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10 October 2008
The Changing Face of China Sourcing.
Probably nobody in the West nowadays lives a day without using something that is made in China, from clothing and electronics to kitchenware and bathroom essentials. Western companies in the meantime are increasing their sourcing to China in order to keep their product costs competitive.
But China may no longer be the cheapest place to get your products made, not least because its currency has already appreciated by more than 10% over the last year, whilst the new labour law, effective from late 2007, now imposes stringent severence and overtime payment undertakings on employers. Moreover, hefty increases in raw materials, reductions in export VAT rebates, and tightening processing trade policies have all contributed to increased costs of Chinese manufacturered products this year.
However, China’s single largest buyer, Wal-Mart, has said that soaring production and commodity costs would not damage its ability to source goods from China, and it even expected to see an improvement in product standards. For them, China has been a stable source of products and will likely remain so in the coming years. But can the same be said for other smaller Western buyers?
Why sourcing from China?
According to two senior directors of McKinsey in China, MNCs are sourcing only half what they could do, and are not getting anywhere near the full savings potential of what they source in China. “Sourcing in China is big, but much bigger days are ahead,” said the two McKinsey directors.
Even despite the increase in China’s manufacturing costs (in some industries by over 10%), it is still among the best choices for offshore sourcing. And the reason is simple: no other country can produce goods on such a large scale with such low costs. China also benefits from a strong work ethic and stable political environment and, while other emerging markets might compete on price, China is also able to compete on quality, with continuous improvement in manufacturing excellence. In terms of alternatives, Vietnam, with only 85m people, is just too small, and India does not yet have an adequate national infrastructure.
The traditional way of sourcing from China has been for the Chinese manufacturers to produce according to a set of drawings supplied by the foreign buyers. But in an increasingly competitive landscape, Western companies are now becoming more sophisticated in their relationships with the Chinese, and are finding ways to get even more value from their suppliers. For example, after agreeing requirements and concepts, the Chinese designers and engineers are then left to work out by themselves what the products will look like, and how they should function. Another trend is that multinationals are starting to implement design-to-cost practices in China, which involves removing premium features from products to cut costs. All these approaches can help to drive down China sourcing costs.
Strategic aspects of sourcing
China is now one of the biggest markets for many products, from mobile phones to PCs and cars, and yet many foreign firms fail to realise that Chinese consumers can have markedly different preferences to westerners, with cultural differences in consumption and purchasing habits. For example, the appearance of a mobile phone on the Chinese high street is just as important as its function. Sourcing from China can help companies to better understand these inclinations, giving overseas firms key market intelligence on local product buying trends.
A partnership mind-set
The supplier-customer relationship is evolving rapidly for both sides, as the dynamics change from a one-way to a two-way partnership. We have seen Chinese suppliers becoming distributors of western products across China, whilst Western customers have turned into buyers, extending their role to become resellers in their home market for their Chinese suppliers. In other cases, Chinese suppliers have bought patent rights from their Western customers for use in Chinese and other selected markets, and sometimes even sell foreign products under their own brands.
To benefit from these changes, Western companies should design a three-step strategy: they should aim to secure alliances with reputable Chinese manufacturers, they should develop a long term partnership-oriented engagement model, and they should look to invest in upgrading their Chinese suppliers’ technology and management skills. Then the Chinese market will be there for harvesting, in terms of both cost reduction and revenue generation.
Ting Zhang is Founder and CEO of China Business Solutions, a leading UK consultancy dealing exclusively with the Chinese market.


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Huawei has just confirmed it’s latest chipset Kirin 990 coming 6th September, just some weeks away.
The Kirin 990 will be built on TSMC’s 7nm EUV process technology which will provide a 20% greater transistor density and increased power efficiency.
The new SoC will allow for a good 4k video recording at 60 fps(frame per second), as this is first ever in the Kirin family.
We also expect enhanced NPU based on Huawei da Vinci architecture latest CPU and GPU components.
Huawei released a video showing details that the SoC will have 5H capabilities as rumour has it that the chipset will have a modem built in it.
Even though Huawei Mate series smartphones have debuted Kirin SoC chipsets, it is believed that the coming Mate 30 will feature the chipset.
We will fill you in with more news once they drop

domain: news


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Nintendo’s really bad at this. They’re great at making games, they’re arguably (I think so) great at creating unique game consoles, but they’re really, really bad at actually selling them. Like, the process of getting a console made, assembled, shipped to retail and sold through to a real consumer is hard for Nintendo.
They canceled the NES Classic Edition while it was still practically impossible to find one.
The Nintendo Switch launched on March 3, 2017. Here we are, three-and-a-half months later, and it’s exceptionally hard to find one at retail. On Amazon, Target, Wal-mart, Toys ‘R Us or wherever you get your games online or in person? The Switch is scarce. If you live in a relatively well-populated area, you can forget about finding one without getting lucky as a store opens with a freshly delivered three or four consoles.
Supposedly, Nintendo’s trying to ramp up production. There’s even been some discussion about how phone makers like Apple are making it harder for Nintendo to line up manufacturing on production lines because they share similar tech. It’s all playing against Nintendo’s favor, and the Switch remains hard to come by.
Now, normally, I’d look at the calendar and think, “They’ve got time.” Christmas is, what, five or six months away. That’s half a year to get production going well enough to satiate the demand they face now and the demand they’re likely to face with the Christmas rush and the release of Super Mario Odyssey. Right, like I said, I’d “normally” think that was enough time.
Super Mario Odyssey looks good.
But this is Nintendo, and they’ve given me no reason to believe that they’re at all capable of meeting production demand. Whether that’s because of competition with other companies to occupy manufacturing capabilities or their unwillingness to spend more to get more consoles out into retail remains veiled.
What’s happening that should worry Nintendo, though, is third-party selling. The guy or gal that snaps up that Nintendo Switch at Target early on a Tuesday morning and then lists it on eBay for $50 or $100 more? They’re the ones who are winning here. Customers are paying more than they should, and that’s money that could go to games or accessories actually made or licensed by Nintendo.
They say they’re ramping up production. I also say I’m laying off the junk food and coffee. Yet here we are, I can’t walk into a Target and buy a Switch and there’s a can of soda on my desk for lunch.


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Impressive Friday trade in the grains as beans turn perceived $12 options resistance into support, and there isn't much expiring options resistance above. 1220, plus 18 3/4. Corn up another nickel to end the week 437 1/2. Rice just spread roll, 1258, off 1/2 cent but really held firm from Thursday rally. Based on market action, I would expect some new rice export sales to be reported to either Haiti or Iraq, and that would be all milled business. Wheat steady as well, 608 1/4, off 1/2. Dow in yet another churn trade, after peeking at new highs we close for the weekend at 30,113, off 89, and bonds leaked 17 tics, 172.04.
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2024 Hyundai Kona Electric seen running on California highway
South Korean automotive giant Hyundai’s 2024 Kona Electric subcompact crossover SUV has recently been spotted running on a Southern California highway. While the South Korean manufacturer has already officially released the images of the 2024 Hyundai Kona Electric in an official press release, the all-electric subcompact crossover SUV has yet to made it to dealerships. This is the first time when the restyled Kona Electric has been seen in public.
The new Kona’s proportions and styling cues make it stand apart from the previous models, particularly the controversial rear clip with its gate-spanning reflector up high and bumpy taillights down low. The new version of the EV also features body-coloured trim over the wheel arches.
For the 2024 Kona Electric, the manufacturer has revealed a total of three trim levels. The EV seen running on a public highway in Southern California must be a version packed with a standard 48.6-kWh battery pack that is said to be good enough to provide a driving range of 197 miles on a single charge. A 64.8-kWh battery pack will also be offered an option to extend the driving range to an estimated 260 miles between two charges. Regardless of the battery pack, the new Kona Electric subcompact crossover SUV is capable of 400V fast charging that can refill the battery pack from 10 to 80 per cent of its full capacity in 43 minutes. When it comes to powertrain, front-wheel drive (FWD) is the only option.
The remaining two trim levels (gas-engine line-up) of the Kona Electric includes the Limited and the sporty N-Line. The Limited trim level variant features the familiar 2.0-liter four-cylinder is capable of producing 147 horsepower or an optional 195-hp 1.6-liter turbo. The N-Line gets the turbocharged 1.6-liter 4-pot standard. The turbo engine adds an 8-speed automatic transmission as opposed to a CVT. The all-wheel drive (AWD) comes as an option.
Back to the electric variant, cargo space in the Kona Electric SUV has significantly been increased from 19 cubic feet to 26 cubic feet (with the rear seats up). A bit of extra storage is also available in the frunk. The manufacturer also claims that the new EV will offer more rear-seat legroom than the existing model.
Pricing for the 2024 Hyundai Kona electric is yet to be released. While the gas versions of the vehicle are set to arrive this summer, the electric version will hit dealerships in the fall.


