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Uber CEO Dara Khosrowshahi. Photo by Bloomberg
Uber proved countless doubters wrong by showing, when it reported its third-quarter results last fall, that its ride-hailing business can make money. And as investors await the fourth-quarter numbers scheduled to be released Feb. 6, they’ve sent the stock soaring. It’s as though they think the worst is over for the ride-hailing giant.
Those optimists should think again. Even if Uber’s core ride-hailing business were to make significant financial strides going forward, our assessment is that it could take years before the cash generated from the business can justify the company’s current stock price of above $37.
Uber’s stock has rallied 42% in the past two months but our analysis, using a reverse discounted cash flow model, suggests Uber’s ride hailing business won’t be able to justify the current stock price for several more years. And even that assumes Uber’s optimistic projections about its long term results hold true.
That might seem like a harsh assessment. Even after the stock’s recent rally from its low of $26 in mid-November to its close on Tuesday of $37.60, Uber stock is trading 16% below its IPO price. That in turn was well below what investors expected the company to be worth when it went public. Most Wall Street analysts are much more bullish—among 39 analysts, the average and median near-term “price target” for the stock is $44 per share, according to S&P Capital IQ.
Of course, Wall Street analysts as a rule look for reasons for investors to buy stocks, not for reasons for them not to. But to be fair, based on some measures, shares of Uber look reasonably valued. At the current price, Uber is trading at about three times projected 2020 revenue to enterprise value. Lyft, its smaller U.S. ride-hailing rival, is trading at around 2.4 times the same multiple. Grubhub, probably the other closest comparison, is trading at 3.6 times.
But valuing stocks based on comparisons to other companies in similar businesses makes sense when there’s a decent number of comparisons—at least some of which have demonstrated a path to making money. Neither Lyft nor Uber has done that, so justifying one company’s valuation by referring to another’s isn’t the way to go in this case.
Grubhub may be a decent comp, but it is part of a crowded on-demand food-delivery market supercharged by venture capital, which is not a rational market. Also, the possibility that it may get bought is elevating its valuation.
On a related note, valuing Uber on a multiple of its total revenue is in our view a mistake. Uber’s food-delivery business, for instance, is losing money at an alarming rate. It’s not clear when Uber Eats will be able to make money, at least unless it merges with one or more of its competitors.
Ride Hailing Focus
That argues in favor of valuing Uber in segments, starting with its ride-hailing business—and doing so by calculating the present value per share of the cash it’s likely to generate over the next few years. That’s what we did. It has the virtue of honing in on what Wall Street sentiment doesn’t like about ride hailing: its giant losses and uncertainty about when they will come to an end.
The good news is that Uber has started to make money in ride hailing—not much, but a little bit. In the third quarter, it reported $631 million in earnings before interest, taxes, depreciation and amortization from ride hailing. This was excluding corporate overhead and technology costs to power its services. Uber reported $623 million of those overhead expenses overall. But ride-hailing accounts for only 82% of its overall revenue. So assuming that 82% of its overhead and technology is attributable to ride-hailing—$511 million—implies that Uber’s ride-hailing business had Ebitda of $120 million in the quarter.
Thus, Uber’s third-quarter performance translates to a net operating profit margin of 1% for the ride-hailing business, the first quarter in the black since the start of 2018—the earliest period for which Uber has disclosed such information. But to justify a price around $37-38, Uber would need at least a 13% to 14% net operating profit margin from around $20 billion in revenue, while growing at close to 20%, according to a valuation model known as a “reverse discounted cash flow” developed by equity research firm New Constructs, based in Nashville, Tennessee. We estimate Uber will get there in 2023, assuming it makes progress toward the long-term profit goals its executives outlined before the offering.
The New Constructs model calculates the economic earnings a company must generate to support a stock’s current market price. Economic earnings are basically a measure of profitability known as free cash flow—the cash generated from a company’s operations minus the cost of capital expenditures such as buying computer servers to run the business. New Constructs based the model on its analysis of the historical earnings and corresponding stock prices of thousands of companies.
We used the model and made some assumptions about the next few years to estimate when Uber’s per-share value would get close to where the stock is now. We assumed that revenue growth would slow from 25% in the coming 12 months to 18% by 2023—and that may be generous. One way Uber has maintained revenue growth lately is through raising prices, which has had the impact of slowing growth in terms of number of rides in the U.S. market.
We also assume a steady increase in the net operating profit margin to 16% by 023. That also may be generous. Recent legal and regulatory hits, as well as threats to its business, have raised questions about Uber’s ability to expand profit margins in the long run. For instance, the California law requiring companies to treat contractors as employees prompted Uber to experiment with letting drivers set their own prices and see the destination before accepting a trip. If widely adopted, this approach could mess with the efficiency of Uber’s service and squeeze its profit margin.
One reason why many Wall Street analysts argue Uber stock is undervalued is because they’re optimistic about Uber’s revenue and profit growth potential. For Uber executives and stock analysts, “the underlying assumption…is that if a company can achieve break-even, it obviously can continue profitable growth. But why?” said Len Sherman, an adjunct professor at Columbia Business School who has been a longtime critic of Uber’s valuation.
“No company has ever pulled off the epic turnaround on the scale Uber requires” to get to “sizable positive cash flows” without first shrinking itself by cutting unprofitable operations, Sherman added.
For this analysis, The Information put a $6 billion value for Uber’s minority equity stakes in other, privately held ride-hailing companies. That is down from the $12 billion or so value that Uber placed on those stakes around the time of its IPO. Uncertainties about some of those businesses, including Grab and Didi Chuxing, justify halving the earlier value.
The biggest hole in The Information’s analysis concerns Uber Eats, the food delivery app that makes up about 12% of Uber’s revenue. It’s extremely difficult to put a value on Uber Eats, given its growing losses and uncertainty about when those will end. The service likely lost $1.2 billion before taxes, depreciation and amortization in 2019, according to Uber’s results for the first three quarters of the year. The company said that in the third quarter of 2019, 15% of Uber Eats’ gross sales occurred in competitive regions and accounted for half of its Ebitda loss.
Uber is looking to offload its worst-performing Uber Eats operations, as it just did in India, so if we eliminate those poorly performing regions, that shrinks Uber Eats’ revenue by about $200 million for the year. That would mean the service could have generated nearly $1.2 billion in revenue and lost roughly $600 million in Ebitda terms. But applying 12% of Uber’s corporate overhead and tech costs to Uber Eats would increase that annual loss amount to at least $800 million.
So the question is, how much future value should we ascribe to Eats? One approach would be to play out some consolidation in its biggest market, the U.S., and assume that that would lessen the amount of money Uber Eats must spend to compete. It would be easier to assign a value to Uber Eats if it were to merge with a rival such as online food-ordering pioneer Grubhub. It is roughly the same size as Uber Eats in terms of revenue (though most of its business is based on the commission from taking orders rather than fulfilling the delivery), is marginally profitable, is growing half as fast as Uber Eats, and has a $5 billion market capitalization.
Considering that a merger might help both entities save money because they would primarily be competing with DoorDash, it could make sense to put a $2.5 billion to $5 billion value on Uber Eats as part of the combined entity, for the moment. We split the difference and assumed Uber owned a minority stake, worth $3.7 billion, in a food delivery unit.
Some analysts also have placed a combined value of more than $10 billion on Uber’s autonomous vehicle R&D and scooter and bike rental divisions. But we’d argue it is pointless to ascribe any value to these businesses, given how they’re performing. New data show that Uber’s rental divisions have lost money at a much faster rate than the startups it is competing against. And recent reporting shows the R&D group has no clear path to commercializing the nascent technology.
The only other question mark concerns the fast-growing Uber Freight business, which recently accounted for 6% of Uber’s revenue. But in the first nine months of 2019, its loss before interest, taxes, depreciation and amortization amounted to 31% of the Freight revenue. So it may be too early to calculate the potential value of Uber Freight.
Uber has had some success in shifting the perception of its core ride-hailing business from “can it ever make money?” to “how much money can it make?” Now the doubters will focus on its long-term value as a public stock—and for good reason. Given how much cash Uber’s core business will need to generate in the future, the company still has a mountain to climb to justify its stock valuation today.
Author: Amir Efrati and Martin Peers


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The Asia-Pacific division of marketing agency MKTG Sports and Entertainment has been appointed as the sponsorship sales agent for the local organisers of the 2022 Fiba Women’s Basketball World Cup in S…
Australian bank CommBank has agreed to take over the naming rights to the Western Sydney Stadium from sister brand Bankwest, which is also part of the Commonwealth Bank of Australia group
Commonwealth Bank has renewed its long-running sponsorship of Cricket Australia for a further three years, from 2021-22 to 2023-24
The Australian Football League has signed a 10-year extension to its sponsorship agreement with fast-food chain McDonald’s.
Financial services group Suncorp has extended as principal partner of Netball Australia for five more years, from 2022 to 2026
Cricket Australia has signed a sponsorship deal with Australian drinks manufacturer Nu-Pure that sees it become the official water partner of the men’s and women’s cricket teams in a three-year deal.
Australian motor racing esports series Supercars Eseries has agreed a raft of sponsorships deals ahead of the latest championship which kicks off this week
Australian craft brewery 4 Pines Brewing Company has agreed a deal with Cricket Australia to become the official beer of the Australian men’s cricket team.
Australian football club Perth Glory has extended its sponsorship deal with resource company BHP for the 2021-22 season
Italian sportswear manufacturer Macron has further increased its presence in Australian football by agreeing a new deal with A-League club Melbourne Victory
Golf manufacturer TaylorMade has agreed a three-year sponsorship deal with the PGA of Australia as it seeks to build on the pandemic-inspired participation boom for the sport
Sports marketing agency Octagon has promoted Simone Errey to the position of managing director in Australia
Australia’s five biggest rights-holders – the Australian Football League (AFL), National Rugby League (NFL), Cricket Australia (CA), Rugby Australia (RA) and Tennis Australia – will generate approximately A$330…
Golf equipment manufacturer Callaway has expanded its sponsorship of the PGA and PGA Tour of Australasia with a new three-year deal
Nike has agreed a kit deal with the Big Bash League to supply all eight teams with playing and training wear for next season
Australian brewery Stone and Wood Brewing Co. has become a sponsor of Rugby Australia and the Wallabies men’s national team ahead of the international season.

