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Facing tough German competition, the people at General Motors come up with a large-displacement supercharged contender that outpowers but also out-weighs the BMW-and-Benz-powered entries. The look of their new model is controversial, but we’re told that it has to be that way due to existing platform constraints. And, of course, they’ll need a massive cash injection from the United States Government to make the whole thing happen, and they’ll get it, even though the aforementioned government wants them to build something completely different.
Wait a minute. Did you think I was talking about the CTS-V? Pas du tout! Set the wayback machine for the big band era, and let’s hear a story about how General Motors (allegedly) sabotaged the strategic plans of the United States in order to further their own economic interests.
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Now that GM’s acquisition of the subprime lender AmeriCredit has had 24 hours to sink in, howls of protest are starting to surface. The charge is being led by Senator Chuck Grassley, who has requested a review of the deal from the SIGTARP, saying
If GM has $3.5 billion in cash to buy a financial institution, it seems like it should have paid back taxpayers first. After GM’s experience with GMAC, which left GM seeking a taxpayer bailout, you have to think the company and, in turn, the taxpayers would be better off if GM focused on making cars that people want to buy and stayed clear of repeating its effort to make high-risk car loans.
And though Grassley’s criticism could be read as mere partisan gamesmanship from a leader of “the party of no,” there are a number of very good reasons for opposing the deal.
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After ending the first quarter of this year with $35.7b in cash and equivalents, GM was in the best position it’s enjoyed in decades. And yet, with an IPO prospectus looming, The General is seeking a $5b line of credit and trotting out EBITDAPRO as its in-house measure of financial success. Both of these tactics are hallmarks of companies that are doing poorly, and GM has already learned how problematic loading up on debt and sliced-and-diced financials can be. So why is The General inviting criticism from outlets like Edmunds Autoobserver, which characterizes GM’s push towards an IPO as the rebirth of old bad habits? The simple answer: “business execution.” In other words, GM may have a lot of cash, but it’s got nearly as many demands on its resources as well… and these cash drains hardly add up to a coherent strategy.
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Despite having more cash than debt for the first time in decades, GM is going back to Wall Street in search of fresh debt. Over the weekend, The General has been in talks with several banks to secure a $5b revolving line of credit to shore up its liquidity position ahead of an IPO that’s rumored to take place in August. At $5b, GM’s desired line of credit would essentially replace the $5.8b the automaker has repaid to the Treasury, and will help it deal with a number of pressing cash needs to maintain its shaky global empire. But with so many pressing uses for the cash, and political pressure mounting for a rapid IPO, can GM deal with its issues and take on more debt and be worth what the government wants it to be worth? Troublingly, the answers to these questions are not to be found on GM’s balance sheet.
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As yesterday’s sales graph proves, this is not the greatest time to be re-launching an entry-luxury brand. With Kias and Fords offering the kind of tech gadgets once found only in the upper echelons of true luxury brands, and with well-regarded import luxury marques moving into the front-drive, mass-market, the so-called “premium” brands are finding themselves caught in the middle and losing sales. But in spite of these damning dynamics, GM is moving to overhaul its entry-luxe Buick brand at top speed. Why? Because it can…
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GM’s government-installed Chairman/CEO Ed Whitacre hasn’t been wildly popular with Detroit insiders, earning dismissive raspberries from more than a few corners of the industry’s peanut gallery. But now that his reign of executive terror is over, Detroit seems to be learning how to stop worrying and love the former AT&T man. As Whitacre prepares for his first visit to Washington DC as head of GM, the local media and other members of “Team Detroit” are making their peace with Whitacre. So what lies beneath the new united front?
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News that GM is selling a control-shifting single share in GM Shanghai to its Chinese partner SAIC was the toads-from-heaven flourish at the end of an epic week for the RenCen. The day after the last of GM’s lifer CEOs left the building, Opel’s CFO followed suit. One management re-organization and a rough LA Auto Show later, came this symbolic surrender of GM’s largest market for a measly $85m. Accompanied by news that The General would buy out Suzuki’s stake in CAMI for an estimated $46.5m, no less. Oh yeah, and something about India. Freshly-minted CEO and notorious rattlesnake killer Ed Whitacre isn’t about be accused of not trying to shake things up. The only question is where will everything land?
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Recently, it’s become popular to believe that when a zombie loses its head, it dies. With today’s resignation of Fritz Henderson, the reanimated corpse of General Motors is testing that theory. Henderson was the latest in a line of GM lifers to hold the company’s reigns, hand-picked by ousted CEO Rick Wagoner and put in place by a presidential task force that couldn’t say no to another insider. In theory, Henderson’s resignation shouldn’t come as a surprise, let alone a disappointment. In practice though, the move leaves the zombie GM in a precarious position at a challenging moment. For the first time since (your guess here), GM is in the hands of an outsider.
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GM’s first post-bankruptcy financial data has arrived, underscoring in red ink the folly of the government “investment” in the shambling zombie once known as General Motors. Bankruptcy-driven improvements in cost structure have not prevented GM from turning a non-GAAP-certified loss since emerging from Chapter 11, and GM is already warning that 4th quarter results will be even less attractive. More importantly, beneath all of the interpretation of this latest batch of weak results, rests the biggest lie of all: GM will be paying back the taxpayers. GM has simply defined the terms of its debt as $6.7b, or about half the amount remaining in its $16b bankruptcy-present escrow account. The plan is to have the taxpayers pay off GM’s debt to the taxpayers, and collect the remaining $6b or so for operating cash. When called on the ruse, GM CEO Fritz Henderson has only one defense: Taxpayers will receive their just reward only when GM’s IPO relieves them of their 60 percent equity stake. But even with the goalposts moving up in hopes of a PR win, there’s little evidence that GM will come close to paying off their full bailout bill.
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OK, so, GM is a nationalized automaker. I know, I know: nationalization is for third world dictators. But there it is. Thanks to outgoing president George Bush, the feds used $50 billion from the Troubled Asset Relief Fund to bail out General Motors, in exchange for majority ownership. So no matter what W’s political successor says about his administration’s “hands off” non-management of Government Motors, he who owns the gold makes the rules. And when it comes to running a federal-funded organization, Uncle Sam plays by different rules than, say, any private enterprise extent. The bottom line is that there is no bottom line. Amtrak, the U.S. Postal Service, Medicaid—they’re all run at a tremendous, ongoing loss. Which means there’s zero sense of accountability. Which means they will never, ever be able to fully and fairly compete with privately held corporations. Why should GM by any different? Answer: it isn’t.
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Back in the day, GM really pissed me off. As the American automaker continued its inexorable slide into bankruptcy, executives, analysts, journalists, loyalists and camp followers scoffed at the prospect of disaster. Their scorn fueled my anger or, as Angus Mackenzie would have it, pompous indignation. When the feds bailed-out and then nationalized GM, the company’s refusal to overhaul (keelhaul?) its executive “talent” kept my ire alive. A few months and $50b-plus dollars later and I’m rapidly approaching the point where I couldn’t give a NSFW. How many times can you sing the chorus of “Where have all the flowers gone?” without saying FTS and cranking-up the MC5? Before I abandon this pursuit entirely, here’s a quick rant about GM’s inability to realize American’s favorite mantra: hope and change.
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General Motors is a nationalized automaker. But it can’t stay that way forever. Its federal taskmasters have decreed that GM must return to public ownership before the Congressional mid-term elections in 2010. Makes sense. If GM is still on welfare at election time, GM will be an enormous political liability. A symbol of Big Government gone bad. But GM can’t possibly achieve profitability within that time frame. Even if it had the brains, it doesn’t have the time or money to build what needs building, to fix what needs fixing. The new car market sucks and GM’s product planning, reputation and branding are in tatters. So New GM’s doing the only thing they can do: putting lipstick on the product pig and sending it off to market. This “May The Best Car Win” advertising strategy will backfire. Badly.
You can certainly understand the thought process involved. The campaign is, after all, Bob Lutz’s brainchild. For more than half a decade, the former Car Czar has been claiming there’s nothing wrong with GM’s products (especially the vehicles developed during his watch). Lutz has consistently blamed the so-called “perception gap” for GM’s epic fall from grace. Our products used to suck at some indeterminate point in the past, but they don’t anymore, starting . . . now! Wait . . . NOW! In other words, it’s not the product, stupid. It’s the perception of the product.
I have no idea how Lutz seized on the idea that perception and reality aren’t part of a feedback loop. For someone who never saw combat, he has an extremely cynical view of human nature. Less perplexing: why New GM is allowing Lutz to bet the entire company on Maximum Bob’s belief that carpet-bombing consumers with “enlightenment” will somehow save the day. Again, GM has no choice. They don’t have the time to create the incremental improvements they need to build, market and sell the genuinely competitive products which would generate a profit in the North American market.
Speaking of loops, Lutz would say that my assessment of GM’s competitiveness is just my [biased, GM-hating] opinion. But it’s also the opinion of millions of American consumers over the last three or four decades, who’ve been abandoning GM for other car companies. I mean, ipso facto, right?
In truth, GM’s comparison tests will offer little more than invidious distinctions. To wit: GM’s new ads will pit the Chevy Equinox against the Honda CR-V, and the Buick LaCrosse against the Lexus ES350. And so on. According to Automotive News, “Lutz said in the rare cases when both cars match each other feature for feature and warranty for warranty, the difference will be illustrated in sticker price.” So we’re talking about feature comparisons and price comparisons. What was that about the definition of insanity?
Lest we forget, GM’s been driving down this road for some time. Howie Long’s Chevy ads, focusing on relative mileage and manliness, have done exactly nothing to stem the Bow Tie brand’s sales slide. The ads were arrogant, condescending and, at the end of the proverbial English day, ineffective. So ineffective they always ended in a plug for “the deal.” What’s different this time?
Nothing. GM’s “May the Best Car Win” head-to-head ad campaign completely glosses over the fundamental question that a real bankruptcy forces a company to face: “Well, how did I get here?” With a few not-so-notable exceptions, the products that GM is about to present as class-leading are the same products that ushered the company into [its first] bankruptcy. Discount the idea that customers are to blame or the competitors suddenly got worse, and you’re left with an inescapable conclusion: same as it ever was.
The “May the Best Car Win” campaign also reveals Lutz’s ongoing and misplaced belief in symmetrical warfare. Ironically enough, the larger-than-life fly-by-the-seat-of-his-pants suit has convinced his bosses that rational comparisons will finally convince consumers of his paycheck provider’s product superiority. But, Bob, that’s not what sells cars. Brands sell cars.
This is no small point. GM’s fall from grace is not about its products, per se. It’s about the company’s ongoing and abject failure to create compelling brands that sell products (and services) that embody the brands’ promise. Never mind the LaCrosse vs. the ES350. Who would buy a Buick instead of a Lexus? Or a Chevrolet instead of a Honda? The people who would are, and the ones that don’t, won’t. No head-to-head model throwdown is going to change the overall dynamic, and/or the minds of people who vote with their wallet.
There’s only one way Lutz and Co. can win this “debate”: frame it in the context of a battle of the brands. But first they have to create four tightly-gathered, clearly expressed branding concepts (e.g., Cadillac as the “standard of the world”), then build products and services that realize that promise. Until and unless New GM grasps that nettle, potential customers will see “May the Best Car Win” as bilious bailout braggadocio, while existing customers will see it as an invitation to jump ship.
Never mind. Time’s up. While we await the inevitable, GM has placed the cart before the horse, and invited potential customers to tell them they’ve gone about it the wrong way. Only this time, when they make their choice, when the best car company wins, everyone loses.
Ron Bloom is a Harvard MBA grad, investment banker and former advisor to the U.S. Steel workers. He’s also the head of the Presidential Task Force on Automobiles, now that Steve Rattner is busy defending his investment firm against bribery charges. Over the weekend, the Obama administration added Manufacturing Czar to Car Czar in Ron Bloom’s portfolio of power. “Bloom is to work with government departments including Commerce, Treasury, Energy and Labor to develop new initiatives affecting the manufacturing sector. The White House said Obama is committed to partnering with the private sector to spur innovation, invest in the skills of American workers, and help manufacturers prosper in global markets by promoting exports.” In other words, after nationalizing GM, Obama’s mob are now looking to screw up all the other parts of America’s manufacturing base. A quick joke . . .
As GM headed for oblivion, the executives shielded themselves from responsibility by blaming everyone else. The contention that the American automaker was on the cusp of recovery (again, still)—only to be waylaid by the entirely-out-of-its-control global economic meltdown—was only the final excuse for their epic mismanagement. Before that, GM had an entire litany of alibis for their slide into Chapter 11. Number one on the “it wazzunt me” hit list: Washington.
The carmaker bitched and moaned that it was being strangled by Washington’s safety regulations, fuel economy mandates, health care policy (take our legacy costs, please!) and foreign policy (plagued as it wasn’t by Japanese currency manipulation and import restrictions). But when it was time to face the music, GM’s suits leaped into Uncle Sam’s loving embrace, glad to become America’s first nationalized automaker.
See, now that’s funny.
Only not really. In truth, companies like GM—and there are more than a few of them—love federal regulations. They happily pass the cost of meeting governmental diktat directly to the consumer. Or, better yet, they get the government to pay for the cost of meeting government regulations. Case in point: Section 136 of the Energy Independence and Security Act of 2007. This greenwashed piece of pork directs the Department of Energy (DOE) to hand out $25 billion worth of no- to low-interest 25-year loans to automakers to retool factories to build cars that satisfy new federal corporate average fuel economy (CAFE) regulations.
Note the hidden dynamic: the federal regs provide an enormous barrier of entry to smaller car companies, who can’t afford to pay for meeting the regs, pass on the costs to their customers or lobby Congress for their share of the pie.
What smaller car companies, you ask? Well, exactly. Electric sports car maker Tesla Motors is the exception that proves the rule: a Silicon Valley start-up that managed to secure itself a $465 million mega-suckle on Uncle Sam’s teat. Otherwise, brash automotive independents are a thing of the past. They’re consigned to the industry’s early history, when federal regulations (and related subsidies and tax credits) were notable by their absence.
The counter to the “Uncle Sam killed the creative cluster” contention: if the feds hadn’t stepped in, automobiles would still be gas-guzzling, toxin-belching, rickety baby killers. The government HAD to sort out the chaos of competition for the public good.
But is that true? If so, why did it take Tesla to finally spur GM’s [previous] Car Czar Bob Lutz into action on the EV front? More to the point, do we really believe that car makers would have failed to provide seat belts, crumple zones, air bags, clean-running engines, etc. if Uncle Sam hadn’t spent huge amounts of time and money twisting their arms?
I know the idea that the carmakers would have done the right thing anyway—simply to remain competitive—runs against the commonly held belief that big companies are fundamentally amoral (i.e. “Capitalism: A Love Story”). As a former GM Death Watcher, I’ll admit that there’s more than a little truth to that assertion. But how did these big companies get to have such a stranglehold on the marketplace in the first place?
Again, you have to look at the role of government regulation and oversight in creating the monolithic manufacturers—before Uncle Sam decided they had to be dragooned into saving lives and protecting the planet and other social goals.
Whether you’re talking about making things or providing health care, President Obama’s “public private partnership” is not new, nor will it do anything to help the American economy get back on its feet. American history is littered with examples of the negative effects of excessive government control of/interference with the private sector. In this I refer you to Jonas Goldberg’s rambling rant, Liberal Fascism. And point my finger at GM.
By promoting Bloom to “fix” America’s manufacturing base, the Obama administration would have us believe that his main man has already “fixed” GM. At best, you could say the jury is still out. At worst, you could mention the fact that GM is a headless, nationalized chicken, running around in a vain, mindless attempt to avoid an inexorable fate brought on by its taxpayer-provided protection from accountability. Or, if you will, it’s a zombie.
To let Ron Bloom loose on other parts of our industrial sector, to encourage him to impose the government’s will upon large companies, is madness; regardless of how willing these large companies are to accept government assistance. The intervention ignores Ronald Reagan’s warning that the most dangerous words in the English language are “We’re from the government and we’re here to help.” Or the message behind that message: that America’s true economic strength lies in its free markets, engendered, fostered and protected by a lack of government interference.
Meanwhile, the Germans are pressuring the Americans to convince GM to let the Russians (fronted by the Canadians) buy GM’s German-financed Opel division. Maybe Big Ron should go sort that shit out. Or not.
It’s been a while since I’ve written a General Motors Zombie Watch. Time keeps on slipping, slipping . . . into the future. Only when you’re dead, there is no future. You’re dead. Oh, I know: New GM’s got new plans for new cars with new advertising that will win new (old?) customers. And the new Board of Directors’ Chairman Ed Whitacre is busy threatening to fire New GM’s old (new?) execs if they don’t get their shit together. But they haven’t, as their farrago of product plans and the botched launch of the new Buick LaCrosse prove. In fact, the current crop of GM suits will be fired. And?
