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The Port of Hong Kong has become the latest major port to see its container volume slump as a result of the COVID-19 pandemic
The Hong Kong Seaport Alliance (HKSPA) performed at 139 moves per hour for Evergreen Marine Corporation’s vessel, Thalassa Doxa.
A.P. Moller – Maersk (Maersk), the biggest shipping carrier in the world by market share) has announced a 17% increase in earnings before interest, tax, depreciation and amortization (EBITDA).
DP World has described the government of Djibouti’s decision to apply a ruling by the country’s Supreme Court that all previous international adjudications are null and void as a “complete disregard for and contravention of the global legal system and existing contracts”.


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It’s been a busy month for the duo behind Chaos, a chaotically named brand that is anything but chaotic – even if the A in their logo is upside down. Opening both a Galeries Lafayette boutique and Paris pop up at Nous.
Social media analytics firm, NetBase, released its 2018 Luxury Brands Report this Wednesday, revealing that high-end fashion labels account for half of the top ten luxury brands active on social media.
The next London Fashion Week five-day season kicks off Friday morning; with a major drive to turns things ever more ecological; alongside a bittersweet farewell to the country’s most successful designer this century.
Selfridges had already told us that its Boxing Day clearance sale business was buoyant and at the weekend it said the Christmas season as a whole was better than ever with rising footfall and strong full-price sales.

domain: news


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Kathy Dai sold a three-bedroom, 2 1/2-bath home at 9732 Harvester Circle, Unit 9732, in Perry Hall, to Lauren Caroline and Forrest E. Meeks for $255,700 on Feb. 11.
The 2,178-square-foot, three-story home last sold for $292,000 in March 2005. It is located in the Perry Hall Farms condo development.
According to BlockShopper, there have been 219 home sales in Perry Hall during the past 12 months with a median sale price of $255,000.
Address: 9732 Harvester Circle
Buyer(s): Lauren Caroline and Forrest E. Meeks
Seller(s): Kathy Dai
Sale date: Feb. 11, 2015


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ANAHEIM, CA — The food culture in America is changing, and the fresh produce industry is perfectly positioned to capitalize on the changing desires of consumers.
That was one of the topics discussed at a workshop held Friday, Oct. 26, during the Produce Marketing Association Fresh Summit, here.
Titled “Turning Consumers into Customers to Increase Consumption,” the session was moderated by Steve Lutz, executive vice president ofNielsen Perishables Group Inc. in East Wenatchee, WA, who weaved a panel of experts through a variety of subjects focused on the buying habits of consumers in 2012.
Laurie Demeritt, president of The Hartman Group in Bellevue, WA, said that “food culture is changing rapidly.” She added that in the not-too-distant past, moms were the shoppers and dietitians were the food experts most people turned to. Today, there are many different shoppers as dads are often the primary shopper in the family, and only 30 percent of households include a child under the age of 18, so the “mom” designation doesn’t work by definition for the majority of families.
And when it comes to garnering food knowledge, many people list chefs — including those who have gained popularity over the airwaves — as their primary source for information.
Ms. Demeritt said that what puts produce in such a good position is that it is one of the few areas in which a supermarket can create a point of differentiation with its competitors. As they have for years, the average consumer still lists price, convenience and cleanliness as important factors in picking the store at which they shop.
The Hartman Group executive indicated that those three attributes are difficult to influence. A store either is or isn’t the low-cost leader in town, and once the store is built, a manager can’t change the location to make it more “convenient.” And she believes cleanliness is common to all modern supermarkets.
Luckily for the fruit and vegetable industry, she said “high-quality produce” is another very important factor consumers cite for their supermarket choice.
Ms. Demeritt said that is an area that can be affected positively — and it can also set the tone for the entire market. A store with a great produce department will attract consumers and it will give them a positive feel about the entire store.
She added that one of the bigger trends in consumerism today is away from packaged goods and toward fresh nutritious food. “Produce is at the epicenter of that movement,” she said.
Manufacturers of consumer product goods, or CPGs, are attempting to piggyback on that movement by having their products be sold in the produce department and making up descriptive attributes such as “natural” and “fresh” to add to their marketing scheme, she said.
The beauty of fresh fruit and vegetable marketing is that they don’t have to make it up. Produce is fresh and it connects with consumers on an emotional level. Consumers intuitively want to eat less processed food and more nutritious food.
She urged produce marketers to try to capitalize on some trends such as increased consumption of healthy snacks. She called the “health” message as well as “freshness” better drivers than “taste” for most consumers. People assume produce tastes good and they don’t seem to react to that marketing message.
Another panelist — Tish VanDyke, general manager of food and nutrition at Edelman in Washington, DC — discussed the most recent findings of an annual U.S. study of 3,000 consumers. Some of the salient facts include: 50 percent believe the food they eat makes a statement about who they are; 70 percent say they will change what they eat if there is a world benefit attached to it; 80 percent prefer U.S.-grown food; and 65 percent want to know how the food they eat is produced and processed.
She said cost of food is still the No. 1 reason cited by consumers for their choices, but the typical cost-taste-convenience formula that has dominated for years is beginning to change as more people mention “freshness” and other “food values” than they have in the past.
Ms. VanDyke said that consumers do not appear to be very well informed about current affairs. For example, 56 percent believe organic foods are healthier than conventional offerings and 69 percent did not know if the USDA’s “My Plate” program is an accurate guide of consumption needs.
In judging the food industry, a significant percentage of consumers in this survey believe that industry does have a societal role in improving the world. About two-thirds believe food industry members should take a role above and beyond food manufacturing to help their communities. And 80 percent thought it was an obligation of food manufacturers to provide healthy food that people can afford.
Ms. VanDyke agreed that purchasing food does have an emotional component and a company’s values are important to consumers.
Karen Halliburton-Barber, assistant vice president and senior agricultural analyst at Rabobank in Fresno, CA, spent a great deal of her time at the podium discussing the local food movement. She called it a “consumer-driven movement” that is about seven years old.
While the entire U.S. food industry adds $122 billion to the economy, Ms. Halliburton-Barber said the U.S. Department of Agriculture estimates the local food portion to be $4.8 billion at farm gate. She indicated that this could be an underestimation of its financial impact.
Citing a survey, the Rabobank executive said that 85 percent of consumers say they pick where they shop because the store carries local products. She said local food sales are being driven by a number of factors but the top one appears to be “freshness.”
Consumers perceive that product grown closer to home is fresher; they also believe it costs less. Connection to local farmers is another driver but the environmental play doesn’t appear to have much traction, at least not in these economic times.
She said preferences by consumers have been noted by retailers that are heavily promoting locally grown food and are actively seeking suppliers. Regional retailers are especially active in using it as a marketing tool.
Ms. Halliburton-Barber said the analysis by Rabobank also indicates that there may be a negative impact on the larger year-round California suppliers. She said local sales have displaced some summer sales for these grower-shippers that have to plan and plant accordingly. At the same time, the movement is creating opportunities for regional growers, who can capitalize on the trend.
Over the next five years, Rabobank expects the movement to continue and to grow. “Local growers will become more sophisticated,” she said.
On the retail side, she expects corporate supermarket chains to give more autonomy to retailers at the local level to purchase from local suppliers.
The bank executive said that analysis also shows continued growth in farmers’ markets, which could be a critical engine of growth for local communities.


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“Hayots Ashkhar” says if the Armenian authorities fight organized crime the way they have done so far they will not achieve any results. The paper says mafia bosses around the world are getting “severe blows” from governments which, as a rule, are more lenient toward lower echelons of criminal networks. “What we have is just the opposite. Nobody hits the top [of the underworld hierarchy]. Haphazard blows are only directed at the lower echelons.”
“Aravot” comes up with an even more pessimistic scenario, saying that Armenia risks becoming a center of ex-Soviet organized crime. “How is it, for example, that the chief of the Gyumri bus station has (at least officially) more armed bodyguards than the president of the republic?” the paper asks. “Didn’t the Gyumri police notice those bandits? And, in general, how do people who terrorize their fellow citizens with racketeering and robbery dare to speak of patriotism, the national liberation struggle and the Bible?”
“Ayb-Fe” makes a scathing criticism of the Armenian opposition, describing it as a “disorganized and talentless” force that should blame only itself for its troubles. The opposition, the paper says, has “disappointed the public.” “Ayb-Fe,” which is highly critical of the authorities, says Armenians should therefore have no expectations from the opposition.
Citing official statistics, “Haykakan Zhamanak” writes that bread and potatoes make up more than 70 percent of the daily food ration of some 1.5 million Armenians. The same figures show that 73 percent of the country’s population consumes less than the internationally accepted minimum of 2,100 kilocalories of food a day. Residents of Yerevan are “the most underfed.” More than 80 percent of them are malnourished.
In another comment, “Haykakan Zhamanak” dismisses concerns that the reopening of the Turkish-Armenian border could hit hard Armenian manufacturers. The paper argues that many Armenians already buy Turkish goods and pay for them twice as much as they would have paid if the border had been open. It says the “traditional Armenian thinking” does not care about this fact as well as about a segment of the population that can not afford any consumer goods. The same concerns were voiced in the 1990s when the Armenian market was flooded with cheap Iranian goods. “Where are those goods now?” the paper says, adding that Armenian businesses have since driven them out with better quality, not trade barriers.


