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Facebook's Joyce: Branded content can boost clubs' sponsorship revenue
By Tariq Saleh
Branded content is a “valuable commodity” that could add a much-needed revenue stream in the sponsorship market for sports teams, with income from other areas set to dry up due to the impact of the coronavirus pandemic, Ronan Joyce, Facebook’s strategic partner manager EMEA, has told Sportcal.
Last year, Dugout, the club-owned media company, released its 2019 Branded Football Content Futures Report which found that sponsors are increasingly using branded soccer content as their primary activation tool within the sport and gradually moving away from traditional activations such as perimeter signage and shirt sponsorship.
The report stated that in 2018, £15.5 billion ($19 billion), or 31 per cent, of total annual global sport sponsorship spend went towards branded content, which is predicted to rise to 33.4 per cent by 2021, which could amount to an additional £1.5 billion to be spent on content annually. The report additionally revealed that by 2021, more than a third of marketing, media and sponsorship budgets will be dedicated to content.
With the global health emergency halting the majority of live sport around the world, teams have increasingly utilised branded content to both engage with fans and provide additional exposure for their sponsors, with clubs in England’s Premier League leading the way in this space.
According to social media giant Facebook, branded content posts by the 20 Premier League clubs on its platform increased by 41 per cent in the 30 days after the lockdown measures were enforced in the country in March compared to the 30 days prior.
On Instagram, the Facebook-owned photo and video sharing platform, the branded content posts over the same period by those clubs increased by 122 per cent.
Joyce expects this trend to continue and believes it will present clear opportunities for the clubs to monetise their content.
He told Sportcal: “It is something that has accelerated recently. I would say it is probably different for each club with their own specific model. Some will publish less branded content but the pieces they do will be super premium and they will position that to the sponsor as something that they do not give out as a scarcity value and then some publishers will have branded content series where they badge the sponsor within it on an ongoing regular basis and that works better for those brands.
“We have seen an increase in lots of different models and ways of doing it and it is only going to get more sophisticated as a number of the clubs realise that they do not necessarily just have to do branded content for their existing sponsors but their sales teams can actually go out and sell specific digital packages in a way that adds to the general revenue streams coming into the commercial side of the business. That is why I expect to see more of it going forward.”
Integrating more sponsors into their content is allowing soccer clubs to keep sponsors satisfied during a period with no live action and allows brands to extract additional value from deals in the absence of traditional matchday assets.
Clubs to have increased their branded content on both Facebook and Instagram during the coronavirus period include Manchester City and Manchester United in England, Spanish giants Barcelona and Real Madrid, and Italy’s AC Milan.
Joyce added: “They [clubs] are making use of it as a way to go back to their sponsors and show them that they are being supportive, especially those which might have long-term relationships with them. They are also tapping into a trend that more people are spending more time online at the moment, there is an appetite for content.
“When there is an opportunity, that is my job to tell them there is an audience there with people ready to consume content and here is how you should cater for it and they tap into that really effectively.”
Facebook’s partners span the entire global sports ecosystem and include federations, leagues, clubs, teams, athletes and broadcasters.
Joyce believes branded content has “gained increased importance” in terms of sponsorship activation with more brands making it a key part of agreements with teams and expects digital assets to be a “key component” moving forward.
He identified Liverpool as a club “leading the way” in terms of digital content and said the European champions are top for views “quite significantly ahead of the rest” in terms of metrics.
Outside of soccer, England’s Rugby Football Union has worked closely with Facebook, and Ewan Turney, the governing body’s head of marketing, recently told Sportcal the collaboration has helped the organisation boost its commercial value and speak to potential new sponsors with opportunities for branded content.
With matchday income and broadcast rights fees set to diminish across sports and significantly impact teams financially, sponsorship will be a key area where clubs will still be able to control their revenue stream and branded content across their digital platforms could play a significant role in maintaining relationships with existing sponsors and potentially attracting new ones.
Joyce, who manages Facebook’s partnerships across leagues and teams, insisted clubs will need to make use of their large followings to offer brands a wider reach that they would not otherwise have access to which could ultimately lead to financial benefits.
He explained: “If you are a football club, you can get a lot of distribution like reach, viewership and engagement because people care about you and because you create great content. What you cannot do as a brand is get a lot of watch time and have people stay with you throughout a 30-minute video.
“So I would lean into the things that clubs can give which brands cannot necessarily get and that is things like the number of people who have watched for a minute, the amount of watch time overall and actual real engagement. These are the type of things which a brand cannot buy so if clubs can present them in a succinct way that shows the value proposition, I think they are well positioned to make sure they keep tapping into whatever budgets that are available within the broader sponsorship world.
“The most important thing would be to work out your broader business proposition, you do not want to be giving this away for free, it is a valuable commodity. The best way to describe it would be to make sure that you realise what you have and you present that and package that effectively and once you have done that, start jumping in and measuring using the metrics that cannot be bought by an advertiser.
“If you can stand them up and make a commercial partner that you are working with understand how that can affect their business and their bottom line, then that is really important.”


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Previously, ‘Buy Now Pay Later’ and ‘Digital EMI’ credit products were popular and were offered offline on a large scale, predominantly at electronic stores. However, these days these credit products are witnessing traction in new segments such as fashion retail stores, auto-dealers, small-town traders, and restaurants as banks are becoming more comfortable in offering smaller ticket loans.
The demand for credit persists, fintech companies are introducing several instant loan products; firms are also broadening the scope of digital EMI products at various offline stores. Thanks to the pandemic! Several customers resumed to their hometowns; various banks have introduced debit card-based EMIs now, smaller cities have also been looking at exploring these credit offerings.
Many retail brands are not only joining banks, but they are also intending at offering customers credit for the purchases made. The retail brands have also shown interest in lessening the interest rates via zero-cost EMIs.
A new set of ‘need-based’ customers are increasing with each passing day due to the ongoing pandemic situation. The increase in Work From Home (WFH) has created more dependency on electronics. The need for smartphones, tablets, and white goods has drastically gone up and has led to an increase of 50% in average basket sizes. Customers are finding the instalment payment option to be more viable. Customers are preferring to buy more stuff via EMI and are not keen on spending money all at once.
Two-wheelers and cars have been the new breakout segments with almost 30 to 35 crore worth of monthly EMI purchases being made. Customers are slowly getting more comfortable at making payments via electronic mode at offline stores. Banks are also encouraging credit options aggressively via debit-card EMIs to existing customers as they have an ongoing relationship with these account holders and can get a glimpse on their cash-flows. Digital EMIs are slowly finding a new market amidst various new segments.
For any clarifications/feedback on the topic, please contact the writer at email@example.com
Bhavana is a Senior Content Writer handling the GST vertical. She is committed, professional, and has a flair for writing. When away from work, she enjoys watching movies and playing with her son. One thing she can’t resist is SHOPPING! Her favourite quote is: “Luck is what happens when preparation meets opportunity”.

domain: news


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Ripple announced its partnership with International Money Express (Intermex) on February 4, 2020. According to Ripple's announcement, Intermex processes more than 30 million transactions annually and is therefore among the largest cross-border payment providers in the US. .UU. to Mexico.
Through the partnership, Intermex would use RippleNet to drive nearly instantaneous and transparent international payments for its clients. In a recent earnings call, Tony Lauro, Chief Financial Officer at Intermex, noted that the company will begin testing Ripple's XRP for its remittance services later this year.
Intermex will begin testing the potential of XRP as a bridge currency in 2020
A number of high-profile companies like MoneyGram have embraced Ripple's Liquidity on Demand (ODL), which uses the XRP cryptocurrency as a bridge currency to enable low-cost, real-time international payments.
In fact, MoneyGram revealed late last year that it processes 10% of its transactions between the United States and Mexico through ODL. Furthermore, since it adopted Ripple's ODL in the second quarter of 2019, MoneyGram has witnessed significant growth in its revenue.
As mentioned above, Ripple's association with International Money Express (Intermex) meant that the latter used RippleNet for its remittance services. CFO Tony Lauro said the company is looking for other Ripple products such as the On-Demand Liquidity (ODL) service that they will begin testing later this year:
"The other would be liquidity on demand, I think it could be more than what you are talking about, where we can use XRP as a kind of pivot currency to exchange US dollars for pesos, 24/7. And it's early, but we'd hope to try it later this year"
“And to the extent that it is feasible, either from a rate perspective or a capital efficiency perspective, we will expand it. But it is too early to say how much we intend to do. "
Intermex will not use Ripple technology in its "main markets"
It should be noted that Intermex focuses mainly on Latin America and the Caribbean. And while the company intends to start testing Ripple's ODL, CEO Robert Lisy clarified that they do not intend to use any of Ripple's payment solutions in their core markets.
Lisy specifically postulated that "Ripple will not be an answer for places like Mexico" because they are "Very proud of the relationships we have there" . He further explained:
“We have very close relationships that are strategically setting plans and goals with those payers. And therefore it really won't see us taking advantage of Ripple in our core markets. ”
In other words, Intermex will not use Ripple's technology in its core markets, where it has already established strong relationships. Instead, it will take advantage of Ripple in the newer markets in the areas where they are looking "Auxiliary products".


