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Lonestar Cell MTN staff demonstrate a new Mobile Money payment module at a supermarket in Monrovia.
More than three decades ago, settling household bills or tax in Liberia meant the whole day.
It involves traveling through traffic, spending hours in a crowded banking hall, and then enduring another queue at the tax offices. But nowadays, the situation has changed with the Lonestar MTN Mobile Money platform, which makes paying tax and settling household bills easy and fast.
"Mobile Money directly benefits the bottom of the pyramid customers by offering affordable, convenient and easy-to-use financial services that are carefully designed to better the lives of those who are somewhat excluded from the financial system," an employee of Lonestar Cell MTN told the Daily Observer.
Since it was launched in 2011, the company's Mobile Money platform has allowed millions of Liberians, who were in the past unbanked, to have access to financial services, sometimes which would have taken a decade to happen. Currently, Lonestar MTN has 1.6 million Mobile Money subscribers out of Liberia's total population of 4.6 million people making it the country's largest operator.
Such a revolution is now making it increasingly rare for individuals to keep stacks of banknotes on their persons or at home.
"Financial inclusion of the unbanked population has not only made paying bills easy but enhances government revenue collections. With the platform, an individual can settle their utility bills instantly or pay government tax without leaving their homes," the employee added.
Furthermore, the platform has modernized the Liberian economy, through its cashless transactions with the availability of agents who have gone from oddity to ubiquity in many parts of the country. In addition to earning income for themselves, these agents are also extending financial services to thousands of Liberians, which allows them to make deposits and pay bills via a simple mobile handset.
The move by the company to introduce cashless transactions in the Liberian economy is now yielding fruit as the government through the Central Bank of Liberia, and other financial institutions are now rolling out a similar initiative.
"Such ambitious move by the government and financial institutions is not only driven by the success of the company's initiative but the increasing rates of mobile penetration and a growing realization that cashless transactions bring a host of socio-economic benefits.
"Conducting financial transactions in a completely cashless environment make welfare programs more efficient, as payments are transferred directly to beneficiaries, whilst also helping to prevent money laundering. As a government, we are working to fully transition the country from a cash-based economy to a cashless economy which is in the process," an employee from the Central Bank of Liberia told the Daily Observer.
For the government, the drive towards cashless economies offers an exciting window of opportunity, particularly unlocking development gains for the poorest and most excluded communities, which can easily be achieved through Mobile Money.
For example, the company has partnered with the Liberia Revenue Authority (LRA) and Ministry of Finance and Development Planning (MFDP) and other government's agencies to enable them to pay their employees securely and efficiently as well as facilitate the collection of taxes. It is now one of the governments' biggest payroll card programs, with majority public sector employees receiving their salaries through the platform.
"Financial inclusion is part and parcel of our business strategy and vision to create a country beyond cash. We bring our technologies and infrastructure, our capital and creativity, and our ability to scale solutions to support people's journey from poverty to prosperity," the Lonestar MTN employee said.
Moving up the financial services value chain
Although cash is still the dominant payment method in Africa, the volume of electronic payments grew at an annual rate of 13% between 2014 and 2016, according to the McKinsey report on growth and innovation in African retail banking.
The Mckinsey report added by the end of 2015, there were nearly 400 million registered mobile money accounts--nearly half of the global total--across sub-Saharan Africa with nearly 90% of users in East and West Africa.
According to a 2017 CBL report, mobile money activities across the country's 15 political subdivisions experience an increase in the agent network from 2,110 in November 2016 to 3,162 as of October 31, 2017, representing an increase of 49.9 percent.
The report added that the total number of subscribers or users of mobile money significantly increased over the period from 1,034,725 as at end of November 2016 to 1,709,436 as of October 31, 2017, which represents 65.2 percent increase in the subscriber's base. The total mobile money transactions valued from January to October 2017 was US$20.4 million and L$12.85 billion.
"Mobile Money is the future; Liberians have to join the rest of the world and embrace this digital revolution to benefit from the ease and convenience of mobile money presents in the provision of financial services. It is a platform that enables public workers to receive payments via Mobile Money, which is currently ongoing," the CBL employee added. "Currently, mobile money accounts now surpass bank accounts in the country and greater financial inclusion has benefited large swathes of the population."
The McKinsey report added that telecom operators have more customers and better distribution networks compared to a bank, and its ease and safety of use in contrast to the paper-heavy processes of banks.
However, banks themselves have also put the mobile networks to good use for the provision financial services. Banks, such as the Liberian Bank for Development and Investment (LBDI), began with SMS and email alerts for customers to keep informed about activity on their accounts. Now the bank is giving customers the option to push cash from their bank accounts into their Mobile Money accounts -- an unprecedented convenience, especially for customers transacting large amounts of local currency.
As local banks add digital financial transactions to their systems, the mobile telecommunications operator is working with banks to enable customers to transfer money in and out of their local bank accounts using their Mobile Money wallets.
The new service, which Lonestar Cell MTN calls "Push and Pull", allows the company's Mobile Money subscribers to transfer money from their Mobile Money wallet to their bank accounts (Push), as well as transfer money from their bank accounts to their Mobile Money wallet (Pull).
"The product will enable customers to seamlessly move funds from their bank account to their MTN mobile money wallet and seamlessly cash out or perform other transactions," Prince Chesson, head of Lonestar Cell MTN Mobile Money said.
In an economy where, just a few years ago, customers painstakingly hauled suitcases or rice bags full of local currency in and out of commercial banks, or stashed away loads of cash in their mattresses or ceilings, digital finance platforms are solving the trust and convenience problems for many of those who have remained unbanked for these very reasons.
Now, the current liquidity crunch in the country provides an opportunity to onboard customers dealing in much smaller transactions. It is only a matter of time when Mobile Money enables micropayments with the speed and convenience that matches or surpasses the use of cash.


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There are several bizarre ingredients found in food, some of which we consume daily.
Posts Tagged Starbucks
Those new lattes are super cheap this week.
The drink came in at $47.30, and we can only assume he was wired for days from the 48 shots of espresso.
Uhh… say what now? New reports show a Starbucks grande coffee is dangerously close to the caffeine limit.
From Starbucks to Chipotle, many of our nation’s most popular eateries offer “secret” dishes that aren’t on the menu – if you know what to ask for.
Does your office practically run on coffee? It just might if you work in food service, science labs, or sales offices.
Some ideas seem so natural that you wonder why they haven’t already been invented. And then, there are man candles.

domain: news


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Hero MotoCorp has announced that it has sold 13.90 lakh units in the first quarter of the Financial Year (April-June) 2022-23. This is a robust double-digit growth of 35.7% over the corresponding quarter of the previous fiscal (FY’22), when the company had sold 10.25 lakh units.
Sequentially, this translates into a growth of 17% over the last quarter of the fiscal year (January-March) 2021-2022, when the brand had sold 11.89 lakh units.
The growth in volumes indicates the continuously improving consumer sentiment and the company expects the positive trend to continue in the coming months, on the back of a decent monsoon, and encouraging farm activity.
With sales of 4.85 lakh units of motorcycles and scooters in June 2022, Hero MotoCorp registered a growth of 3.3% over the corresponding month of the previous fiscal when it sold 4.69 lakh units.


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Cryptomania out of Control, How KYC will be the Norm
We have talked, rather extensively at that, about the illicit practices that have seen Bitcoin and similar assets bogged down in everything from drug trafficking to human trafficking. Those are definitely chilling revelations. Knowing that something as ludicrous as a make-believe currency is now deciding the fortune of people is indeed damning. But what are some of the new and gravest transgressions in the world of crypto goods?
The fact that it is no longer just a matter of running a Ponzi scheme there or robbing an entire crypto exchange to fuel your authorities inclinations. Most recently, Forbes reported on the practice of hackers sneaking into corporate and personal computers to mine Bitcoin. It is indeed a rather displeasing prospect to know that ill-meaning third parties have targeted you and security online, naturally, should be paramount.
However, just trying to root out hackers is never easy. Instead, a more radical write-up at Forbes has it – we should all strive to shut down the crypto world once and forever. We have never been so decidedly against cryptocurrencies as such.
On the contrary, you can see a lot of good that has been done because of them. Blockchain technologies are now expanding and incarnating in all sorts of fintech solutions, which promise to buy the banking industry.
Bankers from all over the world, including central regulatory bodies, are now rallying to prop up cryptocurrencies and ensure that everything is okay. Still, some risks loom, and detractors or observant critics may even argue that more measures that are drastic are sorely needed this time.
Should We Shut Down Cryptocurrencies En Masse?
The model that cryptocurrencies have been using is coined as permission mode, which means that pretty much anyone can signed up and undertake mining operations. And you have guessed correctly – even criminals will soon have set up their own factories in pursuit of digital riches. Hence why hackers are juicing off personal computers to subsidise their own efforts.
However, to say that all factories that have been set up to mine bitcoin are criminal is erroneous and grossly so. You will be quite pleased to know that many investors have been putting hard-earned currency in order to buy the necessary hardware and push ahead.
However, most people who own crypto coins are not too eager to pay tax. Additionally there has been mounting proof that crypto owners have also been responsible in abhorrent activities such as:
- Funding terrorism
- Money Laundering
- Subsiding human trafficking
What the Big Deal With Crypto Mining Done by Illegal Entities?
To cite the self-evident truth that it is just that – illegal, is quite simple. Instead, we should focus on the real-world implications. If you want to know how easy it is for you to get infected, it boils down to miskicking one pernicious link which will then send the armies of bugs into your computer, sapping its performance to serve nefarious ends.
Generally, malware can be caught and nipped in the bud. However, with cryptocurrencies and the software that is used to excavate crypto assets, you will notice that this software is not truly malware. It is standard mining software that cannot be regulated by anti-virus software because it is just another application that does not compromise the security of your computer so much as it just slows down the overall performance of your computer.
Regulating the Sector or Know Your Customer
We will admit that there are ways of regulating the sector. If people are taught, better private security when it comes to steering clearing from phising ploys it could be feasible to instill an order of things that would allow you to follow transactions up close.
One good practice will be for banks to apply know your customer practices which will allow banks and other regulators to follow through with checks of the origin of the crypto currencies.
Introducing checks is quite simple although it would be met with stern opposition among crypto enthusiast. Their reluctance is quite understandable – they have jumped on the sector based on a promise that they would have complete say over how their money would be handled and nobody would need to have any truck with the authorities.
However, things have changed to the point where cryptocurrencies are financing crime that has been damaging not only lives, personal data, corporations and scientific endeavor. According to Microsoft’s Bill Gates, people have been dying because of cryptocurrencies.
Something should be done and the sector will undergo drastic changes. Whether this will be the end of crypto assets or just a more moderate way to trade into those assets without risking lives is another matter altogether. The future will show us best.