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Publicly listed PT Semen Cibinong, the country’s third largest cement producer, posted a loss in the first nine months of this year due to the sharp depreciation of the rupiah against the U.S. dollar over the past three months.
In its statement to the Jakarta Stock Exchange on Tuesday, the firm said it recorded a net loss of Rp 435.5 billion (US$43.5 million) between January and September, widening by 14.8 percent from Rp 379.2 billion in losses over the same period last year.
According to the company, the major factor contributing to the losses was the weakened rupiah, which had resulted in higher costs to service its outstanding foreign-denominated debts.
Since the start of the year, the rupiah has lost about 9 percent of its value against the dollar.
Semen Cibinong, which is 77.3-percent owned by had to convert its revenues derived in local currency to service its foreign debts.
As of September, the company had liabilities amounting to Rp 5.68 trillion.
The net losses, however, have come at a time when the company recorded stronger sales numbers. In the first nine months of this year, sales rose by 29.4 percent to Rp 2.27 trillion from Rp 1.75 trillion last year.
The higher sales was attributed to higher cement prices, which increased by an average of 13.6 percent, and higher sales volume, which rose by 9.9 percent on robust growth in the construction sector.
With the higher sales numbers, the company managed to improve its market share to 15.9 percent from 14.7 per cent.


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If you’ve not been keeping up with the trade war so far, the current market numbers might’ve had you thinking it was over.
As trade relations between the world’s two largest economies acts as a wild card on the global trade system, stocks have lifted up amid high hopes for an end to the trade war.
The S&P 500 is currently trading at near-record highs, while the Dow Jones is on track to have its best month since January. According to Markets Insider, data flows show that investors have just put the most capital into US equities in over a year, suggesting that investors’ “fear gauge” is not working properly. The trade war isn’t over yet and equity strategists aren’t getting their hopes up too high yet.
On the Chinese side of the divide, Chinese President Xi Jinping has drafted a list of demands that must be met before the trade war is settled. The demands will reportedly be presented at the G20 summit. One of the demands is that US President Donald Trump lifts the current ban on the sale of American technology to Chinese telecom and tech company Huawei. Beyond that, Xi will also push for an end to the tariffs currently placed on Chinese goods. While not every detail is clear as of yet, Xi is also expected to push for more “reasonable” demands on the amount of goods that China will purchase from the US. As compensation, Xi is also expected to offer geopolitical help in dealing with Iran and North Korea, but this is reportedly as far as Beijing is willing to go as pressure from Chinese political figures mounts on Xi to push back against American accusations of trade violations, intellectual property theft, and spying.
Looking back to the stock markets, you’d likely think the political situation has stabilized far more than it actually has. Investors dropped $14 billion into US equities last week, which is the most that’s been put into them since March of 2018.


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Last week, news broke that Kohl’s and Sephora are accelerating their year-old partnership. After debuting Sephora shop-in-shops in Kohl’s in August 2021, the retailers are not only sticking to their roadmap of adding another 250 shop-in-shops to their offering, but also creating a smaller Sephora footprint in the remaining 300 Kohl’s stores. Kohl’s projected that Sephora at Kohl’s will grow to achieve $2 billion in annual sales by 2025.
Despite broader economic uncertainty and Kohl’s own decreased quarterly sales, Sephora’s growth at Kohl’s signifies that prestige beauty is still very much in demand across retail.
“There is seemingly a universal demand for the quality and diversity of products and the premium shopping experience Sephora offers,” said Jean-André Rougeot, Sephora Americas president and CEO. “[An] interesting takeaway is that the brands that are performing well at Sephora at Kohl’s are quite similar to those performing well at standalone Sephora stores. Brands such as Charlotte Tilbury, Nars and Fenty are doing exceptionally well, which tells us that the Sephora at Kohl’s shopper is quite sophisticated in their beauty purchases.”
Ahead, Rougeot divulges the early successes of the Sephora and Kohl’s partnership, the powerful combination that prestige and convenience delivers, and his outlook for future growth.
The expansion news does not come as a surprise, given the early success of the Kohl’s partnership. But what have you learned about Sephora shoppers?
“The response from shoppers has only reaffirmed what we believed to be true when we first set out on this journey with Kohl’s: Beauty shoppers across the country are hungry for and passionate about prestige beauty at Sephora — the exceptional brands, education and storytelling we offer — and they want all that conveniently. Not only have we been able to reach new shoppers — we’ve welcomed more than 1 million new members to our Beauty Insider community via Sephora at Kohl’s — but we have also seen a dramatic uptick in clients who were [formerly] shopping with us less frequently. Over 750,000 clients are re-engaged in Beauty Insider now that they can weave beauty into their everyday buying. This growth is unprecedented for a well-established loyalty program and speaks to the power of the fit for Kohl’s and Sephora.”
How does this address Sephora’s vision for long-term growth?
“This partnership has played a critical part in enabling Sephora to reach consumers where they are. In the span of 12 months, we have dramatically expanded our reach via 600 new stores in 40 states, effectively making prestige beauty more accessible to more people than ever before and doubling Sephora’s brick-and-mortar presence. And, as mentioned, it’s not just new customers we’re reaching, but also those that had been shopping less due to convenience. We’re thrilled with what we’ve been able to achieve thus far, but it is truly early days. Just 400 stores debuted over the last eight weeks, bringing us to approximately 600 [stores], so these early results are the tip of a very big beauty iceberg.”
Do you think this partnership has had broader implications for the Sephora business and the brands you carry?
“Our business has remained incredibly strong; Sephora achieved excellent performance in the first half of 2022, growing at double digits compared to last year and pre-Covid in 2019, with a strong rebound in our store performance. As we move forward with Kohl’s, our focus is on continuing to find ways to make the Sephora at Kohl’s experience even more integrated and impactful for shoppers, making all the most incredible aspects of shopping at Sephora accessible to Sephora at Kohl’s shoppers, as well. Our loyalty program is growing rapidly, but also, we are helping bolster our brands. They trust us with their growth and, by coming on this journey, they are gaining not only massive amounts of new clients, but also new marketing lanes, new markets to grow and much more. This is a game-changer for our prestige beauty partners in all categories that will prove to make Kohl’s a major beauty player, comparable to the size of some well-established department stores.”


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By Anne Cassidy, campaignlive.co.uk, Thursday, 23 July 2009 10:40AM
The promotion signals a move towards a highly targeted mobile marketing strategy for the mobile network.
Free calls may also be part of the deal, as well as free music through a partnership with mobile network Blyk, according to newspaper reports.
Blyk has offered 16-to-24-year-olds £15 of free credit per month in return for receiving ads, a marketing idea that Orange hopes to develop and expand on.
The deal is expected to be announced within days.
This article was first published on campaignlive.co.uk
The games console as we know it is dead. When Microsoft unveiled the Xbox One earlier this week, it was clear that this was more than a device that would enable you to play Call of Duty or FIFA – this was, in Microsoft’s own words, “an all-in-one home entertainment system”.


