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STUNNING!! Pia Alonzo Wurtzbach for Philippine Tatler
Pia Alonzo Wurtzbach for Philippine Tatler : The reigning Miss Universe Pia Wurtzbach poses for one of the leading fashion magazine Philippine Tatler’s April issue in her home country Philippines. Pia is seen wearing gowns from designer Monique Lhuillier’s latest collection. The photo shoot was done at the iconic Baccarat Hotel in New York City,the man behind the lenses is famous fashion photographer Nigel Barker, Pia was styled by Naheed Hadjisoffi, Hair was done by Kristi Wilczopolski and make up was done by Leah London. Pia recently posed for Cosmopolitan Philippines. 26 -years-old Pia is the third Filipino women to wear the Miss Universe crown. Pia is currently in Philippines to crown her national successor at Binibining Pilipinas 2016.
More pics from the photo shoot


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SAN FRANCISCO (MarketWatch) - Johnson Controls on Tuesday forecast a higher second-quarter profit as cost-cutting efforts have helped to offset the lower vehicle production and raw material costs that continue to rattle the rest of the auto parts industry.
Shares of the Milwaukee-based company
Johnson Controls pegged second-quarter income from continuing operations at 85 cents a share, up from 76 cents a share a year ago.
Analysts polled by Thomson First Call, on average, expect a profit of 84 cents a share on sales of $7.16 billion.
The car battery and seat maker also affirmed its 2005 estimate of sales growth in a range of 8 percent to 10 percent over the $25.4 billion it recorded in 2004.
After-tax income in 2005 from continuing operations will be higher than operating income because of a lower tax rate, the company said.
Johnson Controls said it expects North America vehicle production to slip to between 15.6 million and 15.7 million units, down from 15.8 million a year ago.

domain: news


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The sky’s the limit for model Hailey Baldwin who just recently got engaged to her famous singer beau, Justin Bieber. Aside from jetting off for tropical island romantic getaways with her husband-to-be, Baldwin’s modeling career is also making its way around the world as she just locked in her first major magazine cover since getting engaged.
On Thursday, People reported that Baldwin, 21, was chosen to grace the cover for Vogue Japan magazine’s September issue. For her photo shoot, the model donned multiple leopard-print-styled outfits including coats, mini skirts, and even hats. However, her magazine cover look alone shows Baldwin looking very sophisticated in a plaid and golden floral outfit. To top it off, her normally shoulder-length blonde hair was given extensions and straightened for that extra shiny and elegant finish.
Aside from the photo shoot, Baldwin also shot a behind-the-scenes video where she poked fun at models for their rumored “demanding qualities” they are said to have. The Morelli Brothers are credited for capturing the stunning photos while Vogue Japan editor Anna Dello Russo took the credit as the brains responsible for styling the young model.
Baldwin proudly shared her magazine cover with her fans on Instagram where she gave her Vogue Japan a huge shout-out. “Biggest biggest thank you!!! So grateful and excited,” she wrote.https://www.instagram.com/p/BlZTZKJgp8J/?hl=en&taken-by=haileybaldwin
This isn’t the first time Baldwin has been chosen to grace the cover for a Vogue international magazine. She has been featured on Vogue Turkey and Vogue Mexico respectively.
Aside from Vogue, Baldwin has also appeared on the international editions of Harper’s Bazaar and Elle. She recently modeled for Elle Italia for its June magazine issue.https://www.instagram.com/p/BixG8QAg9dq/?hl=en&taken-by=haileybaldwin
Baldwin’s modeling career is definitely skyrocketing, as the Daily Mail recently reported that she was named as the new “style creator” for popular sporting good apparel Adidas in tandem with the company’s new, exclusive partnership with the U.K. sneaker retailer JD. Baldwin took to her social media platform to share the happy news with her fans as well.https://www.instagram.com/p/BlYOU17A9gA/?hl=en&taken-by=haileybaldwin
While Bieber has not publicly applauded his fiance’s work accomplishments, fans can probably assume that the “Somebody To Love” singer is definitely proud of Baldwin’s hard work and dedication to her career.
The couple has become a hot topic since they reignited their love in May after previously dating from 2015-2016. The pair took their rumored relationship to the next level when news broke that they had gotten engaged on July 7 while vacationing in the Bahamas. The two have already set the wedding planning in motion, but fans still await the news for an actual wedding date.
Fans can watch Baldwin’s funny behind-the-scenes video for her Vogue Japan shoot below.


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3:33 p.m. May 31, 2018
Costco to boost its minimum wage to $14 an hourCostco Wholesale Corp. said Thursday it would raise its minimum wage and boost pay for 130,000 U.S. store staff, intensifying the battle for unskilled workers in a tight U.S. job market. The retail chain, second only to Walmart Inc. in terms of U.S. sales, said it would increase its starting hourly wages by $1 to $14 or $14.50 an hour.
7:48 a.m. Oct. 8, 2017
- By Tonya Garcia
Costco’s earnings beat isn’t enough to offset concerns about margins, membership and Amazon Costco shares are down more than 6% amid concerns about the threat of Amazon and other issuesAnalysts are concerned about Costco’s margins, membership renewal and competitive edge against Amazon despite better-than-expected earnings.


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Nokia has proudly announced a joint venture with Pearson, the world’s leading education company, to accelerate the growth of MobilEdu, a premier mobile phone-delivered education service, developed by Nokia in China. Launched in China in 2007, MobilEdu provides wireless learning directly to your device. One part of the learning solution focuses on environmental awareness. During its first six months, MobilEdu attracted 300,000 users in China and there are still 5,000 more people using it every day. By the beginning of 2008 the environmental content had been downloaded 1.2 million times.
MobilEdu provides English-language learning materials and other educational content, from a variety of content providers, directly to mobile phones. Customers can access the content through an application preloaded on new Nokia handsets, or by visiting the service’s mobile website and most other WAP portals in China.
Robert Andersson, Senior Vice President and head of Corporate Alliances and Business Development at Nokia, said:
“We are proud to have developed a service which is already highly valued. We believe that through this partnership with Pearson, a global industry leader in education, we can offer an exciting future for this service and its customers.”Tags | Breaking News, China, Connectivity, Education, MobilEdu, Nokia, Nokia Research Centre, Pearson, Press Release, R&D, Research & Development, Software


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It’s the end of the road for Volkswagen’s Beetle.
The car was a fixture of popular culture, featured in the movie “The Love Bug,” and was a symbol of the free-wheeling ’60s for many Americans (despite its origins in 1930s Germany).
However, VW says nostalgia is waning for the iconic vehicle—and so are its sales.
“The market is moving on,” said John Wolkonowicz, an independent auto analyst and industry historian in Boston. “The people who wanted them, mostly baby boomer women, bought them, enjoyed them and they’re on to something else. Younger people don’t know what the point is.”