And nothing. As I’ve said before, Uncle Sam kept CEO Fritz Henderson and the GM Lifers on center stage for one reason: to throw them off when taxpayer tomatoes start hitting RenCen’s windows. Which will be soon after GM’s third quarter financials hit the press. When it becomes abundantly clear that GM will burn through ALL of its taxpayer loot within two years. Or less.
Politicians from both sides of the aisle (though one more than the other) will proclaim that something must be done! And something will: the management that should have been shit-canned when GM was nationalized—actually long before, but that’s another story—will be shit-canned. The feds will press an entirely theoretical reset button.
New suits will take over. The fact that the auto industry is on a three to five-year cycle, the fact that New GM’s new brooms face dust devils the size of Montana, the fact that any genuine GM turnaround would take a decade and over $100 billion in addition funds, will be lost in the shuffle.
Never mind. The corporate cull will achieve its intended goal: it will unleash the puppies of prognostication. The media will be abuzz with speculation about the new new new new new new new New GM, for another financial quarter. Maybe two. Possibly three. Meanwhile, the feds will continue readying the GM pig for its IPO, lipstick and all.
You want to talk about a perception gap? The Obama administration’s Presidential Task Force on Automobiles is trying to widen the gap between the perceived value of General Motors and the actual retail price of the government’s automotive showcase. Mark my words: the feds ain’t done propping-up the unproppable. They’ll shovel more and more money at GM, dressing-up the nationalized automaker for the Great Pre-Mid-Term Election Sale.
Lest we forget, GM is counting on—as in factoring into their current balance sheet—a $10.3 billion loan from the Department of Energy’s Advanced Technology Vehicles Manufacturing loan program. It’s the same money previously denied the American automaker. You may remember that GM was deemed non-viable by someone figured out that 1 minus 120 billion is something less than one. Guess what’s changed.
Nothing much. While GM has shed a mountain of debt, restructured its labor contracts, dumped dealers, paid lip service to cultural change, and found another sucker to foot the bills (thank you, America!), it’s still taking in less money than it spends. And we all know how that picture ends.
Before the closing credits, we’ve got to sit through a chase scene between Chevy’s plug-in electric/gas hybrid Volt and the Toyota Prius.
There’s no way GM can catch ToMoCo’s four-wheeled planet cooler. Even if GM can get the Volt to work, they can’t sell it for anything even close to the Prius’ $22,000 price tag. Unless . . . Unless . . . Government Motors does it anyway and takes the hit.
Of course, a “hit” is not a good thing for a company that wants to offer shares to the general public. So . . . how about we subsidize the shit out of the car so that it appears as if the car is somewhat profitable-ish? Or, at the very least, take the costs off GM’s books?
The federal government has already cash-injected the battery makers developing the Volt’s power supply, to the tune of $100 million plus. Your elected representatives are going to use your taxes to subsidize the plant making the car [see: DOE loans above]. And the car itself (via a $7,500 tax credit). Not to mention signing over $62 billion to a company that can’t even set a timeline for the Volt’s potential profitability.
Before a hundred or so hand-built Volts hit Chevy showrooms, the feds will re-up the battery research grants and find some other eco-friendly way of “helping” the halo car that the Presidential Task Force on Automobiles rejected as delusional, pre-nationalization.
Yes, there is that. It can’t be said enough: the feds own GM. The GM zombie has no will of its own; it’s controlled by its political taskmasters. When the truth about its [most recent] parlous finances are revealed, GM will become far more than a failed automaker turned undead manufacturer. It will become a political liability. If you think GM shareholders were slow to abandon ship, you’re right. If you think the Obama administration will be slow about jettisoning its GM-shaped political baggage, you’re wrong.
But first, GM CEO Fritz Henderson and his motley crew will be packed off in their golden lifeboat, so that the illusion of change can be re-energized. Like any good magic trick, the “GM will pay back it federal loans” routine depends on a suspension of disbelief. As Tufts University supporter P.T. Barnum said, you can’t fool all of the people all of the time.
When the IPO time rolls around, real investors (as opposed to taxpayers dragooned into paying for GM’s nationalization) will not want to own GM stock. Why would they? So the government will have to subsidize THAT boondoggle as well. In other words, papers will be shuffled once again, the taxpayer will still be on the hook, and GM will continue wandering through the wilderness.
One way or another, sooner or later, what’s left of GM will fall into the hands of its rivals. A few names will be all that’s left of what was once the world’s largest automaker, and the world’s most profitable company. But make no mistake: this is less of a transition than it seems. GM is already dead.
General Motors has always been long on talk about the future. The company that invented concept cars and pioneered planned obsolescence has always kept consumers focused on the next big thing(s), and that tradition is ever more important now that GM is a publicly-owned entity. Future products are the justification for current investments and subsidies, and GM knows it. Though details are sparse and largely sifted out of the murk of PR leaks, teases and hearsay, a picture of post-IPO GM’s 2012 lineup is beginning to form. The success of these vehicles depends on a number of difficult-to-predict factors, but assuming fairly conservative projections (steady increases in US economic growth, auto sales and gas prices), it’s not too hard to tease out a few early conclusions on GM’s strategy. So let’s hop in the time machine and set the dial for the Fall of 2011.
The Chevrolet Spark will be all-new for the 2012 model year, hitting dealerships just as our time machine arrives two years into the future. Based on the basic-by-third-world-standards Daewoo Matiz, the Spark is Geo Metro redux with a Chevy badge and styling. With a 1.2 liter engine and a goal of 50 mpg on the highway, Spark is clearly GM’s insurance policy against another sharp spike in fuel prices. US production of about 25k-30k units annually (about current Aveo sales levels) is reportedly planned. Most of GM’s competitors plan on bringing more premium offerings to this segment (e.g. VW Up!, Toyota iQ), making Spark a potentially unique value (though probably less profitable).
GM will replace its unloved Aveo as a 2011 model, a year before our time machine lands. Chinese/Korean engineered on the new GM-Daewoo “Gamma II” platform and styled by GM’s Brazilian studio, the new Aveo is supposed to be built at Orion Township. Strangely though, Automotive News [sub] reports that Aveo will “likely” be produced at San Luis Potosi, Mexico. Styling and space should be improved compared to the outgoing model, but the model will probably struggle under the Aveo name thanks to its predecessor’s weak reputation. Name continuity is a good thing, but Bob Lutz’s apparent decision to keep the Aveo name may not have been the example for GM to start the habit with.
Both the Spark and Aveo will struggle to hide their developing-market roots and will likely do little to change the perception small cars are an afterthought for GM. The Spark in particular should face some trouble, given that most economists see economic recovery and rising gas prices arriving hand-in-hand. In that scenario (and considering GM’s desperate need to improve its small-car rep), Toyota and VW’s premium city car approach seems to be the better choice. And with the Aveo upsizing to near-Cobalt size, GM will also be selling it as a hatchback only for fear of cannibalizing the Cruze. This will further limit its appeal in the American market.
The Cruze will debut alongside the new Aveo in 2011, and will be built on the global Delta II platform in Lordstown, OH. Early reviews from Europe and Australia where local versions have already debuted are . . . mixed. Reviewers praise the space, styling and interior quality, while criticizing the car’s weight, engines and dull handling. All in all, though, it’s hard to conclude that the Cruze won’t be a huge improvement on the Cobalt. This should go a long way towards building some kind of reputation for GM in a segment where it has never really been competitive. Unfortunately, for every positive step there’s at least one regression.
A Delta II-based Buick is planned for model year 2012, which has been conceived as a way of returning lost Pontiac volume to the Buick-GMC dealer network. “Unique sheetmetal” is promised, but the model (like all Buicks going forward) will essentially be a tweaked Chinese-market offering built alongside the Cruze at Lordstown. GM’s level of cynicism in executing this model will be a defining choice. With the Cruze already offering a relatively high quality interior for the segment, differentiating the Buick compact will be tough. Especially if Buick-GMC dealers are counting on it for real volume.
In addition to badge-engineering, GM is also saddling its compact portfolio with its other age-old sin, the fleet special. Though the weary Cobalt will no longer be offered at retail when our time machine lands, GM is considering a fleet-only version of the Cobalt to soldier through 2010 and possibly into 2011. Though fleet specials are understood to have a negative effect on brand image, old habits die hard. And as we will see later, the Cobalt “Fleet” won’t be the only image-dragging holdover model in GM’s portfolio come 2011.
The Volt should be available at dealers when we arrive to witness GM’s 2012 lineup. 10,000 units of production are planned for 2012, with an MSRP of $43K and GM will lose money on every one. A Cadillac Converj version could be available by 2012, but the chances are not good. If it is available by 2012, expect either a rebadge of shocking cynicism or a super-limited halo car. Neither of which will help GM. As reality sinks in and hype fades, the Volt could well be the cause of a few GM PR headaches by 2012.
Entering the magical world of crossover utility vehicles, GM’s 2012 product planning begins to show signs of yet another classic GM sin: overlap. Chevrolet’s Delta II-based Orlando looks to be a relatively solid contender as a cheap seven-seater in the Kia Rondo mold. But will those two extra seats be useful enough to tempt Americans away from GM’s slew of five-passenger vehicles? Given the limitations of the platform, the answer is probably no. Unless, of course, a gas price shock creates more interest in the micro-van segment.
A Gamma-II based five-seat CUV is planned for Buick, in yet another attempt to bring more volume into the Buick-GMC sales channel. As with the Buick Cruze rebadge, this weak motivation could easily tempt GM into the old cynical rebadge trap. Though GM-Shanghai’s Business concept shows the possibility of an attractive small Buick CUV, putting concept into practice could prove difficult. The challenge: attracting a premium over the upsized, five-door Aveo, without cutting into GM’s four Theta CUVs. Or a possible 2012 GMC “Sub-Terrain” CUV based on either the Gamma II or Delta II platform.
Given GM’s history and limited resources, expect the Buick CUV to be tough to distinguish from the Aveo and the GMC to be similar to the Orlando. Execution is everything with this much potential for overlap, and GM has only so much time to create meaningful differentiation in this cluster-NSFW. And as we move into the meat of GM’s planned lineup, that problem appears everywhere. No way can GM make sense of all of it.
Here in 2009 this is one of the hottest segments in the market, as Americans downsize from Detroit SUVs into CRVs, Rav4s and Foresters. And GM is only a little bit late to the party, banking on the 2010 Equinox and Terrain to fight for the remainder of the cute-ute boom. But GM is already having difficulty explaining how consumers should choose between these offerings. For 2011, Buick will add to the confusion by offering what appears to be an only mildly rebadged version of the Saturn Vue, which will bridge the already-narrow gap to the “Theta Premium” Cadillac SRX. Further complicating the Theta competition will be the Saturn Vue and the Saab 9-4X, which will likely both be sold by the former GM divisions in 2011.
The problem with GM’s Compact CUV offerings isn’t that GM misunderstands the market; this segment should continue to sell well through 2012. The problem is that GM is set on flooding the segment with models that, while distinguishable to buffs and designers, will only serve to confuse consumers. The Buick Vue rebadge seems to be a particularly senseless and cynical decision, justified only by the 2012 option of a plug-in drivetrain that should really be an option on the SRX. Retaining the Equinox name could also keep one of GM’s most important products in the shadow of its (ironically) forgettable predecessor, while the Terrain will share lot space with the Buick Vue. For such a crucial segment, GM has some major (and sadly familiar) issues to sort out. Fast.
Though one of its more-recent platforms, the Lambda is already one of GM’s most egregious examples of latter-day brand engineering. Pre-bankruptcy, GM had four poorly-differentiated versions of the platform. In 2011, GM will likely have four poorly-differentiated versions of the platform. Traverse will be soldier on unchanged, while the Buick Enclave and GMC Acadia are scheduled for a 2012 refresh. Though the Saturn Outlook will probably still be on sale at Penske’s Saturn dealers (just to keep things fun), the fourth GM model is likely a 2012 Cadillac Escalade replacement. Though there’s talk of stretching the platform for ‘sclade duty, don’t expect it. GM will either do a quick-and-dirty Lambdasclade or allow the old GMT 900 beast to live on (truck/SUV strategy, as we will see later, is in chaos).
Either way, the Lambda glut caps a potential eleven-model swath of CUVs in GM’s lineup, not counting the five-door Aveo or the CTS Wagon. Four-brand GM dealer lots will be a maze of the rounded-off wagon-utes, with salesfolks guiding bewildered shoppers through a seemingly infinite palette of family vehicles. The CUV segment is a melting-pot of automotive styles anyway, where lines are already blur into unfamiliar form (and bland looks). And despite the huge number of models, nowhere in this mix is a credible compact off-roader or a modern family/commercial van (ala Ford’s Transit Connect). In model year 2012, it seems, variety in the heart of GM’s lineup will still only be skin-deep.
Chevy’s “perception-shifting” 2008 Malibu will not be updated until after the 2012 model year, and for 2013 it will actually be downsized (except for the trunk). Which is hard to understand, considering that the aging Impala has hung close to the ‘bu in sales, seemingly on the strength of its interior size alone. But that’s a concern for 2013; for the purposes of our time-traveling, the Malibu will remain unchanged. But will its sales still be consistent?
By Fall 2011, the Opel Insignia-based Buick Regal will have been on sale for about a year. By then it should be fairly clear if the new model drives the kind of volume that Buick dealers need to make up for the loss of Pontiac. GM expects the four-cylinder-only Regal to cost “a few thousand dollars” less than its platform-mate, the LaCrosse, and become Buick’s best-selling model. Though the Insignia has been well-received in Europe, it shows less promise for the US market. It will have to be positioned as “more sporty” than the LaCrosse while only offering a four-banger to avoid overlap. Stuffing the Regal between LaCrosse and Impala/Malibu means limiting options, a compromise that hurts its chances as a volume model. And it may be the motivating factor in the ill-advised 2013 Malibu downsize.
GM’s decision to allow the W-body 2006 Impala to soldier on until 2014 is perhaps one of GM’s greatest sins. Though the Impala currently sells at about the same levels as the Malibu, one can’t help but feel that by 2012 the Impala will be bought only by curious students of 20th century automotive technology. It seems that GM has almost completely given up on large FWD sedans as a competitive volume product, perhaps assuming that the segment will be abandoned for the CUVs that it has bet the farm on. This assumption is by no means a sure thing. Meanwhile, the Impala will be an inescapable reminder of the old, bad GM.
Worse still, anyone who wants a remotely competitive fullsize GM sedan will have to look at one of its luxury brands. Specifically, they will have to look at Buick or Cadillac’s flagships, the LaCrosse or the XTS. The 2010 LaCrosse is seven inches longer than its Regal stablemate will be, and offers V6 and AWD options. Does that make the LaCrosse a “flagship” as GM claims, or does it make the Regal a hamstrung, would-be cannibal?
Cadillac’s “flagship” similarly fails to generate any unique appeal. Though Cadillac is supposed to fight BMW as a high-tech, dynamically-driven line of vehicles, the XTS will be a bloated “Super Epsilon,” possibly with standard AWD. This compromise (born of the inability to develop a true Cadillac flagship) places pressure on the entire GM sedan range by dint of its placement so close to the LaCrosse (itself to close to the Regal, Impala and Malibu). Somewhat larger than the CTS, there’s little chance it will better embody the brand’s world-class dynamic ambitions. That would be the job of the Alpha-platformed ATS sedan, a long-rumored BMW 3 Series fighter. Which will be expensive to develop, and difficult to justify considering the CTS is due to be downsized for 2013 or 2014.
Trucks And SUVs
Once GM’s bread-and-butter, truck and SUV development is in chaos as GM grapples with upcoming CAFE standards, the fear of gas price shocks and a buying public that appears to be “over” the body-on-frame craze. Expect Tahoe, Yukon, Suburban and Yukon XL to soldier on until at least 2013, unless GM rushes out more Lambda clones in the meantime.
Long term, the only apparent plan is to remake the Avalanche in the mold of the Ridgeline, also on the Lambda platform (Acadia SUT anyone?). Silverado and Sierra are in a holding pattern until at least 2013. Colorado and Canyon will be discontinued in 2012, possibly to be replaced by a global small pickup developed by GM of Brazil. The fact that GM is seriously considering abandoning the compact pickup market speaks volumes about GM’s jaundiced view of the future of body-on-frame.
By 2012, GM’s offerings will have become more narrow in positioning, with the exception of the Spark at the low end and the Volt at the high end. Between the upsized five-door Aveo and the premium brand “flagships,” GM’s products will be more tightly positioned than they have been in years. Overlap and brand dilution are likely to be the result, as many of the planned models serve only to make up for lost Pontiac volume at Buick-GMC dealers. Ironically, this flood of Buick product is both starving and cannibalizing Cadillac, which no longer has the resources to properly differentiate itself from Buick (in terms of aspiration, if not dynamics and styling).
Reviving Buick also means that one of GM’s least competitive products, the Impala, will stick around long past its best-by date. This will be corrosive to the Chevrolet brand, which won’t be able to compete with Ford’s Taurus without threatening the Buick/Cadillac balancing act. How many Epsilons can you fit on the head of a pin anyway? And if the Impala is going to slouch towards ignominy, why not a post-Cruze fleet special Cobalt too? Or maybe squeezing a few more bucks out of the HHR wouldn’t hurt too much?
One bad habit leads inexorably to others, especially for institutions so steeped in bad habit-as-tradition. GM’s executive never miss an opportunity to insist that change is here, telling us that they’re not fans of rebadging, and that every product must be class-leading. But the tight positioning, slumming holdovers and acknowledged volume-chasing to support dealers for model year 2012 show that these executive statements are either misleading or just crazy. Unless we are about to see one of the greatest achievements in the history of product differentiation, GM’s bright dawn will remain just out of reach. Same as it ever was.