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Westborough, MA, 2014-2-19 — /EPR Retail News/ — Today BJ’s Wholesale Club announced that its Feeding Communities program achieved a major milestone by donating 15 million pounds of nutritious food to local food banks since the program began in November 2011. The 15 million pounds of food equates to 12 million meals to feed people who struggle to provide adequate food for their families.
Partnering with Feeding America, the nation’s leading domestic hunger-relief organization, each of BJ’s 201 Clubs donated its unsold produce, dairy, meat and fish to 44 local food banks and 4 agencies in the company’s 15-state footprint.
“When BJ’s Wholesale Club first began exploring what else we could do to better support the communities in which we have clubs, helping to feed the hungry seemed to be a natural fit given that BJ’s is a destination for the weekly food shop,” said Jessica Newman, assistant vice president of community affairs at BJ’s. “One of the key tenants of our values at BJ’s is giving back; so helping our neighbors exemplifies who the company is, which is something that our Members have come to value.”
According to Feeding America, millions of people who face hunger are hard-working adults as well as vulnerable seniors and children, many of whom do not always know where their next meal will come from and may have to go without. So everyday BJ’s team members gather unsold and much needed vegetables, dairy items (eggs, milk, cheeses), fish, fresh fruits and meats (chicken, pork, beef) and prepare it for pick up by local food banks. After pick up, the food banks sort and prepare the food for distribution to those who are in need within the community.
“Feeding America’s commitment to providing the healthiest options for our clients has made BJ’s longstanding partnership invaluable,” said Leah Ray, vice president of corporate partnerships. “Their donated items reach nearly a quarter of our local food banks helping thousands of families to become more food secure.”
In addition to donating 15 million pounds of food, BJ’s further supports each of the 201 communities with clubs through the BJ’s Charitable Foundation, which has donated more than $19 million to 2,200 community organizations since 2005, and through BJ’s Adopt-a-School Program, which has served 2,575 elementary schools since 1996.
About BJ’s Wholesale Club
BJ’s is dedicated to providing members with high-quality, brand-name food and merchandise at prices that are significantly lower than supermarkets, supercenters, department stores, drug stores and specialty retail stores. BJ’s carries the most product variety of any Membership club with more than 7,000 items, including supermarket-sized staples, USDA Choice meats and stock-up items, as well as all-natural and organic products. BJ’s is the only membership club to accept all manufacturers’ coupons and for greater convenience, offers the most payment options including EBT.
Headquartered in Westborough, Massachusetts, BJ’s Wholesale Club, Inc. is a leading operator of warehouse clubs in the eastern United States. The Company currently operates 200 clubs and in 15 eastern states. Learn more and shop online at BJs.com or for exclusive content visit Facebook.com/bjswholesaleclub and Twitter.com/bjswholesale.
About Feeding America
Feeding America is the nationwide network of more than 200 food banks that leads the fight against hunger in the United States. Together, we provide food to more than 37 million people through 61,000 food pantries, soup kitchens and shelters in communities across America. Feeding America also supports programs that improve food security among the people we serve; educates the public about the problem of hunger; and advocates for legislation that protects people from going hungry. Individuals, charities, businesses and government all have a role in ending hunger. Donate. Volunteer. Advocate. Educate. Together we can solve hunger. Visit www.feedingamerica.org, find us on Facebook or follow us on Twitter.


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The PTDL Group was launched in November 2015, backed initially by firms like the London Stock Exchange, CME Group, Euroclear, LCH.Clearnet, as well as banks Société Générale and UBS. Its membership ha... Read More
European consumers are largely shunning digital currencies when making e-commerce payments, according to a recent survey commissioned by MasterCard.
The online survey polled just under 43,000 peopl... Read More
Will bitcoin hard fork amid its escalating scaling debate? Was ether's price rally a result of the newly launched Enterprise Ethereum Alliance?
Q1 was an extremely eventful time for each of the two... Read More
Nearly three-quarters of banks and asset managers see the consortium model as necessary for exploring distributed ledger tech, according to a new survey released last week.
For the survey, internat... Read More
A recent survey suggests that ordinary consumers are still largely in the dark about blockchain.
According to the survey, published in May by UK-based bank HSBC, 59% of consumers polled said they'd... Read More
South Carolina Sanctions Startup Over Unregistered Token Sales
Blockchain startup ShipChain has been hit with a cease-and-desist order from the South Carolina Attorney General's Office, which claimed the company violated the state's securities statutes.
India's Supreme Court to Hold Crypto Lawsuit Hearing in July
The Indian Supreme Court will hold a hearing in July in an effort to decide on the growing number of crypto-related petitions filed against the country's central bank.
The Supreme Court has barred
Bank of America Patents Blockchain Security Tools
Bank of America has won a patent for a way to control access to certain aspects of a permissioned blockchain network, newly published documents show.
The patent for a somewhat innocuously titled "s
Circle Adds 'Buy the Market' Feature to Its Crypto Investment App
Payments startup Circle has launched the full version of its crypto investment app.
After a soft launch back in March 2018, the company is making the app with its full suite of services available a


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The sector hotels and restaurants had to cope with a poor summer season. In July and August 2008, sales were 3.4 percent down on the same months last year. The sector has faced a long period of declining sales since the third quarter of 2007. A modest turnover growth of 0.3 percent was recorded due to an average price increase of 3.9 percent in the months of July and August. Hotels entirely accounted for the turnover growth. The other branches in the sector saw turnover decline relative to last year’s summer.
Volume and turnover hotels and restaurants sector


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Scott has linked with Helmut Lang on a 19-piece menswear capsule due Jan. 30, according to WWD. The items, including a $1,715 leather jacket, will be available at Helmut’s website as well as select retailers around the world.
The pieces were inspired by Scott’s Texan roots and will feature jackets ($695), jeans (around $310), T-shirts ($175-$185), and shoes (starting at $395).
“I DID THIS LINE COLLAB WITH @helmutlang AS WE GEAR UP FOR TOUR,” Scott wrote on Instagram. “THIS SHIT IS AMAZING TO ME. THANKS FOR ALLOWING me TO POSTER MO CITY IN SUCH A WAY.”
While music has certainly been Scott’s focus throughout his career, he’s also been heavily involved in fashion. Last year, he created some of his own merch, linked with Diamond Supply Co., and worked on a line with Maharishi. He’s also been involved in campaigns for Puma, Alexander Wang, and Saint Laurent.
Scott is coming off the success of Birds in the Trap Sing McKnight and is now readying its follow-up, Astroworld. He’s reportedly given Khaled 100 verses and hooks and is said to be working as an executive producer on G.O.O.D. Music’s Cruel Winter.


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Google tried to buy Groupon for $6 billion, and Groupon turned the search giant down. So now Google's moving forward with its own rival service, called "Google Offers," which would offer consumers deals from local merchants.
Worried that your online presence will outlive you? Dont' be. The New York Times reports.
The war of words between Activision-Blizzard and Electronic Arts has moved to a new plateau. Activision has added the rival publisher to its $400 countersuit against the creators of the “Call of Duty” franchise.
See what's happening, who's talking and what will be making headlines on Friday's Squawk on the Street.
With Amazon.com set to report earnings next week, Brian Stutland explains how to game this stock using options.
The online search and ad giant reported a profit that easily beat Wall Street expectations and stunned investors by announcing that Eric Schmidt will resign as CEO.
And maybe some agriculture and oil names.
Google has beaten analyst earnings estimates three out of four earnings periods, and its stock typically opens higher after a beat, but the bulk of its gains are made immediately following its report in after-hours trading, according to Birinyi Associates.
Find out what fundamentals, technicals and insights from the options world suggest lie ahead for this stock going into and ahead of earnings Friday.
Let's face it. We're becoming a nation of beached whales. We also like to blame everyone but ourselves. So let's blame Wal-Mart.
MTV executives have a new hit drama on their hands, featuring the sexual and drug-fueled exploits of misfit teenagers. They also have something else — a fear that coming episodes of the show may break the law, the New York Times reports.
See what's happening, who's talking and what will be making headlines on Thursday's Squawk on the Street.
There has already been a ton written about Demand Media, next week’s big IPO. It’s likely to get a lot of attention if for no other reason: At its expected price range of $14 to $16 valuation of around $1 billion—the highest Internet/media company valuation since Google, according to Paul Bard of Renaissance Capital.
And then follow this strategy to profit from it.
China may soon become known as a nation of spenders, rather than savers, thanks to Beijing's efforts to let consumption drive economic growth.
The online auction firm posted quarterly results that exceeded analysts' expectations and raised its outlook for the fiscal year Wednesday, sending shares higher in late trading.
On the night of the BCS National Championship game between Oregon and Auburn, Sports Illustrated’s college football reporter Stewart Mandel sent out a tweet that mentioned a hilarious sign he saw at the game.
Find out what fundamentals, technicals and insights from the options world suggest lie ahead for this stock going into earnings Thursday.
The device will be the first mass market consumer device to offer stereoscopic 3D images without the need for special glasses – something analysts see as critical to the success of 3D in the market.
For investors looking to reallocate their tech portfolio for long-term growth, it’s all about the network. Still in its early stages, it could provide a boost to several sectors.


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Retailers enjoyed a robust growth in March fashion sales, driven by sunny weather, new figures show.
After the UK saw the worst storms for two decades in February, the Spring sunshine fed increasing consumer confidence and strong sales of new season lines, helping the fashion sector grow 4.3% year-on-year, according to accountancy firm BDO.
Despite reports of falling footfall on the high street, BDO’s High Street Sales Tracker shows overall like-for-like sales growth among mid-market retailers up 3.2% – the strongest March in four years.
BDO national head of Retail and Wholesale Don Williams said that retailers who have held their nerve on discounting have reaped rewards as the weather has improved, selling healthy volumes of new stock at full price.
“This momentum will serve them well as we head into the Easter holidays, which should register strong like-for-like growth given that Easter fell at the end of March last year,” he added.
"The figures also suggest that footfall is no longer as reliable an indicator as it used to be. Quality retailers offering consumers what they want – great products, great customer service, omnichannel buying options and flexible delivery – are able to protect both volumes and margins, despite fewer people physically visiting stores."


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LONDON -- Universal Pictures has launched a new service that will sell digital downloads of movies such as King Kong along with a DVD copy, tapping into the online video market now dominated by Apple Computer's iTunes.
From April 10, consumers will be able to download two digital copies of selected movies -- one for a computer and one for a portable device -- and receive a DVD in the mail.
Universal's partner, Lovefilm, already has a movie download service that provides films from Warner Bros. on a rental basis. The new service announced Thursday is download-to-own, meaning that the downloads will not expire.
"It gives instant access, it gives portability and it gives much greater flexibility for the consumer to consume his product any way they want," said Universal Pictures U.K. chairman Eddie Cunningham. Universal Pictures is part of General Electric's NBC Universal unit.
Hollywood studios have been reluctant to sell digital versions of their blockbusters for fear they would be copied and pirated online.
The new service will use Microsoft's digital-rights-management technology, which is designed to prevent consumers from duplicating the movies, burning them to disc or uploading them to the internet.
Lovefilm chief executive Mark Livingstone said he expected Warner Bros. and other Hollywood studios to follow Universal's lead in the download-to-own market.
Universal will start the service with King Kong as part of an initial collection of 35 movies, including Pride and Prejudice and Serenity. King Kong will sell for 20 pounds (approximately $35), roughly equal to the retail price.
The download-to-own service will also be available through AOL, whose U.K. online movie service is operated by Lovefilm.