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Global Orderbook Reaches 30-Year Low According to Danish Shipping
The global orderbook for new ships has fallen to a 30-year low, according to a new analysis from Danske Rederier (Danish Shipping). The membership organization, which represents the interest of the Danish maritime industry, reports that not since 1989 have fewer newly built merchant ships been ordered worldwide.
Attributing the sudden decline in newbuilding orders to market uncertainty and demand disruptions following the coronavirus outbreak, their analysis shows that the orderbook as a percentage of the existing global fleet measured in DWT has fallen to a ratio of seven percent, the lowest since 1989. The global number of newbuilding vessels on order measured in tonnage has fallen 41 percent since 2015. While there are variations by type of vessel, Danish Shipping says that the ratio for sectors including tankers, containerships, and bulk carriers, are all at multi-decade lows.
“The desire to order new container, tanker or dry cargo vessels has become significantly less this year than in previous years,” according to the Danish analysis. In 2020, new orders have been placed for merchant ships with a combined DWT of 26.5 million, which is approaching the level in 2016, which totaled 30 million DWT for the entire year. Globally, the analysis reports the total orderbook for merchant ships has a total size of 150.3 million DWT.
Looking at the longer-term history of shipbuilding, Danish Shipping reports a boom in shipbuilding in the early 2000s, but that the global orderbook peaked in 2009 with orders for new ships corresponding to 52 percent of the then global fleet. The trend has generally been declining since 2009, with a slight upturn in 2014.
Danish shipping companies are reported to be following the same trend having 45 percent fewer ships on order in October this year versus the same time last year. At present, the Danish shipping companies have 51 vessels on order with a total of just 1.5 million DWT.
The reluctance to order new ships, however, provides a better starting point for managing through the corona crisis says Danish Shipping. The empty order books are good news for shipping companies, as a smaller world fleet they believe will help to keep freight rates up.
“Even though we love new ships, it is good news that no more new ships have been ordered than the analysis shows,” says Jacob K. Clasen, Deputy CEO of Danske Rederier. “If too many new ships enter an already pressured market, it forces freight rates down, and we are obviously not interested in that.”
The Danish analysis of the newbuilding market follows similar reports which highlighted the strong decline in orders during 2020. For the first nine months of 2020, the volume of global shipbuilding orders declined by more than half versus 2019 coming in at 9.75 million compensated gross tons (CGT) according to data from the British research firm Clarkson. As a result of the decline in orders, the backlog has also been on a steady decline throughout 2020 falling to just over 68 million CGT.
The slowdown in orders is reflected in the reports coming from China, which has the world’s largest shipbuilding industry. The volume of new orders reported by the Chinese has declined 14 percent in 2020 totaling 16.75 million DWT. As a result, the toal Chinese orderbook is believed to have declined 12 percent in 2020.
While certain sectors of shipping have shown continued strength, the data points to an overall long-term downturn in the shipbuilding industry.


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Just a few moments ago at their annual E3 2012 press conference, Nintendo announced that they will be bringing a new game in the Paper Mario saga to the 3DS. It’s called Paper Mario: Sticker Star and it features much the same gameplay and style as older games in the series.
The big difference this time around (according to the reveal) is the new “sticker” system. Mario will now be able to find these “stickers” around the world, pasted to the environment, and they will unlock certain abilities and secret areas. For instance, one sticker may give Mario a “stomp” move in battle, while another may reveal a hidden location.
They didn’t reveal much information about the game beyond that (the 3DS wasn’t given very much time on stage) however, they did mention that the game will be releasing in 2012. However, they didn’t get more specific than “holiday 2012, though that presumably means November or December.
We’ll have more on Paper Mario: Sticker Star when we get our hands on it on the show floor.


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January 7, 2014
Gregory Krikorian's opinion piece in the Dec. 18 edition of the Burbank Leader fails to factually educate the reader. Krikorian is launching his own opinion about the much lauded 250 jobs. Had Krikorian done his research, he should have told the reader that these 250 Walmart jobs are mostly part-time, poor-paying jobs. Even if these were to be full-time jobs, the workers would not earn enough to have any significant economic effect on Burbank or its residents. As far as construction jobs related to a new Walmart, these would be temporary and would do little to improve our local economy for the long term.
September 18, 2012
On Wednesday, Sept. 5 a letter was published in the Burbank Leader stating that we should forget a Walmart and that Burbank should look into a Whole Foods Market instead. Well, oppositionists blocked a Whole Foods Market from opening in Burbank years ago. As I recall, they complained of the same kind of traffic issue then as has been used in the Walmart case today. During their effort to get the city to deny the Walmart permits, oppositionists submitted a petition signed by 2,000 persons.
January 14, 2014
Gregory S. Krikorian's op-ed in the Leader (“Walmart could create 250 new jobs,” Dec. 18 ) arrived on the heels of the City Council's decision to not appeal the Los Angeles Superior Court's final ruling on the case. The city's decision to not appeal is a sound one: The judge in that case found that by issuing permits to Walmart, the city proceeded in a manner not authorized by law and materially breached its mandatory duty and obligations, and that city staff deliberately suppressed the need for certain traffic mitigation measures.
September 7, 2013
Citing street improvements more than a dozen years overdue and a flawed environmental impact report, a judge said Wednesday that Burbank officials must rescind building permits issued to Walmart to open a store in the Empire Center. “The city has proceeded in a manner not authorized by law, failed to conduct any environmental assessment when the facts and circumstances clearly require at least an initial inquiry,” Los Angeles County Superior Court Judge Allan J. Goodman stated in his tentative ruling.
October 2, 2013
A tentative ruling that halted Walmart's plans - at least temporarily - for a store near the Empire Center was finalized Friday. Los Angeles County Superior Court Judge Allan J. Goodman's final judgment confirms that Burbank officials must rescind building permits issued to Walmart to open a store adjacent to the Empire Center, and set aside the California Environmental Quality Act exemption made for the project in 2012. The lawsuit was filed by three Burbank residents - Shanna Ingalsbee, Katherine Olson and Yvette Ziraldo - in an effort to block the opening of the store until street improvements outlined in an ordinance approved by the Burbank City Council a dozen years ago are completed and another environmental impact review is conducted.
January 3, 2014
Firstly, not one of us wants a vacant store. We want an environmentally responsible, financially sound, properly permitted business up and running. We'd prefer that company be one that doesn't just “fill the need” for low priced merchandise already available locally. We'd prefer the corporation value their workers so these employees can further help our economy by earning enough to spend at other businesses. We'd prefer that their wages weren't so low that tax dollars were needed for their assistance with programs like WICS.
December 24, 2013
Gregory Krikorian clearly knows how to utilize chamber of commerce corporate-speak in his defense of Walmart in the Leader (“ Walmart could create 250 new jobs ,” Op-Ed, Dec. 18), but he fails to inform the readers about the true nature of Walmart's history of exploiting workers and destroying small businesses across the United States with non-competitive and predatory business practices. Krikorian laments the vacant Great Indoors structure and claims that a new Walmart store will create about 250 jobs.
September 27, 2011
How come the citizens of Burbank could keep a Whole Foods market from coming to Main and Alameda due in part to traffic, but we can't keep Walmart out of the Empire Center area for the same reason “Walmart greenlights store,” Sept. 17)? The traffic there is bad 90% of the time now, and Victory Place is probably the roughest street in Burbank. How do you think it will be with a Walmart there? It will make it so difficult to get to some of our favorite stores, like Lowe's, Target, Michael's, Best Buy etc, and all of the good eating places.
September 13, 2011
In response to previous letters concerning Walmart perhaps opening a store at the Great Indoors property, it seems like all the people that oppose a Walmart store in Burbank are obviously not, or have ever been, Walmart shoppers. All of their negative claims against Walmart are hearsay. Walmart is really no different than Target or Kmart, so what makes them OK instead? Low wages? Chinese-made products? Nothing different than the other two stores. Walmart has all the same major brands from Revlon to Loreal, Kellogg's to Oroweat, Wrangler to Dickies, and at better prices.
February 4, 2012
In an ongoing effort for weeks, even months now, to stop a Walmart store from opening in Burbank, a select group of protesters has been waging an ongoing battle by demonstrating in front of City Hall and voicing their hatred with repetitious rhetoric in front of the Burbank City Council, week after week after week. One can't help but wonder, why do these people hate Walmart so much? What has Walmart ever done to them? Their rhetoric covers all the same bases: traffic, Chinese-made products, low wages and lack of benefits for workers.


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Award Magazine, September 2021, by Stacey McLachlan
Checking in on the lighting industry is always an illuminating activity. Even through times of turmoil, technological advancements and project development carry on. A portrait of the industry today is one of both darkness (like supply chain struggles) and light (like incredible LED advancements that make almost any application possible), but it’s clear that the future for the world of lighting is looking bright.
DELAY AND DISRUPTION
It hasn’t been an easy year and a half for those in the lighting business, let’s say that much. While 2020 threw the entire construction and home improvement industry into a supply chain spiral, businesses scrambled to pivot and survive. In 2021, as the world took a turn towards a more optimistic outlook, though, many in the business found themselves still waiting for normalcy to return.
In our post-pandemic world of design, control, for any space, is key. “The trend that we are seeing for both residential and commercial use is fixtures that are easily and heavily controllable,” says Ben Rajewski, electrical team lead for Williams Engineering. “Clients want the ability to be able to change how their space is lit without buying new fixtures.” Luckily, this is now more easily done than ever. Cost-effective fixtures come with the ability to change their colour temperature output as well as their lumen output, via fixture control or dimmer switches. “At the higher end, fixtures are now being controlled to match the natural arc of colour temperature that we see outdoors during the day,” he says.
Overall, a greater appreciation of the value of lighting is growing among consumers. “I think many clients and consumers on both the residential and commercial side have gained an understanding and realization that human-centric design and lighting is important,” says Rajewski. The design community has been heavily focused on energy savings and green design for many years – and for good reason – but now, through organizations like the International WELL Building Institute and Fitwel, patrons are realizing that a human-centric design is important, too. And designing spaces that are healthy and comfortable for the occupants means designing with the biological effect of light on
humans in mind.
“Many people have been working from home for over a year, and building owners and business owners want to bring their employees back to a healthy work environment and lighting can greatly contribute to this,” says Rajewski. Beyond basic illuminance, products like the Signify NatureConnect fixture are trying to make a room feel like it is fully lit from natural lighting sources.
Even in the office (once a cliché of poor lighting choices thanks to flickering, unflattering fluorescents adopted en masse in the last century), lighting has begun to take priority. More and more companies offer commercial and office-specific lighting solutions that accommodate functionality without sacrificing style.
Read the full article Award Magazine – Bright-Futures