text: One of the following initiatives by European policymakers and the US government was the creation in 1995 of a businessmen`s interest group, the Transatlantic Economic Dialogue (TABD) by authorities on both sides of the Atlantic; 1998, the creation of an advisory committee, the Transatlantic Economic Partnership; 2007, the creation of the Transatlantic Economic Council, in which business representatives from both sides of the Atlantic meet to advise the European Commission and the US government – and finally, in 2011, the creation of a high-level expert group whose 11 the conclusions presented on 22 February 2013 recommended the opening of negotiations for a far-reaching free trade agreement. On February 12, 2013, in his annual State of the Union address, President Barack Obama called for such an agreement.  The next day, the President of the European Commission, Jose Manuel Barroso, announced that discussions would take place on the negotiation of the agreement.   Total bilateral trade between the European Union and the United States amounted to nearly $1.3 trillion in 2018, with merchandise trade accounting for $807 billion. The US exported $319 billion worth of goods to EU member states. California`s exports to the EU amounted to $31.75 billion in 2018. California is a major exporting country to the EU, with computers, electronics, transportation equipment and chemicals as the state`s main export sectors to the region. EU countries buy about 18% of all California exports. For California companies, the single market is a stable market with great opportunities….


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Over the years, countless studies have shown that when it comes to infant nutrition, breast milk is best. This remains true, as there is simply no infant formula product on the market that can match the superior nutrition of mother's milk. In addition, some formulas contain ingredients that can be harmful to your baby.
Although some formula recipes have improved over time for mothers who must rely on formula to feed their new baby, many products are full with unhealthy and even harmful ingredients, making breastfeeding the best way to go for new mothers who have the option.
The FDA recently announced that they will allow the chemical Melamine in Baby Formulas a month after they announced it was not safe. The FDA found trace amounts of the chemical Melamine (which has caused havoc in Asia sickening and killing pets and children) in 2 products: Nestlé's Good Start Supreme Infant formula with iron, and traces of cyanuric acid in Infamil Formula Powder, Enfamil LIPIL with Iron from Mead Johnson Nutritionals (Bristol Myers Squibb Pharmaceuticals). Both companies deny such findings in their own tests. The FDA now concludes that these trace amounts do "not raise public health concerns." Yet, Cadbury and Nestle have recalled candy made in China found to contain Melamine, which is used to fake a higher protein content in milk containing foods.
In reading ingredient labels of some infant formulas like Similac, you may find "high fructose corn syrup", as high as the second ingredient. Corn syrup has been found to increase risk of heart disease, obesity and diabetes in children and adults. This could potentially be setting up children for diseases from day one. Unfortunately a new Irish study has found that 61 per cent of males and 40 per cent of females never read the nutrition label before purchase, which may lead to uneducated purchases. To make matters worse the journal Environmental Health say in a study that Mercury has been found in 50% of the US supply of High Fructose Corn Syrup. The US institute for Agriculture and Trade Police also claims to have found mercury in 30% of foods with HFCS as the first or second ingredient.
In addition formula companies are adding DHA and ARA's to some formulas, from "plant sources", promoting them as:"supporting eye development like the breastfed infants". This is a cause of great concern as:
1. These "plant sourced" DHA's are extracted from fungus and algae via a process requiring the use of the neurotoxin chemical Hexane (a byproduct of petroleum refinement). (These are cheaper than fish oils, taste better and can be pulverized for better product consistency.) These DHA and ARA's are according to the Cornucopia Institute is causing some babies to suffer from unexpected deaths and other morbidities including diarrhea, flatulence, jaundice, and apnea among infants who consumed formula supplemented with these long-chain polyunsaturated fatty acids. Other long term effects are unknown.
2. Proper fetal and infant visual and brain development needs DHA and EPA's in the natural balance it's found in fish, EPA's cannot be man-made or extracted (yet).
3. Man has never been able to exactly replicate the nutritional qualities and intricacies of breast milk. Infants are designed to drink from their mother. They are not meant to have cow's milk or anything other than mother's milk in their early lives. Only breast milk contains what a healthy baby needs, including 160 fatty acids that are not found in baby formula.
FDA scientists who reviewed these novel oils have never affirmed their safety. Neither do they have legal power to stop the addition of ingredients such as DHAsco and ARAsco, or to give approval or advice for special ingredients in infant formula. But parents are urged to report any adverse effects of the infant formula to the FDA.
We already know that infants who are not breastfed are at increased risk of infectious diseases like meningitis, diarrhea, respiratory tract infection, and urinary tract infection. They are also at increased risk of SIDS in the first year of life and are more likely to have lower IQ's, and to develop insulin-dependent (type 1) and non-insulin-dependent (type 2) diabetes mellitus and many immunological problems like allergies. As adults, they are more likely to develop lymphoma, leukemia, and Hodgkin's disease, overweight and obesity, hypercholesterolemia, and asthma. And mothers who do not breastfeed are more likely to develop type 2 diabetes, breast and ovarian cancer, and postpartum depression.
Why are we also allowing these unsafe ingredients in infant formula, potentially increasing babies' risks for addition health problems?


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Material Recycling Association of India (MRAI) moved the Supreme Court seeking implementation of the government order directing shipping lines, Container Freight Stations (CFSs) and ports to waive off detention, demurrage and other freight charges . The case was up for hearing on June 4. With economic and logistical activities hit during the lockdown, importers of scrap – mills/scrapyards/traders, who the association represents, were unable to evacuate containers of scrap, including that of metals from ports and CFSs. The accumulated charges are set to hurt their pockets.
The shipping ministry had issued a notification on March 31, waiving off these charges for the period between March 22-April 14. Subsequently after the Indian government extended its lockdown till May 3, yet another notification followed extending this waiver. Though, many shipping lines and CFSs were unwilling to implement these notifications.
As per Dhawal Shah, Managing Director of Metco and a member of Bureau of International Recycling (BIR) and also the vice-president of MRAI in a webinar informed, “India does not have any law or act that regulates shipping lines. Service providers on the logistics side like the shipping lines and the CFSs, have no law telling them the best practices, and parameters they need to follow. Presently, the cost of logistics in India is 14pc to GDP, on a higher side when you compare with around 9-10pc spent by other economies with a good amount of import-export.”
He further added, when it comes to the metal scrap business, where India is dependent on imports, about 65pc of the import volume is handled by three shipping lines – Maersk, MSC and CMA-CGM – which essentially puts them in a position of power and dominance. “With the lockdown restrictions, every step required for collection of consignments, including processing the relevant documentation, could not be completed,” states Shah. He further states that in the entire two month-long lockdown period, some shipping lines have given partial relief but that is still far away from what is required. The CFSs have completely paid no heed towards notices or advises from the shipping lines. This has created a direct conflict between the trade and the service providers.