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Senner Tuning released the first tuning package for the Nissan Juke Nismo. According to the officials, it offers a few exterior changes along with some performance modifications.
On the outside, Senner Tuning added a new set of black and white 20 inch alloy wheels wrapped in Continental Sport Contact 5P tires. Furthermore, they brought the Japanese crossover closer to the ground by 35 mm thanks to the lowering suspension kit.
The Nissan Juke Nismo by Senner Tuning also features wind deflectors on the front and tinted glasses on the back.
As many of you may already know, the Japanese crossover features a 4 cylinder 1.6 liter turbo engine which delivers 200 horsepower and 257 Nm peak of torque. After Senner engineers did their magic, the engine offers 225 horsepower and 275 Nm peak of torque.
The power increase was possible by installing an INJEC cold air intake, a power convertor and a new stainless steel sports exhaust system.
Inside the cabin, Senner Tuning added sports seats covered in velour leather with red seams. Furthermore, they added a special wheel wrapped in Alcantara leather.
According to Senner, the entire package for the Nissan Juke Nismo costs 9.050 Euros ($12,290).


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May 25, 2012
USDA has initiated the Label Submission Approval System (LSAS) which allows food manufacturers, particularly for meat, to send label applications electronically for approval by the Food Safety and Inspection Service (FSIS).
In the past, manufacturers were required to hand deliver or mail new product labels or changes that needed to be made to existing labels. According to USDA, the FSIS expects to receive anywhere between 150-200 label submissions daily, creating a backlog of up to three weeks with the previous system.
The new system will allow meat, poultry and egg producers to submit their labels online, track the progress of their submission and make alterations as needed.
Announcing the system, USA Under Secretary for Food Safety Dr Elisabeth Hagen said: "Reducing the review times for labels will enhance the agency's ability to ensure that accurate information is applied to product labels and reaches consumers quickly."
The LSAS has been designed to meet requirements outlined in January's presidential Executive Order 13563, which mandates US government agencies review and eliminate unnecessary regulations that inhibit international trade.


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The rapid growth in mobile, big data, and cloud technologies has profoundly changed market dynamics in every industry, driving the convergence of the digital and physical worlds, and changing customer behavior. It’s an evolution that IT organizations struggle to keep up with. To succeed, a new approach is required; one that enables agile and web-scale innovation so that IT can meet evolving business requirements while enabling existing systems to continue running reliably, efficiently, and securely.
With application programming interfaces (APIs) increasingly becoming the tie that binds the enterprise together, understanding the patterns of data flowing through those APIs has become significantly more important. To help enterprise IT organizations get a better handle on those APIs, Apigee today enhanced the analytics capabilities it provides via the Apigee Edge API platform.
Smartphone owners in the U.S. and U.K. believe that they will spend about $20.4 billion using their phones this holiday season, according to research from Apigee. Up to $7.7 billion of this total would be through apps. As a result, retailers are striving to create compelling and memorable app experiences to boost engagement and mobile sales.
The spice and packaged goods giant turns to an API strategy to deliver greater value to its business partners and customers, while boosting brand loyalty.


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Thai rice in Nigeria smuggled, FG insists
Ifeanyi Onuba and Okechukwu Nnodim
The Federal Government on Saturday insisted that the importation of rice by Nigeria from Thailand had reduced significantly despite the fact that rice exports from the Asian country reached a record high in 2017.
Reports showed that rice exports from Thailand grew considerably in 2017, as an online publication, customstoday.com, stated that Thai Rice Exporters Association revealed that rice exports reached a record high last year with most of the demand coming from Benin in West Africa.
This, however, did not justify recent claims by the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, who stated on Friday that the 95 per cent reduction in the importation of rice by Nigeria had adversely affected rice export in Thailand.
Further findings from the website showed that Nigeria’s rice imports from Thailand dropped from 644,131 metric tonnes in 2015 to 58,260MT in 2016, and reduced further to 23,192MT in 2017.
However, the Nigeria Customs Service on Saturday said it was stepping up its surveillance to enable it to effectively combat the smuggling of rice into the country.
The service said more vehicles and surveillance equipment would be acquired this year to strengthen its fight against smugglers.
The Public Relations Officer, NCS, Mr. Joseph Attah, told one of our correspondents in a telephone interview on Saturday that the service was aware of the rise in the importation of rice in Benin.
He said the Nigeria Customs Service had fine-tuned its strategies towards addressing the issue of smuggling.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]


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European countries have begun opening their borders following restrictions put in place to curb the spread of COVID-19, but what destinations offer the safest experiences to hopeful wayfarers? A new report released by travel website European Best Destination has outlined some of the choices. Concentrating on countries least affected by COVID-19, the destinations have also implemented specific protocols concerning hygiene in places like accommodations, restaurants and shops.
In comparison to other countries around the world, Georgia has fared better in terms of total number of cases of coronavirus. The country was quick to react with measures, and according to the study, case numbers are approximately 260 times lower than the most affected European countries. With borders reopening 1 July to certain countries, Georgia will be implementing a series of health measures to protect travellers and citizens alike.
Greece’s total number of cases and deaths due to COVID-19 are low in contrast to other European destinations. The country is currently welcoming international travellers with cafés, restaurants and bars with terraces operational. Greece has had 50 times less people infected than the majority of other European places, and the healthcare system was not overwhelmed at any point during the health crisis. According to the study, Greece also has more hospital beds per capita than many other European countries. Beach visits and tourist attractions are currently being monitored with social distancing practices in place.
With cases coming in 40 times lower than most destinations in Europe, Portugal is being considered a good destination for travel. The Azores, the Algarve and the Madeira Islands have been listed as examples of destinations that fared particularly well. The country recently outlined plans to welcome tourists, which includes the need for visitors to the Azores archipelago to test negative for COVID-19 for the last 72 hours, while people travelling to Madeira can receive a free COVID-19 test when they arrive.
Croatia is among the European countries least affected by coronavirus, with the rate of infected people per million inhabitants coming in 20 times lower than other European countries. Like Greece, Croatia is also one of the European countries with the highest number of hospital beds per inhabitant. The country is already adjusting to new ways of tourism, the latest example being a newly announced private cruise that is due to sail in 2021.
There were 15 times fewer COVID-19 cases in Romania than in the most affected European countries. As it stands, the country has reported 22,000 total cases and 1410 deaths. According to Romania-insider.com, the country is relaxing landing and quarantine rules for other countries with low case numbers as it also prepares to reopen business and services. Last year Romania was tipped as the fastest growing destination for UK travellers.
To check the full list of cities and countries click here
Source: Lonely Planet


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Home Bargains guilty of selling unsafe chargers
National retailer TJ Morris Ltd, which trades as Home Bargains, has pleaded guilty to three electrical safety offences and ordered to pay £22,300 in fines and costs after selling thousands of unsafe chargers to consumers in 2015. The case was heard at Hull Magistrates Court last Friday, February 3.
In October 2015 a shopper in Hull bought one of the dual USB chargers from a Home Bargains store in the city. During its first use, the device exploded and came apart, with the components visibly charred.
The company was notified of the exploding device in October 2015, but did not recall the product until January 2016 – after Trading Standards officers from Hull City Council had carried out five safety tests on the same product line, all of which failed.
The chargers were found to have been poorly designed and constructed, and were not able to protect consumers in the event of the device being overloaded. All samples provided failed to comply with Electrical Equipment Safety Regulations and were not marked with the manufacturer’s name.
TJ Morris Ltd was subsequently interviewed and produced a Chinese test certificate which indicated that a sample was compliant but that no further thorough tests had been carried out on the 38,000 items imported and offered for sale in Home Bargains shops nationwide.
Chris Wilson, head of Trading Standards, said: “Our officers acted swiftly when this incident was reported to them, carrying out detailed safety tests which identified that this item was completely unsafe and should not be on sale to the public.
“The fact that the retailer only removed these items from sale after our tests were carried out emphasises the essential role officers play in maintaining public safety. Fortunately, the person whose charger exploded was not hurt, but had the items continued to be sold there could have been very serious consequences.
“Anyone with concerns about a product they have bought should contact Trading standards on: 01482 300 300”.
Images of product available on request.
Get all the latest news from Hull City Council via our twitter feed: http://twitter.com/Hullccnews
For further information please contact:
Hannah Savage, Marketing and Media Officer for Public Health
Tel: 01482 613 167