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Baking & Snack’s Trends in Industrial Baking Industry Innovation & Development study, conducted by Cypress Research, revealed just how much of an impact the coronavirus (COVID-19) pandemic had on new product development. Before the pandemic, it was no surprise to discover that product development — and the riskier versions of it — were front-and-center.
For the purposes of the study, Baking & Snack classified new product development into three different categories: innovation, invention and formulation. Invention was defined for survey respondents as true breakthrough product development that usually results in the launch of a new brand. Innovation refers to new products launched within existing brands or categories. Baking & Snack defined formulation as product development focused on new ingredients within brands and categories, or line extensions.
Innovation and invention were the leading forms of product development, with 88% reporting a focus on innovation initiatives and 73% focused on invention. Formulation ranked fifth in priority, behind ingredient/formulation cost savings (65%) and new ingredients/ingredient technologies (61%).
Everything changed, however, during the height of the pandemic. Respondents were asked about how important six different food sciences initiatives were for their companies throughout the pandemic: ingredient/formulation cost savings, innovation, formulation, ingredient supplier base reduction/rationalization, new ingredients/ingredient technologies, and invention. Four out of the six product development initiatives listed saw major declines in priority.
The only two to see any increase in priority were ingredient supplier base reduction/rationalization, which rose from 47% to 54%, and ingredient/formulation cost savings, with a four-point increase during the pandemic. Looking at the continued issues with supply chains and ingredient availability, companies prioritizing ingredient supplier base reduction/rationalization continues to climb in importance for the next 12 to 18 months, with 63% of survey respondents listing it as important. Cost savings through ingredient and technology initiatives skyrocketed with 90% of respondents listing it as a priority for the future.
“During the height of the pandemic, we see a lot lower activity in general across these six R&D initiatives,” said Marjorie Hellmer, president of Cypress Research. “We see a dramatic shift to a primary focus on cost savings, which took the No. 1 spot, and that was followed by a new examination of ingredient suppliers, which is directly related to cost savings.”
This was reflected in the study when bakers were asked to reflect on how their relationship with their ingredient supplier partners has changed due to the pandemic. On the positive side, some bakers reported the supply chain issues led to improved communication and partnership as vendors helped bakers find alternate ingredients to shortages in the marketplace.
“Our suppliers were forced by circumstance to adopt better methods of communication and cooperation,” said one respondent. “We are more than a revenue stream, and the constriction of the pandemic really put our market choices into perspective.”
For some respondents, however, this was an area of needed improvement for ingredient suppliers. Many bakery professionals reported they just wanted to know what was going on, even if it meant receiving bad news.
“Our suppliers certainly need to be more transparent as we have to be with our customers about price drivers and forecasting,” one respondent explained in a written response. “We have less latitude than our suppliers when it comes to price on finished goods; we are in a very competitive space.”
As bakers evaluated these six initiatives as they look to the next 12 to 18 months, there did seem to be a recovery in product development, but with a continued eye on saving costs, supplier rationalization and a focus on line extensions. Of the big three formats of product development, formulation has surpassed its pre-pandemic numbers, jumping from 58% of respondents prioritizing it to 71%. Innovation is seeing a nice recovery with 76% focused on this initiative for the future vs. 88% before the pandemic. Invention is recovering — survey respondents who were focused on this initiative fell from 73% pre-COVID to 41% during the pandemic — but it lags with only 59% of respondents saying this was important to their companies for the coming 12 to 18 months.
“We do see invention recovering, but according to this research, we project it won’t likely make it to pre-pandemic levels until some time in 2024,” Ms. Hellmer explained.
Leading R&D initiatives for the future, however, are ingredient/formulation cost savings with 90% of survey respondents saying this was a priority for the next 12 to 18 months. No. 3 in importance for the future is ingredient supplier base reduction/rationalization, with 63%.
“We’re still seeing those belt-tightening measures with the focus on cost savings and reexamination of the supplier base,” Ms. Hellmer said.
In fact, survey respondents who listed invention or innovation as less important were asked to give their company’s primary reasons for shifting away from these initiatives. Sixty-two percent reported greater attention on both cost savings and existing brands and product portfolio. Fifty percent also reported an increased company focus on other operations or a focus on manufacturing-related priorities pulling attention away from invention and innovation. With so many bakers looking to invest in equipment and operational efficiencies to keep up with demand, this is unsurprising.
“We also see four in 10 bakers reporting that they are struggling to access ingredients to support product development, but this supply chain issue isn’t the leading reason,” Ms. Hellmer explained. “The obstacles holding back true invention are the focus on cost savings and the focus on existing brands.”
This is impacting bakers risk tolerance as well as they begin to regain their appetite for product development.
“When we talk about risk tolerance, bakeries generally appear poised to accept moderate risk well into 2023,” Ms. Hellmer noted. “This is a more conservative approach than bakers were applying pre-pandemic. We’re in a time of moderation and playing things close to the vest.”
For example, for invention, the riskiest form of product development, prior to the pandemic 20% of survey respondents reported a high company risk tolerance and 59% reported a moderate risk tolerance. At the height of the pandemic, high risk tolerance fell to 16% and moderate risk tolerance fell even more dramatically to 30%. And 55% of survey respondents reported a low company risk tolerance for invention. For the next 12 to 18 months, high risk tolerance is holding steady at 16%, while companies willing to resume a moderate level of risk for true invention-related initiatives has grown to 62%.
Innovation saw similar declines and gains, but formulation, the least risky version of product development, has seen a 12-point increase in respondents reporting a high company risk tolerance from the height of the pandemic to the next 12 to 18 months. In fact, 29% reported a high risk tolerance for formulation initiatives for the future, which surpasses even pre-pandemic levels of 22%. And 18% reported a low risk tolerance for the future of formulation, compared to 23% before 2018.
“Despite bakers playing product development more conservatively overall, many companies seem to be far less risk averse when we look at product reformulation. They are willing to take a lot more risk, even more than pre-pandemic levels,” Ms. Hellmer pointed out. “Even more so than in innovation and invention.”
Overall, the baking industry’s appetite for new product development is recovering as it emerges from the pandemic but with more caution. Even in the budget numbers, 31% of respondents reported their company increased the R&D department’s budget in 2022 compared to last year, while 42% said it remained the same. Only 15% of companies reduced their R&D year-on-year budgets, while 12% didn’t know. All of this points to a shy pivot back toward new products.
This article is an excerpt from the July 2022 issue of Baking & Snack. To read the entire feature on Special Report: Innovations & Ingredients, click here.


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Previously, we have reported Apple build a new iOS9.3 for older devices and user can download the 13E236 released. But users are still complaining the new updates does not make any different. iPad 2 users received the following message:
Your iPad could not be activated because the activation service is temporarily unavailable
There are two activation issues related to iOS9.3 on older iPads and iPhones device. The first problem happens when users are required to enter Apple ID and password. The second problem is on its activation. Apple has said it is working on a fix for the second issue, and they will release a new patch in the next few days. It is better for older iPhone and iPad users hold their thought to upgrade to iOS9.3 and remains on iOS9.2.1.


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Nearly 4 million Britons are choosing to convert their garages into a living areas rather than keep them as storage space, a new survey has found.
According to research from Sainsbury’s Car Insurance, only 22 per cent of car owners now park in a garage overnight, while 18 per cent park their cars on the street overnight. 8 per cent of people who park on the street do so in an allocated space.
The vast of car owners park on their drives. Also, of the 22 per cent of drivers who do use a garage, 3 per cent actually rent the space.
An estimated 3.9million people have converted their garage, with the choice to change it into a workshop the most popular option, with 26 per cent of people making this choice.
13 per cent of people surveyed created bedrooms, while 7 per cent changed their garage into a playroom. 16 per cent extended their kitchens or living rooms into the garage space.
Scott Gorman, of Sainsbury’s car insurance said: “Overnight parking can affect the premiums you pay with some insurers. However, Sainsbury’s Bank wont base a premium on where your car is parked.”
In contrast to the statistics, some people do not have access to a garage at all, with 50 per cent of those who responded to the survey saying that they had not had a garage within the past 20 years.
Sainbury’s Car Insurance has advised those parking on the street to make sure that valuables are kept out of sight when leaving the car, and to try and pick a well-lit open location.
After completing his university studies in English and Creative Writing in Cardiff, Jack is now a full time motoring writer at Blackball Media. His love of cars stems from his childhood years when he began to live and breathe all-things automotive.
December 12, 2015


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When will the Nokia Lumia 900 launch? If you ask AT&T or Nokia, they'll give you a semi-vague "in the coming months" answer. If you're a Nokia developer, though, the Finnish firm will apparently open up a bit more. An image of the latest Nokia Developer Newsletter sent to WMPoweruser has shown that the Lumia 900 may be launching on AT&T in March. Unfortunately for all those folks eagerly anticipating the LTE handset's arrival, the newsletter didn't offer up a specific launch date.
This isn't the first time that we've heard rumblings of a March retail debut for the Lumia 900, as Paul Thurrott of WinSuperSite has previously claimed that a March 18th launch may be in the cards. Obviously nothing's official until Nokia or AT&T makes it so, but now that the March window is being kicked around once again, those of you lusting after the Lumia 900 may want to start saving your pennies in anticipation of a March arrival. Speaking of pennies, we're crossing our fingers in the hopes that the next Nokia Developer Newsletter mentions something about the Lumia 900's price tag, as neither AT&T nor Nokia have divulged anything about it yet. It's worth a shot, right?


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Amazon reportedly has new tech in the works that could let you talk to anyone in any room in your house. Yes, Amazon just re-invented the intercom, only this time it's going to be built into the Echo.
Rumors surfaced last month that pointed to Amazon and Google's plans to bring home phone functionality to their smart hub assistants, the Echo and Home. It's a logical step for the household-based smart devices — but it might not end there.
Multiple anonymous sources told Recode th
RelSci News & Alerts gets you:


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South African summer citrus season passes midpoint, sees 20 percent rise in shipments
by | September 08, 2010
The South African summer citrus season is progressing according to plan with
30,583 tons of clementines, Navel oranges and grapefruit shipped as of the
second week of September.
"We have been delighted with the demand for our citrus this season," Gerrit
van der Merwe, chairman of the Western Cape Citrus Producers Forum, said in
a Sept. 7 press release.
Mr. van der Merwe, who was in the United States recently visiting retailers and
importers, added, "The volume we will achieve this season represents a 20
percent increase over 2009, and we expect all our fruit to be sold by the first
week of November."
The forum made a strategic decision at the end of last season to modify its
supply chain, leading to more frequent but smaller shipments of fruit,
according to Mr. van der Merwe. "Instead of [as] in the past a shipment
arriving every three or even four weeks, we chartered smaller reefer ships
which have been docking in every 10 to 12 days," he added in the press
release. "This has worked very well for us, as we have been able to satisfy
demand on a continuous basis, ensuring that retailers have a reliable source
of supply throughout the season."
Consumers have responded by buying and enjoying the fruit, which the forum
said has an excellent Brix-to-acid ratio.
"Other providers offer fruit with a high acid taste, which is not in favor among
U.S. consumers," Mr. van der Merwe said in the press release. "That sweet
flavor combined with the good eating quality of our fruit's firm juicy texture
has become a favorite of U.S. consumers."
South African citrus exports to the United States began in 1999, and all citrus
from South Africa undergoes USDA inspections to ensure compliance with U.S.
"The rigorous inspection in South Africa and here in the U.S. assures the fruit
meets and exceeds all regulations for import. It does not undergo any
chemical application from a fumigation process that potentially shortens the
shelf life of the fruit," Mr. van der Merwe said in the press release.
All citrus from South Africa comes to the United States through the port of
Gloucester, NJ, along the Delaware River in the greater Philadelphia area. An
additional 9,769 tons will arrive in the next six to eight weeks for a total of
40,352 tons shipped for the 2010 season.


