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The Libra Association has published a response to the recent G7 report “Investigating the Impact of Global Stablecoins“.
This report found that stablecoins like Libra have implications that amplify the risks associated with money laundering, information security, consumer and investor protection, and tax compliance. It also argues that they could present challenges to competition policies, financial stability, monetary policy itself and, in a nutshell, the entire international monetary system.
In its reply, the Libra Association is pleased that, whit this report, the G7 working group recognises the potential of these technologies for making payments faster, safer and cheaper.
But with regard to the risks identified, the Association argues that the new system that is being created can comply with the current rules on consumer protection, financial stability, money laundering and monetary sovereignty.
It also reiterates once again that it is committed to working with regulators to mirror the robust legislation already in place for fiat currencies with this new financial system.
In fact, it states that Libra was designed to respect national sovereignty over monetary policies, to function within the existing regulatory system, and to facilitate compliance with consumer and investor protections, such as AML and KYC.
The document then goes into detail on these aspects, in an obvious attempt to explain how solutions to reduce risks have already been devised.
At one point it even states explicitly:
“Libra is not intended to change the role and influence of central bankers in the global financial system.
Libra Network will have to comply with regulations.
Every Libra coin will be fully backed by fiat held in bank deposits and cash equivalents in the form of very short-term government securities”.
In short, this document explicitly promises that Libra will comply with all regulations, current and future, and that it will be nothing more than a token to allow an easier, faster and cheaper exchange of fiat currencies.
At this point it is difficult to imagine that the detractors of the project have not understood that this is the approach with which it was launched: not to challenge the current global monetary system, but to improve it.
As a result, there are only two main hypotheses that can be imagined at the basis of the reasons that still push many people not to allow the Libra Association to go ahead:
- either not believing that these promises will be fulfilled,
- or fearing that the current system will not be able to verify that they are fulfilled and react accordingly if they are not.
In reality, these hypotheses are basically the same, corresponding to the fear of not being able to constrain and control at will a project that is born beyond the financial system, which has the potential to change it.
In other words, the basis of Libra’s refusal would be the admission of the inability of the current monetary system to withstand the inevitable impact of such an innovation. Rarely does this lead to real improvements.


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8GB iPhone 5c Launched in India for Rs 33,500 (CDN $622)
Apple has launched the 8GB variant of iPhone 5c in India for CDN $622.
Apple to Launch 8GB iPhone 5c in India Next Month
Apple is set to launch the iPhone 5c 8GB model in India by early June.
Apple Launches 8 GB iPhone 5c in 16 New Countries Across Europe
Apple has now made the 8 GB iPhone 5c available for sale in 16 new countries across Europe.
Apple: Lower Cost iPhone 5c Should Help Us in Mid-Tier Market
Apple has said that its 8GB model of the iPhone 5c should help it capture the growing mid-tier market.
Apple Rumoured to Be Releasing 8 GB iPhone 5C Tomorrow
Apple rumoured to release an 8GB iPhone 5c model tomorrow.

domain: news


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NHL 20 now available
Annual hockey title brings new presentation and customization
EA Sports has announced that NHL 20 is out now.
This year's game promises fans more ways to unlock their skill, style and competition. With enhanced Real Player Motion (RPM) Technology and new Signature Shots, NHL 20 promises faster, more fluid and more responsive gameplay. A completely new broadcast and commentary package celebrates the biggest plays in the game, while three all-new game modes let players compete for supremacy.
After its introduction last year, the World of CHEL continues to evolve with CHEL Challenges, weekly in-game events across all modes that unlock unique customization rewards, character XP and more.
NHL 20 is avaialble on PS4 and Xbox One.


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Sports betting stocks look bullish for 2021, sports will most likely continue back to normal with more sport teams starting to let fans back to the stadium. More states also letting online sports betting. The charts for these stocks also look bullish with solid uptrends.
Ebay and Amazon look bullish for a potential big breakout. With countries and some US states issuing more covid restrictions these 2 companies should do well in 2021. Online shopping growing exponentially as more retail stores feel the pain of the Covid restrictions.
With Bitcoin breaking 34k, money start to move into alt coins. Possible massive to the upside. On the weekly timeframe there is only 2 areas of possible resistance until
COINBASE:LTCUSD l new Litecoin ATH.
GBPUSD has taken out 2019 and 2020 highs, looking to trade this higher looking ready for a nice move to the upside. With new administration coming in for the US with a more inflation expected looking for weakness in the dollar.
With the massive money printing done by the federal reserve in 2020 with close to $4 Trillion dollars being printed the US dollar does not look good over the next few years. Dollar index looks to be starting a downtrend that could last for multiple years. With rallies taking place in the US equity markets and Bitcoin, currency and commodity markets are showing...


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McGrath Founder and Chief Executive Officer John McGrath said it was a new era for the brand.
Leading residential real estate group, McGrath Estate Agents, today unveiled the strategic elements of a comprehensive brand redesign for the future that will touch all elements of the business as they streamline touch points for its agents, and their clients.
McGrath Founder and Chief Executive Officer, John McGrath, explains: “We are at the beginning of a
new era for McGrath so now is the perfect time for our brand elements to evolve”.
“We stand firmly for integrity, transparency and being more human so we wanted these reflected in our brand.
“In an industry that tends to lack of all of these traits we are proud of our heritage but even more excited
about our future.”
Mr McGrath showcased all elements of the redesign at the company’s 2024 Kickstart Training and
Strategy event for its network team of over 2500.
The rebrand has a customer-centric focus as the real estate group continues to forge deeper
connections with their customers and reinforce the McGrath brand’s value and vision.
McGrath Head of Marketing Rachel Maher said, “We are totally focused on further enhancing our
customer’s experience, nurture long-lasting relationships, and solidify our position as a considered
choice in a competitive market.”
Partnering with award winning creative brand agency, Toben, extensive market research both internally with McGrath agents, and externally in the marketplace helped shape the future direction.
“The scope of the project was too big for it to be based on assumption,” Ms Maher said.
“As a result of the research, McGrath has launched a fresh logo, new strapline ‘Guiding you Home’, a warm colour palette, carefully chosen typography, and a new inspiring and imaginative photographic style.
“These elements will be seamlessly integrated into all marketing collateral, ensuring a unified brand
experience, whether you’re interacting with us as a brand, an agent, or as a valued customer who is
exploring our property offerings or attending our open homes.”
McGrath’s logo, which has not altered in more than 20 years, comes with enormous brand equity and
A smart progressive and modernised shift in the logo, is considered a redesign for the future.
A new website mcgrath.com.au will be unveiled in the coming weeks.
This will also align with the McGrath commitment to providing an elevated user-friendly platform and combined with the brand redesign, will optimise the user experience and strategically implement lead-generation to support the business growth of the network; which currently services 130 offices, agents and their clients throughout the East Coast of Australia.
Troy Malcolm, National GM of Sales for McGrath said, “As we navigate a dynamic real estate terrain,
we’ve learned that staying ahead requires more than just experience”.
“Our brand evolution is a testament to our adaptability,” he said.
“We have a rich history of setting the pace for the industry and want to ensure that we keep that momentum and our performance stands out in each market we proudly operate in.”


