to reduce the highest surcharge rate from 37 per cent to 25 per cent under the new tax regime.
The new tax rates based on annual income are 0 to Rs 3 lakh – Nil, Rs 3 to 6 lakh – 5%, Rs 6 to 9 lakh – 10%, Rs 9 to 12 lakhs – 15%, Rs 12 to 15 lakhs – 20% and above Rs 15 lakh – 30%.
“I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 lakh,” Sitharaman said.
The recent tax benefits announced during Budget 2023-24 are expected to leave a significant impact on the finances of salaried and middle-class taxpayers as it will help them gain additional disposable income, which could help boost the economy with increased consumption of retail and non-retail entities.
Retailers lauded the move as with the rise in additional income of the people, they will tend to spend more thereby benefiting the retail industry as a whole.
Aditya Modak, co-founder of jewellery brand Gargi by P N Gadgil & Sons, shed light on how the reduction in surcharge on taxpayers will give positive sentiments to investments in gold, diamond, food and fashion among other sectors.
He said, “The gold import duty has remained the same; we expected it to go down by 2.5%. On the other hand, the reduction in surcharge on super-rich taxpayers will give positive sentiment to investments. Also, the increase in the Income Tax limit will increase the disposable surplus income of the middle class, which will be good for tourism, discretionary spending, and luxury FMCGs”.
Speaking about how the consumption would increase post the implementation of the new tax regime, Subhrakant Panda, President, FICCI said. “A push to investment and consumption was required to keep the growth cycle in motion. This is a step in the right direction amidst a global economic situation which is still not at ease. Moreover, the revision in tax rates under the new regime will augur well on the consumption side.”


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Fleshing out this otherwise controversial report is the fact that Mazda has very publicly developed its green powertrain. First, an electric version of the current generation hatchback was developed in Japan, after which they started testing for a 330cc single cylinder range extender. Yep, you guessed it, it was a Wankel engine, just like the one in the now defunct RX-8.
The prototype was powered by a 100 hp electric motor with a single speed gearbox that allowed for a top speed of 120 km/h (75 mph). The first prototypes were shown in 2012, supposedly boasting a maximum driving range of 200 km (125 miles). A year later, Mazda revealed plans for the RE Range Extender. With a displacement the size of a small can of Coca Cola, the motor easily fit under the boot floor, charging the battery when it runs low and extending the range.
We'll know more as early as next month, when the small Mazda will debut in Japan under the local market name "Demio".


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Huawei is a very interesting company. They're heavily subsidized by the Chinese government. There's been a lot of controversy surrounding their products in terms of intellectual property infringement and military ties.
And then they go and unveil this thing, the Huawei Vision - and, as the title says, it bears a striking resemblance (from the front, at least) to a certain other phone:
The phone so nice, they made it twice. Read More
Let's face it: free phones are usually synonymous with crap phones. That's what the Optimus U is trying to change - and, at least on paper, it looks like it might just be able to accomplish the task. That said, this is a phone sold by LG and US Cellular, both of whom have yet to display real talent when it comes to Android - and there's a lot that could go awry, what with the lack of Flash (both on the camera and in the browser) and the 600 MHz processor. Read More


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Check Point’s Slava Makkaveev published a blog post on Thursday highlighting a security flaw in Qualcomm’s Mobile Station Modem Interface “that can be used to control the modem and dynamically patch it from the application processor.”
“An attacker can use such a vulnerability to inject malicious code into the modem from Android. This gives the attacker access to the user’s call history and SMS, as well as the ability to listen to the user’s conversations,” Makkaveev wrote.
“A hacker can exploit the vulnerability to unlock the SIM, thereby overcoming the limitations of the service providers imposed on the mobile device,” he added, explaining that the Qualcomm Mobile Station Modem Interface enables the chip to communicate with the operating system found within the smartphone.
The Check Point report noted that the Qualcomm Mobile Station Modem Interface can be found in an estimated 30% of all smartphones out in the world today. Thankfully, the company notified Qualcomm of the vulnerability in October, which then tracked it as CVE-2020-11292 and labeled it a “high rated vulnerability.”
Patches were sent to smartphone makers in the fall of 2020, according to a Qualcomm statement sent to multiple outlets including The Record and Bleeping Computer.
The chip has been in cellphones and smartphones since the 1990s and has been continuously updated over the years to support the transitions from 2G to 3G, 4G, and now 5G. Samsung, Xiaomi, Google, and One Plus are just a few of the smartphone brands leveraging the chip.
Setu Kulkarni, vice president of strategy at WhiteHat Security, said this was one of many examples of the “supply chain” nature of the problem plaguing mobile phone vendors, Qualcomm, the Android OS, and the apps on the Play Store.
“Making it all work together requires careful synchronization in terms of versions and supported capabilities between the mobile phones, the chipset, the OS, and the apps — and that’s where the cracks are for vulnerabilities to slip through,” Kulkarni said. “Especially since there is no one throat to choke in these kinds of issues.”
Even though Qualcomm has patched the issue, Kulkarni questioned who is holding the other parties in the ecosystem to account for the issue.
The proliferation of Android-based devices presents a scalability challenge to deploy the fix and at the same time the end-users are completely unable to understand the issue, Kulkarni added.
“Which customer will understand the issue in the chipset? One may wonder, is that why Apple is increasingly becoming a closed ecosystem? With control over the device, the chipset, the OS, and the highly regulated App Store — does Apple stand a better chance to protect its customers in such events? Time will tell,” Kulkarni explained.