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Afterpay live on eBay Australia in 2020
Afterpay will be available on eBay’s local site next year in what the buy now, pay later service says represents its largest online arrangement in Australia.
When it goes live on eBay Australia in the 2020 calendar year, Afterpay says it will provide its instalment payment option to the platform’s 40,000 small and medium businesses and 11 million monthly users.
Afterpay did not give financial details of the deal.
“The partnership represents Afterpay Australia’s largest online arrangement to date, which allows both companies to align on a mutual approach of adding value to merchants by helping them access new and repeat customers,” Afterpay said in a trading update ahead of Wednesday’s annual general meeting.
Even without the deal, Afterpay said global underlying sales of $2.7 billion in the four months to October 31 were more than double those of the prior corresponding period.
The company is already in the process of launching with David Jones department stores in Australia, and with historic clothes and food retailer Marks and Spencer in the UK.
Afterpay also announced former Google and Facebook marketer Gary Briggs will join the board next year.
Chair Elana Rubin said Mr Briggs, who stepped down as chief marketing officer at Facebook in January 2018, is “one of the most experienced marketing leaders in the digital sector”.
“We are delighted to have secured someone of Gary’s calibre,” Ms Rubin said.
“His skills and deep knowledge of the tech sector will be of great value to the board and our business.”
At 1036 AEDT, Afterpay Touch shares were 3.0 per cent lower at $28.315.


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Christmas will be here before you know it! And Walmart has just released its annual Top Rated by Kids list of 25 toys that your children will be asking for this holiday season.
Hundreds of kids between the ages of 18 months and 12 years selected the toys that landed on the list.
Read more: 9 things you should never buy at Walmart
Ready for Christmas? Walmart’s top 25 toys for 2017
According to Walmart, toys kids can interact with and collect, toys that keep kids moving, and toys inspired by their favorite movie and TV characters will be big this season — including some Walmart exclusives.
Among those exclusives is the $298 Frozen Sleigh, one of several featured toys that keep kids active and moving.
1. Hatchimals Surprise (*coming soon, details to be released October 6)
3. littleBits Star Wars Droid Inventor Kit
4. Num Noms Nail Polish Maker
5. FurReal Friends Roarin’ Tyler The Playful Tiger
6. Barbie DreamHorse and Doll
7. Fisher-Price Zoom ‘n Crawl Monster
8. L.O.L. Surprise Fizz Factory
9. Soggy Doggy Board Game
10. Mayka Toy Block Tape
11. Frozen Sleigh (*Walmart exclusive)
12. Adventure Force Light Command Light-Up Motorized Blaster (*Walmart exclusive)
13. Monster Jam Grave Digger (*Walmart exclusive)
14. Huffy Electric Green Machine Trike
15. Nerf Rival Nemesis MXVII-10K
16. RECOIL Starter Set
17. New Bright Radio Control Tumblebee
18. VTech Pop-a-Balls Drop and Pop Ball Pit (*Walmart exclusive)
19. Radio Control DashCam (*Walmart exclusive)
20. Dusty the Super Duper Garbage Truck
21. Imaginext DC Super Friends Batman Batbot Xtreme
22. Paw Patrol My Size Lookout Tower
23. Disney/Pixar Cars 3 Ultimate Florida Speedway
24. Mickey and the Roadster Racers Transforming Hot Rod Mickey
25. Disney Junior Doc McStuffins Baby All in One Nursery
Read more: Holiday tipping: Who to tip and who to skip
In addition to the 25 toys on this list, Walmart says it will offer more than 1,000 new toys in-store and online this holiday season — at prices parents are looking for.
The retailer’s popular layaway program has already started, with final payment and pickup due by December 11.


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The cash and shares bid comes after Mouchel bosses rejected the last two takeover approaches of £152m and £119m, claiming they significantly undervalued the company.
But Mouchel said today it was “actively reviewing” offers for the company as it emerged that rival bids to Costain’s are also being considered
Costain’s latest bid represents a premium of 171% on the value of Mouchel before its bid approach was first revealed.
Costain said the latest offer had been drawn up after extensive talks with both sets of shareholders.
Mouchel has been struggling under the weight of its £109m debts leading to Deloitte being appointed at the end of last year to carry out a review of the business.
The contractor has been stalking Mouchel for months. It argues that bringing the two brands together would build a construction business with major capabilities across consulting and construction resulting in an order book of over £4bn.
Chairman of Costain, David Allvey, said: “The strategic rationale for a combination has been widely supported and following extensive discussions with both sets of shareholders we have now significantly enhanced our proposal.
“We firmly believe that a combination of the two businesses is clearly in the best interests of both sets of shareholders and would bring resolution to the issues Mouchel faces for the benefit of its shareholders, customers and employees after a sustained period of uncertainty.
He added: “Moreover, as part of a strong Costain group with a well-capitalised balance sheet, Mouchel would be better placed to compete effectively for major contracts.
“Having made our first approach to Mouchel seven weeks ago and as one of a number of options to deliver our strategy, we believe that our revised proposal is attractive to both sets of shareholders and should now encourage Mouchel’s board.” to engage with us without delay.”
Shares in Mouchel, which have risen by more than 50% in the last month, closed at 113.75p on Thursday, valuing the business at around £133m.
The latest takeover bid saw the price surge by another 22% in early trading today.


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GRAND JUNCTION, Colo. A new downtown hot spot has Main Street bustling and the local law enforcement's phone ringing off the hook.
All eyes are on Thunderstruck Valley.
The establishment has just completed its first month of business and it's got the town talking.
Compared to other popular nightlife spots in town, Thunderstruck Valley has doubled the service calls to law enforcement authorities from even the rowdiest of its competitors.
They totaled 36 calls in their first month of business.
However the reviews aren't all bad.
The influx of visitors downtown is providing local shop and restaurant owners a hearty economic boost.
"This is where people are coming to have a good time, it's new and that's always good for Junction,” says Scotty Waters of Thunderstruck Valley.
It's a relatively mixed reaction from the community.
Many have never seen downtown so alive while others are worried about the potentially troublesome crowds.
There's been no major incidents just yet and some local owners refer to this past month's activity as the bar's growing pains phase.


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The new platform allows users to play their games directly from their handset’s browser, as opposed to the normal model where users ﬁrst have to buy the game online and then download it to their handset as an application.
No ad to show here.
With the Gazuma platform, gamers are able to log game scores, enter tournaments, win Pods
(SkillPod’s virtual currency built into the platform), challenge friends, integrate their friend list with their Facebook contacts, message friends, integrate with Twitter; and still buy games to download and play ofﬂine in the traditional fashion.
Skillpod says the aim of the new platform is “playability and ease”, allowing users to play offline or online in their device’s browser using Flash Lite.
SkillPod Media has been publishing its games on the Nokia Ovi Store since December 2009 and claim to publish an average of 12 to 18 new titles across a number of genres each month.
Gazuma allows customisation and “white-labelling”, which opens the door for advertisers and promotional brand-building.
Most of Skillpod’s games have also been developed for the new generation of Symbian S60 handsets
which allows for greater innovation, while focussing on the overall gaming experience.


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Today’s holiday is of national scope, but make no doubt about its city of origin. Here are three egg creams you can make at home in honor of this New York soda fountain staple.
Tag: maple syrup
Cultured dairy from upstate farms is still widely available around this time of year, and Park Slope’s aptly-named Culture yogurt shop has products that hit the spot.
If you missed Gabrielle Langholtz, our editor-in-chief, on Fox News this morning talking about maple syrup–how it’s harvested in our foodshed, how to cook with it, how this has been one of the shortest seasons in recent history–take a look-see right here.


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Apple’s stock reaped the benefits of a positive quarterly earnings report and surprisingly good profit announcement as the company sold more of its iPhones than expected – 31.2 million between April and June. Its shares rose five percent in early trading on Wednesday.
But there are signs of slowing sales growth, which means investors are focused on what Apple is going to do about that with new products in the autumn and non-hardware initiatives.
Ross Rubin, an analyst with Reticle Research said: “They talked about moving into schools with the iPad, moving into enterprise with the iPad. Also a lot of cloud activity and new content choices available on Apple TV. So even though some of the device categories, Mac, iPod may be maturing now, slowing down, we are seeing how the company is trying to really build out that ecosystem in the future.”
Software and services growth are crucial, but it is the hardware that gets Apple fans excited and many market analysts are waiting for the expected launch of new iPhones – including a cheaper, more basic model – and updated iPads later this year, before pronouncing on the stock’s future.
China fall, not so fast says the CEO
A sharp drop in Apple’s revenue in China in the second quarter underscored the challenges it faces in what is now its second-largest market as cheaper Chinese rivals close the technology gap.
CEO Tim Cook blamed China’s slowing economic growth, but said he remained bullish on that market. The “economy clearly doesn’t help us, nor others,” he told analysts.
He said, however, that the revenue numbers do not tell the whole story. Apple records revenue when it supplies resellers, who then sell the products to consumers. Sales to consumers – or sell-through – slipped just four percent in Greater China from a year ago. By that same measure, mainland Chinese sell-through sales actually rose five percent year-on-year, though that was a deceleration in growth, Cook said.
The global battle for mobile supremacy is not just between Apple and Samsung. Huawei and ZTE are growing across their Chinese home base, and South Korea’s LG said on Wednesday it sold a record 12.1 million smartphones in April-June, more than double its year-ago sales.
However, even excluding China, Apple’s revenue in Asia Pacific did fall 35 percent quarter-on-quarter.


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The semi-regular sale held by the Hoxton Hotel is on again, and offers a brief opportunity to book hotel rooms for a proverbial song.
They have 1,000 bedrooms up for grabs on their website: 500 at Â£1 and 500 at Â£29, for dates between the 1st August 2009 â€“ 31st October 2009.
During the last sale in April, they say they sold all 1,000 rooms within 11 minutes and had over 300,000 people trying to book so you’ll need to be quick – which is supported by comments by friends who support comments that the bookings go very quickly.
Pointless for most Londoners, but most of us have “out of town” friends or relatives who might appreciate a cheap hotel for an autumn visit to the big city.
Set your diary for July 2nd at noon.