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Featured in this HVS EMEA Hospitality Newsletter – Week Ending 16 December 2011
- A Major Purchase For Accor In Asia-Pacific
- Thomas Cook Sells Spanish Hotel Portfolio
- A New Owner For The Hotel Verta
- HNA Walks Away From Its Investment In NH Hoteles
- A DoubleTree Debut In The Netherlands
- A Second Scandic For Stavanger
- Half A Dozen Courtyards In Russia
- Accor’s Style Makeover
- A New Leader For Marriott In 2012
- A First For Fairmont In Jordan
- A New Landmark In Dubai
- Sarova Expands In Africa
- Gladen’s Tidings
A Major Purchase For Accor In Asia-Pacific
Accor has acquired Australian hotel management company Mirvac Hotels & Resorts for €149 million. Mirvac has 48 hotels (including two owned hotels) across Australia and New Zealand, and the deal brings Accor’s portfolio in these two countries up to 241 hotels (32,500 rooms). Accor has also paid €46 million for a 21.6% stake in investment vehicle Mirvac Wholesale Hotel Fund (MWHF), which owns seven of the 48 hotels. Additionally, it is also reported that Accor and Singapore-based real estate developer Ascendas plan to jointly acquire Mirvac’s 49.2% stake in MWHF. The deal is expected to be completed in the first half of 2012 and most of the hotels are to be rebranded as Sofitel, Pullman, MGallery, Novotel or Mercure properties. “This operation is a major success in a high growth market,” said Accor’s chairman and chief executive officer, Denis Hennequin. “With our growth strategy which includes both organic growth and targeted acquisitions such as this one, enabled by our excellent financial situation, I am confident in our capacity to reach our objectives,” he added.
Thomas Cook Sells Spanish Hotel Portfolio
As part of an ongoing disposal programme, holiday firm Thomas Cook has reached an agreement to sell its 51% stake in holding company Hotels Y Clubs De Vacaciones (HCV) to Majorca-based Iberostar Hoteles y Apartamentos, the hotel arm of Grupo Iberostar, for €72.2 million (with a net debt of €22.4 million). Along with a co-investor, Iberostar is spending €94 million in total to acquire 100% of HCV, which owns five hotels and one golf club in Spain, and also operates another golf club in the country. The deal will reduce Thomas Cook’s net debt by €94.6 million. Thomas Cook’s acting chief executive, Sam Weihagen, said, “I am delighted that we have been able to agree this transaction which will significantly reduce Thomas Cook's net debt and demonstrate our ongoing commitment to strengthen the balance sheet. Importantly for our customers, we have been able to maintain access to this popular portfolio of hotels through a commercial arrangement with our partner Grupo Iberostar.”
A New Owner For The Hotel Verta
Simon Cowell may be famous in the world of music and celebrity, but when it comes to property and the hospitality industry it is his brother, Nicholas, who gets the headlines. Woodlon, which was set up by Nicholas Cowell, has bought the Hotel Verta, in London, out of administration off a guide price of £20 million. The 70-room hotel was one of four properties that didn’t form part of the administration of von Essen, when it collapsed earlier this year. However, the hotel went on to fall into administration at the end of July. Woodlon have picked Rhombus International Hotels Group to operate the hotel, which will be rebranded Hotel Verta by Rhombus. Rhombus currently manages four hotels in Hong Kong, with a flagship property due to open in China in 2012, but this is its first hotel project in Europe. Cowell’s co-founder of Woodlon, Adrian Levy, commented that the group is looking to buy more hotels in 2012. “We are mainly looking for distressed assets and will be bringing in hotel operators to run the properties to add value to the assets,” he said.
HNA Walks Away From Its Investment In NH Hoteles
Despite receiving all of the necessary approvals from China’s Government, Beijing-based HNA Group has terminated its €431.6 million investment in NH Hoteles, owing to economic volatility and uncertainty. NH Hoteles has received US$15 million in compensation for the collapse of the deal, which would have seen HNA acquire a 20% stake in the Spanish chain. However, HNA has confirmed that it is still willing to enter into a joint strategic alliance with NH which would include the joint development of hotels in Greater China and the distribution of NH properties in China through HNA’s airline and travel agencies network.
A DoubleTree Debut In The Netherlands
The former Mint Hotel Amsterdam has been rebranded this week as the DoubleTree by Hilton Amsterdam Centraal Station, marking the brand’s debut in the Netherlands. The 553-room hotel, which opened earlier this year in June, is the first of the eight Mint Hotel properties to become part of Hilton’s portfolio and the group’s third hotel overall in Amsterdam.
A Second Scandic For Stavanger
Stockhom-based Scandic has signed an agreement with Norwegian real estate company Øgreid Eindom for its second hotel in the port of Stavanger, southwest Norway. The new 201-room Scandic hotel is expected to open in 2013. “Scandic is growing rapidly in Norway,” said Svein Arild Steen-Mevold, Sandic’s head of operations in Norway. “Stavanger is one of Norway’s most important cities, with a growing hotel market. Our second hotel here will have a very central location and expand our room capacity in Stavanger to 450 rooms,” he added.
Half A Dozen Courtyards In Russia
Marriott International opened its sixth Courtyard by Marriott hotel in Russia this week: the 171-room Courtyard by Marriott Moscow Paveletskaya, which is the group’s eighth hotel overall in Moscow. “We are excited about the expansion of our Courtyard by Marriott brand in Eastern Europe and see strong opportunity to continue to grow the brand here in Russia,” said Amy McPherson, Marriott’s president and managing director for Europe.
Accor’s Style Makeover
Whilst December for some people means putting up their Christmas trees and switching on fairy lights, Accor has been decorating several hotels with signs for its new ibis Styles brand. Two previously independently run hotels in Spain – the Ramiro 1, in Zaragoza, and the Hotel Victoria, in La Rioja – have become the ibis Styles Zaragoza Ramiro 1 and the ibis Styles Arnedo La Rioja, respectively. In Berlin, Germany, the ibis Styles Berlin Ost is getting ready to open its doors on 22 December. And in France in the town of Evry, near Paris, the all seasons Evry Cathédrale, the very first all seasons hotel to open back in 2007, has now become the ibis Styles Evry Cathédrale.
A New Leader For Marriott In 2012
Next year, at the age of 79 and after 60 years of working for the family company, Bill Marriott is to step down from his role as chief executive of Marriott International. Arne Sorenson has been announced as his replacement. Mr Sorenson joined Marriott in 1996, and since 2009 he has been the group’s president and chief operating officer. Mr Sorenson will take up his new post on 31 March 2012. At the same time, Robert McCarthy, who began his career at Marriott 35 years ago as a restaurant waiter, will take on the role of chief operating officer. However, Bill Marriott, whose parents founded the firm in 1927, is not heading off into retirement – he is to become the group’s executive chairman. “As executive chairman, I will continue to share my many years of experience with our senior management team as we pursue further growth,” he said. “My energies will also be directed at reinforcing the timeless core values that have been the bedrock of our success. I still plan on visiting a lot of our hotels and continuing to be a company ambassador as we build opportunity throughout the world,” he added.
A First For Fairmont In Jordan
Fairmont Hotels & Resorts is to make its debut in Jordan in 2014 with a hotel in Amman, in the northwest of the county. The 290-room Fairmont Amman is being developed by Jordanian real estate development company Isam Khatib and Partners.
A New Landmark In Dubai
Landmark Hotels & Suites has opened its sixth hotel in Dubai, UAE: the 174-room Landmark Grand Hotel – Rigga. Commenting on the new addition to the Landmark family, SM Sadique, the group’s managing director, said, “The dynamism of Dubai’s hospitality sector and the growing global appeal of the UAE as a leisure and lifestyle hub inspired us to come up with a new development that harmonises luxury and functionality to offer the perfect home away from home for holiday adventurers and business travellers alike.” Landmark now has nine hotels in operation across the Middle East and India and several more in the pipeline.
Sarova Expands In Africa
As part of an expansion plan, Mumbai-based hotel management company Sarova Hotels & Resorts has signed a contract with M & H Corporation Ltd for a three-star hotel in Nairobi, Kenya. The 100-room hotel is expected to open in 2014. Sarova currently manages and franchises 54 hotels across India and two in Africa, in Dar es Salaam (Tanzania) and Nairobi.
The news from Spain, by Esther Gladen, Business & Market Intelligence Analyst, HVS Madrid. Pierre & Vacances announces a new property in Salou: the new-build property, only one kilometre from Port Aventura, will offer 96 apartments, each with capacity for six people. New low-cost hotel company Nest Style: the new company, which combines boutique style with a low-cost concept, has recently opened its second property: the one-star, 28-room Nest Style Granada, which is located in the centre of the city and will be refurbished at the beginning of next year.
Absolute Share Price Performance Over the Past Week – 8-15 December 2011
InterContinental Hotels Group (IHG) – IHG dropped 2.7% on high volatility, a three-day fall of 4.4%.
NH Hoteles – NH hit a year low during the past week.
Meliá Hotels International – Meliá hit a year low for the fifth time in three months.
For the latest in the hospitality industry, please visit: http://www.hvs.com. You are also welcome to contact the following personnel.
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Wells Fargo will pay $24 million to settle 'pick-a-payment' allegations
The home loans were sold by Wachovia Corp. and Golden West Corp., which did business as World Savings Bank. But Wells Fargo bought out those companies in 2008 and became responsible for the loans. Under the settlement announced today, Wells Fargo admits no liability or wrongdoing.
The money going to the states will be used for restitution for consumers who have lost their homes because of the pick-a-payment mortgages, informing consumers and creating state programs to fight mortgage and loan fraud.
"In light of the unprecedented changes in our economy, Wells Fargo will continue to work with leaders across the nation on steps to help stabilize communities," said Mike Heid, co-president of Wells Fargo Home Mortgage in a statement sent to Consumer Ally. The statement also said the settlement has been factored into the company's financial projections and it expects the agreement will have no impact on its third-quarter financial results.
Attorneys general in eight states -- Arizona, Illinois, Florida, Colorado, New Jersey, Washington, Texas and Nevada -- had claimed the pick-a-payment loans broke consumer protection laws because they exposed borrowers to high risks that weren't properly disclosed. The way the loans work is that borrowers chose one of four payment options: a minimum payment that doesn't cover the loan interest due, an interest-only payment, a 15-year amortizing payment or a 30-year amortizing payment.
According to the Washington attorney general's office, most borrowers picked the first option. The states alleged the companies didn't fully explain that the minimum payment option set into place in the first years of a loan failed to cover the full amount of accrued interest, which was then tacked on to their loan balances. Consumers then faced higher monthly payments and larger loan balances. While risky, such loan terms weren't as big of a deal when home prices were increasing, before the housing industry collapsed at the start of the great recession.
"Borrowers were encouraged to believe their home values would continue to appreciate, making it easy to refinance or sell the home at a gain," Assistant Attorney General Dave Huey said in a statement. "As we know, the bubble burst."
A total of 8,715 consumers are eligible for loan modifications in the eight states. Wells Fargo said that it will contact eligible customers by Dec. 18 and any consumers who originally took out mortgages through Wachovia or Golden West can call (888) 565-1422. The loan modification program will begin Dec. 18 and be available through June 30, 2013.
Wells Fargo said the agreement expands its existing home preservation program and that through August, at-risk Wachovia pick-a-payment customers already had been given about $3.4 billion in principal forgiveness.


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Influencer management agencies are running an industry that is easily worth anywhere between Rs 500 crore and Rs 800 crore, say experts. Image: ShutterstockInfluencer marketing in India is touching new heights. Factoring in just talent and production costs, the industry is currently valued at Rs 900 crore and projected to grow at a CAGR of 25 percent till 2025 according to a recent GroupM report.
For marketing leaders’ ROI-focused influencer campaigns are a top of the funnel move at the moment. What is difficult for them is to figure out the perfect fit for their brand—an influencer with just the right tone and following.
Enter influencer management agencies.
Scaling success by bringing brands and influencers together
with the right influencers and vice versa; influencer management
agencies have established not just a white glove network but a place for themselves in the digital advertising space. Albeit unorganised, these agencies are running an industry that is easily worth anywhere between Rs 500 crore and Rs 800 crore, say experts.
Delhi-based OpraahFx, for instance, founded by 26-year-old influencer-turned-entrepreneur, Pranav Panpalia, has seen a growth of 345 percent since they started operations in 2017.
How did OpraahFx get that kind of growth?
Thanks to brands like Activision, Pokemon, HP, Tinder, Oyo
, Oneplus, Netflix and a network of about 10,000 plus influencers and content creators. OpraahFx has executed about 500 campaigns with 100-plus brands across different industries in the last five years.
After Panpalia conceptualised and delivered a creative influencer marketing campaign for a Bollywood
film called Fukrey Returns
, he started OpraahFx which would be committed to leveraging and mentoring aspiring content creators and developing brand and business value for them.
Explaining their operations, Panpalia says, “Five years back we started with influencers across genres but now the agency’s focus is on gamers and gaming
content creators. We help them with branding, public relations, content ideation and creation, getting them brand deals and endorsements and maintaining relationships with platforms.”
The agency, like most others in the industry, works on a commission basis. The agency gets a cut of 15 percent to 20 percent from any and every deal that comes to the influencers.
For OpraahFx though, there is another revenue channel. When the agency designs content
for a brand they charge them with a fee of up to 20 percent of the entire campaign budget.
The agency model
Like OpraahFx, most of these agencies are full-service agencies that work with brands and influencers. Their services cover everything from getting influencer brand deals, negotiating their remuneration, content creation and its paid amplification thus saving brands not just time but also giving them the access they need.
The need for access holds equally true for the influencers.
Sharan Hegde, one of the first financial influencers to launch his own NFT
, says working with an agency frees up a lot of his time.
Hegde who is managed by Finnet Media says, “Discussion with brands at a unilateral level can get overwhelming at times. Having an agency on board helps in better bargaining power. Moreover, Finnet does the screening of content for me, they also do the due diligence of brands that approach me and does all the coordination with them to monitor performance and recalibrate what is to be done next.”
As it turns out, a lot of these agencies got a huge boost during the pandemic
. While the agencies that had been around before the pandemic gained new clients, there were at least a hundred new agencies that opened shops between 2020 and now.
Ayush Shukla, founder and CEO at Finnet Media, an agency that manages financial influencers or finfluencers, explains how the past two years helped these agencies grow.
Shukla says while influencers and content creators had more time in hand to create meaningful content, the digital consumption of content had also gone up leading to high demand for creators. This was followed by another very important factor of short-form videos taking over the market.
TikTok was already becoming a favourite for marketers to reach out to their audience outside of metros through influencers but with the sudden ban of the app along with 58 other Chinese apps the industry saw a momentary pause. However Instagram
's Reels was introduced in India within weeks of the ban, taking influencer marketing to another level where targeting was not just restricted to Tier II and Tier III cities. From luxe to daily essential brands, Meta
-owned Instagram tried to get in every category through Reels.
“Reels took influencer marketing to a whole new level and this was followed by the influx of funds soon after the first two phases of lockdown were over. Brands needed more influencers and influencers needed monetisation and that’s where we came in,” he says.
Like Finnet services financial influencers, there are agencies to handle different sectors such as beauty, lifestyle, fashion
, food, travel, gaming, and entertainment.
Investing in raw talent
Contrary to popular belief, the agencies do not just onboard influencers who are already celebrities but also invest in budding talents.
Shubham Singhal, co-founder at TGB, an agency that handles popular faces like Karan Kundrra, Rashami Desai, Abhijeet Kain, and child influencer Kiara Nautiyal says they often onboard talent where the individual or group has less than 10,000 social media
“We invest in the talent we believe in because we know within six months they will be making money. As the influencer brands grow, our agency also grows,” Singhal says.
From a team of just five employees in 2019, that included two founder members and three employees, TGB now has 120 people working for them. The agency has a full-fledged video production team, a business development team, a management team, and a design and editing team.
However, it’s not just the size of the team that saw growth since they started operations.
TGB saw their revenue growing from Rs 25 lakh a month to Rs 4 crore a month. Singhal says in the next six months they would be touching the Rs 5 crore mark as monthly revenue
Mainstream agencies acquiring influencer marketing agencies
The popularity of influencer marketing and the parallel growth trajectory of the influencer management agencies has led to large acquisitions not just globally but also in India.
This February, WPP announced the acquisition of influencer marketing agency, Village Marketing in North America.
In an official statement, Mark Read, CEO of WPP, spoke about how the acquisition of Village Marketing will drive results for modern marketers that work with the company.
Likewise, in India, companies are setting up their own influencer management agencies. The Good Glamm Group for instance is setting up an influencer marketing and data analytics brand called the Good Creator Co. The beauty unicorn has acquired Winkl and Vidooly to put together a creator ecosystem.
But whether brands are looking to outsource or in-house their creator or influencer-led content marketing, the boom in this space has led to the rise of these influencer management agencies, creating an industry of full service agencies and giving content creators
their Call My Agent


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Google aims to become world’s biggest holder of digital data
Google is expected to launch an online information storage service in an attempt to become the central depository for the world’s digital data.
Its new data storage facility – code-named “GDrive” – would allow users to store digital files such as music tracks and photographs on the internet and access them through any web browser.
The move will escalate the rivalry between Microsoft and Google over how best to steward the explosion in domestic digital data. Analysts agree that answers are needed to consumers’ data problems, ranging from how to keep highly sensitive information secure to avoiding the loss of holiday photographs. It is estimated, for instance, that more than 270 billion digital photos will be taken this year.
In January, Microsoft announced a hardware-based


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Necessary safety measures mean some businesses can’t recover fully.
We need to ensure employees working in these hardest-hit sectors are not left behind.
are at risk.
1 in 11
Canadian jobs at risk
VULNERABLE CANADIAN BUSINESSES
WOMEN, YOUNG PEOPLE, NEW CANADIANS,
The majority of people working in sectors like hotels, events and weddings, tourism, arts and theatre, and attractions are Canadians running small or medium-sized businesses in their communities, sometimes under the banner of an international brand but entirely local.
Before the COVID-19 pandemic, these industries in Canada were strong, growing, and employed more than 2 million Canadians – or about every 1 in 11 jobs. But, restrictions on mass gatherings, border closures, and capacity reductions required to protect public health have impacted our industries more than others and leave our otherwise sustainable businesses in peril.
Come September, as other sectors continue to recover and see revenues climb, summer domestic tourism will drop off and weather will prohibit the use of most outdoor space. Any small increase in revenues we saw over the summer months will vanish. The Canada Emergency Wage Subsidy (CEWS) program has been a critical lifeline for our industries, and the more than 2 million Canadians we employ. The planned phase-out of CEWS beginning in September aligns with when our businesses will face a seasonal drop in demand.
Ensuring the safety of our patrons, our workers, and all Canadians remains the top priority of our industries. Our employees are predominantly women, young people, new Canadians, and Indigenous peoples. That is why we quickly and carefully implemented new procedures to keep our employees and guests safe from COVID-19, but our businesses are suffering and we need help.
That is why we are calling on the Federal Government to provide dedicated support for the hardest-hit businesses who will not be able to recover or grow revenues while ongoing COVID-19 restrictions remain.
PROTECT CANADA'S HARDEST-HIT BUSINESSES AND
SAVE CANADIAN JOBS
SEND A LETTER TO YOUR MEMBER OF PARLIAMENT
Whether you're an employer, an employee, or a member of the Canadian public concerned about Canadian jobs, please make your voice heard by sending a letter to your Member of Parliament using a pre-populated letter below. Canada's hardest-hit businesses depend on it.
help save Canada's hardest-hit businesses and protect Canadian jobs.
spread THE WORD on social media.
COVID-19 has hit small and medium-sized businesses hard. We need to protect people in sectors like hospitality, the arts, and tourism. Visit HardestHit.ca to tell your MP to protect hardworking Canadians! #HardestHit
COVID-19 safety measures have left seasonal businesses in peril. The Federal Government should step up to protect over 2 million hardworking Canadians in sectors like hospitality, tourism, and the arts. @CAFreeland it's time to protect Canada's #HardestHit businesses.
Small and medium-sized Canadian businesses have been impacted by COVID-19 safety measures. Hotels and tourist attractions won’t recover. In the fall, the Government wants to leave them behind. Visit HardestHit.ca to help save #HardestHit businesses.
Many small businesses won’t recover from the impacts of COVID-19 – millions of Canadian jobs are at risk. Visit HardestHit.ca to tell decision-makers to protect those working in the hardest-hit sectors. #HardestHit
My job is worth saving. Help protect millions of jobs and support Canada’s hardest-hit businesses. I sent a letter to my MP, I hope you will too: HardestHit.ca #HardestHit
COVID-19 has endangered over 2 million Canadian jobs in sectors like tourism, hospitality, and the arts. Without Government support, these small and medium-sized businesses won’t recover. I wrote to my MP – you should too! Visit HardestHit.ca #HardestHit
COALITION OF HARDEST HIT BUSINESSES


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United Technologies Corp. reported second-quarter profit rose 42% and raised its full-year outlook as sales grew in all its major divisions.
The Farmington, Conn., conglomerate said revenue growth was driven by its Pratt & Whitney jet engine unit and its aerospace systems business. The struggling Otis elevator division increased sales by 7% in the period, but it was the only major business with a profit drop as margins slid by about a third.
It was the company's fourth consecutive quarter of organic sales growth of 5% or better, Chief Executive Greg Hayes said in a statement. The company will hold a conference call with analysts at 8:30 a.m. ET.
The adjusted earnings of $1.97 a share exceeded analyst expectations of $1.85, according to Thomson Reuters. Revenue of $16.7 billion also beat a projection of $16.27 billion.
United Technologies boosted its 2018 adjusted earnings outlook to a range of $7.10 to $7.25 a share, up from a previous view of $6.95 to $7.15 a share. It also raised the low end of its 2018 sales projection by $500 million and now expects $63.5 billion to $64.5 billion. Its free cash flow goal of $4.5 billion to $5 billion is unchanged.
Analysts expect 2018 earnings of $7.13 on revenue of $64.12 billion
The company reported net income of about $2 billion, up from $1.4 billion a year earlier. Per-share earnings rose to $2.56 from $1.80 a year ago. Total sales rose 9% to $16.7 billion from $15.3 billion.
The company, which has several activist investors pushing for changes, is planning a portfolio review to decide whether it will break into three separate companies, a process set to begin after it closes its $23 billion acquisition of Rockwell Collins.
The deal is expected to close in the third quarter with a decision on splitting the company made by year-end.
Write to Thomas Gryta at email@example.com


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Nintendo has revealed a new blue colored Nintendo Switch Lite, releasing next month.
The budget version of Nintendo’s hybrid console just got a new look, with an eye-catching blue paint-job. Nintendo just announced that a new blue-colored Nintendo Switch Lite coming on the 21st of May. Furthermore, the handheld will be priced at $199.99.
Read more: Sonic Colors remaster might be heading to modern consoles
Initially, the Switch Lite only came in yellow, gray, turquoise, and coral. Now we have blue. Nintendo has been under fire for some time regarding their Joy-Con drift issues. In fact, it’s so bad that several lawsuits were even filed. But this is new blue Switch Lite is probably just a new paint job with no fix on the Joy-Con problem.
Fans would be happier to see this issue addressed with updated Switch versions. Nevertheless, this new color scheme looks bold and fresh. As a result, even Switch owners ought to get their hands on one of them.
Moreover, the blue Switch Lite will release on the same day as Miitopia.
Nintendo Switch has been a bastion for Nintendo, as the console consistently outsells other consoles. So much so, that they become hard to find, as supply becomes often overtake by their huge demand. Mainly due to their portability, price, and collection of both first and third-party games. After all, one can now play The Witcher 3, Skyrim on the go thanks to Nintendo Switch and Switch Lite.
Nintendo has warned that the machines could be in low supply due to the chip shortage going on right now. Which is affecting other consoles in addition to PC parts too. Hence it is unusual to see Nintendo dishing out a brand new Switch edition, rather than fix the hardware problems.
The strong rumors about a Nintendo Switch Pro with 4k capabilities also have fans excited. Let’s see how Nintendo handles this new enhanced Switch among this shortage. But as of now, if you still did not get a Switch, why not start with this vibrant blue Nintendo Switch Lite.
Read more: Microsoft Flight Simulator rated for Xbox One by PEGI


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The "Gossip Girl" alum said the fashion world has body-positive work to do.
Covenant House provides homeless youth with basic needs and helps to prepare them to live independent and successful futures
Ryan Reynolds says he and wife Blake Lively regret holding their 2012 wedding on a former slave plantation.
The actor had offered a $5,000 return for the bear, which contained a voice recording from the woman's late mother.
Salma Hayek and Will Smith are showing off their gray roots as stars prioritize their health over trips to the hairdresser.
The American actress debuted her baby bump at the premiere of 'Pokémon Detective Pikachu' in NYC on Thursday night.
Blake Lively stunned in a clean white suit on the MTV Video Music Awards red carpet on Monday night, but it was her date that had people talking.
Blake Lively turned heads on her date night with her husband, Ryan Reynolds, thanks to a Cushnie et Ochs white sheath that showed off her shoulders.
On Monday night, the fashion didn’t stop when the Met Gala came to a close. Following the reception, celebrities partied the night away. But their dramatic looks — many featuring massive trains, large headpieces, and tight corsets — weren’t necessarily fit for dancing with Rihanna at a night club. So many made outfit changes — but no one sacrificed fashion for comfort. From Blake Lively’s tartan ensemble to Kim Kardashian‘s LBD, here are the best ensembles that didn’t make the red carpet cut.Follow us on Instagram, Facebook, and Twitter for nonstop inspiration delivered fresh to your feed, every day.Ruby Rose wearing a sequin baseball shirt as a dress at Up and Down Nightclub for Rihanna’s Met Gala After Party. (Photo: Splash News)
Blake Lively flashed her legs in a Sonia Rykiel tux paired with a shirt from Meghan Markle's go-to brand, Aritzia.
Melania Trump is shimmering in a silver Chanel gown at the administration’s first state dinner, a pressure-filled event that falls squarely on the shoulders of every first lady.
The actress and husband Ryan Reynolds fended off breakup rumors by going glam for the premiere of "A Quiet Place" on Monday night.
The actress was spotted heading to Martha Stewart's Easter party on Sunday in Bedford, N.Y. wearing the same coat as Meghan Markle. See how they styled it differently.


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PDI Works With NCR to Deliver Touch-Free Mobile Payment
New solution enables forecourt and backcourt mobile payment options for c-store customers
PDI, a global provider of ERP, fuel pricing, supply chain logistics, and marketing cloud solutions for the convenience retail and petroleum wholesale industries, announced they are working with NCR Corporation to provide a mobile payment solution to convenience retailers.
Recommended AI News: Chindata Group Opens Asia’s Largest Single Hyperscale Data Center In Shanxi
Touch-free payment is becoming the preferred method for consumers during the COVID-19 outbreak. This integration allows convenience retailers with the latest NCR point-of-sale (POS) to use PDI’s mobile payment capabilities for payment methods such as Visa, Mastercard, Venmo, PayPal, or ACH. PDI recently added payments to its Marketing Cloud Solutions offering after acquiring ZipLine, the industry leader for ACH payment and provider of mobile payment technology. The new solution can be used to process mobile payments inside a convenience store or at the pump.
Recommended AI News: Mobisoft Announces Transportation App For Students With COVID-19
“PDI has a history of providing fit-for-purpose solutions that enable convenience retailers to deliver better experiences for their customers,” said Brian Jefferson, senior vice president and general manager, Retail, Marketing Cloud Solutions at PDI. “Our partnership with NCR is another important milestone as we continue to offer convenient and safe ways for consumers to fuel up and shop during this time.”
Recommended AI News: Viasat Announces Leadership Evolution


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Re-appointed head of FCA passenger cars Tim Kuniskis thinks that an electrified Dodge Challenger or Dodge Charger could be attractive for performance enthusiasts, but remains vague as to when that time will come.
“I’ve been fairly vocal on my stance on electrification,” said Kuniskis at the 2019 FCA What’s New Event at its Chelsea Proving Grounds in Michigan. “I think there’s a huge value in electrification… and I see it from a performance advantage side. There’s huge potential in that. If you look at the new Ferrari that was just launched, or if you look at the LaFerrari, or the (Porsche) 918, some level of electrification can be used for very interesting performance applications. I don’t know when customers are going to be ready for that, accept that, or be willing to pay for that.”
There are some valid reasons why enthusiasts and the muscle car audience as a whole have a reluctance towards accepting the hybrid and/or EV technology. They are, indeed, expensive. They add further complexity and weight. And perhaps most importantly, it could mean the elimination of the visceral soundtrack of violent explosions rapidly detonating inside eight separate combustion chambers. It’s hard to picture the Dodge Challenger Demon being the icon that it has become if it was an electric dragster. But Kuniskis has seen this behavior before.
“If you look at history and you think about the 1980’s, and everybody was starting to dabble with fuel injection… customers resisted that technology a lot. They didn’t like it, it was for compliance, and they were trying to figure out how to take it off and put carburetors on… but next thing you know, fuel injection was a performance thing and it wasn’t an emissions thing. So, is there a future for electrification? Absolutely. When? I don’t know.”
So, a Dodge Challenger Hybrid? A Dodge Charger EV? Perhaps. But not anytime soon. To that end, General Motors may be ahead of the curve, but risks being too early to the market. The Chevrolet Camaro eCOPO Concept (pictured below) teased the potential of electric vehicles at the drag strip with 800 volts of power and. Its 9.837 quarter mile time rivals that of the 840 hp Dodge Demon, but isn’t street legal, or a production car.
“Like everything, the cost will come down, and how do you do it? Do you do a ISG (mild hybrid)? Do you do a PHEV? Do you do full BEV? The price difference is massive between them and it’s all based on battery size. But if the costs of the batteries come down, it will all become feasible.”
Kuniskis finished by touching on making sure that any future electric Dodge performance vehicles would need to tell their own story.
“I think you can significantly differentiate how you arrive at that performance level (compared to gas engines), and how you package it, and what types of technology that you use.”
Keep watching this space for further Dodge, muscle car, truck and SUV news.


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Business; At Rand McNally, Is the Future Drawn to Scale?
By ELIZABETH STANTON
Published: March 17, 2002
SKOKIE, Ill.— THE world of map-making has always been unpredictable. Wars shift borders and split nations, spilling different colors onto previously monochromatic stretches of paper. Sprawling cities and new buildings mean new roads to draw. But all of this, of course, is what sells maps.
Rand McNally & Company -- maker of the widely used travel companion, the Rand McNally Road Atlas -- has been making these kinds of adjustments for more than 140 years. But recently, Rand McNally's future in map-making has become unpredictable, clouded by technological shifts in the industry and upheavals at the company.
AEA Investors, a New York investment group founded 33 years ago by the Rockefeller, Harriman and Mellon families, bought the company in 1997 for $430 million, hoping to expand it into a technology concern that could better compete with new online ventures that offer customized maps and other navigation aids. Since then, the company, which had been family-owned for generations, has been promoting itself as a travel service provider, not just a map maker.
But there have been signs that AEA is frustrated with Rand McNally and wants to sell it, perhaps at a loss. Last July, AEA retained Deutsche Banc Alex. Brown, the investment bank, to explore a possible sale or restructuring, and there has since been intermittent talk among cartography companies that a possible buyer had been found.
Officials at Rand McNally declined to comment. The company, based in this Chicago suburb, said through a spokeswoman that the time was not right to discuss its future. Deutsche Bank officials also declined to comment, and telephone calls to executives at AEA were not returned.
The fate of Rand McNally remains a hot topic among other map makers and people who once worked for it. ''They'll have to do something different,'' said Norm Strasma, who recently retired from his position as executive director of the International Map Trade Association, an industry group based in Washington that represents more than 700 companies worldwide.
When AEA took over, global positioning systems had already nestled neatly into car consoles, and handheld wireless devices were already in the palms of some map users. These technological advances made the folded paper map, a Rand McNally mainstay, look outdated.
Rand McNally was not totally behind the times -- it had established itself as a manufacturer of travel planning software. In 1994, it opened a media division that made consumer mapping and travel products. But it lacked a digital database of maps. Instead, it has leased maps from competitors, and still does, which could impede any sale. Two rivals, MapQuest and Mapsco, say Rand McNally has leased their maps.
EVEN under the control of AEA, Rand McNally squandered opportunities to advance its technology, competitors say. It bought Thomas Bros. Maps, a privately held company based in Irvine, Calif., and known for its digital database. ''They didn't do anything to keep it up and pretty much ignored that system, which probably hurt them in the long run,'' said an official at Mapsco, based in Dallas.
AEA disinterest in the company's publishing business may have pushed the map maker too far from its basic brand, said Stuart Dolgins, president of Langenscheidt Publishing Group, the United States subsidiary of Langenscheidt K.G., a map publisher based in Munich.
''If you look at the history of the company, it's a paper-and-ink company; it's a pennies business. Can you take some of that away?'' Mr. Dolgins said. ''Sure, but there has to be some continuity, and I'm not sure they still have that.''
Pessimism is reflected in the market value of Rand McNally debt. While the company is still current on its $235 million in bank loans, securities backed by those loans as collateral are trading at about 30 cents on the dollar, down from 70 cents a few years ago, traders in distressed debt say.
Rand McNally's roots go back to 1856, when William Rand, a young printer from Boston, opened a small print shop in Chicago that produced railroad tickets. He hired Andrew McNally, a cartographer from Ireland. They became partners and expanded from train tickets to railroad schedules and maps. In 1917, they produced their first road map. Later, Mr. Rand sold his company stock to Mr. McNally, and the business stayed in the hands of the McNally family for four generations.
Since the sale to AEA, two chief executives have come and gone. The third, Michael Hehir, came to the company last June from McGraw-Hill Ventures, a media technology arm of McGraw-Hill. He is the only one of the three with publishing experience.
Mr. Dolgins said the latest hiring was a sign that AEA had decided to sell. ''It might be a case of making the bride more beautiful,'' he said. ''They thought they were buying a multimedia company. And Rand is a terrific name, but I don't know if they're a legitimate multimedia company.''
Cartography executives at other companies said AEA was unhappy with Rand McNally's progress, despite recent joint ventures including a partnership with Thales Navigation, a maker of global positioning systems, and Palm Inc. to provide a car system with voice-command, turn-by-turn driving instructions.


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The APC announces “biggest ever peak recruitment drive” following online shopping boom
The APC, the UK-based delivery network, is looking to hire over 100 new members of staff for its upcoming peak period as demand for delivery services continues to rise during the COVID-19 pandemic.
The roles – all of which are permanent – range from drivers and warehouse operatives, to customer services staff and IT.
The news comes following official figures announced by the Office for National Statistics yesterday, which highlight that employment in the UK has fallen by the largest amount in over a decade between April and June.
This recruitment drive is a direct result of The APC’s continued year-on-year growth, with parcel and consignment volumes at an all-time high – and the company believes that the surge in online shopping now looks set to continue as peak period approaches.
Jonathan Smith, Chief Executive of The APC, commented: “The last five months have seen unprecedented demand for our delivery services, as the whole team at The APC works tirelessly to ensure that packages are delivered across the country. This increased demand and continued SME customer growth, has led to a need for an even larger workforce as we approach peak season and continue to grow as a business.
“We are at a watershed moment in the industry – with many of these new consumer shopping habits likely here to stay – in turn creating longer-term opportunities within The APC and the logistics sector. We are committed not only to providing job opportunities to people in the local area, but also to give those that may not have previously considered a role in logistics, with the ability to build a career in an industry that is thriving.”
All successful applicants receive training from The APC’s dedicated Training Academy and new starters are also supported through the transition from this learning environment to warehouse floor.
The company said that it is also strongly committed to providing young people with long-term employment opportunities, having recently announced its plans to get behind the government’s Kickstart Scheme.
The APC added that it has already received “high levels of interest” for other roles, with applications for vacancies attracting nearly 3 times as many applicants per vacancy than before COVID-19.
More information is available at: https://apc-overnight.com/careers


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- Security TWENTY
- Women in Security
Checkpoint Systems, a supplier of shrink management, merchandise visibility and apparel labelling products, is launching MetalPoint HyperGuard. It’s described as a new digital, software-driven solution, which detects the most common tools such as foil bag or magnets used by organised retail crime (ORC) groups to shoplift in store.
With the latest Global Retail Theft Barometer showing an increase in losses associated with ORC, affecting some 47.5 percent of retailers globally, the MetalPoint HyperGuard was developed based on retailer feedback and gives loss prevention managers a tool to help identify potential shoplifters as soon as they enter the store.
The MetalPoint Hyperguard has three detection capabilities: foil bag detection, magnet detection, and metal cart/trolley detection, all of which run at the same time to deter organised criminals from using tactics to avoid detection.
The digital 3D sensing will detect the metal in either foil lined bags or magnets and determine if a potential shoplifter has entered the store and by which entrance/exit. Metal shopping carts are also identified as such and no longer detected as a threat, thereby reducing the number of false alarms, the makers say. Now store associates will receive a signal that an individual carrying a common shoplifting device has entered their store, allowing them to take the necessary precautions to avoid a potential theft.
The product can be installed as a sleek, stand-alone pedestal alongside radio frequency electronic article surveillance EAS antennas, acting as a visual deterrent against ORC gangs or integrated into Checkpoint’s EVOLVE family of antennas.
Farrokh Abadi, Checkpoint Systems’ President & Chief Operating Officer Shrink Management Solutions, said: “The new MetalPoint HyperGuard technology enhances the EAS detection offering retailers to identify potential shoplifters as they enter the stores. The solution will help retailers improve the availability of high-risk merchandise on the shelves and ensure a better shopping experience for consumers.”
The upgrade to the magnet detection will be available from May 2013.


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The online newsletter Genealogy in Time recently published an article that gave some warnings about unrealistic expectations concerning the accuracy of DNA testing for genealogy.
It makes interesting reading, and the best part of all is the conclusion that says "...you should become an informed consumer and make sure you understand the implications and limitations of such tests."
Perhaps it is the liberal use of DNA testing that we see in various police dramas on television that fools us into thinking that DNA testing for genealogy can be as precise in its results. Whatever the reason for that belief, it is not valid.
DNA testing is what it is...it is our expectations that try to make it into something it is not. Do your research before you invest in any test and be sure you know what you are getting and how to use it. The test results can be helpful or frustrating, and the difference is mostly a function of your own knowledge about the process.
You can see the Genealogy in Time article at http://tinyurl.com/379v7x8


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The Association of Retail Companies (AKORT) said that Russian retailers, which are part of the industry association, will restrain the rise in prices for essential goods and do not expect their rise before the New Year holidays, reports TASS.
All changes in food prices that have recently been observed in the consumer market should be perceived as seasonal fluctuations, say representatives of retail chains. AKORT notes that in the pricing policy, domestic retailers are guided by the purchasing power of the population, which has noticeably decreased during the economic crisis, aggravated by the COVID-19 pandemic. According to AKORT, in October last year, the consumer price index was 3.75% compared to the same period in 2018, and in October this year - 3.99% compared to October 2019. Such insignificant fluctuations cannot be considered as prerequisites for their increase.
Now that the incidence of the new coronavirus infection is on the rise again, members of the association have agreed to contain prices, despite the costs of trade. Most likely, the New Year's scenario will be about the same as in 2019. The Association recognizes that there are indeed requests from manufacturers and suppliers to change the purchase prices for food products. Their appeals are always considered on an individual basis, in some cases - with the involvement of the Federal Antimonopoly Service (FAS). If objective reasons are found for the increase in prices, the requests are satisfied, but at the same time alternative options are sought so that the overall picture on the shelves does not change much. When there is no such reason, purchase prices remain the same. As a rule, price adjustments in retail chains that are in the field of view of AKORT do not exceed the average value of the consumer inflation index.


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Weekly shoe: Cesare Paciotti
These sizzling summer sandals — fiery red and dazzling with crystals — are just the kind of high-kicking shoes that would trip the light fantastic.
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It’s often the outfits and the shoes that steal the limelight on Dancing with the Stars.
These sizzling summer sandals — fiery red and dazzling with crystals — are just the kind of high-kicking shoes that would trip the light fantastic on the hit TV show.
With their sensuous tropical vibe, you’d probably be enticed to do a sexy salsa number of your own on the dance floor. But with this vertiginous heel height, they might be best saved for a hot summer night out on the town — where the most strenuous thing you could do is lift a cocktail to your lips.
Cesare Paciotti suede and crystal sandals, $998, Browns
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- NEW Why is Ottawa selling arms to oppressive regimes?
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Proponents of “software as a service” say it will wipe out traditional software
SOMETHING momentous is happening in the software business. Bill Gates of Microsoft calls it “the next sea change”. Analysts call it a “tectonic shift” in the industry. Trade publications hail it as “the next big thing”. It is software-as-a-service (SaaS)—the delivery of software as an internet-based service via a web browser, rather than as a product that must be purchased, installed and maintained. The appeal is obvious: SaaS is quicker, easier and cheaper to deploy than traditional software, which means technology budgets can be focused on providing competitive advantage, rather than maintenance.
This has prompted an outbreak of iconoclasm. “Traditional software is dead,” says Jason Maynard, an analyst at Credit Suisse. Just as most firms do not own generators, but buy electricity from the grid, so in future they will buy software on the hoof, he says. “It's the end of software as we know it. All software is becoming a service,” declares Marc Benioff of salesforce.com, the best-known proponent of the idea. But while SaaS is growing fast, it still represents only a tiny fraction of the overall software industry—a mere $3.35 billion last year, estimates Mr Maynard. Most observers expect it to be worth around $12 billion by 2010—but even that is equal only to Microsoft's quarterly sales today. There is no denying that SaaS is coming. But there is much debate, even among its advocates, about how quickly it will grow, and how widely it will be adopted.
At the moment, small and medium-sized businesses are the most enthusiastic adopters of SaaS, since it is cheaper and simpler than maintaining rooms of server computers and employing staff to keep them running. Unlike the market for desktop software, which is dominated by Microsoft, or for high-end enterprise software, which is dominated by SAP and Oracle, the middle ground is still highly fragmented, which presents an opportunity. “This is the last great software market left—the last unconsolidated market,” says Zach Nelson of NetSuite, which provides a suite of software services including accounting, sales-force automation and customer service. His firm is targeting small and medium-sized businesses by providing “verticalised” services—that is, versions of its software adapted to particular types of company, such as professional-service firms, wholesale distributors and software firms.
Large companies, says Mr Nelson, have already made big investments in traditional software. “They've already been through the pain,” he says. So they will not be in a hurry to ditch their existing investments in traditional software from the likes of SAP and Oracle. “I have no fantasy of replacing those guys,” says Mr Nelson. But Mr Benioff of salesforce.com disagrees. His firm provides customer-relationship management (CRM) software as a service, which is already used by many big firms including Cisco, Sprint and Merrill Lynch. “The world's largest companies are now using salesforce.com for the world's largest CRM implementations,” he says. “It's the future of our industry that everything will be a service.”
Even so, Mr Maynard reckons it will be some time before large companies fully embrace the service model. However, lingering concerns over security, reliability, archiving and regulatory compliance will eventually go away, he believes, and basic functions—such as accounting, expense-management and human resources—will be switched over within five years. “How you handle accounts-payable doesn't determine your competitiveness,” he says. Eventually, only the bespoke software that provides competitive advantage to a firm will be left; everything else will be a service.
SaaS is fast becoming sophisticated and flexible enough to meet the needs of large companies, says Sheryl Kingstone of the Yankee Group, a consultancy, but “for the next five to ten years we will continue to have a mixture.” In a survey, she found that 81% of respondents leaned towards a “hybrid” model, combining traditional software with SaaS. Microsoft, Oracle and SAP are all belatedly moving into SaaS, but they understandably prefer to characterise it as a new model that will exist alongside the traditional way of doing things, and will appeal to some, but not all, customers.
So it is too soon to write the obituary for traditional software, even if its eclipse by SaaS seems to be only a matter of time. The SaaS market is growing by about 50% a year, compared with single-digit growth for traditional software, notes Mr Maynard. “It doesn't mean the big guys are going to die overnight,” he says, “but this is where the market is heading.”
This article appeared in the Business section of the print edition under the headline "Universal service?"
From the April 22nd 2006 edition
Discover stories from this section and more in the list of contentsExplore the edition
The reluctant suitor avoids a trial, but inherits a world of commercial and legal woes
Forget the scandals. McKinsey and its peers are more powerful than ever
Bosses are gearing up to work with the right-wing government


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A change to the way WebKit handles some internet cookies means that Safari 16.4 will invalidate them more frequently in the name of privacy. But that could also mean that users have to log into their accounts more often as well.
The change, which is built into the underlying WebKit browser engine and implemented as part of the recent Safari 16.4 release, isn't specifically mentioned in Apple's release notes. But it's been spotted by WebKit experts and shared on Twitter.
WebKit developers say that the change is designed to prevent third-party cookies from masquerading as first-party ones — something some websites and services appear to have been doing to help them track users across the web.
The change is detailed in a WebKit pull request on GitHub.
The request says that while Safari already caps the lifetime of cookies to seven days if it suspects them to be third-party cookies pretending to be first-party ones, this new change goes a step further.
The explanation is a complicated one, but the gist is that some cookies have been using "CNAME cloaking" to confuse Safari into thinking they're from the website's owner, not a third party. That party could be some sort of analytics company for example.
With Safari 16.4 installed, the browser will look for more telltale signs that something isn't as it should be with the cookie in question. If it's deemed not to be a first-party one at all, it'll be set to time out after just a week.
Some have suggested that Google Tag Manager is the target of such a change, although there are likely other implications for other services. Tag Manager is a tool that allows website analytics and more.
If you thought Apple couldn't eliminate more data / cookies along comes Safari 16.4.Server set FIRST PARTY cookies now max 7 days (conditions described in original PR below).This aimed squarely at Google Tag Manager but affects every server-side proxy. It's War on the web. pic.twitter.com/buTSgpcyyiApril 5, 2023
This is all being done in the name of privacy and will likely help prevent people from being tracked when browsing the web. But it could also have an unintended impact on logins as well.
Experts worry that login sessions could be caught in the crossfire, with their session cookies also forced to time out after seven days. The result would mean users have to log back into websites after a week unless they visit the site and obtain a new cookie sooner.
Critics are already suggesting that this move in particular goes against the idea of an open web, although Apple will no doubt see things very differently.
As always, the best iPhone, Mac, and iPad is one that's safe and secure. But it could well make life difficult for website and service builders who rely on the tools and analytics that this cookie change will impact.
Master your iPhone in minutes
iMore offers spot-on advice and guidance from our team of experts, with decades of Apple device experience to lean on. Learn more with iMore!
Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too.
Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.


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By Sami Zaptia.
London, 5 May 2021:
Libyan-Tunisian cross land border trade has returned to the heights it enjoyed in previous decades, the Supreme Council of Libyan Tunisian Businessmen (SCLTB) reported.
It quoted the mayor of the border town of Ben Guerdane who confirmed that the commercial movement between Tunisia and Libya has returned to its normal pattern decades ago with a boom in the movement of goods to Libya and in the shops of Ben Guerdane.
He added that hundreds of trucks were recorded daily from the Ras Ajadir crossing, in addition to many trips between the two countries, which he said is considered a positive economic indicator.
Libya-Tunisia trade – some stats
It will be recalled that Libya represents Tunisia’s fifth customer in the world, and the first in the Arab world and Maghreb, by 3.5 percent of the total Tunisian exports in 2020, according to Tunisian data.
The agricultural products and food industries sector ranks first in Tunisian exports to Libya, at 42 percent, followed by the various industries sector, at 38 percent, and the mechanical and electrical industries sector, with 19 percent of total exports.
Tunisian ambassador visits Misrata Chamber to strengthen economic cooperation | (libyaherald.com)
Tunisian ambassador affirms desire to operate lines to Misrata Maritime Terminal | (libyaherald.com)
Misrata Maritime Terminal preparing to launch cruise trips to Istanbul after Eid | (libyaherald.com)
Passenger and goods shipping line between Tunisian ports and Misrata are being considered | (libyaherald.com)
The Libyan Tunisian Exhibition 23-25 May | (libyaherald.com)
Libya and Tunisia reactivate Ras Ajdir unified customs window agreement to strengthen bilateral trade and flow of travellers | (libyaherald.com)
Libyan-Tunisia fund for Libyan reconstruction being considered: Libyan-Tunisian Businessmen Council | (libyaherald.com)
Tunisian President Kais Saied makes historic official visit to Libya | (libyaherald.com)
Investment, fishing, agriculture and construction identified as areas of increased Libyan-Tunisian cooperation at Sfax conference | (libyaherald.com)
Libya and Tunisia discuss cross border municipality bloc for better economic cooperation | (libyaherald.com)
Libya seeks Tunisian help in vocational training and workers in fishing, agriculture and health sectors | (libyaherald.com)
Passenger and vehicle traffic running smoothly at Libyan-Tunisian Ras Jedir land border | (libyaherald.com)
Libya-Tunisia border will not be closed under any circumstances: Tunisian PM Mechichi | (libyaherald.com)
Tunisia approves reopening of Libya land border to passengers | (libyaherald.com)
Libya-Tunisia agreement on unified health protocol to pave way for opening borders | (libyaherald.com)
Tunisia’s new ambassador to Libya hands in credentials | (libyaherald.com)


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Research and development
Research and development expenses at CropScience rose by 4.2% (Fx adj.) in the first half of 2015 to €509 million (h1 2014: €452 million), including €269 million (Fx adj. +4.2%) in the second quarter of 2015 (q2 2014: €238 million).
Capital expenditures, acquisitions and cooperations
In May 2015, CropScience entered into a strategic innovation partnership with Flagship Ventures that also includes an investment in Flagship Ventures Fund V. CropScience will contribute its strengths in science, innovation and regulatory affairs to help in the identification, funding and development of promising startup companies.
In June 2015, CropScience announced the acquisition of SeedWorks India Pvt. Ltd., headquartered in Hyderabad, India, a company specialized in the breeding, production and marketing of hybrid seeds for tomatoes, hot peppers, okra and gourds. Existing and forthcoming varieties will be marketed under CropScience’s NunhemsTM brand.
Also in June 2015, CropScience and the Grains Research & Development Corporation (grdc) based in Australia entered into a five-year innovation partnership aimed partly at the joint development of new technologies to manage resistant weeds. grdc will support the expansion of capacities at the Bayer CropScience herbicide research center in Frankfurt, Germany.
CropScience raised sales in the Emerging Markets by 7.7% (Fx adj.) in the first half of 2015 to €2,097 million (h1 2014: €1,871 million), including €1,059 million in the second quarter (Fx adj. +0.8%; q2 2014: €973 million). Strong gains were recorded in Africa/Middle East and Eastern Europe. Asia likewise developed favorably. Sales in Latin America declined substantially against the strong prior-year quarter. The Emerging Markets’ share of total CropScience sales was 36.1% in the first half of 2015 (h1 2014: 34.8%) and 38.9% in the second quarter of 2015 (q2 2014: 39.4%).


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The Big Read: In a distressed world, the pursuit of both profit and purpose is mission possible for startups
SINGAPORE — When it comes to business, "doing good" and "pursuing profits" are often deemed as mutually exclusive goals.
This article was written in partnership with Enterprise Singapore.
- Issues such as global warming, disaster relief, as well as the search for sustainable food and energy sources have garnered more attention than ever before
- Global demand for innovations to address these problems has grown among governments, companies as well as consumers
- This is especially so in the wake of the Covid-19 upheaval, with societies confronted with the potential harms a crisis can cause
- In light of these trends, Singapore firms have stepped up efforts to create solutions to some of the global maladies
- In particular, startups — by virtue of being fast and nimble, with "no excess baggage" — are best placed to pioneer sustainability-based innovations, said one of the experts
SINGAPORE — When it comes to business, "doing good" and "pursuing profits" are sometimes deemed as mutually exclusive goals.
But as global warming, disaster relief, the search for sustainable food and energy sources, and Covid-19 emerge as pressing issues in recent years — along with growing consumer activism — such conventional wisdom is getting a rethink.
With the world seeing an increase in demand for business innovations that serve a social or environmental good, a growing number of businesses are finding it mission possible to pursue profit in tandem with purpose.
According to an article published on the World Economic Forum website last year, the coronavirus outbreak serves as a stark reminder of the potential for a crisis to “alter human existence”.
Indeed, some business experts whom TODAY spoke to also agreed that there has been more awareness of environmental and social issues confronting the world as it emerges from the pandemic.
From a consumer standpoint, awareness about sustainability has increased significantly, said former adjunct business lecturer Zafar Momin. “(Consumers) have a general sense that sustainability is important and that our planet is in danger… so people start to think ‘I have to do my little bit’.”
And it is not just consumers who are driving this change by demanding more “innovations for good”: Governments around the world are also starting to put in place regulations in the environmental, social, and governance spheres that make these innovations all the more relevant.
In the light of the growing demand for innovations targeted at environmental and social good, firms in Singapore — especially new ones — have also stepped up efforts to create solutions for some of the world’s most-pressing issues.
While the startup scene is fraught with risks, no matter what the business is, the challenges are especially magnified for enterprises with a focus on “doing good” — where a product or service tied to a humanitarian or environmental cause does not often generate high profit margins, especially in the short term.
However, given the growing focus on the environment and sustainability, the demand for solutions to their related problems has grown exponentially, and profitability is more likely now than ever before, the experts said.
TODAY gets up close with three such startups and their founders, each of whom has made a foray into this emerging “doing good” market, and whose products have gained traction both in Singapore and overseas.
PROVIDING SOLUTIONS TO A ‘TRILLION-DOLLAR PROBLEM’
Dr Viknish Krishnan-Kutty has long stopped eating meat, ever since he was exposed to the ethics of meat consumption as a teenager.
“When I was 17 or 18, I understood how the meat we eat came to us, that time I wasn’t so much aware of the environmental (damage), more from the animal cruelty perspective,” he said.
Little did he know that decades later, he would be the founder of a startup which developed a solution to accelerate the production of lab-grown meat.
Dr Viknish, now 42, was a research fellow at the Agency for Science, Technology and Research in 2012, when he developed a thin “coating” to allow animal cells to attach themselves to, and grow at a quicker rate.
He then joined the National University of Singapore (NUS) in 2016 as a research scientist to continue developing this coating to better apply it to biology.
It was around his time in NUS that the international buzz over cultured meat or cultivated meat started.
Cultivated meat is real meat grown directly from cells taken from animals without having to kill them.
“By talking to different cultivated meat companies, we realised that they were having these same issues, where it was difficult for them to grow (these) cells.”
Without a solution such as the coating, Dr Viknish said that cells may not attach properly, resulting in a low growth rate, or even mutations.
While he had been earning a stable salary at NUS, he found that the impact he would make as an academic may not be as meaningful as bringing his research and product straight to the market.
Thus, he decided to take the leap and start his own company, Cellivate Technologies, in 2019 to further develop and sell the coating technology and other innovations to companies, locally and abroad, to help speed the production of cultivated meat.
Dr Viknish said that he was also motivated by a desire to solve a problem that had bothered him since his teenage years.
“The opportunity to actually use my science to enable a whole industry to change the way meat is produced, was very exciting for me.”
Apart from the prospect of more ethical meat consumption from lab-grown meat, Dr Viknish added that the technology seeks to solve a “trillion-dollar problem” of increasing food production while also protecting the environment from harmful greenhouse gases that contribute to global warming, such as methane, that are emitted when rearing livestock.
Although the future held much promise when the firm was set up, Covid-19’s arrival in early 2020 threw a spanner in the works, as almost all economic activity in Singapore and the rest of the world ground to a halt.
While the first investor in the company was NUS itself, Dr Viknish admitted that the path to getting more investors and business partners “could be easier” had the pandemic not hit.
Business deals stalled in the first months of the pandemic, but the firm was able to start raising funds in April last year, thus allowing it to continue its research and development to improve its product. While it was just Dr Viknish helming the company at the start, the firm now has 12 staff members.
Dr Viknish said that Enterprise Singapore (EnterpriseSG), a statutory board which supports the development of Singapore small and medium enterprises, had also helped him to link up with companies around the world, and that gave his firm a “good idea of the market research that is needed”.
It was in 2020 that companies from all over the world began making enquiries about his products. A year later, his firm began launching product pilots.
His first customer was not a meat cultivating firm but a local cosmetics company.
“The premise of what we are doing, allowing cells to grow better… the cells produce a certain ingredient that goes into their cosmetics,” Dr Viknish said.
He added that while his company’s solutions have not led to any meat products being produced yet as the science is still developing, his firm has made headway in discussions with meat cultivating firms locally as well as overseas in Australia and South Africa.
However, the challenges of running a new company that seeks to find novel solutions to age-old problems are manifold.
For one, Dr Viknish said that startups such as his that seek to disrupt industries are unlikely to be profitable in the short run.
“Like most of these disruptive companies, we are still not profitable, because a lot of the resources are spent in research and development, and the nature of R&D is that it is expensive, because we are doing things that have never been done before,” he said.
Another hurdle is scale — cultivated meat production is still done on a small scale, which means that typically, 1kg of cultivated meat can cost consumers anywhere between US$100 and US$1,000.
“The goal of the industry is to get 1kg of meat to cost US$10,” he said.
However, Dr Viknish has been able to keep the company going by getting investments from companies which see potential in his product. So far, he has received about US$600,000 (S$850,000) in investments.
“The reason why investors are interested in this and why we also invest all our time and resources into this is because we see that we are in a unique position where we are able to change the world,” he said.
Indeed, the firm is fast growing. While his investors valued the firm just US$3 million last year in April, they now value it four times more — at US$12 million.
Dr Viknish expects the firm to break even by the end of next year.
“Once we get enough traction… then I think the financial returns will definitely be there, as there is a need in the world for these things, but it will take a little bit more time.”
'HUMANITARIAN SUITCASE' THAT PRODUCES 3,000L OF DRINKING WATER IN 6 HOURS
For over two decades, Mr Bashir Ahmad was a public servant — first working with the then-Public Utilities Board for 10 years, where he would become a senior engineer involved in developing Singapore’s sewage system.
From 1999 till 2010, he was with the National Environment Agency (NEA), rising the ranks to become its deputy director.
However, Mr Bashir, 57, said that despite the comfortable salary and senior position at NEA, he found himself doing mainly administrative work and missing his days as an engineer working on the ground and getting his hands dirty.
“My whole career had been about engineering, design and construction, and with the promotion, the excitement of engineering work wasn’t there anymore,” he said.
He thus decided to move into the private sector, joining a Danish water treatment firm. There, he was introduced to ceramic membrane technology, which is able to filter out impurities from water through pores in the material without having to replace the membrane itself.
He spent five years with the firm before deciding in 2015 to start his own company, Liquinex, which specialises in water purification solutions.
But his wife, along with their two twin children who were taking their ‘A’ Level exams at that time, thought that he was taking a big risk with such a radical career move.
“It was quite a big decision at that time, and my family was quite nervous about the whole episode,” he said.
As the founder of a startup, Mr Bashir had to take a 50 per cent pay cut from the salary he was getting as NEA’s deputy director.
“It was a strain, because I was the sole breadwinner and my wife is a homemaker, so it was a difficult period, but we got through it,” he said.
Using the ceramic membrane technology in partnership with his former employer, Mr Bashir’s firm developed several products such as a “humanitarian suitcase”, which is a 30kg case that can be checked in on a plane.
The case is packed with components for a water purification system, such as a ceramic membrane filter, a UV disinfection system and an electric pump.
The compact water purification system can be deployed at locations where natural disasters such as floods or earthquakes occur. All it requires is flood or river water that can be pumped with the help of a car battery, which is available in most places.
The "humanitarian suitcase" can produce about 3,000 litres of clean drinking water in six hours, which can sustain about 300 people. This is a far better yield than the traditional hand pump, which produces only about 4 litres of water for every 10 manual pumps.
However, Liquinex did not stop there, said Mr Bashir. It has expanded its suite of products to help companies reduce their environmental pollution by purifying their waste products.
For example, one waste management company in Singapore is using Liquinex’s water purification system to treat oily and toxic wastewater, so that the water that is eventually released into the environment is clean and within the Government’s guidelines.
Mr Bashir said that the increased focus on environmentally sustainable corporate practices has made his firm’s solutions all the more relevant today.
“In Europe, they have come up with very stringent water (pollution) standards now, that we will find difficult to comply with in this region,” he said. “And very soon, I think (this region) will follow suit.”
This means that Liquinex’s products, which help to reduce toxic pollutants in the environment, will be in even higher demand, he added.
The increased demand will come mostly from overseas, as Singapore’s market is limited, he noted.
Over the years, EnterpriseSG has helped Liquinex to expand abroad, by linking the firm up with companies in countries such as India, Vietnam, those in the Middle East and even as far away as Turkey and Germany.
“(EnterpriseSG) sees a lot of potential in us, and I am very thankful,” said Mr Bashir.
“But we have to showcase and prove ourselves… our track record here in Singapore will speak well of our abilities.”
Mr Bashir said that while his company was making a 10 to 15 per cent profit margin in 2019, the Covid-19 pandemic in the subsequent years affected sales both locally and overseas and caused his firm to be in the red.
He said that following the easing of Covid-19 curbs and the reopening of international borders in the past year, there has been a boom in business again. The company is now at break-even and is “heading towards profitability” in the next few months, pending several big projects with foreign firms where the paperwork is being finalised.
Earlier this year, Liquinex has also launched a new product for the consumer market called Waterwall, which is a water purification system for human consumption in households, businesses and commercial buildings. It can be used in jurisdictions that do not have access to drinkable tap water, or customers who prefer their tap water to be more filtered.
Waterwall has been sold to businesses and residents in Indonesia, as well as distant countries like Sweden.
As for his family, their initial fears have all evaporated. “(My wife) has been my cheerleader, she is very proud now and without her support, I wouldn’t have done this,” said Mr Bashir.
PAINT THAT CLEANS THE AIR
Mr Lester Leong, 29, had tasted failure in his university days when two tech companies which he started did not take off.
He had found that while tech was an emerging field, it was difficult to break into the industry because of the high cash-burn needed to get people to pick up his product — money which he did not have as a university student.
When he was about to graduate from university in 2017 with a degree in business administration and finance, he landed himself a job after an internship stint with an investment bank that paid a five-figure salary.
For most, it would be a no-brainer to take on the role and enjoy the starting pay.
But Mr Leong decided to give it all up to chase his dream for the third time, by embarking on a startup whose main product is an air purifying interior paint — an idea that he thought of during a university assignment.
“For investment banking… you work so hard, you barely get to see the sunlight,” he said. “I thought at that point in time that if you’re (willing to) work so hard for somebody else, why not work for yourself?”
When he told his mother about his plan to embark on a third startup, Mr Leong said she cried — but they were not tears of joy. “My mum says she will give me six months to try, and if it doesn't work out, I have to go back to investment banking,” he said.
Mr Leong’s startup, Gush, produces both sustainable paints and advanced building materials.
The paint, which is the main product, is formulated to purify the air, eliminate 99.9 per cent of bacteria, regulate humidity and prevent mould, he said.
The paint is also free of volatile organic compounds (VOCs), which can be found in many products used to build and maintain homes that can be harmful to health when inhaled.
“What we did was develop this paint that not only does not emit toxic emissions, but is also able to break down VOCs,” said Mr Leong.
This occurs through a chemical reaction that occurs on the paint surface, which breaks down any pollutants in the air into harmless byproducts.
The business idea soon caught the attention of his co-founders: Mr Paul Lim, a venture builder and startup mentor; and Mr Benny Jiao, who has a material and chemical science background and is now Gush’s chief operating officer.
With their help, Mr Leong was able to further develop his product, and the first “turning point” was securing a S$3 million investment from real estate firm City Developments Limited (CDL) in 2019.
This meant that some of CDL’s residential developments, such as Haus on Handy located at Dhoby Ghaut, were painted using Gush’s products.
Mr Lim, 51, said that getting the funding was crucial, because it allowed Gush’s products to be proven in the market, thus attracting more buyers.
While the company is fast approaching profitability, which it expects to achieve in the next 12 months, it is not resting on its laurels, investing 10 to 15 per cent of its revenue into R&D.
For instance, it has developed an anti-thermal “cooler film” for windows, to reduce the amount of heat entering a building by blocking out ultra-violet and infra-red rays, which reduces energy consumption from air-conditioners by 14.5 per cent.
Gush has also developed an anti-thermal exterior paint for buildings, that can reject up to 87.5 per cent of solar energy.
“So used together, the paint as well as the film, become a holistic solution against the rising heat and forms a thermal envelope to cool down buildings and reduce energy costs,” said Mr Leong.
And while it has become a recognisable brand in Singapore, Gush’s longer-term goal is to expand overseas, said Mr Leong.
The company has made several sales to overseas consumers and companies, with its two biggest markets being the United States and China.
“These are the markets where we see exponential growth, because we have a 0.5 per cent share of Singapore’s market, but in the United States we have a (much smaller) percentage,” said Mr Lim.
He added that for the US, the do-it-yourself (DIY) culture is strong due to the high labour cost and as such, the paint can be shipped there and sold with no frills.
"For the US, we are targeting a direct consumer approach, where we do not expect to be slowed down by the lack of painters and service workers,” Mr Lim added.
Like Cellivate Technologies and Liquinex, the founders of Gush said that EnterpriseSG has helped in linking them up with overseas investors and customers and providing them with grants. More importantly, the agency has also created “movements” for businesses like theirs to thrive.
“EnterpriseSG doesn’t just do grants or linking up, they also try to capitalise on (sustainability) movements like this, by creating consortiums to improve the attractiveness of local products to overseas markets,” said Mr Leong.
SUPPORTING STARTUPS IN 'DOING GOOD'
According to EnterpriseSG’s website, the assistance that it provides to companies looking to innovate for good come in financial and non-financial forms. These include:
- The Enterprise Development Grant which helps Singapore companies build strong business foundations and strategies, adopt technology and innovative processes, as well as grow their overseas presence
- Startup SG schemes to support innovative startups in areas such as financing and mentorship. These include co-investment schemes with third- party investors to spark private-sector investments into innovative and tech startups, as well as a scheme to provide mentorship and startup capital to first-time entrepreneurs
- The Global Innovation Alliance acceleration programmes, where EnterpriseSG partners up with in-market players to help Singapore companies plug into the local innovation ecosystem, where they can access crucial market information, local talent, and network with other stakeholders
- International Co-Innovation Programmes (CIPs), which provide opportunities for local companies to team up with foreign counterparts to jointly develop and test-bed new solutions, before scaling into the market or region together. EnterpriseSG runs CIPs with 37 countries, including Germany, South Korea and the United Kingdom.
EnterpriseSG also holds open innovation challenges, to enable local firms to partner government agencies or established companies to develop solutions to current world issues.
For instance, EnterpriseSG first rolled out a sustainability open innovation challenge in 2019 to drive collaboration in the development of innovative sustainability solutions. In 2020’s challenge, Sentosa Development Corporation was matched with ecotourism startup Big Tiny to develop modular eco-accommodation.
There is also the healthcare open innovation challenge, which provides startups with the opportunity to engage with clinicians and healthcare providers, to drive innovation in healthcare.
EnterpriseSG has also helped local businesses develop networks or set up bases overseas.
According to a post on its website by the statutory board’s deputy chief executive officer of global markets Tan Soon Kim, companies can tap EnterpriseSG’s network of 36 global overseas centres.
These centres “can match (businesses) to partners with complementary resources and business interests”, he said.
And to support startups as they enter new markets, EnterpriseSG’s Market Readiness Assistance grant provides businesses with support for overseas market set-up, identification of overseas market partners, and overseas market promotion.
TAKES MORE THAN HAVING A GOOD HEART AND IDEA: EXPERTS
Compared to five to 10 years ago, there are indeed more companies jumping on the innovation wagon to offer products or services that are aimed at addressing some of the world’s urgent problems, business experts told TODAY.
“(Consumers want stuff that have less chemicals, are all natural, recyclable, biodegradable, have a lower carbon footprint… but then there’s not enough of these products around,” said Dr Zafar, the former adjunct business lecturer.
Agreeing, Professor Lawrence Loh, director of the centre of governance and sustainability at NUS Business School, said that startups are among the best vehicles to pioneer sustainability-based innovations.
“(Startups) are fast, nimble, they have no legacy, no excess baggage and you just start from scratch and can be very focused,” he said.
With a renewed demand for innovations in the sustainability space, such startups now have a higher probability of being profitable.
Prof Loh said that this is because these startups have both intrinsic value, which is the market value of their products at the current moment, as well as “transition value”, which is the future expected value when the demand for such solutions grows.
“Startups are poised to capitalise on these trends very quickly, all they need is an idea, to build a prototype, and argue a value proposition, and once they have that, they can actually monetise,” he added.
The experts interviewed have this advice for budding entrepreneurs: A good idea is only worth as much as the willingness to build strong networks and systems.
“In the field of sustainability, entrepreneurs need to be bold in their ideas and remain true to their purpose,” said Dr Zafar. “But also, they need to be patient and resilient if it takes longer to realise commercial returns."
He added that by focusing their efforts on the target audience for their products, businesses are more likely to succeed, instead of targeting a broad market.
“Build a strong network of investors, and mentors to support them through the journey,” Dr Zafar added.
Agreeing, the founders of Gush said that a good idea must rely on good preparation and systems to succeed.
“You need to make sure you know how to even formulate a product supply chain, a manufacturer to develop the product, logistics partners to ship it to you, and a warehouse on the ground,” said Mr Leong.
“And once it gets to the users’ hands, a lot of education needs to be done on why this product even exists.”
While it is prudent to ensure all systems go, aspiring entrepreneurs should also try to enter the market as soon as a new trend or behavioural pattern emerges, said the business experts.
“The main thing is to keep your feet wet early,” said Prof Loh. “Get into the water at the soonest possible moment.”
“(Startups) do not need to have all the features and functionalities rolled out… capture the bare minimum that will give value to customers, roll the product out, test the market, get feedback and revise the offering,” he added.
“In essence, cross the river by feeling the stones.”
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