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Income inequality has risen in most countries in the world over 2006-2011, driven by rapid population ageing, rising unemployment and government spending cuts in advanced economies, and urban/rural and skills divides in developing countries. Rising income inequality is changing consumer spending patterns and creating substantial opportunities for adaptable businesses, although it can also undermine a country’s business environment and growth potential.
- Income inequality, as calculated by the Gini index (a standard economic measure for income inequality), varies largely around the globe. Developed economies tend to have lower income inequality levels, mainly thanks to their effective income redistribution policies. In developing countries, income inequality remains relatively high due to greater disparities between regions, genders, ethnicities and education. In 2011, Norway had the lowest Gini coefficient of 25.6% in the world, while South Africa was the country with the most unequal income distribution, at 63.6%;
- During 2006-2011, income inequality has increased within most countries around the world, mainly due to population ageing and high government debts in developed economies as well as a lack of government policies and high levels of corruption in developing and emerging countries. Russia’s Gini index, for example, rose significantly from 41.6% in 2006 to 47.3% in 2011. However, countries such as Brazil and the Philippines saw a fall in income inequality levels over the same period;
- Rising income inequality within countries leads to a change in spending patterns, creating good business opportunities at opposite ends of the economic spectrum, especially in the luxury and budget goods sectors. It can, however, affect a country’s social stability, limit the expansion of the middle class and the country’s economic growth potential. In Indonesia, the share of social class C – the middle social class segment – contracted from 17.4% of the population aged 15+ in 2006 to 14.8% in 2011;
- Economic slowdown and fiscal austerity measures as a result of the financial crisis in the eurozone and the USA could spell greater income inequality in advanced economies in the future. Greece, for example, is expected to see its Gini index reach 38.4% by 2020, up from 37.6% in 2011;
- The middle class in developing and emerging economies will nonetheless continue expanding in absolute terms as a result of economic and population growth. China’s social class C is forecast to reach 186 million people by 2020, up from 178 million in 2011. This will stimulate discretionary spending and provide many opportunities for marketers of non-essential goods and services such as household durables, transport and communications.
Global differences in income distribution
There are large variations in income distributions within countries worldwide:
- Income inequality is relatively low in developed countries, particularly in Europe, due to strong income redistribution policies through the tax and benefit systems. High taxes and expansive social welfare structures maintain egalitarianism in Scandinavian nations, while Eastern Europe is still shaped by its equality-based communist past. In 2011, Norway’s Gini index stood at 25.6%, making it the most income-equal country in the world;
- Among developed economies, the USA has one of the highest income inequality levels, with its Gini coefficient reaching 47.4% in 2011, compared to only 34.4% in Germany;
- Countries with the most unequal income distribution are clustered in southern Africa and Latin America. Due to its history of racial inequality under the Apartheid regime during 1948-1994, South Africa has the highest income inequality in the world, with a Gini coefficient of 63.6% in 2011. Other countries with very high 2011 Gini indices include Ecuador (59.2%) and Colombia (58.3%);
- In most developing countries, income inequality remains relatively high due to the existing income gap between gender, ethnicity, regions and educational/skills levels. In many countries. A lack of adequate government policy and resources to help the poor also contribute to poor distributions of income. In 2011, China’s Gini coefficient stood at 51.6%, significantly higher than India’s 39.9% but slightly lower than Brazil’s 51.7%.
Gini Index in Selected Countries: 2006-2011
Source: Euromonitor International from national statistics
Note: A society that scores 0% on the Gini index has perfect equality, where every inhabitant has the same income. The higher the number over 0%, the higher the inequality, and a score of 100% indicates total inequality, where only one person receives all the income.
Income inequality is on the rise in most countries
The income gaps between the rich and the poor have been rising in most countries since 2006 as a result of rapid population ageing, fiscal austerity, rising unemployment and the global economic downturn of 2008-2009:
- Many developed countries have seen a worsening income distribution as continued population ageing burdens public health expenditure, while mounting government debts as a result of the global economic downturn of 2008-2009 reduced state resources to assist the poor. The median age of the world’s population increased from 28.2 years in 2006 to 29.4 in 2011;
- In the developing and emerging world, income distribution has become more uneven in many countries as the benefits of rapid economic growth are unequally distributed, especially true in natural resources-rich nations where export revenues are controlled by a small elite. During 2006-2011, Indonesia and Russia saw the highest increases in income inequality levels worldwide, from a Gini coefficient of 33.0% and 41.6% in 2006 to 37.7% and 47.3% in 2011, respectively;
- While Latin America remains the most unequal region in the world, it has also seen some of the greatest reductions in income disparity during 2006-2011, in part due to the growing popularity of socialist and welfare-focused governments. Bolivia, for example, saw its Gini coefficient decline from 59.2% in 2006 to 55.5% in 2011.
Rising income inequality impacts consumer spending patterns
Growing income disparities create opportunities for business in the luxury and budget goods sectors but can limit the growth of the middle class segment:
- Rising income disparities around the globe split consumers into two primary groups, the rich and the poor, thus providing more opportunities for both luxury and budget goods. Countries such as China and Russia, for example, are now among the fastest growing markets for luxury goods in the world;
- Growing income disparities impede the growth of the middle class, an important consumer segment for discretionary (non-essential) goods. In Russia, for example, the share of social class C to total population aged 15+ contracted significantly from 16.3% in 2006 to 13.5% in 2011. In China, social class C accounted for 15.8% of population aged 15+ in 2011, slightly down compared to 16.2% in 2006;
Distribution of Social Class in Selected Countries: 2011
Source: Euromonitor International from national statistics
Note: Social Class data refer to the number of individuals whose incomes fall within a specified range of the average gross income of all individuals aged 15+ in that country or region. Social Class A: +200%; Social Class B: between 150% and 200%; Social Class C: between 100% and 150%; Social Class D: between 50% and 100% and Social Class E: less than 50% of the average gross income.
- Nonetheless, the middle class continues to expand in absolute terms in most developing and emerging economies as a result economic and population growth. Businesses in the non-essential goods sectors will therefore continue benefiting from the middle income groups. India’s social class C, for instance, grew by 3.9% during 2006-2011 to reach 101 million people in 2011.
Implications of rising income inequality on business environment and economy
Growing income inequality will likely pose key challenges to a country’s business environment and growth potential:
- Rising income inequality is a source of social and political unrest as it can lead to social discontent and higher crime rates, in turn undermining investor confidence and adversely affecting the business environment and a country’s economic growth. Across a number of Arab states, high unemployment and growing inequality has fuelled political and social unrest from early 2011;
- Higher income inequality can also result in non-income disparities such as health and education, thus hindering a government’s effort to reduce poverty. High incidence of poverty remains a severe problem in some Sub-Saharan African and South Asian countries;
- A widening income gap can impede the development of a country’s consumer markets as purchasing power becomes concentrated among a small elite. In Kenya, for example, the richest 10.0% of households (decile 10) spent on average 14.3 times more than the poorest 10.0% of households (decile 1) in 2011.
Income inequality is set to rise in most countries around the globe in the future:
- By 2020, South Africa would remain the country with the most unequal income distribution in the world. Slovakia will overtake Norway to become the country with the lowest Gini coefficient in the world, at 26.5% by 2020;
- Between 2011 and 2020, Pakistan is forecast to see the highest increase in its Gini coefficient in the world, from 38.9% to 41.7% as a result of a high poverty rate and a growing rural-urban divide. Other countries to see significant increases in income inequalities are Norway, South Korea, India and Canada. Meanwhile, income distribution in Latin American countries, including Brazil and Mexico, will continue to improve;
- In developed economies, rapid population ageing will continue putting pressures on public expenditure, while high unemployment, budget spending cuts and economic slowdown are major factors contributing to greater income disparities in the future. The implementation of a fiscal austerity plan in the United Kingdom in 2010 in order to cut the country’s large budget deficit (8.4% of GDP in 2011) has added to an increase in income disparity going forward, with the country’s Gini coefficient forecast to rise from 33.7% in 2011 to 35.0% by 2020;
- In the developing and emerging world, income inequality will continue increasing unless the social security system is reformed and corruption and poverty continue to be reduced. Despite robust economic growth, China’s Gini coefficient is forecast to reach 52.1% by 2020, up from 51.6% in 2011;
- Global consumer expenditure is expected to continue growing strongly by 30.8% in real terms during 2012-2020, backed by robust economic growth in developing countries. A continued expansion of the middle class in populous emerging economies such as China and India will offset its contraction in some developed markets, creating more opportunities for discretionary consumer spending.


