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Mar 27, 2019 | By Volker Ketteniss
Big data meets consumer insights. Experience WGSN.
Apr 17, 2017
By WGSN Insider
Who wins the race when it comes to social media users and which channels are failing to ignite interest among younger consumers? Well, it seems Snapchat, Instagram and Facebook are in a statistical dead heat when it comes to college and high school students in terms of which social networks they use.
But when asked how often they use them, Snapchat and Instagram are ahead of Facebook and Twitter is trailing well behind the top trio.
An online survey of 333 college and high school students (not a huge number, admittedly) conducted by American advertising and PR agency SCG showed about 95% of students using the three major social media platforms. But 88% saying they use Instagram and Snapchat “often”, versus 81% for Facebook.
And Twitter? It trails on all fronts with only 66.6% using it at some point and fewer than 50% using it often. Students also report lower usage of Tumblr, YouTube, and Pinterest.
Snapchat is clearly the winner and is also top when it comes to daily use (78% of students using it every day), compared to 76% for Instagram and 66% for Facebook. In fact, 71% use Snapchat over six time a day and 51% more than 11 times daily.
“Students – mostly Gen Z – are spending about 11 hours per day in front of up to five different screens. So it should be of no surprise that they are not married to just one platform,” said SCG’s Michael Cherenson. “Marketers and brands must be agnostic when it comes to platform. This means being open to use of several social media networks, often in unique ways.”
But while marketers and brands need to be as open to multiple networks as they can, certain networks have clear advantages for specific functions.
Snapchat, for instance, is most favoured by respondents for keeping in touch with friends (89.5%) and sharing and creating videos, images and stories (56.8%). A sizeable 49.2% say they return to Snapchat daily simply to maintain a Snapchat streak.
“More than half of Snapchat users say they would feel disconnected from friends if not for Snapchat, which speaks volumes about the relationship students have with the platform and their peer networks,” Cherenson said. “Almost 25% indicated Snapchat is essential to their relationships.”
Almost 90% of Snapchat users say they enjoy the GeoFilters, while 85% say they like the Snapchat Lenses.
But possibly bad news for brands – students report little to no interest in ads that appear in stories.
There is a high degree of interest in content, including “Real Stories or day-in-the-life,” as well as “Behind-scenes videos,” and “How-To” videos. When asked about what brands or companies use Snapchat well, Cosmo, Buzzfeed and the Kardashians were cited most frequently.
“Brands would be wise to use the platform for storytelling, providing new and interesting perspectives, and for engaging in a thoughtful, interesting and meaningful way with students,” said Cherenson. “Cookie cutter content will be pushed aside quickly.”
Want to be in-the-know about all things Gen Z? Read about how retailers should be catering to the Gen Z shopper here.
Know what’s next. Become a WGSN member today to benefit from our daily trend intelligence, retail analytics, consumer insights and bespoke consultancy services.


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Adapting to what now seems as the new normal, GCC countries launch stimulus packages and other measures to help entrepreneurs and boost economies. On the investment front, indications of the Covid-19’s ramification start to show as March shows a decline in the number of deals, with further impact expected to be seen in the coming months.
In this edition of the GCC Startup Ecosystem News, in addition to our regular news bits, we’ve dedicated a section (Covid-19 Startup Resources) to feature articles on COVID-19’s impact on the regional ecosystem along with relevant information for startups and SMEs to help them navigate the current landscape.
You can download a PDF version via this link: GCC Startup Ecosystem News Roundup – April 2020
- GCC governments provide support for entrepreneurs. In response to the disruptive impact of Covid-19 on economies and businesses, GCC countries launch stimulus packages and other economic measures to aid startups and SMEs during the crisis and help boost economies.
- Covid-19 impact on startup investments to be seen post-Q1. Funding results in Q1 remained positive but ramifications are expected to be seen in the coming months. Indications are starting to show in March which had a decline in the number of deals closed.
- Merger of EMPG and OLX Group announced. Property portal group Emerging Markets Property Group (EMPG), and global classifieds business OLX Group, announced their merger in Pakistan, Egypt, Lebanon and the UAE, including US $150 million investment round by OLX valuing EMPG at US $1 billion post-transaction
|Startup||Sector / Industry||Location||Amount & Round||Investors|
|Pure Harvest Smart Farms||Agriculture||UAE||$20.6M, Series B||Wafra International Investment Company|
|SARY||Ecommerce||KSA||$6.6M, Series A||led by Raed Ventures, from MSA Capital and Derayah Ventures|
|360Vuz||Entertainment||UAE||$5.8M, Series A||led by Shorooq Partners from KBW Ventures, Vision Ventures et al|
|Mamo Pay||Finance||UAE||$1.5M, undisclosed||led by Global Founders, from Global Ventures, 500 Startups et al|
|Hotel Data Cloud||Hospitality||UAE||$350K, Seed||Undisclosed|
|Baims||Education||Kuwait||Undisclosed, Seed||led by Al-Wazzan Education, from angel investors|
|Eventtus||Events||Egypt||Undisclosed amount & round||led by Algebra Ventures, Hala Ventures and DAAL VC|
|HubPay||Finance||UAE||Undisclosed, Seed||led by Signal Peak Ventures (US), from Falcon Network|
|Mumm||F&B||Egypt||Undisclosed, Pre-Series A||Alex Angels|
|TAKER||F&B||KSA||Undisclosed, Seed||led by 500 Startups, from Saudi Venture Capital and angels|
|YouGotaGift||Consumer Services||UAE||Undisclosed amount & round||Faith Capital|
Magnitt’s Q1 2020 Investment Report
- Top 5 funding rounds in Q1 account of 61% of all MENA startup funding in the quarter.
- While there was an increase from Q1 2019 to Q1 2020 in terms of funding amount, 4 out of 5 funding rounds were all announced pre-Covid-19 lockdown.
- March saw a significant slowdown in number of deals, a trend that is expected to continue in the coming months as the ramifications of Covid-19 come into play.
- Phaze Ventures (Oman) invests in SpotLight, a French geoscience startup providing dynamic detection of subsurface movements
- Global Ventures (UAE) closes its first fund of $50M earlier this year and has invested so far in 15 startups including Kitopi, HolidayMe, Mumzworld, Elmenus, Floranow
- Newly established Egypt-focused fintech fund Disruptech invests in Khazna (mobile financial services) and Brimore (retail E2E platform)
- Alexandria Angels announces launch of Alex Angels Fund, a $6.3 million (EGP 100 million) fund to invest in Egyptian startups
- Anghami commits $3 million worth of free audio ads for small businesses on its music stream service
- Careem launches grocery delivery service in Dubai called “Careem Shops”
- Luxury fashion ecommerce startup The Modist shuts down after raising more than $15 million in venture capital
- Facebook launches video chat feature Messenger Rooms to take on Houseparty and Zoom. The feature is being tested in selected countries and to be rolled out globally in the coming weeks.
- Tradeling, a UAE-based supply chain B2B marketplace launches its Beta version. The venture is backed by DAFZA and endorsed by Dubai Free Zone Council
- Subscription-based office lunch delivery startup Dailymealz (KSA) partners with retail giant Panda to launch grocery delivery service
- Talabat and Kitopi join forces to distribute 1,000 meals daily, over lunch and dinner, delivered to communities that need it most, in close collaboration with Dubai Health Authority and Dubai Police
- TransferWise (UK), opens office at ADGM, licensed as a Money Services Provider, and launches its low-cost cross-border online money transfer service in UAE
- Cairo-born, Dubai-headquartered healthtech startup Vezeeta launches its doctor-booking platform in Kenya
ACCELERATORS / INCUBATORS
- Krypto Labs together with UAE Space Agency to kick off its Global Space Industry Accelerator initiative with webinars and virtual roadshows on space entrepreneurship
- In5 partners with Jupiter Business Mentors (JBM) to provide business owners access to free mentorship sessions and 10% discounts to JBM’s services
- startAD selects 3 winners for its Youth Entrepreneurship Program. Winning projects include SolarGridX (solar power tech), Finllect (financial literacy app), BestBy (F&B ecommerce)
- Startupbootcamp FinTech Dubai’s 2nd cohort completed its accelerator program featuring 10 startups signing over 40 PoCs
- Hub71 announces 15 new joiners to its Hub71 Incentive Program, prioritizing startups in Edtech and HealthTech fields including Aumet (US), Altibbi (Jordan) and Kinderly (UK)
- US data residency hosting platform, InCountry, to set up its Middle East Headquarters at Hub71, and set up in ADGM as regional subsidiary.
ARTICLES WORTH READING
- Magnitt: The case for consolidation: Tech startups in MENA
- MENAbytes: Improved regulatory landscape and changing consumer demographics fueling the rise of fintech in MENA
COVID-19 | STARTUP RESOURCES
A curated list of essential articles and updates on the Corona pandemic, its impact on the regional ecosystem and approaches on how founders and startups can navigate the current landscape
- MENA startup countermeasures for COVID-19
- Six major implications that COVID-19 has on MENA’s businesses
- How the TravelTech industry has pivoted in an attempt to adapt to COVID-19
- A look back into the future: Parallels between the Arab Spring and COVID-19
- A 6-step guide to successfully fundraising during the COVID-19 crisis
- COVID-19 and the Evolution of the Supply Chain
On support initiatives or stimulus packages:
- Dubai Silicon Oasis Authority offers rent waivers and other incentives to businesses, residents
- A Guide To The Relief And Stimulus Measures Offered For Businesses In Dubai Amid The COVID-19 Crisis
- Saudi Arabia Announces USD 31.9 Billion Stimulus Package to Mitigate the Economic Crisis Caused by the COVID-19 Outbreak
- Business Incubators and Accelerators Company (BIAC), KSA has launched multiple support functions for Saudi entrepreneurs and startups
- Stakeholders offer innovative support for Egypt’s entrepreneurs

domain: news


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Despite Chinese companies coming under increased regulatory oversight, ByteDance, owners of TikTok today surpassed Ant Group to become the world’s largest unicorn (a privately-held startup company with a value of over $1 billion).
According to the Hurun Research Institute global ranking, as of November 2021, out of the 1,058, the USA had 487 start-ups while China came a distant second with 301 start-ups.
ByteDance of Beijing, whose popularly knowned app TikTok has a global subscriber base of 1 billion people, surpassed Facebook as the most valuable social media company when its valuation increased by exactly 28.9 percent from USD270 billion to USD350 billion by December 2020.
Its biggest rival in China, Ant Group, an affiliate of Alibaba Group Holding and operator of online payment platform Alipay, was valued at a distant second at USD150 billion.
According to Rupert Hoogewerf, the chief researcher at Hurun Research Institute,
"2021 is officially the most successful year for start-ups ever. The countries with the most unicorns give a picture of which countries have the world’s best start-up ecosystems."
"The top 10 largest global unicorns make up 25 percent of the overall value of the world’s unicorns, which is $3.7 trillion." Four of them were from the US, three from China, while Australia, the UK, and Sweden had one each.
"SpaceX, the aerospace company founded by electric vehicle giant Tesla’s CEO Elon Musk in 2002, moved up two places to rank as the third most valuable start-up in the world. The Los Angeles-based company is now valued at USD100 billion, making it the largest unicorn in the US. "
"While the US and China dominate the global unicorn scene with a share of 74 percent, the rest of the world grew their share to 26 percent this year, compared with only 17 percent two years ago." The Hurun report explained.
India and the United Kingdom ranked third and fourth in the global unicorn league, with 54 and 39 unicorns, respectively. With Oxford Nanopore Technologies of the UK and BharatPe of India topping the list,
"Countries with more unicorns are seen as having more dynamic economies," Hoogewerf said.
Among global cities fostering the most unicorns, San Francisco topped the list with 151 unicorns, overtaking Beijing with 91. New York, Shanghai, and Shenzhen rounded off the top five with 85, 71, and 32 unicorns, respectively.
While half of the world’s unicorns have their origins in fintech, SaaS (software as a service), e-commerce, artificial intelligence, health tech, and cybersecurity, the metaverse, the latest sector that has caught the imagination of many companies, has yet to see a related unicorn, " Hoogewerf continued.
"A unique feature of China’s start-up ecosystem is the ability of big tech companies to spin off unicorns, with 49 of the world’s 50 ‘spun-off’ unicorns coming from China,"
"Curiously, the ‘World’s Big 4’ on the Hurun Global 500 most valuable companies, Microsoft, Apple, Amazon, and Alphabet, are not as active as their China counterparts when it comes to investing into unicorns," he concluded.
|Currencies||Buy Rate||Sell Rates|
|GBP - NGN||547.98||549.30|
|USD - NGN||415.23||416.23|
|EUR - NGN||457.42||458.52|


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While we Android users seldom admit to jealousy of any kind when it comes to iPhones, one of the more popular games for iOS, Cut The Rope, can really turn us green with envy. Back in October, we pined to have an Android version and were given a vague hint from the developer that it would be coming eventually. That day may be finally approaching soon, as it was revealed on developer ZeptoLab's Twitter account today that the incredibly fun game is headed to Android.
With the wave of Tegra 2-powered phones and tablets that is already on its way, there lay a potential of a fragmented Android Market: those apps that require NVIDIA's new dual-core processor, and those that don't. Frustrating time spent searching the Market in vain could have loomed on the horizon. Thankfully, somebody was thinking ahead, as the Tegra 2 search engine Tegra Zone has arrived to help avert such confusion.
Tegra Zone gives you every Tegra 2-specific game in one place, including all the showcasing one would expect (screenshots, HD videos, etc.).
After last week's launch of the 3G (soon to be LTE) Motorola XOOM, many of us began to wonder about that cheaper Wi-Fi-only model that has been promised. We are still (agonizingly) without a confirmed release date, but those sitting on the edges of their seats in anticipation may want to know that the UK version has been priced at £449.99 ($732).
PC World's website announced the arrival and pricing of the much-anticipated slate, also advertising pre-orders (which were not active yet).
Earlier today, Comcast dropped its 2nd mobile app for Android into the Android Market, the direction of which puzzled even me - and I work for a Comcast-owned company. The new app, XFINITY TV, is clearly targeted at TV viewers, while the previous app called XFINITY Mobile was a more general application for address book management, SmartZone email, Digital Voice, and... TV, DVR, and On Demand.
Wait, what? Did Comcast just release a separate app that does pretty much the same thing its existing app that's been on the Market for a few months does plus a tiny bit more?
If you are reading this post, it's extremely likely that you have an Android device. If you have an Android, it's 100% certain that you want to pluck out your own eyeballs in rage every time you are forced to use the search feature in the Android Market. Even Market alternatives like AppBrain leave a lot to be desired, with sub-optimal search results and a less than beautiful UI. The sad fact that Google, a company that makes most of its revenue from search and ads, can't seem to provide half-decent results is what motivated the folks behind Chomp to get into Android.
While rooted Android users have been taking screenshots on their phones for a while now, stock, non-rooted owners have been left out of the fun (there are some notable exceptions to this rule, like the EVO 4G). No longer, according to Paul O'Brien, one of the visionaries in the Android community, who posted the following in reply to Cyanogen (aka Android god):
We haven't been able to confirm what exactly changed in 2.3.3, but according to Android Central, screenshots are now possible without root "because of some changes in the way the SurfaceFlinger service handles what it captures from the framebuffer."
This newly uncovered fact means that all phones running Android 2.3.3 and above should be able to take screenshots regardless of whether they're rooted or not.
If you thought Android powerhouse manufacturers Samsung and Motorola were going to rest on their accomplishments with the Galaxy Tab and XOOM (respectively), think again. In separate announcements today, it was revealed that both companies are already working on tablet sequels.
In a Facebook PR post for the upcoming "Samsung Mobile Unpacked" event on March 22, the Galaxy Tab maker posted an image of an unknown Honeycomb-running tablet with the numbers "78910" on the screen, accompanied by the question "What's your Tab life?" Whether these numbers refer to display sizes or not is still up for debate (let's just hope the figures aren't the price, shall we?).
In an investor call today, Motorola's CEO Sanjay Jha revealed two interesting tidbits: first, that the ATRIX 4G's Webtop app and accessory are going to be made available for more Motorola devices in the future, and second, that Gingerbread updates for all of Motorola's high-end Android devices are in the works.
On the former, it may be hard for some to get excited about more Webtop action, as the ATRIX 4G's has been dubbed overpriced and "gimmicky." However, it's important to realize that if Moto plans on continuing to offer Webtop accessories and software, they will also continue improving them.
Who needs to visit Disneyland to feel like a kid again? Google's collection of dessert statues that correspond to their Android releases has a new addition today, in the Honeycomb statue.
Less than a week later, we give you (drumroll, please): THE HONEYCOMB.
What's that? You aren't satisified with a still shot?


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Streetwear designer Anwar Carrots and premium cannabis brand Viola are launching a capsule collection.
The limited-edition collection, comprised of short- and long-sleeved T-shirts, sweatpants, socks and accessories featuring airbrush graphics and designs, serves as a follow-up to Viola’s 420 capsule collection from 2020 with Akoo Clothing, the apparel brand founded by rapper T.I.
Anwar was approached for the partnership and said the offer was a “no brainer.” The collaboration is the first of more collections to come between the two.
“We wanted Anwar to give his take on cannabis, and to approach the collections the same way he does with Carrots,” said Viola founder Al Harrington. “We’re huge fans of Anwar’s work and are excited to have him bring his signature touch and creativity to this line, and further connect our community to the Viola lifestyle.”
NBA veteran Harrington founded Viola, the licensed wholesaler of cannabis products, in 2011 during his professional basketball career with the Denver Nuggets but launched the company after his retirement. Harrington named the brand after his grandmother who suffers from glaucoma and diabetes and found relief in cannabis.
He also launched non-psychoactive cannabinoid brand Harrington Wellness and invested in cannabis edible brand Butter Baby.
“It’s been a wild ride,” said Harrington. “Coming from the professional basketball world to the cannabis industry was definitely a change but here we are, 10 years later. Business in 2020 was a transition. That said, millions of people have found comfort in cannabis over the past year, so overall it’s been great. We’re excited to see states like Virginia and New York making moves toward legalization with an emphasis on social equity in the process, and we’re honored that Viola Cares’ model [the brand’s social equity initiative] has been an integral part of those conversations.”
The Viola, Anwar Carrots collection launches exclusively on the Viola website today and at a pop-up at Bird’s Nest Workshop in Los Angeles on Tuesday.


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The Swedish tourism sector has a yearly turnover of nearly 270 billion SEK (roughly 32 billion USD) and employs nearly 160,000 people, according to data from the Swedish Growth Board (Tillväxtverket). In addition to spending money on transport and accommodation, tourists visit restaurants, shops and entertain themselves, spending an additional 100 billion SEK (roughly 12 billion USD), according to a report presented last summer. Above all, the inflow of foreign tourists has increased sharply in recent years. Between 2000 and 2014, the foreign visitors' total spending rose by a staggering 137 percent, making tourism an important source of revenue for Swedish companies, municipalities and the state.
The demand for lodging for asylum-seekers is sky high and still climbing. Last week, the Migration Board stated the need to renew contracts for the accommodation of 60,000 people, and the need to put up 20,000 additional refugees.
Just a few months before the summer season, the tourism industry is still waiting for important information about how summer tourism will be affected by the Migration Board's major plan to transform a number of tourist facilities into asylum accommodations. Neither the Migration Board, the tourist data portal Visit Sweden, nor the hotel and restaurant industry's own trade association Visita have provided information about the coming loss of the former tourist facilities, which is why many local tourism organizations are still uncertain about the coming summer.
"In some municipalities, there will be no spare hotel beds at all," says Lena Larsson, CEO at Småland Tourism, as quoted by Svenska Dagbladet.
One of those hoteliers who decided to abandon the tourism industry altogether is Maria Karlsson, who owns a hostel in the little town of Hammenhög, home to less than a thousand inhabitants; her community has been swamped by five centers offering refugees accommodations. She says it is far more lucrative to rent out the hostel to the Migration Board than to stay in the tourist industry.
At present, there are indications that things will get even worse in the coming months. A new wave of asylum-seekers is expected to wash over Sweden, and the Swedish Migration Board is getting ready to grab even more hotels, hostels, campsites and spas to convert them into asylum accommodations.


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Manufacturing process is more environment-friendly and driver-friendly
Porsche has announced that its customers can already have it for some models of the brand of baquet-type stools with production in 3D printers that allow its customization ‘made to measure’.
The new customized stool of the new Performance Parts that the line of Porsche Tequipment accessories are now available for Boxster, Cayman and 911 models.
From 2022, with Porsche Exclusive Manufaktur, the seat can be ordered as a standard component and it will be integrated in the brand’s Configurator.
Along with the new design, the production of the seat is done in 3D printers with regard to the seat and back parts featuring three different levels of stiffness according to customer needs.
“Seats adapted to individual drivers exist in motorsport for a long time. Porsche now also offers road-approved customization with different degrees of stiffness as standard.”
Test driver Lars Kern adds that the lowest position has similar to the competition cars and that this seat is also lighter than the conventional drum type.
The new bank, already present in the concept Mission R
The outer fabric of the seat is made Race-Tex that prevents slipping and with a perforated surface to improve ventilation.
With three initial colors (to be added three more later), the new seat is available for the driver and passenger side on the Boxster and Cayman (981), 911 (991) and 718 models. ; and only for the driver on 718 [Boxster e Cayman (982) produzido a partir da semana 48 de 2020] and for 911 (992).
The seat can also be applied to vehicles already delivered and the process of “just a few minutes” assembly in a Porsche Centre. The cost (in Germany) is 2,677.50 euros.


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The Centre will soon launch an AI-powered ‘price information and market intelligence system’ which will enable farmers to find out the latest rates of various farm produce in markets across the country, Union Minister of Agriculture and Farmers’ Welfare Narendra Singh Tomar said on Friday.
“We are developing a mechanism for prices…Through this mechanism, even a person sitting in Badaun will know the prices prevailing in Kolkata market everyday in the morning. This system is being developed and it will be launched very soon,” Tomar said.
He added that implementing this new system was possible because of the newly-enacted Farmers’ Produce Trade and Commerce (Promotion & Facilitation) Act 2020 — which gives farmers freedom to to sell their produce outside Agricultural Produce Market Committee (APMC) mandis.
Section 7 of the Act empowers the government to develop a price information and market intelligence system and a framework for dissemination of information.
According to an official from the ministry, the proposed system will collect the latest price data from APMC-regulated mandis and other market yards; commodity exchanges (spot, futures) and e-trading platforms; registered farmer agreement databases; and other data sources for the aggregation of pricing information by variety and quality. It will use Artificial Intelligence (AI) to analyse and disseminate price information, the official said.
“Dissemination will be done through app, SMS. We have mobile numbers of 10 crore farmers. We can also send this through common service centres and Media — social media and print media,” the official said.


text: The relevant company already offers an iOS and an Android app. This Android app does not work on all devices as the screen size is not adjusted yet. The app has the size of 13MB and contains several pictures and menus. According to an internal IT expert, the app can be opened by 50% of all android devices. We are trying to make the app available to all devices, by modifying the screen compatibility.


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The founding of The Athletic has been a game-changer for sports coverage. The subscription based service has seemingly gobbled up every sportswriter in the country to write for the outlet from Ken Rosenthal to Richard Deitsch to Stewart Mandel and dozens of others.
The biggest impact of The Athletic might be on the local scene, though, where they have opened up a number of local sites around North America. ESPN has tried something similar in the past with locally focused coverage, but The Athletic has gone much further and wider in their efforts for world domination in sports media. What may be most telling is the poaching of many writers in many cities from the local papers to make the move to The Athletic. Currently, The Athletic touts 33 local sites across the USA and Canada.
Finally, it seems as if the local papers may have a way to fight back against the push of The Athletic. On Thursday, the Miami Herald announced something new for their readers – a sports-only digital subscription for $30 per year.
Many of you have asked for a sports-only digital subscription … the Miami Herald heard you loud and clear. For $30 a year or about $0.08 cents a day you can read unlimited Dolphins and Hurricanes news. Plus all the other Miami sports. Sign up today. https://t.co/phq89wgMLB
— Alex Mena (@alexmenamiami) August 9, 2018
For what it’s worth, the $30 a year price point is cheaper than a subscription to The Athletic, which currently offers subscribers a $3.99 monthly price for a one-year subscription and $9.99 month-to-month.
Miami is not one of the cities on The Athletic’s roster at the moment. Perhaps this move is an offensive one from the Herald to try to boost their sports coverage and stake their claim in the marketplace. It would be tougher for The Athletic to come into Miami with a subscription sports service already on offer for the local fanbase. One example of The Athletic’s power came when they recently launched the Atlanta section of the website and snatched multiple writers from the Atlanta Journal-Constitution.
In the short-term, this probably is an effective measure to counteract the spread of The Athletic, especially in those markets where it already hasn’t launched as of yet. But what about in the long-term?
This may be a revolutionary idea that can actually help the newspaper industry and maintain readership in the transition to the digital age. Offering a new way to engage potential customers certainly can’t be a bad thing for the newspaper industry. The best parallel may be to the changes we’ve seen in the League Pass services over the past couple of years where MLB, the NBA, and others have offered packages for just one team instead of making fans pay for the entire league.
We live in an a la carte world now where sports fans can watch highlights on YouTube, check news on Twitter, and follow their favorite athletes on Instagram. A digital-only sports subscription just makes sense for local papers as a way to keep pace in the modern age. Whether it’s enough to stave off the advances of The Athletic or gain back readers remains to be seen, but at least it’s a start at trying something new.
[Photo: Maggie Steber/New York Times]


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Kenyan fundraising and equity management platform Raise, has raised $25,000 funding from Nigeria’s Microtraction to help African startups fundraise and grow their businesses with ease.
Raise was founded in 2018 by Marvin Coleby and Eugene Mutai. The company drives founders to a faster product-market fit by empowering them with affordable online tools to raise faster and distribute equity to hire talent.
Raise helps African startups manage electronic cap tables, automate financing contracts like SAFEs and share private deal rooms.
“We’re pleased to announce that Microtraction is joining our journey to build Africa’s NASDAQ as an investor and partner. Together, we’ll be building out the future of investing in private and public companies across Africa. We are so excited to be working with Microtraction to build the future of Africa’s capital markets,” Raise’s CEO Marvin H. Coleby said.
Raise aims to help African founders save time lost during fundraising and building their cap tables across their employees, founders and investors.
“Raise’s mission is to simplify equity and democratize access to assets for Africans across the world, where people have the power to create financial independence for their communities, teams, and families,” Coleby said.
The company has so far scaled over 200 companies and over $150 million in equity on the platform, and created over $90 million worth of valuations. It is also working with Africa’s largest corporate law firms to continue onboarding users and scale across the continent.


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2,700 book flights to Myrtle Beach on Vision Airlines
Vision Airlines has carried 1,357 passengers between Springfield and Myrtle Beach, S.C. since the discount carrier began flights to the popular tourist destination at the end of May, according to an update from Abraham Lincoln Capital Airport.
Another 1,373 people have booked flights for the remainder of the season through Aug. 26, said airport executive director Mark Hanna.
Vision Airlines picked up the Myrtle Beach service after the previous carrier, Direct Air, abruptly shut down earlier this year. Hanna said more than 6,500 people took the Direct Air flights in 2011.
“It is difficult to compare the two, as Vision started about a week later and will end the season about a week sooner,” said Hanna, “and Direct was selling MYR (Myrtle Beach) in February, nearly three months in advance.”
Vision started selling tickets only about a month before the first flight, said Hanna. Vision just announced a “kids fly free” promotion through Aug. 31 that offers families one free roundtrip ticket to Myrtle Beach for passengers 16 and younger with the purchase of a full roundtrip adult ticket.
The Springfield airport also lost seasonal service to Florida after the Direct Air shutdown, but Hanna said airport officials are still seeking for new carriers.
“We are working daily to try and restore some seasonal flights to Florida with various carriers,” said Hanna. “Also, we continue to investigate opportunities to grow daily service offerings.”
The airport has daily flights on American Eagle to Dallas-Fort Worth and United Express to O’Hare International Airport in Chicago.
Tim Landis can be reached at 788-1536.


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The chief executive of Morrisons has told ITV News' Business Editor Laura Kuenssberg of his surprise at the popularity of online deliveries - and admits his regret over not launching the service earlier:
Dalton Phillips tells me he's surprised by how shoppers have gone digital 'I wish we'd started earlier' as he launches Morrisons online
Phillips admits they re being hit by discounters, not just move online and says customers more skint than this time last year
More top news
Youngsters are still consuming too much unnecessary sugar and caffeine, according to the study.


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Finally, China has made modest progress towards cleaning up its financial system. The government had sought to rein in debt, which had soared over the past decade. Critics have observed that it has failed to bring about any real deleveraging, because debt-to-GDP levels have continued to creep up. But stabilisation, rather than outright deleveraging, was China’s real goal. It has had some success: the pace of debt accumulation has slowed sharply. In 2015 it took more than four yuan of new credit to generate each yuan of incremental GDP. In 2018 that multiple fell to 2.5, in line with China’s average over the past 15 years.
Alongside these positives, however, there were some worrying signs. Nominal growth has slowed significantly, from an annual rate of 11.2% in the third quarter of 2017 to 8.1% in the final quarter of last year. It will slow further this year as inflation decelerates. Since nominal growth is closely correlated with corporate revenue growth, companies could be in for a difficult year.
As for consumption, this year looks less promising than last. Companies have started cutting back hiring and incomes are growing more slowly, weighing on consumer sentiment. The middle three quintiles of China’s population by income distribution saw earnings increase by only about 2% last year in real terms. Those of the richest quintile rose by 6.6%. Given that lower earners tend to spend more of their wages than the rich do, that is a poor basis for sustained growth in consumption. Sales of cars fell last year for the first time in more than two decades. Sales of mobile phones were also sluggish.
China has already pivoted towards more supportive economic policies. It has sped up spending on infrastructure, trimmed income taxes and relaxed some restraints on bank lending. This does not add up to a big stimulus package, but the direction is clear. If growth slows further, as seems likely, the government will move more boldly still.


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Thanks to technology known as biometrics, identity recognition techniques such as fingerprint, retinal and voice scanning are increasingly finding everyday applications in the workplace.
Up until recently, the technology has primarily been used in the defence sector, particularly in the US, but now banking, law enforcement and other areas of the public sector are benefiting from biometric systems. A recent EU ruling paved the way for the introduction of biometrics in passports, visas and residence permits from 2006 and the UK Home Office has announced plans to incorporate biometrics into the much-debated national identity cards. The European Commission recently issued a report on the potential effect biometrics will have on our daily lives, further illustrating that the technology is a hot topic.
Private sector potential
The hype surrounding applications of biometrics in the workplace may seem a touch premature, but technology developers argue that a compelling case can be made for the use of biometrics in business, especially for companies struggling with lax security procedures. Equipment incorporating the technology is hitting the shops and major suppliers such as Microsoft, Compaq, Sony and Dell have begun to integrate biometric apparatus into computer hardware and software marketed to both consumers and business customers.
‘Biometrics technology is very sophisticated and can be utilised in a number of ways, depending on the nature of the business,’ says John Greaves, business development director at technology licensing and consultancy group Scientific Generics. ‘The most common application is fingerprint scanning used for access to premises and computer networks, but voice recognition and facial mapping are also popular.’
Convenience, security and privacy
Utilised alone or integrated with smart cards, encryption keys and digital signatures, advocates for biometrics argue that it can be considerably more convenient than current access methods such as passwords and swipe cards. Crucially, the technology reduces or eliminates the need for an individual to remember key information.
According to recent Microsoft research, the average computer user has to remember 15 different passwords when they log on each day. Using information from physical characteristics to access work premises and computer systems could also reduce costs associated with reprogramming business IT systems because of lost security codes and passwords.
Convenience aside, the current publicity surrounding biometrics is primarily concerned with the areas of security and privacy. ‘There is a great deal of debate at the moment on the subject of accuracy when it comes to using biometrics for security purposes,’ confirms John Greaves. ‘Biometric software is used in a range of business environments and there have been reported cases where the technology has been abused through counterfeit entries.’
Indeed, a 2002 study by researchers at the Yokohama National University in Japan found that fake fingers created using everyday materials could fool commercial fingerprint scanners. The researchers tested 11 scanners and found at least a 68 per cent chance of the equipment accepting a fraudulent finger.
A hybrid approach
Given these concerns, it seems revolutionary biometric software will continue to need refinement for a while yet, but many experts still believe biometrics still offers an improvement on basic password and access code systems used by businesses. And biometrics can operate in conjunction with common tools such as cards and passwords, rather than replacing them entirely.
Simon Loopuit, CEO of speech-enabled solutions provider VoxGen, says this is particularly true in the case of using stored biometric information on a swipe card. ‘For example, at the point of an individual’s entry or access, a system can simply compare the data from an individual’s voiceprint stored on an swipe card with their answer to a knowledge-based question asked on entry.’ This means that even if an imposter tries to impersonate an identity by stealing an access card, without the correct authenticating biometric reading the request for access would be denied. Loopuit says the probability of error in this system is less than one per cent.
Big brother watching?
Biometrics has also stirred up issues of whether the technology encourages a ‘Big Brother’ approach to monitoring staff. Civil liberties groups are concerned that the more biometrics is adopted in the UK, the more an individual’s privacy may be infringed.
‘It’s a politically sensitive issue,’ agrees John Greaves. ‘But the latest biometric systems are designed so that no information is stored on the entry equipment itself, only on the swipe card. This may help to allay people’s fears about their personal biometric data being permanently stored and utilised.’ Other experts argue that biometrics is less of a threat to personal data security than internet banking, mobile phones, CCTV cameras and even supermarket loyalty cards.
There are clearly issues to be resolved before biometric technology becomes widespread in the business community. However, with such raft of possible applications of the technology that will bring benefits for security and convenience for both employees and employers, we may see voice recognition and fingerprint checks becoming an everyday part of working life in the not-too-distant future.
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Chatter about Apple’s iWatch is already approaching fever pitch. And we’re still at least six months away from Tim Cook revealing the device which has been mentioned across the web for over a year now.
There’s been so much talk about the iWatch’s fitness smarts and its potential features, though, that we can already get a good idea of what Apple wants it smartwatch to do.
So, we’ve gone over the gossip with a fine tooth comb and picked out what we think will be the key influences on the gadget of 2014. Read on for all the details.
1 Nike FuelBand
Nike’s influence on the iWatch simply cannot be underestimated.
Tim Cook sits on the sports giant’s board and Apple has hired Jay Blahnik, a fitness guru who helped Nike develop the Fuelband.
Cook is on record with how much he loves Nike’s fitness tracker, saying the company has done ‘a great job’ with it.
Seeing as Nike’s fitness app is native on the iPod nano, expect to see Apple draw plenty of inspiration for the iWatch from other Nike kit, especially the Fuelband.
2 Basis B1 Band
Health is at the heart of the Basis B1 Band. It not only tracks your heart rate and blood pressure, it’ll also check on your core temperature and even look at the intensity of your workout.
With all the talk about Apple’s new HealthBook app for iOS 8 and its integration with the iWatch, you can be sure Jony Ive and Apple’s designers will have looked at the Basis to see how it can do things as well, if not better.
3 Fitbit Flex
Fitbit has carved out a niche with its excellent health trackers. The Flex, which looks similar in design to Nike’s FuelBand, is surely another touchstone for Apple.
Its design is minimal, it looks into everything from calories burned to distance covered, and has an excellent website for stashing and reviewing personal data.
Chuck in its ability to track sleep patterns, something Apple reputedly wants its HealthBook app to do and you can be certain this is a device that Cupertino staffers are using daily.
4 Pronto 7
A medical gadget. But one that has a unique place in the iWatch story.
See, this piece of kit was developed by Marcelo Lamego, a man hired by Apple in January from medical device firm Cercacor.
It can track oxygen saturation levels, something Apple may want to push in future versions of HealthBook and the iWatch. Lamego’s position at Apple shows it’s taking this whole fitness thing very seriously indeed.
5 Samsung Galaxy Gear
Apple won’t have looked to Sammy’s failed attempt at a smart watch for design hints or software ideas.
Rather, it will want to learn all about how not to launch a smartwatch. Samsung’s device suffered from an over abundance of features, something Apple will be keenly aware of.
The first generation of any Apple device always plays it safe, so Cook and co will use Sammy’s effort as a marker. Don’t overdo it on your first go.


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Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for France on Friday. France's preliminary manufacturing PMI dropped to 50.0 in January from 51.4 in December, missing forecasts of a decline to 51.3.
France's preliminary services PMI rose to 50.6 in January from 49.8 in December. Analysts had expected the index to climb to 50.2.
"Competitive pressures remain strong, with firms cutting their selling prices at the sharpest rate in seven months in a bid to shore up demand, suggesting that inflation is set to remain very weak in the near future. A slight rise in employment - the first since mid-2015 - offers mild reassurance on the labour market front, although does little to suggest a meaningful improvement in the jobless rate is on the cards from its current 18-year high of 10.6%," the Senior Economist at Markit Jack Kennedy said.


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UK Brexit strategy ‘not good news’ for the Irish agri-food sector
The UK’s strategy on Brexit is not good news for the Irish agri-food sector, according to Professor Alan Matthews from the Department of Economics at Trinity College Dublin.
Speaking before the Oireachtas Committee on Agriculture yesterday, Matthews said the announcement by the British Prime Minister that the UK would not be seeking to stay within the customs union was probably the most significant part of her speech.
“Because, essentially, what I think we will see is the UK reverting to a less protectionist position for its agriculture.
“I am not suggesting that it will go to zero tariffs, but I think it is highly unlikely that it will retain the high level of tariffs which we have in Europe,” he said.
Matthews continued to say that even if duty free access was maintained between Ireland and the UK under a free trade agreement, it is going to be a much less valuable market for Ireland in the future.
That is really the biggest difficulty I see for the Irish agri-food sector following from Brexit.
It is important from an Irish point of view, he said, that tariffs are not introduced on Irish exports to the UK market.
“The value of that free trade agreement will depend on the size of the applied tariffs the UK government decide to put in place.
“To take the extreme situation, which I don’t think is likely, if the UK was to decide that it was going to eliminate tariffs on agri-food imports then a free trade agreement doesn’t really mean anything,” he said.
He added that this would also allow countries like Brazil, New Zealand and Australia to have duty free access to the UK market.
“So the free trade agreement is actually that important.
It is important to the extent that the UK retains some positive protections for its own farmers after Brexit.
“I would expect it to do so and therefore the suggestion that the UK would at least look for a free trade agreement is one of the few positive things we can take from [Prime Minister May’s] statement,” he said.
However, Matthews warned that it is going to take time to negotiate a free trade agreement because the withdrawal from the union is negotiated under article 50 of the treaty, but negotiating a free-trade agreement requires further negotiation.
Ireland is also going to see some additional trading costs, he said, because the UK will no longer be part of the European single market, as the British authorities may choose to change the regulations on market access requirements for products such as beef.
“We will need to try and ensure that these additional costs are minimised as far as possible.
“It is possible to do this through mutual recognition agreements, where the two sides agree to recognise each others agencies and systems for approving plants for food safety reasons.
“That is a trade agreement that has to be signed by the Commission for that agreement to take place.” he said.


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Roxy Jacenko ‘treats herself’ with a $9,400 Louis Vuitton basketball ring — after buying her pup a $2,500 Hermès dog bed
Roxy Jacenko never backs down when it comes to making luxury purchases.
On Sunday, the PR maven unveiled its latest designer purchase – a Louis Vuitton basketball hoop.
The novelty item, which is a collaboration between the luxury French fashion house and the NBA, is selling for a whopping $9,400.
Pricey: Roxy Jacenko (pictured) never holds back when it comes to making luxury purchases
In a series of Instagram stories, Roxy took the item out of the box and showed it to her fans while tearing away the iconic orange packaging.
In her caption, Roxy wrote, “Treated myself” next to an emoji with his tongue out.
It comes after she showed off her new Hermès dog bed for her spoiled dog Minnie on Friday.
Fancy a bit of sport: On Sunday, the PR expert unveiled her latest designer purchase – a Louis Vuitton basketball hoop
Wow! The novelty item, which is a collaboration between the French fashion house and the NBA, sells for a whopping $9,400
Nice: In her caption, Roxy wrote: “Treated myself” next to an emoji with his tongue out
The 41-year-old shared a photo on her Instagram account, which shows her adorable French Bulldog sitting in the luxurious bed that retails for a dazzling $2,515.
In her post, Roxy said the bed was originally bought for her other pup Oreo, but Minnie liked the designer bed.
“I bought this bed for my Oreo, but it was claimed by Minnie,” Roxy captioned the message.
Only the best for her puppy! On Friday, Roxy showed off her adorable Frenchie’s lavish Hermès dog bed, which retails for $2,500
She added, “Looks like Oreo prefers something more basic,” adding laughing emojis.
The Hermès bed is a wooden barrel design, made of oak and surrounded by stainless steel.
Roxy has also recently expanded her collection of designer handbags – estimated to be worth around $1 million and include 30 Hermès Birkins.
She has a passion for fashion! Roxy recently expanded her collection of designer handbags, estimated to be worth around $1 million
New Purse: On Thursday, Roxy, who owns more than 30 Hermès Birkins, added another expensive purse to her collection. She showed off her new Valentino Garavani. from $7,000
She proudly photographed her new $7,000 Valentino Garavani black shoulder bag on Instagram.
Roxy’s handbag collection also includes Hermès Mini Kelly bags — one in pink and another in black — costing about $11,800 each, and the ultra-rare crocodile leather Birkin, which can sell for up to $435,000.
Last month, Roxy showed off her lockdown designer slippers, after purchasing a pair of fuzzy pink and beige Louis Vuitton slides for around $1,970.
Life of luxury! Last month, Roxy also showed off her lockdown designer slippers, after purchasing a pair of fuzzy pink and beige Louis Vuitton slides for around $1,970


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Latest Neo Stories
SEDONA, Ariz., April 22, 2015 /PRNewswire/ -- To date, inventor Dr.
NEO- and LEA-M8T provide smooth multi-GNSS upgrade path for high precision and portable timing applications THALWIL, Switzerland, Nov.
Video games could get a lot more real – or at least virtually real. On Tuesday Sony Computer Entertainment Inc. announced that it is developing a virtual reality system for its PlayStation 4 video game system, which was released last November.
NEO, MAX and LEA now available in both performance and cost optimized versions THALWIL, Switzerland, Jan.
Strengthening Europe’s contribution to the global hunt for asteroids and other natural objects that may strike Earth, the European Space Agency (ESA) inaugurated the NEO Coordination Center this week.
- Emitting flashes of light; glittering.


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No need for fire sale in reopening, says Primark
Primark will reopen all 153 of its stores in England when lockdown restrictions on non-essential retailers are eased in two weeks’ time — but bargain-hunters will be disappointed.
Associated British Foods, the conglomerate that owns the fast-fashion retailer, said that although Primark had lost £650 million of sales a month during lockdown and was sitting on almost £2 billion of stock, it would not be slashing prices.
John Bason, 63, finance director of ABF, said: “When we reopen, customers will be greeted by the same everyday great prices. There is no need for a fire sale of stock because we will be able to sell these goods later.”
The company, which is reopening in England on June 15, said that it was awaiting further guidance


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Dried apricots continue to bring foreign exchange in Turkish economy.
Foreign sales of Malatya apricot does not slow down despite the Covid-19 epidemic.
According to the data of Malatya Commodity Exchange, an income of 227 million 757 thousand dollars was obtained against the export of 89.268 tonnes of dried apricots in the January-November period of the last year.
In the same period of this year, 81 thousand 364 tonnes were exported and 236 million 555 thousand dollars foreign currency inflow was achieved in return.
Malatya Commodity Exchange Chairman Ramazan Özcan said, “We estimate that we will end the year with approximately 90 thousand tonnes of dried apricot exports and 256 million dollars of revenue.”
Özcan added that European countries such as Germany, France and Italy took the first place in dried apricot exports, followed by the USA.


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KUALA LUMPUR, March 11 – Malaysian niche market digital shopping platform, Dia Guild has put together a three-part exhibition to celebrate the melting pot of Southeast Asia’s cultural heritages.
Taking place at the Small Shifting Space (SSS) in Petaling Street from March 1 until March 20, the Recrafting Stories: A Decolonial Pursuit exhibition will be showcasing hand crafted items by Southeast Asia’s artisans along with music and literature performances by local artists and poets.
What to expect
The exhibition which will explore the history of colonialism and its impacts towards Southeast Asia’s fashion industry, will be divided into three parts throughout the three weeks.
According to one of Dia Guild’s founders, Aisha Hassan, the first part of the exhibition titled ‘Where are we now?’ will give visitors a crash course on the rich history of Southeast Asia’s cultural heritage on a different aspect.
“For example, the Sarong, you see it everywhere in Malaysia today you probably wear it at home.
“People wear it for their prayers and a lot of people don’t know that in the colonial era, in some countries you weren’t allowed to wear sarong because it’s too revealing.
“The sarong has some rich history and that is something that’s not well known. So, for us, part one is really about educating consumers,” Aisha told Malay Mail.
Part two, which is currently happening until March 13, will dive into the question of ‘how did we get here’ where it will explore the current state of Southeast Asia’s artisans.
For part three, happening from March 16 until March 20, the exhibition will be exploring the question of ‘where are we going’ where it will feature individual artisan stories and an outlook to the future of the fashion industry in Southeast Asia.
All handcrafted items displayed at the exhibition are the works from 20 designers from Southeast Asia region with ten Malaysian born brands.
“Dia has partner brands from six countries across Southeast Asia, and we’re happy to feature several of our local Malaysian partners during the exhibition series, especially because Malaysia has such a rich heritage of craftsmanship.
“For instance, we have brands like Pink Jambu, FERN, and Suria Artisan Batik, who are all innovating the ancient art of batik,” Aisha said.
Meanwhile, amongst the international artisanal brands featured at the exhibition are Neil Felipp from the Philippines, Argent Studio from Indonesia, and Garden of Desire from Cambodia.
When asked about his featured Minaudieres clutch bag at the exhibition, Neil Felipp said that it was inspired from Cebu City which was a well-known trade city during the Spanish colonisation of the Philippines.
“One of the key items that were used to trade from the Philippines was gold and fine jewelry. The pre-Hispanic communities were so abundant with gold that even their slaves were adorned with it.
“As centuries passed, the craftsmanship of Cebu City is still revered globally with notable designers such as Kenneth Cobonpue, Vito Selma & Monique Lhuillier.
“With this rich history of Cebu city, the featured Neil Felipp pieces celebrate local craftsmanship with a global appeal that we hope can transcend between cultures,” he said.
The founder of Argent Studio, Karista Krishna, whose jewelry collection is featured, said that Indonesia has more than a thousand years of metallurgy history and their collection of jewelry represents the history and quality of Indonesian silver artisans.
“I am humbled and grateful to be able to help to continue and conserve this highly sophisticated art. The arts are at the very essence of Indonesian culture – that is a fact that cannot be denied.
“Traditional metalsmithing in Indonesia is not only important; it is a luxury. But this luxury comes with a stigma.
“The hands that make them and give them life are usually underappreciated. We see fewer and fewer young people who are interested in conserving the art of traditional metalsmithing,” Karista said.
Meanwhile, Garden of Desire co-founder and designer, Ly Pisith, they are trying to bring back the art of Cambodian silversmithing which is known as Khmer.
“In recent decades, as the country has continued to rebuild itself, the art of Khmer silversmithing has made a comeback, with local artisans and jewelers revitalizing age-old artistic traditions in the crafting of silverware and silver jewelry.
“In Cambodia – where silver has long been the country’s most precious metal – the art of silversmithing is more than 1,000 years old. It peaked in the 11th century during the Angkor empire.
“However, eight centuries later, Cambodia plunged into decline during the brutal Pol Pot regime in the 1970s and the economic crisis that followed,” Pisith said.
Pisith added that this is his way of reconciliation as the collection represents his struggle to love his country again and his own self-growth.
“As part of my design process, a part of my collection is innately linked to my Cambodian roots, which celebrate our built, natural, and cultural heritage with a contemporary expression.
“The Cambodian heritage is so rich yet fragile. There is a lot of reflection, growing and I am still learning from it,” he said, adding that seeing people’s evolutions have also inspired him in his creations.
Dia Guild was founded in 2020 by three friends, Aisha Hassan, Alia Farouk and Kylie Francis, whose aim is to champion Southeast Asia’s artisanship and develop global recognition for the brands.
To date, Dia Guild has 23 brands from six countries across Southeast Asia.
For more information on the exhibition and featured brands, please click here.


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Online retailer Flipkart has started selling furniture, a move that was anticipated by many as it tries to add more high margin goods.
CCI Chairman Ashok Chawla said the regulator is currently investigating a matter related to resale price maintenance.
An online tea retailer is blending traditional wisdom of tea tasting with new age recommendation algorithms to predict what you will love the most.
The new chat service will allow buyers to share their buys or product wishes with their phonebook contacts and create groups just like in Whatsapp.
Wal-Mart is attempting to follow consumers as they migrate to the Internet in China.
UAE is leading the e-commerce sales growth of the total GCC market and consumer electronics is the largest product category.
"I spend a lot of time in figuring out what matters to the users rather than what attracts them. We want to drive our whole team to think on those lines."
Nykaa, founded by investment banker-turned-entrepreneur Falguni Nayar, has raised close to Rs 60 crore from a group of affluent Indian investors


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During the housing boom in the middle of the last decade, luxury retailers reaped the benefits of home-rich consumers, many of whom sucked out their home equity as soon as it built--or even more quickly--taking out home equity lines and spending like the proverbial drunken sailor, but these sailors had style and a taste for the finer things.
All of the flashy spending made everybody a little giddy. In May 2005 private equity investors Texas Pacific and Warburg Pincus paid $5.1 billion for Neiman Marcus Group, parent of the eponymously named poster child for needless indulgence, Neiman Marcus, and its Bergdorf Goodman subsidiary.
When the housing market headed south and eventually imploded, there was a lot of omelette du fromage on the face to go around as the erstwhile nouveau riche profligate home buyers came up dry on equity and went back the dollar store. For many of the high-end retailers, comparable sales numbers plunged more than 20% for three quarters in a row at the end of 2008 and into 2009.
With the housing market minting no more millionaires, the luxury market if it were to boom again would need a new driver of wealth creation--and it found it in an old friend, the stock market.
Investors in luxury retail stocks have already benefited handsomely, maybe even enough to indulge in a few $25,000 Neiman Marcus cupcake cars. Since the market bottom last March, Nordstrom shares have zoomed higher by 246%,
Now the millionaires are back and ready to spend. The number of U.S. households with a net worth of $1 million or more went up 16% to 7.8 million from the end of 2008 to the end of 2009, according to a recent Spectrem Group survey. The millionaire count had dropped 27% in 2008.
It's not only the millionaires who are back. The mega-millionaires, or those with more than $5 million of net worth, were up 17% last year to 980,000, and the affluent population with more than $500,000 in net increased 12% last year to 12.7 million people.
In the market downturn, consumers at every economic level fled the retailers. Luxury Institute CEO Milton Pedraza says millionaires and multi-millionaires came back into the market in the fourth quarter of last year after their fears of continued balance sheet losses were quelled.
Proof of the high-end consumer retail recovery is in the pudding. Nordstrom's February same-store sales were up 10.3% from a year ago. Saks' comps were up 2% in February, building on a strong January with sales up 7% from a year before. Even Neiman, which routinely posted monthly drops in same-store sales in excess of 20% produced a 6.2% increase in February--the chain's third straight month of positive comps. Retailers overall posted a 3.7% gain in same- store sales last month, according to the International Council of Shopping Centers. The low end fared the worst;
Thomas Weisel analyst Liz Dunn has buy ratings on Nordstrom and Coach. Of Nordstrom, Dunn says it was able to maintain its top-line well as well as focus on inventory control and cutting costs. Coach has also done well adjusting its price to suit the more value-conscious consumer, she adds.
Sterne Agee analyst Jennifer Milan also has a buy rating on Coach based on the store lowering the price of about half of its collection to under $300, which has allowed the retailer to stay relevant during the downturn and broaden its customer base. Although excessive discounting runs the risk of diminishing a luxury brand's luster, she's confident that Coach hasn't dented its reputation excessively through the lower price point items.


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Cash Mob (noun), as smugly defined by the Wall Street Journal: "Part of a national movement that has shoppers descending en masse on designated local stores, where they show their support by spending lots of money. Afterward, they go out for a drink."
It may come as no surprise that one of these puppies recently hit Park Slope. After all, our neighborhood is chock-full of money and mom & pop stores. A combination of Cash Mob Facebook posts and Tweets recently led to a gathering of guerilla shoppers at the Tea Lounge, where local CM leader Amy Cortese gave the order to storm the Park Slope Community Bookstore. The whole thing kinda went over like a limp dick.
And because Park Slope is a neighborhood full of juicy gossip -- a place where debates on bike lanes and Food Coops get international attention, a five-man film crew from TBS Tokyo was there to capture the experience.
According to the Wall Street Journal:
"The mobsters displayed their purchases for the Japanese TV crew. David Foster Wallace was a favorite, as were books on food and financial justice. And in the spirit of buying local, they purchased each other's books. Entrepreneur Jason Punzalan snapped up Ms. Cortese's 'Locavesting: The Revolution in Local Investing and How to Profit From It.' Jezra Kaye signed her 'Kicking: Love Poems' for fellow mobster Kerry Gendron."
Even with the enthusiasm and the social networking bombing and the Japanese coverage, the total amount spent at the Community Book Store was a mere $750. For comparison, in Bellport, Long Island, one cash mob spent over $2800 in a gift store. In Cleveland, Ohio a mob spent $9,000 in a health food store. Cash Mob national Spokesperson Andrew Samtoy did say that Park Slope's mob did stand out from the rest in one way: the $40 that each person spent was nearly twice the national average of other cash mobsters.
Should Park Slope be chided for it's efforts? Of course not. Samtoy says, "Cash mobs do best in cities where indy businesses are an endangered species. In towns like Cleveland, the chains have pretty much taken over: 'We struggle to avoid Arby's and Pizza Hut,' he says. New York, in contrast, still doesn't have a Wal-Mart'." This makes total sense, as most Park Slopers support local businesses as less of a statement and more as a way of life.
Of course there are those who say Cash Mobs are bullshit, like Ira Davidson, Director of Small Business Development at Pace University. From a dentist chair (what?!) he told the WSJ: "Cash mobs will make a bunch of naïve, starry-eyed liberals have fun and feel good about themselves, and have no economic consequence whatsoever." Mr. Cranky was clearly prepping for a root canal.
Personally, I would give my left-arm to see the TBS Tokyo coverage of our local Cash Mob.


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Tiffany & Co. has chosen three new brand ambassadors to help represent its new era under LVMH.
Ulta said it will double the number of Black-owned beauty brands it sells in 2021.
The actress and brand creator shares her mission and celebrating “the joy, the beauty, the importance and the power” of Black women and people of color.
The actress and Pattern Beauty founder will receive the award at the E! People’s Choice Awards.
Celebrities joined in on the virtual ceremony by giving an inside look at their at-home watch parties and makeshift red carpets.
The Sept. 13 digital event will feature awards and a fashion show.
The multitasking Ross is known for her Golden Globe-winning role as Dr. Rainbow Johnson on the ABC comedy series “Black-ish.”
The most memorable Emmys red carpet looks through the years.
Phenomenal Woman is re-creating Ross’ “I’m Gonna Win” T-shirt from the Seventies to support the political power of black women.
The event also drew Alicia Silverstone, Olivia Holt, Hong Chau, Tracee Ellis Ross, Alexandra Shipp, Mena Suvari, Sanaa Lathan & Constance Wu.
The VIP polo event in Pacific Palisades drew Victoria Justice, Chris Martin, Tracee Ellis Ross, Dev Patel, Laura Dern and Rosario Dawson.


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Investments in earlystage companies and startups rose nearly 40% to 121 deals with the transaction value jumping 66% to $605 million (Rs 3,630 crore).
The Delhi-based startup earlier raised $200,000, or Rs 1 crore, from Sequoia as a seed round in September 2011.
The startup is initially focusing on the Bangalore market, tying up with hospitals, such as Apollo, Fortis, Manipal, Nova Specialty and Sparsh, to help set up doctors appointments.
Silicon Valley incubator Y Combinator to invest in Delhi-based ClearSharp Tech that has 3 lakh users
Y Combinator has earlier backed other Indian startups but they have been focused on developing products for the US or global markets.
Somerset Capital's first fund, which raised $27 million (Rs 160 crore) is backed by US buyout firm Avista Capital and Health Evolution Partners.
The product, can be used for video surveillance, automated number plate recognition, red-light violation detection and facial recognition.
They are also beefing up senior executive teams and also considering offers for pre-IPO rounds of funding from risk capital investors.
Many of the proposals by Sebi to oversee crowdfunding are leading to unrest in the startup community.
Infuse Ventures, Intellecap Impact Investment Network invest Rs 3 crore in solar startup Surya Power
Intellecap Impact Investment Network (I3N) and Infuse Ventures have invested $500,000, or Rs 3 crore, in solar-agriculture startup Surya Power Magic.
nline ticketing service BookMyShow has raised a new round of funding that marks an over three-fold increase in its value and catapults the Mumbai-based company into the league of India's most valuable consumer Internet firms.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon


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Who makes the best sausages? Tell us now by voting for Britain's Best Banger! and you could win the ultimate sausage lover's day trip! Vote now!Leading quality catering butchers, Aubrey Allen, is launching a new sausage in collaboration with one of the country’s top pig farmers.
The new sausage will make its first public appearance next month at Hotelympia, the UK’s premier hotels and restaurants trade exhibition held at ExCeL in London’s Docklands from February 19 to 23.
The sausage has been named Butler’s Banger because it has been produced from top quality free-range pork produced by Suffolk-based Jimmy Butler, winner of Farmers’ Weekly magazine’s Pig Farmer of the Year.
“We believe the Butler’s Banger will become a classic,” said Peter Allen, managing director of Coventry-based Aubrey Allen. “The sausage is made with coarse-cut free range pork and contains liberal amounts of ground pepper and fresh leeks.”
Jimmy Butler – with his wife Pauline and two sons – manages 1,200 free-ranging sows which are cross-bred from Duroc, Large White and Landrace. Only gilt (female) pigs with a good covering of fat and full traceability are endorsed by the Aubrey Allen Assurance Scheme that ensures that each cut of pork is top quality.
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The OTT era has begun at Showtime. The premium cable network launched its new stand-alone streaming service today.
The service, which is also called Showtime, is available for $10.99 per month via Apple, Roku, PlayStation Vue and Showtime.com. Hulu subscribers can add Showtime at a discounted rate, for $8.99 per month, on top of Hulu's $7.99 monthly fee.
All of Showtime's partners are offering new customers a free 30-day trial subscription.
Showtime has priced its service for $4 to $6 less than HBO Now, which HBO launched on April 7. Unlike HBO Now, Showtime's service also offers live feeds of its East Coast and West Coast programming, in addition to on-demand access to its content.
When announcing the service last month, Showtime had kept its actual launch date under wraps, only indicating that it would be available before the July 12 season premieres of the network's two big summer series, Ray Donovan and Masters of Sex.
Showtime Networks president David Nevins previously told Adweek he hopes the service will open up Showtime to a whole new audience, particularly millennials. "We do know that there's maybe 12 million homes that have high-speed Internet who are not subscribers to any video packages," Nevins said. "And there's another, say, 75 million homes that have video packages but don't subscribe to Showtime. So we feel like there's definitely opportunities in new distribution."


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Cook School to Host Youth Entrepreneur Symposium
ST. LOUIS, MO- —— On September 23, 2013, Independent Youth will present TrepStart Day, a one-day event where over 1,000 teens come together to learn, lunch and launch into entrepreneurial thinking by interacting with successful teen entrepreneurs around the US. Designed as a peer-to-peer exploration of entrepreneurial thinking and achievement know-how, TrepStart Day incorporates experiential education through a keynote address, interactive breakout sessions with successful teen entrepreneurs and IY’s ExploreAVision Business launch competition kick-off.
Jim McKelvey, co-founder of Square will be this year’s TrepStart Day- St. Louis keynote speaker. Other presenters will consist of nationally-recognized teen entrepreneurs from across the country, including local teen Jaylen Bledsoe, founder of Bledsoe Technologies.
“TrepStart Day allows students to network while learning more about entrepreneurship,” stated Marci Boland, Clayton High School’s Business Teacher. “An event like this is key in illustrating the possibilities that exist in business and entrepreneurship, while teaching kids the importance of having an entrepreneurial mindset.”
For additional information visit www.independentyouth.org or call (877) 617-0494.
TrepStart Day - Monday September 23, 2013, 9:00AM to 2:30PM at Saint Louis University’s Busch Student Center Saint Louis University, 221 North Grand Boulevard, St. Louis, MO. 63103View All News


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With Ubiquity, Sears is Turning Shuttered Stores into Data Centers
Ubiquity Critical Environments, a newly-created unit of Sears Holdings, will convert this Sears retail store in Chicago into data center space. (Photo: Ubiquity)
Will blinking blue lights of servers soon fill the aisles that previously offered the Blue Light Special? Sears Holdings has formed a new unit to market space from former Sears and Kmart retail stores as a home for data centers, disaster recovery space and wireless towers.
The Strategic CIO While most CIOs agree that their role will change in the next five years, less than a third see themselves as developers of business strategy or drivers of their companys competitive future today, according to a new study by Emerson Network Power. Nearly half characterize themselves as IT service providers and cost centers to the business leaders in their organization.
Announcement: Says Electronics Disposal Efficiency metric ensures data centers can responsibly handle electronics and electrical equipment at the end of its useful life
11 March 2013 by DatacenterDynamics FOCUS
The Green Grid has launched a new metric to help data center operators and organizations measure how electronic equipment is managed once it reaches end-of-current-use. The Electronics Disposal Efficiency (EDE) metric is the first universal metric launched by The Green Grid to help end-users of information and communications technologies (ICT) measure their success in the responsible management of outdated equipment.
EDE is a simple metric that helps organizations calculate and measure their progress in improving equipment disposal processes over time, The Green Grid said.
Discarded Electronics and Electrical Equipment (EEE) entering the waste stream is known globally as e-waste or Waste Electronics and Electrical Equipment (WEEE). Examples of WEEE include computers, mobile devices, home entertainment products, toys, and even goods such as refrigerators and stoves.
The definition and monitoring of WEEE worldwide has evolved over the last decade, which has prompted The Green Grid to identify the need to combine the expertise of other organizations who define standards and requirements for e-waste management with its own members knowledge and understanding of the e-waste management challenges facing the ICT community.
The Green Grid said the result is the creation of a metric that quantifies how well a corporate consumer of ICT EEE responsibly manages e-waste.
The Green Grid isnt trying to redefine any domain-specific terminology in the WEEE arena, Kathrin Winkler, EMC representative and Board Member of The Green Grid, said.
There are a number of reasons why 2013 might be the year for Data Center Infrastructure Management. DCIM software has had a number of years to mature, addressing the need for high levels of discipline in the data center. There are various factors that have contributed to the emergence of DCIM as a priority for data center operators- even if many of them are still sorting out the best way forward.
The economy led to a break/fix mentality in the data center at first, but we seem to be out of that now, said Mark Harris, Nlyte Softwares vice president of marketing and strategy. The energy crisis put a lot of adult supervision into the data center. A lot of questions were being asked, and a lot of those questions were about the physical makeup.
DCIM provides a holistic view of the entire data center ecosystem, dynamically recognizing all the pieces and how theyre interrelated. It helps to plan ahead, both for growth and potential disasters (what happens when a piece of equipment is removed?). It is being touted as the ERP application for the data center. And as with ERP (Enterprise Resource Planning), it is addressing a complicated challenge. When a device is introduced, changes or fails, it changes the makeup of these complex facilities.
Colocation facilities have long promised organizations the opportunity to buy data center capacity as OpEx, without investing CapEx in a new physical infrastructure. But integrated infrastructure solutions now offer a third option, by enabling organizations to buy efficient, intelligent infrastructures without paying for a lengthy and expensive physical build.
Join Emerson Network Power to discover key financial and technology considerations that will help guide your decision to invest in hosted, traditional or integrated infrastructure solutions. Participants will also see how Smart Solutions from Emerson Network Power offer OpEx savings of 27 percent and CapEx savings of 10 percent or more over a traditional design approach, while providing a level of ownership and control unmatched by outsourced services.
Presenters: Stephen Blakemore, Solutions Sales Manager and John Bearg, Director


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Business is good at the Cactus Bar in downtown Chicago, but only because it's bad elsewhere.
''People come in for a couple of drinks with their friends because they don't want to shell out for the big movies and concerts,'' said Naresh Nair, manager of the Cactus. ''Dropping $50 for a night at the movies or $200 for a couple of concert tickets just isn't realistic anymore. The time when people spent that kind of money for a night out is over.''
This is a long, cool summer in much of the entertainment world. Concert tours are being curtailed or postponed, with performers like Rod Stewart playing to rows of empty seats.
Highly touted films like ''Pearl Harbor'' have had disappointing runs.
The closest the book industry has come to a summer page-turner is an unwieldy biography of a founding father. Ticket sales on Broadway are flat and would be down if not for two sell-out shows, ''The Producers'' and ''The Lion King.''
''When things slow down, everything slows down,'' said Jeff Dorenfeld, who teaches music business at the Berklee College of Music in Boston. ''Prices keep going up, but there's less money to go around. It's affecting the whole industry.''
Interviews across the country in recent days suggest that people are spending more time outdoors or at home this summer.
Some statistics support that conclusion. Television ratings, video rentals and sales of computer games are all up over last summer.
The film industry, which had been holding its collective breath hoping for a midsummer hit to pull it out of a flat season, finally had one last weekend with ''Planet of the Apes.'' It took in $69.5 million between Friday and Sunday, the biggest nonholiday three-day opening in history.
But that success follows a number of expensive and heavily marketed disappointments, including some movies, like ''A.I.'' and ''Jurassic Park III,'' which did well the first weekend and then mysteriously plunged in subsequent weeks. ''Jurassic Park,'' for example, did about half as much business its second weekend as it had done in its first.
One reason for the doldrums may be the slumping economy.
Money has becomes tighter, but prices for entertainment have continued to rise. Concert tickets often cost more than $50 and can run beyond $200, hardcover novels routinely cost at least $25, and more cinemas are approaching the $10-a-ticket level.
Some people cite other factors, including the conviction that there are simply not that many good movies out there. The studios appear obsessed with appealing to teenagers, who might see the same movie repeatedly, and they end up churning out junk as a result.
''They're telling the same story over and over,'' said Neha Vyas, a 28-year-old doctor in Houston. ''I guess we've gotten to the age where we've seen so many movies that with some of these movies we're like, 'Wait a minute; this was the same movie that I saw five or 10 years ago but with a different character.' It's kind of boring.''
Mr. Dorenfeld said that baby boomers were tired of seeing second-tier bands from the 1960's and 70's and that their children shifted allegiance from one band to another so quickly that new ones had trouble building fan loyalty. Lorraine Shanley, director of Market Partners International, a New York-based company that advises clients in the publishing industry, said that the ''proliferation of media results in smaller pieces of the pie for everyone.''
She added: ''Everyone has noticed it. It's a doldrums period that's probably tied to the economy and everyone's fear of things getting worse. It may turn out to be just a blip in the long term, but the combination of indicators looks awfully coincidental.''
Film executives said that one reason some films were doing well the first weekend of release and then fading was a change in distribution. With the spread of multiscreen cinemas, there tends to be a stampede the first weekend, and then the movie loses its buzz as a new one is offered. For instance, ''A.I.,'' Steven Spielberg's science-fiction fantasy, grossed $29.4 million in its first weekend, which the trade paper Variety called respectable, but it took in less than half that much on its second weekend.
''No longer is this going to be a cavalcade of hits,'' Variety said in a front-page report. ''Repeat business has been surprisingly scarce.''
Among those who have forsaken the cinema in favor of television this summer is Max Sontos, a 27-year-old actor in Los Angeles, who said that after the expense and complications of his last trip to a movie theater, he would ''rather just veg and watch TV.''
He is evidently not alone. According to Nielsen Media Research, all four major daytime cable networks and four of the five evening channels are attracting more viewers than they did last summer.
The video rental giant Blockbuster announced last week that its second-quarter revenue was $1.23 billion, up from $1.21 billion for the same period last year. Sales of video game hardware, software and accessories are running 28 percent ahead of last year.
Although none of this has led film executives to panic, several have concluded that they, like concert promoters and booksellers, need to assess a rapidly changing marketplace.
''We worry about rising costs, about what it takes to break through in a cluttered market and promote our pictures,'' said Jeff Blake, president of worldwide distribution and marketing for Sony Pictures. ''We need to be sure that we're still able to provide an entertainment evening at a relatively low cost. The movie business is not in a bad place yet, but we need to adjust to changes that are apparent this summer.''
Other film executives share Mr. Blake's cautious confidence. ''Traditionally the film business is recession-proof because it's the cheapest form of entertainment outside the home,'' said Rob Friedman, vice chairman of the Paramount motion picture group.
''If there's a good movie, people will come to see it. At worst we'll be flat when it comes to the end of the year.''
Whatever the cause of the summer slowdown in some branches of the entertainment business, it is sending ripples of concern through the industry.
Concert promoters trade stories like the one about 'N Sync, by some standards the world's hottest band, which tried to match last summer's two nights at a stadium in Washington but could sell enough tickets to fill the stadium only once. Some bands are also finding record sales flat.
''Nobody is doing the numbers that they did last year,'' said JC Chasez, a member of 'N Sync.
That is not entirely true. People are still standing in line to get tickets to ''The Producers'' on Broadway. They are still willing to pay top dollar to see highly popular performers like Madonna, whose average ticket price this summer is about $125. The success of ''Shrek'' and ''Planet of the Apes'' shows that it is still possible to draw large numbers of people to movie houses, and that of ''The Producers'' reflects the possibilities of Broadway. Below that top level, however, consumer resistance now sets in fast.
Even the Rolling Stones are feeling the pinch. According to reports published in Britain, they had planned to tour the United States and other countries next year to celebrate their 40th anniversary and the ''last blowout'' for Mick Jagger and Keith Richards before they turn 60. But the band's marketing advisers are said to have recommended that the tour be canceled or postponed.
In the first six months of this year, according to figures published in the trade journal Pollstar, the top 50 concert tours took in 12.6 percent less money than last year's top 50. The number of tickets sold was off by 15.5 percent in that period.
''A two-million-ticket drop is not insubstantial,'' Pollstar's editor, Gary Bongiovanni, said. ''The conventional wisdom is that the entertainment business is recession-proof, and with inexpensive forms of entertainment that's still true. But since the last recession in 1991, the cost of our product has more than doubled. What used to be an inconsiderable expense is becoming a luxury item.''
Music promoters in many parts of the country are seeing considerable drops in business. Lori LeFavor, owner of Infinite Productions in Seattle, said this was the worst summer she could recall in 16 years of promoting concerts.
''Every club I've talked to has actually said it's been a horrible summer,'' Ms. LeFavor said. ''I think that the economy is definitely in a slump. But it's interesting; in the past whenever there's been a recession, the music industry is always the last to be hit.''
The publishing industry is also being affected, with dealers returning larger numbers of unsold books than usual. Among the few bright spots are David McCullough's biography of John Adams and books by Eudora Welty and Katharine Graham, whose recent deaths have stirred interest in their work. Sales of hardcover novels, which are often staples for summer vacation, are surprisingly slow.
Even theme parks are facing a difficult summer. Some, like those in the Six Flags chain, have maintained or even increased attendance by offering discounts. Others are losing customers; a report from Merrill Lynch last week said attendance at Walt Disney parks was down by 6 to 8 percent.
There are some notable exceptions to this summer's entertainment slowdown. Attendance at baseball games is strong in many cities (although woeful in places like Tampa Bay), and good weather has brought crowds to music festivals like Ravinia near Chicago and Tanglewood in the Berkshires.
''People who attend cultural events like dance, theater and classical music, events that are not in the category of pop entertainment, are very dedicated over the long term,'' said Ella Baff, executive director of Jacob's Pillow, the nation's leading summer dance festival, which is also doing well. ''If the appeal of this kind of cultural experience is still strong, and if baseball and other sports are still strong, maybe it's because they speak to patterns and habits and commitments instead of being in the category of novelty or one-time acts.''
She continued: ''I also wonder if large-scale events have lost some of their luster. Maybe after years and years, mega-stadium events and blockbuster movies just aren't that compelling anymore.''