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E3 2012: More Coverage Of SW: 1313 Posted By Mike on June 7, 2012
As E3 continues, we have some coverage and tidbits for you regarding the newly announced mature bounty hunter-themed game,
Star Wars: 1313. First up, MTV Multiplayer as a few screenshots for you to peruse. Kotaku caught up with Star Wars: 1313 creative director Dominic Robillard and discussed the lack of Jedi in the upcoming game... '"It's not that I think that that's overdone," says Robillard. "But the criminal underworld of 1313 is a little more grounded and that has to live in the mechanics of the game. Having mechanics that are limited by human ability makes things more relatable, then we can put all the cool stuff you can do into the gadgets and weapons." "You still get to do all of these amazing things because of the environment the game takes place in and because of the gear you have," he continues. "But at the core you still have these vulnerabilities that are a bit more relatable, so you won't have the demigod complex of a Jedi." If you fall in 1313, Robillard sums up, you know you're going to be in trouble." CVG has confirmed that Star Wars: 1313 will be running on the Unreal Engine 3 as opposed to UE4. CVG also describes the game as having "The best graphics the world has ever seen." And finally, Anthony Gallegos of IGN offers up his positive impressions in the video below.
August 18, 2012
New Star Wars 1313 Screenshots & Concept Art
August 14, 2012
New Gameplay Trailer For Star Wars 1313
August 7, 2012
Star Wars 1313 Video Interview
August 7, 2012
Paul Meegan Steps Down As President Of LucasArts
July 30, 2012
Creative Director Dominic Robillard Talks Star Wars 1313
July 11, 2012
Forbes Interviews Star Wars: 1313 Creative Director Dominic Robilliard
June 14, 2012
Kotaku Explores LFL's SW 1313 Collaboration
June 4, 2012
Star Wars 1313 Gameplay Demo
June 1, 2012
EW Exclusively Reveals SW 1313 Art
June 1, 2012
LucasArts Reveals Star Wars 1313
May 7, 2012
Star Wars 1313
BBC Interviews J.J. Abrams About Trek And Wars Posted By Eric on May 3, 2013: Episode VII gig "once in a lifetime opportunity"
CEII: Jabba's Palace Reunion - Massive Guest Announcements Posted By Chris on May 3, 2013: 10 new guests announced!
Fathead's May the Fourth Be With You! Posted By Philip on May 3, 2013: 30% off Star Wars Fatheads
Star Wars Night With The Tampa Bay Storm Reminder Posted By Chris on May 3, 2013: Saturday, May 4th at 9:00pm!
Stephen Hayford Star Wars Weekends Exclusive Art Posted By Chris on May 3, 2013: Hunt down all four prints!
ForceCast #251: To Spoil or Not to Spoil Posted By Eric on May 3, 2013: Erik and Eric discuss a central issue of our time
New Timothy Zahn Audio Books Coming Posted By Chris on May 3, 2013: Allegiance, Specter of the Past, Vision of the Future!
SDCC: Exclusive Black Series Boba Fett With Han In Carbonite Set Posted By Chris on May 3, 2013: USA Today reveals Hasbro's offering
Star Wars Art Exposition May 4th Posted By Philip on May 3, 2013: It's Happening In Houston
Star Wars Celebration VII In Orlando? Posted By Chris on May 3, 2013: Story updated inside
The Force Within Us Celebrates May The 4th Be With You! Posted By Jay on May 3, 2013: Amazing freebies!
The Clone Wars Takes Home Voice Acting Trophies Posted By Eric on May 2, 2013: Series wins People's Choice for Best TV Vocal Ensemble
Star Wars Origami Free May 4th Download Posted By Dustin on May 2, 2013: Workman Publishing Posts Fun Freebie
May The FETT Be With You Posted By Dustin on May 2, 2013: The Dented Helmet / MIMOBOT giveaway!
Mimoco: New Mimobot Coming May 4th Posted By Chris on May 2, 2013: Who will it be?
WeLoveFine Loves May The 4th Posted By Dustin on May 2, 2013: Contest winners and t-shirt sales all weekend!
May The Fourth Grant You Savings On A Great Book! Posted By Dustin on May 2, 2013: Gus and Duncan's Comprehensive Guide to Star Wars Collectibles
Star Wars Island In Geoffrey's Jungle Posted By Dustin on May 2, 2013: Toys "R" Us Celebrates May the 4th
Catalog Details For New Essential Characters Guide Posted By Eric on May 2, 2013: Synopsis, quick facts, and rough release date
Synopsis Posted For Star Wars: Kenobi Posted By Eric on May 2, 2013: "The Republic has fallen. Sith Lords rule the galaxy."
The Empire Circulates Propaganda Video Posted By Dustin on May 1, 2013: Say Yes to the Empire! Say No to May the 4th!
Zen Studios Celebrates May 4th With A Star Wars Pinball Sale Posted By Dustin on May 1, 2013: 50% off Star Wars
May The 4th Be With You At Coagula Curatorial Posted By Dustin on May 1, 2013: Costume contests, games, screen-printing, puppets, & more!
Jedi Journals: May 2013 Posted By Dustin on May 1, 2013: Chris & Jay discuss their May The 4th (Be With You) plans!
The Making Of Star Wars: Return Of The Jedi Cover Revealed Posted By Chris on May 1, 2013: EW.com also posts five exclusive images
Her Universe Unveils New May The Fourth SW Products Posted By Eric on May 1, 2013: Six new items go on sale on May 4th
Why Is May The 4th Called Star Wars Day? Posted By Dustin on May 1, 2013: Learn some of the history behind the day
The Clone Wars Nominated For Daytime Emmy Awards Posted By Eric on May 1, 2013: Cast and crew honored by National Academy of Television Arts & Sciences
OfficialPix May The 4th Exclusives Posted By Chris on May 1, 2013: Two new photos for Star Wars Day!
Toledo Mud Hens Feel The Fourth With Wookiee Jersey Posted By D_Martin on May 1, 2013: Toledo Mud Hens Feel The Fourth
Christopher Lee Celebrates May The 4th With Cool Print Posted By D_Martin on May 1, 2013: Celebrate May The 4th With An Awesome Print
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Stride Rite Celebrates May The 4th Posted By Dustin on May 1, 2013: Get 25% off this weekend!
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As you know, Google is expanding their internet service known as Google Fiber, and they are stocking up on marketing swag. The Google Fiber logo is of a multi-colored bunny and here is a photo of a stuffed Google Fiber bunny doll.
John McDole shared it on Google+ and said "new bunnies in the house." They don't appear to be available in the Google Store, it is part of a smaller swag promotion within Google, I believe.
This post is part of our daily Search Photo of the Day column, where we find fun and interesting photos related to the search industry and share them with our readers.


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Halo 4 is less than a month away from release, yet we've been seeing reports on people who have it already. Yes, this early. We don't know whether to be jealous or enraged.
These reports, which have been popping up between tweeted photos and YouTube videos (some of which have been removed due to copyright infringement, per Microsoft's new video footage standards), indicate that the game might've been leaked onto the Internet through pirating. When asked if the full game was leaked, or if gamers got an early version, Microsoft didn't have much to say.
"We have seen the reports of Halo 4 content being propped on the Web and are working closely with our security teams and law enforcement to address the situation," said a Microsoft spokesperson.
This isn't the first time that a major game release has been leaked through illegal means, and we doubt it'll be the last. But still, some of these guys are spoiling it for the rest of us. Jerks.
Look for Halo 4 on Xbox 360 starting November 6th.


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Several popular Chinese apps for fans have been removed from online stores, while other apps that weren’t removed have become off limits for minors. Domestic authorities contend that the move is designed to put an end to the ‘chaos’ of online fan clubs, the Securities Times reported on Thursday.
On June 15 of this year, the Cyberspace Administration of China (CAC) decided to launch a two-month nationwide campaign to discipline online fan clubs, cracking down on activities that induce minors to contribute money to their idols or engage in trolling and doxxing.
The main function of those apps is to enable fans to support their favorite idols. At present, there are many kinds of such apps available on the market. Besides apps launched by third-party companies, some celebrities’ management agencies have launched official apps for fans, while various long-video platforms also maintain specific fan communities.
Unofficial third-party apps are the major targets in the recent actions by authorities. Compared with official apps, third-party companies have more complete functions, involving more celebrities and more users. The unregulated operations of these third-party apps has been the main culprit for the so-called ‘chaos’ in online fan culture.
According to Qimai data, since the beginning of August, many fan apps have been removed from online stores. Among them, Sfansclub, Morefans Pro, Taoba and other apps with a large number of users were removed from the Apple app stores at 2:00 pm on August 10, and have not been recovered yet.
On top of that, some official QR codes provided by those apps cannot be accessed. If you scan the QR code with a browser, it will show a message that “the app is not available or is temporarily removed due to policy requirements, and the downloading service is not supported.”
In addition, most of these apps’ functions include fund-raising, support for idols, and manipulation of comments. These functions can easily induce unreasonable consumption, invasion of privacy, unwarranted abuse and attacks, all of which represent the targets of this campaign.
Before that, in order to curb irrational support behavior, Weibo, the Chinese equivalent of Twitter, has taken the lead in removing its “Star Popularity List,” while Baidu, 360 Search and other platforms have also removed their popularity lists and other similar functions.


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A new global survey of 700 retail IT decision makers has revealed that nearly all of them (99%) are implementing mobile technology in store.
Conducted by Vanson Bourne and commissioned by Jamf, the survey found that respondents believe that mobile technology enables them to optimise inventory planning and management (96%) and point-of-sale (96%), personalise the customer experience (96%) as well as boost employee productivity and motivation (95%).
In fact, the majority of respondents confirmed that mobile technology makes their retail brand more competitive and/or drives increased revenue by streamlining the sales process (both 91%). Half of respondents (50%) also report that customer satisfaction has improved significantly after deploying devices.
Mobile technology will likely play an even greater role in a future retail environment. Nearly all respondents plan to increase mobile technology use in the future and already are offering, or plan to offer company-issued mobile devices for staff use (95%), point-of-sale systems (95%), connections between physical and online shops (93%), fixed interactive screens in store (94%) and shared devices (90%).
When it comes to the preferred mobile devices in retail, there is a clear preference of platforms among respondents. Over three-quarters (76%) of retail IT decision makers believe that Apple devices are better to use in retail than Windows or Android, despite nearly half (48%) using a mix of Apple, Windows and/or Android devices today.
Issues with Windows or Android devices may be a factor in the preference for Apple only, as more than three-quarters of respondents (82%) who use Windows or Android in their retail environments experience problems.
“While mobile technology has been broadly adopted by retailers small and large, many applications of the technology are still only single-purpose,” said Josh Jagdfeld, director of alliances at Jamf.
“iPad and iPhone, along with the power of the Apple app ecosystem, are being used in-store globally to allow retailers to get the most from their devices and optimise processes, engage teams and enhance the broader customer experience. However, even with the multitude of benefits that mobile technology makes possible, retailers are still facing challenges when it comes to finding, deploying and managing devices across multiple applications and workflows.”
Read the latest edition of PCR’s monthly magazine below:


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The year 2013 marks the birth of the Polish MovieStarPlanet magazine. Ever since, on a monthly basis, a new issue of the colorful and MovieStar-studded magazine has grazed the shelves of the local press outlets all over Poland.
For the past 8 years, loyal MovieStarPlanet fans and newcomers alike have been able to enjoy all the latest news from the world of MovieStarPlanet, participate in competitions, redeem digital content for their in-game avatars and keep up with fashion and celebrity news from real life. The magazine has always been a nice cocktail of Fun, Fashion, Friendships, and Fame. Just like MovieStarPlanet!
This summer Egmont Poland released the 100th-anniversary issue of the MovieStarPlanet magazine. A milestone that marks, not only the tremendous success of the magazine and the MovieStarPlanet brand in the Polish market, but also the dedication of the editorial team at Egmont Poland. They are experts in creating relevant and fresh content and keeping the MovieStarPlanet fans engaged all these years.
We at MovieStarPlanet greatly value our long-standing partnership with Egmont Poland and are proud to celebrate the anniversary of the 100th issue. We truly appreciate the work that goes into creating and running a successful magazine in the kids’ category. The magazine’s success is a testament to the value that can be created by combining a physical product, with a popular digital property like MovieStarPlanet. When done right, the two worlds can complement each other and create a unique offering with a loyal and highly engaged fanbase.