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Developing invisible implantable medical sensor arrays, a team of University of Wisconsin-Madison engineers has overcome a major technological hurdle in researchers’ efforts to understand the brain.
The team described its technology, which has applications in fields ranging from neuroscience to cardiac care and even contact lenses, in the Oct. 20 issue of the online journal Nature Communications.
Neural researchers study, monitor or stimulate the brain using imaging techniques in conjunction with implantable sensors that allow them to continuously capture and associate fleeting brain signals with the brain activity they can see. However, it’s difficult to see brain activity when there are sensors blocking the view.
“One of the holy grails of neural implant technology is that we’d really like to have an implant device that doesn’t interfere with any of the traditional imaging diagnostics,” says Justin Williams, a professor of biomedical engineering and neurological surgery at UW-Madison. “A traditional implant looks like a square of dots, and you can’t see anything under it. We wanted to make a transparent electronic device.”
The researchers chose graphene, a material gaining wider use in everything from solar cells to electronics, because of its versatility and biocompatibility. And in fact, they can make their sensors incredibly flexible and transparent because the electronic circuit elements are only 4 atoms thick—an astounding thinness made possible by graphene’s excellent conductive properties. “It’s got to be very thin and robust to survive in the body,” says Zhenqiang (Jack) Ma, a professor of electrical and computer engineering at UW-Madison. “It is soft and flexible, and a good tradeoff between transparency, strength and conductivity.”
Drawing on his expertise in developing revolutionary flexible electronics, he, Williams and their students designed and fabricated the microelectrode arrays, which — unlike existing devices — work in tandem with a range of imaging technologies. “Other implantable microdevices might be transparent at one wavelength, but not at others, or they lose their properties,” says Ma. “Our devices are transparent across a large spectrum — all the way from ultraviolet to deep infrared.”
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TOBY HAGON Iconic American SUV brand is developing its next generation Wrangler, which will be lighter and more efficient and possibly have a ute variant.
SAM HALL German brand to launch all-new sports car in the second half of 2014.
SAM HALL Mercedes to launch Rolls-Royce rivalling version of its new S-Class.
DAVID MCCOWEN British brand's mid-sized luxury sedan to arrive in 2015.
DAVID MCCOWEN Facelifted models include performance focused Nismo RS version.
TOBY HAGON Race-inspired Fiat Abarth 695 Bipostos could be coming to Australia as an exclusive race-inspired flagship for Italian brand.
TOBY HAGON Japanese luxury brand Lexus still shunning diesels in favour of petrol-electric hybrid models.
TOBY HAGON The maker of iconic models such as the MX-5, RX-7 and various turbocharged MPS models is not planning any high performance heroes – for now.
TOBY HAGON Lexus NX baby SUV could be best seller for Japanese luxury car brand.
SAM HALL Ford reveals software that takes you out for a bite to eat.
Peter McKay Fiat boss Sergio Marchionne has committed to reviving the famous Italian brand's heritage.
TOBY HAGON A new breed of models from General Motors' European manufacturer could soon be wearing Holden badges.
TOBY HAGON Talk of cheaper new cars could be foiled in the short term by a downward shift in the exchange rate.
TOBY HAGON Car makers are increasingly turning to bright colours and pastels to tempt buyers to small cars
Peter McKay Audi has managed to spring a well-kept secret at today’s opening day of the Geneva motor show, presenting a racy, high-powered concept of the new TT called TT quattro sport.
SAM HALL Maserati unveils its answer to the Jaguar F-Type in Geneva.
SAM HALL Infiniti to take on the German performance divisions at their own game.
SAM HALL An ambitious Chinese-Israeli car maker has pushed back plans for sales in Australia.
Greg Kable German brand confirms details of radical V4-powered hybrid prototype racer.
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GRAND RAPIDS — Ford Motor Co.'s "Power of Choice" publicity wagon rolled into downtown today, promising a display of the Detroit automaker's commitment to fuel efficiency and a sneak peek at the forthcoming battery-powered Focus Electric.
But Ford officials gathered at the Holiday Inn Downtown struggled with even basic questions about its upcoming line-up of hybrids and electric vehicles.
Once formal remarks were completed, the Focus Electric on display proved to be only a locked, non-functional partial mock-up.
One of the vehicle handlers even scolded students and media not to touch what turned out to be a fake door to a charging port because they were messing up the Velcro and tape holding it in place.
The only electric vehicle on display was the Azure Dynamics Ford Transit Connect EV, a clunky cargo van the average consumer would never drive that's been on the market since 2010.
The cars for the rest of us, while all very nice, were nothing the average Ford dealer isn’t showing off in a local showroom -- the sporty new Fiesta, the highly rated Explorer and the excellent, but two-plus-year-old Fusion Hybrid.
Don't get me wrong: Ford's current line-up is as good as it's ever been.
But I (and others at the event) were there to hear about the future, details of which proved elusive.
While Ford officials touted forthcoming C-Max plug-in hybrids (which were not on display) and the Focus Electric, the PR team fumbled and stumbled over basic questions about battery life expectancy, warranties and pricing for those cars.
They even struggled to come up with an answer about whether the Focus Electric and other Ford plug-ins could be plugged in with the same type charging cord as a Nissan Leaf or Chevrolet Volt (which use a plug based on an industry standard). Hint: The answer better be (and is) "yes."
Keep in mind the Focus Electric is supposedly only a few months from going into production and the C-Max micro-minivan is due in 2012. We weren't talking about the distant future here.
In the end the event proved to be a disappointing public relations play that brought little new information to the market. It also made Ford look like it was only ready talk about its plug-in and future hybrid car lineup when the conversation stuck to a script.
So what was the point? Well, I and other members of the media showed up -- and there were bottles of cider and free doughnuts for the hungry college students culled from Grand Valley State University engineering classes. I drove the electric Transit Connect, which was about as inspiring as driving a U-Haul.
Ford also offered a few mildly interesting statistics about local market trends from unspecified “in-market quantitative research”:
- 41 percent of those surveyed ranked fuel efficiency as the most important factor when buying a car, brand loyalty was second at 16 percent
- 48 percent did not know the difference between a hybrid, plug-in hybrid and full battery electric vehicle.
- 39 percent do not know what flex fuel vehicles are or how their differ from petrol or compressed natural gas technologies
- 75 percent said an electric vehicle would fit their needs, but 60 percent were not comfortable with a limited-range vehicle being their primary mode of transportation.
It’s not clear how many people were surveyed or who was asking the questions.
But none of the statistics was particularly surprising since there are no mainstream pure electric vehicles available for sale in the market yet and no major automaker has rolled out a true plug-in hybrid. (The Chevrolet Volt -- an innovative, though expensive, plug-in car General Motors made available for press test rides months before its launch -- is considered an "extended range electric vehicle).
Consumers not being comfortable with a “limited-range” vehicle is also an interesting choice of wording since all motor vehicles have inherently limited range. The stat seemed to be a nice way of saying people don’t trust battery-powered vehicles because they understandably worry about the time they take to recharge and the availability of charging stations.
It also helps keep sales expectations low.
Press materials said “electrification is an important piece of Ford’s overall product sustainability strategy.”
Unfortunately, the Grand Rapids stop on the “Power of Choice” tour showed Ford is touting a future that, like the fake Focus Electric on display Wednesday, looks good on the outside, but isn't ready to drive.


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San Francisco, CA, January 22, 2015 --(PR.com
)-- VigLink, the leading platform for content-driven commerce, today announced the hiring of Mike Campbell as Vice President of Product. Mike joins the VigLink executive team with more than a decade of digital marketing and advertising experience. He will lead the product team to update and expand VigLink products which offer publishers a powerful way to monetize their content and offer advertisers an effective marketing channel.
“I’m delighted to join Oliver and the rest of the VigLink team in their vision to make every link intelligent and valuable,” said Mike Campbell, V.P. of Product at VigLink. “VigLink’s strong publisher relationships, close merchant ties, and top-notch technology have made VigLink the leader in this space.”
Mike previously led product management at Twelvefold where he worked with the world’s largest brands, including Intel and Toyota, to help them build rich relationships with consumers online. He was also the V.P. of Product at LookSmart where he established mutually beneficial relationships between advertisers and publishers. Mike holds a Bachelor of Science degree in Economics from Harvard University.
The largest network of its kind, VigLink monetizes content that drives commerce for over 300,000 sites and works with more than 40,000 merchants to drive sales. Each month, VigLink processes more than 10 billion pageviews and over five hundred million clicks. Founded in 2009 and based in San Francisco, VigLink is backed by top investors including Google Ventures, First Round Capital, Emergence Capital, RRE, Foundry Group and Costanoa Venture Capital. www.viglink.com
Karbo Communications for VigLink


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Ziglu has made Tez (XTZ) – the native digital coin of blockchain network Tezos – available to the Ziglu community today.
It is one of the first three companies in the UK to have achieved FCA registration as a crypto-asset firm, and at a pivotal time as consumers are seeking greater financial inclusion, control and choice.
Ziglu’s vision is to open up access to cryptocurrencies for all, safely, simply and affordably.
In response to a customer vote offering a range of cryptocurrencies, the Ziglu community overwhelmingly voted for Tezos, with 56 per cent selecting the altcoin.
Tezos is attracting a lot of attention as a decentralised, open-source blockchain network (similar to Ethereum) that can execute peer-to-peer transactions and supports dApps using smart contracts.
Tezos is also able to upgrade to meet the needs of today without network disruptions. The Tezos governance system empowers stakeholders to vote on changes to the network, enabling dynamic innovation and native adoption of cutting-edge features from its own ecosystem and the wider industry.
Bosses at Ziglu believe Tezos demonstrates that technological progress can continually happen on one permanent network, as it has successfully upgraded multiple times without stagnation.
Since launching last year, Ziglu has released a series of new features and various aspects of functionality. Customers can now make peer-to-peer payments across all currencies, both digital and traditional, and execute faster payments to any UK account as well as being able to spend from their GBP account with the Ziglu Mastercard debit card.
Now, with the addition of Tezos, customers can access five cryptocurrencies including Bitcoin, Bitcoin Cash, Ether and Litecoin.
Mark Hipperson, Ziglu founder and Chief Executive Officer said Tezos was an exciting choice to make for the Ziglu community.
“It is important to us that our customers can contribute, tell us what features they want and be involved in the future development of Ziglu,” he said.
“We opened a vote to our community, offering four cryptocurrencies and they overwhelmingly selected Tezos.
“Tezos is an exciting choice for us as it is definitively open and community-driven, which aligns strongly with our core values of inclusion and accessibility for all.”