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Internet of Things (IoT) is quickly becoming a phenomenon that is taking over our everyday lives. Mundane objects such as vehicles, household appliances, office appliances and even buildings are now becoming digitally connected, enabling intercommunication and autonomous machine-to-machine data transfer. The growth of IoT is moving at a dangerously fast pace, and it has recently been suggested that the number of active wirelessly connected devices will exceed 40 billion by 2020. Rapid adoption of IoT means that these devices are attractive targets for criminals.
Recent vulnerabilities in IoT devices, continue to highlight the seriousness of enhancing and improving the security of these devices. Earlier this month it was reported that a number of baby monitors were being compromised, enabling hackers to change camera settings, monitor live feeds and provide access to other hackers to monitor live feeds. The security of internet-connected cars was also under scrutiny recently, when it was revealed that a number of malicious activities enabled hackers to take control of entertainment systems and even shut down cars in motion. Malicious actives such as these are now also posing great threats to health. Wearables such as the Apple Watch, and Android Wear are being compromised to enable hackers to use the motion sensors within these devices to steal information and even health data. Some hacks involve medical devices which could have consequences on patients’ health.
It is not the first time that these sorts of issues have arisen. When the US introduced RFID tags to passports, personal data could be accessed from 30ft away, using a device that was easily available on sites such as EBay for as little as £180.
IoT security is now an issue of high importance and concern. Figures from a study undertaken by Strategy Analytics that looked into IoT system security, revealed that 70% of IT departments spend less than 20% of their time securing corporate network and data assets; while 56% agreed that their firms had or may have experienced a successful security breach.
Laura DiDio, SA director of IoT Systems Research and consulting and author of the report stated that “the survey results are a huge wake-up call.” DiDio furthered this, “IoT environments exponentially increase the size of the attack vector since companies have so many more devices, end points and applications to secure.”
What is being done?
Manufacturers and security firms are now trying to secure the world of IoT before it spirals out of control. Leading tech firms such Vodafone and BT have set up the Internet of Things Security Foundation, a not-for-profit organisation, designed to vet internet connected devices to identify vulnerability and offer assistance in security. Ben Azvine, global head of security research and innovation of BT said that the foundation will help IoT tech go mainstream without compromising privacy. Other founding members of the organisation include Imagination Technologies, Royal Holloways University of London, Copper Horse Solutions, Secure Thingz, NMI and PenTest Partners.
John Moor, director of the IoTSF, said the foundation was set up to meet an urgent need. “With so many concerns and a new complexity of security in IoT, it is important that we now start the necessary work in earnest to address known, yet not always addressed, and emerging vulnerabilities,” he said. “The scale and scope of the issues are formidable and as such they require a formidable response. This can only be achieved effectively by working together”.
Additional efforts are being made in order to tackle the issues in IoT security. Platforms such as Google’s Brillo, the Qualcomm’s AllJoyn platform and Apple’s HomeKit have been designed to enable large networks of IoT devices to identify and authenticate each other in order to provide higher security and prevent data breaches.
What’s next for IoT Security?
More still needs to be done to ensure a safe user experience to all who integrate these internet-connected devices into their day-to-day lives.
Gateways that connect IoT devices to company and manufacturer networks need to be secured in addition to just the devices themselves. Repositories where IoT data is stored are also attractive targets to hackers who use big data to make money- the security of these data archives also needs to be considered. Security updates both manual and automatic are still risky, safeguards need to be implemented in order to prevent updating interfaces from becoming security holes themselves.
It is inevitable that IoT is soon to play a far more pivotal role in our day to day lives, and will revolutionise the world of technology. But this major issue needs to be addressed and efforts need to be made by all in technology to ensure a safe user experience by all.
Let us know your thoughts on the topic. Will IoT revolutionise the world in the way in which it is meant to, or will it leave users open to serious risk and compromise of privacy? Tweet us @ITRecruitment or join in the conversation on our Facebook.
If you need help in hiring the next best IT professional to join your team, then call us today on 0207 788 660 and one of our friendly expert consultants will help you with all your recruitment requirements.


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By DAN WHEAT
The United States continued to push for fresh potato access into China during annual bilateral talks in Hawaii last week, but there's no indication of any breakthrough.
"We've been in a 10-year negotiation and it could go on for another 10 years. But the important aspect is that's it's still being brought to the table and discussed. That's positive in itself," said Matt Harris, director of trade of the Washington State Potato Commission in Moses Lake, Wash.
It's a long process involving China evaluating pest concerns about fresh U.S. potatoes and the U.S. responding to those concerns, Harris said.
The United States has shipped value-added frozen potato goods including french fries and hash browns into China for a number of years, but has yet to gain access for fresh potatoes.
China produces a white potato but lacks diversity in fresh potato varieties, he said. With China's growing middle and upper class makes its high-end restaurants potential markets for quality U.S. russets, reds, purples and fingerlings.
"There is demand there," he said. "We can fit into that consumer palate that's growing."
There's also opportunity for U.S. fresh potatoes to feed China's potato chip production, he said.
Harris foresees volume starting small, perhaps at 2,200 metric tons, but growing as relationships and markets are built.
Idaho, Washington and Oregon produce about half of the potatoes grown in the U.S. and much of the frozen potato exports already come from those three states, Harris said.
China imported about 50,000 metric tons of frozen potato products in the first three quarters of 2010 with a little more than 40,000 metric tons of that coming from the U.S., Harris said. The rest came from Canada, Europe, Australia and New Zealand, he said. China produces an unknown quantity of its own frozen potato products, he said.


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Like many CFOs in economically vibrant Asia, S. Venkateswaran has been seeing new names being added to his company’s client roster now that the global financial crisis appears to have waned. “But we’ve only been consciously looking for A, B and C customers,” says the Group Finance Director of Mulitex, one of Hong Kong’s oldest garments makers.
What to Do When Your Customers Do Not Pay
The company used the crisis as an opportunity to look hard into the quality of its customer list and effectively purge the rolls of D and E clients – customers that had excessive delays in, or defaulted on, payments – while lowering the credit limits extended to B and C customers (small and mid-sized companies with fair-to-good payment records) and refocusing on A clients (trusted and large buyers).
Now that the global economy appears to be back on track, Mulitex is aggressively expanding and acquiring new accounts, particularly in the growth areas of South America and Asia. “But you don’t really know whether [the new clients] really belong to the ABC categories,” Venkateswaran observes. “You don’t know whether they really are Ds and Es trying to act like ABC companies.”
That’s one of the dilemmas that finance in Asia faces these days. Sales and marketing are finding (or are approached by) many new customers, particularly from emerging markets like the BRICS countries – that’s Brazil, Russia, India, China and South Africa. But there is not much that people here know about them.
“It’s very difficult to assess somebody absolutely well, so to some extent you have to go with your gut feel,” says Venkateswaran. “Many customers are not as transparent as we would like them to be, even listed companies.”
You don’t want to turn away business, especially in fast-growing emerging economies that are encouraging domestic consumption. On the other hand, you want to get paid too, and equally important, to make sure that the nascent relationship can become a durable and lucrative one.
This dynamic is evident in the new CFO Innovation insight survey, Receivables After the Crisis: Asia’s CFOs & Elevated Risk. Sponsored by credit insurance provider Atradius, the research surveyed 184 CFOs, finance directors, controllers and other places in Asia in March this year.
A key finding is that a large majority of companies are experiencing delayed payments. The worst of the global financial crisis may have passed, but only 25% of the executives surveyed say that customers are generally paying according to terms. Three-quarters of respondents are seeing payments that are late by 15 days or longer.
This is not exactly a new phenomenon in Asia. Coface, another credit insurance provider, surveyed companies in China three years ago, some time before the financial crisis became full-blown. Nine out of ten of the executives experienced overdue payments on domestic sales.
“This does not appear to be a function of financial distress, but a practical way to manage finances in an environment where bank borrowings can be difficult,” the CFO Innovation report speculates. Adds Atradius: “Individual countries in Asia, like those across the rest of the world, will have their own business cultures and operate within differing interpretation of ‘acceptable delay’.”
But it is telling that 49% of respondents in the CFO Innovation study say they are seeing an increase in the number of customer requests to lengthen payment terms, compared with the volume of such requests 12 months ago.
This Asian trend mirrors the situation in China that Atradius detected last year. In the Atradius Payment Practices Barometer – Summer 2010, 81% of the surveyed companies in China said that their customers had asked for extended payment terms in the past six months.
“Even though the Chinese economy never slipped into a recession . . . Chinese companies still had to deal with the impact of the global recession on their customers,” that Atradius report concludes.
Are we worried yet?
In Asia, one positive trend is that payment defaults appear to be staying largely at the same level as before the crisis – 46% of respondents in the CFO Innovation survey say this was the case last year. Only 17% had experienced more customer defaults in 2010 compared with before the crisis. Thirty-six percent even say they saw a decline.
Even so, the executives surveyed say they are more concerned today about delayed payments or defaults than before the crisis. While a relatively high 39% say they are less worried, 51% do express intensified concern.
This is not surprising “given the continuing unemployment and budget problems in the U.S. and the economic crisis in Greece, Ireland and Portugal,” notes the CFO Innovation report. One can add to this mix the fears about what looks like a property bubble forming (or already having formed) in China.
The level of concern may have possibly even risen in the wake of the earthquake and tsunami that laid parts of Japan to waste, causing a nuclear disaster that’s still continuing and plunging the economy into recession. Fieldwork for the study was completed before the earthquake.
And if Mulitex’s experience is anything to go by, the return to growth and expansion by Asian companies may be adding to the unease. In starting a relationship with new customers in non-traditional markets, companies have to make a leap of faith about the creditworthiness of the new counterparties.
It’s a situation made more complicated by the possibility of a double dip recession, if the US fails to raise its debt ceiling, for example, or if Europe gets contaminated by the economic meltdown in its periphery.
Companies can turn away new business, of course. But this better-safe-than-sorry course can lose them market share and may prevent them from fully participating in the emerging markets’ story.
As the CFO Innovation report puts it: “As new businesses spring up in China, India and other ASEAN markets, the overcautious company that insists on dealing only with the tried-and-true may lose out.”
Managing elevated risk
So what are companies planning to do to mitigate payment risk? It seems the default response is still the better-safe-than-sorry route. Asked to identify the one key strategy they will adopt in the next 12 months, 40% of respondents say their company will require customers to make advance payment, while 15% will ask them to open a letter of credit.
Some 18% will buy credit insurance, which in theory will allow greater flexibility in taking on new and untested buyers because the company is protected if something goes wrong.
However, while agreeing that credit insurance can be useful, Mulitex CFO Venkateswaran is deterred by the cost of taking out protection. “There are very few companies that will give you selective trade credit insurance,” he complains. “They would want to underwrite the whole turnover.”
Atradius says it does cover selective trade credit insurance. “We offer a range of differing types of cover, including both single situation and whole turnover cover,” it says. “We specialise in flexible solutions to suit our clients’ requirements, wherever they may be trading in the world.”
What companies must understand, says Atradius, is that “the key role of trade credit insurance is to protect businesses not from what they do know, but what they don’t. For many businesses, this means protecting and advising them as they begin trading with new clients or in new markets. For others, particularly in the current global economic climate, this means giving them some extra security should a long-trusted buyer fall prey to poor economic circumstances.”
That’s fair enough. There is no free lunch, as they say. For Asia’s CFOs, the course to take will depend on the company’s appetite for risk set against its desire for future growth.
Is the appropriate strategy to stay largely with tried-and-true customers and possibly expand the business at the same pace as these clients are growing, or should they take a chance and also take on untested clients, but make sure their receivables management is robust enough for the task?
About the Author
Cesar Bacani is Editor-in-Chief of CFO Innovation. He devised the questionnaire, analysed the results and wrote the Receivables After the Crisis report.