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HONG KONG — The CEO of Chinese language e-commerce and monetary large Alibaba mentioned Thursday that the corporate is transferring towards giving up management of a few of its enterprise models in a transition towards turning into a capital operator to optimize the worth of its sprawling companies.
Daniel Zhang outlined particulars of a plan introduced earlier this week to separate Alibaba into six predominant teams as a prelude towards inventory listings of a few of its firms. The restructuring marks a brand new stage in Alibaba’s development after a sequence of setbacks as regulators cracked down on it and different tech firms.
Alibaba, whose headquarters is within the japanese metropolis of Hangzhou, will probably be “within the nature of a holding firm that’s the controlling shareholder of the enterprise group firms,” Zhang mentioned in a convention name.
Alibaba’s CFO, Toby Xu, mentioned the corporate would proceed to judge the strategic significance of group firms after they go public and determine whether or not or to not retain management. He declined to say after they would possibly go public.
“We consider the market is one of the best litmus take a look at, so every enterprise group firm can pursue impartial fundraising and IPOs as and when they’re prepared,” Xu mentioned.
Alibaba’s inventory costs in Hong Kong and New York have rallied almost 15% because the restructuring was introduced Tuesday. The agency’s Hong Kong-listed inventory was up 0.9% by noon Thursday.
The plan, and the current return of Alibaba founder Jack Ma to China after months overseas seem to mark a turnaround after a number of arduous years. Chinese language regulators singled out Alibaba for scrutiny in a crackdown on expertise and web firms, placing the brakes on a deliberate preliminary public providing in 2020 of Alibaba’s monetary affiliate Ant Group.
Ma had saved a low profile with few public appearances since Nov. 2020, when he had publicly criticized China’s regulators and monetary programs throughout a speech in Shanghai.
Ant had been set to lift $34.5 billion in what would have been the world’s largest share providing on the time. Alibaba was later investigated and fined $2.8 billion for breaching antitrust guidelines as Chinese language authorities cracked down on the once-freewheeling expertise trade.
“The looser connections between the enterprise models is in keeping with the regulatory stance of encouraging competitors,” mentioned an analyst’s notice from Moody’s Investor Service.
Amongst different issues, the restructuring plan would possibly allay such antitrust considerations, since as Zhang defined, every Alibaba enterprise unit can be empowered to make its personal selections and lift capital independently. He mentioned that having enterprise models function independently also needs to foster innovation and development after years of harsh COVID-19 restrictions that battered China’s financial system.
Alibaba’s restructure — the primary of its type within the Chinese language expertise trade — additionally may serve for example for comparable firms akin to on-line video games firm Tencent to comply with go well with. Tencent’s shares rallied after Alibaba’s announcement on Monday.
“We expect that Alibaba’s new organizational construction could possibly be utilized by Chinese language regulators as a template for different Chinese language Large Tech companies,” mentioned a report by CreditSights.


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Mitsubishi has shared a few camo images of its next-gen Outlander and announced the reveal of the SUV will take place February 16. This next edition is highly anticipated because it will be the first big overhaul in many moons of the model, which will borrow some of the new Nissan Rogue’s components.
The average transaction price for a new vehicle exceeded $40,000 in December in Canada. This represents a sharp increase of 13 percent over the same period last year.
NACTOY last week announced its choices for 2021 Car, Utility and Truck of the Year, and their picks highlight how the industry is changing at a breathtaking pace. We take a look at the industry’s past, present and future, all wrapped in one announcement.
The AJAC (Automobile Journalists Association of Canada) has named the category finalists for its 2021 Canadian Car of the Year and Utility of the Year awards. Category winners will be revealed on February 20, and the overall winners at a later date, yet to be announced. In the meantime, let the arguing begin.
Well-established in the global winter tire sector, including in Canada, Finnish manufacturer Nokian Tyres has set itself the mission of further solidifying its presence in North America in all tire segments. Here is its new all-season tire, the Nokian One.
BMW wants to double its sales of electric vehicles in 2021, and to increase by 50 percent sales of its other electrified models (hybrids and PHEVs) during the next year.
Kia has given us a peek at the roster of electric vehicles that it plans to offer in the near-future. And not only does this group tease include vehicles destined for the general public, it also features models designed for commercial use.
Renault today presented a new all-electric concept car, the design of which is strongly inspired by the legendary Renault 5. The French automaker plans to have the model ready for production within a few years.
Hyundai has shared details and a few images of the first vehicle to come from its new all-electric vehicle brand. The Ioniq 5 SUV will be presented in full in February at an online event.
Cadillac previewed its upcoming Celestiq electric sedan at the CES in Las Vegas. Little is known about the model at this time, but we can guess that it will inherit many of the components and features being prepared for the Lyriq SUV, set to debut in 2022.


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Jessica Alba and The Grove owner Rick Caruso teamed up to celebrate the opening of Ladurée at the retail center on Tuesday night. “They’ve been packed since they opened on Saturday,” said Caruso, who was counting on a holiday season debut for the restaurant and bakery. “Ladurée is one of the all-time great Christmas gifts,” he said.
On the lawn out front, guests including Kelly Sawyer and Jamie Patricof, Richard Stark, Johnny Hallyday, Brigette Romanek and Alana Hadid nibbled pastries and hors d’oeuvres beneath a canopy of white lights and an enormous Christmas tree.
“I like that it’s my friend’s joint,” said Alba, referring to Pierre-Antoine Raberin, who runs Ladurée’s U.S. operations with his wife, Elisabeth Holder-Raberin. “I can go in there, like, ‘Yo, this is my friend’s place,'” she said. Even though the pastry shop is now local, Alba said she’ll probably still buy the boxed macarons at the Paris airport.
“You can’t not buy them when you’re there,” said Sawyer, adding that Ladurée has also supported her kids’ charity, Baby2Baby. “We did a tea for some of the kids here on Monday and you should have seen their faces light up,” she said of the festive, pastel-colored setting and artificial snow.
Revolve cofounder Michael Mente also stopped by, taking retail pointers from Caruso and doing some last-minute Christmas shopping. “I wish I could find the perfect gift and buy 10 of them. I’ll probably end up on Amazon,” he said – clearly not thinking that Caruso is the owner of a brick and mortar shopping center.
Guests crossed the brick pathway to check out the new store, but most were drawn back outside by the music and lights. Indeed, the Los Angeles opening, the first for the company, was the only party that Holder-Raberin has ever held outside. “You could only do something like this in Los Angeles in December,” she said.


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- Join Date
- Apr 2005
Video: 3D Gaming, Video Store and PlayStation Move at OZ Event
Today the ANZ Manager of Content Services Nino Kalogeropoulos has posted up a video showcasing PS3 3D Gaming, the Video Store and PlayStation Move at the recent OZ Community Event.
To quote: Last week we told you about the 'PlayStation Life in 2010? community event that was held at Sydney's 'Coogee Beach' to usher the new Australian PSN Video Store, as well as showcase some of the upcoming technologies that SCE has in store for later on in the year.
We're talking about 3D games, as well as PlayStation Move 'motion controller' experiences of course. Well now we have actual footage from the event, so you can check it all out for yourself.
We just can't wait to get our hands on one of those PS Move controllers once again.
Those interested can check out the video below!
More PlayStation 3 News...
05-28-2010 #2victor307664 Guest
I really hope it's all that they make it out to be. Keeping my fingers crossed..


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Apple's new 'bezel-less' iPhone XS pics leaked: May come in gold-black blend with 6.5-inch display
The tech giant's event invite also features the same gold colour.
- Get ready for the new iPhones: Apple confirms September 12 as date for event
- Three new iPhones, wireless charging mat AirPower, & more: What to expect from Apple’s big September event
- The colour of money: Tim Cook becomes richer by $57 mn after selling Apple shares worth $121 mn
- Apps to work smoothly on new iPhone? Apple may ditch 3D Touch in new devices
Likely to be called the iPhone XS, it will be the successor to the current iPhone X, and feature a new gold colour, according to 9to5 Mac which revealed the images. Interestingly, Apple’s event invite also features the same gold colour, thereby confirming that the iPhone will feature the new gold and black blend.
Comment: iPhone X may be having an ’S’ year, but the 6.5-inch model will be a giant upgrade https://t.co/XhKmDoLagt… https://t.co/VdJy2MBq6u— 9to5Mac (@9to5mac) 1535677835000
The images also reveal that the next-in-line iPhone will continue to feature the bezel-less display and have a larger sibling featuring a 6.5-inch display while the base version will be at 5.8-inch. Both the models are likely to be called iPhone XS with one featuring an OLED display.
At the same event, Apple is also expected to unveil the next-gen Watch Series 4.