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A hacker has locked several internet-controlled chastity belts and has demanded a ransom to be paid in Bitcoin to unlock them.
“Your cock is mine now,” the hacker wrote to one of the victims.
Vice.com reports that another victim who asked only to be identified as Robert claimed that the hacker wrote to him demanding a payment of 0.02 Bitcoin (around) after informing him that his cage had been “locked”.
“Fortunately,” Robert wrote in an online forum, “I didn’t have this locked on myself while this happened.”
The device, ironically called Cellmate, is a popular “toy” within the BDSM community, although this cautionary tale might teach customers to think twice before entrusting the internet with control over their genitals.
Indeed, the products of the Internet of Things – a term which refers to physical objects which can be controlled using private internet connections – are notoriously unreliable and unsafe.
Many consider the Internet of Things to just be a marketing term for the Internet of Hackable Things.
Hopefully, the trials and tribulations of Robert, among others, might teach potential customers the importance of internet security.
Picture source: Qiui


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Particle board industries are witnessing robust demand from last two quarters. There are reports of waiting period for quality particle board is running from 15 days to even 40 days from manufacturers end. The crunch in particle board supplies are largely attributed due to sudden surge in demand by readymade furniture makers across the country. The shortage in international market is also fuelling gap in Indian market.
The particle board producers are upbeat by the ongoing acceptance of domestic produced boards but organised OEMs are not to supply the materials and they have utilized its full capacity in present time. Producers say that they have received very good demand from everywhere either retail or OEMs. Presently India has more than 60 particle board producers that includes big and small and each of them are happy with present flow of orders which are led by furniture maker’s demand.
OEMs are packed with orders, occupied queries and quotations. The offices are reopening everywhere hence interior modernisation is at full swing. With growing office furniture demand and beginning of many office projects, the demand is reportedly bullish. The orders coming from big commercial offices, e-commerce and tech- startups is also helping PB demand flow. Since e-commerce, e-retailers and IT offices are opening up now, the tech industry is consuming furniture at ease now.
A Pune based OEMs says that their customers are asking to complete projects as soon as possible because many companies are not much interested to continue work from home, if the Covid Cases remain in control in coming months. As per report, there are full-fledged demands of Particle boards in metro cities such as Bangalore, Mumbai, Surat, Hyderabad, Delhi-NCR etc
A Delhi-NCR based OEMs says that he has a huge order of readymade home furniture demand also and he needs a huge volume of Particle Boards for smooth supply of furniture to meet demand. OEMs informed that earlier, customers were brought readymade furniture from China and other countries, now they buy furniture from Indian producers.


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At its ongoing event in Beijing, Xiaomi has unveiled yet another new smartphone alongside the bezel-less Mi MIX 2 and it is the Mi Note 3 phablet, which features dual cameras and mid-range specs.
Windows 11 Preview in Beta Channel comes with Tablet-optimized taskbar
windows 11 insider preview
Windows 11 Dev Channel finally brings Task Manager with a right click, and more
windows 11 promo
The Chinese company has finally taken the wraps off of its latest flagship device, the Mi 6. The new handset has some powerful internal specs, an attractive design, and a fairly affordable price tag.


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Idaho couple Julie and Scott Brusaw of Solar Roadways have raised more than $1 million on Indiegogo to pursue the extremely ambitious goal of replacing the nation’s roads with solar panels. The design will now move from prototype to manufacturing, a dangerous phase for any technology project — and while the dream is exciting, the logistics of actually pulling it off are less so.
The Brusaws are not scammers or wackos. Scott has an electrical engineering background and the project has gotten two rounds of funding from the Federal Highway Administration. They’ve built a prototype parking lot made of solar panels, microprocessors, and LEDs encased in a textured glass that they say can withstand the weight of a 250,000-pound truck.
They say their prototype can hold a 250,000-pound truck
In theory, the idea could work: replace all the nation’s asphalt with solar panels, and we’d generate more than three times the electricity the US uses. Solar Roadways’ design would also filter stormwater, replace above-ground power cables, prevent icy roads by melting snow, and light up to warn drivers if a moose wanders onto the road.
Unfortunately, the list of obstacles is long. The main problem is cost. "Sure, we could pave the streets with solar panels, but we could also pave them with gold," science writer Aaron Saenz wrote in 2010, when Solar Roadways was first getting national attention. "There is roughly 29,000 square miles of road surface to cover. We need roughly 5.6 billion panels to cover that area. That’s a price tag of $56 trillion!"
Even using the Brusaws’ rosy numbers, which Saenz says overestimate the cost of asphalt, he writes solar roads are 50 percent more expensive than traditional roads.
The Indiegogo campaign does not address the cost issue, and the Brusaws are vague about what exactly the $1 million will buy. "We need to make a few tweaks to our product and streamline our manufacturing process so that we can make our panels available to the public as quickly as possible," they write.
Joel Anderson, a business editor for Equities.com, was one of the few in the media to throw cold water on the idea. "The Brusaws have been unable to secure any piece of the more-than $2 billion a year spent on solar research and development around the world," he writes. "Probably because there’s too many more-practical, more-promising investments to be made to seriously consider this pipe dream."
Most of the tech challenges seem solvable, but the cost issue may not be
He brings up a good point. Rooftop panels and solar arrays are already established as a viable power source, but adoption is still low. It’s hard to imagine a city ripping up asphalt and installing a largely unproven technology when it could achieve the same level of power generation by planting panels along the road, which is the Oregon Solar Highway program’s approach. And while Solar Roadways has been a hit at talk series like Google’s Solve for X and TED, it lost out on $200 million in funding from GE’s Ecomagination contest and has not received an actual investment from Google.
The Brusaws and their prototype parking lot.
Most of the technological challenges seem solvable. Those include things like how to keep the roads clean, how to increase the efficiency of the panels in the road, how to store the solar power, how to get electricity from more remote roads to the grid, and whether the glass is durable enough. Whether they’re solvable for a reasonable price tag is another question.
The couple says they have some customers lined up as soon as the product is finished, but decline to name them or specify the strength of their commitment. They also mention the possibility of other revenue sources besides selling electricity, such as advertising on the roads’ LED displays or charging people to refuel their electric cars, but the list sounds more like brainstorming than a business plan.
The idea isn’t dead on arrival, and even skeptics say they’d love to see it work. But for now, the Brusaws’ promise of a "paradigm shift" seems blindly optimistic.


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Microsoft’s sites, including MSN, MSNBC, Bing, Microsoft.com, and others, were the second most-visited sites in the U.S. in December, trailing only Google sites, according to research company comScore.
Microsoft sites drew 177.3 million unique visitors last month. Google sites drew 187.1 million and Yahoo sites, in third place, drew 176.5 million. Facebook and Amazon sites rounded out the top five.
The rankings among the top five were the same in November 2011, but different from October, when Yahoo was in the No. 2 position, Microsoft in No. 3, and AOL in No. 5. (AOL fell to No. 6 in comScore’s December rankings.)


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How fleets can overcome long delays in vehicle orders
Fleet decision makers need to take active steps to navigate the problems caused by long delays in new vehicle lead times, according to leasing industry executives. The shortage of semi-conductors, components and manufacturing materials has led to order times taking anywhere from six to 12 months longer than normal.
No manufacturer is immune to the issue. Toyota has announced that it will reduce production by 40% in September, making about 40,000 fewer cars for the European market; Ford is closing its Fiesta factory in Cologne for a week; Volkswagen and Audi have extended their traditional summer factory closures; and Stellantis, Renault, Daimler, Volvo and BMW have all revealed production issues due to the chip shortage.
This leaves fleets facing decisions over whether to extend the contracts of their current vehicles; de-fleet vehicles on schedule and switch to short-term replacements while they wait for new vehicles to arrive; or even switch to alternative makes and models in order to secure earlier supply.
Extending contracts is an “easy and convenient way to stay mobile,” said Marchel Koops, Chief Commercial Officer, Athlon, adding that excess mileage charges and elevated maintenance costs unlikely to be an issue given the change in working practices over the past 18 months.
“The Covid-19 pandemic has an influence on the driven mileages due to working from home, meaning that a substantial fleet is facing under mileage,” said Koops.
It is important, however, to formalise these extensions rather than let current contracts drift, said Thierry Faure, ALD Automotive’s Head of Sales and Client Relations (pictured below).
“When you extend a contract the vehicle gets depreciated over a longer period, so the finance element of the lease decreases and your rental is lower,” he said.
Faure indicated that payments could fall by three to 10 per cent, depending on the length and mileage of the original contract, delivering useful savings to businesses in the current economic climate.
"Many of our clients benefit from our lease matrix, which guarantees pricing for contract extensions, based on a predefined set of calculations that are retrospectively applied from the first month of the initial lease contract. This provides our clients with overall transparency and protects them from any cost creep," said Faure.
But there are cases where contract extensions are more difficult, such as vehicle contracts that have already been extended once at the start of the pandemic; vehicles that have very high mileages; and very demanding drivers who are desperate to get behind the wheel of a new car. In these instances, fleets could terminate existing vehicles, and lease replacements on flexible short- and medium-term contracts which can be ended as soon as a permanent new vehicle becomes available.
Fleets should resist the temptation, however, to switch OEM supplier purely on the grounds of vehicle availability, said Faure. He advised fleets to stick with the manufacturers on their current choice lists, which have been selected on the basis of: “the best TCO, best CO2 and best commercial arrangements.” There’s no guarantee that orders placed with another manufacturer will not be caught up in similar delays.
Open orders earlier
Looking ahead, Faure recommended that fleet managers should open their new vehicle ordering process earlier.
“Fleets are not anticipating enough. We don’t know how long this semiconductor crisis is going to last but we should anticipate more,” he said. “Before the crisis, the best in class were ordering new vehicles six months prior to the end of their agreements; now they should be doing it nine months before.”
Images: Shutterstock and ALD Automotive


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Andrew Gillan of Janus Henderson Investors says he likes markets in the Philippines and Indonesia, and explains why it's difficult to invest in Vietnam despite its...Investingread more
China has other "weapons" in its trade battle with the United States — and selling off its U.S. Treasury holdings will not be one of them, said Richard McGregor, senior fellow...China Economyread more
Deutsche Bank Wealth Management's global chief investment officer predicted the Federal Reserve will cut interest rates twice in the next 12 months, but chances of a four-time...US Economyread more
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Netflix can sustain its lofty valuation only if global subscriber growth can support increasing content spending and debt.Technologyread more
Germany online bank N26 said it raised a huge $170 million in additional funding, valuing the six-year-old fintech start-up at $3.5 billion.Technologyread more
Stocks in Asia traded lower on Thursday afternoon. Australia's jobs data showed the net number of jobs created was far below expectations.Asia Marketsread more
The House voted to table a resolution to start impeachment proceedings against President Donald Trump introduced by Rep. Al Green.Politicsread more
A photo editing app has introduced a few new wrinkles to the faces of celebrities — and to the ongoing discussion around personal digital security, NBC reports.Technologyread more
Property price gains across the wider U.K. have been slowing since 2016, according to the U.K.'s Office for National Statistics.Real Estateread more
The International Monetary Fund on Wednesday said that the U.S. dollar was overvalued by 6% to 12%, based on near-term economic fundamentals, while the euro, Japan's yen and...World Economyread more
Amazon's plan to acquire Whole Foods will not only change the landscape for retail but also for real estate. The value of the strip mall centers with Whole Foods stores has already shot up, while centers anchored by competing supermarket chains will face pressure.
"We know that's coming, and that's going to be your typical full-service grocer who is already facing challenges in the business," said Phillip Owens of Green Street Advisors.
The roughly 440 Whole Foods centers tend to be located in highly affluent areas, and in all likelihood Amazon would take its e-grocer model to a new level in those stores; Amazon could use them as both delivery hubs and distribution centers. Some speculate there could be drive-through pick-up lanes, or other innovations that would require research and development across the portfolio of stores.
"And so capital expenditures, money being put into those stores to increase the attractiveness of the physical space, is likely to happen in the near term," added Owens, which would only increase the value of the underlying real estate.
Foot traffic would also rise, as shoppers who may have been turned away by Whole Foods' relatively high prices now may see lower prices and could also visit the stores to pick up items purchased on Amazon. All this bodes well for other stores in the Whole Foods center and consequently occupancy and rent in those centers. Competing grocers, and the strip malls they occupy, could see just the opposite.
"You might see a degradation, you might see situations where rent growth stagnates, and at the end of the day that's all happening because the best retailers are likely to desire being near the Whole Foods-oriented center," said Owens.
Some of those centers are owned by publicly traded REITs, which could take a hit if rents and occupancies suffer. Big players there are Regency, ROIC and Weingarten. On the flip side, REITs that own strip centers, like American Assets Trust, could see big gains, according to Owens.
"While Whole Foods Market's corporate challenges were well written about in the national press, they also represent a sought-after REIT tenant given they tend to target upper-income areas whether suburban or urban," noted Alexander Goldfarb, managing director and REIT analyst at Sandler O'Neill. "The REITs have long noted that the Whole Foods Market tends to target suburban and urban markets where upper-income customers tend to live, so it doesn't surprise that Amazon would target a retailer than combines weekly shopping trips with affluence."
Two competitors that a Whole Foods-Amazon deal is unlikely to hurt are ethnic and value-oriented shopping centers. They don't compete for the same customers, and their underlying real estate will likely continue to see strong demand.


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MUMBAI (Reuters) - India, the world’s top gold buyer, has taken a series of measures this year to curb demand for bullion - its second-biggest import after oil - as it looks to reduce its record trade deficit.
Following are the measures taken by the central bank and the government in 2013:
Jan 21 - The government raises gold import duty by 2 percent to 6 percent.
Jan 22 - The government more than doubles duty on raw gold to 5 percent.
Jan 30 - Finance Minister P. Chidambaram says no plans for additional taxes or curbs on gold imports.
Feb 1 - The RBI plans to introduce three to four gold-linked products in the next few months.
Feb 6 - The RBI says it would consider imposing value and quantity restrictions on gold imports by banks.
Feb 14 - The central bank relaxes rules on gold deposit schemes offered by banks by allowing lenders to offer the products with shorter maturities.
Feb 20 - Trade ministry recommends suspending cheaper gold jewellery imports from Thailand.
Feb 28 - India keeps its gold import duty unchanged in its annual national budget, defying industry expectations.
Feb 28 - India proposes a transaction tax of 0.01 percent on non-agricultural futures contracts including precious metals.
March 1 - Finance minister appeals to people not to buy so much gold.
March 18 - The Reserve Bank of India says it is examining banks that sell gold coins and wealth management products to identify “systemic issues”, with a view to closing any legal loopholes.
April 2 - Finance Minister suggests unlikely to raise the import tax on gold further to avoid smuggling and would instead introduce inflation-indexed instruments.
May 3 - The RBI restricts the import of gold on a consignment basis by banks.
June 3 - Finance minister says India cannot afford high levels of gold imports and may review its import policy.
June 5 - India hikes gold import duty by a third to 8 percent.
June 21 - Reliance Capital (RLCP.NS) halts gold sales and investments in its gold-backed funds.
June 24 - India’s biggest jewellers’ association asks members to stop selling gold bars and coins, about 35 percent of their business.
July 10 - India’s jewellers could continue a voluntary ban on sales of gold coins and bars for six months.
July 22 - The RBI moves to tighten gold imports again, making them dependent on export volumes, but offers relief to domestic sellers by lifting restrictions on credit deals.
July 31 - India hopes to contain gold imports well below 845 tonnes that were shipped last year, Finance Minister says.
Aug 13 - India hikes import duty on gold for a third time in 2013 to 10 percent. Duties for silver and platinum also increased to 10 percent. Customs duty on gold dore bars, ore or concentrate increased to 8 percent from 6 percent.
Aug 14 - India turns the screws on gold buying again, banning imports of coins and medallions and making domestic buyers pay cash.
Reporting by Siddesh Mayenkar; Editing by Muralikumar Anantharaman


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Less than one month after announcing plans to purchase Smuttynose Brewing Company from Provident Bank, New Hampshire’s Runnymede Investments has finalized its deal for the struggling Portsmouth-area craft brewery and launched a 90-day plan aimed at helping it return to growth.
In this week’s edition of Last Call: Allagash begins canning; a Louisiana lawmaker yanks a bill to allow younger adults access to alcohol; and more.
The latest snapshot of beer category health is out. Market research firm IRI Worldwide, which tracks category-wide sales trends at off-premise retailers, reported yesterday that dollar sales of beer at multi-outlet and convenience stores were up 1.5 percent through March 25.
Less than two weeks after Chicago’s Revolution Brewing announced a deal for a branded taproom at Guaranteed Rate Field, Anheuser-Busch-owned Goose Island, also based in the Windy City, has inked a multi-year deal to become the “official craft beer” of the Chicago White Sox.
Boston-area craft beer maker Castle Island Brewing is doubling down on its home market, today announcing a multi-year agreement for a seasonal beer garden located just three miles from the brewery’s namesake landmark at a recently developed site known as Underground at Ink Block.
In an effort to capture a growing contingent of consumers who are drinking both beer and spirits during a night out, Anheuser-Busch and Beam Suntory have inked a multi-faceted cross-merchandising program and collaborative brewing project. As part of the partnership, the two companies, via their flagship Budweiser and Jim Beam Brands, will “begin appearing together at bars and retail venues across the country,” according to a press release.
For the second consecutive year, U.S. craft beer exports grew in the low-single digits. However, growth of international shipments has slowed considerably as the export market has matured and competition from brewers in those foreign markets has increased. The Brewers Association (BA) announced Tuesday that U.S. craft beer exports grew 3.6 percent, to 482,309 barrels, in 2017.
Brewbound today announced its speaker lineup for the upcoming Brew Talks meetup, taking place May 1, in Nashville, Tennessee, during the 35th edition of the Craft Brewers Conference. The industry-only event, presented by Dogfish Head, will feature two thought-provoking panel discussions on the state of beer marketing and retailing.
Following weeks of uncertainty about the future of Green Flash Brewing, the San Diego-based craft beer company today announced that it has finalized a sale to a new investor group. In a note sent to Green Flash Brewing shareholders, posted by various outlets, founder and CEO Mike Hinkley said the brewery’s primary lender, Comerica Bank, had “foreclosed on its loans” and sold the company’s assets to WC IPA LLC via a foreclosure sale.
After raising more than $6 million from investors over the last five years, Sonoma Cider has ceased operations at its production facility and taproom in Northern California, the Santa Rosa Press Democrat reported. In a statement issued to the Press Democrat, Sonoma Cider co-founder and CEO David Cordtz said the Healdsburg-based maker of hard cider products “suddenly and without warning” lost its investor funding and closed as of March 28.
The maker of Samuel Adams is wading deeper into the taproom business. The Boston Beer Company — which makes and markets a variety of beer, cider and FMB products — today announced plans to open a 9,000 sq. ft. taproom just steps away from its current Cincinnati production facility.
Anheuser-Busch InBev today announced a voluntary recall in the U.S. and Canada of a “limited” number of Stella Artois bottles that may contain glass particles due to a packaging defect.
Another chapter in the story of Green Flash Brewing’s distressed financial situation was written today as the San Diego-based company announced plans to close its Cellar 3 barrel-aging facility and taproom in Poway, California.
Dogfish Head is set to introduce a functional new variety pack, co-developed with packaging supplier WestRock, that will instantly transform into a leak-proof cooler with just a few scoops of ice. Called the “Off-Center Your Summer Pack,” the new SKU, which will retail for as much as $22 in some markets, will feature four varieties of beer – 60 Minute IPA, SeaQuench Ale, Lupu-Luau IPA and Namaste White – and include a custom Dogfish Head koozie.


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Apple is creating a new type of it is small iPad Mini, based on the most current whispers through the source string. Resources talking with dependable expert Ming-Chi Quo state the brand-new 7.9-inch gadget will take advantage of the most recent Apple chipset, mainly because very well like a lower beginning price.
The so-called iPad device Mini 5 will follow taking after the actions of the on the lookout 9.7-inch Apple iPad tablet presented simply by Apple back again in Drive, which distinguishes itself in the Pro choices with its low-cost tag, chunkier bezels, and lack of support for the Sensible Keypad.
Apple iPad 9.7 (2018) review:
Apple iPad 4 review:
As the next-generation 10.5- in. and 12.9-inch apple company iPad Pro will be widely-tipped to boast the face ID cosmetic recognition noticed in the iPhone XS, the 5th iteration from the iPad Tiny will allegedly stick with Contact ID.
In contrast to the new iPad from Apple Pro designs, the iPad Mini your five will not be released at the Apple Event planned for Oct 30, 2018. Regarding TF World Investments professional Kuo, the brand-new iPad tablet Mini is usually prepared to launch at the beginning of 2019.
That could fit with earlier release habits. More than the previous few of years, Apple offers typically first showed its brand-new lower-cost iPad device types found in Mar., using its range-topping apple iPad tablet Pro variations introduced in an event inside the few months prior to Xmas.


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How China’s Jin Jiang and Huazhu put Marriott and Hilton to shame
Two Chinese hospitality groups thrive as Western rivals struggle
COVID-19 HAS, received wisdom has it, been terrible for hotels. The share prices of the eight biggest listed Western groups by room count have slipped by 14%, on average, this year. The glum consensus is, though, being challenged by two big Chinese chains. Both are enjoying resurgent demand for domestic travel as China has tamed its epidemic. And strength at home is fuelling ambitions abroad.
Jin Jiang, the world’s second-biggest hotel firm by capacity, boasted an occupancy rate of 74% in the third quarter, in line with last year and more than double that of its bigger rival, Marriott International. Its market value has soared by three-quarters this year, to $6.4bn, above better-known Asian brands such as Shangri-La and Mandarin Oriental. Huazhu, which like Jin Jiang is based in Shanghai, saw revenue per available room recover by 40% from the second quarter, to 179 yuan ($27). The group is now worth $16bn, behind only Marriott and Hilton Worldwide among the world’s listed hoteliers.
Similarly to their big Western rivals, Jin Jiang and Huazhu each owns a portfolio of brands that cater to different customers. Jin Jiang, which is controlled by Shanghai’s local government, operates everything from budget digs (think Marriott’s Fairfield Inn) to the upper end of the mass market (like Sheraton). Huazhu is a more all-encompassing group, which also competes in the luxury segment. Both companies prefer to offload the costs of hotel construction to franchisees in exchange for lower franchise fees, which enables them to expand much more rapidly.
The pair indeed look poised to capture a greater market share at home, reckons Yulin Zhong of 86Research. In America chain hotels accounted for 72% of all hotel rooms at the end of 2019. In China the equivalent figure was just 27%.
As incomes rise and Chinese travellers become more discerning, the standardised, dependable amenities and good service that big chains guarantee begin to look more appealing. Domestic providers of such things enjoy a substantial first-mover advantage. The number of hotel rooms in China held by Wyndham, the biggest foreign operator, is merely a third that of Huazhu and a fifth that of Jin Jiang. And their advantage is growing—the two firms have more than 7,300 hotels under development between them, mostly in China, equivalent to 47% of their existing stock.
In a bid to break into the global market, two years ago Jin Jiang purchased a majority stake in Radisson, the world’s 11th-biggest hotel operator by capacity, for $332m. In January Huazhu paid $868m for Deutsche Hospitality, a posh German group. Such tie-ups allow the new owners to study the nuances of serving a sophisticated foreign clientele without spending millions on marketing their unfamiliar brands in the West (or raising the sort of hackles that Chinese acquisitions often do in more sensitive industries such as technology or finance). As American and European hoteliers continue to reel amid the pandemic’s second wave, more last-minute deals may be on offer for the Shanghai duo. ■
This article appeared in the Business section of the print edition under the headline "Hospitable climate"
Business December 3rd 2020
- The dawn of digital medicine
- Volkswagen’s boss takes on the unions
- Congress wants to boot Chinese firms from American exchanges
- How China’s Jin Jiang and Huazhu put Marriott and Hilton to shame
- Swiss multinationals narrowly avoid new ethics standards
- How the pandemic is forcing managers to work harder
- Nestlé gives a flavour of the future
From the December 3rd 2020 edition
Discover stories from this section and more in the list of contentsExplore the edition
Is the worst over for Mark Zuckerberg’s social-media empire?
Meet the small short-selling firm that picked a fight with a giant
What questions do technologies like ChatGPT raise for employees and customers?


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SXSW Interactive 2013
Drones Gone Wild
By now, the public is quite familiar with unmanned aerial vehicles, more commonly known as drones, and their extensive and controversial use striking alleged militants in Afghanistan, Pakistan, Yemen and beyond. But overlooked in the drone debate is how they will soon be dramatically affect US citizens in their every day life. The FAA estimates that as many as 30,000 drones will be flying in US skies by 2020. But what will all these flying robots be doing? Will they be used primary for surveillance, or put to good uses? How will the technology advance, and most importantly, how will it affect Americans? This talk will cover the drones issue from many angles, touching on personal privacy, drone security and vulnerability to hacking, institutional transparency, and — of course — the future.
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- Do drones really pose a threat to privacy? How do they differ from street cameras or helicopters? One panelist has argued that drones may actually serve as a "catalyst" for privacy — how would that play out?
- Have drones been hacked before, and how easy will police drones be for hackers to take over when they start flying over American cities?
- What's the current legal framework that governs who may fly drones and under what conditions? How is that poised to change, and what might the consequences be of such a change?
- How does the US use of drones overseas affect Americans' perception of drones at home? Are these the same types of drones?
- What can Americans worried about the privacy threat posed by drones do to relieve those concerns? As the prices of drones and related hardware come down, and the complexity of obtaining and flying a drone drops similarly, are pervasive private and police drones inevitable?
Trevor Timm, Activist, Electronic Frontier Foundation


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Articles about Realme Race
08 Feb 2021Technology
Realme is expected to launch its Race flagship smartphone in China in the coming weeks. In the latest development, the handset has appeared on TENAA certification site with model number RXM2202, revealing its key design details and features.
25 Jan 2021Technology
Realme is all set to launch its flagship Race model after China's Spring Festival in February this year, according to a Weibo post by Realme China's President Xu Qi.
27 Dec 2020Technology
Realme Vice President Xu Qi Chase has teased the design and specifications of its upcoming Race smartphone. It is expected to be launched in the first quarter of next year.


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Intel launches attempt to expand its market
Intel Corp. made a new effort today in its attempts to get its processors into mobile phones, according to Reuters.
It joined PC maker Acer Inc. in Bangkok to unveil the Liquid C1 smartphone, a $330 device running Google Inc’s Android operating system, which will be launched first in Thailand and then rolled out across Southeast Asia, one of the fastest-growing markets for mobile phones, according to Reuters.
“We’ve made a conscious effort to go after these fast-growing markets as our first foray into the business,” Mike Bell, the head of Intel’s mobile division told Reuters.
The company’s ninth such device in nine months, the Liquid C1 shows how far Intel has come in convincing manufacturers to take a chance with its mobile chips as the sales of personal computers and laptops plunge, according to Reuters.
Intel, which has a facility in Rio Rancho, is relying on the mobile technology market more and more.
The company saw revenue fall 3 percent in the last quarter on weak sales of PCs, part of a steady decline in revenue growth since 2009, according to the Reuters report.
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The International Islamic Trade Finance Corporation (ITFC) “The Cotton Bank of Africa” Supports Burkina Faso’s Cotton Sector with a EUR 107 Million Financing
This financing agreement will support the purchase of seed cotton from farmers and cooperatives
JEDDAH, Kingdom of Saudi Arabia, December 18, 2017/ — The International Islamic Trade Finance Corporation (ITFC) a member of the Islamic Development Bank (IsDB) Group signed a EUR 107 Million Murabaha Financing Agreement (CFA franc 70 billion) to finance Burkina Faso 2017/2018 Cotton Season with SOFITEX (the national cotton company) as executing agent.
This transaction is in line with the new USD 450 million Framework Agreement, signed in May 2017, with the Government of Burkina Faso for the coming 3 years.
The EUR 107 Million Murabaha Financing Agreement was signed by Eng. Hani Salem Sonbol, CEO, ITFC, and Mr. Wilfried Yameogo, CEO, SOFITEX (representing Burkina’s Minister of Economy, Finance & Development).
Highlighting the importance of such agreements in terms of supporting trade finance activities in Burkina Faso, Eng. Hani Salem Sonbol said: “ITFC’s support for the Cotton sector in Burkina Faso is in line with its strategy of prioritizing its financing to the key sectors driving economic growth and income generation for the people in Member Countries.”
He further explained that the proposed operation is to consolidate ITFC’s financing package for Burkina, leveraging on the Corporation’s ability to mobilize resources from the market while positioning itself as the “Cotton Bank of West Africa”.
This financing agreement will support the purchase of seed cotton from farmers and cooperatives. This will also have a positive impact on the income of the farmers and improve their living conditions.
Burkina Faso has benefited from more than USD 925 million of financing since ITFC’s inception in 2008.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
About the International Islamic Trade and Finance Corporation (ITFC):
As a leader in Shari’ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. With the vision of being the leading provider of trade solutions for OIC Member Countries’ needs, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with trade development programmes in order to help them compete successfully in the global market. Operating to world class standards, ITFC promotes IsDB developmental objectives through its two main pillars, Trade Finance and Trade Development, to fulfil its brand promise of ‘Advancing Trade & Improving Lives’.


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Will Google’s New Penguin Delight You?
Earlier this week, Google announced something that website owners everywhere have been anxious about for some time now: the potential launch of the next Penguin algorithm refresh. That launch could come as early as next week.
At Search Engine Marketing Expo East, Gary Illyes, Webmaster Trends Analyst and Search Quality Engineer at Google, announced this new Penguin release would be more than a standard refresh. Instead, the new Penguin, which has been almost a year in the making, would be a major re-write of the link-quality algorithm.
What Exactly is Penguin?
Google’s Penguin algorithm, originally released on April 24, 2012, was designed to target websites that created unnatural links in an attempt to “cheat” the search engine’s ranking systems. Although Google’s search algorithm is largely unknown, it is widely accepted that backlinks play a significant part in determining the rankings. This has led many SEO “experts” and website owners to attempt to manipulate the search engines by creating tons of unnatural links. Many sites that did this saw a major boost in rankings and organic traffic. However, thanks to Penguin, such activity only resulted in short-term gain.
The Penguin algorithm doesn’t just look at links, but that’s primarily what it’s known for. In particular, Penguin targets sites that:
- Build a lot of low-quality backlinks
- Use unnatural anchor text (such as keyword-rich anchor text)
- Employ automated linking tools to create unnatural link velocity
Ultimately, Penguin’s goal is to determine how trustworthy a site’s links are. The effects Penguin has had on websites has varied. Some sites saw minor drops in rankings while other sites were buried so deep in the search results they might as well have landed in an ice age. On the bright side, for every site cast aside by Penguin, another site was effectively “rewarded” with a ranking increase.
Once a site gets hit by Penguin’s algorithm, it will be affected until two things occur:
- The website resolves the issues that caused the hit
- A new Penguin algorithm refresh is released
Since many websites and businesses base their livelihood on Google search, it’s no surprise that Penguin makes a lot of people unhappy. While it’s difficult to argue against Google’s decision to “penalize” these websites (after all, they are in direct violation of Google’s Webmaster Guidelines), some of the complaints that have surfaced regarding Penguin seem reasonable:
- If I correct the problem, why should I have to wait until Google releases an update to regain my position in the search engines? This rings especially true when it takes Google a year to release an update. Imagine not getting any organic traffic for a full year.
- What if competitors build bad links that point to my website? Then I could get penalized even though I did nothing wrong. (Note: Google's stance on negative SEO is that it is unlikely to occur, but many industry experts disagree and can provide circumstantial evidence.)
- What if an unethical SEO company built these links without my knowledge? Why should my site be penalized when they are the ones who made the mistakes?
The New Penguin Will “Delight” Us
When Illyes made the announcement regarding the release of the new Penguin, he gave it two promising endorsements:
- It will make a webmaster’s life “easier a bit”
- It will be a “delight” for most people
What exactly could “delight” website owners about a new Penguin? Well, there are two things in particular that could make everyone happier:
- Frequent refreshes that don’t leave websites buried deep in search for a year
- An algorithm that ignoresthe bad links rather than penalizing a site for having them
If Penguin learned to ignore the bad links, then this could have many positive implications. Negative SEO would no longer be a threat. Writers and website owners wouldn’t have to worry about the potential pitfalls of guest blogging. There would be no more disavow tools, no more requests to remove backlinks, no more people charging hefty sums to correct those problems of the past. Website owners wouldn’t have to worry that a bad SEO company would end up getting them penalized. In fact, bad SEO companies might just go away completely. After all, if Penguin is ignoring the bad links, then building millions of spammy backlinks would no longer result in any ranking increase to begin with. Just imagine a world without dozens of emails “guaranteeing” better rankings, thousands of backlinks, and millions of new customers for only $99 per month!
Of course, the idea that a friendlier Penguin will make the world a better place is a bit naïve. Furthermore, any “delight” delivered by Penguin will have plenty of limitations. After all, not everyone can enjoy better rankings. Page one of Google is still only going to have 10 results. If your site doesn’t see gains from Penguin, what “delight” can you have?
Ultimately, a release of a new Penguin algorithm should never scare a website owners. As long as you have been doing things the right way—providing quality content and a great experience for your users—then you should expect to keep waddling along without breaking the ice.


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Home > IP News
Microsoft Corp won a round in a complex patent war on Thursday whenthe International Trade Commission said the company's popular Xbox entertainment system did not violate a patent owned by Google subsidiary Motorola Mobility.
If the ITC had found that Microsoft infringed, it could have barred the Xbox from being imported into the United States. The fight over the Xbox is related to a larger smartphone patent war between Apple, Microsoft and the mobile phone makers who use Google's Android software, including Motorola Mobility.
Motorola Mobility originally accused Microsoft of infringing upon five patents when it filed its complaint in 2010. Four were dropped in ensuing months, leaving just one - a patent which allows devices to communicate wirelessly over short distances. "This is a win for Xbox customers and confirms our view that Google had no grounds to block our products," David Howard, a Microsoft deputy general counsel, said in a statement. Motorola was "disappointed with this decision" and is evaluating its options, a company spokesman said in a statement.
To continue reading, click here.


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Can you believe that it was 50 years ago that Concorde took to the sky for the first time to herald the supersonic age of commercial air travel. Yet still today the plane looks ahead of its time and stunningly beautiful. Well to mark this momentous occasion, Aston Martin, who of course produce equally beautiful cars, are going to produce just 10 unique Aston Martin DBS Superleggera Concorde Special Edition versions, commissioned by Aston Martin Bristol in association with British Airways. Somewhat fitting seeing as it is also BA’s centenary year.
While not many people got the chance to fly on Concorde, myself included, even fewer people will get the chance to drive one of these special Aston Martin’s produced by Aston Martin’s bespoke service, Q by Aston Martin.
This new special edition sports car is the just the latest chapter in the marque’s ongoing Aston Martin Wings Series. The DBS Superleggera Concorde Edition joins the Vanquish S Red Arrows Edition, Vantage Blades Edition and the V12 Vantage S Spitfire 80 in the brand’s aviation-inspired celebration models.
Coincidentally, this special car has been commissioned by Aston Martin Bristol, which is very close to Aerospace Bristol at Filton, which now houses the last Concorde ever to fly and the location at which the British Concorde were manufactured. Yesterday’s announcement was particularly fitting, too, as it coincided precisely with the date of 26th November 2003 when the last Concorde flight of G-BOAF, which is now in residence at Aerospace Bristol, touched down.
Marek Reichman, Executive Vice President and Chief Creative Officer of Aston Martin Lagonda, said of the new limited edition car: “It’s only fitting that our great British sports car brand marks the achievement of the incredibly dedicated, talented and ambitious teams of British and French scientists, engineers, designers and aircraft workers who made Concorde, and supersonic air travel, a reality in our skies 50 years ago.
“Using the DBS Superleggera as our starting point, and with the support of the talented personalisation experts in the Q by Aston Martin service to draw on, we have been able to subtly and sympathetically enhance and highlight some of the car’s most notable features while preserving the elegance, style and sheer brutish road presence for which the Aston Martin DBS is rightly known.”
The exterior of the DBS Superleggera Concorde features bespoke aluminium side strakes, a bespoke painted livery which includes the British Airways colours on the roof strake, aero blade and rear diffuser. The front wings have the famous British Airways ‘Speedmarque’ logo in chrome as well as a unique ‘Q by Aston Martin’ badge with black enamel infill. There is also unique and authentic jet black painted Civil Aviation Authority aircraft identifier numbers and bespoke inspection plaques signed by Aston Martin Lagonda President and Group CEO Andy Palmer and British Airways Chairman Álex Cruz. And that’s not all, as the car comes with a Concorde silhouette graphic on the carbon fibre roof.
The DBS Superleggera Concorde’s interior gets the special treatment as well, with a Concorde logo on the front seat facings and a Mach Meter graphic embroidered on the driver’s side sun visor. There is a unique headliner featuring printed Alcantara displaying a ‘sonic boom’ graphic and the paddle shifters are made from titanium from Concorde compressor blades. The luxurious floor mats come in Terence Conran design pattern, while the seatbelt buckle badges are milled from solid aluminium as are the bespoke sill plaques.
Perhaps the most important part of the DBS Superleggera Concorde package is what’s under the bonnet to give it the performance you’d expect from an Aston Martin. Therefore the car comes with Aston Martin’s 5.2-litre twin-turbo V12-engined Super GT flagship power unit, which boasts 725 PS, 900 Nm of torque and a staggering top speed of 211mph, accompanied with lightening fast acceleration that will get you from 0-62 mph in just 3.4 seconds and from 0-100 mph in 6.4 seconds!
If you fancy getting your hands on one of these 10 limited edition sports cars, they are available to purchase through Aston Martin Bristol.
Simon Burrell is Editor of Our Man Behind The Wheel, a professional photographer and former saloon car racing driver.
Photographs courtesy of Aston Martin


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In what appears to be a total cut off for the country, Apple has blocked access to its App Store for users in Iran, the media reported.
The Cupertino-headquartered giant does not sell its products or operate its App Store in Iran and now it has blocked all the traffic coming from the country and also from accessing its App Store in any capacity.
“Users were not able to connect to the Apple App Store to install or update applications. When visiting the App Store, they were instead greeted with the message ‘the App Store is unavailable in the country or region you’re in’,” tech website Bleeping Computer reported on Friday.
According to Meysam Firouzi, an Iranian security researcher, he Continue reading


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In an attempt to compete more closely with trucks, Union Pacific and Norfolk Southern railways are teaming up to offer a guaranteed, on-time delivery option between Los Angeles and Atlanta.
Any load that does not arrive when scheduled will be free, say the railroads.
The nation’s largest railroad, Omaha-based Union Pacific operates more than 35,000 miles of track over 23 states in the western two-thirds of the United States. Norfolk Southern operates 21,800 miles of track in 22 states, the District of Columbia and the province of Ontario.
Handling consumer goods ranging from televisions to clothes and toys, Union Pacific will handle shipments between Los Angeles and Memphis and Norfolk Southern will take the loads between Memphis and Atlanta.
“We believe there’s tremendous opportunity to bring that truck freight to rail intermodal with products that meet customer requirements,” Randy Blackburn, Union Pacific vice president of intermodal marketing, told the Associated Press.
The railroads will offer three tiers of service, including guaranteed delivery of goods on time.
They also are looking into streamlined delivery of goods at points in between Atlanta and Los Angeles.
CSX Transportation and Union Pacific have also worked together to speed the movement of fruit and vegetables from the West Coast to the East Coast, and Union Pacific has worked withCanadian Pacific Railway to improve service between Canada and the United States.
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Investors implored to employ Zambian professionals
Lusaka, Jun 8/13 ZANIS——Government has urged both local and foreign investors to employ Zambians whenever they are setting up their businesses in the country.
And government has urged local and foreign firms dealing in furniture business to ensure that they take advantage of the rich raw materials produced in the country.
Commerce Permanent Secretary, Stephen Mwansa, said Zambia is one country in the sub-Saharan Africa with a lot of expertise with the capacity of performing to the high levels of expectation.
Mr Mwansa said it is in this vain that government has developed a strategy to ensure that investors engage local professionals and the use of local materials to enhance trade in the country.
The Permanent Secretary was speaking in Lusaka yester night when he officially opened the Home Flair Furniture Shop.
Mr Mwansa further urged Home Flair to ensure that it utilizes the locally made timber in the manufacturing of its products as one way of showing appreciation to the country’s rich abundant resources.
And Home Flair Southern Africa Managing Director, Grant Siebert, said Zambia is one of the countries in Africa which have the best marketing potential.
Mr Siebert commended government for streamlining various investment policies for both local and foreign firms.


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2019 Dakar Rally Stage 3 Results, Motorcycles: Yamaha's Soultrait Wins
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Three stages of the 2019 Dakar Rally are now complete, and 3 different manufacturers have claimed wins, including Yamaha's Xavier de Soultrait .
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Xiaomi’s sub-brand Redmi launched its first TV in Beijing, China, alongside the Redmi Note 8 series and the RedmiBook 14 Pro. The TV is called Redmi TV 70 because this one comes only in one size-variant, which is 70-inches. Here’s everything you wanted to know about it.
Display & Audio
The Redmi TV 70 flaunts a 70-inch (diagonal) 4K LED-backlit IPS panel with a resolution of 3480×2160 pixels. The display is HDR 10 compatible, has a 178 degrees wide field of view, and has very thin bezels around the panel.
For audio, the TV has support for Dolby Audio and DTS HD for the audio. Redmi also claimed to have special audio enhancements for the device’s audio system.
The Redmi TV is powered by the 6th gen 1.5GHz quad-core 64-bit Amologic Cortex A53 SoC alongside the Mali 450MP3 GPU clocked at 750MHz. This is paired with 2 Gigs of RAM and 16 Gigs of internal storage.
Software On The Redmi TV
The Redmi TV runs on Xiaomi’s own TV OS called Patchwall OS, which Xiaom’s smart TVs (like the Mi TV 4) run on. Patchwall OS has Xiaomi’s virtual assistant called XiaoAI, that helps users navigate the software and find interesting stuff to watch with the help of the voice-enabled remote control. The TV supports media formats like H.264, Real, MPEG 1/2/4 and other popular ones.
The smart TV comes loaded with Bluetooth 4.2 and dual-band Wi-Fi 802.11ac. I/O ports include three HDMI and two USB ports. The TV also comes with a Bluetooth remote control with support for voice-controls. Xiaomi smartphone and notebook users can also wirelessly cast to the TV via Wi-Fi and Xiaomi’s proprietary app present in Patchwall OS.
Pricing & Availability
This is the part which raised the eyebrows of people all over the world. The Redmi TV is priced at CNY 3,799 (~ USD 530 / INR 38,000). That is very impressive, especially considering Xiaom’s own TVs shall not match up to the VFM provided by the Redmi TV. The TV goes on sale in China starting on September 10.
The TV shall most likely not hit any markets other than China and India. Redmi GM Lu Weibing says the Redmi TV shall most probably make its way to India, but there is no estimate for the launch date. We can expect the TV to launch in India towards the end of the year.
We shall update the post as and when we have more details.