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Fruit supplier Norman Collett has upped production of the Rubens apple variety by 275% this season after strong sales in its UK debut season last year.This season's crop is anticipated to reach three million apples some 2.2 million more...
Nestlé has resurrected the concept of an on-the-go yoghurt, fruit and cereal breakfast drink to boost its ailing Ski brand.
The new line – Ski Up & Go, which is set to reach UK stores later this month – follows in the footsteps of a Stopgap...
With Florida’s grapefruit harvest running later than usual, fruit is expected to leave US shores at the end of this month and reach the shelves of UK supermarkets by the middle of next month.
Mike Yetter of the Florida Department of Citrus said...
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Upcoming fashion designers to display their creations in SandtonSubmitted by MyPressportal Team
Shoppers invited to view fresh, innovative designs
Johannesburg, 25 April 2022: Sandton City has long been renowned as South Africa’s fashion capital, with an unparalleled selection of exclusive international and local fashion brands available in its halls. Now, eight exciting upcoming designers from Alexandra, Katlehong, and Soweto will be displaying their creations in the centre until 30 April 2022 as part of the Sandton City Loves Local Design initiative.
Organised by AlexBiz in partnership with Rays of Hope, the display in the centre’s aisles will enable these designers to showcase their creativity to the country’s most astute fashionistas in this sought-after retail environment. Mannequins displaying their works will be placed throughout Sandton City, so that the centre’s over 2 million monthly visitors can draw inspiration from these innovative fashion pieces.
“Over the years, Sandton City has supported many of Rays of Hope’s programmes that aim to help Alexandra’s residents move from vulnerability to sustainability,” says Preston Gaddy, General Manager at Sandton City. “Rays of Hope’s idea of a fashion showcase to provide exposure to local designers provided the perfect way to take this collaboration even further,” she added.
“Showcasing their designs in such a premium, high-traffic environment could be the career boost that these talented young designers need,” says Tracey Peppler, Business Director at Rays of Hope. “This could be through connecting to clients who want their own bespoke designs, or by attracting the attention of investors who can help them buy equipment to expand their production. Success could even be meeting someone who can mentor their career or being spotted by a fashion trend forecaster,” she added.
Visitors to the mall can see promising creative work displayed by the following young designers:
- Gift Shai of Namanje Designs – a customized feel that’s comfortable, stylish, urban, sporty and edgy
- Mathews Mapheto of Softanyce – seasonal urban unisex streetwear for South Africa’s youth
- Sechaba Austin Hlongwane of Balloons Wardrobe – culture and street merge to tell a unique story
- Bonisile Kunene of Styled by Afribonn – celebrating and drawing inspiration from a proudly African heritage
- Patie Botha of Patie M Apparel – an elegant, sexy and tailored clothing brand for women, inspired and designed by women
- Kgomotso G. Mautloa of Urban Skipa – drawing inspiration from the many pockets of life, colours and styles draw inspiration from the streets
- Joseph Tumahole and Thato of AEC WANG – sportswear-meets-street, his and hers drop crotch track suits designed to survive the pandemic
- Nhlanhla M - fashion brand Ex3trodinary is a high-end fashion brand specialising in red carpet ready designs as well as bridalwear.
Shoppers can view the designers’ creations throughout Sandton City until 30 April 2022 with information about each designer and their contact details, displayed alongside their pieces.
-- ENDS --
AlexBizprovides small businesses with access to skills development programmes and support in creating sustainable business ventures through financial literacy programmes, business etiquette classes and training, as well as workshops and business breakfasts that allow emerging entrepreneurs to network with other like-minded individuals.
ABOUT RAYS OF HOPE
Rays of Hope has been partnering with the Alexandra community for more than 30 years to build and nurture mutually transforming relationships to realise individual potential, creating opportunities for development from vulnerability to independence.
ABOUT SANDTON CITY
Sandton City Shopping Centre is renowned amongst both local and international visitors as one of Africa’s leading retail destinations. With an impressive retail, office and leisure spaceranking as South Africa’s top performing retail destination in terms of trading density, Sandton City has an effective tenant leasing strategy and a low vacancy level. The shopping centre is home to over 300 of the most exciting local and international brands and presents you with a world of luxury in the exclusive Diamond Walk.
Sandton City is six-star green-star rated by the Green Building Council of South Africa. This is the first super-regional shopping centre on the African continent to achieve such a prestigious rating, representing world leadership in environmentally sustainable operational efficiencies. In accordance with the SHORE accreditation standards by international certification body SAFE Asset Group, Sandton City is certified COVID-19 compliantand has also achieved gold level status as a safe retail destination for its ability to prevent, adapt, respond to, recover and learn from operational disruptions. Adjacent to world-class hotels and mega corporate headquarters, winning multiple Best Shopping Mall awards each year, Sandton City continues to be a leader in mixed-use properties.
Sandton City is co-owned by Liberty Two Degrees, Liberty Group and Pareto Limited, and managed by JHI Retail Proprietary Limited.
We submit press releases on behalf of clients.
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Ortlieb, the German company specializing in bicycle panniers and backpacks, started selling online via distribution agreements with pure online retailers in Germany at the beginning of this year.
In Austria and Switzerland, the new selective online distribution model will start this autumn. In the U.S., Ortlieb is currently signing contracts with pure online retailers to start selling its products from this summer.
Previously, consumers were only able to order products directly via Ortlieb's online shop and select a specialized retail store to be the contract partner for services and returns.
In 2018, Ortlieb Sportartikel suffered a setback in its legal battle with online platforms about their search engine merchandise practices, as the German Federal Court of Justice sent a case about the interchangeability of brands back to lower courts. According to the company, they had previously ruled clearly in favor of Ortlieb, which specializes in panniers and bags for cycling and outdoor activities.
Ortlieb reports that its sales increased by almost 20 percent in Germany in 2018. In the first half of 2019, the biggest growth was recorded outside Germany. At the OutDoor by Ispo show in Munich, Ortlieb reported that it plans to enter the Chinese market in the course of the next two years.
Driven by the e-bike boom worldwide, Ortlieb has developed new bags for e-bikes, which were launched in January 2019 in selected specialist stores. They sold very well in the first half of this year. The related product line will be expanded in the future, as the segment is said to be growing continuously.
Ortlieb was awarded the OutDoor by Ispo Gold award in the category of bike accessories for its waterproof bicycle pannier, which was presented for the first time at the show in Munich. It will be on sale in stores from January 2020.
The German company appointed Christian Benedikt as its new export manager on July 1. He worked previously as sales manager for Germany, Austria, Switzerland and the Benelux countries at Hilleberg, the Swedish tent manufacturer. Benedikt replaces Heike Bachardt, who will move to Australia. Ortlieb is currently searching for a new e-commerce manager as well as for an additional sales manager for the German market.
Ortlieb's complete production process is handled in-house at the company's headquarters in Heilsbronn, where currently 230 people are employed. Ortlieb plans to expand its production capacities and warehousing in the near future.