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The chief executive of Tesco has attacked retailers’ £8bn business rates bill as “unsustainable” and in need of “urgent reform”.
Dave Lewis, speaking at the CBI Conference, said that over the past five years, property values had fallen, profits were down but business rates were up “quietly but dramatically”.
Retailers’ £8bn contribution accounted for more than a quarter of the rates bill, and was significantly more than any other sector, he added.
As a result, Mr Lewis said retailers faced a “potentially lethal cocktail” from business rates and the planned increases in the national living wage.
He called on the on the government to take into account the burden on shopkeepers from the national living wage, as well as other initiatives such as the apprenticeship levy, when setting taxes and to discuss plans with retail chains.
“The British Retail Consortium is already attempting to do this but it takes two to tango,” he said.
He said the government needed to be “careful and strategic on regulation and taxation,” and discussion was needed to “iron out unintended consequences”.
There needed to be a tax framework that “actually reflects very real pressures on businesses right now as they navigate unprecedented change”.
While businesses could be innovators and help the government in tough areas, he warned: “A balance has to be struck between allowing investment for growth and collecting taxes through mechanisms like the apprenticeship levy which wipes out the equivalent of our whole training budget.”
Mr Lewis said Tesco’s own business rates bill had risen 35 per cent in the past five years. It was now the biggest tax it paid and was three times the OECD average. For every £1 large UK retailers paid in corporation tax, the business rates burden was £2.31.
At the same time, he said, retailers faced the requirements of the higher national living wage. If benefits were included, Tesco already paid £8.80 to staff outside London.
“Our concern, and the concern of many colleagues, is that there is pressure to increase base pay at the expense of benefits. We don’t think that is the answer,” he said. “We shouldn’t simply strip down employment to an hourly rate or draw arbitrary lines. It’s more complex than that.”
He added “We need a fuller debate aimed at doing the right thing for the people in our industry without imposing more cost without providing individual benefit or business return.”
Big retailers are among the most affected by the national living wage, which comes into effect next April, because they employ large numbers of relatively low-paid workers.


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In the months up to the December premiere, books, comics and more will be released under the banner "Journey to The Last Jedi".
Nearly every site on the internet will have something to say about the new images, teaser poster and trailer for The Last Jedi, so we're going to focus on a few pieces of news that will be specifically interesting to Star Wars Kidscast readers and listeners:
Comic publisher IDW announced that in September 2017 they will begin publishing Star Wars comic books specifically aimed at younger readers. The Star Wars Adventures will have familiar characters from many eras of our favourite galaxy.
There have not been Star Wars comics specifically created for younger readers in several years so it's exciting to see that happening again! Here's more information.
Marvel Comics will continue publishing their excellent Teen-rated comics as well. It's a great time to be a Star Wars comics reader!
|Daring Adventures Volume 1 & 2!|
DK Publishing also announced new titles, including an update to 2015's Star Wars: Absolutely Everything You Need to Know and new book for tech-minded younglings: Star Wars Coding Projects!
Before we see any more Rebels though, this summer will debut a brand-new animated series of short stories called Star Wars: Forces of Destiny. We wrote about these new shows here. There will also be new toys and books connected with this series too! More on this as announcements are made! Here's a new clip:
Fans of LEGO Star Wars: The Freemaker Adventures have a second series to look forward to starting May 4. The fun and excitement continues as the Freemakers start to fight in their own way against the Empire! More info on season two is available here.
What are you most excited to see that was announced at Celebration? Comment below!


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“Marco Rubio is the Republican Party’s hottest politician,” Brett LoGiurato reports for Business Insider.
“He’s on the cover of Time Magazine as ‘The Republican Savior,’” LoGiurato reports.
“He will deliver the response to President Barack Obama’s State of the Union next week,” LoGiurato reports.
LoGiurato reports, “And now, he says in a tweet that he’s thinking about leaving Apple.”
Full article here.
MacDailyNews Note: U.S. Senator Marco Rubio (R-Florida)’s tweet:
Why do I have to get so many different chargers for #apple? I am edging closer to #samsung with each passing day.
— Marco Rubio (@marcorubio) February 7, 2013
MacDailyNews Take: We’ll rephrase the same general criticism we doled out to the BlackBerry-toting Obama years ago:
A U.S. Senator should support U.S. companies, especially over derivative, foreign-based, convicted patent infringers. Not to mention that Apple makes superior products and choosing inferior knockoff wares brings into question the Senator’s basic decision-making abilities.
We responded as such to Senator Rubio via Twitter here.
Photos of Mitt Romney with his Apple iPhone and iPad at his Lake Winnipesaukee home – July 15, 2012
Republican candidate Mitt Romney confirmed Apple iPad user (with video) – March 19, 2012
Steve, buy that man an iPhone: Obama vows to keep his Blackberry despite security, legal concerns – January 8, 2009
John McCain: Confirmed Mac user, Barack Obama: Confirmed Mac user (and BlackBerry sufferer) – July 21, 2008
Karl Rove loves his Apple iPhone and MacBook Air – March 22, 2008
Rush Limbaugh’s on-air appeal to Apple CEO Steve Jobs – February 13, 2008
President Bush’s Senior Advisor Karl Rove confirmed Apple iPhone user (with image) – August 06, 2007
President Bush shows off his Apple iPod (link to video) – December 16, 2005
U.S. President George Bush a confirmed Apple iPod user (images included) – December 22, 2004


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The Covid-19 pandemic is accelerating trends and technologies that came online before January 2020 and were just getting traction.
Trade Finance Global (TFG), today announced a media partnership with Reuters Events flagship Commodity Trading Summit, a virtual series of events featuring commodity producers, traders, buyers and investors.
TFG heard from ICC Austria’s Trade Finance Week, in an update around Letters of Credit and Incoterms, the problems, challenges and opportunities. Featuring Bob Ronai and Hugo Verschoren
We dive deeper into how Covid-19 impacted the shipping industry. Will the cruise liners be able to financially recover from this outbreak?
There is immense synergy to be unlocked between SMEs and trade finance funds by working closely together and developing relationships that allow for a level of comfort on both sides of the coin to be developed over time.
With competitive digital economy, Colombia will be able to plan for post-pandemic recovery and strengthen regional economies to adopt smart solutions linked to the Internet of Things that allow them to compete in global value chains.
The Local Currency System – SML – resurfaces as an alternative to recover trade flows not only in the Mercosur but also in other regions of the world which can implement it.
The Business Plan outlined new objectives that will allow UKEF to adapt its support for SMEs, help businesses across all the regions of the UK, access UKEF products, and focus its activity on sectors and countries.
By eliminating unnecessary paperwork, Port Community Systems contribute to sustainable transport logistics and support the ambition of meeting global carbon reduction requirements.
TFG heard from Tanya and Stephen of Czarnikow discussing the impact of Covid19 on sugar supply chains considering different perspectives.
Heavy burden is left upon UK government and private sectors as they comply with WTO rules in anti-dumping cases to impose duties on foreign exporters that are undercutting UK manufacturers.
TFG caught up with Private insurance and risk mitigation experts Simon and Carol from The Texel Group, speaking on policies, types of insurance product, where the CPRI market might be headed in a post-pandemic world and appetite in 2020.
Interbank and bank-to-corporate messaging remains a challenge, and whilst the industry welcomes moves towards structured data and SWIFT’s new messaging types, there are still challenges.
TFG heard from Finastra and Cognizant discussing trade and supply chain trends in Asia for 2020. Accounting for half of global GDP, what are the biggest challenges that lie ahead?
Money fuels serious crime, including drugs trafficking, human slavery and terrorism. Managing financial crime risk while keeping up with the speed at which trade finance and payments technologies are emerging presents a huge challenge for banks around the world. TFG heard from Standard Chartered’s Global Co-Head, Financial Crime Compliance, David Howes.