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Bitcoin Will Not Become A Means of Payment in The Near Future, Says The Head of Paxos
Paxos CEO Charles CASCARILLA, in an interview with CNBC's Squawk on the Street, shared his opinion that bitcoin will not be able to become a mass means of payment anytime soon. He also noted that there will be many changes in the crypto industry in 2022.
According to Charles Cascarilla, a significant increase in interest in digital currencies is expected in 2022, as well as the massive introduction of virtual assets in many areas of human life. He noted that bitcoin is a tool for speculation, and people still trust fiat money more than digital ones, since money is a product that has been developing for several thousand years and has demonstrated its strength in the course of human evolution.
The capitalization of stablecoins has grown to $173 bln, that is, by 400% over the past year. According to the CEO of Paxos, stablecoins are likely to be partially used as a means of payment, but only after a regulatory framework is created for them.
Back to the list


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Microsoft giveaway could hurt Windows users
In a surprise move last week, Microsoft announced that it will allow iOS and Android users free access to its Office software.
Yes, that’s right. The entire Microsoft Office Suite is available to iOS and Android users. That means that people who don’t own a Windows device and are on an entirely different ecosystem than Windows, have access to Excel, Outlook, Word and PowerPoint apps.
The move is meant to attract iPhone, iPad, and Android users to its Office Suite, while ensuring that Microsoft stays relevant in the global mobile device market. Yet, what Microsoft might end up doing in the process is hurting its own brand of mobile devices, Microsoft Lumia (the newly branded Windows Phone) and Microsoft Surface.
Earlier this year, Microsoft released Office for iPad, which paved the way for this total Office takeover. But last week’s move is still a surprise because Microsoft is allowing iOS and Android users free access to stand-alone apps, something that Windows mobile device users don’t have.
All Windows users must be subscribed to Office 365 or have paid for the Office 2013 Suite, and Windows mobile device users are stuck with just Office Mobile.
Microsoft spends millions on advertising and marketing to promote its brand, beating other tech giants like Dell and Apple.
Lumia and Surface lag behind other devices in the market, prompting some analysts to suggest that Microsoft should just kill the brands altogether. Microsoft says, “No way,” because its spending a lot of money to get big companies to use its brand and its more focused on “mobility” rather than market share.
Now, Microsoft is touting its software on other companies’ devices.
By making these apps free for iOS and Android users, Microsoft is hindering the sales of its own devices and making other mobile devices seem more attractive. Of course, Microsoft can’t hold its Office Suite hostage on its own OS, but it can make these apps pay to use like they are for Windows users. Surely that can’t be entirely detrimental to its business model.
But if Microsoft really wants to promote its own devices, it should make sure that Office is available everywhere and for everyone, as its slogan suggests. Windows mobile device users should not get the raw end of the bargain.
John Case, Microsoft Office corporate vice president, said in a statement that he was excited about releasing the new apps to the world. He even hinted that more was to come in the first quarter of 2015.
Our vision of Office everywhere wouldn’t be complete without Windows, so I’m pleased to confirm that new, touch-optimized Office apps for Windows 10 are in the works and we’ll have more to share soon.
Microsoft plans to allow Windows users access to these same apps that iOS users have access to in early 2015 when it releases Office for Mac. Can I stop paying for my Office 365 subscription now?


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Oktopost's New AI Enables Marketers to Automatically Generate Social Content
Oktopost's new feature will help B2B organizations optimize the content creation process by automatically generating multiple social media posts from a single link.
TEL AVIV, Israel, October 19, 2020 (Newswire.com) - Oktopost, the only social media management and employee advocacy platform architected for B2B, has released a new feature called AI Message Generator.
AI Message Generator allows social media managers to automatically generate multiple unique posts from a single link, saving up to 40% of the time they spend on creating social content for corporate profiles and employee advocacy boards.
Along with Autoposter, Approval Workflows and other Oktopost's productivity-focused features, AI Message Generator will enable marketing teams to automate content creation and optimize social media management.
The company's mission is to help B2B organizations use social media as a scalable, measurable customer communication and lead generation channel. The ability to streamline SMM workflows is also a part of this commitment and will help drive the prioritization of this marketing channel.
"Our customers publish a lot of content on social media, and Oktopost is continuously helping them optimize this process. This time, we've cracked the most time-consuming part of social media management – content creation. Our new AI Message Generator is an extremely smart tool that enables marketers to reclaim their precious time and focus on human-required tasks," says Daniel Kushner, CEO of Oktopost.
To learn more about Oktopost and how it helps enterprises reach their marketing goals, schedule a personal demo.
Oktopost is the only social media management platform that is architected for B2B and B2C considered purchase companies. Founded in 2013 by B2B SaaS veterans, Oktopost enables marketers to manage and publish content at scale, measure actionable business metrics, integrate social data with their marketing stack, and amplify social reach through employee advocacy.
Categories: Saas (Software as Service)
Tags: B2B marketing, enterprise software, Oktopost, social media, social media marketing