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Bitcoin and Cinema – now a reality with this announcement
Bitcoin, the largest crypto, is enjoying its recent surge above the $45k mark with an incline of about 19% within a week. With the rise in price, institutional adoption increased as well. This time though, instead of big banks or financial firms adopting BTC, it’s the world of entertainment that’s taking a step towards adopting the asset.
AMC says it will accept bitcoin as payment for movie tickets by year-end https://t.co/oHmO6eUgcO
— CNBC (@CNBC) August 9, 2021
AMC Entertainment, the largest cinema chain in the world laid down its plans to accept Bitcoin (BTC) payments for movie tickets by 2022. During the company’s earnings call, AMC chairman and CEO Adam Aron spoke about creating infrastructure to cater to online payments. According to a transcript of the call, he stated:
“By year-end, we will have the information technology systems in place to accept bitcoin as payment for movie tickets and concessions if purchased online at all of our US theaters”
He acknowledged the strong demand for buying movie tickets with crypto from the firm’s customers. Aron added:
“We’re quite intrigued by the potentially lucrative business opportunity for AMC if we intelligently pursue further serious involvement with cryptocurrency,”
It’s been a bumpy journey for the institution. Not so long ago, the company was on the verge of filing for bankruptcy, with the cinema operator being forced to close venues as the global coronavirus pandemic spread. However, at the press time, AMC’s Q2 financial reports painted a completely different picture than last year.
Thanks to money raised in May and June, AMC ended the June 30, 2021 quarter with MORE THAN $2 BILLION OF LIQUIDITY (cash in the bank or undrawn revolving credit line). Right around DOUBLE the highest quarter ending liquidity level AMC has ever had before in our 101 year history!
— Adam Aron (@CEOAdam) August 9, 2021