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HERSHEY, PA. — Current and future innovation efforts for The Hershey Co. include a focus on “sticky” innovation, projects that have a longer lifecycle and may cross a variety of platforms.
|Michele Buck, c.o.o. of Hershey|
“Scale platform innovation has proven to be one of the greatest drivers for our category,” said Michele Buck, chief operating officer, on Oct. 28 during a conference call to discuss third-quarter 2016 results. “I’m encouraged about some of the innovation that we had this past year, and I think that we’ve seen the results of that in the marketplace. A lot of that didn’t launch until the second half, but Big Kat, Reese’s Pieces Cup has done incredibly well. And Snack Mix was also a great innovation that drove ‘incrementality.’ Of course it wasn’t shared to the confection category; it’s actually housed in salty snacks.
“So, it is a key lever. And having that sustainable big platform innovation gives us sustaining innovation over a multi-year period of time. And that’s one of the biggest focuses for us; is making sure that we have sticky innovation so that it doesn’t just launch and come out.”
Successful innovation efforts and productivity initiatives helped the company report positive earnings during the third quarter of fiscal 2016, ended Oct. 2. Net income for the quarter reached $227,403,000, equal to $1.09 per share on the common stock, and an improvement compared with the same period of the previous year when the company earned $154,771,000, or 73c per share.
Sales for the quarter rose to $2,003,454,000 compared with $1,960,779,000 the previous year.
Despite the improved earnings, The Hershey Co. faced margin pressure during the quarter.
|Patricia Little, c.f.o. of Hershey|
“ … adjusted gross margin declined by 40 basis points in the third quarter, as productivity and cost savings were offset by unfavorable sales mix, some excess packaging, and higher supply chain costs, driven by initial year absorption of overhead related to the Malaysia manufacturing facility,” said Patricia Little, chief financial officer. “For the full year, we continue to expect that gross margin will be slightly down versus a year ago.”
Ms. Little added that the company remains focused on its cost structure, and productivity initiatives are on track to deliver approximately $135 million in cost savings this year and at least $100 million per year from 2017 through 2019.
Looking ahead, management has high expectations for the Hershey’s Cookie Layer Crunch introduction this December.
“Based on pre-launch testing, Hershey’s Cookie Layer Crunch earned some of the highest consumer scores of any product ever launched by the company …,”said John P. Bilbrey, president and chief executive officer of Hershey.
He added that he believes The Hershey Co. is set up to deliver “top-quartile performance versus (Hershey’s) peer group” in 2017.
“A longer Easter season and planned innovation, driven by Hershey’s Cookie Layer Crunch and barkTHINS acceleration should benefit top-line growth,” he said. “We have visibility into our input cost structure and $100 million in productivity savings that we discussed earlier in the year that should lead to EBIT margin expansion in 2017.”