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EBay vs. Amazon: Online sales tax bill divides tech titans
We told you this morning that a proposal to give states the authority to collect sales tax from out-of-state online retailers won approval from the U.S. Senate.
However, the Marketplace Fairness Act must still navigate the Republican-controlled U.S. House - where many lawmakers have signed anti-tax increase pledges - and also faces strong opposition from eBay, Inc. Other major retailers with e-commerce operations, such as Amazon, Wal-Mart and Target, support the measure.
San Jose-based eBay's opposition to the bill centers on what the company claims is an unfair tax burden for small vendors. Under the measure, states would expand tax collection to companies that are doing online sales, even if they don't have a physical presence. Retailers must have $1 million or more annually in out-of-state online and other remote sales to be eligible for taxation.
"A lot more work needs to be done to get the Internet sales tax issue right," said Brian Bieron, eBay's senior director of global public policy, in a statement after the Senate vote. "eBay will continue to focus on bringing greater balance to the legislation by protecting small businesses with less than $10 million in sales or fewer than 50 employees.”
EBay has spent nearly $482,000 on federal lobbying during 2013, including the Marketplace Fairness Act, on top of $1.5 million spent on lobbying efforts last year that also encompassed the same measure.
California passed a law in 2011 allowing the state to collect more taxes from online sales. The measure before Congress now would do more to facilitate multistate taxing, instead of only requiring retailers to collect taxes in the states where they have physical operations.
Lauren Hepler is the economic development reporter at the Silicon Valley Business Journal.
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Cloud computing is essential to deploy technologies such as artificial intelligence, the Internet of Things, blockchain and data analytics.
According to the cloud computing brochure of the European Commission, cloud offers an alternative model of data storage and processing on demand. Users can access their data over the internet wherever and whenever they want. The global data volume is growing very fast. Whereas cloud computing happens mostly in large datacentres today, by 2025 this trend will reverse: 80% of all data is expected to be processed in smart devices closer to the user (edge computing). Today, only 1 in 4 businesses and 1 in 5 SMEs are using cloud computing for their daily operations in Europe. If cloud take-up increases, this will also strengthen the European economy’s competitiveness and its innovation potential. Currently, the European Commission works on different initiatives to create a clear, single European framework of rules and best practices for cloud use in Europe.
An example of one of these initiatives is the regulation on the free flow of non-personal data. By allowing companies and public administrations to store and process non-personal data wherever they choose in the EU, the data economy benefits will be fully unleashed. Other initiatives aim at Standardizing cloud service level agreements, Cybersecurity and Data portability. Here you will find more information about initiatives associated the future of cloud computing in the EU.


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It was more than 20 years ago that Bradford McIntyre began purchasing edible doses of medicinal marijuana from the Compassion Club on Commercial Drive.
Now, as the city looks to finally bring Vancouver’s over-the-counter cannabis sales under a regulatory framework, McIntyre said in a phone interview he’s worried that the plan to normalize patients’ access will have the opposite effect for thousands of people who rely on cannabis but prefer not to smoke the drug.
“Edible medicinal-marijuana products have been available in British Columbia for decades,” McIntyre told the Straight. “The city is out of touch.”
McIntyre has lived with HIV/AIDS for 31 years. He said he takes medicinal marijuana to ease pain he experiences as a result of nerve damage caused by a treatment called AZT that he received in the 1990s.
According to McIntyre, the effects of edible cannabis last longer compared to smoking the drug; edibles are easier and more convenient to consume (and not subject to the city’s ubiquitous smoking bans); and when one ingests marijuana in the form of something like a brownie, one avoids the respiratory side effects associated with lighting a joint.
On June 11, the Supreme Court of Canada ruled that a federal ban on edibles was unconstitutional. In response, the City of Vancouver released a statement saying it will continue to oppose the sale of edibles, citing a concern for children. The release notes that the city’s proposed rules will likely allow the sale of cannabis oils, which people can use to make edibles themselves.
“The proposed regulations do not compromise the individual’s right to access edible medical marijuana,” the statement reads.
McIntyre acknowledged concerns about edibles being appealing to children, but he argued that existing rules on who can access medicinal marijuana are enough to ensure the drug remains out of the reach of minors.
“We keep our medicine away from our children,” he said. “It’s the same thing for people who are using medicinal cannabis.”
The City of Vancouver began public hearings on proposed rules for dispensaries on June 10. The series’ third session is scheduled for Monday (June 22).


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Argentina has been an economic mess lately. However, if you look closely, some silver linings are intertwined in the dark tango salons of Buenos Aires.
Many entrepreneurs from Argentina have pitched at our 1M/1M roundtables. I have covered a few on my blog too. Success stories of these entrepreneurs inspire others who are about to start their own entrepreneurial journey. At the same time, it shows how startups are contributing to the country’s economy, despite the troubles. Here are some of the impactful startups from Argentina who have been doing extremely well.
Marcos Galperin and Hernan Kazah founded MercadoLibre when they were students at Stanford business school. Marcos raised funding even before starting the business in the late nineties, when such things were possible.
From the beginning Marcos wanted to build the eBay of Latin America. Through Stanford, they contacted eBay to learn about their plans to expand in Latin America. Internet penetration was low in the early 2000’s, and very few people were buying things online when they started. Moreover, there were almost forty companies doing the same thing. Almost all of them raised funding. However, unlike others, Marcos focused on building the product rather than spending money on PR and marketing.
Business started picking up in the 2002-2003 time frame, and both Internet penetration and e-commerce adoption accelerated in Latin America.
They company had $4 million in revenue in 2003, and it went up to $52 million in 2006. And MercadoLibre’s (MELI – Nasdaq-GS) stock closed at $86.28 on October 10, 2012; it touched a 52-week high of $104.50 in February 2012. The website has 73.2 million registered users.
MercadoLibre, of course, is Latin America’s jewel. But there are others doing well, too.
Martín Migoya, Martín Umaran, Guibert Englebienne, and Néstor Nocetti, founded Globant in 2003, just two years after the dot com crash. All the four founders left their jobs at multinational companies to start their own outsourcing company. Headquartered in Buenos Aires, Argentina, Globant is an outsourced software development company that caters primarily to US clients in gaming, e-commerce, social networks, and more. Globant has offices in the United States, Mexico, Colombia, Chile, and the United Kingdom.
Globant founders realized that Latin America was the perfect match for the United States in terms of outsourcing. Cultural similarity, wide talent pool, and aligned time zones makes it an attractive option for US companies looking for near-shoring partners.
The founders invested $5,000 to start Globant. Within two years, they closed a first financing round of $2 million with FS Partners. In 2007, they received $8 million from Riverwood Capital. In December 2008 they received an additional $13 million from Riverwood Capital and FTV Capital. Globant has been profitable since its inception, and generated $50 million revenue in 2009. In an interview in 2011, founder and CEO Martin Migoya said that revenues were likely to be close to $90 million in 2011.
Rodrigo Teijeiro is the founder and CEO of Sonico, a social network for Latin America. He began his entrepreneurial journey when he was just in school, earning money by buying and selling stuff there. He then used the funds to open his first E-Trade account in 1997. From there, he started day trading, and in one year and a half, his valuation went from $5,000 to $100,000. That was Rodrigo’s first venture, with others to come.
At the age of 20 he raised $300,000 from three investors by presenting financial and science oriented websites he had been tinkering with. He then founded several other Websites, one after another, including MP3.com, an online calling card sales website, an e-cards website, and finally, Sonico, now the premier social networking site in Latin America, in 2007. In six months, Sonico had 10 million registrations.
Rodrigo tried to raise funds from investors, but due to the country’s unstable economy, most VCs refused to fund him. In January 2010 Rodrigo was losing $270,000 a month, however he turned the situation around and made a profit of $600,000 in the last quarter of 2010 by introducing two portals for online mobile recharge and group buying. Both sites were supported by data from Sonico.
In an interview last year, Rodrigo said to me that Sonico’s revenue was going to be close to $20 million in 2011.
Ignacio Galarraga, with his graphic design company, The NetMen Corp, is earning $1 million in annual revenue by procuring and delivering projects from Elance, a services exchange. Ignacio started the company in 2001 in Buenos Aires, Argentina. NetMen is a 100% Elance company; they have done more than 15,000 projects, and have earned more than $3 million in total. For the first two months after starting the business, Ignacio worked alone; now they are a team of 55 members.
According to Ignacio, it’s the commitment toward customers that has helped them to achieve this success. NetMen is handling almost 500 projects every month now. But the commitment is the same as it was when they used to handle just one project at a time. Now they have an excellent track record on Elance, and although they are one of the most expensive providers, they still receive invitations to bid.
And judging by their revenue levels, obviously, they often win these bids.
I am sure there are other such entrepreneurs in Argentina. The entrepreneurial spirit is growing throughout the region, and this decade should see many more success stories emerge from Latin America onto the international stage.
Tango Photo via Shutterstock


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Luk Fook to Reduce Hong Kong Presence
January 20, 2020
RAPAPORT... Luk Fook plans to scale back its Hong Kong store network and expand in mainland China and Macau, as events in the region have influenced consumer spending.
The retailer expects a “single-digit” decrease in the number of rental leases it renews in Hong Kong in the current financial year ending March 31, and a “double-digit” drop the following year, it said Thursday. That comes after sales slumped in the municipality at the end of 2019 amid mass street demonstrations and a decline in tourist arrivals.
“The group will reduce the number of shops in areas which are considerably impacted by the social incidents in Hong Kong,” Luk Fook, which is headquartered in the municipality, said in a statement. It will “search for opportunities for opening new shops in [the] Macau market, and expects to have three net shop additions in [the] Hong Kong and Macau market altogether in this financial year.”
The retailer will also accelerate its expansion in the mainland, targeting at least 300 net store additions — after subtracting closures — for the current fiscal year, mainly as licensed shops in lower-tier cities.
Luk Fook’s same-store sales dropped 25% year on year in the third fiscal quarter ending December 31 amid mass street protests and lower tourist arrivals in Hong Kong, as well as the high price of gold. Sales declined 27% in Hong Kong and Macau combined, but Macau itself enjoyed an increase.
Mainland China saw a moderate slowdown due to gold prices and the impact of the trade war with the US. Sales fell 3% at licensed stores, which account for 94% of its total, and slipped 12% at self-operated outlets.
Hong Kong sales continued to decline in the first two weeks of January, but at a gentler pace, while growth continued in Macau, the company added.
Last week, Chow Tai Fook said it planned to close up to 15 stores in Hong Kong by March 2021, with the retailer experiencing stronger growth in mainland China than in the protest-hit territory. Tiffany & Co. has also laid out a strategy to tap the mainland market, aiming to attract Chinese consumers who previously shopped in Hong Kong but are now spending domestically.
Image: A Luk Fook store in Hong Kong. (Shutterstock)
Article originally published on Diamonds.net here