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Software News - Page 3
What was once thought to be impossible has been done, a developer known C Bel has created a 3D DOOM-like engine only using Microsoft excel formula.
C Bel took to Gamasutra to announce the creation and explained in great detail how he went about designing and constructing the 3D engine through only using excel. According to the notes provided on the Gamasutra post, the spreadsheet engine is meant to be a DOOM-like representation, which to be fair deserves quite a lot of praise as the resemblance can very well be seen.
Contrary to popular belief, the engine currently supports a number of different functionalities, such as real-time raytracing, occlusion calculation and basic illumination rendering. Full a full breakdown on the creation C Bel has made, visit the full article here.
VLC is one of the most-loved open-source pieces of software that transcends space and time, and has been the most anti-bloat, anti-BS super-lightweight software in Windows' history. Well, the new v3.0 "Vetinari" update has some massive changes in store.
We're looking at HDR10 support, and hardware-accelerated 4K/8K video on everything from smartphones, to PCs. VLC 3.0 works with Blu-ray's Java-based menus, and is even optimized for the notch on the new iPhone X. There's also Chromecast support for all devices and even in formats "not supported natively", while audio passthrough for HD audio codecs is featured in VLC 3.0 as well.
VLC 3.0 even supports 360-degree video and 3D Audio, while the new Vetinari update provides hardware decoding by default in order to hit that 4K and 8K playback, while 10-bit color and HDR are welcomed.
You can grab the new VLC 3.0 right here.
Microsoft has made some big changes to their next version of Office, with the company announcing that Office 2019 will be released later this year, but only Windows 10 users will be able to enjoy it.
Office 2019 will only work on select Microsoft operating systems, including:
- Any supported Windows 10 SAC (Semi-Annual Channel) release
- Windows 10 Enterprise LTSC (Long-Term Servicing Channel) 2018
- The next LTSC release of Windows Server
Now that we know Office 2019 will only work with Windows 10, what happens with Office 2020 when it's released? Well, Microsoft are doing this so that both Windows and Office are tied to each other for the very latest updates, especially in the wake of security bugs in Meltdown and Spectre.
Microsoft explains: "Software that is more than a decade old, and hasn't benefited from this innovation, is difficult to secure and inherently less productive. As the pace of change accelerates, it has become imperative to move our software to a more modern cadence".
Amazon has officially launched a Alexa skill that will allow for users of Alexa to control Twitch using their voice. This new Alexa skill has numerous uses such as asking for specific channel activity and a list of popular game being viewed.
This is not a surprise for Amazon to integrate Twitch into their Alexa skills as Amazon own Twitch, buying the streaming giant back in 2014 for $1 billion. The Twitch Alexa skill is designed to complement gamers that use Twitch regularly, Twitch has done this by giving users the option to enable notifications of their favorite channels going live.
Microsoft have officially released their fourth latest major update for Windows 10, the Fall Creators Update. Microsoft's latest update is set to include an abundance of new and improved features including Fluent Design, OneDrive On demand, Stories, Windows Mixed Reality and more.
Microsoft will be rolling out the updates in stages as per previous major updates, users will be prompt via Windows Update. Or if you're impatient, you can head over the Microsoft Windows 10 website and manually download the update yourself.
Discord have recently announce that their free VoIP application will include Verified Servers. Verified Servers allows for game developers and publishers to help promote their product, distrubtion of official news, showcase their server in-game, custom branding for discord.gg link and other methods of expanding the game's community.
Discord Verified Servers will be indicated via a checkbox next to the game server name, similar to how Twitch indicate their verified accounts. The verification process is fairly straight forward- a server must be owned and moderated by the game developer or publisher that meets Discord's requirements, and follow Discord's community guidelines that includes enabling explicit content filter to remove illegal or malicious content.
The advantages of Discord's Verified Servers is obvious but it remains to be seen how many developers will take advantage of the program other than for social interaction.
AMD have today released released Radeon Software Crimson ReLive Edition 17.10.1 drivers. These beta drivers add optimizations for upcoming releases such Middle-Earth: Shadows of War and The Evil Within 2, including Radeon Chill support for both releases.
The drivers also include fixes for some common issues including where bezel compensation in mixed-mode cannot be applied using Eyefinity setups and rare flickering for DiRT 4 with certain multi-GPU configurations. AMD have updated the common issues to include two new concerns- freeze/crash when using Windows 7 and upgrading Radeon Software with multi-GPU Vega configurations and corrupted graphics on certain HDR displays in Forza Motorsport 7 when HDR is enabled in-game.
Remember when you'd log on to the internet with your 56k modem, wait patiently for AIM start-up and log in? There's probably some people who do (hopefully without the 56k modem). Unfortunately Verizon, owner of AOL, have announced that on December 15, the long-running instant messenger service will be shut down.
"AIM tapped into new digital technologies and ignited a cultural shift, but the way in which we communicate with each other has profoundly changed," writes Michael Albers, communications products VP at Oath.
For five months or more, the Spotify software on Windows, Mac, and Linux has been writing a gigantic amount of data to storage devices, potentially taking years off their lifespan. Tens, hundreds, or even thousands of gigabytes written within an hour have been reported, and occur when the software is idle and is not storing any songs locally.
The problem -- which was reproduced easily by Ars Technica -- is said to be tied to one or more database files with the Mercury.db string. It is of course particularly burdensome to solid state drives (SSDs), which have limited write capacity.
"We've seen some questions in our community around the amount of written data using the Spotify client on desktop," a Spotify spokesperson said in a statement. "These have been reviewed and any potential concerns have now been addressed in version 1.0.42, currently rolling out to all users."
It's a hard life if you're an AMD user and like to stream and record. Whereas NVIDIA users enjoy the sleek, performance-light, and feature-rich Shadowplay, there's really nothing as good for the other camp.
The gap narrows somewhat today though as Open Broadcaster Software (OBS) Studio (the new and improved version of OBS) gains support for AMD's Video Coding Engine (VCE). Essentially, this means fast, high-quality recording and streaming, in contrast to Windows Media Foundation offered, particularly at 1080p and 60 FPS.
VCE support has been in testing for awhile now and today marks the first stable release. To download it, hit the source link below, or if you're in no hurry, wait until the next OBS Studio release with which it will be bundled.

domain: news


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- It's increasingly looking like Bitcoin Cash mining pools will run a version of the software called Bitcoin SV.
- An ongoing legal battle between XRP investors and payments startup Ripple is entering its next phase.
- Japanese IT giant GMO has reported a loss of about $5.6 million for its cryptocurrency mining business in the third quarter of 2018.
- Oil industry giants Shell and BP are among a group of firms planning to launch a blockchain platform to automate post-trade processes in the energy industry by the end of 2018.
Late Confirmation is a CoinDesk production.
For more information, visit www.CoinDesk.com


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updated 11:29 am EST, Wed February 5, 2014
Plaintiff so far winning rulings against Nokia, HTC
On February 11th, Apple will go to trial at Mannheim Regional Court to defend itself against a patent infringement suit brought by German patent firm IPCom, reports say. The latter company accuses Apple of violating a standards-essential wireless patent upheld by the European Patent Office last month; another, separate patent is also at stake. IPCom is asking for €1.57 billion ($2.12 billion) in damages, plus pre-judgment interest.
IPCom has previously sued Nokia and HTC, and won several rulings. The core patent in the Apple case deals with a way of managing access to overloaded wireless channels by cellphones. FOSS Patents notes that the Mannheim Regional Court has dealt with more wireless patent suits than any other legal arena.


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Samsung Laptops Still Can't Handle Windows 10 Upgrades
Windows 10 may be installed on over 300 million devices, but it appears that Samsung isn't than keen on upgrading. This is according to an email obtained by the UK-based Register, where a Samsung tech support rep revealed the company's unreadiness for the nearly-year-old operating system.
Image: Shutterstock / JPstock
When a Samsung NP-R590 laptop owner tried and failed to upgrade to Windows 10 due to an incompatibility issue with his Broadcom wireless card, he was told that he -- and all Samsung laptop owners -- would have to wait.
The rep bluntly explained, “Honestly speaking, we don't suggest installation of Windows 10 to any Samsung laptop or PC and we are still coordinating with Microsoft regarding to this matter."
Why is Samsung still behind the times? The tech support rep told the customer that its current drivers "are not yet compatible to the latest version of Windows." This might have been a good excuse last year when other companies' tech support reps advised against updating to Windows 10, but today it feels too late for excuses.
The Samsung agent continued, writing, "What we usually recommend is to keep the current Windows version and we'll update you once the Windows 10 have no more issues on any Samsung laptops and computers or even monitors." While Samsung is right to prepare its drivers for compatibility, we're not sure its definition of the word "current" is up to date.
In a statement to the Register, Microsoft tried to put on a good face, saying "Microsoft and Samsung are committed to Windows 10, and are working closely together to provide the best possible Windows 10 upgrade experience."
This problem isn't exclusive to one customer and one tech support agent, as there is a 67-page long Microsoft Community post dedicated to troubles installing Windows 10 on Samsung notebooks. The thread contains a total of 661 replies at this moment, and not much hope for those struggling with the upgrade.
Some Samsung notebook owners commenting on the thread reported success after buying a new Wi-Fi card, but other users claim that's not enough. The full fix appears to require removing the existing Wi-Fi card, a step that may be too difficult for some laptop owners.
We've reached out to Samsung for comment and will update this story if and when we receive it.


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A direction giving, bluetooth connected grip has today been revealed by Boréal Bikes.
Using haptic feedback (vibration) the grip will indicate to the cyclist up-coming turns on a pre set route. The big plus with the design is that it’s "eyes free", says Boréal CEO Louis Huard, meaning that the rider isn’t distracted by maps on the cockpit, improving safety in the saddle.
Huard told Wired: "We can be on any bike and make any bike connected. The Boréal app sends the notifications to the smrtGRiPS, which turns those notifications on as haptic feedback."
The product also has benefits for those who have either clumsily forgotten where they’ve locked their bike, or more likely, had it stolen. Via the Android and iPhone compatible app, the cyclists will be able to hit a ‘ring your ride’ button that will locate the bike and guide the cyclist to it via their phone.
Another quirk is a group ride function. The grips will be able to locate another member of your group who has lost his or her way.
Weighing in at 3.5 ounces, the $68 smrtGRiPS begin to emit a small vibration as the turn approaches, with the strength of the feedback growing as the turn gets closer.
Huard also indicates that the product will be able to track rides and data and has expressed an interest in creating maps for cyclists based on the most commonly ridden routes in the future.
A crowdfunding microsite has now gone live where you can pledge to support the firm’s production of smrtGRiPS and bag yourself a pair.


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Big plates - big portions
The size of crockery and cutlery affects how much we eat. For example, people with a large bowl and a large spoon eat significantly more ice cream than those with a small bowl and cutlery.
Nutritionists at the University of Illinois hosted an ice cream feast among colleagues. Brian Wansink's research team let the employees choose which ice cream bowls they wanted to use - vessels that could hold around half a kilogram or bowls for twice the amount. The 58 colleagues scooped the ice cream themselves – here, too, they had the choice of using ice cream scoops of different sizes. Those with a sweet tooth who grabbed the larger bowl ate 31 percent more ice cream than their neighbors with the smaller bowl, Wansink said. The researchers also observed that colleagues with larger ice cream scoops had 14.5 percent more cream in their bowls.
Don't use big plates, use small ones, you'll probably put less on them
(Luann Daggett) "In the small bowl, the scoops of ice cream can seem like a decent afternoon snack, while the food in the larger container seems underwhelming," explains Wansink. "So don't use big plates, use small ones, you probably won't be doing as much on them. That's a tip we give to patients who want to control their weight," says Luann Daggett, a researcher at the University of Southern Mississippi.
Even science has a summer slump. More and more results then flood the media, which otherwise hardly find their way into reporting. With the series "Summer Hole Today" we would like to present you with a selection. A particularly large plate can also cause people who otherwise eat little to eat and consume more. " There are a lot of people -- whether they're elderly, parents of picky eaters, or sick people -- where the question arises: How do I get someone to eat more?" Wansink points out.


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QuizUp, The Hottest Quiz Trivia Around By A Icelandic Startup.
A small startup has taken up the gaming world in for a wild ride recently, finding success with its QuizUp trivia app and creating offer to leave its isolated Iceland headquarters in favor of sunny California Silicon Valley. The company in name is Plain Vanilla, has launched on Thursday with a Android version of Quizup, which has garnered over 10 million users, who have managed to play more than 1 billion matches on iPhone and iPad devices.
The Icelandic Turnabout.
Thor Fridriksson founder and CEO of Plain Vanilla, recently told the Associated Press that he plants to keep the company in its current home base in Iceland, just to show that it is possible to achieve even after the country has suffered through economic problems.
“Iceland has had a tough time since the banking crisis,” said Fridriksson. “I think if Plain Vanilla stays in Iceland, creates more jobs and shows other startups what’s possible, that’s a positive thing.”
During the autumn of 2008, Iceland’s three biggest banks went down under, causing the economy to spiral down with business shuttering, the currency utterly useless and unemployment rates climbed to unimaginable levels. The damage caused is still being recovered up to this day. Even with this somber atmosphere, Plain Vanilla successfully manage to stand out. With only 7 employees in the beginning and finally obtaining up to 45, Fridriksson said. Venture Capitalist have place a large sum of $30 million into the company, who manage to find themselves a niche in this competitive app business.
The few things that make QuizUp player so attracted towards the app, is the choices among the 400 categories that range from questions about literature to sports, and even pop cultures. The really most popular categories such as Harry Potter, Spelling, Disney, and Celebrities.
“For me, it’s two things,” said Mike Wehner, the editor of The Unofficial Apple Weblog. “First, the ridiculous number of categories available means that there’s going to be something that everyone is an expert in. For example, I don’t watch a whole lot of TV, but of the shows I do watch, I know a LOT about them. So although I’d probably be really bad at a trivia game where general `TV’ was a category, I’m one of the best in the world at the Futurama category in QuizUp.”


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Now, some members of Congress have put forth a bill that can get some of that wealth back from Wall Street. Rep. Peter DeFazio (D-OR) and Sen. Tom Harkin (D-IA) have introduced legislation titled the Wall Street Trading and Speculators Tax Act. It would impose a .03 percent tax on the trade of certain financial transactions. This Financial Transactions Tax (FTT) has the potential of raising $350 billion in revenue every year.
The proposed tax is actually fairly small, and some European leaders want to impose a tax of .10 percent, more than three times larger. To really understand how small this tax is, just think about the sales tax that an average American pays.
To buy common goods in most cities or states, Americans pay a sales tax much larger than .03 percent. According to an analysis by Vertex Inc. in 2010, the average combined sales tax that Americans paid in 2010 was 9.64 percent. That’s actually a rate a whopping 321 times larger than the FTT that DeFazio and Harkin are asking Wall Street and the rest of the financial industry to pay.
As Congress begins debating the FTT, it’ll be interesting to watch opponents of this new legislation say that it would be unfair to tax financial transactions at a rate 321 times less than what Americans pay when they buy a common good such as a tube of toothpaste or a clothing item.


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M2M Summit moves to Cologne to exploit synergies with Europe’s largest one-day-conference for start-ups
Following talks with the organizers of StartupCon, the M2M Summit 2017 is moving from Düsseldorf to Cologne. With an annual growth rate of almost 300%, the internationally renowned industry event is expected to attract more than 5,000 visitors. As a result, exhibitors as well as the speakers at the M2M Summit can present their latest solutions, ideas and findings to a large and innovative audience.
The M2M Alliance has joined forces with StartupCon, Europe’s largest one-day conference for start-ups and innovation. The 11 th edition of the M2M Summit will now take place in the LANXESS Arena in Cologne on 11 th October 2017. On 80,000 square meters, visitors of the M2M Summit can get a unique overview of the latest M2M and IoT developments, while also having access to StartupCon, which is known for attracting investors and businesses from a wide range of industries.
“The partnership with StartupCon allows us to offer our exhibitors, partners, and speakers a unique opportunity to present themselves to a large and innovative audience,” says Dr. Andreas Fink, chairman of the M2M Alliance who organizes the M2M Summit. “Our established conference and exhibition for M2M communication and the Internet of Things is now part of a top-class and unique program for entrepreneurs. Participants of both events will benefit from making new contacts and further lead generation.” All holders of M2M Summit tickets will have access to the StartupCon activities such as the conference, exhibition, pitches, workshops, and VR cinemas.
“M2M technology and the Internet of Things are important topics for start-ups and traditional companies,” says Ralf Brüstle, the organizer of StartupCon. “Thanks to our partnership with the M2M Alliance, participants as well as visitors of StartupCon can now see and experience the latest M2M and IoT developments first hand under the same roof. Hopefully, this will lead to even more innovations – and new business opportunities.”
Within the LANXESS Arena, there will be an exclusive M2M Alliance exhibition area as well as a conference hall, covering the latest technology trends around M2M and IoT. Speakers from IBM, thyssenkrupp and SigFox will share their knowledge and latest developments on stage. The Academic Day, organized by Prof. Axel Sikora, will also be part of the M2M Summit. In addition, research projects on the latest M2M/IoT technologies and innovations will be presented and discussed.
Similar to the M2M Summit 2016, young companies will also be given the opportunity again to present their ideas and solutions for M2M/IoT technology in the form of a pitch. This start-up pitch will be organized by the M2M Alliance. The winner will get a wildcard to present their pitch again live on stage in the StartupCon arena – with a chance to pitch in San Francisco and win 1 million US Dollar.
As part of StartupCon, the StartupCity Cologne takes place in the interior of the arena. The approximately 500 national and international early stage start-ups that will attend the event are being presented here with diverse concepts from the areas of mobility, technology, finance, insurance, commerce, life science, lifestyle and services. At the same time, around 200 top speakers provide insights into their lives as entrepreneurs and report on the latest developments on five different stages.
The Startup Expo takes place around the arena. This part of the event is all about leading companies and scale-ups. More than 100 exhibitors provide insights into new developments and are available to discuss promising strategies as well as partnerships around the advancing digital transformation.
One-On-One Pitches, Talks, Workshops and a Hackathon**
** The 50 boxes of the LANXESS Arena are available for pitching. Young entrepreneurs have the opportunity to present their ideas and business models to more than 300 investors. In addition, there will be 20 table talks, 30 workshops, 4 VR cinemas as well as a hackathon and a spectacular drone park tour as part of the program of Europe’s largest one-day conference.
Tickets for the M2M Alliance conference and exhibition and the 4th StartupCon on 11 th October 2017 are available for interested founders – including all lectures and workshops – from 19 € (for students) to 69 €. Investors pay 199 € and entrepreneurs 249 € for access to all lectures as well as workshops and the StartupExpo. Tickets as well as more information are available on www.m2m-summit.comand www.startupcon.de .
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Mediaocean to Host “The Mediaocean Retreat” during CES 2022, a Two-Day Thought Leadership Program Featuring Top Brands, Agencies, and Media Executives
Mediaocean, the mission-critical platform for omnichannel advertising, has released the agenda and speaker line-up for its inaugural two-day “Mediaocean Retreat,” co-produced in partnership with Beet.TV and The Room.
The new event, taking place on January 5 and 6 during the 2022 Consumer Electronics Show (CES), will feature dynamically-cast panels and fireside discussions with the industry’s most influential brands, agencies, and cross-platform media leaders.
Marketing Technology News: MarTech Interview with Chris Leong, Chief Marketing Officer at Schneider Electric
On Day One of the two-day program on Wednesday, Jan. 5, Beet.TV will host their highly regarded “Beet.TV Leadership Summit,” outlining the new reality and emerging state of converged TV+ video for the year ahead. Names such as Sir Martin Sorrell, Melissa Grady and Rishad Tobaccowala line the agenda.
Speakers for the Beet.TV Leadership Summit on Day One, January 5, include:
- Dan Aversano, SVP, Data, Analytics & Advanced Advertising at Univision
- Jason Dailey, Director, Head of Agency, Facebook
- Melissa Grady, CMO, Cadillac
- Chrissie Hanson, Global Chief Strategy Officer, OMD
- Jo Kinsella, President, TVSquared
- Michael Law, CEO, Carat US
- John Lee, Chief Data Officer, NBCUniversal Media
- Kevin Lemberg, Head of Partnerships – Advertising Solutions, Comcast Technology Solutions
- Sarah Personette, Chief Customer Officer, Twitter
- Doug Rozen, CEO, dentsu Media
- Sir Martin Sorrell, Executive Chairman, S4 Capital
- Andre Swanston, SVP, Media & Entertainment Vertical, TransUnion
- Rishad Tobaccowala, Author and Futurist
- Jon Watts, Executive Director, The Project X Institute
Following on Day Two, January 6, Mediaocean will host their own thought leadership session, featuring an array of speakers across the brand, agency, and cross-platform greater ecosystem.
Marketing Technology News: IdRamp Announces Passwordless Credential Orchestration…
Speakers for January 6 include:
- Kelly Abcarian, EVP, Measurement & Impact, Advertising & Partnerships, NBCU
- Illianna Acosta, Channel Sales Manager, Ad Tech Partners, LinkedIn
- Nii A. Ahene, COO, Chief Strategy Officer, Tinuiti
- Eric Austin, Senior Director, Global Brand Building & Media Innovation, Procter & Gamble
- Hugh Garvey, Editor in Chief, Sunset Publishing
- Larry Harris, CEO, Alpha Precision Media
- Jessy Jacques, Partner Manager, LMS Channel Sales, LinkedIn
- Megan Jones, EVP Head of Media, Digitas North America
- Alex Kantrowitz, Big Technology Founder & CNBC Contributor
- David Levy, CEO, Open AP
- Rachel Lowenstein, Managing Director of Inclusive Innovation, GroupM
- Nancy Marzouk, CEO, MediaWallah
- Ross McCray, CEO, VideoAmp
- Joanna O’Connell, VP, Principal Analyst, Forrester Research
- Megan Pagliuca, Chief Activation Officer, Omnicom Media Group
- Karthik Rao, Chief Operating Officer, Nielsen
- Vikram Somaya, Chief Data and Analytics Officer, PepsiCo
- Matt Spiegel, EVP Marketing Solutions, Head of Media Vertical, TransUnion
- Radha Subramanyam, Chief Research & Analytics Officer, CBS
“The Mediaocean Retreat” will run 12-4pm local time on Wednesday Jan. 5 and Thursday Jan. 6 with happy hours from 4-6pm. Co-working and meeting space will be available Wednesday Jan. 5 through Friday Jan. 7, from 9am to 4pm.
The Cosmopolitan of Las Vegas
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Specific topics for the two-day agenda include advertising creative, DEI, paid social, CTV, identity, and more. Mediaocean is creating a safe and inclusive space where industry leaders can gather for meetings, informal networking, and thought leadership content from a curated list of participants and industry leaders. All COVID protocols will be in place, including proof of vaccination, in order to ensure the health and safety of those in attendance.
Marketing Technology News: In 2021, Developing Online Exposure is a Must for…


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Kmart's new 'mega' air fryer sends shoppers into frenzy
The newest Kmart item has air fryer fans going crazy - and it hasn't hit shelves yet!
Air fryer Doritos-crumbed chicken tenders00:17:11
These crispy crumbed tenderloins are now easier than ever to make - just coat chicken in Nacho Cheese Doritos and pop them in the air fryer.
Seriously, what did we do before we had air fryers in our lives?
In case you haven't heard of them yet (where have you been!) the new cult kitchen item puts Thermomixes and piemakers to shame and has quickly climbed the ranks as one of the must-have products of 2020.
Air fryer Facebook groups have exploded in popularity over the last year with excited owners sharing simple recipes and hacks for the appliance.
Now it's been revealed that a mega air fryer is on its way to Australian Kmart stores.
An eagle-eyed shopper posted a photo of a 7-litre air fryer to the 'Share Kmart Air Fryer Recipes Australia' Facebook group and fans of the appliance were thrilled.
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RELATED: The best air fryers for every family
The 7 Litre air fryer will be the biggest in the range for Kmart. Source: Facebook/Share Kmart Air Fryer Recipes Australia
'They're getting bigger'
Many Facebook group members admitted they had no problem upgrading from their smaller air fryers for one this big.
"Just when I thought the 5.3 litre was the greatest thing I have ever owned, this sexy beast comes along," one said.
'They're getting bigger! Maybe the Christmas turkey might fit in this one!' added another.
Another customer said, "Think of all the things you can make in this one!"
While Kmart fans were eager to get their hands on the latest air fryer gadget, it is not available on Australian shores just yet. It is currently being sold in New Zealand for $129.
"Can't see it on the website as yet but it's so pretty," one shopper said. "1800W seven litre digital, I didn't buy the 5.3L because I'm a digital snob but no excuse now.
Kmart confirmed that the 7-litre version would indeed be hitting Aussie shelves from mid-October to November and will retail for $119.
"All our Christmases have come at once," one shopper said.
Kmart currently sells a selection of other air fryers of different sizes, including the 5.3L for $89, a 3.2L for $39 and a 1.5L air fryer for $49.
We can't wait to see the amazing creations people come up with when the biggest version hits the market. Air fryer Christmas turkey, anyone?
RELATED: Mum’s epic Kmart dollhouse hack
One of the air fryers currently on sale at Kmart. Source: Kmart.


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Bike Tech opening new store in downtown Macon
Cycling is growing in Middle Georgia, and now Macon is getting a bike store right in the heart of downtown.
MACON, Georgia (41NBC/WMGT)– Bike Tech will host a grand opening for its new store on Friday, to welcome people to the new location on Second Street.
According to the League of American Bicyclists, Georgia ranks 19 in the United States for biking safety and community growth.
Jim Langstaff, Bike Tech’s Store Manager, says he has watched cycling spread across Middle Georgia, and is glad it’s being picked up by more people.
“As a kid, the only people I thought biked in Macon were the road riders, and triathletes, and the occasional BMX punk or something like that,” Langstaff said. “But there’s a lot more people biking. There’s the families, the fitness people, the mountain bikers, the road riders, the casual trikers… and a lot of that is due in part to bike walk Macon in making Macon more bike-able.”
During the last six years, Bike Walk Macon helped create more than six miles of bike lanes around the city.
Founder Rachel Umana says, she’s excited to see the community transition from mostly commuters, to a group that bikes enough to need a repair shop in the center of town.
“It’s actually becoming very real and very practical now that if you want to bike for transportation,” Umana stated. “It’s becoming more and more possible to do that in a safe and comfortable way.”
Bike Tech staff say they’re looking forward to welcoming new customers and getting more people interested in biking.
“We’re most looking forward to all of the events and rides that we can do including people in downtown,” Langstaff said.
The Grand Opening celebration kicks off on Friday, November 12 at 9 a.m. with Little Light Coffee Co.’s Espresso Bar on-site. Partners including Bike Walk Macon, Central Georgia Autism, UCreate Macon, and Ocmulgee Outdoor Expeditions will all be at the store.
In addition, vendors including Jamis, Muc-Off, and Thomson will be hosting demos, product giveaways, and tutorials throughout the day.
There will also be a ride on Saturday at 10 a.m. to raise money for Central Georgia Autism.
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Negotiations Seek to Address Impact on Malaysian Rice Imports Amid India’s Export Measures
Malaysia’s Agriculture and Food Security Minister, Mohamad Sabu, has announced that Malaysia will engage in discussions with the Indian government to seek the “best solution” regarding India’s rice export restrictions. The move comes as Malaysia grapples with the implications of these restrictions on its rice imports.
Bernas in Negotiations: State-run Malaysian rice importer, Bernas, is set to enter negotiations with alternative suppliers, including Vietnam, Thailand, and Cambodia, in a bid to diversify its sources of rice imports.
India’s Export Measures: India imposed a ban on the export of broken rice in September 2022 and, subsequently, implemented a 20% export duty on parboiled rice in August 2023. These measures were enacted with the dual purpose of controlling domestic prices and ensuring India’s own food security.
Impact on Malaysia: Malaysia, which relies on imports for a significant portion of its rice consumption, counts India as its largest rice supplier. With India’s export restrictions in place, Malaysia’s rice supply chain faces disruptions.
Reserves and Conservation: While Malaysia currently holds enough rice reserves to last up to six months, concerns loom over the long-term implications of India’s export restrictions. To address this, the Malaysian government is urging its citizens to reduce rice consumption by 10% as a conservation measure.
India’s Stance: India has conveyed its intention to review the export restrictions once domestic rice prices stabilize, signaling its willingness to reassess the situation in due course.
Seeking a Balanced Solution:
As Malaysia initiates dialogue with the Indian government, both countries will be exploring avenues to strike a balance between India’s domestic priorities and Malaysia’s rice import needs. The outcome of these discussions will play a pivotal role in shaping the trajectory of rice imports in Malaysia and the region.
In a global context where food security and trade dynamics intersect, the negotiations between Malaysia and India underscore the complexities of maintaining a stable and interconnected global food supply chain. Malaysia’s proactive approach in diversifying its rice sources reflects its commitment to securing its food security in the face of evolving trade dynamics.


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Coinbase, the second largest crypto exchange by trading volume, is diving into the blockchain world in a move that some market players are excited about.
On Thursday, the exchange launched Base, an Ethereum-focused layer-2 (L2) blockchain, in an effort to enter the decentralized ecosystem through its own chain and expand further into the developer space, Jesse Pollak, lead for Base and head of protocols at Coinbase, previously told TechCrunch.
Base’s L2 is a “secure, low-cost, developer-friendly” chain that aims to help builders create dApps on-chain, the company stated. A number of crypto businesses, platforms, marketplaces and infrastructure firms have committed to building on Base, a Coinbase spokesperson told TechCrunch.
Those that plan to be involved include Blockdaemon, Chainlink, Etherscan, QuickNode, Aave, Animoca Brands, Dune, Nansen, Magic Eden, Pyth, Rainbow Wallet, Ribbon Finance, The Graph, Wormhole and Gelato, to name a handful.
“The launch of Base reinforces the importance of L2s in growing the blockchain ecosystem,” said Dmitry Shklovsky, co-founder of QuickNode, which is a partner and node provider for Base. “More onramps and more equitable, developer-friendly L2s are key health indicators that we are moving in the right direction.”
L2 blockchains build on top of layer-1 (L1) blockchains like Ethereum, Solana and Avalanche in an effort to reduce bottlenecks, constraints and other network-clogging effects. Instead of putting every transaction on an L1 chain, L2s bundle transactions so tasks can be delivered in a more efficient manner.
L1s like Ethereum are secure but impractical for high-throughput volumes due to prohibitively expensive gas, or transaction, fees, spokespeople from The Graph Foundation and Edge & Node said in an email to TechCrunch. “L2s make the blockchain space more accessible by a broader range of both devs and users, allowing cheaper, faster transactions that still take advantage of the security of L1s like Ethereum.”
L2s are essential for accessibility and scalability in the space, Shklovsky said. “L1s typically prioritize security and decentralization over scalability. L2s reduce the workload on the main chain, making the network faster and more user-friendly, allowing chains to scale quickly without compromising decentralization or security.”
Growing the L2 space
Base is built on the MIT-licensed OP Stack in collaboration with the layer-2 blockchain Optimism, which is also focused on the Ethereum blockchain. “Optimism is not a competitor [to Base], but rather a collaborator,” Shklovsky said.
The Optimism stack is open source and relied upon by many in the web3 space, The Graph and Edge & Node spokespeople said. “This demonstrates the positive-sum and collaborative spirit of web3, in contrast to the competitive landscape that has become the norm in web2. When developers build in the open, everyone benefits without having to reinvent the wheel from scratch every time a new technology is created.”
Coinbase’s layer-2 blockchain may help expand scaling on Ethereum by Jacquelyn Melinek originally published on TechCrunch
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Photo and Author: Jacquelyn Melinek


text: Nagib Kassis has left Allianz after 15 years at the insurance organisation to undertake his first chief information officer role at ASX-listed FlexiGroup Limited.\nSince July last year, Kassis had been the general manager, data and digital innovation at Allianz Australia. He started working at the organisation in June 2002 as deputy head of infrastructure and operations before undertaking various roles at head office in Munich, Germany and back in Australia.\n\u201cIt was never in the same role [at Allianz] ... and that\u2019s what kept it interesting for some time,\u201d Kassis told CIO Australia. \u201cIt has been a long term ambition of mine to be a CIO and all the roles I had contributed nicely to this sort of role.\u201d\nLast May, Allianz Australia shipped its Munich-based regional CIO, Thomas Ruedesheim as its Australia and New Zealand tech chief. Ruedesheim has been with the company since January 2006 when he was first appointed as CIO in Poland.\n \nKassis said he was attracted to this role at FlexiGroup because he can own FlexiGroup\u2019s technology and digital portfolio \u2018end-to-end\u2019. FlexiGroup offers financial products such as interest free cards, no interest payment plans and leasing, to businesses and consumers through retailers such as Harvey Norman, IKEA, Fantastic Furniture and Apple resellers.\n\u201cI will get the opportunity to digitise their platforms hellip; and start to bring some of the data, digital and innovation elements into their business so that\u2019s the exciting part.\u201d\nIt is understood that FlexiGroup\u2019s existing group chief operations officer, Pete Lirantzis previously had responsibility for IT but the organisation has decided to elevate the CIO role independently.\nCIO Australia has reached out to FlexiGroup for comment.


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Cause for Concern In Chinese Bulbs?
Wednesday, June 20, 2007
Chef Frank Maragos gets garlic for his Culpeper restaurant, Foti's, at nearby Campi di Sogni Farm, where owner Juliana De Santis grows about 30 kinds.
Most of the rest of us, though, buy garlic at a supermarket. We don't know what kind it is, how fresh it is or where it's grown. But there's a good chance it comes from China, which produces 75 percent of the world's supply -- and whose food exports have come under scrutiny after recent discoveries of tainted pet food ingredients, toothpaste and more.
Garlic is the United States' biggest fresh-vegetable import from China, which sent us 138 million pounds of it worth more than $70 million last year. We also get small amounts from Mexico, Argentina and about 15 other countries. We eat a lot of garlic -- about three pounds per person a year.
Although most of our fresh garlic comes from halfway around the world, it's cheaper than garlic grown in California. For example, California garlic bulbs were priced at $4.99 a pound at Whole Foods Market last week, but a pack of five Chinese bulbs -- about a pound -- were just 79 cents at Great Wall supermarket in Falls Church. The U.S. Department of Agriculture says garlic prices have dipped 12 percent in a decade.
California growers think that stinks, because it's killing their business. They grew 18,000 acres of garlic last year, which is only about 2 percent of the world's supply. A decade ago, they grew 36,000 acres. In the early 1990s, U.S. trade officials found that China was "dumping" garlic, or selling it below what it cost to produce. A 377 percent tariff caused imports to dip for a while until shippers found a loophole.
Some California growers and processors say that even though they don't like Chinese garlic, they buy some because it's cheaper than what it costs them to grow it -- even in Gilroy, the "Garlic Capital of the World," which in July will hold its 29th annual festival celebrating the vegetable.
Bill Christopher of the 50-year-old Christopher Ranch there, one of the largest U.S. growers, explained why: "A 30-pound box of Chinese garlic is $14, but our cost [to produce it] here is $26.27." Although he claims California garlic tastes better -- independent lab tests show it's denser in texture than Chinese -- his company uses imports in some prepared products, such as sauces.
Like Christopher, John Layous of the Garlic Co. in Bakersfield, Calif., buys Chinese imports to keep costs low. He supplies Costco, Sam's Club and food-service companies. Layous rails against what he sees as China's unfair competitive advantage, saying his 185-person company, in business since 1980, pays decent wages and provides health and other benefits, unlike Chinese growers. "Another big addition to our costs is the expense we go through to make a safe product," he says, adding that U.S. companies are government-regulated to ensure food is safe.
Fresh garlic isn't the only form of the vegetable causing concern. The U.S. Department of Agriculture's Foreign Agricultural Service says dehydrated Chinese garlic imports increased 384 percent in the past 10 years. Layous and others cite a 2002 report by the now-defunct Americans for Wholesome Food, a coalition of businesses and organizations dedicated to educating consumers, on domestic and imported garlic powder. The AWF's report, based on independent lab tests, found "high levels of lead, arsenic and added sulfites in two supermarket-brand imported garlic powders from store shelves."
Chinese imports in general have caused concern since U.S. pets got sick or died after eating food made from wheat gluten spiked with melamine, a chemical used in fertilizers that isn't approved for consumption, prompting one of the nation's largest pet-food recalls. And this month, the Food and Drug Administration warned U.S. consumers not to use toothpaste made in China because it might contain a chemical used in antifreeze and as a solvent.
The FDA, responsible for inspecting some types of food from 130 countries, last year was deluged with 21 million shipments of food imports, among them 199,000 from China worth about $2.3 billion. FDA inspectors refused 298 food shipments from China in the first four months of this year: They included catfish laden with banned antibiotics, mushrooms laced with illegal pesticides, and others. The rejection rate for Chinese goods is about 25 times that for Canadian goods.
The FDA has 1,750 inpectors, but only 450 work at ports, notes William Hubbard, a former associate director of the agency. "There are 419 ports of entry, ship, air and land crosses," he says. "The FDA is able to staff 40 of them. Some [workers] are part time."


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Cybercriminals are increasingly copying cyberespionage groups in using targeted attacks against their victims instead of large-scale, indiscriminate infection campaigns.
The president of one of the world's biggest computer security vendors says he is skeptical that a stronger government role in cyberdefense will abate the growing number of attacks.
The world’s largest security show is operating under a booth babe ban, leaving exhibitors to stretch their imaginations to get more visitors to stop by.
Cryptography experts at the RSA security conference on Tuesday picked holes in U.S. plans to require that law enforcers be given a way to break encryption to exercise lawful intercept rights.
A two-year malware campaign that abused a widely used payment instrument unique to Brazil may have netted an eye-popping US$3.75 billion.
A new Trojan program that can spy on victims, steal login credentials and interfere with browsing sessions is being sold on the underground market and might soon see wider distribution.
Despite a leak of its source code, an Android program aimed at compromising online bank accounts is still commanding US$5,000 per copy, one of the highest prices seen for a type of malware, according to research from Symantec.
Cybercriminals have started using a sophisticated Android Trojan app designed for e-banking fraud to target Facebook users, possibly in an attempt to bypass the two-factor authentication protection on the social network.
Retailers will face an increased risk of data breaches after Microsoft ends support for Windows XP, a version of which powers the majority of modern cash registers, security vendor Symantec warned in a report published Monday.
2013 was the year we learned we must encrypt our data if we don't want the likes of the U.S. National Security Agency or the U.K. Government Communications Headquarters reading it as it crosses the Internet.
Security researcher Mikko Hypponen has canceled his talk at a RSA security conference in San Francisco, reacting to a report that the security division of EMC allegedly received US$10 million from the U.S. National Security Agency to use a flawed ran...
The U.S. National Security Agency (NSA) paid US$10 million to vendor RSA in a "secret" deal to incorporate a deliberately flawed encryption algorithm into widely used security software, according to a Reuters report that is reigniting controversy abo...
A new variant of a Trojan program that targets online banking accounts also contains code to search if infected computers have SAP client applications installed, suggesting that attackers might target SAP systems in the future.
Security experts used fake Facebook and LinkedIn profiles pretending to represent a smart, attractive young woman to penetrate the defenses of a U.S. government agency with a high level of cybersecurity awareness, as part of an exercise that shows ho...
Law enforcement agencies should be allowed to hack into computers to identify cybercriminals and collect evidence, representatives from Europol and the Dutch National Police argued in front of a room full of security professionals at the RSA Europe s...
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I've had a multifunction printer in the office going on 10 years now. It was a neat bit of kit back in the day -- print, copy, scan, fax -- when printing over WiFi felt a bit like magic. It’s seen better days though and an upgrade’s well overdue. This HP OfficeJet Pro 8730 looks like it ticks all the same boxes: print, copy, scan, and fax. (Really? Does anyone fax anything any more? I guess it's good to know the facility’s there, just in case.) Printing over WiFi is more-or- less standard these days.
As a freelance writer who is always on the go, I like my technology to be both efficient and effective so I can do my job well. The HP OfficeJet Pro 8730 Inkjet Printer ticks all the boxes in terms of form factor, performance and user interface.
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Much like Elon Musk’s big boy car, David Benioff and D.B. Weiss are being launched into space.
David Benioff and D.B. Weiss, the co-showrunners of HBO’s nearly-over Game of Thrones, have been tapped to create a brand new trilogy set in the Star Wars universe. Don’t worry, this isn’t likely to make the delayed release of Game of Thrones‘s final season any worse, but it thankfully spells bad news for that terrible idea Confederate, which we haven’t heard about in months.


text:
TOKYO -- Fast Retailing CEO Tadashi Yanai will leave SoftBank Group's board on Dec. 31, SoftBank announced on Friday, ending an 18-year tenure at the Japanese technology conglomerate.
Yanai joined SoftBank's board as an independent director in June 2001. He is now stepping down to "focus on his main job" of running Fast Retailing, which operates the Uniqlo franchise, according to a Fast Retailing spokesperson. The decision came "as we expand abroad while strengthening our business bases in Japan," the person added. Uniqlo recently opened stores in Vietnam and India.


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Is YOUR Homebase closing? Map reveals the 42 stores set to close in last-ditch deal to save the struggling DIY chain in latest blow to High Street
- Stores will stop trading during late 2018 and early 2019 as part of new deal
- Homebase was bought by Australian giant Wesfarms in 2016 for £340million
- Firm alienated customers, and sold the DIY chain to Hilco for £1 in May this year
Homebase have released a list of the 42 stores set to close after the struggling DIY chain was saved in a deal with the company’s landlords.
Earlier today Homebase agreed to close the stores as part of a deal that means the chain will be given rent reductions on 70 shops and temporarily discounted business rates.
The stores will finish trading during late 2018 and early 2019, and are expected to lead to around 1,500 redundancies.
Homebase have 241 shops across the UK and 11,000 employees.
The High Street chain’s problems began two years ago after it was bought by Australian giant Wesfarmers for £340million.
Struggling DIY chain Homebase have announced they will be closing 42 stores across the country in a last-ditch deal to save the High Street store
Homebase have 241 shops across the UK and 11,000 employees but many jobs will now go
Wesfarmers alienated Homebase’s loyal customers by stripping out home furnishings and attempting to rebrand as Bunnings – a popular chain in Australia and New Zealand.
After struggling for two years, Wesfarmers sold Homebase to Hilco for £1 in May.
A total of 16 Homebase stores have already been shut this year and the business has also axed 303 jobs at its head office in Milton Keynes.
Homebase boss Damian McGloughlin said: ‘We are pleased that an overwhelming majority of our creditors, including such a proportion of landlords, have supported the plans laid out in the CVA.
‘We now have the platform to turn the business around and return to profitability. This has been a difficult time for many of our team members and I am very grateful for their continued support and hard work.
Home base store closures mapped: Dozens of stores will close across the UK, it has been announced
Which Homebase stores are closing?
- Aberdeen Bridge of Don
- Aberdeen Portlethen
- Bedford St Johns
- Cardiff Newport Road
- Croydon Purley Way
- Dublin Fonthill
- Dublin Naas Road
- East Kilbride
- London Merton
- London New Southgate
- London Wimbledon
- Oxford Botley Road
- Poole Tower Park
- Seven Kings
- Southampton Hedge End
- Swindon Drakes Way
- Swindon Orbital
‘We can look to the future with great confidence, and we will be working closely with our suppliers to capitalise on the opportunities we see in the home improvement market in the UK and Ireland.’
The firm said it would try to redeploy affected staff.
The retailer is closing the stores via a Company Voluntary Arrangement (CVA), a controversial insolvency procedure used by struggling firms to shut under-performing shops.
CVAs have been adopted by a host of retailers including New Look, Carpetright and Mothercare, despite the property industry expressing disdain for the procedure, arguing it leaves them out-of-pocket.


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DETROIT (FOX 2) - Police were surveilling the Downtown Detroit Lululemon store Monday when a group of thieves walked out with about $13,000 worth of stolen clothing.
Michigan State Police detectives and Michigan Attorney General Special Agents set up surveillance near the store on Woodward after receiving a tip about a crime ring targeting Metro Detroit Lululemon stores.
While outside the store, detectives spotted suspects from previous thefts. Shortly after, police said the suspects walked out carrying clothes, and five females who have not been identified were arrested.
Police say they believe the group is responsible for other thefts from Lululemon. They are suspected to have stolen upwards of $125,000 worth of merchandise from the stores.
"While many may think retail fraud as a ‘lower level’ crime, these large scale retail thefts put both the public and store employees in danger as well increasing the price at the register for consumers," said MSP F/Lt Mike Shaw.


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Sara Lee Corp. said Wednesday that it had agreed to sell its cosmetics, skin-care and fragrance direct-selling unit to Tupperware Corp., the pioneer of home sale parties.
The deal is the first substantial step in Sara Lee's multibillion-dollar reorganization announced in February. During the next five years, the Downers Grove-based company plans to shed $8.2 billion of its businesses, representing 40 percent of revenue, as it transforms itself to an operating company after years as a holding company.
The sale is expected to be followed quickly by divestitures of the consumer-products company's European apparel business by the end of September, its U.S. retail coffee business by the end of the year and its European meat unit in early 2006.
Sara Lee also plans to spin off its American apparel unit, which has Champion, Hanes and Playtex brands, to shareholders by the middle of 2007, as the company refocuses its efforts on food products. Food had been the company's core; the company called itself Consolidated Foods Corp. for decades before it began buying apparel companies in the 1970s.
The sale of the direct-selling unit to Tupperware for $557 million came four months earlier than Brenda Barnes, president and chief executive of Sara Lee, projected last week in a presentation to Wall Street analysts.
The unit makes sales via beauty consultants going door-to-door in 18 countries in South and Central America and Asia. Last year the unit, whose brands include Avroy Shlain, House of Fuller, House of Sara Lee, NaturCare, Swissguarde and Nuvo Cosmeticos, recorded sales of $470 million.
"This divestiture is another key step in simplifying our organization and concentrating on driving growth in our core food, beverage and household products businesses," said Barnes, alluding to the hiring this spring of a new management team to help run the company.
For Barnes, the sale also demonstrates to Wall Street analysts that the company is serious about completing its reorganization on time.
Analysts last week sharply questioned her timing projections.
"We are working very hard to get our house in order," Barnes told the analysts last week. "That is the order of the day."
Analysts grilled Barnes about reorganization efforts after the company reported a fourth-quarter loss of $148 million due to dropping sales, higher commodity costs and millions of dollar in write-offs for reorganization expenses.
Greg Warren, an analyst with Chicago-based Morningstar Inc., said the sale beat his expectation.
"I was kind of surprised by how much they got for the direct-selling business," he said.
Warren said the sale proceeds will be needed to help fund Sara Lee's ambitious plan to buy back $2 billion in stock and maintain its 79-cent-per-share dividend.
Shares of Sara Lee on Thursday fell 1.8 percent, to $20.02, down 38 cents, on the New York Stock Exchange.
The sale of the direct-selling unit has been long overdue, according the many analysts.
Sara Lee's cosmetics have been the minority player in the growing overseas battle between Dallas-based Mary Kay Cosmetics and New York-based Avon Products Inc. for direct beauty sales. Mary Kay Cosmetics are sold in 30 countries, while Avon Products are sold in 135 countries.
Mary Kay last year recorded sales of $1.8 billion; Avon said sales totaled $7.7 billion.
Orlando-based Tupperware is making the purchase to boost sales in Latin America and the Pacific Rim by Dallas-based subsidiary BeautiControl Inc.
The purchase is intended to help offset a drop in revenue in North America due to a declining sales force and less consumer interest in the parties that are the staple of the sales of its plastic containers.
Sales in the North America unit fell about 13 percent in the second quarter from a year ago. Seventy-five percent of Tupperware's sales now occur outside North America.
The company entered the market for beauty products in 2000 with its purchase of BeautiControl, which sells premium products in North America, Latin America and Asia. Tupperware's direct-sale gatherings in homes became popular in the 1950s.
Simon Hemus, group president of the Sara Lee direct-selling unit, will join Tupperware as group president of international beauty and personal care.
Shares of Tupperware rose more than 8 percent, closing at $22.81, up $1.71, on the New York Stock Exchange, after the company said the transaction will immediately add to earnings per share by about 20 percent.
The deal is expected to close in the fourth quarter of this year, pending regulatory approval.


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The UK’s top share index on Friday held its ground, slightly outperforming a broadly negative European market, as global trade uncertainty and political troubles closer to home spurred demand for defensive stocks and earnings filtered through.
The blue chip FTSE 100 on Friday shed 5.18 points, or 0.07 percent, to 7,678.79 points. It scored its second week of straight gains, up 0.2 percent from 7,661.87 on July 13.
The FTSE, dominated by companies with large foreign currency earnings, has found support from weakness in the pound, which has been on the back foot this week amid signs of discord in British Prime Minister Theresa May’s party over her Brexit strategy.
Sterling rebounded on Friday from 10-month lows.
“The FTSE’s got the better set of exposures to the current set of conditions,” City Index market analyst Ken Odeluga said.
“The FTSE is hugely exposed to a lot of cyclicals and risky factors like commodities ... but again, of course, it does have a huge set of consumer staples and noncyclical businesses, which are the really large ones, and don’t forget the [US] dollar exposure as well,” Odeluga added.
Tensions over global trade have been a prominent worry in markets over the summer and have kept the FTSE 100 trading in a narrow range since the end of May.
While concerns over tariffs have hit European sectors such as autos, the more defensive makeup of the FTSE has shielded it somewhat.
Consumer staples stocks such as British American Tobacco PLC, Imperial Brands PLC and Unilever PLC were among the biggest gainers, all up between 0.4 percent and 2.5 percent.
“In view of the uncertainty caused by both existing and possible new trade tariffs, we currently prefer a balanced position between defensive and growth stocks,” Credit Suisse Wealth Management analysts said in a note. “We therefore favor Swiss, UK and emerging-market equities.”
Earnings were also in focus, especially among smaller companies.
Shares in insurer Beazley PLC fell 1.5 percent after the company reported a steep fall in pretax profit as rising US interest rates took their toll on investment returns.
Unilever also benefited from a number of target price upgrades from brokers, including Barclays PLC, Jefferies Group LLC and Joh. Berenberg, Gossler & Co KG, after the consumer giant’s earnings topped earnings estimates in the previous session.
“The market appears to have taken relief from the better-than-expected H1 margin outturn, which has added renewed credibility to the savings-driven bottom-line growth story at Unilever,” Barclays analysts said in a note.
Elsewhere, European stocks plunged, led by the auto sector, as US President Donald Trump said a new round of tariffs on Chinese goods was “ready to go” and that China and the EU were manipulating their currencies.
The pan-European STOXX 600 on Friday fell 0.56 points, or 0.2 percent, to 385.62, led by cyclical sectors, including auto and mining. That was a 0.2 percent increase from a close of 385.03 on July 13.
Trump said on Twitter that the EU was among those that had been manipulating their currencies, after earlier saying in an interview on CNBC that the US is ready to impose levies on all US$505 billion of Chinese imports into the US.
The president’s remarks indicated his willingness to escalate the US’ trade war with China, dashing hopes the two sides would arrive at a compromise before more tariffs were imposed.
Meanwhile, German Chancellor Angela Merkel said the EU is ready to retaliate against any US auto tariffs as it prepares to meet with Trump to discuss the possibility of cutting car duties.
The comments came just as global markets were starting to enjoy a reprieve from trade headlines, with attention shifting to the earnings season.
French auto parts maker Faurecia led declines in the auto sector, which has been whipsawed lately by Trump’s threats of raising tariffs on European cars.
Peugeot SA fell 3.4 percent, while Volkswagen AG lost 3.7 percent.
“In such a conflict situation, no one can buy auto stocks, or even hold them,” Evercore ISI analyst Arndt Ellinghorst said. “If you’re an auto exec now, getting customers and orders is the least of your worries. You’re only focused on politicians.”
Additional reporting by staff writer
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to


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Fear of the coronavirus and its wider effects on the global economy have sent shivers through the financial markets. At the time of writing, the markets are in free-fall, and downgrades are inevitable.
It may be a shock for many novice shareholders but the coronavirus-linked crash is tipped to be on course for a crisis as bad as, if not worse than, the global crash of 2008.
Virtually all the FTSE 100’s constituents are displaying losses, and some are posting profit warnings.
When panic subsides, which sectors will rise?
As Covid-19 is still spreading, we cannot yet predict the extent of the damage it will wreak on national economies and the financial markets.
But scaremongering aside, I prefer to look at the bigger picture with a long-term view. When it comes to stocks, among the losers, there will be winners when the world starts to return to normal. And I am looking to billionaire investor Warren Buffett’s advice to seek opportunity in the stock market.
For instance, once the panic subsides, and people return to normal life, the entertainment industry will thrive again. It’s human nature to want to celebrate life and enjoy being together. Think pub chains and cinema operators.
And although I think people will want to celebrate, some may be less keen to venture out in public, so home food delivery and streaming entertainment products are likely to thrive.
It’s reasonable to think this outbreak will make people more vigilant about their personal hygiene so disinfectants, hand gels and immune-boosting products are likely to do well over the long term. That means healthcare and personal care specialists. I like Hikma and Astrazeneca in pharmaceuticals and Reckitt Benckiser, the manufacturer of Dettol in consumer goods.
Then there are the sectors that prosper in times of crisis and when times are more ‘normal’ too. I think defence will remain a key focus for governments’ budgets going forward. FTSE 100 Stocks I think worth saving to a watchlist include BAE Systems in defence, which has a 3.8% dividend yield, covered twice by earnings per share, and a price-to-earnings ratio (P/E) of 13.
Safeguarding the supply chain
Another issue that the coronavirus crisis has thrown up is around company supply chains. Where are companies getting their products from or the machinery they need to manufacture the goods? Is this going to be affected by the closing of borders? And perhaps firms with the best control of their supply chains are worthy investment targets.
Many FTSE 100 constituents are international, with a complex supply chain often focused on China. Associated British Foods, which owns Primark, has warned of potential stock shortages on disruption to its supply chain, but is also being proactive about protecting its supplies.
Popular homeware retailer Dunelm, which has enjoyed a share price rise of 29% over the past three months, gets its stock from overseas too. In mid-February its CEO said the company has enough stock to tide it over for months.
But aside from checking out companies making in-demand products and with robust supply chains, I think the key thing that is important for every shareholder to remember is Don’t Panic! Avoid panic-selling, as you never want to sell at the bottom. Sit tight and wait for more information or good buying opportunities if you’ve done your research and have cash to spare.
It’s official: global stock markets have been on a tear for more than a decade, making this the longest bull market in history.
But this seemingly unstoppable run of success poses an uncomfortable question for investors: when will the current bull market finally run out of steam?
Opinions are split about whether we’re about to see a pullback — or even a bear market — in 2020. But one thing is crystal clear: right now there’s plenty of uncertainty and bad news out there!
It’s not just the threat posed by the coronavirus outbreak that could cause disruption — Trump’s ongoing trade-war with China and the UK’s Brexit trade negotiations with the EU rumble on... and then there’s the potential threat of both the German and Japanese economies entering recession...
It all adds up to a nasty cocktail with the potential to wreak havoc and send your portfolio into a tailspin.
Of course, nobody likes to see the value of their portfolio fall, but fortunately, you don’t have to go it alone. Download a FREE copy of our Bear Market Survival Guide today and discover the five steps we believe any investor can take right now to prepare for a downturn… including how you could potentially turn today’s market uncertainty to your advantage!
kirsteenm has no position in any of the shares mentioned. The Motley Fool UK has recommended Associated British Foods, AstraZeneca, and Hikma Pharmaceuticals. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.


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Game of Thrones and The New Mutants actress Maisie Williams has started a poll on Twitter seeking opinions on whether she should invest in bitcoin. Among those who replied was Spacex and Tesla CEO Elon Musk who wrote: “Toss a bitcoin to your Witcher.”
Should Maisie Williams Go Long on Bitcoin?
As the price of bitcoin continues to surge, the cryptocurrency has attracted the attention of not only institutional investors but also celebrities. One of the latest is Maisie Williams, a 23-year-old English actress with 29 acting credits, according to her IMDB profile page. She is famed for her role as Arya Stark in the popular TV series Game of Thrones and as Rahne Sinclair, aka Wolfsbane, in X-Men reboot The New Mutants. According to the website celebritynetworth.com, Maisie Williams’ net worth is $6 million and her salary is about $150,000 per episode.
Williams tweeted on Monday: “should I go long on bitcoin?” At the time of writing, there were almost 900,000 votes, and her tweet had received more than 3.3K comments, 3.1K retweets, and 13.9K likes. With about an hour left to go, 46.4% of the votes say “yes” to her longing bitcoin.
Comments on her bitcoin question vary; some advise her to become a bitcoin hodler while others warn her to stay away from the cryptocurrency. “Yes, bitcoin will go to the moon,” one commenter wrote. Another replied to Williams: “Yes — dollar cost average into it and make it an important, balanced hedge in your portfolio.” There were also bitcoin skeptics, telling Williams not to buy BTC at the current price “because soon will fall 25-30%” While some commenters recommended popular educational resources for Williams to learn how to start investing in bitcoin the right way, a few saw the Game of Thrones star’s tweet as an opportunity to pump the cryptocurrencies they support.
Toss a Bitcoin to Your Witcher
Spacex and Tesla CEO Elon Musk also replied to Maisie Williams’ tweet. He…


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Scottish technology firm Pyreos is looking to break into the multi-billion pound global market for “wearable technology” – such as fitness trackers and smart watches – with the launch of a new product at a major industry event today.
The Edinburgh-based infra-red sensor developer, spun out from Siemens in 2007 and backed by a number of big name investors, has launched a tiny device which can detect gestures but can also provide information on the direction and speed of a movement.
The sensor, the smallest of its kind on the market, has potential applications across industry including flame detection, which can be critical in large industrial facilities, such as oil and gas rigs or petrochemical plants.
The ezPyro sensor, which is much smaller than a five pence coin, also opens up the potential for the company to benefit from the boom under way in the wearable technology sector which is expected to be worth $25 billion (£18bn) by 2019, according to figures from industry analysts CCS Insight.
Forecasts suggest more than 245 million wearable devices will be in use before the end of the decade.
Andrew Wallace, chief executive at Pyreos, said the sensor has the potential to be a “real game-changer” for the Scottish company.
“This is a massive opportunity for Pyreos and our sensors, and it complements the use of our existing range of sensors in mobile phones and other consumer electronic devices.”
A further potential application for ezPyro is in detecting the presence of gases and also analysing their concentration. It can detect poisonous substances such as carbon monoxide from inefficient central heating boilers or the methane produced in industrial processes.
The sensor can also pick-up carbon dioxide, which can be important for monitoring the environment in climate management and ventilation systems, and the nitrogen oxides produced by vehicle engines.
READ MORE: Sensors specialist Pyreos bolsters boardroom
The Scottish company’s technology is based on the equivalent of 75 man-years and some €10m (£7m) of investment and research at Siemens in ceramic thin-film technology.
The company has filed well over 120 patents to protect the intellectual property it has created so far.
Its major shareholders include Robert Bosch Venture Capital, Scottish Investment Bank, Seraphim Partners, Siemens Technology Accelerator and Braveheart. All the shareholders contributed to a further £2.5m funding package for the company last year.
The firm is based at the Scottish Microelectronics Centre on the University of Edinburgh’s King’s Buildings campus.
The new sensor is being launched at the Sensor+Test measurement fair at Nuremburg in Germany, which starts today.
Last month Pyreos was named as one of 23 UK companies in the Red Herring Europe Top 100 table of technology companies.


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Huawei surpassed Apple in the smartphone market in the second quarter of 2018, making it the world’s second largest smartphone maker for the first time.
Huawei accounted for 15.8% of the global market, compared with Apple’s 12.1%.
Huawei’s global position in smartphone sales is a turning point, with 54.2m units of its smartphones being shipped and delivered, with a market share of 15.8%.
It also posted an annual growth rate of 41%, surpassing two other global brands in the sector during the same period last year.
The company also ranked second in terms of smartphone sales in the Middle East and Africa, outpacing Apple in this region, according to a GFK report for May 2018.
The smartphone manufacture’s market share in the Middle East and Africa reached 21%, realising a growth of 31.25% against December 2017.
The growth of the market share of the company within the countries of the region exceeded 20%, which included the regions of the Levant by 37.4%, Oman by 30%, Saudi Arabia by 27%, Iraq by 25%, Egypt by 24%, Pakistan by 22.2%, and the United Arab Emirates by 20%.
Huawei is proud to be leading the innovation efforts in the smartphone sector, as it is now the sixth largest company in terms of spending on R&D activities.
It has spent $45bn over the past 10 years to support these activities, and has invested $12bn in the past year to support R&D.
The company’s efforts have yielded very positive results, with its innovative products attracting many prestigious international awards. In addition, Huawei has been shaping a new phase of innovations in the smartphone industry since its use of the Kirin 970 processor, the first processor in the world powered by artificial intelligence capabilities, on its various phones.
One of the highlights of the company is the launch of the Huawei P20 Pro, the world’s first 40-megapixel camera, powered by the most advanced artificial intelligence technology, and many unique features to capture the best professional images at night. The Huawei P20 Pro has seen a strong turnout in the smartphones sector.
The company shipped and delivered more than 6m units of this phone to all over the world, just a few months after its launch.
Huawei recently announced the launch of the Huawei Nova 3 series of phones, which is proof of the strength and excellence of the company in the middle-class phone market.
The Huawei Nova 3 and Huawei Nova 3i feature a dual 24-megapixel front camera and 2 megapixels supported by the finest artificial intelligence, ensuring consumers get the best selfie images by boosting faces in portrait mode, next to applying AI beauty to get best results.
Huawei continues to emphasise its strong commitment to innovation and customer service with the launch of its revolutionary GPU Turbo technology to accelerate the performance of gaming processing units, allowing users to easily upgrade their phones and enjoy a much-improved experience, especially when using games.
Huawei recently announced that it was listed for the second consecutive year in Forbes’ list of the world’s highest value brands, becoming the only Chinese company on the list in 2018.
The company continues to introduce the latest innovations that are captivating and attractive to consumers, reflecting the company’s high profile and proximity to the leadership of the smartphone industry.


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Mark Mobius, the founding partner of Mobius Capital Partner and emerging market expert revealed that he felt a hard Brexit would be “terrific.” He added that after fulfilling a clean break from the EU the UK would be able to engage with free trade with nations around the world. He also noted that unrestricted trade with the rest of the world would be “great” for the UK, the world and the emerging markets.
During a CNBC interview, Mr Mobius said: “If the UK says look we are free trade.
“Everybody can come into our country and everyone can trade free of any changes or problems.
“Then it is going to be terrific.
“It is going to be very good for England, It is going to be good for the rest of the world and particularly for emerging market countries.
Emerging Market expert has claimed Britain will thrive with a hard Brexit
A free and open UK would be very good but they have to really take that strong step
“Don’t forget that the UK has very close ties with a lot of these great emerging markets.
“This is because of the former colonial background.
“A free and open UK would be very good but they have to really take that strong step.”
The CNBC host then questioned Mr Mobius what his fears were regarding Brexit and how other options besides a hard Brexit may hinder the potential opportunities from leaving the EU.
He agreed and said: “I fear that whatever happens, it will be a mixed bag.
“And not really a clear free market situation.”
The host then added that he had spoken to a variety of different businesses with the majority claiming that they wanted a softer Brexit to ensure they remain close to the European Union.
He closed by asking Mr Mobius whether businesses were wrong regarding what is best for them.
The Emerging Market expert explained that businesses were correct and added: “There is no question they are right.
“One manufacturer has 100 trucks waiting at the border every day.
“Can you imagine if they are restricted or have paperwork to get through, its a disaster.
“There is no question that manufacturers want a free and open border between the UK and EU.”