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From cheese to sliced turkey, the President Obama's administration is encouraging food companies and restaurants to lower the amount of salt in the foods they sell.
If the effort is successful, most Americans won't even notice the change. The idea is to lower sodium levels gradually so consumers' taste buds can adjust, and to give the industry time to develop lower-sodium food. Voluntary guidance proposed by the Food and Drug Administration sets two-year and 10-year sodium targets for around 150 categories of food.
It's the first time the government has recommended such limits. Sodium content already is included on existing food labels, but the government has not previously set specific sodium recommendations.
Things for consumers to know about the new guidelines -1. You probably eat too much salt
Health officials from the FDA and the Centers for Disease Control and Prevention say 9 out of 10 Americans are eating too much salt. The recommended amount is 2,300 milligrams a day, or about a teaspoon. But most people eat closer to 3,400 milligrams a day. That number has stayed steady over the years.
The government says overwhelming scientific evidence shows that blood pressure increases when sodium intake increases, upping the chances of heart disease and stroke. Most of that sodium is hidden inside common processed foods and restaurant meals, making it harder for consumers to control how much salt they eat.
2. From soups to donut to deli meat
The new targets cover a wide variety of processed and packaged foods. The guidelines propose average sodium amounts for categories of food and also upper limits for individual foods.
For some foods levels of sodium can vary widely. According to the CDC, sodium in a slice of white bread ranges from 80 milligrams to 230 milligrams. The new guidelines are designed to encourage more consistency, and for companies to aim for the lower ranges.
When lowering sodium levels, companies say that in some cases, just removing added salt or switching ingredients does the trick. Potassium chloride can also substitute for common salt (sodium chloride), though too much can cause a metallic taste.
In addition to flavor, companies use sodium to increase shelf life, prevent the growth of bacteria or improve texture and appearance. That can make it more difficult to remove from some products.
3. Dines may not taste the changeWhether you can taste it or not, many food companies have already lowered the amount of sodium in their foods. Wal-Mart, ConAgra Foods Mars Food, Nestle and Subway restaurants say they have achieved major sodium reductions in their products.
While those companies have touted their reductions, others have kept them quiet, fearing consumers may think their foods don't taste as good.
The food industry has lobbied against the guidelines, noting companies are already making changes. Leon Bruner of the Grocery Manufacturers Association, an industry group, said Wednesday that companies will work with the FDA on the guidelines and will ensure the agency is using the most recent science. FDA officials say they expect companies to eventually comply.
Guidelines Coming for a Long Time
The guidelines were delayed for several years amid the backlash from the food industry. The FDA first said it would issue voluntary guidelines in 2010, after an Institute of Medicine report said companies had not made enough progress on reducing sodium and advised the government to establish maximum levels for different foods. The FDA decided to go with a voluntary route instead.
In the meantime, the institute issued another report in 2013 that said there is no good evidence that eating sodium at very low levels — below the 2,300 milligrams a day that the government recommends — offers benefits. The food industry touted that report.
Some companies have worried that the guidelines are more warning than suggestion. But the wait means that Obama administration officials probably won't be around to see if individual companies follow the guidelines. A new administration will be likely be tasked with making them final, as they could take a year or more to complete.
Some Think They Should be Mandatory, Others Don't Like Them At All
Health groups have argued for mandatory standards, but say voluntary guidelines are a good first step. Michael Jacobson, the head of the Center for Science in the Public Interest, says the government should assess how the voluntary standards work and set mandatory targets if they don't.
The guidelines could face some backlash in Congress. Republicans have already fought the Obama administration over efforts to require calorie labels on menus and make school lunches healthier. And at least one group is totally opposed to the guidelines: The American Salt Institute. The group says lowering levels could be harmful if people don't get enough sodium.
"Americans should be extremely skeptical," the group said in a release.(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)


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After his weekly show Satyamev Jayate highlighted the importance of generic drugs as being the key to affordable healthcare for India’s poor, actor Aamir Khan has urged doctors to mandatorily add generic names in the prescription and let patients choose the brand so as not become victims of doctors’ “vested interests”.
However, as an Indian Express report points out, doctors are suddenly up in arms, calling Khan’s proposal as “overly simplistic” and “potentially dangerous”.
According to the US Food and Drug Administration (FDA), a generic drug is identical to or the bioequivalent of a branded drug in dosage form, safety, strength, route of administration, quality, performance characteristics and intended use. Though chemically identical to branded medicines, the generic drugs are sold at substantially discounted prices, while branded ones are sold at exorbitant rates.
But while medical experts choose to blame the ineffective price regulation of drug prices in India for not popularising generic drugs in India, the reality is that apart from doctors in government hospitals, private doctors often do not suggest generic drugs because there are no kickbacks or incentives involved from pharma companies. Though the Medical Council of India (MCI) guidelines dictate that doctors should prescribe generic medicines as far as possible, very few private practitioners actually do it. And the only way of popularising such drugs is by breaking the doctor-pharma nexus.
Apart from doctors, even the Department of Pharmaceuticals can be blamed for not creating enough awareness about cheaper generic drugs and the aforementioned failure to implement the Jan Ausadhi scheme reinforces that.
But there’s still a silver lining— at least at the state level. While the Karnataka State Cooperative Consumer Federations is going to set up Janatha Bazaar generic drug stores at all hospitals coming under the medical education department, Chhattisgarh Chief Minister Raman Singh has directed all the district hospitals in the state to sell generic drugs. This would help patients get medicines at cheaper rates since the cost of generic drugs is at least 30-40 percent less than the branded drugs despite being equally effective. But one must be careful when buying generic substitutes from unknown pharmaceutical companies since many fakes are available in the market too.


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Piaggio wants a piece of the e-commerce, last-mile delivery pie with its new electric three-wheelers
The company - the second-largest three-wheeler maker in the country - has showcased its electric goods carrier to leading e-commerce players and has been getting enquiries from Nepal, countries in Africa, South America and Southeast Asia, said Diego Graffi, managing director, Piaggio Vehicles.
Amazon eyes global ride aboard Mahindra Electric’s Treo Zor EV
Mahindra Electric is said to have delivered a few test mules of its Treo Zor e...
India’s piecemeal efforts to drive green economy need reforms
The country’s transition to green and inclusive economies is facing a “Brownian...
Good business sense, but poor economics: Commercial EVs trudge along the bumpy road
Electric mobility is said to be the future of a sustainable world. But not everyone is keen to finance that future.
Inside Amazon India's plan to use electric vehicles for last-mile delivery
The ecommerce company has been conducting trial runs of EVs at several last-mile delivery hubs for over a year and a half now as it pushes ahead with its plan to introduce 10,000 e-vehicles on India’s roads by 2025.
Partnerships power e-mobility startups
Electric vehicle sales in India are expected to witness double-digit growth till 2020, fuelled by government measures for the sector, says a report by global advisory services firm Ernst & Young.
Want to save 30% on fuel costs? Altigreen holds the key
A Bangalore-based startup has developed a low-cost solution that can convert almost any car into a hybrid version - one that improves fuel efficiency by 20%.
MG Motor India supports 5 startups as part of innovation program
MG Motor India says it received over 200 applications from startups in 20 days through the recently launched 'MG Drives Innovation' program.
Digital tech firm TO THE NEW to build marketplace for startups & VCs; beats TCS, EY & KPMG
TO THE NEW, which won the commerce ministry deal last month, has set up a 40-member team of engineers, UI and mobile app developers, and security experts.
Indian hardware startups now look up to desi trailblazers
Building products locally, as opposed to manufacturing overseas, might be slow initially but affords advantages in terms of prototyping and process control that entrepreneurs expect will now be available to future startups.
HyPixi: A kit that makes your car greener
HyPixi promises 20% reduction in carbon emissions and a matching increase in the mileage of the vehicle.
Bangalore-based startup Altigreen has a low-cost solution to convert diesel cars into hybrid
The product will be eligible for excise cut and subsidy under the FAME Scheme from Govt of India. This will make the solution much more affordable and accessible to people.
Jupiter Capital invests $2 million in Altigreen Propulsion Labs
Jupiter Capital has invested $2 million (about Rs 13 crore) in Altigreen Propulsion Labs, a niche startup providing technology-enabled solutions for electric and hybrid powertrains.
Jupiter Capital invests $2 million in green technology startup Altigreen
“Altigreen has developed hybrid technology solution enabling every vehicle to become a hybrid," says Jupiter Capital’s director Sudhakar Gande.
Bengaluru firm Altigreen has a solution to cut emissions
Any vehicle that’s powered by fossil fuels can use the kit made by Altigreen Propulsion Labs to lower fuel costs and greenhouse gas emissions by a fifth.


text:
Saleem, who has
put together a string of top tier
sales in recent years, told us his
latest has just been signed - a $1
million deal for Meet.com.
The buyer (whose name was not
disclosed) will pay for the domain
in installments and Saleem told us a
substantial first payment has been
made via Escrow.com.
don't chart sales until a domain has
been fully paid for and transferred
to the new owner but Saleem's track
record shows a high rate of success
in finding buyers who follow through
on sales agreements. He had three of
the 15 highest publicly reported sales
in 2017 - #2 (tie) ETH.com
at $2 million, #9 SW.com
(made with RightOfTheDot.com)
at $660,000 and #13 Asset.com
Saleem (at right) with Ali
This year he already has three sales
on our 2018
YTD Top 100 Chart - #30 DXB.com
at $220,000 (made with Ali
Rajpoot), #38 Deposit.com
at $171,100 and one of the
year's biggest non .com sales
#73 08.net at $87,000.
08.net is ranked #6 on our YTD
Non .Com gTLD Top 100 Sales Chart.


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Being a retailer or restaurateur in today’s marketplace can hardly be described as enticing, and even less so as a private equity owner of such a business. Both sectors are struggling for a variety of reasons, and it is a challenge which the private equity industry – having acquired a number of these retail and restaurant companies – must now address.
Out with the old, in with the new
In the UK, casual dining restaurant chains such as Prezzo, Bella Pasta and Byron Burgers, have all been hit by multiple whammies, most notably high business rates, hangovers from overly aggressive expansion strategies, wage inflation, staff shortages unsustainable debt, the rising cost of products and materials as a result of Brexit and changing consumer behaviour, with customers increasingly paying for dining experiences over the traditional meal fare.
The demise of these restaurants is also being exacerbated through the proliferation of delivery apps such as Deliveroo, Uber Eats and Just Eats. These apps charge sizeable commissions eating into restaurants notoriously fickle bottom lines. In addition, some restauranteurs complain people ordering meals through delivery apps typically buy less than what they do if they are enjoying a sit-down dinner.
The rise of digitalisation has also piled pressure on retailers, with a number of high-profile casualties such as Toys R Us and Maplins already biting the bullet and going into administration. The failure of these organisations to address the threat of e-commerce and online retailers such as Amazon crystallised their demise. Digitalisation and the closure of traditional retail businesses is an issue which private equity needs to resolve.
A Financial Times article highlights that most private equity misconstrued digitalisation as a way to shed costs, enabling retailers to close surplus stores in favour of establishing inventory warehouses. Instead, the likes of Amazon simply facilitated price transparency, the article added, allowing consumers to compare and contrast the cost of goods across multiple providers thereby rooting out the weaker competition.
Too much debt, too little tech investment
A number of businesses have also incurred significant debts, meaning they are unable to spend money on technology at a time when digitalisation is gaining traction. Analysis by the Financial Times of 31 deals with a price tag of more than $500 million each found that 19 leveraged buy-outs totalling $43 billion had run into problems.
The onus for retailers over the next few years looks bleak. The Financial Times highlighted that $68 billion of US retail debt will fall due in the next two years, of which $20 billion is sub-investment grade, according to S&P Global. With interest rates on course to have several hikes in the US over the course of 2018, the retail industry could see further opprobrium and closures.
Future-proofing the business
Moving forward, private equity managers need to ensure that retail or restaurant businesses in their portfolios have a digital strategy, and one that is future proofed. A reliance on the old way of doing business is unlikely to be sustainable for mainstream retailers and restaurateurs. As such, those retailers embracing technology will be ones who gain a competitive edge, and it should be these organisations which private equity ought to be engaging with.
But what does that mean in reality? A BCG study in 2017 found that one third of restaurant users ranked digital sources as the biggest influence when discovering new information about restaurants, while digital reviews also had an impact on sales. The BCG study found 60% of restaurant users downloaded one or more restaurant apps, while 15% had downloaded at least three. The study added that 20% of diners made purchases using the restaurant’s website whereas 15% utilised its mobile app.
As big brands learn more about their customers’ dining habits from this data, it allows them to develop personalised offerings and experiences.
It also said that two thirds of diners were members of at least one restaurant loyalty scheme, up from 55% in 2014. As big brands learn more about their customers’ dining habits from this data, it allows them to develop personalised offerings and experiences. Having first mover advantage has certainly paid off with highly digitalised businesses such as Domino’s Pizza getting around 60% of its custom via online channels. Through digitalisation, restaurants will increasingly be able to compete with the big tech brands.
The traditional private equity expansion model has also been called into question. Looking ahead, private equity firms are likely to consolidate retail and restaurants businesses and channel resources into a more concentrated number of stores. Others believe the issue is less to do with curbing expansion, but rather growing businesses sensibly, and tailoring stores according to customer preferences in a given area – potentially using information gleaned from big data analytics.
A failure to adjust to this changed approach could pose problems for private equity managers and their institutional clients down the line. It is time to make the change and ride on the digital wave.


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The franchisees plan to open the first Elevation Burger Florida location by the end of 2009. The innovative chain is rapidly expanding its Virginia-based organic burger concept throughout the United States and has 29 locations in development across Texas, Pennsylvania, New Jersey, Maryland, Northern Virginia, Washington,D.C., and now Florida.
Fransmart, the company that helped launch Five Guys Burgers & Fries, is leading the franchise development plans for Elevation Burger.
“We originally looked at opening a Five Guys Burgers & Fries franchise but upon investigating the burger segment we found Elevation Burger. We were instantly excited by the concept and knew we didn’t need to look further,” says Jeffrey Feinstein.
Ginsberg, a former record producer who produced John Lennon’s last album, and Feinstein, a serial entrepreneur, will be developing a minimum of three units in Broward and Palm Beach Counties. The franchisees plan to analyze strategic data on potential trade areas, including similar restaurant sales, potential sites, and real estate deal terms.
The five times weekly e-newsletter that keeps you up-to-date on the latest industry news and additions to this website.


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The @ Company, creator of a revolutionary open-source application development platform that protects personal data, announced it raised $8 million in seed funding led by Kirk Brown, an individual investor. This new round brings the company’s total funding to $11 million, and will advance the company’s efforts to get the first privacy-first apps to consumers and enhance tools for developers to build more end-to-end encrypted apps.
Marketing Technology News: AtScale Delivers “Live” Connection Experience for Microsoft Power BI
“This financing provides a clear line of sight toward the explosive consumer need we see on the horizon for end-to-end encrypted apps and the continued innovation it will take to get there,” said Barbara Tallent, CEO of The @ Company. “The Internet is set up so that each company has to keep and manage a slice of consumer data. The @ Company is creating an architecture that lets each individual own his or her own data in his or her own private database. We’re committed to building products for People to empower the curious while protecting privacy. We’re trying to give the People back control of their digital lives.”
The @ Company has created a revolutionary internet protocol that protects privacy by putting personal data back into the hands of those it belongs to, the People. The @platform equips developers with the self-serve tools they need to quickly build, launch, and market apps that offer completely new online experiences. These peer-to-peer, surveillance-free apps require no passwords, are end-to-end encrypted, and enable People to own and control their own data. The number of hyperconnected experiences possible with the @platform will increase as more @apps are built. To-date, there are more than 30 apps currently in development or public beta, such as @buzz, or fully launched, such as @wavi.
Marketing Technology News: MarTech Interview with Armen Adjemian, Co-Founder and CEO at DISQO
With the ubiquity of data breaches and lack of consumer privacy, now is the time to bring the Internet back to the People. The @ Company is at the forefront of innovation in creating the next-generation of open-source apps that are purpose-built with security and privacy in mind. With The @ Company, privacy is married with the seamless user experience and brings to the consumer the ability to browse and connect online freely.
“My investment in the @ Company is a vote of confidence in the company’s seasoned leadership team and its unprecedented solution,” said Kirk Brown. I am excited to see The @ Company grow into its next chapter. I’m glad to be part of this team building the future of the Internet.


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Retailer shares have been unable to fully stabilize after sell-offs that accompanied their earnings for the 2016 holiday period. Some retailers shuttered stores. Others gave pessimistic guidance. The slide began in earnest again, as retail stocks got punished on Monday. Kohl’s Corp. (NYSE: KSS), Macy’s Inc. (NYSE: M), Gap Inc. (NYSE: GPS) and Nordstrom Inc. (NYSE: JWM) were among the largest losers in the S&P 500.
The drop came as Wal-Mart Stores Inc. (NYSE: WMT) announced it would open a retail operation in Silicon Valley to ponder its future. No other retailer has a project that rivals this in scope of ambition.
Additionally, the drops came just days after J.C. Penney Co. Inc. (NYSE: JCP) closed 138 stores. Shares in the ancient retailer dropped to a 52-week low of $5.77, down 30% so far this year.
The concern about these retailers has turned from store count and revenue attrition to balance sheets. J.C. Penney has $4.5 billion in long-term debt. Granted, some is not due for a decade, but the concern is that the retailer will not exist to make the principle payments. And several hundred million of the J.C. Penney obligations must be paid between now and the end of 2020. Next year, $265 million in senior notes come due, for example.
As a description of what has gone wrong in the industry, Bespoke’s experts wrote:
Finally, we would note that what is going on right now in retail is a fantastic example of Schumpeter’s “creative destruction.” In pursuit of profits, the new model of online commerce is winning because it’s flat-out more efficient. As it succeeds, the older, less efficient ways of selling goods to consumers are losing market share and crumbling. Over time, it’s this iterative process across industries that drives productivity, the ultimate source of higher standards of living. In a period when aggregate output per worker hour (labor productivity) has been cratering, we think the retail industry is a great example that there’s more going on beneath the surface than the headline labor productivity stats alone.
In other words, the industry is not only in great trouble, so are a number of people who work in it.


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Apple Making It Harder to Avoid Nagging macOS Update Notifications
With the release of macOS Catalina 10.15.5 and related security updates for macOS Mojave and High Sierra earlier this week, Apple is making it more difficult for users to ignore available software updates and remain on their current operating system versions.
Included in the release notes for macOS Catalina 10.15.5 is the following:
- Major new releases of macOS are no longer hidden when using the softwareupdate(8) command with the --ignore flag
This change also affects macOS Mojave and macOS High Sierra after installing Security Update 2020-003.
For users still running an earlier major macOS version like Mojave or High Sierra, the Software Update pane in System Preferences typically displays a prominent upgrade button for Catalina and a notification badge on the System Preferences icon in the Dock, but until now knowledgeable users have been able to hide those items by using the softwareupdate --ignore "macOS Catalina" command in the Terminal app.
After updating to macOS 10.15.5 or Security Update 2020-003, this command no longer works, with Terminal displaying the following message:
Ignoring software updates is deprecated.
The ability to ignore individual updates will be removed in a future release of macOS.
As documented in a discussion thread in our forums, there are some additional commands that can be used to temporarily remove the notifications, but it's clear Apple wants as many users as possible to upgrade their Macs with all of the most recent operating system updates.
The Black Friday and Cyber Monday holiday shopping rush is drawing to a close, but there are still some good deals to be had out there. For Apple products, many of the deals you've seen since last week are still available, though some have expired. So for anyone who missed out on Black Friday deals, there's still an opportunity to get some of the year's best prices on many Apple devices.
Apple's upcoming iPhone 15 models will be equipped with Sony's newest "state of the art" image sensors, according to a report from Nikkei.
Compared to standard sensors, Sony's image sensor doubles the saturation signal in each pixel, allowing it to capture more light to cut down on underexposure and overexposure. Nikkei says that it is able to better photograph a person's face even with...
Apple today announced that the Oceanic+ app is available for the Apple Watch Ultra starting today. Designed by Huish Outdoors in collaboration with Apple, the app serves as a dive computer for recreational scuba diving at depths up to 40 meters/130 feet.
Apple already offers a basic Depth app on the Apple Watch Ultra for viewing your current depth, maximum depth reached, water temperature,...
Apple today announced its 2022 App Store Award winners, highlighting the 16 best apps and games selected by Apple's global App Store editorial team.
The top apps were chosen by Apple for their quality, innovative technology, creative design, positive cultural impact, and ability to deliver "exceptional experiences." Apple CEO Tim Cook said:
This year's App Store Award winners reimagined...
Apple today released a Rapid Security Response update that is available for those running the iOS 16.2 beta, marking the launch of the second RSR update since the feature was released in iOS 16.
The Rapid Security Response Update is designed to provide iOS 16.2 beta users with bug fixes without the need to install a full update. The initial RSR release for iOS 16.2 beta users was a test with ...
Apple has cut back on its Twitter advertising, according to Twitter CEO Elon Musk. In a tweet, Musk said that Apple has "mostly stopped" its Twitter ads, asking if Apple hates "free speech."
Musk went on to publish a poll asking if Apple should "publish all censorship actions" taken that impact customers and he began retweeting content from companies that Apple has had moderation discussions ...
Elon Musk has pledged to offer an "alternative phone" if Apple and Google remove Twitter from their app stores, adding to long-standing rumors about an iPhone rival from Tesla.
Modified iPhone 11 Pro in the style of the Tesla Cybertruck, by Caviar. Musk's remark came after being asked about the potential scenario of Twitter being removed from app stores, which could conceivably happen if the...
Although Black Friday is now technically over, many Apple products are still seeing major discounts through the weekend as we head into Cyber Monday. In this article, you'll find every Apple device with a notable Black Friday sale that's still available. We'll be updating as prices change and new deals arrive, so be sure to keep an eye out if you don't see the sale you're looking for yet.


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One of Australia’s largest buy now, pay later companies is reportedly looking at a move into stock and cryptocurrency trading.
According to a report by the Wall Street Journal on Tuesday, Zip Co.’s co-founder Peter Gray said his company was looking at providing trading services through its native app in a bid to further engage its typically young consumers.
The co-founder did not specify when the offering would launch or whether services for stocks would be released before cryptocurrency.Instead, Gray urged Zip to make the services available to its U.S. QuadPay customers who total 3.8 million.
“We’re very keen [to] move on this feature and the U.S., in particular, might be further advanced than Australia,” said Gray who spoke to Dow Jones Newswires on Tuesday.
The co-founder said his company’s plans were “probably more related to crypto or the ability to buy and sell shares from the app rather than the ability to have a no-coupon savings account,” per the report.
The "Buy now, pay later" option is just another version of lay-by, popular among shopping retailers and outlet stores.The current scheme is extremely popular in Australia offering consumers the ability to take home a product or elect a service with the option of paying for it over a set period with minimal interest.
They act like a small loan issuer.Consumers are typically provided $1,000 or less regardless of their credit rating.AfterPay, Zip’s main rival, kicked off the new lay-by model in the country beginning in 2015. Both have managed to corner a large portion of the market in the six-year-old revamped sector.
The co-founder also said Zip’s options for the new cryptocurrency and stock offerings were to use existing infrastructure, partner with existing platforms, acquire specialist businesses, or build anew, according to the report.
Zip’s short-term have no plans to include traditional banking products unlike its rival, said Gray.I anticipate it will be a little bit different for every product and service we roll out.
At $9.26 (US$7.16) per share, Zip Co. is currently up 11.7% this week.


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The EKOCYCLE brand was named Creative Innovator of the Year this week at the WGSN Global Fashion Awards in London. The awards program celebrates innovative talent in fashion, design buying, and retail.
The brainchild of The
WGSN recognised the brand's pioneering journey and technological advancement in using recycled materials to make desirable consumer products. “EKOCYCLE will change the way the consumer regards sustainable design," said Lauretta Roberts, founder and director, WGSN Global Fashion Awards. "It has taken sustainable fashion and placed it firmly in the luxury arena and, by collaborating with a carefully selected line-up of style leaders, has made it cool and highly desirable."
EKOCYCLE has teamed up with some of the world's most desirable brands to create an innovative lifestyle collection – from womenswear and menswear clothing to accessories and home interiors. In April, EKOCYCLE announced a partnership with W Hotels Worldwide, part of Starwood Hotels & Resorts Worldwide, to bring the EKOCYCLE brand to W Hotel rooms around the world. W Hotels will soon begin re-making their beds with EKOCYCLE-branded sheets made in part with rPET (polyester partially made using recycled plastic).
“The EKOCYCLE initiative aims to push the boundaries on more sustainable fashion and design – inviting consumers to experience sustainable luxury," said Bea Perez, chief sustainability officer at The
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Crypto exchange platform Binance has today been handed regulatory approval in Italy.
The move comes less than a month after being given the thumbs up to operate in France, where Binance chiefs hinted they would establish the company’s European hub.
Binance Italy is now registered as a Cryptocurrency Service Provider with the ‘Organismo Agenti e Mediatori’ (OAM), as required by the Italian legislation on digital assets.
The registration allows Binance to offer crypto products to its customers in Italy as the company continues its drive to operate in compliance with local regulations regarding cryptocurrencies. Regulatory approval represents an important milestone in Binance’s growth strategy for Italy and will allow the company to strengthen its presence in the country by opening offices and expanding the local team.
“Clear and effective regulation is essential for mainstream adoption of cryptocurrencies. We thank the Ministry of Economy and Finance and the OAM for their efforts in defining and controlling the necessary requirements to operate in Italy in full transparency,” said Changpeng ‘CZ’ Zhao, co-founder and CEO of Binance.
“Binance has always put its users first and, with actions such as the implementation of the register, they can be confident that our platform is among the safest and most trustworthy in the world. ”
The news follows Binance’s registration as a “Digital Asset Service Provider” from the AMF in France in early May 2022 and the licenses recently received in Bahrain and Dubai.


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Tonight on Nightly Business Report, Microsoft CEO Steve Ballmer hosts his final shareholder meeting before stepping down. But what are the challenges facing the company and the new CEO?
And, Home Depot raises its full year earnings outlook for the third time this year. But it’s not the only company benefiting from the rush to remodel.
About NBR“Nightly Business Report produced by CNBC” (NBR) is an award-winning and highly-respected nightly business news program that airs on public television. Television’s longest-running evening business news broadcast, “NBR” features in-depth coverage and analysis of the biggest financial news stories of the day and access to some of the world’s top business leaders and policy makers.
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Unlike many other restaurant owners, Chef Edward Lee was not surprised about Kentucky Gov. Andy Beshear’s mandate to shutter dining rooms again. After seeing what was happening in cities like Chicago, Portland, Oregon, and Philadelphia, he said he knew it was bound to happen at some point.
But while it wasn’t a surprise, it didn’t make it any less heartbreaking.
“I mean, this is awful,” said Lee, owner of 610 Magnolia and Whiskey Dry. “Two weeks ago, we have a record breaking week financially, in terms of how much money we’ve made since the original shutdown in March. We closed down in March, we opened in June and we’ve been fighting very, very hard to restructure and get back our customers.
“We just had a record week, so we were feeling really good about things. But obviously, this is going to really, really hurt.”
Lee said while he doesn’t always agree with some of the decisions, he does think Gov. Beshear has shown leadership, consistency and needed sternness. During a call with Gov. Beshear’s office early this week, Lee said he expressed interest in using his restaurants and others to help slow the spread.
Restaurants have the unique opportunity to create safe and controlled environments for people to get out of the house, Lee argues, which people are doing anyways in unmonitored ways. When restaurants close, Lee said people turn to outdoor and indoor parties for entertainment.
“It’s important to realize that the narrative right now is that restaurants are spreading Covid-19, and I think we need to change the narrative to say that restaurants can actually help bring Covid-19 numbers down,” he said. “We want to be an ally, with city and state governments, to help change behaviors and to make sure that we are doing everything we can to help.”
Additionally, Lee said there’s no scientific data that reflects restaurants and indoor dining are contributing to the spread of Covid-19, outside of a recently-release predictions model based off of mobile phone data.
610 Magnolia is one of two dozen Louisville restaurants that have joined the Responsible Bar and Restaurant Coalition. The coalition, established in August, has been tracking indoor and outdoor guests, staffing levels and positive Covid-19 cases. Since August, only seven cases of Covid-19 have been identified at those 24 establishments, which served about 130,000 people over the past three and a half months.
“Our belief is, if you follow the rules, if you do everything you can and you take it very seriously, we believe that restaurants are not the place where Covid-19 spreads,” Lee said. “I think this second shutdown is really a wake up call. It’s a wake up call for people, it’s a wake up call for restaurants — it’s a wake up call for all of us just to keep digging in and doing better. Everyone’s exhausted, everyone’s tired, but we have to keep doing better.”
I asked Lee for his thoughts on the $40 million relief fund that is being created for Kentucky’s independent restaurants. He said $10,000 or $20,000 would have helped several restaurants at the beginning of the coronavirus crisis, but now, not so much.
“Restaurants are in a place right now where there is such a disadvantage — we’re all in so much debt,” Lee said. “Ten thousand dollars is, quite frankly, a drop in the bucket.”


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London – Best Buy Europe has appointed Scott
Wheway CEO as the company prepares to open the first Best Buy stores on the
20-year-veteran of Tesco Stores, the world’s fourth-largest retailer, joined
Best Buy International two months ago from a U.K.-based health and beauty chain
In his new role at
Best Buy Europe, Wheway assumes responsibility for all operations, including
The Carphone Warehouse’s 2,450 stores in nine European markets; its online and consumer-direct
businesses; its insurance operations; and the planned entry of big-box Best Buy
stores into Europe beginning next year with the first U.K. locations.
The company was
created last year through Best Buy’s purchase of 50 percent of The Carphone
Warehouse’s retail business. Carphone, which co-launched Best Buy Mobile in the
U.S., is Europe’s
largest independent wireless dealer.
In a statement, Bob Willett, CEO of Best Buy
International and chairman of Best Buy Europe, called Wheway “the consummate
retailer … His energy and background are a brilliant fit for this exciting
challenge as we move forward with our strategy … to transform consumer
electronics retailing across Europe.”
No successor to
Wheway’s former COO post was announced.
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Snowflake jumps into data analytics with cloud-based data warehouse solution
Snowflake Computing Inc., a Big Data startup led by former Microsoft man Bob Muglia, last week announced the general availability of its tool for analyzing business data in the cloud, plus a $45 million funding round led by Altimeter Capital.
The $45 million cash injection takes Snowflake’s total funding to $71 million. Previous investors Redpoint Ventures, Sutter Hill and Wing VC all took part in the current round, and the company says it will use the money to continue innovating in the data warehouse market.
Snowflake CEO Muglia is well-known in Silicon Valley circles due to his previous 23-year stint at Microsoft, where he spent the majority of that time as president of its Server and Tools group, helping to make it the $17 billion a year business it is today. Muglia landed in the Snowflake CEO chair last year, as the company emerged from stealth.
The startup’s goal is to make it easier for companies to get insights from certain types of data. To do so, it’s touting a data storage and analytics service that lives entirely in the cloud called Snowflake Elastic Data Warehouse. Muglia likes to point out that Snowflake’s offering is a little different from others that handle cloud-based data, partly because it’s offered as both a cloud app and on a software-as-a-service (SaaS) basis.
Snowflake relies on the SQL language to sift and sort through customer’s data. Those customers can throw in as much data as they want, and have as many employees working with it as they desire, paying for the service as they go. Snowflake is able to work with both structured data and unstructured data, the company says.
“The cloud has changed the game in data warehousing,” Muglia said in a press release. “However, simply ‘cloud-washing’ a conventional data warehouse misses that opportunity. Organizations want to get more value from their data, not simply bring their current challenges into the cloud, or worse, create problems by deploying complex solutions that force them to retrain their staff and abandon existing tools and processes.”
Muglia elaborated on this in an interview with Re/Code, saying many companies are keen to analyze data that’s gathered immediately before and after online purchases are made. Companies can learn a lot from the data points within this time frame, especially when you’re talking millions of transactions, Muglia said.
Snowflake won’t have it easy, because its competitors include cloud giants like Amazon Web Services and Microsoft, both of whom offer their own, similar products. However, the company has a big advantage with the respected Muglia at the helm, International Data Corp. analyst Al Hilwa told ComputerWorld.
“The data warehouse was invented a couple of decades ago, so it is due for a sequel, especially in a cloud context,” Hilwa said.
Photo Credit: FutUndBeidl via Compfight cc
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The concept's logo was inspired by a Mexican Day of the Dead theme.
Taco Bell Corp. is launching a new fast-casual taco concept designed to capture diners who are not likely to step foot in a Taco Bell.
Named U.S. Taco Co. and Urban Taproom, the new concept is scheduled to open in Huntington Beach, Calif., this summer offering a simple lineup of 10 premium tacos, thick-cut fries and shakes. Future locations will also include a menu of craft beer and wine.
Designed by an “intrepreneurial” team of young Taco Bell executives in a “secret war room” at the chain’s Irvine, Calif.-based headquarters, the new concept is nothing like the mothership brand — except that tacos are on the menu. There will be no fried shells dusted in Doritos flavors, no burritos, no “quesarito” hybrids or anything that looks like a Crunchwrap Supreme, and no drive-thrus.
And rather than going for an authentic Mexican theme, the new concept will tap regional American flavors, offering a playful menu of premium tacos in the fusion style of food trucks or the contemporary taquerias of Dallas or San Francisco’s Mission district.
“Taco Bell is Mexican inspired. U.S. Taco is American inspired,” said Greg Creed, Taco Bell’s chief executive, who is largely credited with piloting a dramatic turnaround for the quick-service chain over the past two years.
Creed said U.S. Taco Co. was born of a segmentation study conducted on Taco Bell that revealed a fairly large demographic that was not likely to use quick-service restaurants at all. Rather than spend millions trying to lure those potential diners into Taco Bell, Creed’s team decided to design a new concept that would appeal to that demographic, which includes an eclectic mix of generally higher-income foodies who are “edgy in how they live their lives but not necessarily in how they eat,” he said.
The project has been led by Jeff Jenkins, Taco Bell senior brand manager and “resident disrupter,” who is also leading the company’s mobile ordering initiative.
Also on the team is Rene Pisciotti as the brand’s executive and menu architect, along with consultant Max Schlutz, co-owner of the recently opened Sessions Sandwiches concept in Newport Beach, Calif., who formerly worked with the Domaine Restaurant Group on concepts like Red Pearl and 25 Degrees.
Following the “better burger” movement of the past decade, a “better taco” trend has been growing out of U.S. cities with large Hispanic populations to become more mainstream.
But Jenkins acknowledged that “everyone in fast casual is heading in the direction of burritos.” Deciding to “zig while everyone else zagged,” the team decided to take “the best of American cuisine and put it into a taco,” he said.


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What is Big Data and the Big Data Revolution?
As individuals and organisations we are using more and more data. There is so much data being generated the rewards are huge for the companies that can analyse it all and better predict our buying habits and behaviour. Previously utilising this data would only be available to the biggest companies.
Intelligent Positioning is one of these such companies. We use vast amounts of data everyday to better understand website performance and what it takes to perform well in the search engines for 100,000s of keywords across scores of countries. We are part of this new big data revolution.
What is Big Data?
At the simplest level it is vast amounts of information. Big Data has been around for years, but the revolution that is coming from it is based on cheaper computers and server costs and the ability to better mine the data in a valuable format.
On the Radio 4 Today programme, the BBC Technology correspondent Rory Cellan-Jones reports on how the data consumers create when they buy something, get cash out, visit a website, or communicate via mobile or email, is being used by companies to better predict people’s shopping habits and purchasing behaviour.


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Amazon Alexa voice control coming to Jaguar Land Rover vehicles
Amazon's virtual assistant Alexa is set to debut in Jaguar Land Rover vehicles – both old and new.
Jaguar Land Rover has announced Amazon's virtual voice-controlled assistant Alexa will be added to its models – both old and new.
The addition will occur as part of an over-the-air update, and will be added to more than 20,000 existing models that are equipped with the Pivi Pro infotainment system.
The technology will also be fitted to new Jaguar Land Rover models from the factory.
The collaboration between Amazon and the the British firm will give owners the opportunity to make phone calls, adjust radio stations, and set destinations on the navigation system by using voice commands.
The technology also offers news updates, weather forecasts, and the ability to manage smart home devices.
Christian Mentz, Head of Alexa Automotive International, said in a media statement: “Customers around the world interact with Alexa billions of times each week, making life easier, more productive, and more fun.
“We’re excited to deliver that same delightful, convenient experience to Jaguar and Land Rover customers – and because Alexa is always getting smarter, new features and capabilities will be added over time and delivered to their vehicles automatically."


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The government just raised the fuel excise again – here’s what it means for you
By Sourced Externally
February 5, 2024
Australia’s fuel excise is close to hitting 50 cents per litre following the Federal Government’s latest increase to the tax on petrol and diesel products.
Every six months, the government automatically re-indexes the excise rate in line with the consumer price index (CPI) as determined by the Australian Bureau of Statistics.
This biannual indexation is nothing new – it’s been happening since it was reintroduced in 2015 – but for consumers already facing a price pinch at the bowser, you might be wondering what this will mean for fuel prices going forward.
Here’s what you need to know.
How much is the fuel excise in 2024?
The latest fuel excise rise takes effect on Monday 5 February 2024 and sees the excise rate increase from 48.8 cents per litre to 49.6 cents per litre.
While 0.8 cents is by no means a dramatic rise, the latest increase will mean close to $40 in total excise costs per tank for a large SUV with an 80-litre fuel tank.
“As of today, at an national average retail price of 197.2 cents per litre, we’re paying 49.6 cents per litre in fuel excise and 17.9 cents per litre in GST – so roughly 67.5 cents a litre, or 34 per cent of the average retail price, in federal government taxes,” explained Mark McKenzie, CEO of the Australasian Convenience and Petroleum Marketers Association (ACAPMA).
“So the government is taking just over a third of the price we pay at the pump.”
Excise cost per tank (before 5 February 2024)
Excise cost per tank (from 5 February 2024)
Kia Picanto – 35-litre tank
Toyota RAV4 Hybrid – 55-litre tank
Ford Ranger – 80-litre tank
Nissan Patrol – 140-litre tank
While this might sound like a lot, the proportion of fuel excise Australians pay hasn’t changed much in the last decade, and is actually low when compared to other OECD countries.
Australia actually has the third lowest proportion of fuel taxes of all OECD countries, with Denmark topping the list in the June quarter of 2023 – with almost half of its fuel prices made up of taxes.
The latest excise rate, however, might feel like a far cry from March 2022, when the Morrison government cut the fuel excise in half, dropping it from 44.2 cents to 22.1 cents per litre for a period of six months.
This move was unprecedented and made in response to significant uncertainty created by Russia’s invasion of Ukraine and the resulting war, a cause for concern given Russia accounts for roughly 10 per cent of the world’s oil production.
How does the fuel excise work? Where does the money go?
The fuel excise is a flat tax levied on every litre of petrol or diesel sold to Australian consumers, and the proceeds go toward maintaining and developing infrastructure and roads throughout Australia.
The excise is just one of the major components that influence the price you, the consumer, sees at the petrol pump.
According to a spokesperson for the Australian Competition and Consumer Commission (ACCC), there are three broad components of average retail petrol prices:
The international benchmark price of refined petrol – which is largely driven by international crude oil prices and the AUD-USD exchange rate
Taxes (excise and the goods and services tax)
Other costs and margins, at the wholesale and retail levels
In addition to the fuel excise, the Goods and Services Tax (GST) is also levied on the retail price of fuel (inclusive of the excise) at the standard rate of 10 per cent.
As a result, many have argued that the fuel excise is a ‘tax on a tax’.
“It’s a clear double dip by the Federal Government, as it also applies GST. It’s no wonder Australia has sky-high fuel prices,” argued Geoff Gwilym, CEO of the Victorian Automotive Chamber of Commerce.
However, the fuel excise is a big earner for the Federal Government.
According to the 2021–22 Federal Budget, the fuel excise was forecast to collect $13.9 billion in 2022–23, and this was projected to increase to $16.65 billion in 2025–26.
Who pays the fuel excise?
“The fuel excise is paid by the big fuel suppliers and that cost is passed through the chain to fuel retailers and their customers at the pump,” Mr McKenzie explained.
This means each time the fuel excise increases, it is passed on to consumers directly and immediately – but in some instances you might see some savings on leftover fuel delivered before the increase took effect.
“The excise point is at the refinery or the fuel depot,” Mr McKenzie explained.
“So the fuel that is already in the ground at service stations – that was distributed before midnight last night – will not be subject to the higher excise straight away and retailers might take advantage of that and discount it to become more competitive.”
Excise cost per year
Kia Picanto Fuel claim: 6L/100km combined cycle
Toyota RAV4 Hybrid Fuel claim: 4.8L/100km combined
Ford Ranger Fuel claim: 7.2L/100km combined
Nissan Patrol Fuel claim: 14.4L/100km combined
Based on average fuel consumption distance travelled of 15,000km per year.


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Chesapeake Energy Shares Rally on Spending Reduction Plans
Investors are cheering the company's plan to stop spending heavily on land and sell $4 billion to $5 billion in assets next year.
Shareholder Expects Chile's Enersis to Change Capital Increase Terms
Chilean pension-fund manager AFP Habitat SA (HABITAT.SN), a minority shareholder in Enersis SA (ENI, ENERSIS.SN), expects the energy holding company to amend the terms of a disputed $8.02 billion capital increase.
Coming Up: Consumer Credit For June
The Federal Reserve's report on consumer credit for June is due for release at 3:00 p.m. Eastern.
AT&T Reaches Union Deals as Others Begin Strike
AT&T Inc. (T) reached three-year agreements with unions covering more than 22,000 workers, but groups representing another 20,000 have formed picket lines out of frustration over talks with the giant telecom company.
Spain Bourse Apologizes for Shutdown
Spain's stock market operator Tuesday issued a formal apology for a major trading disruption Monday, and said the halt was due to the failure of the communication servers market members used to access the exchange.
Judge: Peregrine Trustee Can Subpoena Firm's Banks
A federal judge on Tuesday cleared the way for a trustee to seek financial records from banks used by Peregrine Financial Group Inc., as investigators sift the collapsed brokerage's finances.
Chevron Refinery Fire Out, Markets Brace for Impact
A large fire at Chevron Corp.'s (CVX) Richmond, Calif., refinery has been extinguished, even as traders, bracing for a lengthy outage, are bidding up regional fuel prices.
Glencore Says Demand Remains Healthy
Commodities giant Glencore International PLC (GLEN.LN) said Tuesday that growing euro-zone sovereign debt concerns and the resulting knock to financial market sentiment and commodities prices has tempered the performance of its industrial assets, but that its market operations are still performing
Microsoft Reaches Licensing Deal with Sharp
Microsoft Corp. (MSFT) reached a licensing agreement with consumer electronics company Sharp Corp. (6753.TO, SHCAY) for technology that eases the transfer of larger files between personal computers and other electronic devices.


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BMW and Uber plan their car-share futures for London
07 November 2018
7 November 2018
BMW’s DriveNow car-sharing service is to expand in London as the company looks to double its fleet in the UK capital.
Five London boroughs, including Westminster, Barnet, Tower Hamlets, Southwark and Brent, will see an additional 410 premium BMW and Mini vehicles available, giving the service a footprint of around 200km2 in the city, across nine areas.
DriveNow says it is continuing its contribution to reduce the number of privately owned vehicles on the road and be part of the solution to London’s air pollution problem. The five new boroughs, join Hackney, Haringey, Islington, and Waltham Forest, to comprise the overall service area.
James Taylor, Managing Director for DriveNow UK, commented: ′We are delighted to announce the expansion of DriveNow into five new London boroughs today – which will more than double our fleet and operating area for our customers. More Londoners will now have access to a shared car when they need it and help remove more private cars from our congested roads.
′We’ve worked very closely with each of the boroughs throughout this process to make this a reality. We hope that car sharing, alongside other sustainable transport options such as walking, cycling and public transport, will continue to be embraced by Londoners to help reduce congestion and pollution and build a more liveable city.’
The expansion will see DriveNow increase its current fleet to a total of 720 BMWs and MINIs available across the nine London boroughs. The new fleet will provide Londoners with a selection of Mini Clubman, Mini Convertibles, Minis, BMW 1 Series as well as the BMW i3. A total of 80 additional electric BMW i3s will also join the fleet in January, advancing DriveNow’s ambition to have an 80% all-electric fleet by 2025.
Meanwhile, Uber is to increase the cost of its car-sharing service in London by 15p (17 cents) per mile to create a £200 million (€229 million) fund which will help its drivers switch to electric vehicles (EVs).
In a briefing with journalists in London, Uber CEO Dara Khosrowshahi said the money ′would not accrue to the benefit of Uber,’ but be put in individual savings account for each driver.
The plan is a further step on the company’s path to ensuring that it only has EVs and hybrids in its London fleet by 2025. However, due to the affordability of these vehicles, this remains a steep challenge to the firm. Khosrowshahi said, adding that Uber is in discussions with manufacturers to provide EVs, and is also working with charging companies such as BP’s Chargemaster.


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New decentralised paytech Clowd9 launches to “transform” global payments system
Clowd9, a cloud-native, decentralised payments processing platform, has launched in the UK with the aim to “revolutionise” the technology powering global transactions.
Founded by Suresh Vaghjiani, Cosmo Spens, Artur Grabowski, Robert Hampel and Peter Selman, the start-up intends to “transform” the technology that underpins the global payments system through on-demand, real-time and cloud-native payment processing.
Built with microservices architecture, Clowd9 can “scale up and down” according to transactional demand, making the platform more energy efficient and resilient compared to legacy architecture.
Operating entirely in the cloud, the company has removed the need for physical back-end systems hardware and its decentralised model allows virtual access anywhere in the world, with payments transactions routed to the nearest regional cloud.
Clowd9 also offers clients real-time transaction monitoring and customised data reporting, with integrated technology that enables clients to provide enhanced controls for the end user, including spending limits.
Headquartered in London, Clowd9’s investor base includes former partners at Goldman Sachs, Morgan Stanley, JP Morgan, Deutsche Bank and Vantage Capital Markets.
Clowd9 CEO Vaghjiani says the team behind the firm “have each experienced the pain points created by the legacy technology that underpins much of the payments processing industry”.
Vaghjiani continues: “Clowd9 was founded on the belief that by deconstructing complex, legacy based payments technology, we could build a new generation payments platform, that can more efficiently service the fintech and banking sectors globally.”


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We are really proud to say that we will be marking 50 years of business in Shropshire in 2024, and partners Craig and Richard Hughes have a few surprises up their sleeves for the coming months.
Chrisbeon, based on Stafford Park in Telford, started life in 1974 when Craig and Richard’s dad Brian linked up with his cousin Chris to sell used office furniture.
A family-oriented business – this ethos is still very much embedded in company philosophy today.
The brothers’ mum Jean joined our family-run company soon after, and the rest, as they say, is history. Chrisbeon Services became Chrisbeon Office Supplies in 1986 as the company continued to build on its reputation of providing top-quality customer service.
Things have moved on in many ways since 1974, but one thing remains a top priority at Chrisbeon: our commitment to clients.
Sustainability also remains a huge focus for the company and there is nothing more sustainable than buying preloved rather than new furniture – our substantial preloved range is as popular as ever and remains a very big and successful part of our business.
Another area our team really enjoys is working with a business from start to finish – helping them plan their new offices, providing the furniture, putting it in place – and seeing the plans all come to fruition, meeting the needs of the teams they are working with!
We also recognise our obligation to the environment and continue to keep this front and centre as we move forward into 2024.
Supporting local businesses
“During the last year, we have helped more businesses move premises, seen a rise in the number of people visiting our showroom to view our comprehensive range of products, and had more clients using our amazing CAD 3D planning service,” adds Richard.
Chrisbeon continues to play a leading role in supporting local businesses as a Shropshire Chamber of Commerce Patron and it is always a delight for the team to attend chamber events and networking opportunities, meeting other like-minded Shropshire businesses.
We have also continued our support for charities and other good causes wherever we can.
The face of the Shropshire business community has changed over the last half-century but Chrisbeon has grown and adapted during that time to remain an integral part of the community . . . here’s to another 50 years!


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Kylie Jenner Shows Off Her “Freckle Appreciation” in This Fresh-Faced Selfie
As stunning as Kylie Jenner looks all done up, we love seeing the 18-year-old’s flawless skin shine through—and it looks like her followers agree. The reality star took to Instagram to share a few fresh-faced photos, showing off her (usually) hidden feature: her freckles!
“Saw someone comment why I don’t embrace my freckles anymore,” she wrote in the caption. “So here’s a freckle appreciation post.” You ask and Jenner delivers! The reality star looks stunning in the photo, showing off her clear skin and beachy waves in a cozy gray sweatshirt.
But just one photo wasn’t enough. It looks like Jenner has been taking a break from her makeup bag, sharing three fresh-faced photos to her normally lip kit-filled feed. The beauty mogul shared a photo wearing a hooded anorak, giving her followers a peek at her flawless complexion.
Sunday, too, was a day of rest for her skin, as she posted this gorgeous mirror selfie showing off her plump lips and perfectly defined arches.
As much as we respect her makeup skills, we’re enjoying seeing this laidback look from the famous teen.


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New York State Teachers Retirement System lessened its holdings in Packaging Corp Of America (NYSE:PKG) by 1.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 146,180 shares of the industrial products company’s stock after selling 2,000 shares during the period. New York State Teachers Retirement System’s holdings in Packaging Corp Of America were worth $13,934,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Citizens Financial Group Inc RI purchased a new stake in shares of Packaging Corp Of America in the first quarter worth $32,000. Horan Capital Advisors LLC. purchased a new position in Packaging Corp Of America in the 1st quarter worth approximately $41,000. Cullen Frost Bankers Inc. purchased a new position in Packaging Corp Of America in the 1st quarter worth approximately $52,000. Zions Bancorporation N.A. bought a new stake in Packaging Corp Of America in the 1st quarter worth approximately $66,000. Finally, Rockefeller Capital Management L.P. grew its position in Packaging Corp Of America by 287.4% in the 1st quarter. Rockefeller Capital Management L.P. now owns 895 shares of the industrial products company’s stock worth $89,000 after purchasing an additional 664 shares during the period. Institutional investors own 88.80% of the company’s stock.
In other news, SVP Donald R. Shirley sold 5,000 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $101.48, for a total transaction of $507,400.00. Following the completion of the sale, the senior vice president now owns 12,790 shares of the company’s stock, valued at approximately $1,297,929.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.20% of the company’s stock.
Packaging Corp Of America (NYSE:PKG) last issued its quarterly earnings data on Wednesday, July 24th. The industrial products company reported $2.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.04. Packaging Corp Of America had a net margin of 11.23% and a return on equity of 29.93%. The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the previous year, the firm posted $2.08 EPS. The company’s revenue for the quarter was down .4% compared to the same quarter last year. As a group, sell-side analysts expect that Packaging Corp Of America will post 7.8 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 14th were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Thursday, June 13th. Packaging Corp Of America’s payout ratio is 39.35%.
A number of research firms have commented on PKG. UBS Group reaffirmed a “sell” rating on shares of in a research report on Monday, June 24th. Stephens set a $100.00 target price on shares of Cullen/Frost Bankers and gave the stock a “hold” rating in a research report on Friday, April 26th. Seaport Global Securities downgraded shares of Packaging Corp Of America from a “buy” rating to a “neutral” rating and set a $98.02 target price for the company. in a research report on Friday, July 12th. They noted that the move was a valuation call. KeyCorp lifted their target price on shares of SBA Communications from $215.00 to $252.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Green Brick Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $100.09.
About Packaging Corp Of America
Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products primarily in the United States. The company's Packaging segment offers various corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products.
Further Reading: Investing in Growth Stocks
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Zonta Club of Hilo Raises Awareness About Sexual Assault And Child Abuse, Neglect With T-Shirt
The Zonta Club of Hilo is raising awareness about sexual assault, child abuse and child neglect with a new t-shirt.
According to a press release from the club, the t-shirt features the slogan “Hands Are for Helping … not for hitting.” The t-shirt was created in honor of April being Sexual Assault Awareness Month and Child Abuse and Neglect Awareness Month.
“In Hawai‘i, we love t-shirts, so what better way to show your support of non-violence and help spread a peace-promoting message in our community,” said Zonta Club of Hilo President Julie Engelhardt in the release.
To help raise awareness about peace over violence, the youth and adult t-shirts are available for purchase from April 1-24.
For more than a decade, the Zonta Club of Hilo has taken the message “Hands Are Not For Hitting, Hands Are For Helping” to Hawai‘i Island preschoolers.
Beginning in 2009, Zontians began purchasing books in the Best Behavior Series, including “Hands Are Not For Hitting,” and giving them away — often the child’s first book and, for some, the first in their home, according to the press release. Each year since, Zonta Club of Hilo has continued to visit preschools to promote peaceful ways of problem solving. In addition to reading, other “Hands On” activities have including painting children’s hands and printing them for display.
For more information or to purchase a t-shirt, click here.


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Aiming To Bolster The Fintech Industry, The Panel Will Focus On Regulations And International Cooperations
The central government has announced that it has set up a special committee to look into the growth and development of the Indian fintech sector. The panel, led by the Department of Economic Affairs Secretary Subhash Chandra Garg, will assist financial technology companies in doing business in the country.
As per the official order issued by the Ministry of Finance on Monday, the objective of the initiative is “to consider various issues relating to the development of fintech space in India, with a view to make fintech related regulations more flexible and generate enhanced entrepreneurship in an area where India has distinctive strengths, vis-à-vis other emerging economies.”
The steering committee will also focus on the way financial technologies can be leveraged to bring MSMEs under financial inclusion.
One of the areas the committee will be working on is creating a regulatory “sandbox model” to encourage and promote new ideas and innovations pertaining to the fintech sector.
A sandbox is essentially a hub of sorts where regulators permit the rollout of new products and technologies to a limited group of customers for testing purposes.
Welcoming the move, Bhavik Vasa, Chief Growth Officer at EbixCash said, “Regulatory Sandbox is the need of the hour for innovation to thrive across fintech in India and cross-ministerial discussions with industry players will be pivotal for this steering committee.”
An Overview Of The Special Fintech Committee
During the Union Budget 2018, Finance Minister Arun Jaitley highlighted the importance of fintech in driving the growth of MSMEs in the country.
At the time, he announced plans to bring together a group of experts for examining regulations and institutional development measures needed for creating the right environment for fintech companies in India.
As mentioned in the official order by the Finance Ministry, the eight-member panel will include Ajay Prakash Sawhney, Ministry of Electronics and Information Technology (MeitY) Secretary; Rajiv Kumar, Department of Financial Services (DFS) Secretary and Arun Kumar Panda, Secretary of the Ministry of Micro, Small and Medium Enterprises (MSME).
Apart from the Deputy Governor of the RBI, Vanaja N. Sarna, Chairperson of the Central Board of Excise and Customs (CBEC) and UIDAI CEO Dr. Ajay Bhushan Pandey will also be part of the committee.
A Rundown Of The Committee’s Key Objectives
While the committee’s primary aim is to take stock of developments in the fintech sector globally and evaluate the state of the Indian market, it will also focus on critically analysing the regulatory regime that could impact the growth of the country’s fintech industry.
Along those lines, it will try to foster international cooperation opportunities with the fintech industries across different countries like Singapore, China and the UK.
The panel will also look into the ways in which fintech can be integrated for delivery of affordable housing, e-services to vulnerable sections, land record management and other government services. Furthermore, it will focus on enhancing access and adoption of digital payments in the country.
The official order further stated, “[It will] develop regulatory interventions, e.g. regulatory sandbox model, that will enhance the role of fintech in sectors identified for focussed interventions.”
With the goal of enhancing ease of doing business for fintech firms, the committee is also considering using data sourced from the GSTN database and information utilities such as credit information companies (CICs), in order to develop innovative applications for financing of MSMEs.
According to the order, the newly-constituted committee will also be working with UIDAI, the Aadhaar issuing authority, to create and implement a unique identification number for enterprises.
Reports of the government’s plans to launch an Aadhaar-like-system to assign a similar unique identity code to each and every enterprise in the country first surfaced last month.
The State Of The Fintech Sector In India
Forecasted to cross $2.4 Bn by 2020, as per a report by KPMG India and NASSCOM, India is currently home to more than 500 fintech startups, whose collective aim is to attain financial inclusion. Since early 2015, the fintech sector has undergone massive changes, chief among them being the move towards a cashless economy.
The government’s enthusiastic promotion of cashless technologies – digital wallets, Internet banking, the mobile-driven point of sale (POS) and others – as well as the launch of IndiaStack including Aadhaar, eKYC, UPI and BHIM have also managed to restructure the financial sector, disrupting the long-held monopoly of traditional institutions like banks.
According to Inc42 DataLabs, the Indian fintech sector reported 102 funding deals this year till November, worth $2.59 Bn. As per data available, fintech startups grew by 31% Year-on-Year (YoY) to almost to 360 in 2017, with almost $200 Mn funding received in H1 of this year, recording a growth of 135% since H1-2016. In the sector, sub-segments like digital payments and lending are maturing, while wealth management and insur-tech emerging as growth areas.
Almost 33% of funding raised by fintech startups was in the areas of artificial intelligence and analytics.
Over the course of last year, maximum investments took place in this segment at the late stage, with Paytm topping the charts with a staggering $1.4 Bn funding, followed by Flipkart-owned PhonePe, which reportedly secured $500 Mn from its parent entity. Then there was US-headquartered Ebix Inc that made headlines when it poured $123 Mn (INR 800 Cr) in Mumbai-based payments solution firm ItzCash, against an 80% stake in the company.
The increasing investor interest points to the growing potential of the Indian fintech industry. How the newly-formed committee helps enhance the ease of doing business for fintech firms remains to be seen.