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Singapore, 17 December 2013 – One of the world’s most expansive conglomerate of destination management companies, Euromic, has confirmed its participation at IT&CM China 2014.
Led by Executive Director, Christophe Verstraete, this non-profit association, through its one-member-per-country policy, offers global clients top quality professional service in the field of group travel, meetings, incentives and conventions across 37 unique destinations around the world. At the moment, only 3 of these destinations, namely, China, India and Thailand, are in Asia. The rest are spread across Europe, South America, Africa and the Middle East.
Said Verstraete, “We see the Chinese market as a strong growth area for our association, so with our presence at IT&CM China, we hope to increase our visibility and attain greater familiarity in this market.” Citing IT&CM China’s excellent reputation in the industry, the good mix of international and Chinese buyers, as well as the show’s proprietary business matching facilities (pre-scheduled appointments and online diary system), Verstraete believes that the show will prove beneficial to his various DMC members who are interested in China’s burgeoning outbound market.
The inbound and domestic opportunities that IT&CM China delivers are also reasons why his local destination member – Destination China – is excited to join Euromic at this event. “We have seen significant return of business to China. 2013 has been the best year since 2007 (excluding 2008’s exceptional performance for the Olympic year) and 2014 is shaping up to be a very good year as well,” remarked Gunther Homerlein, General Manager of Destination China, adding that interest in China have opened beyond the Banking and Insurance industries that used to be the dominant clientele he serves.
Beijing with its main attractions like The Great Wall and Forbidden City, coupled with its advanced MICE infrastructure continues to be the biggest draw for his clients, with Shanghai being a close second. Other destinations with ready interest include Xian and Chengdu. Homerlein will be taking advantage of the IT&CM China platform to showcase other destinations to buyers, “We are looking to organise a private post-show fam tour to both Hangzhou and Shanghai, with a focus on the former. Hangzhou is an ideal location for executive retreats and smaller meetings and incentives that is at present, still unfamiliar to many. Our invite list on the tour will comprise about 10 IT&CM China 2014 hosted buyers, as well as agencies that we currently have dealings with, and other buyers with a definitive interest in China.” Initial highlights of the tour are said to comprise of exploring the city’s French Quarters on motorbike sidecars and discovering new venues.
To find out more about Euromic’s offerings in 37 destinations, visit their booth at IT&CM China from 15 to 17 April 2014. Euromic will also be participating at IT&CMA and CTW Asia-Pacific from 29 September to 2 October 2014.
For more information on IT&CM China, visit www.itcmchina.com
ABOUT IT&CM CHINA 2014
IT&CM China 2014 will be held from April 15 to 17 at Shanghai World Expo Exhibition & Convention Center. This is the 8th instalment of the international MICE event that seeks to “Promote China to the World and the World to China”. This year’s event will see an attendance of 3,000 MICE professionals from sectors including DMCs, PCOs, corporate travel and associations, some 400 hosted delegates, over 10,000 business appointments as well as over 60 business, education and networking sessions.The event is organised by TTG Events, a business group of TTG Asia Media, CITS International M.I.C.E – a wholly-owned subsidiary of CITS (China International Travel Service) and MP International. It has the support of the Shanghai Municipal Tourism Administration (SMTA), Shanghai Convention & Exhibition Industries Association (SCEIA), Australasian Society of Association Executives (AuSAE) and Canadian Society of Association Executives (CSAE), International Association of Professional Congress Organisers (IAPCO), International Congress & Convention Association (ICCA), Outbound Tour Operators Association of India (OTOAI), Pacific Asia Travel Association (PATA) and Society of Incentive Travel Executives (Site) China chapter.
IT&CM China is proud to be the anchor event of the Shanghai Business Events Week 2014 for the 4th year running.
More information is available at www.itcmchina.com.
IT&CM CHINA EVENT DESCRIPTION
The Leading International MICE Event In China
Since 2007, IT&CM China has established itself as China’s leading international Meetings, Incentives, Conventions and Exhibitions (MICE) business, education and networking event, dedicated to “Promoting China to the World and the World to China”. Bringing together Chinese and International MICE exhibitors and buyers in one dynamic marketplace, IT&CM China is the platform for international and leading Chinese players in the MICE industry to explore business opportunities on all fronts – inbound, outbound and domestic. Delegates to the 3-day event receive the best return on their investment in business, education and networking through structured business appointments, exhibition showcase, seminar sessions, official networking functions and tours.
TTG Asia Media Pte Ltd
1 Science Park Road, #04-07, The Capricorn
Singapore Science Park II, Singapore 117528
Tel: (65) 6395 7575
Fax: (65) 6536 0896
Event Website: www.itcmchina.com
Event Email: firstname.lastname@example.org
Olivia Ng (Ms.)
Eileen Teo (Ms.)
Cheryl Tan (Ms.)
Corporate Marketing Manager
CITS International M.I.C.E.
Room 503, CITS Building, 1 Dongdan North St
Dongcheng District, Beijing 100005 China
Tel: (86-10) 8522 7997
Fax: (86-10) 6522 2310
Web site: www.citsmice.com.cn


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Home Tags Lawsuits
In an April filing with the SEC, Gap Inc. said it had stopped paying rent for its 2,785 North American retail stores due to the economic effects of the COVID-19 pandemic.
Buss said that Covid-19 has put a focus on often-overlooked pandemic and public health law.
Connecticut Attorney General William Tong said, “We will oppose any attempt to avoid our claims, and will continue to vigorously and aggressively pursue our claims against Purdue and the Sackler family.”
BIC stated the Chinese lighters failed to meet the U.S. safety and quality standards.
Sports Dome owners first sued the city in May 2015, maintaining its delays in approving permits cost them an additional $380,000 in construction and $1.5 million in lost revenue.
The fill pile at One Rod Highway has allegedly tripled in size, in violation of a contract calling for it to be reduced.
Connecticut Attorney General explained why he shied away from leading fight against travel ban.
"This doctor utterly failed to adhere to even a minimal prudent standard of care,” said Attorney General George Jepsen about Dr. Kakra Gyambibi.
For the period ending Sept. 30, total revenue was down 3 percent — the Norwalk company's seventh consecutive quarter of decline.
Improperly diverting nursing home retirement plan assets is at the center of the lawsuit.
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As London brings forward the introduction date of its new Ultra Low Emission Zone and the government prepares to unveil “toxin taxes” on diesel cars driving into cities across England, rumours persist of a diesel scrappage scheme for motorists.
Up to 35 cities across England could introduce charges aimed at reducing pollution from diesel-powered vehicles, following the lead set by London. The move is an attempt to address chronic air pollution in parts of the UK, which is said to contribute to the deaths of up to 40,000 people a year.
Now politicians, industry representatives and driver groups are calling for a UK scrappage scheme, to help drivers replace the oldest and most polluting diesel cars.
The last scrappage scheme, in 2009, helped breathe life back into a flagging car industry, by giving £2000 in return for any car over 10-years old that was part-exchanged for a new vehicle. Could a similar incentive help replace the oldest diesel-powered cars?
What changes are expected to tackle city pollution?
According to The Sunday Times, environment secretary Andrea Leadsom will this week unveil plans for a charge of up to £20 a day to drive into 10 of the UK’s most-polluted cities. Additional plans could see commercial vehicles being the target of bans or charges in a further 25 towns and cities.
The plans would follow London’s lead, which will introduce a £10 T-charge – toxicity charge – from 23 October, in an attempt to limit the number of older, polluting vehicles entering the capital.
At the same time, mayor of London Sadiq Khan has sped up the introduction of London’s new Ultra Low Emission Zone (ULEZ), which will penalise the majority of diesel car drivers. Originally planned to begin in September 2020, Khan has brought that forward to April, 2019, saying: “The air in London is lethal and I will not stand by and do nothing.”
And by 2021 the ULEZ will expand, from the existing central London congestion charge zone to the South and North Circular roads.
Khan said: “Now I urge the government to step up and match my ambition to transform the appalling air we breathe. Ministers need to deliver a national vehicle scrappage fund, reform fiscal incentives like vehicle excise duty and pass a powerful new Clean Air Act to end the toxic smog in London once and for all.”
That view is echoed by Charlie Elphicke, Tory MP and head of a cross-parliamentary group on fuel. He told The Sun: “It would be deeply unfair to punish millions of diesel drivers with higher taxes. We must tackle the pollution problem. But the truth is that many families and small businesses can’t afford to pay more to drive — or to buy a new car.”
How might a scrappage scheme for diesel cars work?
The government and motor industry have set a precedent. In 2009, Labour introduced a national £2000 scrappage scheme to encourage people to buy new, efficient cars and help a flagging motor industry during the global financial crisis.
It was aimed at UK drivers of cars more than 10-years old. The government set aside £300m to support the replacement of 300,000 cars. For every old car traded in for a new model, the government would contribute £1000 and the car manufacturer would add another £1000.
It is likely that any new incentive would take a similar approach, should it get the go-ahead. That means anyone seeking to part-exchange a clapped-out diesel that’s more than 10-years old would be guaranteed a minimum valuation of up to £2000.
What checks should buyers make?
If a scrappage scheme is introduced, it will doubtless tempt many drivers to spend their hard-earned money on a new car for the first time. But consumers must proceed with their eyes wide-open.
For example, London’s new ULEZ will stipulate that any diesel car must conform to Euro 6 emissions standards (for cars first registered after September, 2015), or face a £12.50 charge to enter central London in addition to the £11.50 congestion charge fee. However, this week, Sadiq Khan added a caveat that could further influence which diesel car drivers choose: those Euro 6 vehicles must emit under 0.005g/km of particulate matter (PM).
Transport for London says some new, Euro 6 diesel cars will be unable to meet such tough levels – including popular models such as the Ford Fiesta 1.5 TDCi ECOnetic.
The tough targets could be adopted by other cities. So drivers who commute into city centres and are considering changing their car would be wise to wait for the government to announce the fine detail of national low emission zones.
What about drivers of petrol cars?
At the moment, petrol cars aren’t in the spotlight, as they don’t emit as much NOx and particulate matter as diesel cars. So there has been no talk around a scrappage scheme for petrol-powered cars.
Was the last incentive a success?
The last scrappage scheme was deemed a success by the government, car industry, and the many drivers who benefited. In November 2008, new car sales were tumbling, down by nearly 37 per cent compared with the same period the year before. Scrappage saw a rise in sales by as much as 26 per cent, and by the end of the incentive it accounted for around one fifth of all new car registrations. More than half of buyers had never bought a new car before.
The Department for Business Innovation and Skills claimed that cars bought through scrappage had average CO2 emissions of 133g/km, 27 per cent lower than the average CO2 of scrapped cars.
However, there were critics. The Institute for Fiscal Studies said that there would be no reduction in emissions, as the new cars would be driven more than the old bangers and were energy-intensive to produce. And What Car? claimed that some car makers increased prices of its models by as much as 14 per cent, meaning some drivers would have been better off forgoing the scrappage scheme and buying a year-old car.
Buy Green Flag cover at half the price of your AA or RAC renewal quote. Save 50%. (For vehicles 10 years and under on our closest equivalent UK vehicle based cover.)


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Speaking at Caldwell Trust Company in Sarasota, ex-Reagan advisor sees much better days ahead.
What I’ve learned
This Sarasota furniture retailer beats the tests of time.
Douglas Porter tells Sarasota audience he is cautiously hopeful, despite potential pitfalls
Rolling in Dough
A Sarasota entrepreneur takes a slice of a growing $46 billion pizza market.
After building up a portfolio of prime Sarasota properties, Chris Brown keeps looking for the next investment.
Within seven months of Abrams' start date, the company was profitable.


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FCC chairman Ajit Pai says he’d love to see more smartphone makers activate the hidden FM radio inside their devices, but he doesn’t think the commission should step in to do anything about it.
Though it’s not well known, most smartphones include an FM radio that would be capable of receiving and streaming local stations. In the United States, the majority of these are disabled — Pai says that as of last fall, only 44 percent of the “top-selling smartphones” in the US had activated FM radios, compared to 80 percent in Mexico.
“I believe it’s best to sort this issue out in the marketplace.”
“It seems odd that every day we hear about a new smartphone app that lets you do something innovative, yet these modern-day mobile miracles don’t enable a key function offered by a 1982 Sony Walkman,” Pai said this morning, during a speech at a North American Broadcasters Association event, according to prepared remarks.
Pai has for years been advocating for smartphone manufacturers to enable these radios. In his speech this morning, he even says “you could make a case for activating chips on public safety grounds alone,” since radio could enable phones to receive emergency alerts even when wireless networks are down.
But though he now has the power to do something about it, the new FCC chairman doesn’t plan to. “As a believer in free markets and the rule of law, I cannot support a government mandate requiring activation of these chips,” Pai said. He believes the FCC doesn’t have the power to issue such a mandate and says it’s best for the market to sort things out.
This is no doubt frustrating to radio stations and consumers. Even Pai points out what a benefit this would be, saying “most consumers would love to access some of their favorite content over-the-air, while using one-sixth of the battery life and less data.”
And therein also lies the problem. While FM radio would be a benefit for consumers, it’s also a big drawback for carriers and some phone manufacturers. Every minute someone is streaming FM radio is a minute they’re not using data to stream music — and that cuts into carriers’ data sales. Giving consumers the chance to pick free FM radio also means fewer track sales on iTunes and fewer new subscribers to services like Apple Music.
Radio would cut into data and music profits
That’d be a major downside for Apple, which is probably why it hasn’t embraced FM radio on the iPhone yet. Carriers, on the other hand, have slowly been starting to come around — at this point, with high data caps and the revival of unlimited data, it might even be a benefit for them. AT&T, Sprint, and T-Mobile are all encouraging smartphone makers to enable FM radio; Verizon has been less vocal about it, but it’s allowed FM radio on some of Samsung’s latest Galaxy devices.
But as Pai’s figures point out, it’s still a limited number of devices that offer support for FM radio. While the politics between carriers and manufacturers is never entirely clear, it seems like it’s in large part up to phone makers at this point.
NextRadio, a broadcaster-backed app for smartphones with enabled FM radios, has been advocating for and keeping track of which phones support radio and on which carriers. You can view that list here.
With Pai ruling out FCC action, the fate of smartphones’ FM radios remains in manufacturers’ hands. There is some reason to be hopeful that wider activation is coming. Just two years, FM radios were only activated in 25 percent of “top-selling” smartphones in the US, according to Pai. “Despite the low numbers,” he said, “we are seeing progress.”


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Warren Buffett stakes cut to spark a selling wave
Warren Buffett's Berkshire Hathaway has slashed its holdings in healthcare products maker Johnson & Johnson and consumer products giant Procter & Gamble.
Curve ball: Waren Buffett has an army of small investor followers
The moves by the Sage of Omaha are sure to spark a wave of selling by other investors, particularly small private investors who follow Buffett. He is turning away from equities to focus on fixed income investments.
Berkshire cut its stake in Johnson & Johnson by 54% to 28.6m shares late last year, it emerged in a regulatory filing. Its Procter & gamble holding fell by 9%. Both stocks have lost ground this year amid concerns about the health of global consumer products groups.
Procter & Gamble lowered its forecasts for profits this year while Unilever suspended its profit forecasts.
Buffett's strategy in the current economic crisis has been to bet on companies by funding buyouts, purchasing corporate debt and acquiring preferred shares in private deals.
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Discover today's news
Our renowned analysis brings you the latest opinions and commentaries to keep ahead of the markets. Start your trading day with technical insights into the financial sector.
Greenback’s recovery hinges on strong U.S retail sales number
U.S retail sales data for the month of June headlines the economic calendar this week, with most economists predicting that U.S retail sales will expand by a modest 0.3 percent. U.S retail sales have been increasingly difficult to predict, with the headline number fluctuating between positive and negative for several months. Federal Reserve Chair Jerome[…]
U.S Dollar falters as ‘insurance cut’ remains on the cards
The U.S Dollar Index continues to move lower as financial markets once again started to price-in a series of ‘insurance cuts’ from the Federal Reserve, following the conclusion of Federal Reserve Chair Jerome Powell’s two-day semi-annual testimony. The overwhelmingly bearish FOMC meeting minutes and a host of dovish Federal Reserve speakers also helped to push[…]
Is Amazon’s share price heading for new all-time highs?
Consumer protection is a major concern in Germany. This is why a German consumer protection organisation felt compelled to take legal action against Amazon. The issue was whether an online retailer had to provide its customers with a contact option via a telephone hotline. Yesterday, the European Court of Justice ruled in favor of Amazon.[…]


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Venezuelans are digitally dollarizing using Zelle, a U.S.-based payments network that allows anyone with a U.S. bank account to instantly transfer funds to another U.S. bank account for free. Although Zelle is meant for U.S. usage only, Venezuelans have repurposed the network as a way to make dollar payments among each other. Large Venezuelan supermarket chains have enabled Zelle as a form of payment, and cafes, restaurants and taxis accept it. But business and commercial use infringes on Zelle’s terms of service, which specifies that its network is intended only for personal use. Wells Fargo has notified many Venezeulan account holders their connection to Zelle will be terminated, so the game may soon be over.
Central Bank Digital Currencies and the New World of Money and Payment Systems
This paper considers the policy issues and choices associated with cryptocurrencies, stablecoins and sovereign (central bank) digital currencies. It argues that, in the COVID-19 crisis, most central banks should focus not on rolling out novel new forms of blockchain-based money but rather on transforming their payment systems: this is where the real benefits will lie both in the crisis and beyond. Looking forward, neither the extreme private nor public model is likely to prevail. Rather, we expect the reshaping of domestic money and payment systems to involve public central banks cooperating with (new and old) private entities which together will provide the potential to build better monetary and payment systems at the domestic and international level.
Deloitte’s 2020 Global Blockchain Survey
Deloitte’s 2020 Global Blockchain Survey revealed increased sentiment, investments, and more strategic talent sourcing and requirements for blockchain initiatives. 39% of global respondents have already incorporated blockchain into production (versus 23% in 2019) and 55%
view blockchain as a top strategic priority (versus 53%). 82% are hiring staff with blockchain expertise or plan to do so within the next 12 months (versus 73%). The results are based on a poll 1,488 senior executives and practitioners in 14 countries and territories.
Cryptocurrencies and US securities laws: beyond bitcoin and ether
According to ex-CFTC Commissioner Christopher Giancarlo, under a fair application of the Howey test and the U.S. SEC’s expanding analysis, XRP should not be regulated as a security, but instead considered a currency or a medium of exchange. The increased adoption of XRP as a medium of exchange and a form of payment in recent years, both by consumers and in the business-to-business setting, further underscores the utility of XRP as a bona fide fiat substitute.
Amazon joins Mastercard tokenization initiative
Amazon customers in 12 countries will have their stored MasterCard card credentials tokenized. By replacing a consumer’s physical card number with a token, payment information is unique to each individual transaction and can be used only by the merchant that requested it. The Mastercard Digital Enablement Service (MDES) tokenization technology keeps cards seamlessly up to date, because network tokens do not expire. When consumers receive a new physical card from their bank, their credentials are automatically updated.
Silvergate, Visa-Baked Anchorage Partner on Crypto Leverage Trading
Silvergate Bank, a crypto-friendly lender that counts major crypto exchanges like Coinbase and Kraken as clients, is expanding its SEN Leverage service. The product, which was first launched in 2017, allows the bank’s customers to obtain US dollar loans collateralized by their bitcoin holdings at some crypto exchanges that Silvergate is currently serving. To do so, Silvergate partnering with the digital asset custodian Anchorage, which recently raised $40 million in a Visa co-led series B fundraising.
The Mauritius FSC issues Guidance Notes with respect to Security Token Trading Systems
The Mauritius Financial Services Commission (FSC) issued guidance notes providing for the implementation of a common set of standards for the licensing of security token trading systems. They highlight financial integrity and data protection laws and codes, and the implementation of good market practice for an efficient, transparent and integrated financial market. The FSC is is expecting to receive several applications for these specific licenses in the upcoming months.
Posted from Diigo: https://www.diigo.com/user/kiffmeister/Fintech


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Jeff Bezos stands up for diversity in post-election email to Amazon employees
from The Huffington Post
In a rapidly shifting political climate, Jeff Bezos wants Amazon employees to know the company’s commitment to diversity and inclusion remains unchanged. The CEO sent a reassuring letter to company leaders, in response to an inquiry from a manager and minority advocate anxious over last Nov. 8 election of Donald Trump, following a xenophobic campaign and concerning policies.
7701 Las Colinas Blvd., Ste. 800, Irving, TX 75063


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May 22—Barely a week ago, Tom and Pam Volk moved into their new house in Sylvania and were forced to accept a temporary resident in the kitchen — a "replacement" refrigerator they had to buy because what they ordered had been delayed.
"You can almost laugh, but who knows how long until I have the real refrigerator," Mr. Volk said about the black upscale KitchenAid refrigerator the couple ordered in October and the $700 understudy that will be relegated to the basement whenever the preferred appliance arrives.
"In the scheme of life it's not a huge problem, but it is annoying and it does seem like a stupid one to have," Mr. Volk said. "I did not want a second refrigerator, but that's what we had to do."
Those thinking about building their dream home right now probably have heard that lumber prices have soared nearly 200 percent since November, adding nearly $60,000 to the price of a new home.
But while lumber is the largest component of a new house, it is not the only component. And for various reasons, prices of just about every other component — including labor — are rising significantly.
Even if a component hasn't increased dramatically, availability has become an issue as the Volks discovered.
"It's all due to a perfect storm of an unfortunate relationship of poor circumstances," said David Logan, senior economist at the National Association of Home Builders in Washington.
"As with everything else over the past year and a half, the woes in the supply chain, increased prices, and shortages can be traced back to the start of the pandemic and the government policy responses to it," Mr. Logan said.
The top materials or product issues that NAHB-member builders repeatedly cite as soaring in price are lumber, oriented strand board (known as OSB), appliances, doors, and windows.
Many builders also are seeing significant price increases or having difficulty getting roofing shingles, flooring, garage doors, concrete, and steel.
"I suspect there's some profiteering going on. The flooring laminate we ordered last year is up 25 percent for the same stuff. Now we're being told there's a landscaping shortage," Mr. Volk said. "I had to laugh when I was told that. I said, 'Really?'"
Toledo-area custom homebuilder Jim Moline, owner of James E. Moline Builders, wishes he could laugh. But he finds nothing funny about the situation.
"It's still a good time to build because of interest rates being so low. But lumber prices are just stupid," said Mr. Moline, who built the new house for the Volks.
"I built a house two years ago and I paid $27,000 for the lumber package. Today I paid $89,000 for the same lumber package," he added. "And it's not like we're getting better lumber. It's Grade B-, not A+. It's still the same lumber."
Like most other builders nationwide, Mr. Moline has had to place "escalator" clauses in clients' building contracts that states that the buyer has to cover lumber price increases.
"The thing is, it can take up to 30 days until closing, and lumber yards now will only hold prices for seven days," Mr. Moline said — which means a price he quotes today could be 30 percent higher in a month.
"People have been pretty understanding about this. But it's just been frustrating that we order the stuff and it's 4 1/2 months later and we still don't have it," Mr. Moline said.
Builder Mike White, of Buckeye Real Estate Group, said that besides the other products that are increasing, he's paying higher prices or having difficulty obtaining siding, electrical wire, PVC plastic products, and flooring. Mr. White is constructing several houses in his Summerfield subdivision in Perrysburg.
Also, labor costs are rising, he added.
"It changes daily. I build many speculative homes, which I am currently not pricing until I am ready to ship the lumber and I know that my lumber prices are locked," Mr. White said before noting the lumber for a house for which he had an estimated bid in March has since risen 32 percent.
"It's definitely causing issues, but I'm on track to build more than last year. There's still purchasers out there because the monthly payment differential is not that large even though the housing price is $70,000 more than a year ago," he said.
Also, because of the low inventory and high demand for existing houses in the Toledo market, those who are selling a home before moving to a new house are making a substantial profit on their existing home.
Builder Mike Hojnacki, of Hoj Development, experienced that demand first-hand when a real-estate agent showed up at his home earlier this year and asked if he'd be willing to sell it.
She told him she had buyers waiting and he got two offers right away. "We got $30,000 over our asking price and it was an all-cash offer," he said.
As for Mr. Hojnacki's homebuilding business, it continues to be a case of hurry-up-and-wait.
"Roofing shingles and doors are all up, but it's not just that the price of them is up, but the lead time is huge — 12 weeks for a window," he said.
Like other builders, Mr. Hojnacki has had difficulty getting subcontractors when he needs them, and for those that are available, the hourly rate has gone up.
"Labor was about $11,000 [component of a home] in October, but now it's about $16,000 for labor. Guys are so busy they're marking up their prices," he said.
And with some buyers balking at the volatile lumber prices, Mr. Hojnacki has begun to experiment with insulated concrete forms, a mix of rebar and concrete for use as walls rather than a wood frame.
"They used to be way overpriced to do, but now they are in line with lumber. It does give you more insulation but it can cause more of a moisture possibility if you don't have the correct heating and insulation," he said.
Mr. Logan, the NAHB economist, said that while prices for building materials and components are up across the board, there is no single reason behind it all.
Lumber mills cut back on production when the pandemic hit and caused state lockdowns, and mill owners have not yet caught up with demand, he said.
The unexpected freeze and snowstorms in Texas this year caused a major disruption in the supply chain for PVC plastics and other petroleum-based products like roofing shingles.
Production of appliances has been slowed by a shortage of microchips caused by a shutdown of factories in Asia and high demand for chips by automakers.
And products like steel, aluminum, imported lumber, and gypsum products have been hurt by trade-war tariffs and transportation supply chain disruptions.
Toledo-based Owens Corning, a leading supplier of shingles and other building materials, is among those manufacturers feeling the effects of the supply chain disruptions.
"We're in an inflationary environment across building materials industries overall, including roofing products. Our input materials, and our transportation costs are all feeling that inflation, which flows through the cost to manufacture and deliver products," spokesman Matt Schroder said.
"We're aware that a lot of home improvement contractors, including many contractors in our independent network, are adding financing options to help their homeowner customers through the process," he added.
Mr. Logan said builders are being creative in other ways, such as providing temporary appliances to finish a home until the desired products arrive — as the Volks are experiencing.
"I heard of a Florida project where [the builders] were paying through the nose to get garage doors, so they were adding them until the day of a home's closing," Mr. Logan said.
To keep the original quoted price, some builders are suggesting that homes' square footage be reduced or that some of the fancier finishing touches be downgraded, he added.
'Buyers can kind of compromise on their ideal build in order to keep things on budget. Unfortunately we're hearing more and more that contracts are being canceled because costs are becoming so prohibitive," the economist said. "That began to show up in the latest macro data in [building] starts from the U.S. census."
According to the Census Bureau's May 18 report, single-family housing starts in April were 1.09 million, or 13.4 percent below the revised March figure of 1.26 million.
"In that same release there is a table that shows housing units that are authorized but not started. If you go back five months you see that that number is increasing, increasing, and increasing," Mr. Logan said.
"That suggests people are holding off. That is primarily, if not entirely, due to increased material costs," he added.
Still, the new housing industry is not in crisis for several reasons, Mr. Logan said. There's pent-up demand for new homes, existing housing inventory is significantly low, and people have lots of money to spend after canceling big purchases in 2020.
"Demand was going to be there. And now we have record low interest rates and government stimulus money for people to use. ... Demand is so strong that many builders can't keep up," the economist said.
But "supply chain whiplash," as Mr. Logan likes to call it, will start having an effect on demand if it continues to be prevalent.
"Cliche as it may be, the best analogy right now would be the construction industry is now seeing how bad the butterfly effect can be. One storm in Texas can affect the price of PVC pipe in New York," he said.
Also, not all countries where building products manufacturers are located were shut down or disrupted simultaneously. "The time table was rolling. One month it was one country, one month another country. First Mexico had a long lockdown, now it's India," Mr. Long said.
"In my mind, that rolling effect is the primary driver of the 'material-du-jour price increases' that we've seen over the past few months," he added.


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Kate Middleton’s love affair with recycling clothes continues.
The Duchess of Cambridge gave us some major De Ja Vu when she stepped out on Wednesday afternoon wearing a sharp burgundy two-piece.
Arriving at an event for Action for Children, Kate opted for a jewel coloured blazer and matching flare mini skirt from French label Paule Ka.
Keeping things as casual as possible for the Royal engagement, Kate paired the two-piece suit with a black turtleneck top, opaque tights and black knee high boots.
Soft suede gloves accessorised the outfit and helped the royal beauty stay warm in the brisk breeze.
Kate first wore the outfit five years ago during a visit to Middle Temple in 2012. On that occasion, Kate paired the sharp outfit with black suede heels and a glam wavy blowout.
This time, Her Royal Duchess went for a laid-back beauty look, with the front pieces of her hair pinned back from her face, while the rest was left loose with natural kinks.
Kate has been obsessed with skirt suits in recent weeks, having stepped out in two similar styles earlier in the month.
One style came courtesy of Oscar De La Renta and comprised of a purple cropped tailored jacket, complete with a mini peplum detail and a matching flared skirt.
Another ensemble which is also strikingly similar was worn during a visit to a London primary school.
For that particular outing, Kate opted for a red skirt suit, which also featured a peplum detail on the jacket.
Unlike her latest outfit, both the red and purple suits were both new to Kate’s wardrobe, but we doubt it will be the last time we see them.
For more images of Kate’s style, check out our gallery below:


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Chennai: With the daily COVID tally crossing the 15,000 mark, the fresh restrictions imposed by the Tamil Nadu government came into force from Monday morning.
The night curfew, which was introduced from April 20 and the full lockdown on Sundays, the first of which was observed yesterday for the first time in 2021, will continue.
As per the fresh curbs all recreation clubs, bars, auditoriums, meeting halls and places were people congregate in large numbers, are closed to prevent spread of the pandemic.
An official release said all big format shops, shopping complexes and malls are also closed from today, while vegetable and grocery shops and other shops will be allowed to function as usual.
However, vegetable and grocery shops in commercial complexes are not allowed. Departmental stores too are allowed to function without AC facility with 50 per cent customers at any point of time.
From today, the government also banned functioning of beauty parlour, spas, saloons and barber shops across the state and allowed only takeaway services (no dining) in restaurants, hotels, mess and tea shops.
Public worship in all temples and places of worship are also banned while daily poojas and prayers are heldwith the temple staff. In view of the increase in corona cases, consecration of temples will be allowed from today by temple staff sans public presence. The government also said a maximum of 50 people will be allowed for marriages and 25 for funeral events.
The IT and ITES companies should compulsorily ask 50 per cent of its staff to work from home, while golf and tennis clubs, sports training academies are shut while allowing training only for national and international meets.
The government said e-registration is mandatory for all those coming to Tamil Nadu from Andhra Pradesh, Karnataka, Kerala and other states, barring Puducherry.
This will be applicable for all those coming into the State by air. While private and government buses are allowed to operate only with seating capacity (no standees), cabs and taxis are allowed to operate with three persons, besides driver, and two in auto and the driver.


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Google Ventures Europe has teamed up with Octopus Investments and other investors to fund online travel club Secret Escapes to the tune of £38.7 million ($60 million).
The search giant's venture capital unit expanded to Europe last year and has made four investments since, all of which have been in London companies, a sign that the UK capital is one of the leading technology hubs in Europe.
Secret Escapes, founded in 2010 and currently available in 13 countries, said it plans to use the money to make acquisitions and expand further into the US and Asia.
Alex Saint, cofounder and CEO of Secret Escapes, said: "The cash injection of $60m will enable Secret Escapes to continue making great strides to replicate the success of our UK business. We forecast to be a global multi-billion turnover business by the end of the decade.”
Since launching, Secret Escapes has sold just shy of two million room nights and grown its user base to over 19 million worldwide. The company’s turnover was £65 million in 2013, while year-on-year revenue growth is at 260 percent.
Google Ventures partner Tom Hulme added: "Secret Escapes has brought deals to millions of customers seeking luxury travel accommodations and continues to expand its business into global markets. The company's growing partnership base gives it a significant advantage to connect world-class hotels with travellers."
Previous investors Index Ventures and Atlas Ventures also participated in the latest round.
Google Ventures has over $1.5 billion under management and has backed companies like Uber and DocuSign in the US. The Google Ventures European team has $125 million at its disposal.


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Whenever a U.S. firm is named lead counsel in a bid for a major British company, the market takes note. Skadden, Arps, Slate, Meagher & Flom's role representing Qatari investment fund Delta 2 on its $24 billion offer for British supermarket chain J Sainsbury Plc has been London's most high-profile M&A assignment of recent weeks. Earlier this year, the chain was the subject of an approach by a private equity consortium led by British buyout house CVC Capital Partners, which was advised by Clifford Chance.
Skadden Enjoys U.K. Spotlight as High-Profile M&A Counsel
The American Lawyer
July 30, 2007


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Mobox price prediction: should you invest in this gaming token?
Cryptocurrency tokens used in gaming and metaverse applications have rocketed in value recently, including the Mobox token, MBOX. It spiked to a record high of $15.06 at the start of December.
Play-to-earn games have gained popularity. Players can use non-fungible token (NFT) characters to earn tokens as rewards for advancing through gameplay. These tokens can be traded on exchanges for fiat currencies.
After falling back from the spike at the start of the month, MBOX is still up by more than 200% since it launched in April.
What is Mobox (MBOX) and how does the token work? In this analysis we take a look at the project’s development and the future price outlook as we head towards 2022.
MBOX token supports play-to-earn MOMOverse
According to its website, Mobox is a “blockchain network controlled and governed by your in-game assets… NFTs collected through your in-game experience act as your node on the MOBOX blockchain network, providing users with near-instant transactions.”
MOMOs are NFT-based creatures within the MOMOverse, which works in a similar way to games like Axie Infinity and Sandbox. Unlike Axie, where users have to buy three Axie NFTs to be able to enter the game, Mobox games are free to play, although players can buy better characters. Players catch, farm, battle and earn their MOMOs to gain rewards. They can trade, rent and lend NFTs through the decentralised NFT marketplace.
The first game in the metaverse is called MOMO: Token Master, with two more games to follow – MOMO: Block Brawl and MOMO: Tactical Party Slayer.
Developers can also launch blockchain games in the MOMOverse using its game creator set of application programming interfaces (APIs). Users can create their own NFTs using the ERC-721 standard.
In addition, MOBOX is working on a game creator and NFT creator. These would allow developers to launch their own games and NFTs on the platform.
Mobox has launched the METAfund, which is an incubation fund with Binance NFT Marketplace on the decision committee, to support game developers to bring their content to the blockchain and MOMOverse.
MBOX tokens are the native cryptocurrency for the platform. Players use MBOX to make in-game purchases and bid on NFT auctions. They receive the token as a reward for in-game activity. The token is also used for governance to vote on proposals about the platform’s future.
The tokens are minted on the Binance Smart Chain (BSC). Users mine 51% of the tokens through GameFi mechanics. MBOX holders can also stake their tokens in liquidity pools to earn further rewards.
There are currently 79.85 million MBOX tokens in circulation, out of a total supply of $389.18 million and a maximum supply of 1bn, according to CoinMarketCap. MBOX tokens will be distributed over five years. Any tokens that are not mined in the first year will be burned, according to the tokenomics documentation.
Every year, the decentralised autonomous organisation (DAO) will vote on how the tokens will be allocated to each game, strategic partnerships and marketing, as well as how many tokens will be released via the NFT farmer. A buyback and burn programme will be funded by 80% of the profits across the platform to reduce the maximum supply over time.
MBOX price climbs on Binance support
The Mobox token launched at $1.61 on 8 April. It soared to $4.07 the next day as cryptocurrency markets rallied. The price subsequently declined in April and May, bottoming at $0.4846 on 22 June. The price then began to rally as cryptocurrency prices trended higher over the summer.
On 19 August, cryptocurrency exchange Binance announced that MBOX would join the Binance Launchpool staking pool on 20 August. The Launchpool enables token holders to accumulate a new coin for free prior to and after a guaranteed listing on Binance.com. There were 3 million MBOX tokens allocated to the pool.
The price responded to the Mobox news by climbing to $10.81 on 27 August. It then retreated in September and dropped to $3.43 on 28 October. MBOX then turned higher, setting a new all-time high of $15.68 on 1 December, up from $5.65 on 28 November.
????MOMOverse Joins The World Of Binance????— MOBOX (@MOBOX_Official) November 30, 2021
????1 Million #NFTGiveaway on #Binance
????~$100k #Giveaway On Twitter
✅Comment With A Screenshot Of Your Avatar from the Binance Mini-Program App
????Win 1 of 500 MOMO #NFTs????
#metaverse #NFTAirdrop #nft pic.twitter.com/FFUnYx6qW0
The MBOX price has since dropped back to the $5 level, with cryptocurrency markets under pressure in the latest selloff.
What is the future of Mobox coin? Where do forecasters expect the price to move?
Mobox price prediction: should you buy or sell the pullback?
Short-term sentiment on the MBOX price was bearish at the time of writing (14 December), according to CoinCodex, with 15 technical analysis indicators giving bearish signals and 11 giving bullish signals.
The three-day to 100-day simple and exponential moving averages along with the volume-weighted moving average indicated that the token was a ‘sell’, while the 200-day simple and exponential moving averages gave ‘buy’ signals. The average directional index, Hull moving average, stochastic fast, stochastic relative strength index (RSI) and the Williams Percent Range were also indicating the token was a ‘buy’.
CoinCodex predicted that the token’s value could fall by 26.43% to $3.84 by 19 December.
But Wallet Investor was bullish in its Mobox coin prediction, as of 14 December, suggesting that the price could move above $7 by the end of 2021. The algorithm-based forecasting site expected the price to trend higher during 2022, reaching $15.099 by the end of the year and $23.712 at the end of 2023. The token could be valued at $41.142 by the end of 2025, the data showed.
The Mobox crypto prediction from DigitalCoin expected the token price to average $9.45 in 2022 and $16.27 in 2025, based on analysis of historical data. By 2028, it estimated the MBOX price to average $23.67, peaking at $26.19.
The MBOX/USD forecast from Price Prediction projected the token to average $7.72 in 2022, $25.33 by 2025 and $143.22 in 2030.
It’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
We recommend that you always do your own research, and consider the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never invest more than you can afford to lose.
Is Mobox a good investment?
Cryptocurrencies are highly volatile assets, making them high-risk investments – especially newer coins and tokens. Whether you should hold Mobox as an investment depends on your personal circumstances and risk tolerance. You should evaluate the level of risk you are prepared to accept before investing. And never invest money that you cannot afford to lose.
Will the MBOX coin go up or down?
As of 14 December, forecasting sites’ MBOX price prediction was that the token could gain value in the future. But you should do your own research to make an informed choice about investing in the token.
Read more: BAT coin price prediction: will it hold traders’ attention?


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Easing costs behind Holden’s support deal for teams
Easing costs for teams was among the reasons for Holden to offer support deals to all Commodore squads as part of an increased commitment to Supercars.
The Australian brand has offered packages that includes a spare parts deal with the arrangement arriving as the Holden brand appears to be working towards a renewal of its factory deal with Triple Eight.
Marketing boss Kristian Aquilina says the move is designed to ease the costs for all Holden teams outside of Triple Eight which comes as the Supercars increases it focus on improving sustainability with raft of cost saving measures.
“What we’ve simply done is recognise the advocacy we get from the teams,” said Aquilina.
“We’re recognising what they do for us as a brand with a bit of additional support from what we’ve been doing in the last couple of years.
“It’s not just a parts deal, it’s a package of stuff.
“I don’t want to go into detail, but it helps ease their costs a little bit.
“I hope it’s a small start to a longer-term relationship with all of the Holden teams.
“It’s recognition of the fact that whenever they get out there driving a Holden-badged car around that track, they’re representing us.
“And hopefully doing it in a what that advocates the brand.
“That’s the opportunity we have with a closer relationship – we can talk about what our combined objectives are, and how we can help each other get there.”
Holden’s decision to step up its support has been in the works since last year with the plan only now coming to fruition.
“We’re only just executing now, but it’s something we’ve been talking about as a company since the new marketing team came on board, and recognised our involvement in the sport, shaping what we want it to look like in the longer-term, and realising that perhaps whatever happened in the past, let’s put that behind us,” added Aquilina.
“We felt that the right decision for us as a brand in the future is to be more involved than just narrowing it to one team. We’ve got a pitlane full of Holden advocates, that can be harnessed for good.
Aquilina says Holden is not making any demands from the teams in return for the support packages it is offering.
Erebus Motorsport made a public display of the new support received from the Australian manufacturer by electing to replace the Erebus logo with Holden badges on its cars’ grilles.


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If you fly a lot – or even a little – your laptop or tablet is likely one of the first things you pack in your carry-on bag. This could be because you’re a tech addict who can’t bear to be parted from your precious device. Maybe your workload is so mountainous, you feel guilty about sitting in the departures lounge without cracking on with a bit of admin (if this is the case, you definitely need to take a longer holiday next time). Or perhaps you’d just rather plough through your latest pre-downloaded TV obsession than sit through whatever films the airline has on offer that day.
However, it looks like you’ll soon have to change your ways when travelling to the US – because the Trump administration is set to ban laptops on flights from Europe to the US. (Cue howl of outrage.)
Laptops, tablets and other electronic devices larger than mobile phones have already been banned on flights to the US from airports in North Africa and the Middle East, as a result of fears that terrorists have found a way to convert laptops into bombs.
This ban is now expected to be expanded to include flights from some European countries, including Britain, Reuters reports. It’s not clear whether the European ban will also apply to tablets, but personal computers will now have to be checked into the hold as baggage.
Peter Goelz, former managing director at the US National Transportation Safety Board, said that expanding the in-cabin ban on large electronics “is going to represent a major logistical problem for airlines”.
He made no mention of the stressed parents who now won’t be able to distract their screaming toddlers with an episode of Peppa Pig on the iPad, although we’re sure they were in his thoughts.
Watch: What does your email inbox say about you?
Goelz added that more money needs to be dedicated to improving screening of electronic devices in airports, because it is currently “very difficult to determine whether a dense object is actually a battery or a plastic explosive” – which doesn’t exactly fill you with confidence about your next flight, does it?
Also unclear is whether safety will necessarily be increased by storing computers in the hold. Clive Irving at The Daily Beast reports that there are “fears in the aviation industry that as well as guarding against bombs this ban could actually endanger flights”, as computer devices with lithium-ion batteries have been known to set on fire – which could set off a deadly blaze in a cargo hold.
Dave Lapan, a spokesperson for the US Department of Homeland Security (DHS), said that a final decision hadn’t yet been made on whether the ban would actually be extended to Europe.
He added: “We continue to evaluate the threat environment and have been engaged in discussions with airline representatives and other stakeholders about the threat.”
A decision was expected to be reached on Thursday. We’ll keep you posted.


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ISLAMABAD: Sheikh Amir Waheed, President, Islamabad Chamber of Commerce & Industry has called upon the government to focus on marble industry as this industry has the potential to transform Pakistan into a fast growing economy by promoting exports of marble and granite products. He said this while speaking at the occasion of oath taking ceremony of the newly elected office bearers of All Pakistan Marble Industries Association. Mian Gulzar Ahmed took oath as Chairman, Muhammad Bilal Khan as Senior Vice Chairman and Sheikh Iftikhar as Vice Chairman, All Pakistan Marble Industries Association. Sheikh Amir Waheed, President ICCI administered oath to the newly elected office bearers. Muhammad Naveed Malik Senior Vice President, Nisar Mirza Vice President ICCI, M. Shakeel Munir, Saleem Mughal, Farukh Majeed, Khalid Mian and others were also present at the occasion.
Sheikh Amir Waheed said that all provinces of Pakistan including Baluchistan and KP have huge deposits of marble and granite reserves, but our marble industry was still using old quarrying methods due to which the standard quarry wastage in Pakistan was up to 73 percent of the gross produce and the country was suffering huge losses on this account. He stressed that the government should cooperate with the marble industry in introducing latest machinery and technology. It would help in producing value added marble and granite products and fetching billions of dollars in the country through enhanced exports.
ICCI President said that the global market for marble and granite was estimated at around $62 billion, but Pakistan’s share in it was below one percent. He said with the introduction of mechanized mining, Pakistan’s marble industry could achieve far better results and fast growth. He urged that the government should allow duty free import of marble machinery so that marble industry could be able to get latest machinery and technology and produce value added marble and granite products that would give boost to exports of this sector.
He said that China was importing raw marble and granite from Pakistan and after processing & value addition was earning huge profits. He was of the view that with the production of value added marble and granite products, marble exporters could bring billions of dollars in the country by enhancing exports. He said that the quantum of marble and granite exports could also be increased manifolds by establishing marble industrial parks in collaboration with China under CPEC to effectively utilise the valuable marble reserves of the country. Industrial parks will bring the cost effective cutting, blasting and finishing technology in Pakistan that will enhance the competitive edge of the industry and improve our exports, he added.
Speaking at the occasion, Mian Gulzar Ahmed Chairman, Muhammad Bilal Khan Senior Vice Chairman and Sheikh Iftikhar Vice Chairman, All Pakistan Marble Industries Association vowed that they would work hard for promoting the interests of marble industry. They said that they would develop close liaison with ICCI for resolving the key issues of marble industry. They also thanked ICCI office bearers for gracing the oath taking ceremony.


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With the collaboration of Junior Analysts
Edited by Vani Rao
McDonald’s lacklustre performance
McDonald’s (NYSE:MCD) reported a 2% increase in sales to end the fourth quarter at $7.09 billion as compared to the year-ago period. Moreover, its sales in the European countries increased by 1% during the quarter. Overall, the company failed to meet analysts’ expectations for the fourth-quarter results. On a positive note, net income rose by 4% to $5.6 billion, translating into earnings per share of $5.55. Revenue declined 1.4% in the US, much more than the analysts’ expectations, and by 2.4% in Asia-Pacific/Middle East/Africa (APMEA) countries. This resulted in an 8% decrease in operating income for the quarter.
Microsoft profit up on strong commercial sales, CEO search continues
Microsoft’s (NASDAQ:MSFT) second-quarter profit rose 3%, as strong sales of its Office software to businesses offset another weak quarter for its flagship Windows operating system, which is suffering as consumers increasingly favor tablets over personal computers. The company reported a profit of $6.56 billion, or 78 cents per share, compared with $6.38 billion, or 76 cents per share, in the year-ago quarter, easily beating Wall Street’s average estimate of 68 cents. Sales rose 14% to $24.5 billion, helped by higher sales of Office, its Xbox game console and new Surface tablets, also beating Wall Street’s forecast of $23.7 billion.
Starbucks’ growth cools in the US
Starbucks (NASDAQ:SBUX) reported that sales at established stores in its Americas region slowed down more than expected in its latest quarter as consumers spent more time holiday shopping online than at physical stores. For the fiscal first quarter ended 29 December 2013, net earnings increased 25% to $540.7 million, and revenues rose by 12% year over year to a record $4.2 billion. The company also reported earnings per share of $0.71, which represented an increase of 25% over the $0.57 in the first quarter of its 2013 fiscal year. Global sales at Starbucks cafes that have been open for the last 13 months were up 5%, versus analysts’ average estimates of a 5.9% rise, according to Consensus Metrix.
Fidelity reports dip in net income
Fidelity Southern Corporation (NASDAQ:LION) reported dip in net income to $3.9 million in the fourth quarter compared to $1.5 million in the year-ago period. For the year, the company reported net income of $26.7 million, an increase of $2.3 million compared to $25.3 million in the previous year. Commercial loan growth was 3.5% for the quarter and 4.2% for the year. The closed mortgage loan funding increased by 10% to $2.5 billion, beating analysts’ expectations. However, non-interest income decreased by $8.4 million to end the quarter at $17.8 million. There was a reduction in the non-performing assets ratio by 3.93%. Further, Fidelity also announced a cash dividend $0.04 per share to shareholders.
Lockheed sees increase in defence spending
Lockheed Martin (NYSE:LMT) forecast higher earnings in 2014 after charges linked to US defense budget cuts and workforce reductions depressed earnings in the fourth quarter. CEO Marillyn Hewson told reporters that Lockheed remained focused on becoming a “stronger, leaner, healthier company,” by cutting costs, improving operational efficiencies, investing in innovations, and boosting international orders. Fourth-quarter net earnings from continuing operations fell 14.2% to $488 million, or $1.50 per share, from $569 million, or $1.73 per share, in the year-ago period. Revenues dropped to $11.5 billion from $12.1 billion. Full-year earnings from continuing operations rose to $3.0 billion, or $9.04 per share.
Juniper’s profit soars on higher telecom carrier spending
Network gear maker Juniper Networks Inc. (NYSE:JNPR) posted a better-than-expected 59% rise in quarterly profit, helped by higher spending by US telecom carriers. Net income rose to $151.8 million, or 30 cents per share, in the fourth quarter ended 31 December 2013 from $95.7 million, or 19 cents per share, in the year-ago period. Revenue rose 12% to $1.27 billion. Excluding items, the company earned 43 cents per share. Analysts on an average were expecting a profit of 37 cents per share on revenue of $1.22 billion. Juniper forecast first-quarter adjusted profit of 27-30 cents on revenue of $1.12-1.16 billion. Analysts were expecting a profit of 29 cents per share and revenue of $1.14 billion.
THE DAY AHEAD For January 24, 2014
Coming up in the next 24 hours
Diversified manufacturer Honeywell International Inc. (NYSE:HON) is expected to post higher fourth-quarter profit, driven by its equipment for airplanes and automation and control products, including climate control and alarm systems. The company’s reaction to Google’s (NASDAQ:GOOG) $3.2-million acquisition of Nest, a maker of smart thermostats and smoke alarms and a rival to Honeywell, would be noted.
Xerox Corp. (NYSE:XRX) would also be posting its quarterly results. The company previously warned that operating margins in its biggest business, outsourcing services, would remain low in the fourth quarter due to the loss of a high-margin Federal contract to handle student loans.
Bristol-Myers Squibb (NYSE:BMY) is expected to post lower quarterly profit compared to the year-ago period, when a $411-million tax benefit bolstered results. However, investors may well be more focused on prospects for the company’s experimental drugs, especially its promising immuno-oncology drugs and treatments for hepatitis C.
Other notable earnings for the day include results from Procter & Gamble (NYSE:P&G), Kansas City Southern (NYSE:KSY), Federated Investors (NYSE:FII), and State Street (NYSE:STT).


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Nokia’s cancelled 2014 smartwatch, the Moonraker, has been leaked multiple times, but there are still some stories to tell around the cancellation of the smartwatch.
Evan Blass has posted some pictures which illustrated Nokia’s plans to market the early smartwatch.
Thomas Messett, who worked for Nokia in digital marketing, revealed some never-before known context around the images.
He revealed that the images were from a presentation Nokia was making to AT&T to convince them to offer the smartphones and accessories and showed the marketing money Nokia would spend to promote the devices in USA. He also revealed that Nokia was actually bluffing, and did not in fact have the hundreds of millions of dollars needed to market the devices so spectacularly in USA.
He also dropped an interesting tidbit.
Remember we did the 3D printing thing with the Lumia 820? Well when Moonraker was cancelled we were in New York meeting Makerbot to plan out a campaign to launch Moonraker with a set of 3D print plans and a series of 3D printable designs including a smart pocket watch
— Tom Messett (@TomMessett) August 30, 2021
Because the Nokia Moonraker was modular the smartwatch portion could be popped out and placed into different shells/bands, and Nokia was suggesting one such shell could be a traditional pocket watch which you could 3D print yourself.
The Moonraker would have supported email, phone calls, messaging, and would even have worked as a phone camera remote control. Facebook and MixRadio integration was also built-in, alongside customizable watch faces and different coloured straps
The user interface is swipe-based with swipes from the top and the bottom revealing apps and notifications, a physical button for switching between the home and standby screen, and a long press on the screen for displaying the latest notifications when in standby mode. Users would also be able to select which apps they receive notifications from.
It featured the Metro interface and would have supported 3rd party apps via a Moonraker Marketplace, and a number of wallpapers and configurable watch faces in the box.
This was of course in 2014, a full year before the Apple Watch launched, and the same year as Nokia folded and was purchased by Microsoft, killing the project.
See a doomed hands-on of the smartwatch below.
Read a mass of detail about the hardware and software at Protobetatest here.


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A food pantry is giving people on probation new hope.
The Jamaica Neon "nutrition kitchen" celebrated its grand opening on Thursday.
The facility distributes food to people on probation and community residents once a week.
Creators say this is not a typical pantry because it also offers healthy recipes, nutrition information, and cooking demonstrations.
The nutrition kitchen was created by the Department of Probation, Food Bank for New York City, and the Mayors Fund to Advance New York City.
"You can't avoid arrests if you are food insecure, meaning you have trouble getting food on your table, or your family does." said Department of Probation Commissioner Ana M. Bermudez.
Four other locations are launching throughout the city.


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One of the city's newest brewers will be bringing new life — and a tasting room — to an industrial site in the Grove.
Rockwell Beer Company announced this morning that it has signed a lease for 1320 Vandeventer, which was most recently the home of Dinzler Equipment, a supplier of construction equipment. The site is just one block from the heart of the district, near the intersection of Kentucky Avenue and just one block south of Manchester.
The brewing company is the brainchild of Andy Hille, a veteran of Perennial Artisan Ales. Hille announced in August that he'd be leaving the Perennial to open his own fifteen-barrel brewhouse
. He says now he hopes to be open by spring.
V Three Studios will serve as the project architect, Hille announced, with plans for a 1,500-square-foot tasting room, an outdoor patio, a retail shop and on-site parking (which is increasingly becoming an important amenity in the bustling Grove).
“We couldn’t be more excited to announce our intention to move forward with this as the permanent location for Rockwell," Hille said in a release. “It’s taken a lot of hard work and planning to get to this point, but we’re very enthusiastic for the opportunities that this spot provides us. We have the ability to repurpose an existing building, tell its unique history, and add our own distinctive twist for a one-of-a-kind experience for every person who comes to visit us.”
Rockwell also says it will be hosting a weekly pop-up (sorry, "nano tasting room experience") at the TechArtista co-working space in the Central West End beginning October 5. The weekly events will be held every Wednesday evening. See rockwellbeer.com for more info
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Trade for £1.50
YOU could trade in shares for as little as £1.50 a pop under a radical new service launched this week by banking group HBoS.
Investors put cash into their sharedealing account each month, which will then be used to buy the shares of their choice. The minimum investment is £20 per stock a month, and to buy and sell costs £1.50 a trade. That compares with £10-£25 that brokers typically charge.
The new offering, ShareBuilder, will launch on Wednesday - though Halifax is already plugging it on its own website. It aims to sign up 75,000 users by the year-end.
'We have launched a product that breaks down the perceived barriers to stock market investment and opens up the benefits of the stock market to almost everyone,' said Sue Concannon, managing director of Halifax Share Dealing.
Halifax cites its own study, which found that many people avoid the stock market because they see it as too complicated, elitist, or a gamble - or simply because they had no lump sum to invest. The ShareBuilder concept is already tried and tested in the US, by online broker NetStock.
Halifax reckons it can cut the cost of share-trading by buying stock in bulk four days each month. Investors choose which date they prefer. You can change your stocks, how much you buy and when you buy, without extra charge.
Dividends will be re-invested unless investors request otherwise and all transactions must be made online to avoid additional charges. There is no fee for withdrawing money.
The company says the drip-feeding approach to building up a share portfolio is more suited to most small investors than putting down a lump sum.
It cites the example of Marks & Spencer. The retailer's share price was 409 1/2p on 10 May 1999, but hit 160p the following year. It recovered to 410p on 10 April 2002. If you had invested £50 invested on the 10th of each month over those three years it would have cost £1,800 but returned £2,565, after the £1.50 charge and stamp duty. By comparison, a lump-sum investment of £1,800 in 1999 would have slightly fallen in value after charges.
There is a flip side. A rapidly-rising stock is likely to produce greater returns for a lump-sum investor than a drip-feed investor: buying regularly lowers the risk but it also reduces potential returns.
And £1.50 a trade quickly builds up. For instance, buying £1,000-worth of stock at £50 a month would cost £30 with Halifax, three times more than a rival broker might charge.
Novice investors also face risks by picking their own portfolio. ShareBuilder offers no advice, though Halifax says it has cut the risks by carrying stock graphs and information on the web site. This will be backed with online courses explaining how to use the information. There will also be a top ten of what other investors are buying. All stocks will carry risk ratings from RiskGrades, an analytical tool used by professionals.
Halifax says the service is unlikely be abused by traders who could sign up for one bulk purchase for £1.50 and then cancel future payments. The company says day traders will be deterred by the system of only buying shares on four days each month. 'A small share price movement when buying anything more than £500 could be a whole lot more than the commission of around £11 that they might be saving,' says Concannon.
Rival brokers will closely watch the launch of ShareBuilder, but Concannon says copycat services are unlikely in the near future: 'We started development last July to get to this launch now. It's quite complicated to set up and run.'
Click here for the service.
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