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New Z06 Ownership in Europe Won’t Come Cheap
If you live in Europe and want to buy the new Corvette Z06, it won’t come cheap.
Well, at least by American standards.
While the base price for the car here in the states starts at $78,995, the European sticker for the Z06 Coupe will have a suggested retail price of €99,500 ($124,200) when it goes on sale in the spring of 2015, according to a CarScoops.com report.
That amounts to a savings of more than $42,000, for those of us here in the U.S.
A new convertible Z06 will cost you €104,500 or $130,445 in Europe, compared to $83,995 in the U.S. The optional Z07 Performance Package tacks on another €16,500 or $20,311. However, the Z06 is a still a hell of a deal when you consider that a comparable exotic (if there is such thing), like the Ferrari 458 Italia perhaps, will cost you around £169,545 or $265,966 in Europe. What a deal!
Chime in with your thoughts on the forum. >>


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The ‘Smart Open Data Advancement Consortium’ was officially launched on 1 November 2018 during Hong Kong FinTech Week, aiming to revolutionise data-driven innovation endeavours and create tangible impact through a secure and user-friendly platform to effectively leverage open data. The Consortium’s founding members are: ASTRI, City University of Hong Kong, Deloitte, FORMS SYNTRON, JETCO and Nova Credit.
[Hong Kong, 1 November 2018] Senior executives of the founding members of the Smart Open Data Advancement Consortium, and industry representatives attended the ceremony to launch the Consortium which will bring ground-breaking improvements to various public services and commercial sectors in Hong Kong through data-driven innovation.
First of its kind in Hong Kong, the Consortium is being founded by six organisations: The Hong Kong Applied Science and Technology Research Institute (ASTRI), City University of Hong Kong, Deloitte, FORMS SYNTRON, JETCO and Nova Credit. As the membership base grows, the Consortium will strive to raise public awareness of the massive power of data, and promote cross-industry adoption of its platform to deliver maximised scale and impact. Targeting digital-savvy businesses and professionals, the Consortium will build a trusted data ecosystem where consent-based design will ensure full information security and privacy. In addition to saving time, effort and resources to deal with data, it will also mitigate fraud risk and adopt globally accepted best-case examples.
An ecosystem-driven initiative, the Consortium will enable public sector and commercial organisations in Hong Kong – and subsequently in the Greater Bay Area – to develop and implement data-driven smart applications and services to boost productivity and enhance user satisfaction. With its human and organisation-centric approach, it will provide a secure, user-friendly platform for various sectors to unleash the full power of data in their operations and businesses. From government agencies to industry regulators, public service providers to financial institutions, academia to different business sectors – the platform will adopt a Triple Helix model. In this model of innovation, academia and R&D centres come up with technological solutions and platforms, the Government sets the regulatory and enabling framework, while the industry leverages the innovation to enhance productivity and improve customer experience.
This initiative can be extremely impactful through a robust ecosystem-wide adoption in Hong Kong. It comes at a time when the Government and the industry are actively striving for better utilisation of big data to foster economic growth and offer better services to the people. In future, the Smart Open Data Advancement Consortium can also target the huge growth potential of business and innovation in the vibrant Greater Bay Area market.


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By Marcus Leach
The GfK NOP consumer confidence index has risen for the first time since May as the British public took a more positive view of the economic outlook.
The index increased to -30 for September, having hit a four month low of -31 in August, although it remains ten points lower than this time last year.
"The index's one-point rise this month is not statistically significant, but it is psychologically important as it halts the decline of recent months," said GfK Managing Director Nick Moon.
The component gauging peoples' outlook for the general economic situation in the next 12 months rose to -27 from -31.
Elsewhere the outlook for personal finances improved to -10 from -11 and the climate for major purchases also recovered, reaching -28 from -31.
"With economic growth effectively stalled at the moment, retailers would welcome more high street activity, although if consumers are buying German fridges and Japanese cars, this would create quite different problems for the UK economy," Moon said.
Join us on


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With ‘trade war’ rhetoric heating up on both sides of the Pacific following several rounds of dueling tariffs, the U.S. Trade Representative has announced new proposed tariffs on Chinese goods, including lithium-ion batteries. With China the largest source of lithium-ion battery imports to the US, what do the new proposed tariffs mean for the U.S. energy storage sector, both directly and indirectly? What other energy storage technologies will be impacted? And what might happen in both the near-term and farther future?
Source: Energy Storage Association


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RIM’s CEO says an app ecosystem is’nt everything when it comes to smartphones. Not sure what rock this guy is living under, but apps makes the smartphone world go round. Not sure if Thorsten Heins ever heard of Twitter, Facebook and Instagram. Most companies use these apps as marketing tool so RIM should be depending on apps.
Apps aren’t numbers game — though Apple and Google often portray them that way. It’s clear there’s a lot of chaff in the mobile app ecosystem wheat, and RIM feels BB10 can go head-to-head with Android and iOS as long as it has quality apps that satisfy key consumer needs.
“The tactic we are deploying is by country and by region,” Heins told Reuters. “We are aiming to have the most important 200 to 400 apps available.”
Not a bad strategy, given the company’s current position. And realistically, what else can it do? There’s no way it can match the number of apps Apple and Google are able to offer their users. But if it can offer enough quality apps to fulfill key smartphone use cases, the size of the BlackBerry 10 app ecosystem may not matter.


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Alphabet announce new chief commercial officer
Alphabet GB have announced Spencer Halil, will join the Alphabet Management Committee as its chief commercial officer from February 1, 2021, subject FCA approval.
Joining Alphabet from his current role as director of Alphera, Halil brings knowledge across financial services, experience in multi-make brands and a strong network, says the company.
Nick Brownrigg, CEO of Alphabet, said: “Spencer has tremendous experience in the industry, and his extensive knowledge will prove invaluable across a number of our strategic projects in the UK. We’re looking forward to him joining us at Alphabet, to further progress our business and commercial offering.”
Halil has led Alphera in the UK for five years and will take over from Simon Carr, who has been in the role since 2017.
Following the departure of Simon Carr at year end, until FCA approval is received, Nick Brownrigg will assume responsibility for commercial operations with support from Joanne Ewen, general manager of new business and direct sales.
Alphera appoints Preston Rogers as new director
Preston Rogers will assume the role of director of Alphera in the UK from Halil, subject to FCA approval, effective from February 1, 2021.
Rogers, currently general manager for digital sales channels and insurance for BMW Group Financial services, brings UK and international experience in motor finance, automotive retailing and new digital business channels, the company says.
Rogers said: “I’m very pleased to be returning to the Alphera fold, especially at a time when we will be celebrating 15 years of the brand in the UK market.
“In that time the business has made incredible strides in establishing best practices within the industry, being recognised as a progressive market player and developing a select network of partners that is truly industry-leading in terms of business quality, performance and customer orientation.
“Over the coming months Spencer and I will work closely to ensure that the business’ growth trajectory continues as we start a new chapter of the Alphera success story in the UK.”
Halil said: “Having worked in the motor finance industry for over 24 years, I am a firm believer in the power of people and know the best results are achieved through strong teamwork.
“I’m delighted to be joining such a high performing and driven team, bringing my own experience to complement their work.
"Together, we will continue to develop the next stage of Alphabet’s commercial strategy."
New head of marketing and business development announced at Alphabet
Alphabet GB have announced the appointment of Suzanne Gray, as its new head of marketing and business development.
Gray joins Alphabet from BMW Group, where she worked for over 30 years across a variety of functions including marketing, MINI, sales, financial services and customer strategy, as well as working with Alphabet to bring BMWi to market and championing e-mobility.
Gray will assume the role from Agata Stachaszewska, who will be returning to Alphabet International in Munich after three years with Alphabet UK.
Gray said: “I’m excited to be stepping into the role of head of marketing and business development, having seen the impressive work and development Agata has led the team to achieve over the last few years.
“The unique insights and extensive knowledge gained across the entire group will help me continue the great work already in place at Alphabet and help the business move even further forwards.”
Alphabet announce new chief operating officer
Sacha Imamkhan has been appointed as the new chief operating officer (COO) of Alphabet GB.
Imamkhan will be responsible for the operational function of Alphabet GB, in addition to joining the UK Management Committee.
Previously, Imamkhan held the position of head of remarketing for Alphabet GB and has recently led a strategic project across Alphabet and BMW Financial Services in the UK.
She will assume the new role from Clive Buhagiar, who has been acting interim chief operating officer. Buhagiar will continue his role as head of operational services, reporting into Imamkhan.
Imamkhan said: “I am delighted to be stepping into the role of COO taking Alphabet’s operations to new heights, building on the great progress that the team has already made.
“Having worked at Alphabet for more than eight years, I’ve held roles both in the UK and at Alphabet International headquarters. This, coupled with my background at ING Lease, has given me a strategic perspective across the fleet business and an in-depth operational understanding from Alphabet markets around the world.
“This experience sets us in good stead to respond to challenging market conditions in the UK.
“With a focus on the high level of service our customers expect, I am looking forward to driving our business operations forward, staying one step ahead of evolving needs.”


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Tag: Teamworthy Ventures
Shift5, a firm specialising in onboard data, has announced a $33m rise in its finances, bolstering its Series B round to an impressive $83m.
Lithic, a card issuing platform to enable the simple creation of cards, has closed its Series B round on $43m.
Vennfi, which supports tax-exempt payments, closed a $2.3m seed round to support the development of its charity account services.
US-based virtual card platform Privacy.com has scored $10.2m in its Series A round, which was led by Teamworthy Ventures.
Student financial support platform RaiseMe has received $15m in its Series B round, supporting the launch of its new platform later in the year.


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Hic et Nunc is a-based NFT market that has just lately acquired prominence because of the continued debate concerning the environmental impression of NFTs. The two-month-old NFT market ‘Right here and Now’ has extra (DAU) than OpenSea’s largest NFT market.
Tezos Scaling into Higher Providers
Tezos is an open-source proof-of-stake (PoS) blockchain community designed to supply security and code correctness. This platform is backed by a worldwide group of analysts, validators, and builders. It will be greatest in the event you used Tezos tokens to work together with it.
Since Tezos function a variation on the proof-of-stake consensus, it consumes much less vitality, making Hic et Nunc a much less controversial alternative. Tagging together with a reputation that interprets to “Right here and Now,” the platform just lately discovered itself within the trending when AI artist Mike Tyka selected to mint and promote his Portraits of Imaginary Folks there.
The argument from the local weather camp is that Ethereum’s proof-of-work consensus is simply too energy-intensive, a degree that’s been leveled at Bitcoin quite a bit previously. The issue is that NFTs can contain a number of transactions all through their lifetime and are extra difficult good contracts than a primary ERC20 token.
The community presents peer-to-peer transactions by its native XTZ cryptocurrency, Tezzie, by way of its decentralized platform by deploying good contracts.
The blockchain additionally facilitates decentralized purposes (DApps) and is seen as a possible competitor to Ethereum. Tezos had the biggest preliminary coin providing () of all time, elevating $232 million, however handled main adversity and delays after its institution.
World Artwork Day Fundraiser
Only recently, the Tezos-native NFT platform H=N gained steam and launched the World Artwork Day fundraiser. H=N publicized the occasion by way of a quick press launch from a Tezos ecosystem improvement basis, TQ Tezos, not formally linked with H=N.
Centered on a theme of “#NFTsforall,” the fundraiser featured work from “200+ artists from 40+ nations”, based on artist and collector jkwong. Each artist would kind a 25-50 version piece, with the entire items priced at one $XTZ.
NYC-based market for NFTs. The corporate claims to be the “first and largest market for user-owned digital items.” It was established in 2018, following the CryptoKitties craze that ensued when Ethereum launched the ERC-721 and ERC-1551 non-fungible token requirements.
OpenSea has a market for locating, curating, buying and selling, and amassing NFTs from creators, musicians, artists, players, and influencers led by Devin Finzer, CEO. Over the few months, transaction quantity on the Hic et Nunc has grown extensively, and its future appears brilliant.
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Nov 27, 2019
Ghana and Ivory Coast’s proposal for adding a Living Income
Differential (LID) premium to sales of cocoa beans looks set to be
approved and become law by early next year.
Joseph Boahen Aidoo, the CEO of Ghana’s Cocoa Board, told us recently that the two countries are expected to finalize their approach by the end of December with passage through the respective parliaments into law likely in early 2020.


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Clinton Remained Silent As Wal-Mart Fought Unions
Tapes Reviewed by ABC News Show Clinton As a Loyal Company Woman
By BRIAN ROSS, MADDY SAUER and RHONDA SCHWARTZ
Jan. 31, 2008—
In six years as a member of the Wal-Mart board of directors, between 1986 and 1992, Hillary Clinton remained silent as the world's largest retailer waged a major campaign against labor unions seeking to represent store workers.
Clinton has been endorsed for president by more than a dozen unions, according to her campaign Web site, which omits any reference to her role at Wal-Mart in its detailed biography of her.
Wal-Mart's anti-union efforts were headed by one of Clinton's fellow board members, John Tate, a Wal-Mart executive vice president who also served on the board with Clinton for four of her six years.
Tate was fond of repeating, as he did at a managers meeting in 2004 after his retirement, what he said was his favorite phrase, "Labor unions are nothing but blood-sucking parasites living off the productive labor of people who work for a living."
Wal-Mart says Tate's comments "were his own and do not reflect Wal-Mart's views."
But Wal-Mart founder Sam Walton and other company officials often recounted how they relied on Tate to lead the company's successful anti-union efforts.
An ABC News analysis of the videotapes of at least four stockholder meetings where Clinton appeared shows she never once rose to defend the role of American labor unions.
The tapes, broadcast this morning on "Good Morning America," were provided to ABC News from the archives of Flagler Productions, a Lenexa, Kan., company hired by Wal-Mart to record its meetings and events.
A former board member told ABCNews**** that he had no recollection of Clinton defending unions during more than 20 board meetings held in private.
The tapes show Clinton in the role of a loyal company woman. "I'm always proud of Wal-Mart and what we do and the way we do it better than anybody else," she said at a June 1990 stockholders meeting.
Clinton would not agree to be interviewed on the subject but now says she no longer shares Wal-Mart's values and believes unions "have been essential to our nation's success."
The videotapes do show that Clinton used her role to push for more environmentally friendly policies and better treatment of women.
"We've got a very strong-willed young woman on our board now; her name is Hillary," said Wal-Mart founder Sam Walton at a 1987 stockholders meeting in describing Clinton's role in pushing for more women to be hired in management positions.
Critics say Clinton's efforts produced few tangible results, and Wal-Mart is now defending itself in a lawsuit brought by 16 current and former female employees.
"I don't doubt the sincerity of her efforts, but we don't see much evidence that conditions for women at Wal-Mart changed much during the late 1980s and early 1990s," said Joe Sellers, one of the lawyers suing Wal-Mart on behalf of the women.
Wal-Mart declined to comment to ABC News about the lawsuit, but the company has said previously that it is confident it did not discriminate against female employees.
According to the New York Times, Sen. Clinton "maintains close ties to Wal-Mart executives through the Democratic Party and the tightly knit Arkansas business community." The May 20, 2007 article also reported that her husband, former President Clinton, "speaks frequently to Wal-Mart's current chief executive, H. Lee Scott Jr." and held a private dinner at the Clinton's New York home in July 2006 for him.
He did not directly respond when asked why she did not quit the board over the conpany's anti-union efforts. "Wal-Mart was Arkansas's largest employer when Sam Walton asked Sen. Clinton to join the board," he said. "As the first woman to join Wal-Mart's board, she worked hard to make it a better corporate citizen."
In its statement, Wal-Mart described Sen. Clinton as "a valuable contributor" who "pushed us to be a better company."
WI, Wisconsin, Hillary Clinton fights, Barack Obama, workers, unions, American jobs, overseas, foreclosures, NAFTA, trade agreements, corporate lawyer
What I will be reviewing today is the Wi-fi USB Connector for both the Wii and DS. The MSRP on this item is $39.99, and can be purchased at fye****, or at any other major video game retailer.
+ Provides good internet connection for both the DS and for the Wii
+ Easy to install and use on your computer
- Cord to connect USB connector to computer is too short
- Only provides connection for a couple of hours
- Overheats way too easily
- Only compatible with computers that support Windows XP
- Too Expensive
- System needs to be a short distance away from connector in order to work Distributed by Tubemogul.
Going on vacation or taking a business trip? Whether business or pleasure, learn more about the property with a video before you book. Hampton Inn & Suites Milwaukee Downtown, WI, located at 176 W. Wisconsin Avenue, Milwaukee, Wisconsin, 53203, USA. Contact the property directly at 1-414-271-4656 or visit *******hamptoninn.hilton****/en/hp/hotels/index.jhtml;jsessionid=ZMA4O3LORIIFACSGBI12VCQKIYFCVUUC?ctyhocn=MKEDWHX&ctyhocn=MKEDWHX.


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Microsoft Corp. is preparing to launch a smartwatch within the next few weeks that will passively track a user’s heart rate and work across different mobile platforms, Forbes reported on Sunday
Microsoft Corp’s CEO Satya Nadella suggested on Thursday that women in technology should not ask for raises but have faith in the 'system,' bringing a torrent of criticism and causing the executive to backtrack after the statement
The Xbox One launched with 10 games, nearly all of them devoted to racing, sports, dancing or zoo management
Microsoft Corp will unveil a new name for its best-known product on Tuesday when it offers the first official glimpse of its latest Windows operating system
Microsoft said Monday it will acquire the maker of the popular game Minecraft for US$2.5 billion
By negotiating to sell his gaming startup to Microsoft Corp., Minecraft creator Markus Persson is growing closer to a company he once publicly lambasted -- and has a chance of becoming a billionaire at the age of 35
Microsoft unveiled the first of its new range of Lumia smartphones on Thursday, priced to challenge a market dominated by volume leader Samsung and Apple Inc.
China could have a new homegrown operating system by October to take on imported rivals such as Microsoft Corp, Google Inc and Apple Inc, Xinhua news agency said on Sunday
Former Microsoft Corp Chief Executive Steve Ballmer, the new owner of the Los Angeles Clippers basketball team, has left the software company’s board in order to spend more time on his new project
Shares in companies with strong global brands such as Google Inc., Apple Inc. and McDonald's Corp continue to perform better on average than broader equity markets, according to Citigroup Global Markets.
Sure, Amazon CEO Jeff Bezos devours bookstores. But he also devours books, and has said the he learns more from novels than non-fiction
If personal financial data from a customer's mobile device falls into a stranger's hands, it is almost always the bank that is on the hook for the loss
The industry’s high labour costs, which saw the average offshore worker earn $179,000 last year, threaten to curb investment as oil tumbles
The first syndicated comic that focused on the workplace, the exploits of the office everyman and his crew of incompetent colleagues never loses relevance
Canadian YouTube celebrity Corey Vidal says many people still don’t understand that producing video content has become a very big business


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Apple stuns Wall Street
September 20, 1999: 9:28 p.m. ET
Shares skid as firm says 4Q profits will short because of G4 chip shortage
NEW YORK (CNNfn) - Apple Computer Inc. stunned Wall Street Monday by warning its fourth-quarter earnings will fall well below analysts' expectations due to a shortage of high-powered chips to run its new line of personal computers.
Apple officials attributed the shortfall to production problems at Motorola Inc., which manufacturers the G4 processor. The G4 is the heart of Apple's new line of Power Mac computers.
"We are very disappointed that this quarter's deliveries of G4 processors will be lower than planned," Fred Anderson, Apple chief financial officer said in a statement. "Orders for the Power Mac G4 have been strong and we anticipate ending the September quarter with a substantial order backlog. We continue to expect significant year-over-year growth in units and revenue in the December quarter."
In an interview with CNNfn.com, Apple interim Chief Executive Officer Steve Jobs said the company had originally expected to ship around 150,000 Power Mac computers in the fiscal fourth quarter. But the production problems are likely to cut that figure by as much as 60 percent.
"It's unfortunate," Jobs said, adding the company hopes to make up most of the shortfall in the fiscal first quarter ending in December.
News of the earnings warning caught Wall Street by surprise because many analysts had grown accustomed to Apple exceeding expectations since co-founder Jobs reassumed control of the company in 1997.
"We were all surprised by the magnitude of the shortfall," said Louis Mazziucchelli Jr., an analyst with Gerald Klauer Mattison. "I think Apple bet on being able to get these chips from Motorola, and it was a fair bet, but they bet wrong."
In after-hours trade, Apple (AAPL) shares tumbled almost 14 percent to 68, down from Monday's close of 79-1/16.
Motorola disputes Apple's claims
Motorola officials contested Apple's claims of slow shipments, saying they routinely advised the Cupertino, Calif.-based computer company of its timetable as advanced orders increased.
"There are no surprises here," the company said in a statement. "Motorola has advised Apple of the G4 schedule status everyday."
However, Jobs said it was not until the last few weeks that Motorola officials disclosed the full extent of the production problems.
"This is sort of a low integrity statement," Jobs said. "They accepted an order to supply well in excess of what we needed and now they can only ship 40 to 45 percent of that."
Brian Wilkie, general manager of Motorola's personal computer systems division said the actual number of deliveries has changed constantly the past few weeks.
"Like any high-technology launch, this schedule has gone back and forth quite a few times," Wilkie told CNNfn. "However, the schedule is going well and we expect to catch up fairly quickly."
Supercomputer on a chip
Apple has been promoting the G4 as the world's first "supercomputer on a chip," noting it can process data in 128-bit chunks - double the speed of most traditional computers. Apple officials claim the chip is nearly three times faster than the 600MHz Pentium III chip manufactured by rival Intel Corp. (INTC).
Wilkie said he expected Motorola to fill Apple's current orders within a few weeks and he did not expect the shipment dispute to interrupt his company's partnership with Apple, which spans some 20 years.
He also said he did not expect the pace of shipments to hurt Motorola's earnings forecasts.
"We're always concerned when we have an unhappy customer and we're moving heaven and earth and part of Texas to get this order filled," Wilkie said.
Jobs, while clearly disappointed with Motorola, also said he did not see a change in the company's long-standing partnership.
"Even married couples have arguments," he said.
Apple's new Power Mac G4
Long plagued by its inability to meet customer demand for its products and, therefore, sales expectations, Apple has routinely impressed Wall Street with strong earnings performances under Jobs the past two years, including seven consecutive quarterly profits.
Investors have rewarded the company in-kind, nearly doubling Apple's stock price since mid-June alone.
Analysts said investors should keep that in mind when deciding whether to buy or sell Apple stock Tuesday.
"The good news is they're saying they've got more demand than they can possible fill there," one analyst said. "If you are a true believer, you're probably going to sit tight."
Still, analysts' openly questioned Monday whether Jobs may have oversold the G4 Power Mac's sales potential this quarter when he unveiled the machine last month.
One analyst, who asked not to be named, called that bet a "calculated risk" on Apple's part to introduce the machine before Motorola made enough chips available.
As a result, the company likely significantly cut into orders for computers powered by the older G3 chips before the new Power Mac was actually ready - setting the stage for Monday's earnings warning, the analyst said.
Mark Specker, an analyst with Soundview Technology Group, said "there were some very limited rumors" on the Street that Motorola was having problems delivering the G4, "but nothing you could point at for sure."
He said Monday's announcement clearly caught the investment community off-guard.
"If there's one thing you can say, it's that this was not anticipated," Specker said.
Breaking down the numbers
Apple said it expects to report a profit between $75 million and $85 million for the quarter ending in September. Based on Apple's 177 million shares outstanding, the profit would equal about 42 cents to 48 cents per share.
Analysts polled by First Call Corp. had expected Apple to report fourth-quarter earnings of 76 cents a share, compared to its year-ago earnings of 68 cents per share, or $106 million, on sales of $1.6 billion.
The company's earnings estimate would also fall well below its earnings of $114 million, or 69 cents a share, excluding a one-time gain posted during the third quarter.
Taiwan quake an unknown factor
Analysts said Tuesday's massive earthquake in Taiwan could also pose a problem for Apple because the company gets components for its popular iBook portable computer from the region.
However, Jobs said it is too early to determine how the quake will affect component shipments.
"The whole industry gets components from Taiwan," he said.
Apple is expected to report earnings during the second or third week of October.
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Scott McNealy Has Time on His Hands — and an App for When You Do, Too
Though he has been out of the headlines for a while, former Sun Microsystems CEO Scott McNealy has been keeping busy, sitting on the boards of a couple of companies and advising others. Still, that left him with a bit of extra time — time he has been using to help get a new company off the ground.
McNealy’s new venture is called Wayin. It’s a mobile app designed to let users quickly post poll questions from their phone about whatever is going on, whether it is the latest episode of “Dancing With the Stars,” a major news event or the big game.
The idea is that someone is watching something on TV and then turns to his or her phone to post a quick question to others engaged with the same event. In a demo on Wednesday, McNealy quickly responded to several polls in under a minute. People can post queries of their own just by taking a picture — or by choosing one from their photo library and using a preset question or coming up with one of their own.
The app, which has quietly been live in Apple’s App Store for a bit now, officially launched this week. Wayin is free and works on iPhone, Android and the mobile Web. The company hopes to build critical mass through partnerships with sports and media companies, and has announced initial deals with the New England Patriots and Washington Redskins football teams, and with the NHL’s Los Angeles Kings.
Wayin plans to make money by inserting sponsored polls into a user’s stream. For advertisers, it’s a way to get instant feedback on their products and ideas. Polls could even be tied in to the commercials running during the sporting event or other live program being commented on.
“It’s explicit market research,” McNealy said. “There is no inference required.”
Wayin has about 35 employees and is based in Boulder, Colo., once a site of major operations for Sun Microsystems. The company hasn’t taken venture money, but has raised about $6.3 million from early investors.