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New dealer in South Africa – TCDA (Pty) Ltd.Quality products become closer to the customer.Write down where you can buy spare parts for heavy equipment and ripper shanks in particular: TCDA (Pty) LtdMr. Thinus BarnardTel. +email@example.com Retief, Mpumalanga, South Africa or in the dealer list
Our company has successfully passed the certification procedure for ISO 9001: 2015. Another argument in favor of our product quality indicator.
The RUSSIA-AFRICA summit was held in Russia (Sochi) on October 23-24, where economic issues were discussed. We join the aspiration of the highest officials of the States to partnership and we invite all potential clients from Africa to long-term mutually beneficial cooperation! We are pleased to offer high-quality KROT brand ripper shanks, blades, teeth, segments …


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Denarau Island Fiji (Sept. 12, 2016) — Wyndham Resort Denarau Island has been honoured with two awards at the Australian Timeshare and Holiday Ownership Council’s (ATHOC’s) annual conference, held in Queenstown, New Zealand this week.
The ATHOC awards honour outstanding achievements in the timeshare and vacation ownership industry across Australia and the South Pacific region.
Scott Walton, Resort Manager Wyndham Denarau Island was awarded Resort Manager of the the Year, while Assistant Resort Manager Salen Rattan was presented with the Award for Excellence in Customer Service.
Consistently high levels of customer service, mentoring of staff and service to the community were noted as stand-out qualities that contributed to the award wins.
The Fijian resort, which is part of the Wyndham Vacation Resorts Asia Pacific resort collection,
is conveniently located in the heart of Fiji’s tourist centre on Denarau Island, just 15 minutes by car to Nadi International Airport.
Wyndham Resort Denarau Island is one of Wyndham Vacation Resort Asia Pacific’s most popular resorts, being the holiday destination of choice for 53,000 plus vacation owner families, who belong to the Wordmark South Pacific Club by Wyndham. The resort also attracts timeshare owners from all over the world who stay there on timeshare vacation exchange holidays. It enjoys more than 90 percent occupancy rates all year round.
“Salen and I both feel very honoured to be recognised with these awards. We truly strive to provide our resort guests and timeshare club owners with exceptional and memorable experiences every time they come to Fiji, so it is wonderful to see that our commitment to excellence is being noticed,” said Mr Walton.
PRESS RELEASE SOURCE: Wyndham Resort Denarau Island


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Week 24 Friday Five! This week, how fast is the fastest EV? Which countries offer the best EV incentives? How is EV becoming more accessible? NIU takes you on a journey of EV news. Let’s get started!
- Google’s answer to reducing emissions
In 2011, Google announced its RechargeIt initiative back over a decade ago. Google has launched a car-sharing programme for employees, GFleet, and recently installed 71 Coulomb EV charging stations outside its global headquarters in California.
- EV secondhand industry
EVs originally found their success by being the colossal technological shift necessary in the automotive industry. The growth of secondhand and leasing services are increasingly becoming a cost-effective option for those who are easing into the EV transition.
- Best countries for EV incentives.
Research carried out by Fleetcarma summarizes EV subsidy schemes available worldwide. Now is the best time to get your own EV; EVs’ popularity will only increase, thus the need for governments to provide incentives will likely drop.
- Connectivity, Electrification, and Automation; new trends in urban transportation
It’s clear that EV is taking flight worldwide, but how does this revolution sit with aging populations, the handicapped, solving congestion and easing everyday travel? Check out this awesome article that sheds light on new urban mobility concepts!
- The fastest electric car!
As always, NIU provides a video for our fans within the Friday Five! This week, we showcase the FASTEST land speed EV which reached 341 m.p.h. taken from an average of 2 drives. The world record was smashed by the team comprised of Ohio State University students.


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Utility Trailer Manufacturing Co. announced that its independent dealership, Allstate Peterbilt Group, has launched a loan and test drive program for all new and existing customers. Headquartered in St. Louis Park, Minn., the Allstate Peterbilt Group is offering new and existing customers an opportunity to test drive a Utility 4000D-X Composite dry van. Based on availability, Allstate also will loan a trailer for temporary use while their existing trailer is in service.
“We wanted to give new customers an opportunity to experience a Utility 4000D-X Composite as well as extend our commitment to servicing our existing customers with a temporary loan,” says Ty Kline, corporate trailer sales manager.
Prior to the test drive and loan program, the two Utility 4000D-X Composite dry vans were used to haul more than 100,000 boxed toys for the Twin Cities’ Toys for Tots Program. “Allstate’s logistics support for the Toys for Tots campaign proved to be a huge success, and we are planning on supporting again this year,” says Kline.


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Samsung is working to launch its new smartphone, Samsung Galaxy X (Foldable) which could be launched on February 20 this year. The phone will feature a 7.2-inch Foldable display, a Qualcomm Snapdragon 855 SoC, 8GB of RAM, triple rear camera setup and much more. The key attraction feature of the handset is its bezel-less foldable display with a secondary display which works when the phone would be folded. The handset will provide some interesting and exciting features for the users which are listed below.
Recently, Samsung Vietnam has posted a one-minute advertisement which shows a bezel-less Samsung’s foldable phone with large screen size. It is a short teaser video wherein a woman opening a foldable device, which could be upcoming Samsung Galaxy X. In this video, we saw an infinity flex display with big screen size just like a tablet. The promotional video has been posted mistakenly by Samsung Vietnam.
Samsung is expected to introduce the new Galaxy Foldable X its upcoming unpacked event on February 20 with the Samsung’s Galaxy S10 and S10 Plus. However, the Galaxy Foldable X has not been announced yet by the officials but we can expect that soon the device will come in the market to attract the smartphone buyers.
There will be two display, a large foldable display when the handset is unfolded, and a secondary display which will be used when folded. As per the rumors and leaks, the handset will have a large 7.2-inch Super AMOLED display with a full-HD+ resolution protected by Corning Gorilla Glass 5. The secondary display will have a 5.8-inch Super AMOLED display with a resolution of 1440 x 2960 pixels and Corning Gorilla Glass 5 protection.
Under the hood, it will be powered by a Qualcomm Snapdragon 855 SoC for 5G network and better performance. It could have 6GB and 8GB of RAM options with 128GB/256GB/512GB internal storage. The internal memory can be expanded via microSD card. Connectivity features include 5G, 4G, Wi-Fi 802.11 a/b/g/n/ac, Bluetooth 5.0, GPS, NFC, USB 3.1 and much more.
To get more information about the upcoming Samsung Galaxy Foldable X, keep an eye on our website.


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NTL on target to exit Chapter 11
CABLE operator NTL today said its exit from Chapter 11 bankruptcy protection remained on track despite reports a deal will not be finalised in 2002. The company, based in Hook, Hampshire, is known to be on the brink of agreeing a life-saving restructuring of £6.9bn-worth of debt.
NTL's target of escaping Chapter 11 by late November has already been dashed and The Times newspaper said last-minute legal wrangling between the company and its creditors had put paid to any chance of a deal by the end of the year.
The cable operator has not set a new deadline but today stuck by earlier comments that it expected to emerge from Chapter 11 in the 'very near future'. It is thought that the outstanding issues are not substantive.
The US parent of NTL filed for Chapter 11 earlier in the year after debts spiralled on the back of a spending spree at the height of the tech boom. Under the restructuring proposals, NTL plans to become two businesses - NTL UK and NTL Euroco - with the debt mountain converted to equity.
Rival operator Telewest is also in the latter stages of the same process and it is thought the pair could pursue a tie-up once their futures are secured.
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Multi-touch all-in-one PCs are one of the hottest gadget types in the world right now. The best thing about Windows 7 is that it sports multi-touch functionality, which makes a whole bunch of different UIs possible. According to Akihabara news, Acer Japan has just released a new, multitouch member of the Gateway ZX series. This 20" all-in-one packs a lot of power, despite its slim frame.
Don't Miss: Incredible Pokemon Gifts
It's got an Intel Celeron T3000 processor, an Intel GL-40 Express Chipset, 4GB of DDR2 SDRAM, a 750 GB SATA HDD, and Windows 7 Home Premium. It'll be available in Japan starting November 27th, and will presumably hit the rest of the world shortly thereafter. MSRP is around 10,000 Yen, or $1125 USD.