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A rare warning is in place. For the first time, the UK has released a red weather warning for extreme heat. Scorching amidst its earliest and hottest heatwaves in record, Europe is now at the forefront of climate change-instigated calamity.
But, what is driving the unseasonably brutal heat in sweltering Europe? And exactly, how dire is the situation? Here’s an explainer:
Blazing Wildfires in the Iberian Peninsula
A spade of wildfires is scorching parts of Europe, with firefighters battling the blazing fires in France, Portugal, Spain, and Croatia. In addition, the fires are driving record-high temperatures in the Iberian Peninsula, shooting up as high as 46 degrees Celcius.
Almost half of droughted Portugal is currently under red alerts, a grave fire risk. And mass evacuations depict the severity of the blazes. Fire authorities are at work but stretched thin, with many arriving too late.
On Croatia’s dalmatian coast, picturesque seaside towns are smothered in smoke. Flames fueled by high winds have already destroyed substantial homes and farms. Whereas Spain is amidst its second suffocating heatwave in less than a month.
The extreme temperatures in the Iberian peninsula have created the conditions for blazes to run more quickly, making fire-fighting operations more tricky. Furthermore, with the high winds and low humidity in Europe, fires are wreaking havoc in tourist spots.
Authorities are blaming the wildfires on a mass of hot and dry air blown in by African winds. But, as climate change evolves into an un-escapable reality; experts fear that Europe should brace for more extreme temperatures, wildfires, and droughts.
Red Warning Amidst Scorching Summer
As temperatures have continued to climb over the past several days, the UK Meteorological (Met) Office on Friday issued the first-ever “red” warning for areas of England, including London, next week. The ‘red’ alert conveys a severe heat warning, with the potential to risk lives.
With several water reservoirs recording abnormally low levels of storage at the beginning of the summer season, following an arid winter (mainly January/February) and a dehydrated May as well; the hot and dry weather has exacerbated the drought difficulties across the area.
Since hydropower facilities provide more than 10% of Spain’s electricity, this will have a significant impact on energy output, availability, and costs.
In the coming weeks, the dry and hot weather is expected to spread across northwestern and central Europe before spreading further north and east into Eastern Europe over the weekend.
Since earlier this week, England and Wales have been under an Amber Extreme Heat warning.
The officials fear that if temperatures continue to rise, Europe could face an extreme health crisis.
G7’s Struggle to Balance Climate Change Amidst Global Energy Crisis
In the last month’s G7 summit, the leaders of the seven wealthiest nations struggled to balance the need to tackle climate change amidst the global energy crisis. The US, the UK, Canada, Germany, Italy, and Japan ended their summit by reaffirming their goals to reduce reliance on fossil fuels.
Surprisingly, the countries also approved investments in new international fossil fuel-based projects. This shows how even the most developed countries are scrambling to break free from the Russian oil and coal due to the Russia-Ukraine Crisis.
On paper, however, the G7 aims to halt public investment in overseas fossil fuel projects by the end of 2022. But, under exceptional circumstances, publically supported investments in the gas sector will be allowed for the time being.
Countries heavily reliant on Russian energy, including Germany and Italy, are already pushing for the amended text. Currently, most European countries are racing to stockpile gas before winter and diversify suppliers amidst fear that Russia will turn off their energy supply soon.
For example, Germany and Australia are already reactivating coal-fired plants to tackle the energy shot fall. At the same time, Europe is eyeing new gas projects.
Europe Increasing its Fossil Fuel Amidst Extreme Heatwaves
Fossil fuel usage is the primary driver behind toxic greenhouse gas emissions. However, facing the energy void created by the Ukraine war; European countries are now turning to fossil fuels amidst record-breaking heatwaves.
Around 80% of Austria’s gas is imported from Russia. As a result, the country has triggered the first stage of a three-part emergency plan. Currently, Austria is looking at ways to diversify its gas supply and will convert a gas-fueled power plant to produce energy using coal.
Bulgaria, which receives more than 90% of its gas requirements from Russia, has agreed to buy LNG from the United States and has intensified negotiations with Azerbaijan to enhance its gas supply.
The Czech Republic claims it has increased gas delivery from other sources to make up for a drop in deliveries from Russia’s Gazprom. On the other hand, Greece has stated that it will temporarily increase coal mining during the next two years.
Europe’s Extreme Heatwave: The Warning
With the climate change calamities reaching the wealthy nations, the issue has become inescapable. However, despite the devastations, countries are forging new fossil-fuel projects to further deteriorate the already dire global warming.
No doubt, the Russia-Ukraine war has created a huge energy void. However, as gas-hungry Europe revives coal plants in the bid to suffice its energy demands, it is also complicating its climate ambitions.
But, Europe is not alone. Countries are witnessing scorching heatwaves across borders, and the blistering heat this summer shows just what is at stake.
Shein Exposed – The Dark Side of China’s Fast Fashion Giant
Shein – one of the world’s top fast fashion websites, popular for its cheap and trendy clothing, has enjoyed explosive growth over the past years. Courtesy of thousands of sponsored fashion hauls and cheap laborers, the company is more popular than ever.
But there’s a dark side Shein doesn’t want you to know – the real cost of fast fashion. In this article, we will unveil the reality of how Shien is providing ultra-cheap fashion, the toll it has on the environment, and how it’s shaping today’s mindless consumerism.
Shein – More than a Fast Fashion Brand
Over the years, She-in has gone from being a low-cost Chinese apparel merchant to a global online fashion giant. Its sales skyrocketed from $10 billion in 2020 to over $100 billion in 2022. The biggest Unique Selling Point (USP) of the brand is low-price trendy clothing, majorly catering to Gen Z women.
The company mass produces thousands of products daily in its 6,000 clothing factories across China. According to Rest of World, the brand includes 2,000 to 10,000 new styles each day, a majority of which are copied from other popular brands or small-scale designers.
But behind the glamourous shield of Shein lies the dirty reality about how the company is able to produce so much at low prices. Blue color laborers forced to work 75-hour shifts with very little time off, and mostly under unfit conditions, are at the heart of the company.
Atrocious Working Conditions
Multiple reports and investigations have exposed how the company consistently violates Chinese labor laws. Journalists have uncovered concrete evidence that Shien’s $7 crop tops were made by workers in unsafe workshops working on minimum wage (often without contracts.)
“Inside The Shein Machine,” a Channel 4 documentary, revealed the harsh reality of factory workers through undercover footage. These workers were made to work 17-hour shifts to produce hundreds of garments daily. In one factory, they were paid a base salary of $20 per day, which would be deducted by $14 for every garment with mistakes.
The cheap, readily available fabric of choice from Shein is virgin polyester, a material that is not only highly polluting but also incredibly persistent. Its production process releases three times more carbon than cotton, and unlike biodegradable cotton, polyester never breaks down. This is a devastating reality, and it’s Time for a change.
According to Time, the company releases over 6.3 million tons of CO2 per year. However, Shein is not alone climate culprit here. Across the board, the fashion industry accounts for about 10% of carbon emissions.
Landfills are overwhelmed with a staggering 93 million tons of textile waste annually, much of which is burned and releases harmful pollutants into the atmosphere.
The Impact of “Fashion Haul” Influencing
Social media is filled with influencers packing huge boxes of fashion-forward, cheap polyester clothing. For those unfamiliar, fashion hauls are young social media creators showing off their latest fashion purchase, rating the product, and recommending the right one to their millions of followers. Titled “Summer fashion haul” and “Bought all this under $50 only”, these videos are mostly targeted to GenZ with the aim to spark a desire to buy the displayed look.
Evoking FOMO in the viewers, these hauls play a crucial part in glorifying fast fashion and normalizing shopping in large quantities. A majority of which is disposed of after a few times.
Promoting driven-to-shop psychology, these fashion hauls have become immensely popular with the hashtag #hauls over 13 billion views and #clothinghaul about 1 billion on TikTok. A majority of these hauls are powered by Shien, with the hashtag #sheinhauls 3.8 million views on the platform.
The fashion hauls are Shein’s critical marketing strategy. Their affiliate collaboration with influencers who gets a 10%-20% commission on each purchase is one of the key reasons why the fast fashion website became the giant it is today.
Shein is on a Decline
Shein, the fast-fashion brand known for its cheap and trendy clothing, has seen a meteoric rise in recent years. However, its sales took a sharp turn in 2022 for the first time since the pandemic, with a few reasons behind the drop.
The slowing post-pandemic economy has left shoppers with less disposable income to spend, and persistent accusations of poor clothing quality, worker mistreatment, and unethical business practices may have finally caught up to the brand.
According to Brandwatch, 70% of online conversations about Shein were negative between 2020 and 2023. However, despite these challenges, Shein remains optimistic and reportedly seeks $3 billion to fuel its expansion in 2023.
The Problem is Bigger than Just Shein
Reports of Shein abusing its workers, producing harmful clothing, and worsening the planet have been circling for years. Still, the brand is thriving with more customers than ever.
This sparks the question – Is Shein really the problem?
And we know the answer. Shein, or any fast fashion brand, has transformed the fashion industry because of multifaceted factors, including affordability, convince, emotional connection, and above all, social pressure.
We are contributing to the exploitation of minimum-wage laborers
We see it, we are engaging with it every day on social media, and we are ridden with negative emotions like addiction and guilt. According to ThredUP, one in three Gen Z feels assisted to fast fashion, whereas one in five feels pressured to keep up with the latest fashion trends.
But that’s not what fashion is about. Created as a medium of self-expression and creativity – today, the industry has taken a 180-degree turn. And sadly, it’s no foreseeable end to the trend. However, a huge section of the population is standing up against fast-fashion brands like Shein.
The Need to Adopt Responsible Fashion
The industry is huge, and Shein is not the only culprit. By engaging in the fast fashion trends, we are giving the green light to brands like Shiens to continue labor exploitation and release humongous amounts of toxic chemicals.
But by educating and supporting ethical and truly sustainable fashion brands, we stand a chance to snowball a positive change in the industry. Fortunately, the trend of responsible fashion is already catching on with young shoppers.
COP27 Climate Change Summit: Greenwashing Scam Imperilling Human Rights
COP27 Faced Major Criticism
Morally, politically and economically COP27 climate change summit has been coined as a greenwashing scam imperilling human rights.
The world watched Egypt closely as it hosted the 27th United Nations Conference on Climate Change (COP27) in Sharm El-Sheikh from the 8th-16th of November. More than 190 governments attended COP27 to attempt to solve some of the world’s most pressing environmental challenges.
Furthermore, Egypt hosting of COP27 sparked much controversy due to its abysmal human rights record. Additionally, COP27 faced heavy criticism due to some of the world’s top polluters, such as Coca-Cola sponsoring the event. Furthermore, attendees arrived in private jets; meat and dairy products remained on menus; dozens of domestic civil society organizations were excluded. Additionally, the summit was overshadowed by persistent calls to release up to 65,000 political prisoners in Egyptian prisons.
Worlds Top Polluter, Coca-Cola, Sponsored COP27
The UN climate conference announced a sponsorship deal with Coca-Cola, one of the “world’s top polluters”. Coca-Cola recently retained its title for the fourth year as the world’s top plastic polluter. The sponsorship deal is a greenwashing scam by campaigners, drawing intense criticism.
Coca-Cola produces 120 billion throwaway plastic bottles a year. 99% of plastics are made from fossil fuels, exacerbating the plastic and climate change crises.
Private Jets, Bottomless Cocktails and Beef Medallion Dishes
Surprisingly, attendees indulged in the very activities which got us into this mess in the first place. Moreover, world leaders flew to Egypt in private jets. Attendees enjoyed bottomless cocktails, one-hour unlimited wine and beer packages, $100 beef medallion dishes, and $50 seafood platters.
This begs the question: do these foods belong at a climate conference? We have missed the true purpose of the climate summit: to help save the planet.
Meat and Dairy On the Menu – Not on the Agenda
In the three-decade history of the UN Climate Summit, COP27 was the first UN summit to discuss the meat and dairy industry’s contribution to global greenhouse gas emissions.
COP27 faced massive criticism this year from climate activists due to the unsustainable meat and dairy items on its menus. It seems unimaginable that globally we are trying to reduce our meat and dairy consumption to save our planet. However, our governments cannot stop eating these foods at the world’s largest climate summit.
Cutting meat and dairy output are not yet on the agenda for governments at COP27. Many governments attending the summit give billions to livestock farmers in subsidies. Instead of focusing on plant-based diets, they are advancing policies to reduce greenhouse gas emissions using feed additives that make animals less gassy and technology that sucks up the methane wafting off manure heaps. Andy Reisinger, a farm emissions specialist and vice-chair of the UN’s IPCC climate panel, said feed additives could worsen emissions by promoting intensive farming.
Dozens of Domestic Civil Society Groups Excluded
Hundreds of prominent human rights defenders, researchers and environmentalists were exiled from Egypt. They were unable to attend Cop27 due to the nature of their work. Many voices from Egypt were absent at the conference due to the government’s corrupt attempts to exclude dozens of domestic civil society groups.
“Arrests and detention, NGO asset freezes and dissolutions and travel restrictions against human rights defenders have created a climate of fear for Egyptian civil society organisations to engage visibly at the COP27”
Additionally, COP27’s wifi blocked access to international human rights organizations such as Human Rights Watch, Amnesty International and other news websites needed during information talks. These prominent human rights organizations hosted talks at COP27 but could not access their sites due to previous work criticizing the Egyptian government. Egypt used this strategy to hide the nation’s decades-long record of cracking down on human rights.
65,000 Political Prisoners in Egyptian Prisons
Currently, there are an estimated 65,000 political prisoners inside Egyptian prisons. COP27 was overshadowed by persistent calls to release political prisoners.
A British-Egyptian detainee, Alaa Abd el-Fattah, was a significant focus in the media. As a leader of Egypt’s 2011 revolution, he has been in prison for the past decade. He started a partial hunger strike in April 2022 to protest his detention conditions. He spent the last six months consuming just 100 calories a day. A week before COP27 started, he stopped eating altogether. Then, on the day the summit began, he stopped drinking water. He has since resumed drinking water but remains critically ill.
COP27 Cracks Down On “Greenwashing”
Companies, banks, cities and states worldwide have continuously made broken promises to achieve net-zero emissions. These corporate climate pledges amount to little more than a greenwashing scam. Evading net zero claims is a common greenwashing strategy. Companies claim to be carbon-free due to strategies such as buying carbon credits while simultaneously pursuing new fossil fuel projects emitting greenhouse gases.
Greenwashing is when an organization spends more time and money marketing itself as environmentally friendly than minimizing its environmental impact. It’s a shady marketing gimmick that misleads consumers who prefer to buy environmentally friendly goods and services.
At COP27, the UN cracked down on greenwashing, laying down recommendations for how companies, financial institutions and cities must calculate their net zero emissions status. The new UN report aims to eliminate loopholes by laying out ten steps to bring integrity, transparency and accountability to net zero claims.
“I have a message to fossil fuel companies and their financial enablers. So-called ‘net-zero pledges’ that exclude core products and activities are poisoning our planet. They must thoroughly review their pledges and align them with this new guidance”.United Nations Secretary-General, António Guterres.
The UN cracked down on companies stating that they can’t claim to be net zero if they are not in line with targets set out by the Intergovernmental Panel on Climate Change (IPCC). These targets include cutting global carbon emissions by 45% by 2030. The UN limited short-term carbon offsets and held that they could only be used sparingly in the long term.
Historic Deal: Governments Must Pay Poor Nations for Climate Damage
Governments at COP27 approved a historic deal to create a fund for compensating developing nations that are victims of extreme weather events worsened by rich countries’ greenhouse gas emissions. However, many remained uncertain as countries argued over emission reduction efforts.
Moreover, this is a massive step for poorer countries bearing the brunt of climate change. These nations face extreme weather events such as floods, droughts, heat waves, and famines despite releasing the lowest greenhouse gas emissions. This historical “loss and damage” deal will provide financial assistance to developing nations stricken by climate disasters.
However, this loss and damage deal has several flaws. Some nations held that the pledges to limit global temperatures to below 1.5 degrees showed little progress compared to the COP26 conference in Glasgow in 2021. Furthermore, others criticized how the language and guidelines on phasing out fossil fuels were weak. Despite many different opinions between nations regarding the guidelines of this historic deal, it is still a vital step towards achieving climate justice.
Read more: Climate Refugees: Pain of Unseen Victims.
COP27 has faced significant criticism this year for many justifiable reasons. Many believe COP27 is a greenwashing scam failing humanity and the planet by not leading to significant changes. The UN climate summit is losing its credibility in being able to create meaningful change to save our planet.
World leaders and people in power continuously use high-profile gatherings like COP for attention and are greenwashing, lying and cheating their way through pledges and commitments. The UN Environment Programme released the Emissions Gap report stating that only an urgent system-wide transformation can deliver the enormous emissions cuts needed to stabilize global temperatures below 1.5 degrees by 2030.
World leaders consistently fail to fulfil their commitments and act on time. We cannot place trust in greenwashing scams like COP summits anymore. Instead, we need rapid, far-reaching, unprecedented changes in all aspects of society if we want to build a sustainable world for future generations.
Air Conditioners Exacerbate Climate Injustice
Air conditioners are the epitome of inequality and climate injustice.
Buying air conditioners is one of the most popular individual responses to climate change. As the temperature of the globe increases, most people are buying and using air conditioners to protect themselves from the scorching heat. As of 2020, there were 1.9 billion air conditioning units in the world. By 2050, the number of air conditioners is expected to grow to 4.5 billion. That means every 2 people out of 7 are using air conditioning. Further, 37% of all the world’s electricity is used for air conditioning.
At an individual level, air conditioning seem good to protect oneself from the sweltering heat. However, the use of air conditioners possesses two inherent problems- (i) They only worsen climate change and (ii) the access to air conditioning is inequitable.
How do Air Conditioners Contribute to Global Warming?
Air conditioning is a trap- the warmer it gets, the more air conditioners we use. The more we use air conditioners, the warmer it gets. It is an irony that the technology we need to stay cooler only makes the climate hotter.
Air conditioners use refrigerants that also happen to be powerful heat-trapping gases. Hydrofluorocarbons (HFCs), the chemicals used in air conditioners are 12,000 times more potent at trapping heat in the atmosphere than carbon dioxide.
According to the calculations of the World Economic Forum, greenhouse gas emissions from air conditioning will account for as much as a 0.5-degree Celsius rise in global temperatures by the end of the century.
Unequal Access to Air Conditioners
As of now, people have mostly focused on the technological aspect of air conditioners. Various countries have started funding initiatives to upgrade air conditioners. They aim to replace HFCs with harmless chemicals.
The problem of unequal access to air conditioners is mostly disregarded.
It is perhaps because almost all elites possess an air conditioner. Further, lower-class people who cannot afford an air conditioner right now desire one. In this race for buying air conditioners, no one is asking the right questions.
Given that air conditioners contribute towards global warming through the release of HFCs and consumption of huge energy, why should only some people be allowed to have air conditioners?
The harmful effects of air conditioning on climate are socialized. However, the benefits are not socialized.
Also Read: Climate Refugees: Pain of Unseen Victims
We are not in this Together
When it comes to climate change, it is often repeated that we are all in this together. However, nothing is farther from the truth. The rich people who afford air conditioning make life terrible for others who cannot afford an air conditioning. Further, they totally insulate themselves from the harm of the air conditioners.
The case of air conditioning makes any kind of technological progress to protect humankind from climate change look bleak. If there is technological progress, it appears that it may be private. Like air conditioning, technology may not be a public good.
When Jeff Bezos returned from space last year, he made it very clear that elites will not reduce their carbon footprint. He instead suggested moving the heavy industry into space. He said, “We need to take all heavy industry, all polluting industry, and move it into space. And keep Earth as this beautiful gem of a planet that it is. That’s going to take decades to achieve, but you have to start. And big things start with small steps.”
Bezos is the owner of one of the most polluting companies in the world. Instead of switching to green energy, he is talking about taking polluting industries to space.
It may, in fact, be possible for Bezos to start his life in space permanently. He may be able to give his future generations a better climate up in space. Unfortunately, he will take this step only after he has done damage maximum to the earth, to an extent that life may not be possible here.
That is exactly what air conditioning is- make life terrible for others but also make technological progress to insulate yourself from the harmful effects inflicted on others.
The Way Forward
Before taking any step towards mitigating climate change or making any technological progress to protect humankind from the effects of climate change, it must be kept in mind that climate change affects different classes of society differently.
Any future technology that is not public good should be rejected by the people. Although air conditioners are now beyond the stage where they could be regulated but governments must ensure that air conditioners are taxed heavily. The revenue thus generated can be channeled for green energy initiatives.
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BranchServ is in the news and in the know.
In an age of instant gratification and services that come to the consumer – not the other way around – people aren’t going about their banking quite like they used to.
If banks and credit unions don’t live up to consumer expectations, people will take their business elsewhere; an important consideration for new branches seeking to make a splash.
Join us for the consummate national credit union event right here in Boston and check out the new MX8200QT; advanced automation in a compact footprint. Have a question ahead of time? Reach out here:


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Shazam updated its player app for the iPhone to version 1.5.1 and released it as a universal app with support for Retina Display on the new iPad. Shazam Player is an alternative to the iOS Music app that makes it easy for you to share and discover new music. The Shazam player scans your music ...
Good news for European fans of the streaming music service Spotify: The company has lifted the five-track replay limit per day for users of the free service in Sweden, Finland, Norway, the Netherlands and Spain. Additionally, US users will get their current six-month free trial extended, but ...
Despite the presence of a checkbox to "keep iTunes library organized" in the application's preferences, the fact remains that iTunes tracks -- coming from a plethora of sources and of varying vintage, and sometimes numbering in the thousands -- are a black hole of bad metadata. Track and performer ...
I'm sure I'm not alone on this one, but I remember when CoverFlow was basically just a tech demo, and not, you know, the centerpiece of OS X's UI. But of course when Apple picked up the little app to use it for everything else, we lost it -- even if you wanted to use the old simple album-browsing ...
It's great to see that when the Peppers (finally) decide to commit to something, they really dive in: iLounge is reporting that on May 2nd at 6:30 pm local time, Apple Stores in the U.S., Canada and UK will hold listening parties for the band's new album, Stadium Arcadium, set to land on May 9th. ...
Deals of the Daymore deals
Software Updatesmore updates
- Poser 10 and Poser Pro 2014 available, bringing new characters, physics and more
- Agile Partners releases Lick of the Day 2.0
- Google announces new Hangout app to hit iOS today
- Microsoft Office for Mac 2011 Update 14.3.4
- Pixelmator 2.2 available with over 100 new features and improvements
- DabKick for iPhone lets you share photos, watch videos and now listen to music in real-time
Featured Storiesmore stories
I'm never leaving home without my pogo connect again. Love this thing.


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The Obama Administration’s Commerce Department recently took a preliminary position in favor of ending a 16-year-old trade agreement governing tomatoes imported from Mexico.
The Florida Tomato Exchange asked the Administration to end the agreement because it doesn’t want to compete with low-priced tomatoes grown in Mexico. This announcement took Mexico by surprise, and both advocates and opponents of the agreement are up in arms.
It isn’t just the Administration that has stepped into this fray. In Florida, 17 politicians have aligned themselves with the Florida Tomato Exchange and against Americans who like to eat tomatoes.
The dispute dates back the North American Free Trade Agreement (NAFTA), which removed tariffs on Mexican tomatoes—but not for long. When American consumers started buying more Mexican tomatoes, U.S. tomato producers filed complaints that their Mexican competitors were “dumping” tomatoes on the American market. The resulting 1996 agreement set a minimum price at which Mexican producers could sell tomatoes in the U.S.
This interference in the market was accepted by Mexican producers as a better alternative to the possibility of protectionist anti-dumping duties being imposed on their tomatoes by U.S. bureaucrats. However, U.S. tomato growers now think that the price dictated by the current agreement, renewed in 2008, is too low.
Half of all tomatoes consumed in the U.S. come from Mexico. New tariffs would penalize U.S. consumers, and Mexico would almost surely retaliate by imposing duties on competitive U.S. exports.
It’s time to get the government out of the tomato dispute altogether. If the existing pact is going to be abolished, it should be in favor of completely free trade, not greater protectionism that raises prices. The U.S. government needs to guarantee consumers the freedom to spend their money on tomatoes from Florida, Mexico, or anywhere else without interference. Anything else would simply be rotten trade policy.
Mark Lamborn is currently a member of the Young Leaders Program at The Heritage Foundation. For more information on interning at Heritage, please visit http://www.heritage.org/about/departments/ylp.cfm.


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Battery scientists in the US believe they’ve overcome a major obstacle to the development of lithium-air batteries. Such batteries have the potential to store electricity at up to five times the energy density of lithium-ion batteries but inherent shortcomings have thwarted their development.
Current lithium-air batteries – in which the metallic lithium of the anode reacts with oxygen from the air – store energy in the form of chemical bonds of oxide compounds. Versions tested to date have stored and released energy from lithium peroxide, an insoluble substance that disrupts the battery’s electrode.
Battery scientists at the US Department of Energy’s Argonne National Laboratory developed a prototype that they claimed had the ability to produce only lithium’s superoxide, not peroxide, as the battery discharges. Unlike lithium peroxide, lithium superoxide breaks down into lithium and oxygen, thereby offering the possibility of a battery with high efficiency and good cycle life.