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Microsoft is allowing select users to start streaming games from their Xbox One console to PCs running Windows 10, a feature that will be available later this year to all users.
There's a new user interface coming to the Xbox One that's supposed to make navigating the console faster and easier for users.
Xbox One sales in April gave Microsoft a glimmer of hope in the console market, but the PlayStation 4 retook the top position in the U.S. last month, according to Sony.
When Sony's PlayStation 4 finally enters mainland China this month, it will bring a major global console fight to a country that hasn't seen one in a long time.
Microsoft is opening up app development for the Xbox One with the launch of a kit that will be available to all developers, bringing the console closer to the Windows 10 space.
The artificial wall between Xbox players and PC gamers will get torn down with Microsoft's upcoming Windows 10, which allows streaming of Xbox One games to PCs and even lets gamers on the two disparate platforms play together.
Sony will offer partial refunds to customers to settle U.S. Federal Trade Commission charges that its ads in 2011 and 2012 for the PlayStation Vita console's cross-platform sharing and other features were deceiving.
Microsoft has pushed back the launch date of the Xbox One in mainland China, saying it needs more time to polish the system before it goes for sale.
China has approved the sale of 5 million Xbox One units, opening the way for Microsoft to make a big splash in the country's emerging console sector.
Microsoft's Xbox One is poised to be the first foreign game console to debut in China, but as the local pricing was announced on Wednesday -- $200 more than in the U.S. -- would-be customers made their displeasure known online.
Sales of Xbox One gaming consoles more than doubled in the U.S. last month because of the introduction of a cheaper version of the console that doesn't include the Kinect motion sensor.
Sony is preparing to sell its PlayStation in China, joining Microsoft to compete in the country's fledgling gaming console market.
Android console maker Ouya is considering entering the Chinese market as part of its expansion into Asia.
Microsoft is bringing its Xbox One to China this September after the nation recently ended a ban on foreign-made video game consoles.
Mark Pincus, who founded Zynga in 2007 and gave up his CEO title less than a year ago, is now giving up all his operational duties at the company.
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- Google found out through a series of puzzles that Google I / O will take place in 2021.
- The fully virtual event is free and will take place from May 18-20, 2021.
- We expect a lot of new details about Android 12. It is also likely that we will see new Pixel A hardware.
Today Google released a new teaser page with puzzles. Once decrypted (thanks to Android police) the page has some preliminary details for the next iteration of Google’s developer event known as I / O.
Google canceled the I / O event in 2020 due to the COVID-19 pandemic. There were rumors that it could be a scaled-down online affair instead, but in the end, Google simply canceled the whole thing. However, Google I / O 2021 is active in the all-online format that we expected for 2020.
Connected: Google Buying Guide: Everything You Need to Know About Google Hardware
Since the event is only online, it is free for everyone. This is a big change from previous years when in-person events could only be attended by paid ticket holders. To get one of these tickets, you must win a lottery-style competition. If you have “won” your ticket would cost you four figures.
We expect Google I / O to have tons of new information about Android 12 in 2021. It is also reasonable to expect new hardware restarts. Google introduced the Pixel 3a in iteration of I / O in 2019. Had the event happened in 2020, we would almost certainly have seen the Pixel 4a doing I / O. We wouldn’t be surprised to see the expected Google Pixel 5a at this year’s I / O, possibly alongside the Pixel Buds A (which Google has already accidentally leaked).
We’ll cover the entire event, so stay tuned for all the information!


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- JPMorgan, Citi, and Wells Fargo reported strong card spending in Q2.
- Record inflation may have augmented Q2's volume growth—higher prices mean more spending on a dollar-for-dollar basis.
- Insider Intelligence publishes hundreds of insights, charts, and forecasts on the Payments & Commerce industry. Learn more about becoming a client.
The news: Card issuers reported strong volume growth in Q2 despite a notable slowdown from the same period last year, when post-lockdown spending kicked into overdrive.
Key context: Record inflation may have augmented Q2's volume growth—higher prices mean more spending on a dollar-for-dollar basis.
Inflation grew 9.1% in June, the fastest pace since November 1981. The average consumer is spending 35% more on gas and about 6% more on essential purchases than they did a year ago, JPMorgan CFO Jeremy Barnum said on the company's earnings call. And 35% of US consumers cited gas and transportation as the spending categories they rely on their credit card for, per LendingTree.
However, some volume growth may also have been organic—Barnum said the bank hadn't noticed a pullback in discretionary spending. It's possible that spending trends in Q1 may have continued into the second quarter.
Consumer spending on travel and entertainment surged 54% YoY in Q1 2022, Cardlytics found, despite persistent inflation through the quarter.
Unemployment is also still low, and consumers' wages are growing—which has potentially given consumers more confidence to up their discretionary spending despite inflation.
What's next? While consumer spending metrics aren't flashing warning signs yet, card issuers are still preparing for a possible recession. JPMorgan set aside $428 million for bad loans, and Citi and Wells Fargo followed suit with their own reserves.
Here are two other ways issuers may prepare for a possible recession:
- More issuers may adapt cards by doubling down on rewards for everyday purchases, which could help encourage spending and tighten loyalty during an economic downturn. American Express recently revamped its Blue Cash Everyday card with higher rewards on gas spending, for instance.
- Issuers could also ramp up investments in solutions that emphasize payment flexibility—like buy now, pay later (BNPL) offerings, which many banks have started offering. This would give customers additional financing options and help banks minimize the risks of delinquency.
Want to read more stories like this one? Here's how you can gain access:
- Join other Insider Intelligence clients who receive Payments & Commerce forecasts, briefings, charts, and research reports to their inboxes each day. >> Become a Client
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From the WSJ’s Anna Molin in Sweden:
Volvo Car Corp., snapped up in 2010 by a Chinese conglomerate, will remain a Swedish automaker even as the European market sags, the focus on Chinese consumers sharpens and its reliance on low-cost manufacturing soars, according to the company’s new chief executive.
Battling falling sales, a murky outlook and a need to reduce ties to former owner Ford Motor Co., newly-installed Chief Executive Hakan Samuelsson said the company is pumping billions into its longtime home market. Volvo is in the midst of spending billions in Sweden to update manufacturing operations and revamp engines and vehicle platforms.
Mr. Samuelsson was installed in October as the replacement for Stefan Jacoby as CEO.
“If anybody thought that Volvo had the intention to move to China, I think we, with these signals, can put those ideas to rest,” he said during a press conference at Volvo’s headquarters. He was accompanied by a Swedish politician who lauded Volvo’s investments in Sweden as “gigantic” and among the biggest in Sweden’s industrial history.
Western auto makers are having mixed luck with keeping production at home — more on this after the jump.


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Managing director Lim Yew Hoe said the group would absorb the rising costs for as long as it could afford it.
âFor our fiscal year ended September 2021, the impact of raw material costs on us was over RM 150 million. Rising prices will be a last resort, as we know that consumers’ pockets are not really full today.
âSo it will be on a deferred basis. Which means we’re going to be hit first and then see if we can absorb it. Otherwise, only then will we increase it and even if we do, it will be in a progressive format, âhe said in a virtual briefing yesterday.
Lim noted that palm oil prices rose 100% in just one year.
âOf course, we cannot increase our prices by 100%,â he said, adding that any price increase (if any) would be phased in.
Meanwhile, F&N chief financial officer Lai Kah Shen said the group has taken several cost-cutting measures to deal with rising commodity prices.
âThe commodity costs were over RM150 million, but our profit in 2021 only declined by RM40 million.
âIf we exclude the restructuring cost, which was RM21 million in the past fiscal year, we actually absorbed most of the increased raw material costs.
âSo that shows the effectiveness of the measures we have taken. “
Additionally, Lim said the government’s sugar tax hike announced in Budget 2022 last month would have little impact on the group.
“Most of our products do not fall into this category, so the impact will be quite small compared to other companies.”
He added that F&N is still studying whether the Cukai Makmur or prosperity tax announced in the 2022 budget will have an impact on the group.
âAt the moment, we are still checking the details to see if it will have an impact, especially on overseas income. We always need to be clear whether the tax will affect the dividends we receive from our operations in Thailand. “
The proposed prosperity tax will be imposed on companies that have pre-tax profit above RM100 million, with profits above RM100 million being taxed at a rate of 33% instead of the general rate of 24% previously.
Lai said the tax is applicable to a particular legal entity, rather than a group.
âIn Malaysia we have a few legal entities and I don’t think any have taxable income over RM100 million.
âOur concern will be more about the corporate tax exemption for foreign source income. Thailand accounts for a large part of the group’s profits and we transfer dividends to Malaysia.
âIf this part is taxable, we will have some concerns, so we are waiting for more details. “
Regarding the outlook for 2022, Lai is optimistic that the global environment will improve as countries gradually open up business after an extended lockdown this year.
âAs Malaysia and Thailand open up, we are confident that we can sell more, especially the categories most affected so far, such as beverages. “
From a profit perspective, Lai admitted that there will still be some pressure mainly due to rising commodity costs and currency (forex) changes.
âIn terms of forex, we are not too concerned other than the conversion. As for the transactional impact, we can cover it and manage it well.
“But the conversion between the baht and the ringgit is something we have to watch out for.”
Separately, Lim said F&N aims to increase its export revenue to RM 1 billion in 2022, from nearly RM 900 million in 2021.
âWe hope to sell more volume in 2022, not the same volume but at a higher price due to rising raw material costs,â he said.
F&N reported net profit of RM 395.16 million for the fiscal year ended September 30, 2021, compared to RM 410.38 million the previous year.


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The cost of living crisis is spiraling, with even more of a squeeze expected for many households since April. But some people are missing out on saving hundreds of pounds a year by not switching their mobile network provider.
According to new research by iD Mobile, the mobile virtual network operator from Currys, a third of Brits could be wasting money by not doing anything when their phone contract ends. People could be losing out on £156 a year on average – and in some instances up to £360 – by not switching their mobile network provider.
Most contracts will encompass the price of the mobile phone itself (handset) and the minutes, texts and data included in the package (inclusive usage). However, the cost of these contracts on a like-for-like basis (same phone and usage inclusions) can differ immensely across networks – sometimes as much as £30 per month.
Readmore: DWP warns PIP claimants could have their payments stopped for going on holiday
Additionally, the price you pay doesn’t always automatically decrease once you have finished the minimum term and have effectively paid off the phone element of the contract – meaning you’re paying more for the phone than you need to, reports Wales Online. Despite it being a legal requirement for network providers to inform their customers when their contract is up, a fifth (18%) still have no idea when it ends.
And even if they do, 28% plan to keep everything exactly as it (same phone on the same plan) without assessing their options – with a fifth of Brits (20%) under the impression it would be cheaper than switching to a new provider . A further 18% won’t be upgrading their handset or switching networks as they think it is too much of a hassle – effectively paying more than actually need to.
Additionally, two fifths (39%) of UK adults wouldn’t consider switching to a lesser-known mobile network, with 50% concerned that the network coverage may not be as good. This is in spite of the fact that the lesser-known mobile networks are all powered by the one of the UK’s four major networks, benefiting from the same level of coverage.
Although 95% of people are generally satisfied with their current plan, with the cost of living increasing, over half (53%) feel like they’re paying too much for their mobile package. Switching to a lesser-known network provider can be a simple and effective way to save money whilst not compromising on the handset or usage inclusions – with an average saving of £13 per month on like-for-like deals versus the major networks.
Customers can save £156 on average per year. Sue Hayward, Personal Finance Expert, says: “Every penny counts in the current cash strapped climate and it’s shocking that one in three of us seem happy to waste a whopping £156 a year on average, on our mobile bills, and in some instances over £360 a year, according to iD Mobile’s research.
“Despite one in two of us thinking we overpay for our plans, we seem reluctant to shop around and switch when comes to our mobile provider; which is curious considering how open we are to switch providers on other household bills to save money. Nearly half of us don’t think our mobile network rewards our loyalty – so it may be time for consumers to put loyalty aside, and switch providers to save some cash.
“Taking a few minutes to check your mobile contract, haggling for a better deal or switching to a provider like iD Mobile, can pay dividends and put pounds back in your pocket.”


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It's Not Your Grandparents' Beverage Market Anymore
Welcome to 2019. This isn't your grandparents' beverage market anymore. Soda is being replaced by seltzer water. Beer is being replaced by spiked seltzer. A whiskey glass is being replaced by a whiskey pod.
Soda consumption in the U.S. fell to a 31-year low in 2016. Last year bottled sparkling water volume grew by 26% versus just 4.2% for bottled still water. Those statistics were enough for Coca-Cola to introduce its first new beverage line in more than a decade yesterday. The company is introducing AHA, a new brand of sparkling water, which will launch in March.
This isn't their first attempt at sparkling water. With the introduction of AHA, they'll be pulling their Dasani brand of sparkling water. They also attempted to make a Smartwater version that never took off. Consumers want healthier alternatives, which was echoed by Coke’s head of North American still beverages unit, who said "We’re fairly focused with this on extending our new brand and creating a new brand, as well as extending in other categories of our core equities."
Just like soda companies need to find healthier alternatives, beer makers are increasingly offering spiked seltzer drinks for calorie-conscious customers. Also yesterday, Anheuser-Busch announced its tripling down on hard seltzer drinks. In addition to its Natty Light and Bon & Viv offerings, they'll now offer Bud Light seltz in 2020.
White Claw, which brought attention to the category, is now in the top 25 brands among malt beverages and beers with sales surpassing all craft beer brands, except for Blue Moon Belgian White. Spiked seltzer is on pace to see another year of triple, yes triple, digit percentage growth to $1 billion in sales. They've become so popular the Brewers Association even changed its definition of a craft brewer to include drinks such as seltzers and THC beverages after a poll of association members found the majority intend to produce drinks other than beer in the next 3-5 years.
With consumers' beverage tastes rapidly evolving, the largest beverage companies appear to be at the point of doing whatever it takes to have products that are currently popular. With so many smaller beverage companies constantly coming out with new drinks, their only option may be to continue to acquire that month's hot beverage maker.
But you can make a lot of money doing it. In an effort to curb video game addiction, China is placing a curfew on online gaming and limiting how much money can be transferred into online gaming accounts. The rules, which will affect the world's largest video game market, will apply to gamers under 18 years old. Minors will be banned from playing online games between 10 p.m. and 8 a.m and be limited to 90 minutes on weekdays and three hours on weekends and holidays. China, which accounts for a quarter of global gaming revenue, is introducing the rules in an attempt to protect "the physical and mental health of minors."
If you bought shares Wednesday, you just lost two-thirds of your investment in less than 24 hours. Shares of party goods retailer Party City got absolutely annihilated yesterday, falling 67%, as the company cut its annual revenue and profit forecasts. The company blamed a helium shortage and poor Halloween sales, despite Halloween spending estimated to hit nearly $9 billion this year. Shares of Party City are now down 91% from their high to a new record low.
They'll need more than Drake. Canopy Growth, which is down nearly 70% from its high last year, is forming a "cannabis wellness company" with rapper Drake. The More Life Growth Co., which will be 60% owned by Drake and 40% owned by Canopy, will cultivate, process and sell cannabis in Toronto. "The idea of being able to build something special in an industry that is ever growing has been inspiring," Drake said. Drake joins other celebrities such as Seth Rogen, Martha Stewart and Snoop Dogg who have partnered with the company.
This sounds a bit desperate. Lyft, which is now down more than 50% from its high reached the day of its IPO, is begging customers to trade in their cars in exchange for ride credits. The offer, available in Los Angeles, San Francisco and Chicago, would give people who sell their cars through Carvana $250 in Lyft credits and three months of free membership in the company's subscription service Pink. Carvana will not be sharing profits from these sales with Lyft.
Everyone wants to be an influencer. According to a survey from Morning Consult, 86% of people between 13 and 38 years old want to try out "influencing." For millennials, the most common motivations for them to be an influencer are flexible hours, money and making a difference. For Gen Z, the most common motivations are making a difference, flexible hours and sharing ideas. As Andy Warhol famously said "In the future, everyone will be world-famous for 15 minutes."


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Move over, Barbie! Michaele Salahi’s here to crash your party.
On Thursday, Radar Online reported that Salahi had “been made into Barbie doll wannabe action figure.” The blond doll, looking a little bit Hulk Hogan-like, sports a teeny-weeny version of Salahi’s famous red sari dress and is produced by a Connecticut-based company called HeroBuilders.com.
Emil Vicale, founder of HeroBuilders.com, told POLITICO that it wasn’t his company’s idea to produce the doll: Salahi’s reps contacted him with the idea. “We actually got a call from her agent. It would have been nice to do it on our own, but you can’t do a private person without her consent,” said Vicale.
“We’ve been contacted by tons of people in the past but have just never done it because people have a weird sense of the value of themselves. They think they’re going to sell a million dolls. That never ever happens,” said Vicale.
So why a Salahi doll then? The company does sell some reality show dolls – like those based on Kate and Jon Gosselin and the “Real Housewives of New Jersey” cast.
“I think Michaele understands the harsh realities of real life. We were able to make a real deal with her,” said Vicale. Come again? “We offered them a gross sale of the product.”
“We understand that some people like her and some hate her. I don’t know how people will respond to this woman,” he added. If the Salahi doll is a hot seller, expect her to have a full fall wardrobe. “If it goes well, we will have an on-demand site where you can dress her in what you want with five or six outfits,” Vicale told POLITICO.
Still, HeroBuilders.com sells mostly political action figures. So we felt compelled to ask Vicale which doll is his hottest seller. Prepare for a shocker.
“Our best seller was the Information Minister from Baghdad. We sold 16,000 units in about 20 hours,” he said. “We made close to half a million dollars in one day.”
And the number two? No surprise here: Sarah Palin.
“She has three outfits: an executive pantsuit, a schoolgirl outfit and a super hero outfit,” said Vicale. “The schoolgirl outfit sold the most…she is much better looking than the Information Minister.”
Looking for something a little more, well, beefcakey? HeroBuilders.com also sells the “Scott Brown Centerfold Man Anatomically Correct for ADULTS only. Fig Leaf Included.”
The company keeps pace with the news cycle, too: Vicale told us they have plans to make a Nancy Pelosi Wicked Witch of the West doll as well as a Christine O'Donnell Wicked Witch of the East doll.
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Over the past two years, the gaming community has been buzzing with anticipation, awaiting Sony’s announcement of a new single-player, first-party game for the PlayStation 5. The release of Spider-Man 2 was a significant milestone, but since then, there has been a noticeable void in Sony’s game release schedule. This has left many PlayStation 5 enthusiasts puzzled, especially when comparing Sony’s approach to competitors like Nintendo and Microsoft.
Spider-Man 2 release was met with widespread acclaim, solidifying its position as a must-have title for the console. However, the success of Spider-Man 2 also highlights the absence of other first-party titles in Sony’s pipeline. With no new announcements on the horizon, fans are left wondering what’s next for the PlayStation 5.
Sony’s strategy, or lack thereof, becomes even more perplexing when juxtaposed against the proactive approaches of Nintendo and Microsoft. Both companies have been transparent about their upcoming releases, ensuring their user base remains engaged and informed. In contrast, Sony’s silence has only fueled speculation and uncertainty.
Upcoming Titles: What We Know So Far
While Spider-Man 2 continues to dominate the charts, there are a few other titles that Sony has hinted at. One of the most anticipated is “Marvel’s Wolverine,” developed by the same team behind Spider-Man 2. Though only a brief trailer has been showcased, the excitement is palpable. However, with no confirmed release date, gamers can only speculate on when they’ll get their hands on this promising title.
Additionally, Sony has teased two live service games during their summer showcase. But, much like Marvel’s Wolverine, release dates remain elusive. There’s also mention of The Last Of Us multiplayer game, but rumors suggest it might be on hold or even canceled.
Another title, Helldivers 2 is set to release on February 8. While it’s not a first-party game developed by Sony, it’s still a noteworthy addition to the PlayStation 5 lineup. However, its simultaneous release on PC indicates that Sony’s involvement in its development was minimal.
Sony’s PlayStation 5 has seen unparalleled success since its launch. However, the lack of clarity regarding upcoming first-party titles is a concern for many. While Spider-Man 2 remains a testament to Sony’s gaming prowess, the future lineup remains shrouded in mystery. As the year progresses, all eyes will be on Sony, awaiting their next move. Whether they choose to surprise their fans with unexpected announcements or continue their current strategy remains to be seen.


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Milwaukee Bucks point guard Brandon Jennings is still less than pleased about being cut from the US national team earlier this summer. Jennings, who has a deal with Under Armor, believes that Nike’s sponsorship of Team USA may be the root of his dismissal. He could believe that they already had too many guards on roster, and adding another point guard would make the team too undersized, but that would just be silly.
Jennings, who wears Under Armour, told Marc J. Spears of Yahoo! Sports that “it’s not my call. That’s on them. But if you want to get technical about it and you really want to look at it, half of the guys there are Nike guys. I’m not saying it’s a Nike thing, but Nike is kind of running a lot of things right now. To have a guy like myself on the USA team that’s flashy and really outgoing, you don’t want Under Armour to get all that (publicity).” –Game On
I can see where Jennings has a right to be flustered. He does happen to be an experienced international player, but I don’t believe him getting cut is a result of his Under Armor sponsorship. Even if he had played in Turkey while wearing Under Armor shoes, every other part of his body would be covered in Nike logos. Not to mention that Chauncey Billups, Derek Rose, and Dwight Howard all have deals with Adidas.
Either way, the US was able to overcome the smell of Istanbul to beat Turkey this weekend, taking the gold in the FIBA World Basketball Championships. By winning, Team USA is automatic qualifier for the 2012 Olympics in London. Kevin Durant went into beast mode, dropping 28 on the Hedo Turkoglu led Turks, while LeBron sipped margaritas with BangBros rejects on South Beach. Highlights after the jump.


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The Labour Party would like to see a rise in working for families, as well as a winter energy payment that will benefit superannuitants as well. Video/NZN
Latest NZH Video
The pet industry is booming, with more Kiwis than ever becoming pet owners and wanting the very best accessories for them.
Chinese phone maker Huawei is determined to become the world’s largest smartphone maker – so do they have what it takes to beat Apple and Samsung.


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Business activity in Africa’s biggest economy rebounded last month after shrinking in February for the first time in 32 months due to cash shortages in the country caused by the currency redesign policy of the central bank.
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index rose to 53.8 in April from 42.3 in the prior month, the latest reading released on Tuesday shows.
The PMI, which measures the performance of the private sector, fell to 44.7 in February from 53.5 in the previous month. Readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration.
The PMI report said both output and new business expanded sharply in April, ending two-month sequences of decline in each case.
“Rebounds in activity were seen across each of the agriculture, manufacturing, services and wholesale and retail sectors. Business sentiment remained subdued in April, despite a slight pick-up from March. In fact, optimism was among the lowest seen since the survey began in January 2014,” it said.
Firms reported renewed expansions in new business and output amid improved access to funds, but companies remained cautious with regard to hiring and employment fell slightly, according to the report.
It said input costs increased at a sharper rate, but further efforts to attract customers led firms to increase their selling prices at the softest pace for three years.
The Head of Equity Research West Africa at Stanbic IBTC Bank, Mr Muyiwa Oni, said the easing of the cash shortage challenge in April saw improvement in both output and consumer demand.
He said: “While the easier access to cash caused business activities to expand across key sectors (agriculture, manufacturing, services and wholesales and retail sectors), firms however maintained caution in increasing staff head count.
“Sure, business sentiment is still relatively weak as recovery in business activities and the access to cash would likely be gradual and continue in the near term.”


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If you're having trouble with Netflix's massively popular The Witcher, here's how I got into it (after multiple failed attempts).
Samsung's new Home Hub tablet, which lets you control all your smart home devices, should be the new standard for smart home hubs.
Another rumor reiterates that the iPhone SE reportedly coming this spring will look a lot like its predecessor. That's unlikely to bother iPhone SE fans so long as the new phone stays affordable.
As Oculus Quest 2 VR headsets were being unwrapped this Christmas, videos began circulating online of kids screaming in unbridled joy and running with dangerous abandon.
The Dell XPS 13 Plus packs a lot more power than the regular XPS 13, but it also makes too many trade-offs.
Buying a PS5 has been an almost impossible task for months but there are hopeful signs chasing restocks is starting to get easier.
CES 2022 would have been a perfect time to reveal Project Spartacus, Sony’s supposed Xbox Game Pass competitor.
The Galaxy S21 FE is official and we have our hands-on impressions live. But as I look at this phone, I think I ended up right about it. This phone should have never come to market.
AT&T Fiber offers customers gigabit internet speeds for less than Xfinity. But the best part is its unlimited data, a major anxiety relief for someone who had been on Xfinity for years.
Apple is pretty straightforward about letting you know when your free Apple TV Plus trial is going to end. Why can't other services do the same?
Apple's MacBook business is riding high after a string of successful product launches, and the ride looks likely to continue through 2022.
Smartphone photography could see some changes in 2022. Whether it's improvements to zoom lens technology, filters and effects, or video enhancements, expect the best phones to shake things up.
I've finally moved from Android to iOS, switching from a Google Pixel 6 Pro to iPhone 13 Pro — here's what I found.
I've always been a smartwatch skeptic — here's how the Samsung Galaxy Watch 4 got me wearing a wearable.
I've been driving an EV for a year now, and here's my take on the pros and cons of doing that yourself.
Alexa challenged a 10-year-old girl to touch a penny to an electrical outlet, raising serious questions about trust in Amazon and AI in general.
With 2021 behind us, it's time to look forward to the future of portable gaming. Here's what I'm looking forward to in gaming laptops in 2022.
Disney Plus has been great for Marvel fans, and those who want to watch their favorite shows again. But what about the rest of us?
Windows 11 is a decent operating system, but it's not good enough to merit upgrading from Windows 10 — yet. Here are a few of the changes that would make it a more compelling upgrade in 2022.
I managed to build a PC with an RTX 3080 during a global chip shortage without playing the restock game.
The Framework Laptop is what all laptops should strive to be in 2022: versatile, stylish and well-made, all while providing owners unparalleled ease of access to upgrade and repair it.
With a suite of innovative tech, great specs and performance, the Oppo Find X3 Pro is the best Android phone you probably don't remember.
Netflix offers practically all the original TV shows and movies you can handle, but it's still missing one thing that would make streaming better.
Internal Amazon documents reportedly show Alexa struggling to keep users engaged. And that matches my experience with the voice assistant.
What new features must Apple's next flagship phone simply have to include? We rank the biggest iPhone 14 rumors accordingly.
While Xbox Game Pass can be expensive, it’s a worthwhile investment, delivering hundreds of games, as well as ambitious cloud gaming infrastructure.
You'll likely have two different Samsung phones to choose from in 2022. So what it'll be — the lower-cost Galaxy S21 FE or the feature-rich Galaxy S22?
I realize that I might be in the minority here, but I actually like Wear OS. Here's how Google can take it to the next level with a Pixel Watch.
It's time to let your new Chromecast get to know you — customizing your profile is the way to better streaming.


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Nintendo finally brings Bluetooth audio to the Switch with new software update
In a tweet Tuesday night, the Nintendo confirmed that it has enabled the feature as part of a new Switch update. "The latest #NintendoSwitch update is now available," the company tweeted, "including the ability to pair Bluetooth devices for audio output."
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In an accompanying support document, the company notes a few of the limitations of the feature. When Bluetooth audio is in use you can only connect two wireless controllers to the Switch.
As for headphones or speakers, while the Switch can save 10 Bluetooth devices it can only connect to one audio device at a time. Bluetooth microphones will also not be usable on the console. The new update means Nintendo customers won't have to purchase accessories to enable listening over Bluetooth.
In recent years a number of Switch-compatible adapters have popped up as people looked for ways to play games without having to rely on the built-in speakers or plug-in wired headphones. A new OLED version of the Switch is set to go on sale next month. It was not immediately clear if the OLED Switch, which was previously said to not support Bluetooth audio, will now support the feature at launch.
CNET has asked Nintendo for additional details and will update if the company responds.
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August 29, 2011
The end of the month in Needham was highlighted by the sale of the recently built home located at 80 Stockdale Road (pictured above). This 4,106 SF, well built colonial sold for $1,219,150 on January 29th.
160 Webster Street in Needham (pictured above), also sold at the end of the month. This 4,000 SF new construction home sold for $1,025,000.


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The morning of April 2, 2021 brought devastating news for luxury brand Valentino: a fire had ravaged one of their shoe plants. Thankfully, no lives were lost. However, the structure and contents of the building were not so lucky.
With 90% destruction, Valentino Shoes Labs was nearly a complete loss, including over 38,000 pairs of shoes.
160 workers woke up that day not knowing if they would be able to go to work. Needless to say, Valentino was in a bind. What would they do? How would they produce their beloved product? Where would they produce their product?
A Rival to the Rescue
Prada, another high-end luxury brand whom many would see as a rival, stepped in to help. Their CEO reached out to extend an invitation to use one of their factories that was, at the time, vacant.
Jacopo Venturini, the CEO of Valentino, quickly gained control and began to steer the company forward. He graciously accepted the offer and began using Prada’s vacant factory. An unfortunate circumstance that could have taken a year or more to recoup from took just a few weeks thanks to Prada’s location and available systems in close proximity.
In a statement of gratitude, Venturini remarked, “I would also like to thank from the bottom of my heart Patrizio Bertelli, Prada CEO, who immediately contacted us to express his solidarity and by making available one of his factories located a few kilometers away from our production site.”
Keeping the Luxury Brand Industry Alive
What motivated Prada to do such a thing?
Imagine your rival staring at you. You’re pinned to the ground and this is potentially the end for you. But, instead of letting you be defeated, they help you get back up.
The reality is that rivalry doesn’t always hold the standard definition of one against the other as we see in the movies. Industry competitors can actually often be very beneficial for companies. In fact, without rivalry, much of the value of many companies would be diminished.
Prada and Valentino certainly contend for space in the minds of the buyer. However, without each other, what makes their brands so prestigious?
The luxury brand industry as a whole is fighting for its existence. Prada knew that if they let a giant fall, the balance could falter and they could be next. How refreshing is it to know that your “rivals” can see and look out for the industry as a whole, not just themselves?
How can you help an industry competitor? Do you look for ways? Have you considered what it could mean for your brand if theirs no longer existed?
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