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October 17, 2011
The regional capital markets raised $218.9 million through the initial public offering (IPO) during the third quarter of 2011.
Unfortunately, the iPhone 4S is still not officially available in the UAE and until then, loyal Apple fans are willing to pay much higher prices for grey market phones and be among the first to have the new mobile device.
In the retail sector, five current developments will deliver an additional 100,000 square metres of good quality retail space into the market over the next 18 months, adding to the 300,000 square metres that is currently available.
With the robust economic fundamentals, Qatar, however, is bullish it can convince more financial heavyweights to set up businesses in the country.
While the global economy already is in tatters, being kept in an oxygen tent as the capitalistic model is under threat all around, crude intensity is changing too and is changing fast and for good.
October 16, 2011
The uprisings that swept the Middle East this year have cost the most seriously affected countries more than $55bn, according to estimates this month by the political risk consultancy Geopolicity.
Islamic finance has been growing at 15-20 percent a year, according to industry estimates, although most activity has been from the traditional markets of the Middle East and Malaysia, following after a brief burst of global interest three years ago.
The ‘Arab Spring’ is something that has surprised everybody with the speed and magnitude that it happened… but they (individuals and businesses) need to make the most of this opportunity.
There are 361 power projects underway in the GCC at a total value of $277 billion, with 70 percent of them in Saudi Arabia and the UAE.
Al-Bashir said the best way to fight the rise in the prices of commodities is to boycott them, although he said that the "ideal" way of handling a problem such as this is to reduce consumption.
Responding to a recent report from the United Nations World Tourism Organisation (UNWTO) which said the Middle East’s slice of global tourism will swell significantly from six percent in 2010 to eight percent by 2030.
October 15, 2011
A statistical analysis of International Monetary Fund (IMF) data by political risk consultancy Geopolicity showed that countries that had seen the bloodiest confrontations - Libya and Syria - were bearing the economic brunt, followed by Egypt, Tunisia, Bahrain and Yemen.
October 13, 2011
Despite that importance of mobile apps, Middle East marketers and managers still undermine the strategic business and technical implications of developing mobile applications which will make them lag behind.
The ministry had taken a decision to decrease the number of live sheep exported to the Gulf - mostly to Saudi Arabia - to ensure the availability of sheep for slaughter for Eid Al Adha, which will take place in early November.
During the current global environment, policy makers seem to be ready with the policy tools in case of a double dip recession, though they are left with little fiscal and monetary space as compared to the beginning of the crisis.


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Buyout talks may be picking up between Sirius XM Radio (SIRI -1.60%) and Pandora (P), according to a New York Post report. Sources are saying that Sirius XM has restarted negotiations with Pandora's investment bankers, discussing the size of a potential offer. No actual offer has been made.
Sirius XM -- through majority stakeholder Liberty Media (LSXMA -2.61%) -- hasn't been shy about wanting the streaming platform. Price has always been the sticking point. The satellite radio giant reportedly offered $15 a share for Pandora last summer. It wasn't enough, but Sirius XM has only grown more cocky as Pandora's stock shrinks. Liberty Media chairman Greg Maffei said that Sirius XM was worth closer to $10 a share earlier this year, but he just may be negotiating in public.
Turning up the volume
Pandora stock hit a fresh 52-week low on Wednesday, something that won't give the out-of-favor music discovery site a lot of leverage in these negotiations. The stock closing below $9 for the first time in more than a year also has to have Sirius XM drooling.
The timing couldn't be better for an acquisition. Pandora announced last week that it lined up $150 million in financing from private equity firm KKR, but it promised to explore strategic alternatives in the 30 days leading up to the close of the KKR capital infusion. In short, if Sirius XM via Liberty Media or anyone else has an interest in snapping up Pandora the clock is ticking before a dilutive convertible debt offering makes it that much harder.
Pandora is headstrong, but even if it was open to a deal it wouldn't come cheap. Pandora's undeniably in a funk. Revenue growth slowed to the single digits in its latest quarter, the first time that we've seen that out of Pandora. User growth had been stagnant in recent periods, but now it's officially going the wrong way. Pandora's active listeners have fallen from 79.4 million to 76.7 million over the past year. It finally rolled out a premium on-demand service to combat Spotify's market-chomping popularity in March, but the sign-ups for the free trial haven't been encouraging.
These may seem to be dark days for Pandora, but never underestimate the power of a big brand that trails only Spotify in terms of total users. Sirius XM will have to pay a reasonable premium, in part because we don't know how long it will take for antitrust regulators to clear a potential pairing. It took Sirius and XM a year-and-a-half to complete their merger in 2008, and that created a monopoly. Pandora obviously is a fading star in this niche, but regulators may take their time to make sure that they're not giving Sirius XM too much power.
Sirius XM and Pandora belong together, so it may as well happen. There's too much to gain. Sirius XM's success in premium radio has not translated into success in streaming, and with Pandora it's the other way around. They would be stronger together. Time is on their side, but that clock is counting down to a dilutive financing that wouldn't be necessary given Sirius XM's free cash flow-generating prowess.


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Vodafone UK recently announced it selected Samsung as a supplier for its 5G infrastructure, as it looks to extend its coverage, BBC News and Yahoo report. The move is a “breakthrough” for Samsung, according to an industry analyst, since Ericsson and Nokia are expected to dominate the market as more countries ban Huawei products. Vodafone said it wants to broaden its range of suppliers.
The Samsung kit will initially be installed in 2,500 rural sites in the south-west of England and a majority of Wales. Samsung is one of a handful of companies that Vodafone contracted to build, “the first commercial deployment of Open Radio Access Network (Open RAN) in Europe.” The RAN covers the equipment that provides the final link between a user’s phone and the phone network. It includes equipment like mobile phone antennas on towers and buildings. Open RAN allows network parts that different supplies make to be designed to work in the same way so they can meet a common set of standards.
Since equipment from different suppliers is interoperable, the network can be constructed with components from various companies, eliminating the need for a single supplier. Using Open RAN will also let Vodafone release new features at the same time across multiple sites, add more capacity faster and resolve outages “instantly”, according to company Chief Technology Officer Johan Wibergh.
“This feels like a key moment in the UK’s 5G story,” BBC News Technology Correspondent Rory Cellan-Jones wrote.
Mobile operators have been hearing that they were going to have to choose either Nokia or Ericsson for their 5G kit ever since they started to phase out Huawei’s equipment. The limited choices could lead to higher prices and a slower rollout. Samsung’s presence changes things, however, especially if other deals follow. Vodafone selecting Samsung granted the UK government’s wish of more suppliers entering the market after it banned Huawei equipment. Nokia and Ericsson both have signed multiple 5G deals in the UK and currently have a stronghold on the market, which plans to fight hard to keep, BBC News reports.
“This partnership represents a major market breakthrough for Samsung,” analyst Richard Webb, of CCS Insight said.
Webb added Samsung faces an uphill climb to catch up with industry leaders Ericsson and Nokia, but the company should still be viewed as “a genuine contender.”
“This contract win adds to its credibility and could be a signal for other European operators to consider Samsung as an option,” Webb said. “Vendor diversity is one of the principal tenets of the concept.”
Joe Dyton can be reached at firstname.lastname@example.org.


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The Australian Publishers Association has announced the shortlist for the 2019 Australian Book Industry Awards. From the shortlist, the Category Winners and the overall Book of the Year winner will be announced at the Australian Book Industry Awards night on Thursday 2 May.
The 2019 ABIA judging panel said it was difficult to create a shortlist in all 12 book categories, and that strong collaborations between publishers and authors were evident to produce quality books that were in competitive markets. The 2019 shortlist includes some of the biggest names in the Australian book industry, which alone sees over 7000 new books every year. Those shortlisted include Eggshell Skull by Bri Lee, Johnathan Thurston: The Autobiography by Johnathan Thurston, The Tattooist of Auschwitz by Heather Morris, Any Ordinary Day by Leigh Sales and of course, Jessica Townsend’s Wundersmith: The Calling of Morrigan Crow from the Nevermoor series.
Prior to the anticipated awards evening, the Australian Publishers Association will announce three awards on Thursday 18 April. This include the Lloyd O’Neill Hall of Fame Award, which recognises outstanding service to the Australian Book Industry by an individual within its ranks; the Rising Star Award, which recognises emerging talent in the Australian publishing industry; and the Pixie O’Harris Award, which recognises consistent contribution to children’s literature.
This year’s ABIA Awards Night will be one to remember, with Australian music legend and best-selling author Paul Kelly set to perform. Presenting the awards on the evening will be some of Australia’s best authors, celebrities and political figures including Tom Keneally, Richard Flanagan and Leigh Sales.
Community members can find the 2019 shortlist here.
Readers also enjoyed this story about the Indie Book Awards.