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Feb. 21 (Bloomberg) -- Valeo SA, France’s second-biggest auto-parts maker, rose the most in five years after saying it will build more factories and employ thousands more workers to meet increasing demand in China and North America.
The maker of windshield wipers, headlights and ignition systems said today it will build six new plants, including four in China, and increase its workforce by one-third within four years. Valeo reported yesterday that second-half earnings gained 16 percent to 411 million euros ($563 million), exceeding the 375 million-euro average analyst estimate compiled by Bloomberg.
“Our strong cash generation and financial position will help us prepare for the expected sharp growth in sales, particularly in 2015 and 2016,” Chief Executive Officer Jacques Aschenbroich said in a statement.
Valeo is focusing on technology that promotes safety, comfort and pollution reduction to increase profitability. It matched a goal to improve 2013 earnings as a proportion of sales, with growth accelerating in the second half. Europe’s car market, which is starting to revive from a six-year contraction to a two-decade low in 2013, will increase 1 percent to 2 percent this year, the Paris-based company predicted.
Valeo shares rose almost 13 percent, the biggest gain since October 2008, to 99.07 euros at the close of trading in Paris. That’s the highest price since 1998. The stock has more than doubled in 12 months, valuing the company at 7.87 billion euros.
Valeo said it plans to build the six new plants by 2014-2015. “We have about 75,000 employees today and we expect to have about 100,000 employees by 2016-2017,” Aschenbroich said at a press conference in Paris.
Valeo is “one of the fastest growing suppliers globally” and is outperforming industry gains in light-vehicle production, Philip Watkins, an analyst at Citigroup, said in a note. Valeo is “still a clear growth stock” said Watkins, who raised earnings estimates and boosted his share-price prediction 11 percent to 99 euros.
The manufacturer’s prediction of 1 percent to 2 percent growth in Europe’s car market compares with regional auto-industry growth forecasts for 2014 of 2 percent by the European Automobile Manufacturers’ Association and 1 percent by French carmaker Renault SA.
“I am confident that our strategy focused on innovation and on developing our businesses in fast-growing production regions will enable us to continue delivering margin growth in line with our medium-term financial objectives,” CEO Aschenbroich said.
Michelin & Cie., Europe’s largest tiremaker, is also adding factories in emerging markets such as Brazil, China and India, as well as in the U.S. The French company predicts that volume will increase this year and is reducing costs in Europe, including job cuts in France, amid the region’s tepid growth, it said Feb. 11.
Faurecia SA, Europe’s largest maker of car interiors, said Feb. 12 that second-half earnings rose 34 percent on Asian demand and the beginnings of a European recovery. The company, majority owned by carmaker PSA Peugeot Citroen, rose 3.2 percent today in Paris trading, while Michelin added 1.6 percent.
Valeo’s like-for-like sales in China advanced 31 percent in 2013, outperforming the market by 16 percentage points, Valeo said. North American sales rose 17 percent, beating the market by 12 points. The figures exclude structural changes and currency fluctuations. Revenue rose 3 percent in the second half from a year earlier, to 5.94 billion euros.
“Valeo continues to report impressive outperformance,” Gaetan Toulemonde, an analyst at Deutsche Bank, said in a note today. “Strong growth should remain during the next quarters,” said the Paris-based analyst, who has a buy recommendation on the shares.
To contact the reporter on this story: Mathieu Rosemain in Paris at firstname.lastname@example.org
To contact the editor responsible for this story: Chad Thomas at email@example.com


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Instead Of Suing Each Other Over Who Can Claim 'Most Reliable' Why Not Invest In Making A More Reliable Network?
from the wasting-money dept
Ah, for the love of puffery. A few years ago, we were among those who noticed that pretty much every mobile operator in the US had commercials making some sort of claim about how they were the “best” network out there, whether it was “most reliable,” “most powerful,” or “fewest dropped calls.” The whole thing is a joke and I doubt anyone takes those sorts of claims very seriously. But soon afterwards, the lawyers got involved, and lawsuits were filed over who could claim what about their networks in commercials. Even the Better Business Bureau felt the need to weigh in.
Now, it looks like a similar battle is playing out up north. Rob Hyndman points us to the news that there are a series of lawsuits in Canada over similar claims concerning broadband internet access, with one company being upset that another company has commercials claiming to have the “fastest and most reliable” broadband offering.
Here’s an idea: rather than wasting money suing each other over these sorts of claims, why not invest some money into actually improving the network?


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As previously noted in this blog, Jaguar has been busy this year celebrating their 75th anniversary, and while new model launches, marketing campaigns, and a spectacular Pebble Beach presentation have had enthusiasts buzzing far and wide, the manufacturer clearly saved the best for last. Using the platform of the recently concluded Paris Motor Show, Jag unveiled a brand new, commemorative concept car titled the C-X75.
Like recent entries from Audi, Ferrari, Mercedes-Benz and Porsche, Jaguar has now taken the leap to explore green technology while still delivering trademark performance. The slippery C-X75, which draws its shape from the influential 1966 XJ13 concept car, is a plug-in hybrid powered by four different wheel-specific electric motors, each capable of producing 195 horsepower. With a combined rating of 778 horsepower, and capable of 1,180 lb-ft of torque, the car certainly eschews the notion that an energy efficient green car can’t also be fast and powerful.
The added twist of Jag’s platform, however, is that the electric motors are not recharged by a generator that runs on gasoline, as is typically the case in a hybrid. Rather, through a partnership with Bladon Jets, Jaguar has installed revolutionary micro gas-turbines that spin at 80,000 rpm. Gas turbine propulsion has been explored in automobiles before (Chrysler’s low-production 1964 Turbine Car comes to mind), but the technology was never sufficiently developed to be implemented in volume.
The C-X75’s micro turbines generate enough electricity to give the car a range of 560 miles. When operating on batteries alone, the car is still capable of traveling 68 miles. Of course, turbines do require some kind of fuel, and Jag’s press releases are curiously vague about what that would be in this concept car’s case, or the anticipated miles per gallon of gasoline that the system might deliver. Theoretically speaking, though, turbines are also capable of running on diesel, biofuels like Ethanol or E-80, compressed natural gas, and liquid petroleum gas. The question of fuel may be a moot point to Jaguar, however, as the manufacturer envisions the turbine platform as a range-extender rather than a primary electricity source. The turbines would theoretically merely supplement a six-hour domestic plug-in charge as needed.
In terms of power, the C-X75 is purportedly capable of reaching 205 mph and can sprint from 0 – 62 mph in only 3.4 seconds. Like Tesla’s Roadster, the concept uses a one-speed transmission.
In terms of design, the absence of a traditional internal combustion engine has allowed for the re-imagination of spatial use, and the car is therefore an exploration of ergonomics, as well. To this end, the driver’s seat is conceived as a fixed component, while pedals, controls and the steering wheel are adjustable. The C-X75 also continues to advance the integration of touchscreen console displays (a production reality in the all new XJ model) with high resolution TFT screens that replicate the virtual 3D gimbal displays of fighter aircraft.


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Twitter wants user help in ban on 'dehumanizing language'
Alleged Tesla saboteur defends himself as a whistleblower
The alleged saboteur who's being sued by Tesla says he's a whistleblower revealing dangerous practices at the electric car manufacturer.
The former employee, Martin Tripp, told the Washington Post on Thursday that he did not tamper with internal company code, as alleged by Tesla's lawyers.
"I don't have the patience for coding," he said.
Tripp told the publication that instead, he was shining a light on "really scary things" he saw at Tesla, including punctured batteries making their way into Tesla vehicles. The company has challenged that claim, saying they work to maintain high safety standards.
Tripp also confirmed that he had leaked information to news outlets such as Business Insider about Tesla's battery waste. The auto maker has challenged his assertions on that front.
Tripp said he was fired on Tuesday following questioning at Tesla last week.
Tesla CEO Elon Musk and Tripp exchanged emails on Wednesday, with Musk calling him "a horrible human being."
An all staff email on Sunday from Musk focused on a supposed saboteur within the ranks of the company who had changed internal code and leaked information to parties outside Tesla.
"The full extent of his actions are not yet clear, but what he has admitted to so far is pretty bad," Musk wrote.
When asked on Twitter if Tripp was the unnamed employee in the email, Musk replied "There is more, but the actions of a few bad apples will not stop Tesla from reaching its goals. With 40,000 people, the worst 1 in 1000 will have issues. That's still ~40 people."


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Roll Call, By Jim Saksa, Posted July 1, 2020 at 6:56pm
Roll Call article that includes my quotes on PPP and the need for additional PPP.
Article can be found here.
Additional comments: Franchised industries such as lodging, personal care, fitness, restaurants and bars, and others have been severely impacted, and many need immediate help past the existing PPP. These are the small businesses that have invested in, employed, and supported their local communities, and they are at risk, now!