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Jay’s Budgens bags Time Out gong
The local store triumphed over six other London business in their category
A Budgens in south London has been awarded the ‘Top Community Kingpin’ award by Time Out magazine for its support to food banks and local suppliers during the pandemic.
Jay’s Budgens in Brockley beat six other London businesses in the category, voted for by readers of the lifestyle magazine.
Store owner Jay Patel told betterRetailing: “The store has been here for 40 years and that would not have been possible without the community’s support. We donated hot food to go alongside tea and biscuits to six hospitals, food banks and churches nearby.”
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Just days after Chinese smartphone maker Xiaomi launched its first electric vehicle (EV), buyers have been told they may have to wait up to six months for their car to be delivered.
Screen grabs on Chinese social media show the firm advising buyers it could take 27 weeks to deliver the SU7 Max.
The company previously said pre-orders had hit 88,898 within 24 hours of it starting to take orders on Thursday.
Xiaomi did not immediately respond to a BBC request for comment.
The technology giant, which is the third-largest seller of smartphones in the world with a market share of about 12%, is taking on EV rivals including Tesla and BYD in the world’s biggest market for cars.
The standard SU7 model is priced at 215,900 yuan ($29,872; £23,663) and the Max version costs 299,900 yuan.
The starting price in China for Tesla’s Model 3 is 245,900 yuan.
The SU7, which has drawn comparisons with Porsche’s Taycan and Panamera models, has a minimum range of 700km (435 miles), beating the Tesla Model 3’s 567km.
As part of its campaign to promote the SU7, Xiaomi also released special versions of the car called the Founder’s Edition, that come with free gifts, such as fridges.
On Sunday, the technology giant’s chief executive Lei Jun said in a Weibo post that it would open a second round of sales for the Founder’s Edition.
The firm is hoping that the SU7’s shared operating system with its phones, laptops and other devices will appeal to existing customers.
Xiaomi’s EVs are made by a unit of state-owned car manufacturer BAIC Group at a plant in Beijing that can produce as many as 200,000 vehicles a year.
But the move comes as sales growth of EVs has slowed globally, triggering a price war.
Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world’s top-selling EV maker BYD have slashed prices.
In an indication of the challenges facing technology firms who want to make electric cars, iPhone maker Apple last month reportedly cancelled its plans to build an EV.
Last week, BYD posted record annual profits but said growth had slowed towards the end of last year.
Shanghai-based electric car maker Nio also lowered its forecast for first quarter deliveries as consumers tightened spending as China’s economic growth weakens.
American EV giant Tesla is due to announce its delivery numbers for the first three months of 2024 this week. Shares in Tesla fell by almost 30% in the first quarter.
Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over the next 10 years.


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Update for December 23rd, 2019
The Trump Administration has confirmed that they plan to move forward with the EPA’s original proposal regarding blending requirements for 2020 first disclosed in October. In an attempt to quiet anger from corn producers and ethanol proponents President Trump has announced his plans to give the industry substantial funding for E15 infrastructure.
Recently the EPA released an update showing that 16 SRE’s have been filed for 2019 under the RFS. All of those appeals are pending at this time. Looking at the compliance years of 2015 through 2018 there were 99 SRE’s received by the EPA and 85 of those were granted, exempting 38.31 billion gallons of fuel from the RFS blending requirement.
Allendale Inc. reports that some details regarding the Phase 1 agreement are slowly being released and the news is better than what many had expected. President Trump said “We just achieved a breakthrough on a trade deal and we will be signing it very shortly”. Under the new deal the U.S. agrees to lower some tariffs in exchange for a sizable increase in Chinese purchases of U.S. farm products. The latest rumors indicate that the Phase 1 deal could bring purchases of 45 MMTs of Chinese purchases in 2020. Of course there are nay-sayer that disagree with that estimate siting the ongoing battle with AFS and the devastating toll it has had on hog numbers. And history which shows that the most U.S. soybeans exported to China in one year occurred in 2016 when 33MMTs were purchased. The USDA is preparing for the signing of the Phase 1 agreement by developing a new internet site that will answer many questions about the specifics of the new agreement and how it will unfold.
U.S. Senator Chuck Grassley (R-IA) expects that Senate Finance Committee action on the USMCA will begin in January immediately following the Christmas break. In a recent tweet Grassley explained that he plans to have markup of USMCA reviewed by the Senate Finance Panel on January 7th. “Passing USMCA trade deal delivers much needed certainty + modernizes NAFTA.” He looks for strong support for the agreement across party lines and expects that it should reach the president’s desk in early 2020.
The holiday season has arrived which typically brings choppy and unpredictable trade as the trade volume declines through the end of the year. Now everyone’s attention turns to the January 10th USDA report. Several market analysts have advised producers to pay attention to the money flow and price movement as we move closer to the report. During this period, between now and the January report, we could see a rally in prices giving producers an opportunity to sell a portion of their bushels.
The map below shows the predicted highs for Christmas Day...ENJOY!! There are some indications that there may be some changes by next weekend but in the meantime enjoy the warmth.


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WASHINGTON - The American business community generally welcomed the latest round of US-China trade talks but it highlighted the absence of agreement over a concrete way of ensuring that Beijing delivers on its promises, a much tougher challenge for the future.
Implementation of any deal must be "subject to ongoing verification and effective enforcement", a point raised by the US delegation during the talks, said the Office of the US Trade Representative (USTR) in a statement on Wednesday (Jan 9).
Beijing's statement on the talks, however, made no mention of such a mechanism.
Ensuring Chinese compliance had been a concern of the US going into the talks, with Commerce Secretary Wilbur Ross calling it the "hardest" part in an interview with CNBC on Monday.
"An agreement is fine, but the history has not been so good on compliance. So the real issue is what are the enforcement mechanisms, what are the punishments if people don't do what they were supposed to do?" said Mr Ross.
The US-China Business Council has zeroed in on follow-up mechanisms. Its president Craig Allen said in a statement after the talks that the council was pleased with substantive discussions held between the two countries, but emphasised that "progress should include a mechanism for the removal of tariffs and measurable, commercially meaningful outcomes".
"Any agreement between the governments should include positive incentives when China produces milestone deliverables, including a mechanism for removing US tariffs and Chinese retaliatory tariffs as progress is made," said Mr Allen.
The USTR statement said that structural changes in China needed to be achieved, including in the areas of forced technology transfer, intellectual property protection, non-tariff barriers, and cyber espionage.
Other observers were more sceptical, saying that much more still needed to be done.
Beijing's effort so far adds up "to a modest adjustment of Chinese foreign economic policy", Scott Kennedy, a scholar at the Center for Strategic and International Studies in Washington was quoted as saying, "but nowhere close to the great leap in liberalisation that the US and others are seeking".
Mr Steven Okun, senior adviser at McLarty Associates and president of the Asia Business Trade Association, told The Straits Times: "China needs to do more than just purchase US goods to lower the trade deficit. Will China address the 'structural changes' requested to the US' satisfaction? Will they make those changes in a timely fashion and subject to US enforcement?"
The clock is also ticking. The US and China are nearly halfway through their 90-day truce set to expire on March 1, as agreed to by President Donald Trump and President Xi Jinping on Dec 1 at the Group of 20 summit in Argentina.
Said Mr Okun: "The USTR statement makes clear much needs to happen in the next 50 days for an end to the trade war. There is unwarranted optimism that a resolution will be reached by March 2."


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Auto major M&M on Monday said that its pick up vehicles domestic sales crossed 1.5 lakh units in domestic marker during the fiscal year ended this march.
The pick up range has sold 1,62,000 vehicles in FY-2019, compared to 1,49,121 vehicles in FY-2018, logging a 9 per cent growth, thereby posting the highest-ever annual sales growth in the segment since the launch, the company said in a release.
Mahindra’s pick up range, which caters to the cargo transport segment, comprises brands such as Bolero Maxi Truck, Bolero pik-up, Bolero Camper and Imperio.
The company commands as high as 58 per cent market share in the 2-3.5 tons light commercial vehicle (LCV) category.
“The journey towards achieving this over 1.5 lakh units milestone of pickups in fiscal 2018-19 is a proud moment for us. We are grateful to all our customers and for the success of our newly-launched Maha Bolero Pickup 1.7T.
Mahindra has the widest range in this segment today,” said Veejay Ram Nakra, the company’s chief of sales and marketing for automotive sector.
At present, the pick-up segment in India has sales of over 14,000 vehicles per month and is growing rapidly, the company said, adding Mahindra groups market share in the segment stood at 58 per cent in FY19.