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Branded foodservice chains are continuing to take huge bites out of their independent competitors as figures released today confirmed multi-site operators have increased their share of the market this year.
Data from The NPD Group shows that Brits are more likely to spend their money at branded outlets when choosing to eat away from home.
Eight years ago, the market share for brands versus independents in visit terms was 43% vs 57%. But for the 12 months to September 2016, the situation has nearly reversed with the brands taking 56% of the market compared with 44% for independents.
The shift in market share means branded businesses are enjoying 1.2 billion extra visits in Britain’s £50 billion foodservice industry than eight years before (5.03 billion visits YE Sept 2008; up by + 25% to 6.28 billion by YE Sept 2016).
On the same basis, independents saw visits drop from 6.73 billion in 2008 to 5.02 billion in YE Sept 2016 (down 1.7 billion).
The poor performance among independents is reflected in sales figures. Since 2008, brands have boosted annual sales from around £20.9 billion to well over £30 billion today, while independents have seen sales dive from £30 billion to £23.2 billion.
Brands enjoy strong pricing power, having achieved an increase of 16% in the average bill per person over the past eight years versus 4% for independents.
The NPD Group says one factor for the brands’ dominance is the success they are having with young customers. In the pub sector, brands capture 20% of visits among the 25-to-34 age group, way ahead of the 11% figure for independents.
In the full-service sector, brands win 25% of visits in the same age group, ten percentage points more than independents. And in the lower 18-to-24 age group, brands attract twice as many visits as independents (12% vs 6%).
Brands also win in two other ways – breakfast and meal deals. Brands can attribute 14% of their visits to breakfast trade, a much higher proportion than the 8% seen for independents. Brands drive over 36% of their visits through meal deals or promotions, while independents only succeed in driving around 13% of their traffic through this tactic.
The research also shows that brands get more of their business than independents from London (21% vs 13%), winning hands down in market share inside the capital (68% vs 32%). Drill down into London’s QSR and pub markets and the data shows that brands are even better against independents (80% vs 20%).
Cyril Lavenant, NPD’s director of foodservice UK, said: “For the branded sector to have reversed its market share with independents over just eight years underlines how quickly Britain’s foodservice market is changing. Independents are struggling to be relevant and appealing to consumers on the British high street and clearly do not ‘speak’ well to young adults. Foodservice chains do a better job in this respect, especially with meal deals and promotions. Consumers are hungry for good value and they know where to go for it on the high street.”
He added: “Another factor is the ability of bigger brands to invest in their products and to expand into new locations. When the public choose where to eat out – whether it’s simple food-on-the-go, a sit-down snack or sandwich, or a more formal meal – people are clearly voting for brands.”
The shift from independents to brands is particularly dramatic in the pub sector. Britain’s branded pubs have increased visits by a massive 65% over the past eight years. Independents have seen business tumble by 48%. It’s a similar story in the full-service sector (excluding cafes & bistros) where brands have grown visits by +39% over the past eight years, while independents have slipped -28%. For the QSR sector, the changes are +22% (brands) and -14% (independents).
Lavenant added: “Thousands of independent pubs have closed down because they have not followed the market trends for a broad range of good quality food served in a child-friendly environment. Yes, we all know an excellent independent pub or restaurant that does a great job with food but they only make up a small part of the overall independent sector.”
The NPD Group says independents are likely to find it more difficult to compete against the big brands over the next 10 years. However, one bright spot is the extraordinary success of street food, although this is still a small part of Britain’s wider foodservice market. “But do remember that many of the big foodservice outlets we know today started as small independents. So there is clearly room for new players but they must offer something exciting and different or they will not succeed,” concluded Lavenant.


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WINNIPEG, MAN. – Hot on the heels of its acquisition of Steinbach Dodge Chrysler on Dec. 1, the Birchwood Auto Group has struck another deal to increase its footprint beyond Winnipeg.
Birchwood Auto Group president Steve Chipman confirmed Winnipeg’s largest auto group signed a deal with Garnet Goud, the president of Saskatchewan-based Sundance Holdings, to acquire a majority ownership in three of Goud’s six new car dealerships.
The stores changing ownership are Virden Ford and Roblin Ford in Manitoba and Carlyle Motor Products (Goud’s flagship store) in Carlyle, Sask.
This latest acquisition brings the total number of brands under the Birchwood banner to 19 (at 17 locations mainly located in Manitoba) as Chipman continues to grow the business outside of Winnipeg.
Within in the past couple of years, the Birchwood Group has also acquired a Nissan store in Brandon and a General Motors store in Cavalier, North Dakota.
According to local media, Garnet Goud got his start in automotive retail as a sales rep for McMillan Motors in Kipling, Sask. At age 23, he was offered the opportunity to become a partner in South Park Ford Mercury in Carlyle.
His partner reportedly bought him out three years later, at which time McMillan partnered with Goud and purchased Moose Mountain Pontiac Buick in Carlyle. The pair renamed the dealership Carlyle Motor Products.
Goud went on to acquire Merit Motors in Carlyle as well as Ford stores in Esterhazy, Virden and Roblin and a Dodge Chrysler store in Indian Head, Sask.
Steve Chipman notes that he and his management team are not planning any changes at their new stores. Darin Banga and Keith Fast will remain in charge of the Virden and Roblin stores respectively with Ryan Vogel continuing to lead the sales team at Carlyle Motor Products.
Virden is a community of about 3,300 located approximately 380 kilometres southwest of Winnipeg in the southwest corner of Manitoba near the Saskatchewan border in oil country.
Roblin is a town of about the same size also located near the Saskatchewan border (about 400 km northwest of Winnipeg). Carlyle is in the southeastern end of the province and boasts a population of about 1,500.
Virden Ford (which Goud acquired from the Nield Family in 2007) has a staff of roughly 25, Merit Ford a complement of 20 and Roblin Ford about 15.
The three dealerships have been mainstays of their communities for decades.
The trio, Chipman notes, are also strong community-minded businesses.
“We like the opportunities that we see in rural Manitoba and elsewhere on the Prairies,” Chipman says. “We are planning to continue to invest in communities in the Prairies Provinces.”
– With files from The Carlyle Observer


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Will a Kroger-Albertson’s merger put more money in the pockets of retailers, making it even harder for small and mid-sized farms to access markets?
Will a Kroger-Albertson’s merger put more money in the pockets of retailers, making it even harder for small and mid-sized farms to access markets?
January 17, 2023
November is planting season in Georgia’s Vidalia onion fields. And when Shad Dasher misses a call because he’s overseeing workers who hand-plant 84,000 individual onions per acre, his voicemail message offers an explanation: “You have reached the onion man,” it says.
Dasher is a third-generation Vidalia grower in Glennville, a small town in one of the 20 counties where the special sweet onions are produced. But unlike his father and grandfather before him, he’s urging his five children to consider other professions. That’s because with 40 acres he can’t make a profit selling his onions to supermarkets anymore.
“It used to be that a small to medium-sized farmer could carry his produce to a mom-and-pop grocery store chain and bicker with the produce manager, and you’d have your fresh produce sold within 20 miles of the farm,” he said. Now, “the circle is getting smaller and smaller to sell to.”
The Vidalia onion industry offers just one example of the way that agriculture across the country has been reshaped by the demands of a few increasingly powerful retail buyers. While exact statistics are hard to pin down, Cliff Riner, chairman of the Vidalia Onion Committee, said that in the mid-2000s, there were about 200 Vidalia farmers. Now, about half of them are gone, he estimates, but the 100 that are left are farming the same number of total acres in addition to bringing in onions from South America. It’s a familiar story seen all over the country: there are fewer, larger farms, and the smaller ones are being squeezed out.
According to a new report from the U.S. Department of Agriculture’s (USDA) Economic Research Service (ERS), over the last three decades, consolidation in food retail has increased significantly at the national, state, metro-area, and county levels. And in the past 10 years, the market share of the four largest supermarket chains has increased significantly.
Depending on the specific measure used, the four biggest chains—Walmart, Kroger, Costco, and Albertsons—now control between 43 and 69 percent of sales. Walmart in particular, captures one out of every three grocery dollars spent in the U.S. by some measures. Rapid-fire mergers and acquisitions have contributed to that consolidation, with more than 300 mergers happening in 2019 alone. Now, the big four chains are poised to become the big three.
In what would be one of the biggest deals in grocery history, Kroger is planning to buy Albertsons for $24.6 billion. While a wide range of advocacy groups have been pushing back on the merger based on claims it will hurt workers and consumers, less attention has been paid to the impact on farmers, who, along with advocacy groups are speaking out about how the deal could worsen what has already become an impossible retail market for many small- and mid-size producers.
On December 1, a group of organizations including the National Farmers’ Union, the National Family Farm Coalition, and Farm Action sent a letter urging the Federal Trade Commission (FTC) to block the merger. Soon after, the FTC—which has taken on an increased focus on anti-trust and competition law since Chair Lina Khan took the helm last year—requested more information to complete its regulatory review. Then, on January 10, a coalition of influential trade groups that represent West Coast produce growers sent a letter to the FTC, adding their voices to the opposition based on what they said would be devastating impacts on fruit and vegetable farmers.
Several advocates, including Aaron Johnson, the challenging corporate power program manager at Rural Advancement Foundation International-USA (RAFI), are betting the FTC will block the merger. But if the agency does allow it to move forward, Johnson said that in places where Kroger and Albertsons have a lot of overlap, such as New England, there would likely be acute, immediate impacts on the surrounding farmers and rural communities. More broadly, he’s concerned about the bigger picture and what ongoing consolidation will mean for farmers like Dasher across the country.
During a November Senate hearing, Kroger CEO Rodney McMullen testified that the merger would “enhance competition” by allowing the company to better compete with bigger players like Walmart, although other expert witnesses disputed that claim. And while his 15-page opening statement made various arguments about how the merger would lower prices and benefit employees, it included just three paragraphs that addressed impacts on “America’s food producers.”
“With a broader network and even more customers to serve, we believe the merger will benefit our suppliers,” McMullen said, “as it will allow for a more efficient distribution chain, provide opportunities to grow sales together, and reduce waste.”
Advocates like Johnson don’t see it that way. “Such a high percentage of the overall grocery retail landscape being concentrated into this highly centralized corporate model is already a trend that is going in the wrong direction, and in the Kroger and Albertsons case, it’s [trending] in a pretty extreme way,” he said.
Onion demand has increased over the past decade. In 2021, onions were the third most popular vegetable in the country, and Riner said demand for Vidalias has gone up, too. “As retailers had shelf space dedicated to sweet onions, they kept asking, ‘Can we get more of these?’” he said.
But Dasher stopped selling to grocery stores about six years ago. Even after he invested in organic certification to fetch a premium, he said he was either breaking even or losing money at the prices supermarkets were offering. And it’s not just onions.
“It’s hard to [find] grocery stores that have patience. They don’t want to give you the shelf space if you’re not moving the volume that . . . some of the other people are moving.”
Ricky Dollison is a fourth-generation farmer in Poulan, Georgia. He used to grow collard greens that went to Glory Foods and squash that went to Publix, through a distributor. But he got out of vegetables and barely works with grocery stores anymore because the numbers didn’t work, especially given the costs of labor, packing materials, refrigeration, and food safety requirements. “You cannot make it work with 200 or 300 acres with the cost of inputs and retail prices,” he said.
Now, a road that cuts through Dollison Farms separates fields where he grows peanuts, corn, and cotton from his main business: livestock. Dollison raises pigs and cattle, gets the animals processed locally, and markets the meat under his own brand, Warrior Creek Premium Meats. But even with products that involve lower upfront costs, he’s moved away from grocery sales. “It’s hard to [find] grocery stores that have patience,” he said. “They don’t want to give you the shelf space if you’re not moving the volume that . . . some of the other people are moving.”
Volume has long been an issue for small and mid-sized farms selling into retail markets. About a decade ago, regional food advocates pushed food hubs, which aggregate food from small growers regionally, as a way to address that challenge. And while some groups found it hard to make food hubs profitable and went under not long after starting, others, like GrowFood Carolina grew by leaps and bounds.
Started in Charleston, South Carolina in 2011, GrowFood initially worked with five farms on less than 100 acres. Now, they aggregate food from 120 producers that farm about 7,000 acres. In December, they held a ribbon cutting for a new 12,000-square-foot warehouse that could fit their entire old facility into its cooler space.
But general manager Anthony Mirisciotta said that the hub’s growth has been fueled by the support of Charleston’s thriving restaurant scene and institutional buyers supplying places like schools and hospitals, which have kept them solvent despite declining supermarket sales.
While grocery stores accounted for a larger share of GrowFood’s revenue in the early days, Mirisciotta said they’ve seen a marked decrease in retail sales in the past several years. And while he can’t tie the decline specifically to an exact moment in time, the sales that have dropped the most are those to Whole Foods, which was acquired by Amazon in 2017. “There’s a lot more resistance that we’re being met with when it comes to establishing programs,” he said. “There’s less interest and a lot more reference to price point. For us, it has meant less and less items showing up on the shelves of the stores.”
Since the acquisition, Whole Foods claims it has “added 3,000 local brands” to its shelves, but it has also committed to slashing prices in stores. And other reports point to a centralization of purchasing, with local purchasing now positioned more as marketing than part of the key business. (Whole Foods did not respond a request for comment by press time.)
Interestingly, Mirisciotta said the grocery store that has maintained the most regular purchasing from GrowFood is Harris Teeter, which is also owned by Kroger. But according to the letter sent to the FTC by Western Growers, California Fresh Fruit Association, and Colorado Fruit & Vegetable Growers Association, Kroger has already been using its market power to squeeze farmers in other ways. The groups say it uses an “egregious take-it-or-leave-it contract pricing structure” that forces farmers and distributors to accept low prices and in the past, the company attempted to implement unfair payment terms. (Kroger did not respond to a request for comment.)
If the Kroger merger goes through, the groups predict their members will farm fewer acres, move production to other countries, or leave farming completely. “The buying power of the newly combined Kroger entity cannot be understated. Growers and shippers are ultimately price takers and are constantly struggling to achieve better than breakeven pricing from retailers,” they wrote. “An entity as large as Kroger-Albertsons combined will allow it to dictate pricing and leverage its buying power with even more aggressive contract pricing than is currently seen.”
While individual situations on the ground vary, in addition to demanding volume at the lowest prices, the biggest grocery chains also generally push farms to provide year-round supply. That’s a problem for Vidalia growers, since the onions are planted in November and December and are only available from April to August.
Today, nearly all the surviving onion farms in Georgia either import sweet onions from Peru in the off season or grow them there themselves.
But over the past few decades, as grocery stores saw demand for sweet onions existed all year, buyers realized they could simply import cheaper ones from the Southern hemisphere. At that point, Shad Dasher said big grocery chain buyers told growers directly that they could either start importing sweet onions from South America in the off season themselves, or the store would bypass them and buy from elsewhere. “They just have too much power,” he said.
Today, nearly all the surviving farms either import sweet onions from Peru in the off season or grow them there themselves. G&R farms, in nearby Glennville, Georgia, does the latter. G&R is owned by Dasher’s cousin, who took the alternate route: Dasher’s cousin got big, while Dasher got out.
G&R now farms Vidalia onions and other crops on 5,000 acres in the U.S. In addition, the operation plants sweet onions in its own fields in Peru. After harvest, workers ship the Peruvian onions to Georgia, and G&R sells them to grocers when Vidalias aren’t available, maintaining an uninterrupted supply. Kroger is one of its best customers. And while Cliff Riner, the research and development manager for G&S, said it was true that bigger supermarket chains drove the industry toward a system of larger, international farms that could produce higher volumes year-round, he sees that development as positive in some ways.
“We have so much consumer demand, and we’re just providing [sweet onions] six more months of the year,” he said, which allows them to keep the retail shelf space and means the overall operation runs more consistently. “Locally, it keeps all of our employees, who used to be seasonal, at the [packing] shed and on the farm full-time. The families have a standard check, and they come to work at the same place every day.”
Still, the recent ERS report’s findings suggest those farmworkers and rural residents will be hit the hardest if grocery consolidation continues, reducing competition and raising prices along the way: The agency’s data showed food retail concentration is significantly higher in smaller, rural communities compared to larger metropolitan areas.
The fact that G&R was able to grow into a massive farm corporation growing onions on thousands of acres for Kroger and other supermarkets while Dasher threw in the towel altogether points to a food system reality Susan Pavlin calls “two parallel systems.”
Pavlin is a food system expert who has worked with various food hubs and cooperatives. She explained that most food-system reform has been focused on building regional markets that support smaller farms, but those markets are still comparably tiny, especially since consolidation has simultaneously continued and accelerated in the larger, dominant system.
“The cost of things will never come down in the regional, small farm system if there’s not some scale, and to have scale you have to have a certain number of buyers,” she said. “If there are a few big grocers that have 100 percent carte blanche, then there’s never going to be pressure to merge the models.”
It’s why advocates like Johnson at RAFI support the Biden administration’s recent initiatives to invest in regional food systems but say those actions must be paired with more aggressive antitrust regulation, including blocking mergers like the Kroger-Albertson’s deal and more continuous attention to policing corporate concentration in the food system.
The administration’s recent effort to bolster local meat processors is a prime example. “If you invest in a bunch of small meat processing plants and then do nothing to change antitrust enforcement, those plants are going to struggle to compete against all of the corporate tactics that are available to large meatpackers and then be vulnerable to be acquired 10 years down the road or go out of business,” said Johnson.
That’s not to say the farmers won’t keep trying. “I love doing this, and once it’s in your blood, it’s hard to give it up, and you’re always trying to figure out different avenues,” said Dasher, who now sells his bags of onions to local nonprofits like 4-H. Dollison, on the other hand, is focusing on selling his meat directly to customers online. Instead of a grocery store selling it for $5.99 a pound and giving him a tiny cut, he can charge $9.99 a pound online and capture much more of each dollar spent.
With the state of retail markets as it is, if you’re a small or mid-sized farm and “you don’t look at trying to add value and do a portion of sales directly to consumers,” he said, “you’re going to die a slow death.”
April 10, 2024
The Tennessee Department of Agriculture missed a USDA grant deadline to allow food banks to buy from local farmers. Now, the state is looking for ways to make up the funds.
April 9, 2024


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Analysts: BlackBerry Supply Is De-Stocking Related and 3 More Research Notes to Look Through
BlackBerry (NASDAQ:BBRY): After conducting checks, Pacific Crest believes that a lack of Q10 supply at some U.K. stores is due more to de-stocking than stronger demand. The firm believes that the Street is too optimistic about Q10 sales data, and it keeps an Underperform rating on the stock.
Vivus (NASDAQ:VVUS): Brean Capital is not optimistic that Vivus’s Qsymia drug will be successful, citing the need for a new partner that will expand its PCP reach, cut costs, and create a pathway for approval in Europe. The firm believes this is not likely, and shares are Sell rated with a $6 price target.
Priceline.com (NASDAQ:PCLN): Morgan Stanley believes Priceline.com’s international bookings remain strong, and that it can beat the high end of its international bookings guidance of up to 40 percent year-over-year. The firm’s second-quarter operating income estimate is $9.45.
MGM Resorts (NYSE:MGM): Susquehanna believes that an appreciation of MGM’s Coatai project will lead to multiple expansions and drive shares higher. The firm also sees a strong 2014 convention calendar and rates the Shares at Positive with a price target raised to $20 from $18.


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Starbucks Corporation (NASDAQ: SBUX) reported financial results for its 13-week fiscal second quarter ended March 29, 2020. The retailer of specialty coffee worldwide reported global comparable store sales declined 10%, driven by a 13% decrease in comparable transactions, partially offset by a 4% increase in average ticket. Americas and U.S. comparable store sales declined 3%, driven by a 7% decrease in comparable transactions, partially offset by a 5% increase in average ticket
International comparable store sales were down 31%, driven by a 32% decline in comparable transactions, slightly offset by a 1% increase in average ticket; China comparable store sales were down 50%, with comparable transactions down 53%.
"People around the world are united around a common cause as we navigate the COVID-19 situation globally. We are very grateful for the heroic efforts of medical personnel, first responders, government officials and volunteers who are working tirelessly in the service of others. I am exceptionally proud of the thousands of Starbucks partners around the world who are safely serving customers and playing a positive role in every community we serve," said Kevin Johnson, president and ceo.
"Since the beginning of this global crisis, Starbucks has made decisions that prioritize the well-being of our partners and customers, support health and government officials, and responsibly serve our communities. This principled approach is showing steady business improvement in China where today, substantially all existing Starbucks® stores have reopened with modified operations, new store locations are being added and customer engagement continues to grow with each passing week. We are leveraging our experience in China to inform our actions in other markets, including the U.S., where we are now entering the ‘monitor and adapt’ phase to reopen many more stores with best-in-class safety protocols. We continue to navigate this dynamic situation — which we believe is temporary — and are confident that Starbucks will emerge from this global crisis even stronger than before," concluded Johnson.
Net revenues for the Americas segment of $4.3 billion in Q2 FY20 were flat relative to Q2 FY19, as an increase from 552 net new store openings over the past 12 months, or 3% store growth, was offset by a 3% decrease in comparable store sales due to lost sales related to the COVID-19 outbreak.
SvetlanaivrMar 06, 2021 at 12 59 pm
Рекомендую Вам отличную пасеку, на которой покупаю большой ассортимент пчелопродукции как для себя таки для своих знакомых.
Пчеловоды делают всю пчелопродукцию на отлично, советы как принимать по важным вопросам дают. Очень много нужных статей на блоге, Вот несколько из них:
Одним словом они молодцы и я их советую.
Вот их интернет ресурс где я оформлял продукты для иммунитета - https://med-na-dom.com/


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Central bank digital currencies could slash costs for cross-border payments and speed transactions to seconds, BIS says
fiat currenciescould slash costs and time related to cross-border payments, the Bank for International Settlements said.
- The BIS outlined results of testing a prototype of a
digital currenciesplatform under the mCBDC Bridge project.
- The prototype showed payment transactions could be made in seconds instead of days.
AdvertisementThe use of digital currencies backed by central banks would significantly reduce time and costs associated with making cross-border payments, according to a report by the Bank for International Settlements.
The findings come from a pilot program that's testing digital fiat currencies. A prototype of a digital currencies platform showed transfer speeds of cross-border payments were cut down to seconds from days, demonstrating that transactions could quickly work around extensive networks and arrangements built by banks, the BIS said in its report published Tuesday.
There is currently a delay between three and five days between payment and settlement for a typical cross-border transaction processed through correspondent banking. The prototype showed the potential to slash transactions times to between two and 10 seconds.
Meanwhile, the prototype may reduce the costs of cross-border payments by up to 50%, said the BIS report, citing an estimate from accounting and business consultancy PwC which is working on the project. Costs associated with such transactions include those for treasury operations and foreign exchange.
The next phase of the pilot project, called mCBDC Bridge, will test business-use cases in international trade, among other things.
An earlier 2021 study by the BIS said 86% of central banks are studying the benefits or conducting work on digital fiat currencies. The Federal Reserve has been studying issuing a digital currency and is due to publish a paper on it soon.
On Tuesday, Chairman Jerome Powell told the Senate Banking Committee that the Fed should work on developing a digital dollar with congressional approval, according to The Block.
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shopping site is now mostly recession (TechWeb with
TechWeb editor: the markets do not run to crowded, just sit at home with a click of the mouse or a phone call, there will be the most fresh meat Vegetable & Fruit sent home, and the price in the market, even cheaper. Two or three years ago, quite stylish selling website temporarily, but reporters recently to visit Guangzhou, the former prosperous "good helper", "Yi 10000" the emergence of selling website has ceased to exist. The other was the industry benchmark known online vegetables daily more than 20 orders of the Dongchuan city business street, now shrinking to an average of January 8~10 orders, difficult to maintain.
The first half of the rest of the closed
keep going by painstaking effort
2009 opened Huayi million selling website, for half a year will not go, diverted to open the hotel ", as the first batch of Guangzhou vegetable network, Huayi 10000 Community Service Co. Ltd. founder Tan Wei on the online sale market is full of hope and expectation. Tan Wei told reporters, when he lived in Panyu Clifford, Panyu real estate residents are busy working, there is little time every day to visit the markets to buy food, and the area where the supermarket vegetable price is relatively high, thus smell opportunity, bold started selling vegetables net, main vegetable in 27 communities in Panyu the area of distribution services, including coverage of a number of real estate, "online vegetables did get many young white-collar workers and Indoorsman Indoorswoman favor opened in the beginning". However, in the entrepreneurial ambitions after half a year, Huayi million selling website has ceased to exist.
it is understood that the Guangzhou vegetables website has three forms: one is led by the government to run a group, is rooted in administrative division of private enterprises, there is a go high-end line organic meat suppliers to expand value-added services. As the name of "public" Dongchuan city street to spider web net selling food, still can not escape the embarrassment keep going by painstaking effort.
Zhang Liang, deputy director of Management Department of Guangzhou city Dongchuan street
Co. Ltd. founded in 2009 from the beginning has been responsible for the online selling business told reporters, 2009 net basket can order the goods more than 1000 kinds, basically some goods market, online shopping basket can see, and basket every month and every household will stand to engage in online promotional special offer. "Several favorable factors, then make the online selling vegetables is booming," Zhang Liang told reporters, 2009 online transactions a day selling vegetables can reach 500~600 yuan, a day at the peak of orders received more than and 20 orders, turnover of more than 1000 yuan, while the average number of months of this year and is not a number of orders in 2009 very few days, about 8~10. Zhang Liang said that the site is now a big problem whether the operation of online vegetables business funding sources, labor and equipment management is difficult to maintain.
staffing is not enough to keep up with the demand for


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11 February 2014 13:21 [Source: ICIS news]
LONDON (ICIS)--US-headquartered specialty chemicals producer Huntsman’s net income for the fourth quarter of 2013 swung to a $41m gain, compared to a $40m loss during the same quarter the previous year, the company said on Tuesday.
With revenues up across most divisions year on year and for the group as a whole, at $2.71bn compared to $2.62bn in the fourth quarter of 2012, the company attributed a strong quarter to restructuring efforts concentrating focus on key markets.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) more than doubled year on year to $225m, while adjusted EBITDA of $313m represented a record for fourth-quarter earnings, according to CEO Peter Huntsman.
“Aggressive self-help measures that have re-focused our efforts on key markets and lowered our costs are yielding benefits to the bottom line. These restructuring efforts are expected to contribute an additional approximate $60m of future EBITDA,” he said.
He added that approvals for the company’s $1.1bn acquisition of US producer Rockwood Holdings’ performance additives and titanium dioxide (TiO2) business is proceeding well, and the company remains on-track to close it in the first half of the year. The deal also includes the assumption of around $225m in pension liabilities.
“[We] remain confident in our ability to deliver synergies of $130m [from the deal]. Antitrust review in the US is complete and we are making positive strides as it relates to the European Union review,” Huntsman added.
Rockwood acquired full control of TiO2 joint venture Sachtleben – which was loss-making at the time of the deal – from Finnish partner Kemira in Febrary 2013 to give it more flexibility in divesting the business.
Polyurethanes division revenues increased year on year on the back of higher sales volumes and a favourable sales mix, which helped to offset lower average selling prices. Methyl di-p-phenylene isocyanate (MDI) urethanes sales were up 8% year on year, while propylene oxide (PO) and methyl tertiary butyl ether (MTBE) sales volumes decreased.
Performance products division revenues were also up year on year due to higher sales volumes for all products except European home care surfactants, although average selling prices fell in response to lower raw materials costs, which worked out to higher margins overall, the company said.
Advanced materials product revenues were down year on year during the quarter on the back of lower sales volumes more than offsetting higher prices. The volume drop was attributed primarily to the base resins business, which has been a focus of restructuring. The company closed two base resins production units during the quarter.
Textile effects and pigments division revenues both rose year on year despite lower average selling prices for pigments, Huntsman added.
Full-year 2013 EBITDA was down 25% compared to 2012 at $889m on the back of lower pigments and PO/MTBE earnings, while net income for the year was $128m compared to $363m in 2012.
Peter Huntsman added that restructuring, expansion and acquisitions are likely to increase group earnings in future.
“We are investing for long term growth and are progressing well with the previously disclosed projects that will further increase our future EBITDA by nearly $200m. We are enthused by the positive developments taking place within our business,” he said.
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Asian Chemical Connections


text:
Thai sales surge 13% in December, but fall 9% YTD
New vehicle sales in Thailand increased by over 13% to 101,429 units in December, from 89,504 units in the same month of last year, according to data released by the Federation of Thai Industries.
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Airbnb signed on to become an official supporter of the 2018 PyeongChang Winter Olympics on Wednesday.
The community-driven hospitality firm will work with the local community to offer accommodation to travelers visiting Gangwon Province during the games.
At a signing ceremony that took place Wednesday, Uhm Chan-wang, director of the PyeongChang Organizing Committee, expressed gratitude to Airbnb for participating as an official supporter.
Uhm Chan-wang, director of the PyeongChang Organizing Committee for the 2018 Olympic and Paralympic Winter Games, and Lee Sang-hyun, Airbnb’s head of public policy for Korea, take part in a signing ceremony. (Airbnb)
Earlier in 2017, Airbnb signed an agreement with Gangwon Province to provide lodging and promotional support for the PyeongChang Games. The number of Airbnb accommodations in Gangwon Province has increased by 30 percent since the beginning of 2017. Airbnb hosts have also welcomed more than 70,000 guests to Gangwon Province in the same period.
In August 2016, Airbnb had signed a memorandum of understanding with South Chungcheong Province to solve problems related to accommodation shortage ahead of Korea’s National Sports Festival.
Founded in 2008, Airbnb helped cities scale up accommodations for Pope Francis’ visit to Philadelphia in 2015, along with other similar efforts for the 2016 Summer Olympic Games in Rio de Janeiro and other events.
By Lim Jeong-yeo (firstname.lastname@example.org