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2012 November 26
Links of The Daily
Getty Images View Gallery
(NEW YORK) Jaeger Bets On Full Price Womenswear [Financial Times]
Jaeger has appointed Collette Brown as its new head of womenswear design
Saint Laurent CEO Slams Slimane Vs Simons Rivalry [Vogue UK]
Paul Deneve has criticised the "banal rivalry" between Hedi Slimane and Raf Simons
L'Oréal to Buy Urban Decay Cosmetics [WSJ]
The French beauty and skin-care giant has agreed to buy privately owned makeup company Urban Decay Cosmetics LLC
Miranda Kerr Fears Being a Toxic Angel [Herald Sun]
Insiders fear lingerie brand Victoria's Secret may lose some of its most famous models
72-Year-Old Man Models Teen Clothes for His Granddaughter's Label [Adweek]
Model alert! Find out why this silver fox is the buzziest mod on the block
Forget any superstitions about the number 13 being unlucky: Swarovski is celebrating its many years (a baker's dozen, to be exact) of working with the CFDA Awards. To toast the occasion...
Opening Ceremony is planning to expand thanks to a minority investment from Boston-based Berkshire Partners. The investment company recently teamed up with former David Yurman CEO ...
Vogue is in the midst of a digital revamp, but you’ll have to wait until September to see the result. The fashion glossy’s online counterpart has been undergoing a total makeover...


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May 27, 2021
Adobe's Premiere Pro video editing software transforms a boring night at home into a magical adventure in a beautifully crafted new ad from 72andSunny.
January 28, 2021
Let’s face it — families are anything but perfect. Especially around the holidays. So how does McAfee help protect them from the cyber dangers swarming around them this season?
November 01, 2016
Software helpdesk brand Zendesk has rebranded, moving away from the company's long standing Buddha and lotus flower in favor of a series of flexible colored shapes that can be used in a variety of configurations.
October 13, 2016
Actress and comedian Kristen Schaal ("Flight of the Conchords") plays a multi-tasking HR professional in a new humorous campaign from Gusto, a software company for HR professionals.
February 25, 2016
The Friends Photo Tool is a new photo-sharing product from Facebook that lets anyone customize their photos with text or emoji and share them with their friends.


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The timing of today’s release is certainly interesting, to say the least. Today is Martin Luther King Day in the US so stock markets are closed. Tomorrow, Apple will release its fiscal 2011 first quarter earnings covering the holiday 2010 calendar quarter when Apple sold a lot of products.
Strong quarterly figures will lessen the negative impact of Jobs’ sick leave and investors have the whole Monday to digest Apple’s announcement. Meanwhile, the stock is already loosing some of its steam in Frankfurt trading where AAPL fell 6.2 percent to ?244.05 (about $326.41) immediately following Apple’s media advisory. Previously, multiplied effects of both strong gadget sales across the board and Verizon iPhone rumors helped catapult Apple’s market cap north of $300 billion.
The initial stock market reaction won’t be positive as investors ponder whether to hit the ejection handle. It’s mid- and long-term effects on the company’s valuation on Wall Street that are troubling. Both Apple and Jobs have a history of keeping a tight lid on his health status. Jobs himself said on several occasions that his health is his private matter, the notion most analysts certainly do not share.
APPL’s rise was stopped Monday morning due to Martin Luther King Day. In after hours trading, though, the stock has already begun to see a drop.
The big question is what if Jobs never returns to Apple. And the issue troubling investors even more is what would Apple be like without its charismatic CEO and co-founder. Piper Jaffray’s resident Apple analyst Gene Munster once estimated that the stock would loose at least one quarter of its value should Steve Jobs, a Silicon Valley and luminary, be forced to leave the company he co-founded for any reason.
If Munster’s projections are true, than about $80 billion of Apple’s current market cap will evaporate should Steve Jobs step down. But don’t sell those AAPL shares yet – Munster says Apple’s annual revenue could surpass $200 billion in a five years time, catapulting AAPL above the thousand dollar a share mark. There’s also an uneasy but legitimate concern about the vision and direction in the post-Jobs era.
Apple noted in today’s statement that Timothy Cook, who will be covering for Jobs during his leave of absence, will execute "exciting plans" the company has in place for 2011. There’s no doubt Apple can live off Jobs’ inventions, but that’s a risky strategy that inevitably ends when you run out of Jobs’ ideas a few years down the road.
While other tech companies publicly disclose their succession plans, Apple – the largest technology company in the world – refuses to talk about the next Steve Jobs. In addition, the company’s board routinely rejects calls for disclosure coming from hedge funds and institutional investors with interest in the company.
Some media outlets, like Fortune, call Apple’s operations chief Timothy Cook, 50, a former Compaq executive, as the most likely candidate for the CEO post. Other people, this author included, think Apple would be better served if Jonathan Ive, pictured on the right, takes the CEO job.
Ive’s lack of leadership experience is a disadvantage and could prove problematic. However, if he can deliver a compelling vision that can prove a strong enough a pull to keep the fans interested in the company and its products – and providing Apple’s current executive team backs him up by taking care of execution – Apple under Ive’s leadership could weather the storm ahead smoothly.
Jobs called Ive during the iPhone 4 presentation "one of my best friends in the whole world" and the two men are deemed instrumental to Apple’s fortune and a string of smash hits. While Ive possesses a different kind of stage personality, he doesn’t come short in the charisma department like Cook and seems to share fanatical Jobs-esque dedication to making sexy gadgets people lust after, which is what the company is all about.
Steve Jobs makes the first public FaceTime call to Jonathan Ive, Apple’s design guru, during the iPhone 4 unveiling last summer.


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This story was originally published in the St. Louis Business Journal on December 13, 2019.
Jacob Kirn | St. Louis Business Journal
“General Motors said Friday it will invest $1 billion in its Wentzville plant and retain about 4,000 jobs “to bring its next generation of midsize pickup trucks to market.”
It said the total investment would be $1.5 billion, though details weren’t given, including a timeline. As part of a contract reached in October with the United Auto Workers, it was revealed that GM would make the investment and keep at least 2,000 jobs for four years, leading to concern because the state authorized a $50 million subsidy deal with the automaker. GM said Friday that the plant, where its Chevrolet Colorado, GMC Canyon, Chevrolet Express and GMC Savana are built, currently employs about 4,000 hourly and 330 salaried employees…”Read More


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Robert Galbraith | Reuters
Apple CEO Tim Cook, left, greets senior vice president of internet services and software Eddy Cue.
Apple is building up its music business with an acquisition of a small tech startup that helps discover and develop emerging musical artists.
Apple confirmed to CNBC it purchased Platoon, a company that helps independent artists fund, distribute, and market their content. The news was first reported by Music Business Worldwide. The terms of the deal were not disclosed. Platoon had about a dozen employees.
The deal could help Apple find and develop exclusive artists for Apple Music, helping it stand apart from…


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The U.S. economy grew even faster in the third quarter than initially thought, posting the strongest six months of growth in more than a decade and pulling further ahead of other big economies of the world.
The gross domestic product, the country’s total output of goods and services, expanded at a healthy 3.9 percent annual rate in the July-September period, the Commerce Department reported Tuesday. That’s a notable jump from its first estimate of 3.5 percent. The revision was propelled higher by more robust consumer and business spending.
Together with a 4.6 percent surge in the spring, the country has recorded its biggest back-to-back quarterly performance since 2003. (our emphasis)Unfortunately, this was not featured on page 1 -- that space was reserved for Ferguson unrest (understandably), health care in ... wait for it... Mosul, Iraq, another in a series of fluffers on potential Republican presidential candidates (seriously, Carly Fiorina?!?), and a warm 'n' fuzzy Thanksgiving feature.
No, the information about the strong economic growth was on page... 12... on the bottom half of the page... in a digest... under "Also In Business." Well played, "liberal media," well played.