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Philadelphia, PA – Almo Corporation, the nation’s leading independent distributor of Appliances, Consumer Electronics, Pro A/V equipment and Housewares, is proud to announce the commencement of their 70th anniversary celebration. Beginning March 9th, 2016 Almo and its employees will take part in multiple festivities to mark the occasion.
On March 9th, the official 70th Anniversary Kick-Off took place at Almo Corporate Headquarters located in Philadelphia, PA. The Chaikens and Almo’s family of employees were joined by City Councilman Brian O’Neill for the ceremony and cake cutting. Councilman O’Neill presented Gene Chaiken with a Philadelphia City Council Citation honoring Almo’s commitment to the City.
“The only reason you’re all here today is because on July 4th, 1959 Roz said yes to going out with me”, Joked Chairman of the Board Gene Chaiken. After getting married, he began working for Almo (his father in law’s company) in 1963, succeeded his father-in-law in 1973, and has led the company through 43 years of remarkable growth and diversification. “We continue to be successful because this is a we and us company, not an I and me company. We look forward to many more anniversaries to come.”
In honor of the city that provided it roots and enabled it to thrive, Almo has sponsored the planting of seventy trees at parks city-wide through Philadelphia’s Fairmount Park Conservancy. Trees will be distributed and planted during Philadelphia’s Love Your Park weeks in both May and November of 2016. Almo’s sponsorship of the tree planting will be honored during the spring Love Your Park Week opening ceremony May 9th at 9:00am in Pleasant Hill Park. Sponsors and city officials will be on-hand to launch the week-long event and plant the first of the Almo sponsored trees within the new park.
The celebration will continue this summer when Almo will host employee appreciation events at each of its 10 locations nationwide. Almo employees in Long Island, Baltimore, Columbus, Atlanta, Tampa, Dallas, Milwaukee, St. Louis, Reno and Philadelphia will gather together to mark the occasion with food, fun and commemorative gifts.
Founded in 1946 in Olde City Philadelphia, Almo Corporation has grown from a single storefront to a national billion dollar organization. Almo is a 3rd generation family owned business, led today by 2nd generation owner and company Chairman, Gene Chaiken, and 3rd generation owner Warren Chaiken, President and CEO. Known for its logistical capabilities, Almo serves as the sales and fulfillment supplier to many of the largest manufacturers in the world, delivering products to retailers both large and small across the country. By diversifying into a wide range of markets while remaining true to their strengths, Almo has been able to experience unprecedented growth and today its 450+ employees serve over 100 brands.
About Almo Corporation
Almo Corporation is the nation’s leading independent distributor of Major Appliances, Housewares, Consumer Electronics and Professional A/V equipment. Founded in 1946, Almo is headquartered in Philadelphia, Pennsylvania, and operates 8 regional distribution facilities with over 2.2 million square feet of warehousing throughout the United States. More information on Almo is available by contacting the company directly or at Almo’s web site located at www.almo.com.
For additional information on Almo Corporation please visit www.almo.com or FaceBook: @AlmoCorp.
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MTN confident over need for communication
|01 декабря 2008|
MTN, the leading mobile phone operator in Africa and the Middle East, is seeking to dispel fears that telecoms companies in emerging markets are no longer attractive investments.
Phuthuma Nhleko, MTN chief executive, said the mobile industry in developing countries should fare better than many other sectors during the economic downturn because people regarded communication as essential.
He said there had been an “overreaction” by investors against telecoms companies in emerging markets.
MTN has seen its shares fall 20 per cent this year, partly because of investor fears that rising inflation in developing countries will prompt people to cut their mobile spending.
Other companies have fared much worse. For example, shares in Millicom, the mobile operator in Central and South America, Africa and Asia, have fallen 66 per cent this year.
Millicom reported slowing revenue growth in the three months to September 30 because higher food prices meant some of its customers in Central America and Asia were spending less on telecoms.
In an interview with the Financial Times, Mr Nhleko said mobile spending by MTN’s customers remained “resilient” in many markets.
He highlighted how, using the industry performance measure of average revenue per user, customer spending had remained stable in 10 of its 21 markets between June and September, even though inflation was rising.
Although he did not rule out some reduced customer spending next year, Mr Nhleko said: “I suspect the mobile industry, simply because this has become an almost essential service, will most probably not be as hard hit as other sectors.”
He highlighted the potential for growth in MTN’s markets, given that, on average, only 30 per cent of people own mobile phones.
In the next two to three years, he said mobile ownership could increase to 50 per cent.
MTN is grappling with rising competition in its African markets, where European mobile operators such as Vodafone and France Telecom are expanding. But Mr Nhleko said MTN was well placed to cope with competition.
He highlighted how MTN was the number one or two mobile operator in most of its markets and had invested in networks that could provide good customer service.
Mr Nhleko predicted mergers between operators because some would struggle to survive in crowded markets. Ghana has six operators using GSM mobile technology while Uganda has five.
During the summer, MTN held talks about a possible merger with Reliance Communications, India’s second-largest mobile operator.
The talks broke down, as did earlier discussions with Bharti Airtel, India’s largest mobile operator.
Mr Nhleko said MTN was open-minded about exploring further deals, although he stressed nothing was under consideration.
Some analysts and bankers are sceptical that South Africa’s government would tolerate MTN falling under foreign ownership, given it is one of the country’s biggest post- apartheid success stories.
However, Mr Nhleko pointed to how Vodafone of the UK agreed a £1.4bn ($2.14bn) transactionearlier in November to secure control of Vodacom, South Africa’s largest mobile operator.
Источник: Financial Times


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It's not business as usual for most consumers, who are mindful of the Great Recession of 2008. Though it’s been almost five years, 94% of them plan to hold the line on spending for food, beverages and household goods, according to Deloitte's 2013 American Pantry Study.
Indeed, Deloitte found that 92% of the consumers surveyed say they have become more resourceful, with 86% getting more precise in what they buy. Those attitudes have shown little change in the three years the study has been conducted.
Yet while they have become more frugal, 72% of consumers point out that it doesn't feel like they are sacrificing much, even though they’re spending less on household and grocery items. That's up 7% in two years.
Another 88% of consumers claim to have found store brands are as good as national brands, and just 27% say they plan to switch back to national brands once the economy rebounds, an 8% decline from the previous year, according to the study. Thus, brand loyalty continues to slide as store brands become more entrenched in the pantry. Still, consumers appear to be selectively loyal to certain brands.


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Fleetwood RV Inc., a new company launched last year as the successor to the Fleetwood brand, kicked off its 2010 National Dealer Meeting Tuesday night (Aug. 24) with a rousing address by Fleetwood President and CEO John Draheim at the Grand Wayne Center in downtown Fort Wayne, Ind.
Fort Wayne is located less than a half hour north of Fleetwood’s new Decatur, Ind., headquarters and is a fitting site for a more low-key event that Fleetwood RV prefers versus the kind of glitzy annual dealer meeting that Fleetwood’s predecessor, Riverside, Calif.-based Fleetwood Enterprises Inc., used to hold in Las Vegas prior to the Great Recession.
Make no mistake about it, this is a “new Fleetwood,” Draheim reiterated in his address to a room full of attendees, including 30 vendors (24 of them with displays), three banks and about 100 dealer personnel from 45 dealerships. Draheim said Fleetwood’s focus today is on “creating partnerships” with dealers to whom he extended “a heartfelt thank you for helping us restart our company and be profitable.”
“We really do appreciate all the support that you’ve given us over the past year,” said Draheim, standing on a stage amid a display of 2011 product.
One of the company’s main missions in the near term is to explore new market opportunities, he reported, whether that involves extending existing brands or launching altogether new ones.
“We’re going to do that by looking for new market spaces that we’re not in that we can go into and both make money,” said Draheim, a veteran of Thor Industries Inc. and Monaco Coach Corp. before assuming the reins at Fleetwood RV. “We do that through providing exceptional product value that allows you to make money. We do that by trying to align ourselves with all the bankers in the room and promoting quicker retail turns because, after all, that’s what they’re looking for — quicker turns.”
Toward that end, GE Capital, Commercial Distribution Finance announced yesterday that it will be the exclusive wholesale lender for an aggressive new Fleetwood inventory stocking program designed to promote high turnover of new inventory. The program provides a competitive interest rate on financed inventory for 120 days and allows dealers to be reimbursed by Fleetwood for 100% of interest charges on new inventory financed through GE Capital and sold in 60 days or less.
Another key mission in rebuilding the Fleetwood brand, which soon will be part of a new consolidated Allied Speciality Vehicles Inc. (ASV) unit under the continued ownership of American Industrial Partners Capital Fund IV LP (AIP), is projecting an “extended family” atmosphere through which the company’s management, retailers and 1,200 employees can work amicably through any issues that inevitably surface in building a new company from scratch.
Lean production practices, warranties and Fleetwood’s new management team were all part of Draheim’s Power Point presentation. In addition to Draheim, that new team currently includes CFO Debra Pak, Vice President of Operations Luis Ortiz and new Vice President of Engineering, Development & Design Colin Roberts.
Draheim, by the same token, talked about how Fleetwood has gone about answering dealer requests to consolidate its product offerings. The result is that the company’s brands have been reduced from 27 in 2010 to 14 in the 2011 model year.
Fleetwood’s new approach to developing a dealer body was also on Draheim’s mind. Rather than assembling a big dealer body — Fleetwood currently has about 80 dealer locations, a tiny number vs. the 1,800 Fleetwood Enterprises once had — the company is more focused on establishing links with a smaller group of retailers that holds like-minded “core values.”
Draheim says that’s been a consistent theme with AIP and a real key to launching a new enterprise in these strange economic times. Keep in mind, he noted, that AIP and Fleetwood launched Fleetwood RV in 2009 in the middle of a daunting recession. “Now imagine in that environment, with the economy, fuel prices, the lending environment, the oversupply of product in the marketplace, the inability of most retailers and OEMs to hold margins, who in their right mind would start a new company?” he asked, rhetorically.
“Well, we did,” Draheim continued. “And we’re here to talk about it, and we’re profitable. That is a heck of a statement. We have no debt. We’re generating positive cash and have been for some time. We have engaged some of the industry’s best suppliers. We’ve developed relationships with the industry’s key lenders — both wholesale and retail. We’ve grown a dealer network, some of which we’ve had prior, some that we didn’t do business with prior.
“And if you gave that dealer list today to somebody who was familiar with the motorhome business today, they would tell you ‘this is a who’s who of motorhome dealers across the country,’” said Draheim. “We feel extremely humbled and confident in the quality of our dealer chain. And at the end of the day, it’s all about the quality of the dealer who creates the experience for the retail customer. So we’re honored that you’re here and that we’re in business with you.”
Fleetwood’s meeting agenda included a tour of the company’s Decatur facilities and an afternoon of meetings. The meeting ended Thursday with an awards luncheon.
Most of the nation’s recreational vehicle makers, whose factories are clustered in northern Indiana, crashed in the recession. But not Thor Industries Inc., owner of Four Winds, Airstream, Dutchmen and seven other units that sell nearly 50 RV brands in all, according to the Wall Street Journal.
After months of slashing jobs and closing factories, Thor is hiring again, and it expects to open two new factories before the end of the year. “The nadir in this industry is definitely behind us,” says Richard Riegel, chief operating officer of Thor, the nation’s biggest RV maker by sales.
Fierce, fast cost-cutting and a structure dominated by many small factories that were easy to open and close almost overnight helped Thor avoid the financial disasters that led to bankruptcy filings by its two big rivals. Those companies — Fleetwood Enterprises and Monaco Coach Corp. — had accounted for half of the industry’s preslump shipments.
Thor’s turnaround is helping to resuscitate the region, where unemployment reached 20%, making it a favorite destination of President Barack Obama as he pushed for economic-stimulus dollars. More than a dozen RV start-ups have emerged — most of them rising from the ruins of companies that went under — in northern Indiana, where about 70% of U.S. RVs are made and the RV Hall of Fame and Museum is housed.
Sales of RVs — ranging from simple, tow-behind trailers to land yachts outfitted with flat screens and full kitchens — peaked at more than 390,000 units in 2006, aided partly by a surge in hurricane-related sales. But they started to stall even before the recession because of $4-a-gallon gasoline. The industry’s problems quickly snowballed as consumer confidence evaporated and banks stopped lending for big-ticket purchases, including RVs.
Riegel recalls driving along Elkhart County’s back roads in the predawn cold last winter. “It’d be dark, it’d be nasty, and I’d see these fathers standing at the end of driveways with their kids waiting for the school bus,” he says. “I knew many of them were our workers” who were suddenly jobless.
This year, analysts predict sales will be 150,000, a 60% decline. But business is looking up as credit loosens and dealers restock inventory-drained showrooms. Shipments of RVs have increased in the last two months, and analysts now expect them to be up 25% next year.
That has helped Thor, as well as the new ventures that have emerged. Truck maker Navistar International Corp. bought parts of Monaco, creating a new RV division. Portions of Fleetwood were bought by New York-based American Industrial Partners Capital Fund IV LP, a private-equity group.
Evergreen RV, in Middlebury, Ind., is a start-up that took over a factory formerly owned by Coachmen Industries Inc., which sold its RV business to Forest River Inc., a unit of Warren Buffett’s Berkshire Hathaway Inc., in late 2008. Evergreen, which touts an “eco-friendly” trailer made of recycled and light-weight materials, now has 60 workers.
Doug Lantz, Evergreen’s chief operating officer, says that when word of the factory reopening spread, job seekers lined up. “We had hundreds showing up and blocking the doors and the parking lot,” says Lantz, who posted a sign on the road saying applications weren’t yet being accepted.
For Thor, which is based in Jackson Center, Ohio, hardship created opportunity. Ron Fenech, president of Thor’s Keystone division, which is based in Goshen, figures he gained at least 1.5 percentage points of market share as competitors faltered, giving his division more than 22% of the market.
“There were six months when the whole industry was in lockdown,” he says. But Keystone, which shed nearly 30% of its 3,000 workers in the last year, has hired back 400 since the summer.
The company, which makes towed trailers, is opening four production lines in its two new factories in Goshen. Trailers are generally less expensive than motorhomes, and sales in the segment have revived faster.
Thor’s secret is speed. The company is willing to expand or contract rapidly, lengthening or trimming shifts daily. Two factors have made that possible: the relatively small size of its factories and the production incentive offered to its workers. By contrast, its failed rivals took on debt, and some built sprawling, expensive plants.
In Goshen, Keystone operates a network of 16 factories, most of them no larger than 75,000 square feet, which is somewhat smaller than 1½ football fields.
The process uses a basic platform bought from an outside supplier that is pushed on a dolly to groups of skilled craftsmen. At different stations, plumbers, electricians and carpenters install pipes, wiring and cabinets.
Many employees are Amish craftsmen who ride bikes to work or are transported from nearby farms by hired drivers.
The workers are paid slightly more than minimum wage, but they still covet the jobs and the productivity bonus. It’s not unusual for RV workers to earn as much as $60,000 a year, Fenech says.
Fleetwood Enterprises Inc. reported Tuesday (June 2) that it has signed an asset purchase agreement to sell its motorhome business to American Industrial Partners Capital Fund IV LP (AIP) of New York.
The Riverside, Calif.-based RV and manufactured housing builder is operating under Chapter 11 bankruptcy and has been actively looking for buyers of its various business units.
AIP is a middle market private equity firm which makes control investments in leading North American-based industrial businesses. Last week, the U.S. Bankruptcy Court approved sales procedures for an auction to explore whether any higher or more qualified bids could be obtained, according to a news release.
AIP’s $53 million bid is subject to reduction for the assumption of certain liabilities not to exceed $18 million, including warranty obligations on Fleetwood motorized products. The price is also subject to an adjustment for the amount of current assets purchased at the time the transaction closes.
Under the bidding procedures, any competing bidders must submit qualifying bids by June 18, and if the company receives qualifying bids, the court will hold an auction on June 22. The court hearing to finalize the sale is tentatively scheduled for June 24.
The offer from AIP includes two motorhome manufacturing facilities, two motorhome service facilities and Fleetwood’s Gold Shield supply subsidiary, all located in Decatur, Ind. It also includes intellectual property for Fleetwood’s existing motorhome brands and certain machinery and equipment , but does not include the company’s motorhome manufacturing facilities in Riverside and Paxinos, Pa., or its travel trailer plants, brands, and intellectual property.
“We are pleased to have signed an agreement to sell our motor home operation. AIP is a very capable and qualified organization,” said Elden L. Smith, Fleetwood president and CEO. “Since the sale process under Chapter 11 enables other bidders to come forward, we cannot say for certain what the outcome will be. We do expect, however, that the final purchaser will seek to take advantage of the Fleetwood name and legacy, as well as endeavor to preserve as many jobs as possible.”
Fleetwood is also pursuing buyers for its manufactured housing business.
Management believes that it continues to have adequate cash to fund operations until its businesses are sold.


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New Delhi, Mar 18 (HS): Amid the increasing threat of coronavirus, the people are opting for online transactions and digital including Paytm, google pay, Bhim UPI etc.
According to an official statement issued by the Paytm, there has been a massive boom in digital payments, as most people are working from home to prevent the spread of the coronavirus and are avoiding getting out of the house and touching cash.
A Paytm spokesperson said, “We are seeing a 20 percent increase in digital payments compared to regular days. Since February, the number of users visiting the Paytm app and in terms of per-user has also increased.”
Significantly, the RBI Governor Shaktikanta Das on Monday asked banks to encourage the use of digital payments.


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Olive Garden is celebrating the 20th anniversary of its fan-favorite promotion – Never Ending Pasta Bowl – with a new, limited offer. Beginning tomorrow, pasta lovers across the country will have a chance to snag one of two versions of the coveted Never Ending Pasta Pass, which has even more perks this year.
Never Ending Pasta Pass made headlines last year after selling out in only 45 minutes and giving cardholders access to seven weeks of unlimited pasta. That’s why Olive Garden is giving even more guests the opportunity to take part by introducing a Family Edition of the Pasta Pass. This new version allows the cardholder to extend the unlimited pasta benefits to more people so families of pasta lovers can share in the excitement around the table. Beginning tomorrow, Sept. 17, at 2 p.m. Eastern time, 1,000 of each type of Pasta Pass will be available via www.OliveGarden.com/never-ending-pasta-pass. The family Pasta Pass will be available for $300, and the individual Pasta Pass will be available for $100.
“At Olive Garden, helping families create memories together is at the heart of everything we do,” said Jose Duenas, executive vice president of marketing for Olive Garden. “We were thrilled with the response to our Never Ending Pasta Pass last year, and that’s why we are excited to expand the offer to give families a way to join in the celebration together.”
For seven weeks, from Oct. 5 through Nov. 22, Pasta Pass holders dining in our restaurants will have access to never-ending pasta, homemade sauces, pasta toppings, soup or salad, breadsticks and Coca-Cola® soft drinks as many times as they would like. Those who purchase a family Pasta Pass can share the pass benefits with an additional three guests dining with the cardholder. Without the Pasta Pass, guests can enjoy Never Ending Pasta Bowl starting at just $9.99 throughout the seven-week promotion beginning Oct. 5.
Guests can follow along and join the conversation with #PastaPass and connect with Olive Garden at Facebook.com/OliveGarden, Twitter.com/OliveGarden and Instagram.com/OliveGarden for chances to score a Pasta Pass for you and your family.
ABOUT OLIVE GARDEN
Olive Garden is the leading restaurant in the Italian dining segment with more than 800 restaurants, more than 96,000 employees and more than $3.8 billion in annual sales. Olive Garden is a division of Darden Restaurants, Inc., (NYSE: DRI), which owns and operates more than 1,500 restaurants that generate over $6.8 billion in annual sales. Headquartered in Orlando, Fla., and employing more than 150,000 people, Darden is recognized for a culture that rewards caring for and responding to people. Olive Garden is committed to making a difference in the lives of others in the local community. As part of this commitment, Olive Garden restaurants have donated more than 33 million pounds of food to local community food banks across the country. For more information, visit www.olivegarden.com. Connect with us on Facebook.com/OliveGarden, Twitter.com/OliveGarden and Instagram.com/OliveGarden.