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Victoria’s culinary industry is in the global spotlight this week as the state welcomes 200 of the world’s top food media and influencers and 92 international chefs as part of The World’s 50 Best Restaurants awards.
Seventy-four international media outlets are represented, from 40 different countries including 16 high profile digital influencers.
As well as attending The World’s 50 Best Restaurants awards and Melbourne Food and Wine Festival key events around the city, 102 guests will take part in 35 bespoke foodie adventures around regional Victoria, dining at more than 20 restaurants, and staying at 15 or more hotels.
“The world’s culinary elite has arrived in Melbourne this week and with them an invaluable opportunity to share our stories through our talented chefs, our world-class restaurants, and our unique regional settings,” said Peter Bingeman, Chief Executive Officer, Visit Victoria.
Top Victorian chefs have been drawn upon to showcase Melbourne and Victoria’s culinary expertise including Ben Shewry (Attica), Dan Hunter (Brae), Adam de Sylva (Coda, Tonka), Frank Camorra (Movida), Shaun Quade (Lume), Scott Picket (QVM), Morgan McGlone (Belle’s Hot Chicken), Thi Lee (Anchovy), Aaron Turner (Igni), Alla Wolf-Tasker (Lake House), Matt Stone (Oakridge), Robin Wickens (Royal Mail Hotel), Ryan Sessions (Fen), Stuart Deller (Port Philip Estate) and more.
Victorian produce including internationally ready wine, dairy, meat, grains and fresh produce will be showcased through the events and regional itineraries.
“The industry does not under-estimate the honour and opportunity presented by these culinary greats being in Victoria,” said Peter Bingeman.
Hundreds of Melbourne food lovers are invited to share the excitement of The World’s 50 Best Restaurants awards on 5 April from 6pm at the world’s first public screening of the prestigious event at Federation Square, and as the official countdown takes places at the Royal Exhibition Buildings in Carlton Gardens, spectacular food and drink inspired projections will also light up Hamer Hall.
Also, renowned Melbourne street artist, Heesco, has painted life-like portraits of five leading chefs – Ben Shewry (Attica), Joan Roca (El Celler de Can Roca), Massimo Bottura (Osteria Francescana), Daniel Humm (Eleven Madison Park) and Heston Blumenthal (Dinner by Heston) on one of Melbourne’s iconic laneways, known as Chin Chin Lane.
“This is Melbourne showing its creative side. With our free The World’s 50 Best Restaurants awards live-streaming event at Federation Square, the street art portraits, and our projections showcasing Victoria’s fresh produce – everyone is invited to join in the celebrations,” said Peter Bingeman.


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Hopes that chilly weather has warmed Next
The fashion and homewares retailer Next will reveal this week if its performance bounced back at the end of its third-quarter after poor sales in August and early September.
Last month, the group's chief executive, Lord Wolfson partly blamed the Olympics and the "unusually warm" weather for fewer people visiting his stores and for weaker online growth.
But the City will be hoping the 536-store chain has returned to form, boosted by shoppers seeking warm clothes in the recent cold snap. Following the UK economy emerging from double-dip recession in the third quarter, the comments of Wolfson, a Tory peer, will also be scrutinised for signs that consumer spending has turned a corner ahead of the crucial Christmas trading period.
However, in September, Wolfson said: "If the economy had a weather forecast the outlook would be overcast – patchy rain for the foreseeable future." At the time, it was suggesting pre-tax profits of between £575m and £620m over the year.
While Next's store sales were flat in the first half, its catalogue and online business continued to power ahead. The FTSE 100 group grew pre-tax profit by 10.2 per cent to £251.3m over the six months to July 28.
- 1 Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
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- 3 Van driver who comforted Clark Carlisle and called 999 after suicide attempt dies age 24
- 4 James Blunt was special guest on the highest-rating Top Gear episode ever
- 5 The biggest first date turnoff has been revealed
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
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|Microsoft filed 15 suits Tuesday against senders of unsolicited e-mail in the United States and Europe, seeking potentially billions of dollars in damages.|
Microsoft said it is cracking down on the global spread of spam by going after individuals and corporations it alleges sent more than two billion unwanted messages to users of Microsoft's MSN and Hotmail services.
Microsoft is basing its lawsuits on Washington state law that makes it illegal to send messages with false or misleading information to consumers in Washington or use a third party's Internet domain name without permission. It gives computer service companies the right to sue for damages of $1,000 per message.
Tim Cranton, Microsoft senior corporate attorney, said the company sought to distinguish between deceptive and fraudulent e-mail ads and those by legitimate businesses.
'We don't think all commercial e-mail should be banned,' he said. Microsoft favors self regulation by the industry' to establish standards that can evolve over time,' he said.
Ray Everett-Church, chief privacy officer for consultancy ePrivacy Group and an adviser on the Bowen bill, said he doubts whether Internet service providers such as Microsoft, AOL and Yahoo will support stronger anti-spam bills because they're investing in spam-fighting technologies as a marketing tool, and charging premiums for better spam filters. Microsoft and other Internet service providers fought against a bill in California that would require companies to get permission from computer users before sending them unsolicited e-mail ads.
'Spam is a competitive marketplace for big service providers,' he said. 'It's not at all surprising they are backing laws that are weaker.'


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Ooredoo has launched the international gaming platform, Ooredoo Nation – The Gamers’ Land in the Maldives with the aim to enable the gaming community in the Maldives and connect them to the endless opportunities in the gaming industry.
The launch of Ooredoo Nation – The Gamers’ Land to the Maldives was announced last night at a special ceremony held at Dharubaaruge, inaugurated by the Hon. Minister of Tourism, Dr. Abdulla Mausoom at the presence of the management of Ooredoo Maldives and key members of the Maldivian gaming community.
With Ooredoo’s 5G network and local & international partnerships, Ooredoo Nation aims to bring everything and anything related to gaming all in one platform. It enables access to a vast array of Gaming Gift Cards for worldwide platforms including iTunes, Nintendo, PlayStation and more. Moreover, gamers can directly activate mobile data packs for widely played games such as PUBG, Garena Free Fire, Mobile Legends, Call of Duty, Roblox and more via www.ooredoonation.mv .


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It will soon be two months since official support for Windows XP was withdrawn, and according to NetMarketShare figures, user migration to more modern operating systems is going slower than expected. As of May, Windows XP remained installed on some 25% of desktop computers, with Windows 7 instead of 8 seeing its share of migrating users increase.
The graph below shows that the fall in the number of XP users has not been linear, and it almost seems like the decrease in users will soon stabilize at around 20% of the total. At the beginning of 2013, this number was practically at 50%, but the decrease in the last six months has been less than six percentage points. It’s clear that many users aren’t even aware of the withdrawal of support, or simply haven’t gotten carried away in the panic that Microsoft is apparently trying to spread.
Of course, the truly interesting thing is that the natural successor is not turning out to be the one planned. If you focus on the increase in the share of Windows 7 and 8, you’ll see that the growth is occuring at the same rate for both. Taking into account that Windows 7 was launched in 2009, the result is that users are getting cozy with an operating system that has already gone through practically half of its life cycle.
The most worrisome thing is that Windows 9 (or whatever it turns out to be called) will arrive to the market in less than a year, while the 8.1 update has only been snapped up by half of all Windows 8 users despite the fact that it’s free. Is the life cycle of its operating systems starting to get out of Microsoft’s hands? Are users getting sick of having to update their computers to end up with the same thing—or even worse performance if their hardware is not up to scratch?
We’ve already seen that this situation is not for lack of alternatives, and in most cases, if you want to use computers with obsolete architecture, the best option is to turn to operating systems aimed at modest computers, since the requirements for the most recent versions of Windows will make them unfeasible. Instead, the recent Linux Mint 17 and Elementary OS step in as worthy successors. Check them out.


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A new vegan ‘Christmas Tinner‘ features a three-course meal in a tin, costing £2.
The concept was invented in 2013 by computer retailer GAME, in an effort to help ‘hardcore gamers’ eat a full festive meal, without getting up from their computer for too long.
This year is the first time the company has offered vegan and vegetarian options – citing popular demand from fans.
The meal features 11 layers of different dishes, including scrambled tofu and tempeh bacon, vegan cheese, olives, and grapes, and Mushroom Wellington.
Side dish layers include gravy, bread sauce, pigs in aubergine blankets, sprouts or broccoli and stuffing, roast butternut squash, parsnips and carrots, and spiced red cabbage.
Finally, dessert is comprised of two layers – chocolate cake with custard.
Vegan Christmas Tinner
“The original Christmas Tinner has been so popular with gamers over the last several years that this year we’ve been inundated with requests for a vegan or vegetarian alternative,” a GAME spokesperson said in a statement sent to Plant Based News.
“There are now 3.5million vegans in the UK, and we have had to respond to the shift in consumer behavior habits and demand and make sure our products are appealing to all.”


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Sea Limited (SE 0.15%), the Singapore-based tech company that owns the e-commerce platform Shopee and the game publisher Garena, recently posted its first-quarter earnings. Its revenue surged 147% year-over-year to $1.8 billion, beating estimates by $20 million. Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) improved from a loss of $70 million to a profit of $88 million but missed expectations by $85 million.
On a generally accepted accounting principles (GAAP) basis, Sea's net loss widened from $281 million to $422 million, or $0.62 per share, which was seven cents below expectations. Sea's stock rose slightly after that mixed report, but the ongoing tech sell-off has still reduced its value by nearly 20% over the past three months.
Sea seems out of favor in this market, which favors value over growth stocks amid concerns about rising bond yields, inflation, and unfavorable year-over-year comparisons for high-growth pandemic stocks. Nonetheless, I still bought some more shares of Sea after its latest report for four simple reasons.
1. Shopee's growth is accelerating
Sea's e-commerce revenue rose 160% to $2.2 billion in 2020. But in the first quarter of 2021, its e-commerce revenue surged another 250% year-over-year to $922 million.
During the quarter, