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In this issue
- Coinbase set to go public on Nasdaq
- Mary hard fork takes Cardano closer to Goguen
- Goldman Sachs, other big banks line up behind bitcoin
- NFT king Beeple’s $6.6 million crown
- Are these ‘crypto miners’ in China for real?
From the Editor’s Desk
A rising tide lifts all boats. In the world of cryptocurrency, we are seeing the bitcoin price surges do exactly that.
From Coinbase’s eye-watering pre-public valuation to musicians and artists dropping their works in the digital sphere for millions of dollars, it is the unstoppable advance of the digital asset age. And as more investors look for opportunities for exposure to this new alternative asset class, there are countless options beyond bitcoin. Demand is frothing over to blockchain-focused goods and services that sit adjacent. That also explains the latest drama in the China cryptocurrency mining industry as one company, which shed its P2P lending business for a more profitable one in cryptocurrency mining, appears to maintain demand despite getting called out by short sellers.
Still, there’s deeper value here than meets the investor’s eye at the moment. The intrinsic, fundamental value remains in the technology and how it can shift legacy systems. Speculative interest will come and go. But the rise of the cryptocurrency economy will benefit all who participate in it.
Until the next time,
Founder and Editor-in-Chief
1. Coinbase set to go public on Nasdaq
CEO Brian Armstrong is ready to take Coinbase public through a direct public offering. Image: TechCrunch, CC BY 2.0, via Flickr
By the numbers: Coinbase — over 5,000% increase in Google search volume.
Coinbase, the largest cryptocurrency exchange in the United States, has filed its S-1 registration with the U.S. Securities and Exchange Commission for the direct listing of its Class A common stock on the Nasdaq under the ticker symbol COIN. Prior to its disclosure, it was widely believed that Coinbase would go public through an initial public offering. Instead, its registration confirms that the company will not be creating new shares and will not go through an underwriter, but registered stockholders may elect to participate in resales of their Class A stock.
- Coinbase’s largest Class A shareholder is venture capitalist Marc Andreessen, who owns 24.6% of the shares. CEO Brian Armstrong holds 10.9% of Class A shares.
- The filing also reveals that Coinbase’s total assets have more than doubled since Dec. 31, 2019, when it reported just under US$2.4 billion of total assets. By Dec. 31, 2020, its assets grew by more than 140%, reporting over US$5.8 billion in total assets, which includes US$316 million in cryptocurrency, a significant increase from US$33.9 million in 2019.
- Coinbase recorded a net loss of US$30 million in 2019, but by the end of 2020, the company reported a net income of US$322 million.
Forkast.Insights | What does it mean?
An IPO is a rite of passage. A moment when a company’s vision, hard work, and millions of investors’ dollars in those funding rounds all pay off.
In 2020, companies skipped the IPO rite of passage and chose to go public via special-purpose acquisition companies (SPACs) instead. In 2021, filing a direct listing (which is what Coinbase did) is the new path to going public. You could say, direct listing is the new SPAC.
As Coinbase goes public on Nasdaq via a direct listing, it’s also skipping the part of subjecting itself to an IPO discount that usually ranges up to 20% from its median peer. The discount is usually applied to stoke public interest and hopefully the share price on the first day. But Coinbase is likely riding on different factors in the market, namely bitcoin and FOMO.
Coinbase’s latest valuation per FTX in a pre-IPO contract is estimated to be US$100 billion on US$3.4 billion in revenue. It’s a heady figure, considering Coinbase was valued at US$8 billion at its 2018 funding round. Compare that, too, to Nasdaq, Inc. — owner of Nasdaq and the Philadelphia and Boston stock exchanges — which has a market cap of US$23 billion on a reported US$2.9 billion in 2020 revenue.
A direct listing has risks for the company and its investors alike. No long-term or large cornerstone shareholders ahead of an IPO means fewer defenses against price volatility. But is that different in the world of crypto? It is not. The risk appetite is great amid a perceived upside.
2. Mary takes Cardano closer to Goguen
Novelist Mary Shelley published “Frankenstein” in 1818. Image: Rodrio555, CC BY-SA 4.0, via Wikimedia Commons
By the numbers: Cardano — over 5,000% increase in Google search volume.
Cardano blockchain successfully launched its Mary hard fork upgrade to its mainnet this week. The upgrade, which introduces user-defined native tokens to Cardano, allows Cardano to perform the functions of a multi-asset (MA) blockchain. The hard fork, named after Frankenstein author Mary Shelley, continues Cardano’s rollout of its Goguen smart contract era, named after American computer scientist Joseph Goguen.
- Dubai-based crypto investment fund FD7 ventures is ditching US$750 million in bitcoin over the next 30 days in favor of Cardano (ADA) and Polkadot (DOT). “Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless,” Prakash Chand, managing director of FD7 Ventures, said in a statement.
- In the market, Cardano’s native cryptocurrency ADA has been surging. Over the weekend, ADA vaulted over Binance Coin (BNB), Polkadot (DOT) and Tether (USDT) to become the third-largest cryptocurrency by market capitalization, after bitcoin and Ethereum’s ether, and is now trading at US$1.25 at the time of publishing.
Forkast.Insights | What does it mean?
“Forget bitcoin, what about all those other coins?” (said every institutional investor in the market right now).
Cardano’s ADA is one of those coins grabbing the alt-attention in the cryptocurrency investment space. Since the start of 2021, Cardano’s token ADA has jumped more than 570% and is now one of the top three cryptocurrencies by market capitalization.
The Mary hard fork means that ADA can support DeFi, smart contracts and NFTs. That’s exciting because now users can create their own tokens that interact on Cardano — which means anyone can send coins to another without the need to register users, the first step to full, smart contract functionality.
It also means that the Cardano blockchain is now well on its way to realizing its vision for enterprise usage, especially in Africa. As we reported in Forkast.News, developing economies such as Africa’s have been part of Cardano’s strategy since its launch. Prior to the Covid-19 pandemic, the International Monetary Fund (IMF) estimated that the top five of the world’s fastest growing economies would be in Africa. Ethiopia, one of the countries with the highest potential for economic growth as well as crypto adoption, has a population that is more than 70% under the age of 30. The underlying blockchain of ADA has African use cases in mind.
FD7, the Dubai investment firm that is shifting US$750 million of its bitcoin allocation to Cardano and Polkadot, sees beyond the notion that cryptocurrency’s only use case is a store of value. The new value lies with those tokens that fuel the transactions of the present and future Web 3.0.
3. Wall Street lines up behind bitcoin
Bitcoin adoption accelerates on Wall Street. Image: mstandret, Envato Elements
By the numbers: Bitcoin — over 5,000% increase in Google search volume.
Although bitcoin’s recent prices suggest that demand may be hitting a plateau, cryptocurrency has never been more popular on Wall Street.
- JPMorgan & Chase strategists are recommending that investors consider diversifying 1% of their portfolios with cryptocurrencies.
- Goldman Sachs is now rebooting its cryptocurrency trading desk — after shelving an earlier effort in 2018 — to offer bitcoin futures and other financial products by mid-March, according to Bloomberg.
- Citibank published a research note, “Bitcoin: At the Tipping Point.” The note states that bitcoin is at the cusp of mainstream acceptance and predicts bitcoin will eventually become the “currency of choice for international trade.” (A dissenting view in the Financial Times bashes Citi’s bitcoin analysis as being “embarrassingly bad.”)
- In Europe, private Swiss bank Bordier & Cie SCmA has announced that it is partnering with digital asset bank Sygnum to offer cryptocurrency products and services to its clients. The bank, which was founded in 1844, states that the expansion of its offerings to include digital assets was driven by increasing client demand.
- Back in the United States, the Massachusetts Institute of Technology’s Digital Currency Initiative has launched the Bitcoin Software and Security Effort — a four-year research and development program that will include bitcoin’s reference software, Bitcoin Core. The project has received US$4 million in funding from bitcoin investors Jack Dorsey of Twitter, Michael Saylor of MicroStrategy and the Winklevoss twins of Gemini.
Forkast.Insights | What does it mean?
Talking your book. It’s something one always has to keep in mind when monitoring the headlines of opinions in cryptocurrency. But when you’re trying to gain a position, a foothold in cryptocurrency where once you didn’t have it, it might be convenient to express doubt and suspicion as one tries to cement holdings.
There has certainly been a lot of cold water poured onto the notion that bitcoin or other cryptocurrencies should store anything let alone value. Questions about whether it would be anything more than a digital haven for speculators, or if holding cryptocurrency would simply encourage your neighborhood criminal to go on a spree. These comments come from some of the biggest names in the land. All this amid concerns that bitcoin rose too far, too fast and is now tumbling back down to more modest levels.
So as bitcoin prices fell from its high of US$58,640 on Feb. 21, MicroStrategy (and likely others) swept up more bitcoin for its institutional client base. According to its latest 8-K filing with the SEC, MicroStrategy said it acquired an additional US$15 million in bitcoin at an average price of $45,710. That’s a nice 22% discount from bitcoin’s all-time high last month.
4. NFT king Beeple’s $6.6 million crown
Beeple’s “Everydays: The First 5000 Days” is on auction at Christie’s. Image: Christie’s Images Ltd. 2021
By the numbers: Beeple — over 5,000% increase in Google search volume.
Speaking of the Winklevoss twins, an artwork by non-fungible token (NFT) pioneer and digital visual artist Beeple, “Crossroads,” was sold for a record-breaking US$6.6 million of ether in Nifty Gateway, an NFT marketplace owned by the Winklevosses. “Crossroads” — which depicts former president Donald Trump lying tummy-down on grass — is Beeple’s first 1/1, meaning it’s his first unique piece.
- Beeple also has an on-going auction at Christie’s for his digital artwork, “Everydays: The First 5000 Days.” The auction at Christies opened at US$100, and quickly rose to US$1 million in just the span of an hour.
- In the world of NFT music, 33 unique NFTs of American DJ 3Lau’s “Ultraviolet” album sold for a total of US$11.68 million, with one single ringing up US$3.67 million, while singer Grimes’s 10-piece series sold for US$6 million.
Forkast.Insights | What does it mean?
The starving artist is no more.
Beeple — aka graphic designer Mike Winkelmann of Neenah, Wisconsin — is not only making a name in New York’s fine art world. He is transforming it globally via NFTs — a blockchain-powered technology that marries the scarcity value of art with the dynamism of tokenomics. Digital content producers couldn’t be happier. But it also means that fans of artists, athletes, celebrities and musicians can support the very works they admire — in the lifestyle that they have grown accustomed to.
It’s a new marketplace. And in a world steeped in assets, NFTs are yet another digital form of it, an alternative asset subclass of tokens and cryptocurrencies that is finding a digital home.
According to the NFT Report 2020 published by L’Atelier, BNP Paribas, and Nonfungible.com, the value of the NFT market has more than tripled in 2020 and is on track to reach a US$1 billion market valuation this year, according to one estimate.
A recent collector paid 800 ETH for Punk 6965 that’s US$1.5 million at the time of purchase. The current asking price is now US$2 million, or 1,500 ETH. So the next time someone asks whether cryptocurrency will ever become the currency of choice, the answer might already be answered in the art world. Cryptocurrency is paying for other digital assets, and the demand appears to be growing.
5. Are ‘crypto miners’ in China taking investors for a ride?
Short sellers question the legitimacy of some Chinese mining ventures. Image: Envato Elements
Short sellers took aim at a couple Chinese companies, questioning the authenticity of the non-crypto companies suddenly jumping into the crypto mining business — allegations that one of those firms has vigorously denied.
- Two short-sellers, Hindenburg Research and Culper Research, published two separate reports last week, saying they were shorting shares of Chinese firm SOS Ltd., according to Reuters. Formerly known as China Rapid Finance, a company listed on the New York Stock Exchange, SOS is a P2P lending firm that sold its legacy P2P business in August 2020 due to government regulations. Earlier this year, SOS shifted to the cryptocurrency mining business by buying 5,000 mining rigs for crypto farming in China’s Sichuan province. “We find the Company’s claims regarding its supposed cryptocurrency mining purchases and acquisitions to be extremely problematic, if not fabricated entirely,” wrote Culper Research in its report.
- SOS has emphatically denied the short sellers’ allegations. “These attacks were purposefully designed to manipulate the price of the company’s shares, with the aim of causing a stock price decline in order to economically benefit the short sellers,” SOS said in a statement.
- SOS’s mining venture is not the only pivot to crypto being questioned by short sellers. Nasdaq-listed Bit Digital — another former P2P lender from China — had a surge in share prices to all-time highs of US$29 on Jan. 4 after announcing its jump into crypto mining. Less than a week before that, at the end of 2020, Bit Digital was on the brink of delisting and had its shares trading for only US$5. On Jan. 11, U.S.-based short seller J Capital Research published a report questioning the authenticity of Bit Digital’s crypto mining business. Bit Digital’s shares have since stumbled, and the company now faces a class-action lawsuit by investors in New York that alleges securities fraud.
- More chill in the wind for companies wanting to enter crypto mining in China: Inner Mongolia, the autonomous region in northern China that is home to some of the world’s biggest cryptocurrency mining farms, is planning to ban mining. Citing its enormous consumption of coal-fueled electricity in the region, Inner Mongolia declared it would shut down all cryptcurrency farms by April.
Forkast.Insights | What does it mean?
Short sellers do the necessary business of vetting companies. One can’t depend on China’s media as a way of evaluating companies, or holding the powerful to account. So two separate short sellers, Culper Research and Hindenburg Research, did the due diligence and found SOS needing some help of its own.
From listing a hotel room as headquarters; to debunking photos of mining rigs that were not the A10 Pros SOS claimed they were, but instead Avalon’s A1066 miners; to the droll observation about the company’s listed gmail account that “presumably, a mining supplier with the capability to fill a $20 million order at a far faster rate than its peers would have its own company email address,” Culper listed all of its findings that supported its call to short sell SOS.
SOS replied with a statement, saying simply that the short seller’s allegations were “distorted, misleading and unsubstantiated.”
Bitcoin’s bull run has been a boon for cryptocurrency miners, who have a high operating leverage (buy equipment in bulk, operate at scale to save on electricity costs). Any increase in bitcoin prices have sparked an increase in crypto mining company share prices. Case in point: Riot Blockchain and Marathon Digital Holdings — two Nasdaq-listed bitcoin mining companies in the U.S. — are up more than 200% since the beginning of this year. Simply put, higher bitcoin prices mean higher mining profit margins. If you’re going to switch businesses, as China Rapid Finance did when it became SOS, cryptocurrency mining would be a lucrative one.
The business case is robust, but whether SOS has the equipment or capability to ride the bitcoin price climb may be another matter. For investors who want indirect exposure there are many more better-known firms, such as PayPal and Square, raising their hand looking to profit off of bitcoin adoption.


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Bahrain Sees Beyond Oil and Gas, Eyes a Path to Tech Greatness
By Danielle Isa / OZY
Indian tech entrepreneur Amjad Puliyali had worked for a decade in Dubai, but in 2016, he relocated to tiny Bahrain to launch an online grocery delivery startup called GetBaqala. With just 1.5 million people packed into a 295-square-mile country of 33 islands, Bahrain is the smallest market in the Middle East. But Puliyali and his co-founders realized it had a lot else going for it. They’re among a growing number of tech founders — with startups in food and fitness, software development and fintech — on the rise here.
A historic node for crucial trade routes, Bahrain sits next to Saudi Arabia, the Gulf’s biggest economy, and is close to the United Arab Emirates. It shares many of the demographic and customer behavior patterns of the region’s larger markets. But beyond those innate advantages, the country’s Economic Development Board (EDB) helped Puliyali’s team swiftly get their paperwork and visas ready. Puliyali had to visit Bahrain just once to get the startup running. It’s one example of how Bahrain is positioning itself as the Gulf’s natural home for tech startups looking for small laboratories for their products — a Silicon Valley in the Middle East.
The country is laying out a web of benefits for startups. The Bahrain Development Bank (BDB)’s accelerator program, Seed Fuel, launched in 2015 and funds startups — GetBaqala received $66,000. Rowad, another BDB program that started in 2015, incubates startups. Tamkeen, a labor fund, subsidizes training of Bahraini professionals by startups. It’s the region’s only country that allows startups full ownership, zero taxes and consistent regulations across its territory. According to a December 2016 KPMG Cost of Doing Business report, businesses in Bahrain benefit from 30–40 percent lower operating costs than those in neighboring Dubai and Qatar. And entrepreneurs are noticing.

domain: news


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The increase of mobile has long had experts anticipating the autumn of Google, as the internet just isn’t really as practical on mobile phones as it has actually been on desktop computers. An even worse web browser encounter indicates an even worse search encounter, and also mobile individuals have actually traditionally needed to thoughtlessly click right into a search results page and also hope that the web site beyond was functional on their gadget.
The composing on the wall surface isn’t really shed on Google —— and also today, even more compared to ever before, it’s making optimizations tailored to updating the value of the mobile search encounter for both paid and also natural web links. The future will likely hold even more of the like Google battles to strengthen itself as the location to opt for inquiries of all kinds on all gadgets.
Mobile-Friendly Formula Update Forces Sites To Update
Among one of the most apparent updates that shows Google’s commitment to offering an ideal search encounter on mobile was the mobile-friendly formula upgrade pressed out on April 21, 2015, and also revealed weeks previously on the Web designer Central Blog site.
The upgrade guaranteed overhauls in the mobile natural landscape as websites that really did not satisfy the mobile-friendly demands would certainly shed online search engine exposure. While the upgrade really did not bring as significantly turmoil as numerous had actually been afraid (or expected) in regards to mobile ranking changes, it brought sweeping modifications from a few of the leading websites which took Google’s cautions seriously and also acted appropriately.
By requiring old-fashioned internet sites to update their individual encounter on mobile, Google leveled-up the value of its very own online search engine, as the encounter when individuals leave the search results page is now exceptional. While the website updates are equally useful, it was Google that had the cards to make the sweeping modifications required, and also the internet sites needed to cover the expense of reconfiguring their mobile encounters.
However obviously, updating the high quality of natural listings still does not update the whole mobile search encounter, as Google still needs to consider paid promotions.
| Of program, updating the value of natural listings still does not update the whole mobile search encounter, as Google still has to believe regarding paid ads.
Prospective For Greater Quality assurance In Paid Outcomes
In the beginning of AdWords, no such point as Value Rating alreadied existing, and also Advertisement Ranking was identified by the basic formula: marketer quote increased by the anticipated click-through-rate (CTR).
In 2005, Google presented the very first version of High quality Rating in order to much better control for the high quality of the duplicate and also landing web pages utilized by marketers, and also baked both of these variables right into identifying Advertisement Ranking.
This was a huge advancement at the time and also has actually had an enduring effect in identifying which advertisements are revealed, whether they’re included over the natural outcomes on top of the web page, and also just how much a marketer needs to pay in case a click happens.
Nevertheless, it’s mainly presumed that for all intents and also functions, High quality Rating is still mostly based upon the anticipated CTR of the advertisement.|It’s mainly presumed that for all intents and also functions, Value Rating is still mostly based on the anticipated CTR of the advertisement. This might be an outcome of exactly how tough it is to have really bad advertisement duplicate or landing web page significance, however especially on mobile, there are various demands for individuals to have a favorable encounter.
Therefore, the increase of mobile might stimulate Google to taking landing web page significance and also value right into higher factor to consider in identifying Advertisement Ranking, much more so compared to has actually held true considering that 2011.
The mobile-friendly tag has actually currently been broadened to paid search results page in examinations however does not (at this factor) impact High quality Rating, a minimum of baseding on Google’s declarations. This and also various other elements might become a considerably larger component of the mobile Advertisement Ranking formula.
Dynamic Browse Advertisements Provide Google Greater Control Of The Marketers Thought about
Besides changing exactly how mobile Value Ratings are determined, Google might likewise have the ability to accomplish higher value at scale with Dynamic Browse Advertisements (DSA), which stumble upon all gadget kinds however might be especially crucial for mobile in regards to guaranteeing value outcomes.
Considering that DSA depends on Google’s capability to creep and also examine the significance of each web page on a web site —— significantly similarly natural search counts on Google’s indexation and also significance procedures —— Google has higher control which inquires a marketer is thought about for based upon the material of the marketer’s internet site.
If Google were to in some way move all paid search web traffic over to DSAs, they would certainly have the ability to eliminate marketers which they would certainly like not to be associated with public auctions for a specific inquiry, because marketers would certainly not have the ability to define which keyword phrases they wish to bid on.
As there are less offered advertisement areas on mobile phones, removing one “bad” advertisement from the search results page has a higher effect compared to on home computer.
Furthermore, Google can consist of as lots of feasible marketers in each public auction as it regarded appropriate to the search, maxing out competitors in between the “finest” marketers. They would certainly likewise have control over which landing web pages were utilized for these marketers, providing it higher control of the encounter when individuals click a paid web link.
As revealed by the current updates to DSAs revealed throughout the AdWords livestream, Google is plainly dedicating sources to DSAs, and also at Merkle|RKG we’re definitely obtaining increasingly more suggestions and also assistance from representatives concerning finest methods.
All indications appear to direct to Google promoting higher usage of these project key ins the future, and also there has actually been significantly conjecture around the market relating to the imminence of a keyword-less globe.
This is no place near the situation right now, as keyword phrases and also their suit kinds still stand for one of the most crucial element of message advertisement administration, however if Improved Projects revealed us anything, it’s that points could alter rapidly.
In the meanwhile, a possibly also larger action to mobile paid advertisement quality assurance has actually just recently been verified as impending: the buy switch.
Purchase Switch Might Forming The Mobile Browse Buying Encounter
My associate at Merkle|RKG, Mark Ballard, composed an outstanding sheet relating to exactly how the buy switch would certainly function, in addition to detailing marketer worries and also exactly how the information just recently launched do assist to lighten them.
Whatever develop the buy switch encounter ultimately takes, it is clear that this upgrade is focuseded on providing mobile searchers a much more structured acquiring encounter compared to exactly what is presently feasible.
This is since the high quality of the individual encounter could experience also when putting orders on mobile-friendly websites, as individuals are needed to undergo keying out all their invoicing and also delivery info for every website they purchase from.
Go into the buy switch, where individuals require just provide Google their repayment info when and also have it kept for later acquisitions.
If Google has the ability to obtain the buy switch to capture on and also improve the conversion procedure, the worth of their very own online search engine on mobile phones once again increases, which could attract much more individuals and also marketer bucks.
Much like with the mobile-friendly formula upgrade, this would certainly be an equally helpful modification for Google and also marketers, however this time around with Google making the effort in offering their very own residential property whereby individuals could purchase from on the internet sellers.
Make The Globe (Wide Internet) Google
Google has actually verified throughout the previous years and also a fifty percent that it understands the best ways to provide individuals a fantastic encounter. The previous 5 years have actually brought a brand-new difficulty in the increase of mobile phone web traffic, with much less realty to deal with and also lots of horrible sites supplying searchers with bad encounters once they click with.
Google is plainly making stable gains in its very own item style, such as including the PLA slide carousel and also revamping lead to be much more tiled and also conveniently appreciable on mobile phones.
However despite gadget, Google has to remain to increase the value of its outcomes (both paid and also natural) and also the high quality of the individual encounter in order to preserve its location as the key of the Web.
| No matter of gadget, Google requires to proceed to drive up the high quality of its outcomes (both paid and also natural) and also the high quality of the individual encounter in order to preserve its location as the key of the Web.
The business remains in what appears to be a distinct location to form the web around the globe. Just time will certainly inform if it has the ability to take advantage of this successfully.
The article Google’s Future Relies On Quality assurance showed up initially on Online search engine Land.


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Today's gaming news will focus on Trailblazer Games, one of the leading P2E and blockchain game developers, and its upcoming multi-chapter epic, powered by Solana blockchain, NFT game Eternal Dragons.
It is often that we forget in bewilderment the person, the team, and the efforts behind the finished product that we enjoy. Today, we turn the spotlight on one such team that is playing a huge role in Web3 gaming. Trailblazer Games is a solid player in the Web3 game industry that holds a lot of promise. The Singapore-based game studio has a team that has plenty of experience crafting AAA games. The studio has recently raised $8.2 million for its fantasy blockchain game series, dubbed Eternal Dragons. Their mantra shows their intent: belong, play, and prosper.
Blazing Guns with an Able Team
The studio plans to revolutionize the entertainment industry by leveraging Web3 principles in video games. The founders of Trailblazer Games are serial entrepreneurs with valuable experiences under their belt. Its founders include Bertrand Lamarque, Andreas Risberg, and Alex Arias. They have worked with giants of the industry like EA, King, and Microsoft. Moreover, there is more than 15 years of experience between the founders, where they have added value to two massively popular gaming franchises: Candy Crush Saga and The Sims. The team has extensive experience in building massively sustainable free-to-play economies.
Rightly gauging the evolution in the gaming industry, the founders join hands to take part and play their role in shaping the blockchain gaming industry.
Read Also: Crypto Games for Beginners4 Things to Keep In Mind
What’s different About Trailblazer Games?
Besides having a top-tier team, the studio aims to bridge the gap between fun and Web3 principles, which the majority of p2e games lack so far. So, the focus is on the gamers, with an eye toward adding meaning, fun, and value for them.
Another important challenge is the acquisition and retention of players in blockchain games. The studio plans to innovate a strategy focusing on user acquisition, engagement, and retention. The plan is to achieve it by leveraging data, blockchain, and AI to make it user-friendly for both crypto and non-crypto gamers.
Additionally, the studio will also incorporate a play and own mechanism by introducing NFTs, through which players will own part of the game.
Moreover, the studio focuses on iteration execution involving fast-paced learning and its application. The team will achieve it by launching spelled-out experiences and keeping an eye on player feedback.
The studio received funding of $8.2 million this year, led by top investors like Makers Fund, Play Ventures, and Fabric Ventures, among others. The fund has helped Trailblazer Games extend its partnerships and hire more talent to work on the roadmap and development of Eternal Dragons. As of now, the studio has a growing and diverse team comprising 10 nationalities across 6 European states. The team draws on the experience of Wooga, King, Snowprint, and Sorare.
Trailblazer Games Flagship Project: Eternal Dragons
Eternal Dragons is a fantasy multi-chapter epic strategy blockchain game with NFTs powered by the Solana blockchain. This gaming franchise will initially launch three games, with the first two being an auto chess battler and a dragon breeding game. The games will be free-to-play on mobile, with a strong emphasis on tactical battle. With the competitive tactical battle genre at its core, the team’s vision for esports is also on the cards. Check out our Eternal Dragon’s review here.
Trailblazer Games Announces Alpha for Eternal Dragons
Earlier in November, the studio announced the release of the Alpha version of Eternal Dragons. Moreover, a playable Alpha demo was also showcased at Libson Breakpoint. The alpha of the game will reach the NFT holders by the end of Q4 of 2022. Previously, Trailblazer Games had a successful run with the sale of the Eternal Dragons Genesis collection, where 10,000 NFTs were released. The NFT sale performed surprisingly well and sold out in record time, despite the market's severe bearish trend.
According to the roadmap, the first game will enter beta testing next year, after which it will see a global release. Moreover, Games 2 and 3 will enter the development phase. So, in the coming years, the utility of the Dragon NFTs will increase manifold as they will work across the entire Eternal Dragon ecosystem.
If you are interested in blockchain RPG games, then check out this gaming news on Defi Kingdoms.
PlayToEarnGames.com is a website where we keep an overview of all games in the genres of P2E, NFT, Crypto, Web3, and Blockchain games. Check out our games page or find a "play-to-earn" games list here. More information about W3 Play can be found on our about us page. Our news is daily updated on all video games and game developers.


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Saucy Fish Co, the Grimsby brand this month launched in the US, is in the running for a second top European accolade.
The Ready to Enjoy Tomato and Chilli Chutney with Roasted Sweet Chilli Salmon Fillets have made the shortlist of the Prix d’Elite, the competition it famously won as a barely-known entrant to the fiercely competitive market back in 2010.
The awards are made as part of the European Seafood Exposition in Brussels, Belgium, in May.
There are 34 finalists representing 11 countries this year.
This year is the 14th that new seafood products entering the market are honoured.
Winners take centre stage at the event, attended by tens of thousands of delegates from more than 145 countries.
The team is currently gearing up for The International Boston Seafood Show, for the third year running.
It has gone from strength to strength since its introduction to UK chiller aisles in 2010, now boasting CoolBrand status and with a position as one of the fastest growing grocery brands in the UK.
Following the listings in 390 Giant Carlisle and Giant Landover stores across eight states of North East USA, and in Tesco and Waitrose in the UK, The Saucy Fish Co. is ready to attract even more new consumers to fish.
The initial US lineup includes seven products - three fish and sauce products, two of the brand’s innovative Foil Bake Bag products and two from the new range of Ready to Enjoy Salmon. All products are designed for cooks of any ability to prepare a delicious fish dish to suit all tastes.
Two brand new products created specifically with American shoppers in mind - Tilapia with a Red Thai Sauce Foil Bake Bag, and Salmon with a Sweet Soy & Chilli dressing, have been shortlisted in the New Product category at the exhibition.
The Saucy Fish Co's head of brand Simon Smith, said: "This is a great time to enter the US market as the consumption of fish fillets continues to rise. This, coupled with Saucy Fish’s easy to prepare products will help build confidence among shoppers, to create a tasty fish dish from scratch at home.
“We have every confidence that we can replicate our UK success in the States and secure further US listings this year. There is high demand for good quality, healthy meals, which can be easily served at home. We provide inspirational and fuss free mealtime options, and we are looking forward to bringing them to a new audience."
The Saucy Fish Co. will be exhibiting at the Boston Seafood Show from March 16 to March 18, at stand 2554.


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Lowe’s has announced on their Facebook Page that they are giving a sneak peak to their Black Friday deals starting on Friday, November 5th at 12:00am through Sunday at Midnight! During that time, they will be giving out thousands of special coupon codes that will get you up to 90% off certain items at Lowe’s!
Just RSVP to the party on the Lowe’s Facebook page and you will be able to get one of the coupon codes when they go live! I’m crossing my fingers for a deal on Tool Boxes. That’s what my husband wants for Christmas this year!
(Thanks Thrifty 101)


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Indian cricket legend Sachin Tendulkar has invested in Rario, a decentralised exchange for non-fungible tokens (NFTs) supported by Dream Sports. Several prominent venture capital firms, including Dream11’s Dream Capital, the United Kingdom’s Kingsway Capital, and the United States’ Presight Capital, have invested in the platform, which specialises in cricket-themed memorabilia of sportsmen from across the globe.
Cricket legend Sachin Tendulkar is set to launch NFT collection in partnership with Rario.
— Crypto India (@CryptooIndia) October 20, 2022
As a result of the undisclosed strategic investment, collectable NFTs of Tendulkar will be made available for trading in Rario’s marketplace under a section titled “The OGs,” alongside those of other legendary cricketers like England’s Kevin Pietersen, South Africa’s Jonty Rhodes, and Pakistan’s Shoaib Akhtar.
Rario is built using the Ethereum-based Rario Chain, built around the Polygon Edge architecture. Rario’s investors include Polygon Studios and Animoca, a gaming venture capital business in Hong Kong. The website says that it has sold more than 150,000 cricket-related NFTs in the last year. However, Tendulkar’s investment comes as NFTs have seen a dramatic fall in worldwide demand since their high last year.
Decline in NFT Transactions around the World
The Block, which tracks the cryptocurrency market, reports a steep decline in the total amount and quantity of NFT transactions globally as of October 20. In January of this year, the monthly trading volume of NFTs on the widely used worldwide NFT marketplace OpenSea reached a record high of $5 billion. In contrast, September showed a dip in NFT trading on OpenSea to $358.5 million, a decrease of roughly 93% from the previous month.
After leaving Twitter, co-founder Jack Dorsey auctioned off his first tweet as an NFT in March of last year. He ended up selling it to cryptocurrency enthusiast Sina Estavi for $2.9 million.
But prices have fallen dramatically ever since then. Estavi hoped to recoup some of his initial investment when he re-auctioned his stake in OpenSea in April, setting a starting bid of almost $50 million. In exchange, the highest price at the auction’s close was roughly $14,000, a more than 99% reduction in the tweet’s value.


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SPACE celebrates 30th anniversary in 2017
© WATTAgNet.com - posted first on wattagnet.com on .
SPACE will celebrate its 30th year in 2017 at the Rennes Exhibition Centre in France, September 12-15. SPACE is the key event reflecting the fluctuations of the European and global markets, serving the exhibitors, the visitors and in particular the farmers who attend to discover new products and services.
Pig production has been showing improvement in the past few months, resulting in an increase in the number of exhibitors involved in the pig sector this year. The poultry sector, however, has been severely impacted by the recent, ongoing episode of avian flu. It is also faced with a major future challenge which will require compliance with new standards, and changes needed to meet consumer demand for cage-free eggs. The dairy sector is undergoing restructuring and suffering from price levels that are too low to enable farmers to cover their costs or make investments. In an ever-changing environment requiring agility and quick adjustments on the part of farmers, SPACE responds to these needs by providing cutting-edge solutions for our industry.
The expo will provide the opportunity for discussion, debate and reflection on the challenges ahead for the livestock sector, as well as a unique showcase for innovations.
Once again, Innov’Space will address the strong demand of visitors who are looking to discover new products and services.
Since 1995, a large number of prize-winners exhibitors have been able to promote their new products in excellent conditions, thanks to the Innov’Space award. The Innov’Space award is a sales advantage, and prize-winners have reaped the benefits of large repercussions in the French and international press.
Research and Development Village updated
In 1993, SPACE wanted to set up an area that would showcase the expertise and focus on the future issues and challenges for the livestock sector. The resulting Research and Development Village was run by the Chambers of Agriculture. Over the years, this village has become one of the most important features of the expo, with more than 15,000 visitors going there every year. In order to strengthen its status as part of SPACE, increase its appeal and rejuvenate its identity, the Research and Development Village has been renamed the Espace for the Future. The Espace for the Future will focus this year on the theme “robotics for farmers.”
How can robots work for farmers and provide useful data? How can the development of robotics increase the appeal of farming in rural territories? All of these issues will be addressed and demonstrated in surprising ways at the Espace for the Future, for cattle, pig and poultry farming. Farmers will provide valuable examples about the technical and financial impact of using robots.
When and where
September 12-15, 2017
Rennes Exhibition Centre


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adidas YEEZY BOOST 350 V2 ‘SESAME’
After re-releasing the Zebras earlier this month and the Calabasas pants last weekend, adidas and Kanye are at it again this coming weekend. While we’ve seen two-tone variants on the V2, the ‘Sesame’ goes back to the tonal Primeknit upper for this one. What sets this apart from previous V2 releases would be the shoe’s midsole/outsole color blocking. While we hold the initial 350s in such high regard, the Sesame 350 V2s stack up well against the best.
The adidas YEEZY BOOST 350 V2 ‘Sesame’ drops this Friday, November 23rd. The shoe will be available at Sole Academy, Commonwealth, adidas Originals Neighborhood and the adidas PH webstore. Sole Academy will be releasing the shoe via raffle while Commonwealth just offered the shoe via CopDate slated on the 23rd. adidas however is moving their first come, first serve offering from Uptown to the newly opened Originals store over at Bonifacio High Street. Finally, if you want to get alerts for the online store release, make sure to sign up at adidas.com.ph/yeezy. The adidas YEEZY BOOST 350 V2 retails for Php 11,495.


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If you thought have angry birds on your phone was bad you’re in for some serious time wasting because now its going to be available on Facebook! Rovio, the creator of Angry Birds is planning its big launch in Jakarta on February 14th. Why Jakarta? Well Jakarta is the global capital of Facebook so there really isn’t a better place to launch.
Heading on to the PC Angry Birds has some customized tweaks for the Facebook experience. You’ll be able to get those pigs in full screen with higher quality animations. Rovio will also introduce new power-ups (e.g. an earthquake; or special, bigger, or stronger birds) which you can buy (for US$0.99) or earn while playing the game.
Since Facebook is a social network there are also going to be leaderboards so you can compete against your friends for bragging rights. Like in the mobile version we’re going to see variations pop up like the Dragon inspired Chinese New Year Season which was just released to commemorate the festival.
Keeping the localized flavor alive Rovio also plans to recruit an intern by holding a game developer competition in Indonesia. The winner will earn an internship for a month to get to know how Rovio works – and in return, he or she can make a contribution to this localized version of Angry Birds.


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Although THQ, one of the larger developers in the gaming industry, is currently facing financial difficulties (due to poor sales in 2011), it is hopeful that its situation can take a turn for the better by establishing new IP as part of its IP management and strategy in an important transition year for the cyclical gaming-console industry in response to the upcoming release of next-generation platforms. The anticipated “Xbox 720” (a.k.a. Xbox Trinity or Xbox 8, depending on which rumor mills you follow) from Microsoft, along with expected competitor refreshes in Sony’s PlayStation 4 and Nintendo’s Wii U, has THQ looking to plug into the launches with new titles.
Carrying with it risk and reward, THQ CEO Brian Farrell has referred to console transition years as the “best time to establish new IP.” Cleaning house by trimming staff is typical of the gaming industry in a transition year – THQ is no exception with downsizing and pay cuts occurring recently.
Game makers look for quality brands and execution speed to gain first-mover advantages as part of a competitive IP strategy. In order to produce technically-superior, original titles, they rely on a pipeline of creative talent as part of their IP management to generate in-house IP as a competitive advantage for proprietary franchises, as well as licensing external IP (such as film or book rights) to manage and mitigate risk.
Risky indeed – paralleling the movie industry, game development and production is a cash-draining undertaking with huge sunk costs, substantial development windows, and fickle consumer preference making a highly-unpredictable “hit or miss” outcome. The transition years at the end of a console cycle mark the rise of market anxiety with focus on the average number of games sold per console sold, or “tie ratio,” being indicative of the hardware/software interplay. This is typically the time when gamers start to hold off on new purchases until the next-gen platforms come out. Deciding which platform to ride (both for the game producers and gamers alike) is like jockeying the right horse – a gamble of its own.
Compounding the tension, a storm of patent litigation over Digital Video Recording (DVR) technology involving Microsoft has raised concerns of delays in the release of the Xbox 720, which has been rumored to include DVR features, projected for a 2013-2015 release.
The lawsuit was filed by Microsoft in January 2011 against TiVo over alleged patent infringement of seven of Microsoft’s DVR patents, with Microsoft claiming that TiVo violated Microsoft’s IP on delivery of online programming and secure payment for downloads. TiVo subsequently requested reexamination of the Microsoft patents which has stayed the case for the time being.
Since then, Microsoft was granted US Patent No. 8,083,593 in December 2011 for a DVR system implemented on a gaming console for recording media, including music, TV, and online content. A DVR application running alongside a television client component is recited in the patent, with the application integrated into the console user-interface for simultaneous gaming and recording. This has fueled more gossip in the gaming blogosphere over the impact to the Xbox 720’s release, and whether it will have DVR capabilities.
Speculation is rampant that Microsoft was prompted to file the infringement case against TiVo as part of a broader IP strategy to counter TiVo’s patent litigation against AT&T and their U-verse technology. TiVo’s 2009 suit against AT&T was based on three DVR “time warp” patents owned by TiVo. The parties settled in January 2012 with AT&T agreeing to pay ~$215 million. In order to prove infringement on TiVo’s part, Microsoft sought involvement in that case since the U-verse technology is based on Microsoft’s Media Room client software. The Microsoft-TiVo controversy negatively affects THQ’s “ride the wave” launch strategy, raising more uncertainty over the new Xbox’s release date and functionality.
The Xbox was further caught in the crossfire of the patent war going on between Microsoft and Motorola involving the H.264 video codec. A ruling in the Mannheim regional court on four patent litigation lawsuits between the two parties granted an injunction against the continued distribution of Windows 7, Internet Explorer, Windows Media Player, and the Xbox 360 in Germany. Microsoft has issued the following statement suggesting that Motorola won’t be able to immediately enforce the ruling due to the EU’s investigation of Motorola for violation of FRAND licensing terms of their patents.
This is one step in a long process, and we are confident that Motorola will eventually be held to its promise to make its standard essential patents available on fair and reasonable terms for the benefit of consumers who enjoy video on the web. Motorola is prohibited from acting on today’s decision, and our business in Germany will continue as usual while we appeal this decision and pursue the fundamental issue of Motorola’s broken promise.
Welcome to the wonderful world of IP warfare in which IP management is risky business. That is not to say that patents and a structured IP strategy are not serving their intended purposes. On the contrary, the sophisticated patent litigation minefield that technology companies find themselves in more and more these days could be viewed as the birth pangs of an emerging, immature IP market in its unregulated, non-optimized infancy. Of course, if the saga is too much to follow, you can always just press replay until the sequel comes out.


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Napier to turn into the City of Sales
Napier will become the City of Sales next month transforming itself into a bargain-hunter's paradise in a bid to lure shoppers.
Nearly 150 businesses including 83 per cent of inner-city retailers will take part in the promotion, discounting stock worth more than $9 million.
"To the best of our knowledge this is the first time a sale of this size and scope has ever been offered citywide in New Zealand," Napier Inner City Marketing manager Meg Rodel said.
Originally, organisers planned to wrap the entire inner city in gift-wrapping tape but that proved impractical.
Mrs Rodel said the big sale promotion during the first two weeks of next month would draw shoppers from outside the region.
"Because the inner city is so compact it means the sale will have real impact. It's encouraging to see national chains and independent retailers working collaboratively."
The economic downturn was not behind the sale plan.
"We did a whole lot of little promotions but felt they were not really hitting the mark so [thought] we'd better do one big promotion."
A competition with prizes such as a weekend's luxury accommodation in Napier is also up for grabs.
The Commerce Commission says shops taking part in the mega-sale are required by law to offer genuine discounted prices.
The Dominion Post


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To steal a basketball phrase, Mayor Colin Basran calls Kelowna's pursuit of a lucrative tech company a full-court-press.
Basran, who has never been shy in his pursuit of the tech sector for Kelowna, said the city is wooing RentMoola, a Vancouver start-up that was the big winner at the recently concluded Metabridge event in Kelowna.
RentMoola is an online service that allows customers to pay rent by debit card, credit card or online.
"I have made no secret about it, nor has anyone else in town, that we are pursuing them very hard to relocate to Kelowna," said Basran earlier this week.
"It helps that one of the founders has family in our city. They have been absolutely impressed with what they've seen."
Basran said RentMoola has the potential for between 200 and 300 employees.
"Their idea is really simple when you think about it, but not done before."
The mayor said the city will continue to pursue RentMoola, as well as other leads that came as a result of another successful Metabridge.


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Latest Ossia breakthrough adapts existing antenna circuitry to make it easy, fast and affordable for OEMs to add remote wireless power to all Wi-Fi or Bluetooth equipped devices
REDMOND, Wash. – Ossia, Inc. (www.ossiainc.com) today announced a new breakthrough for device manufacturers wanting to offer its groundbreaking Cota™ remote wireless power system to consumers. Cota is the first publicly demonstrated remote wireless power system, and the only one capable of charging devices without using line-of-sight at distances as far away as 30 feet. Now device OEMs and ODMs can more easily integrate Cota into new designs without having to add extra antennas for power reception. Using a new patent-pending solution developed by Ossia engineers, existing Wi-Fi and Bluetooth antennas can perform double duty as both data and Cota wireless power receivers.
The patented Cota smart antenna technology transmits power just like Wi-Fi transmits network signals. Cota uses phased antennas to transfer power without the use of inductive coils, ultrasonic waves, magnetic resonance, charging pads or mats. Until now, adding wireless power to devices meant using additional antennas, thereby increasing design complexity and manufacturing costs. By using antennas already built into existing devices, slight modifications to circuitry and device firmware is all that's required to Cota-enable devices. The Cota receiver chip also includes power management capabilities that manufacturers can leverage to reduce component cost, required circuit board area, as well as time-to-market, making the industry's most robust wireless power technology also the easiest to integrate.
"From the first concepts, we believed Cota should use existing network antenna components to receive power," said Hatem Zeine, CEO of Ossia and inventor of the Cota wireless power solution. "One of the biggest struggles device designers have is the internal 'real estate' that limits what can be placed, not only inside smartphones and tablets, but also inside more compact wearable devices, all of which are increasingly thinner and lighter weight. Not only does Cota not take up any of this valuable space by requiring additional components, but by adding remote wireless power, designers can actually decrease the size of the biggest space hog inside the device: the battery. When the device receives power remotely it can be continuously charged, making it possible to use smaller batteries in designs."
The Cota technology charges many devices at once, regardless of whether a device is stationary or moving - such as a wearable bracelet on someone's wrist. With its effective radius of 30 feet, a single Cota charging station can simultaneously charge or power all the battery-operated devices in every room of an average home or office suite.
The Cota technology consists of two parts: a charger and a receiver. The Cota receivers built into devices and batteries regularly send out omnidirectional beacon signals. Once the Cota charger receives these beacons, it returns thousands of targeted signals that build pockets of energy at only the precise locations of the beacons' origins. This pinpoint precision targeting of energy safely and efficiently powers all Cota-equipped devices and batteries within its effective radius, even as they move around the room.
Cota is inherently safe. Tracking beacons use only about 1/10,000(th) the signal power of Wi-Fi, which itself is a low power signal. Cota's energy pockets are created using approximately the same signal strength emitted by a mobile phone during a call. The physical properties of wireless signals make Cota power signals naturally avoid anything that absorbs energy, such as people, pets and even plants.
Under license from Ossia, consumer electronics OEMs and ODMs will include Cota receivers in new products and will build their own branded Cota transmitters. Existing battery-powered devices can be easily retrofitted with Cota receivers, even if they are already equipped with one of the three pad-based charging systems. Other companies such as construction and energy businesses are already exploring non-consumer electronics applications for Cota-based, wire-free power.
Ossia is challenging people's core assumptions about what is possible with wireless power. Ossia's flagship product, Cota, redefines wireless power by safely delivering remote, targeted energy to devices as far away as 30 feet. Built on Ossia's patented smart antenna technology, Cota automatically keeps multiple devices charged without any user intervention, enabling an efficient and truly wire-free, powered-up world that is always on and always connected. Headquartered in Redmond, Wash., Ossia operated in stealth since its founding in 2008, and publicly launched at Disrupt San Francisco 2013. For more information visit www.ossiainc.com.
Mobility Public Relations for Ossia
Ossia Press Kit: http://ossia.mobilitypr.com
SOURCE Ossia, Inc.
Web Site: http://www.ossiainc.com


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Melanie Loades, founder of NPD consultancy firm Froghop, said big companies had a lot to learn from start-ups.
“I think they could learn to look a bit wider in terms of ingredient use. The newer companies tend to be a bit more experimental or have a less closed view of which ingredients you could use and actually bring in new flavours in addition to the nutritional benefits,” said Loades, who worked for two decades for the likes of Unilever, International Food Network and NSA International in product development.
“I do think from experience that some big companies can suffer a little bit from store cupboard product development. It’s very easy to have a lovely range of products that are selling really well and then say: ‘Right we need to do something new, let’s go look in the store cupboard and see what new flavours we can add to it.’ Rather than innovating in a more exciting way.”
Loades said it was the smaller companies pushing boundaries and spurring innovation across the market.
“As long as they’re allowed within Europe and they’re not novel foods, they’ll be the ones testing the waters and bringing those into new products.”
This is something that hasn’t escaped the attention of some of the big nutrition players.
A growing trend
In December DuPont’s nutrition and health president, Matthias Heinzel, told us his multi-billion euro division wanted to speed product-to-market time and increase work with start-ups.
“We are totally open to working with external partners,” Heinzel said.
“There are start-ups out there looking for partners and we are every open to that.”
Such a relationship would go beyond cash flow from the top down, he said.
“They operate differently but our experience is that it is stimulating for both sides. It is never easy but I think we have good examples of where working together elevates the overall outcome.
"We need to make sure that we talk to them eye to eye and not come across as the big global player. Our teams like that and I feel we are making good progress with those companies.”
Food ingredient and manufacturing giants Givaudan, Nestlé and Bühler also appeared to be jumping on the start-up bandwagon by supporting the Swiss launch of start-up incubator MassChallenge, which will see the industry giants working with newbies in the areas of food, life sciences, sensors and precision engineering.
The programme claims to have generated over €464 million ($520m) in revenue and created over 6,500 jobs since it began in 2010.
Meanwhile Unilever Foundry – a global platform through which Unilever collaborates with start-ups, innovators and entrepreneurs – has seen 85 pilots set up in 32 countries and over $5m (€4.47m) invested in ‘disruptive’ new businesses in a year.
In the establishment of the programme the company cited the observation of ex General Electric CEO Jack Welch, who reportedly once said: “When the rate of change on the outside exceeds the rate of change on the inside, the end is near.”
Discussing the importance of new businesses, Eurostat says: “The birth of new enterprises is often seen as one of the key determinants of job creation and economic growth. Enterprise births are thought to increase the competitiveness of a country's enterprise population, by obliging them to become more efficient in view of newly emerging competition. As such, they stimulate innovation and facilitate the adoption of new technologies, while helping to increase overall productivity within an economy.”
This was an idea echoed by New Nutrition Business consultant Julian Mellentin, who said there had been a consumer-led shift within the food ingredient market.
“Whereas in the past ingredients companies would think about targeting high-volume business at some big name, selling a lot of kilos to a Unilever, those days are becoming more difficult and increasingly what you find is that the most successful ingredients businesses are the ones who work often with small entrepreneurial start-ups,” he told us last year.
“The volumes involved in the beginning are often tiny – this leads often to some very difficult internal debates – like why are we putting so much energy into serving a small company? But there are companies here today who have got significant business on the back of working with those entrepreneurial start-ups. So that’s a big strategic change that has started with the consumer, is happening to brands and is going to affect the ingredients supply industry more and more.”
This required a business culture change for some, he said.
“You shouldn’t smack your sales people over the head if they haven’t come back with a giant order from Nestlé. In fact what you should do is congratulate them that they have found 20 small entrepreneurial companies because out of those 20, two or three will become quite worthwhile and that’s a very difficult mind set for a lot of companies to adopt.”
But is the EU start-up friendly?
According to official European data from 27 member states, the number of new enterprises as a proportion of the total number of active enterprises slightly decreased by 5% in 2012 compared with 2011.
Rates of new businesses ranged from 5% in Belgium to 24.9% in Lithuania.
These rates for 2011 and 2012 were lowest in Malta, Cyprus and Belgium and highest for Lithuania and Latvia.
However in 2011 there were more enterprises begun than ended on both an EU level and within the majority of member states.
For Loades London stood out as a hive of start-up activity.
“London is innovation central right now, it’s awesome.”
So has this start-up culture been hindered by the health claims regulation?
“Well on the surface it is,” said Loades. “You can’t pick up your new funky ingredient whatever it is and look at the health claims list and say ‘great, I want to use turmeric, here’s the health claim’ because it’s not there.”
Instead start-ups had to start from the health condition they wanted to target and work back to ingredients and nutrients with the relevant approved claims. Often this meant using newer 'claim-less' ingredients in combination with established vitamins and minerals.
The industry was currently in an “artificial situation”, she said, since the 2006 nutrition and health claims regulation was still relatively new.
“There are still claims that we can’t make that to me seem slightly ridiculous but it’s just because they haven’t gone through the process. And they tend to be on more complicated ingredients like vegetables, fruits and spices.”
Industry has long complained complex EU regulation was anti innovation.
It's hoped that recently approved changes to novel food regulation would spur growth in the EU, easing approval of new safe ingredients and processes.
Yet it remains to be seen how effective this will be.
“I regularly say to people that in ten years’ time the story will be different," said Loades. "Novel food [regulation] is changing. More and more people are putting through health claims.”


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Yahoo is poised to confirm a massive data breach of its service, according to several sources close to the situation. The company was the victim of hacking that has exposed several hundred million user accounts.
While sources were unspecific about the extent of the incursion, since there is the likelihood of government investigations and legal action related to the breach, they noted that it is widespread and serious.
Earlier this summer, Yahoo said it was investigating a data breach in which hackers claimed to have access to 200 million user accounts and one was selling them online. “It’s as bad as that,” said one source. “Worse, really.”
The announcement, which is expected to come this week, also has possible larger implications for the $4.8 billion sale of Yahoo’s core business — which is at the core of this hack — to Verizon. The scale of the liability could bring untold headaches to the new owners. Shareholders are likely to worry that it could lead to an adjustment in the price of the transaction.
That deal is now moving to completion, but the companies cannot be integrated until it is approved by a number of regulatory agencies, as well as Yahoo shareholders. Representatives of Verizon and Yahoo started meeting recently to review the Yahoo business, so that the acquisition would run smoothly once complete.
But there’s nothing smooth about this hack, said sources, which became known in August when an infamous cybercriminal named “Peace” claimed on a website that he was selling credentials of 200 million Yahoo users from 2012 on the dark web for just over $1,800. The data allegedly included user names, easily decrypted passwords and personal information like birth dates and other email addresses.
At the time, Yahoo said it was “aware of the claim,” but the company declined to say if it was legitimate and said that it was investigating the information. But it did not issue a call for a password reset to users. Now, said sources, Yahoo might have to, although it will be a case of too little, too late.
The confirmation of such an extensive hack is another blemish on the record of CEO Marissa Mayer, a vaunted former Google exec who has presided over numerous declines in the business since she arrived four years ago. Her inability to turn Yahoo around or innovate any new products eventually led to the sale.
I reached out to Yahoo for comment and will update this post if I get a response (don’t wait up late for that!).
This article originally appeared on Recode.net.


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Muscat: As part of Credit Oman’s continuous efforts made to promote Oman’s exports, recently recorded statistics released indicate that for the third quarter of the current year and increase in the total value of insured sales for exports and domestic businesses reached OMR 85.22 million, an increase of 30 per cent when compared to the same period in 2020 which stood at OMR65.20 million.
Total domestic insured sales against local buyers amounted to OMR24.32 million witnessing an increase of 48 per cent compared to the same period of the third quarter of the previous year which amounted to OMR16.41.
On the other hand, the total export insured sales for goods exported from Oman amounted to OMR44.75 million for the third quarter of the current year, while insured sales under the domestic multi-buyer policy amounted to OMR20.72 million. The released statistics showed that the total sanctioned approved credit limits reached OMR108.99. Various diversified sectors have been insured by Credit Oman constituting petro-chemical, FMCG, packaging and building materials.


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Car runs into grocery store during police chase
Published 12:11 am Thursday, December 25, 2014
NATCHEZ — Cleaning up the mess left behind from a car crashing through his store wasn’t exactly how Robert Magee planned to spend Christmas Eve.
But the owner of Sybil’s Cottage Grocery found himself cleaning up Wednesday morning after awaking to the sounds of a police chase on a police scanner at his home.
“They were screaming on there about them chasing some guy and that woke me up,” said Magee, who took over ownership of the Morgantown grocery store last year. “I heard them say something about needing to call the owner of Sybil’s Cottage Grocery store, and I woke my wife up and told her something must have happened to the store.”
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Minutes later, Magee arrived at his store to find a Dodge Charger halfway through his front door.
Adams County Sheriff’s Office officials told Magee that a Natchez man was fleeing from the deputies on Morgantown Road and attempted to make a left turn on Booker Road, but ended up overshooting the turn and crashing into the grocery store.
The car, which missed the store’s two gas pumps by mere inches, crashed through a support beam that held up an awning outside the store before going through the front door.
Magee said the damage was devastating.
“These are some serious damages,” said Magee, pointing to a crack in the ceiling that started at the front door and went to the middle of the store. “I just don’t know how we’re going to get through this.”
Magee said the timing of the incident couldn’t have been worse for his family and for any chance of getting repairs done quickly.
“This definitely wasn’t what I had in mind for Christmas,” Magee said. “It’s going to be at least after the first of the year before we can get insurance people out here and start fixing everything up.”
Until then, Magee will board up the store and wait for the next steps to begin.
“Just thinking that all this happened because someone was running from the law is a shame,” Magee said. “It’s just very sad.”
Sheriff Chuck Mayfield did not return phone messages Wednesday to comment on the incident.


text: As the holiday season comes to an end, the Federal Aviation Administration (FAA) will vamp up its focus on recreational drones. Why? Because hundreds of thousands of drones were given as gifts, and the FAA will increase its efforts to encourage new drone owners to safely operate their new devices. Last year at this time, the FAA released its small drone registration rule, and now, this year, the FAA has released a video directed at new drone owners, which provides them with some background for safe and legal recreational drone operation. Check that video out here. In the video, in addition to basic safe operation tips, the FAA also encourages first time drone operators to use the FAA’s smartphone app, B4UFly, which will provide additional situational awareness related to fight regulations. The FAA also informs drone operators to respect the privacy of others, even though typically the FAA stays out of the privacy realm when it comes to drone operations. So if you received a drone this holiday season, check out the FAA’s video and keep up to speed on important safety and legal requirements for your drone operations.


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Study: Click fraud widespread / Web sites dispute Fair Isaac report that claims they don't catch suspicious traffic
Internet advertisers are being billed for bogus clicks far more than Google, Yahoo and other major Web sites disclose, according to a study to be released today by Fair Isaac Corp., the credit and fraud reporting agency.
The findings are another in a steady stream of studies about the scope of deceptive clicks, a nagging problem that has raised doubts about the effectiveness of a major form of online advertising.
The type of advertising in question involves advertisers paying each time a user clicks on one of their marketing messages. Search engines frequently feature such ads next to their results.
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Called click fraud, the problem occurs when scammers repeatedly click on ads to cause a rival company to be overcharged. In another incarnation, the ads are placed on Web sites, where site operators -- or automated programs -- repeatedly click on the ads to increase what they get paid by Google, Yahoo and others as part of a revenue sharing agreement.
In the report, Fair Isaac said that 10 to 15 percent of clicks that advertisers are billed for are suspicious. The total goes above and beyond the fraudulent clicks that the Internet companies detect using automated software and never bill their clients for.
If the findings from Fair Isaac are true, it would mean that advertisers are overpaying by hundreds of millions of dollars for phantom traffic.
"Clearly the success of this advertising channel means that advertisers are finding a lot of value," said Joe Milana, chief scientist for Fair Isaac. "The question is whether (Google, Yahoo and other major ad networks) can do a better job or get a better control on the good quality of the clicks."
Milana cautioned that the report's findings are preliminary and that they are based on monitoring only a handful of Web sites.
Google and Yahoo responded to the findings by saying that they do a good job of filtering out fraudulent clicks before advertisers are billed. Both claimed that the amount of undetected click fraud is far lower than what Fair Isaac reported.
Google, the Mountain View company that operates the Internet's largest ad network, said that its fraud-detection system filters out just under 10 percent of all clicks, and doesn't charge advertisers for them. Undetected fraud, the company said, is less than 0.02 percent of all clicks.
"Without knowing more about their data-gathering and methodology, it is impossible to comment on their study except to say that a handful is not a representative sample size for our hundreds of thousands of advertisers," a Google spokesman said.
Gaude Paez, a spokeswoman for Yahoo in Sunnyvale, said that her company doesn't bill advertisers for an average of 12 to 15 percent of all clicks because of suspected fraud. She declined to give a specific number of undetected clicks, saying only that the percentage reported by Fair Isaac "isn't consistent with what we see in our network."
"Yahoo takes a very strong stance on protecting our advertisers from click fraud," Paez said.
Various estimates of click fraud have put the number of fraudulent clicks between 10 and 30 percent. How much gets past the fraud filters is difficult to measure by third parties because of the complexity of the problem and lack of data.
Fair Isaac, in Minneapolis, monitors fraud in a variety of industries such as credit cards, and is probably best known for a system that rates the creditworthiness of consumers. It also sells anti-fraud tools for telecommunications, insurance and manufacturing.
Click fraud doesn't appear to be a major problem when the ads appear on Google's and Yahoo's respective Web sites, Milana said.
The trouble starts cropping up once Google and Yahoo deliver the ads to other Web sites that are part of their vast marketing networks.
The problem arises because Google and Yahoo have no way of knowing what happens behind the advertisers' firewalls, Milana said.
Ads on other Web sites accounted for $4.16 billion, or 39 percent, of Google's revenue last year. Google shared $3.31 billion of that revenue with its advertising partners. Yahoo doesn't break out how much of its revenue comes from ads on other Web sites.


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Ireland's economic growth rate surged to a post-crisis high of 4.8 percent last year, likely the fastest rate in the European Union, as data confirmed a stunning recovery from a devastating 2008 property crash.
After two years of near stagnation, higher exports and consumer spending lifted 2014 gross domestic product growth to almost four times the average 1.3 percent rate posted across the European Union after most countries had published data.
It is Ireland's highest growth rate since 2007, the final year of the Celtic Tiger boom.
The recovery is good news for Ireland's government, which faces a general election early next year, though a recent surge in anti-austerity protests indicated that the recovery was slow to filter through to ordinary workers.
It also reinforces claims by the European Union and International Monetary Fund that austerity policies implemented by the Irish government were ultimately good for the country.
After exiting an international bailout at the end of 2013, the economy surged in the first six months of 2014. Growth in the second half was slower, with the economy expanding just 0.2 percent in the fourth quarter.
But there were positive signs, with personal consumption growing 1.3 percent quarter-on-quarter in the final three months of the year, while exports were up 1.2 percent.
"It shows the recovery is broadening and strengthening and there seems to be decent momentum coming into 2015 so you'd expect it to be sustained," said Austin Hughes, chief economist at KBC Bank Ireland. "The pick up in domestic demand is the most encouraging aspect".
Ireland's 2015 budget is based on economic growth cutting the country's budget deficit below the EU limit of 3 percent of GDP by the end of the year.
The economy is forecast to be the fastest-growing in Europe again in 2015 and strong momentum has been maintained in the first two months according to unemployment, tax and retail data. (Reuters)


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Software maker Compuware on Monday said its fourth-quarter earnings dropped 54 percent from year-ago totals as weaker sales from its professional services and products division took a toll on performance.
Compuware CPWR, +0.00% makes testing, development and management software for programs that run on mainframe computer systems and in corporate networks. Excluding amortization expense, it reported net income of $57.5 million, or 15 cents a share, down from $125.2 million, or 31 cents, in the same quarter last year.
Wall Street analysts were expecting the company to report a profit of 14 cents a share after the company issued a profit warning in mid-April.
Revenue for the quarter hit $582.1 million from $500.1 million last year. Software license fees, however, slipped nearly 16 percent to $196.1 million from $232.4 million in the year-ago period.
"Despite a tough fourth quarter, we delivered solid results for fiscal year 2000," said Beth Chappell, a Compuware spokesperson, in a statement. "Our software business remains healthy and will continue to grow.
The stock slid 3/16 to 12 3/8 ahead of the news, which was released after the market closed. Shares are off 70 percent from a 52-week record of 40 hit in late December.
Great Plains sets acquisition
Great Plains announced that it plans to acquire business management and e-business software provider Solomon Software for about $142 million in stock and cash.
In a press release, Great Plains said it will issue 2.6 million of its shares, worth about $107.25 million, and $35 million in cash. The combined company will have more than 130,000 customers, 2,200 team members and a worldwide network of 2,000 channel partners, Great Plains said. The deal is expected to close in June.
Solomon Software will operate as a business unit of Great Plains. Michael Rupe, current chief executive officer of Solomon, will serve as president of the Solomon business unit.
Great Plains develops accounting software for small- and mid-sized companies. Shares GPSI, -13.15% dropped 1 1/16 to 41 1/4 on Monday.


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BY CHRISTOPHER J. DOROBEK
Years of R&D and just plain tinkering are paying off at the Postal Service.
It now has an optical character reader that can decipher far more hand-addressed mail than the service's existing OCRs.
The Postal Service this month said a software upgrade to OCR systems will boost-- from 2 percent to as high as 30 percent--the amount of hand-addressed mail it processes automatically.
The system will not help with the worst writing--poor penmanship continues to be the biggest obstacle--but it will save USPS time and money by keeping more mail in the automated mail processing stream, officials said.
The service tested the new application in Hartford, Conn., during the busy holiday season. It was able to read 1.3 million addresses that sorters normally would spit out of the automated mail stream for manual processing. That level represented a 22 percent read rate, the Postal Service said.
The goal is to get a bar code on each mail piece, directing it to its destination through the fewest steps possible, said Ed Kueber, the Postal Service's manager of image and telecommunication technology in Merrifield, Va. Of course,the ultimate aim of R&D technicians at the Merrifield research facility is an optical character reader that can read close to 100 percent of hand-addresses mail.
Using clerks to key in addresses costs the Postal Service $25 for every 1,000 letters. Officials said they could not detail the cost of OCR software upgrades. The service plans to add the new software to OCR systems at 254 central processing sites by September.
"It's taken more than 10 years of working with the Postal Service to come to this point," said Sargur Srihari, director of the Center of Excellence for Document Analysis and Recognition (CEDAR) at the State University of New York at Buffalo. CEDAR helped USPS develop the Remote Bar Code System (RBCS) that the service uses to process hand-addressed mail.
To keep letters in the automated mail stream, USPS sends hand-addressed letters through several optical scans. The first level determines whether an address is typed or handwritten, Kuebert said. That first pass identifies about 2 percent of the hand-addressed mail. Typed mail continues through to standard OCR sorters for bar coding. Mail that cannot be read is shunted to RBCS.
The new software cannot resolve the address for bar coding, an image is sent to a clerk who pulls it up on a PC screen and keys in the appropriate address. At this point all mail re-enters the automated sorting process, which relies on the bar codes for sorting mail down to the delivery route.
Kuebert noted that the new software deciphered some hand-addressed mail that the clerks couldn't figure out. Initial versions did slow down postal OCRs, which had been processing 100,000 pieces of mail per hour.
The software, written in C, was developed by CEDAR in Buffalo. Lockheed Martin Corp. designed the RBCS hardware platform, which incorporates a Silicon Graphics Inc. symmetric multiprocessor system and OCRs from EectroCom Automation Imaging Solutions of Fairfax, Va.


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During the Computex show in Taiwan, Microsoft’s CFO Tami Reller gave users the app that they have been wanting on their Windows Surface units, Outlook RT.
As the Surface RT and Surface Pro units have been missing this integral part of the Microsoft Office puzzle, it gives users a reason to cheer.
As users have been wanting Outlook RT on their Surface units since it’s arrival on the retail shelves, Microsoft finally announced the product that users have been wanting since day 1. With this Outlook RT announcement, Microsoft stated that Office RT has been a request that has been on the top of the lists for both consumers and enterprise users.
Outlook RT Arrives June 26th
Microsoft announced that the preview of a desktop version of Outlook that can run on the Surface units will be available when Windows 8.1 is released in its preview form on the Windows Store. The final version is expected to be released later in the year, and users will be able to use Outlook RT in its Metro Style format.
Outlook RT To Operate Like its desktop companion
The Outlook RT version that is expected to be released is expected to be the full companion of the desktop version of Outlook. It’s being built as a complement according to those in the know, and have the same functionalities and abilities of the desktop application that is on all Office installations.
Other Microsoft Office products available as well
During its Computex speech in Taiwan, Microsoft also announced that versions of Word, Excel, OneNote, and PowerPoint will be available to Windows 8.1 tablets and PC’s right away. This will give users the ability to use these products as soon as they take them out of the box, and should give it a leg up over other tablets and PC’s on the market.
With its announcements in Taiwan during Computex, Microsoft announced that it is going after the mobile professional market with its release of Outlook 2013 RT and that it is listening to its users for requests. According to various reports, Outlook RT wasn’t expected to be released until next year, but those reports have been proven to be false and not true. Whether or not this progress of mobile Office applications will lead to Microsoft releasing versions of its programs to iOS or Android is unknown as well.


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Twitter’s first quarter revenues hit $US250m in its second earnings report since becoming a public company late last year, with advertising revenue accounting for 90% of the takings.
Advertising revenue contributed $226m to the revenue, with mobile advertising representing 80%. The number of monthly active mobile users hit 198 million, up 31%.
While ad spend has increased 125% year-on-year for the quarter overall user growth has slowed.
The number of people using the service grew by 25% to 255 million monthly active users, up from 241 million in the last previous quarter.
But the growth is down on the 30% increase Twitter saw in the previous quarter.
Shares in the service, which allows users to share short-messages of 140 characters or less, took a sharp plunge after the announcement was made.
Despite the 9.6% drop in Twitter’s shares to $38.53 in after-hours trading, chief executive Dick Costolo described the first quarter as “very strong”.
“Revenue growth accelerated on a year over year basis fuelled by increased engagement and user growth. We also continue to rapidly increase our reach and scale.”
The number of times Twitter users refresh a Twitter feed, known as ‘timeline views’, increased by 15% in the quarter to hit 157bn. However, the figure is down on the 26% jump timeline views experienced in the final quarter of 2013.


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With almost 17% year-on-year growth, India’s is the world’s fastest growing smartphone population; more than a billion phones are estimated to be sold over the next five years. There are now more Indians with smartphones than the entire population of the United States, driven by phones that cost as little as 10,000 rupees (US$150).
Ravi Agrawal’s new book India Connected: How the Smartphone is Transforming the World’s Largest Democracy explores this explosion in smartphone consumption through stories collected during his time as CNN’s New Delhi Bureau Chief. Agrawal, now the Managing Editor of Foreign Policy, argues that the smartphone will become central to understanding the identity of ordinary Indians, writing that:
In a land that has long judged people by caste and tribe, the smartphone is emerging as a new vehicle for self-definition. Your phone announces who you are. Micromax or Samsung? Xiaomi or Spice? Selfie camera or no? Plain vanilla ring tone, Bollywood song, or religious hymn? Boring plastic cover or bling gold?
Agrawal is not a technology reporter, which shows in his choice of subjects. A thirty-year old woman figuring out how to tell her traditional parents that she met her fiancé on an online dating service and a teenage activist in Kashmir struggling under a government-ordered internet shutdown are not typical subjects in books about smartphones, in which one might usually see technology entrepreneurs or villagers wowed by seeing a phone for the first time (though their stories are heard in India Connected as well).
Many of the same questions that are being asked in developed countries are also being asked in India, though in a manner that reflects the country’s size and level of economic development. Concerns about the gig economy in the United States are found in India, where Uber and Ola drivers went on strike to protest the reduction in driver subsidies. Questions about privacy and data security are being debated as well, sparked by initiatives like the Aadhar: a biometric ID system that Agrawal calls the “the greatest national exercise in trust ever attempted”.
But India’s mass adoption of the smartphone changes how these questions are expressed. Facebook may be the vehicle for fake news in the United States in Europe, but fake stories in India are shared via Whatsapp (ironically also owned by Facebook).
If the smartphone truly transforms India, it will be by unlocking human potential in India’s less-developed regions.
As a collection of stories, India Connected does not present a unified theory as to why the smartphone is taking hold in India in the way it is. Agrawal does describe India as a “low-trust” society, where ordinary citizens have little faith in social and state institutions. For Agrawal, the smartphone is a link to reliable and verifiable information, which allows an Indian to build trust with other people, with businesses, and the state.
Regardless of the mechanism, Agrawal believes smartphone use represents a fundamental transformation in Indian society, changing not just how Indians live their lives, but their very conception of what the Indian lifestyle is. He compares the Indian smartphone to the American car, which permanently changed American life, economics and culture.
A better analogy, however, might be air-conditioning, which helped the American South to catch up to the Northeast and Midwest in the 1960s. Without artificial cooling, it is hard to see how either manufacturing in Alabama or urban growth in Phoenix would have taken root.
If the smartphone truly transforms India, it will be—as did air-conditioning in the American South—by partly unlocking human potential in India’s less-developed regions. India has large regional inequalities, especially between urban and rural areas. India’s villages suffer from a lack of infrastructure, are far from bustling urban economies, and often literally speak a different language from the mainstream.
Literacy is significantly lower in rural areas than urban ones, a difference particularly stark when it comes to women, whose literacy rates can be as much as fifteen points lower than rates for men. Those with poor (or no) literacy find it difficult to engage with the modern economy, which usually requires a basic level of reading and writing. Illiteracy also complicates the delivery of business and public services: transactions must happen in person, so either the rural villager or public/social institution must travel long distances to find the other.
But the smartphone—or, more specifically, speech synthesis and the recent development of reliable voice-recognition—overcomes this barrier. Now, rural residents can ask questions into their smartphone and receive answers back, opening access to information—and hence economic activity—to a entirely new segment of the population.
One should not overstate the case. Agrawal admits that India’s struggles with poverty reduction are unlikely to be resolved by smartphones alone. And it is telling that some of the loudest proponents of smartphone adoption as a development tool are some of the companies that stand to gain from universal adoption of their services: Agrawal devotes a chapter to Facebook’s failed effort to promote access to information by providing free mobile access to (unsurprisingly) Facebook.
The smartphone may or may not transform the world. But if does, it will not—as India Connected makes clear—change all societies in the same way. India, unique as it is, may well be changed in unique ways. Ravi Agrawal has signposted some of them.


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NEW YORK — Gap Inc. is entering the Middle East with about 25 Gap units and 10 Banana Republics by 2010 through a franchise agreement with the Al Tayer Group, a private, diversified company immersed in luxury retailing.
The Gap agreement brings both parties involved to new markets — Gap to the Middle East and Al Tayer to midtier retailing.
Meanwhile, Saks Fifth Avenue has signed a licensing deal in Shanghai, and will push for additional overseas locations, underscoring how retailers that have reached maturity in the U.S. are reaching overseas for growth.
Gap has always owned and operated all its stores, including the international units already up and running. There are Gaps and Banana Republics in the U.K., Canada, France and Japan.
However, a year ago, the $16 billion, 3,000-unit retailer determined it needed a new model for international expansion.
"Right now, we are pursuing the franchise strategy. We feel comfortable with it," Joshua Schulman, senior vice president of Gap Inc.'s international strategic alliances and Gap Japan Merchandising, said in an interview Monday.
Licensing and shops-in-shops were also considered, but franchising would be the best route. "Franchising is very appropriate because it provides for strong control of the brand on our part," Schulman said. "Gap Inc. will control all of the product — it's designed and produced by Gap Inc. — as well as the marketing, the creative and the store design. We will also work with strong local operators to understand their marketplace and who have strong relationships with the real estate community and strong relations with local talent to pull together the best local teams. The franchise model provides the right balance between protecting the core values of our brand and insuring strong local execution."
Schulman added that the international program "is not one size fits all. In other markets, we may decide on directly owned stores."
Al Tayer is the second franchisee signed on with Gap, which has been gearing up for overseas expansion. The Gap's international division, based here, early this year opened an 11,000-square-foot showroom at 620 Sixth Avenue, at 18th Street, which held its first market week for franchise customers in February. The first franchising agreement was announced last January with FJ Benjamin, which plans to open up to 30 Gap and Banana Republic stores by 2010 in Singapore and Malaysia.Around the same time, the first Gap stores in the Middle East will open. The first Banana Republic stores in the region are scheduled to open in 2007.
Asked if the Gap's subpar sales performance lately makes it more challenging to find franchisees, Schulman flatly replied, "No. In fact, there's a tremendous amount of interest in our brands from different parts of the world." In the Middle East, "we've done a lot of studies [showing] there is an appetite for this brand."
He would not disclose whether any more franchise deals would soon be announced, but he did say, "The program is accelerating.
"The Middle East, with its young and affluent population, is a particularly attractive market for the Gap and Banana Republic brands. Dubai, in particular, is a world-class shopping destination with some of the largest and most important shopping malls in the world," Schulman said in a statement, expected to be released today.
Under its agreement, Al Tayer Group and its local affiliates will hold exclusive rights to operate Gap and Banana Republic stores in Bahrain, Kuwait, Qatar and the United Arab Emirates, and exclusive rights for Gap in Oman.
The Al Tayer Group was established in 1979, and is based in Dubai. It has interests in retailing, fashion, jewelry, perfume and cosmetics, and is involved in publishing — including Gulf News, the UAE's largest English-language daily paper — and the automotive sector. Al Tayer has been immersed in luxury retailing, but now has a "strategic initiative" to be a midmarket player as well, said Khalid Al Tayer, group general manager of business development at Al Tayer Group.
While no locations were specified, the stores are all expected to be located in major malls, some of which are not yet open. Due to the extreme heat in the summer, opening on "high streets" is not practical, Al Tayer noted. He said his group also has rights to GapKids.
Under the agreement, Al Tayer owns and operates the stores, adhering to Gap store design, and buys the merchandise from Gap. Gap's global offerings — certain weaves or fits, for example — are sometimes different from what sells in the U.S. but there's a "global aesthetic" that makes Gap products recognizable the world over, Schulman explained.Asked if there were other fees paid to Gap, aside from the cost of the merchandise, Al Tayer said there were contractual obligations that he would not specify. He also said the company operates about 16 moderate-price perfume and cosmetic stores called Areej, which are around 10,000 square feet. "The bridge to the Gap is not that vast for us," he said.
Al Tayer did not seem worried about Gap's recent performance. "I don't see that as a concern," he said. "There is a high level of awareness of the brand. We also see an aggressively growing retail segment," he said, noting the region has been spurred on by growth in the GDP, the population, the workforce, including expatriate workers, and tourism.
The Saks store in China could open in two or three years, as previously reported by WWD. David Pilnick, Saks' vice president of international development, has been in China working on the deal. Saks sees other opportunities in other cities in China, too. Saks reportedly is eyeing a site in Delhi, India, in another licensing deal.
In 2003, Saks announced a strategy to build a network of licensing arrangements with overseas companies. So far, only two foreign units are operating, in Dubai and in Riyadh, Saudi Arabia. Saks said at the time that Japan was being considered, though the planning has since shifted to China. Under its licensing deals, Saks personnel consult on the design, marketing and merchandising of the overseas store, but the unit is operated and owned by the licensee. The arrangement limits the risks of overseas expansion, but there's also less profit potential.
As reported, Roosevelt China Investments Corp., an investment firm, is expected to strike a deal with Saks on the Shanghai site and line up a retailer to operate a Saks unit. In addition to China, the Middle East and South America also are considered possibilities for Saks licensed stores.
"I was driving back on Saturday afternoon from the beach, and I just saw this sign saying 'Skydiving for $95.' And I was like, I can't not sky dive for $95," says Tom Bateman about a moment in Hawaii while shooting "Snatched." #wwdeye (📷: @vsteves; Interview by @ktauer; Styled by @thealexbadia)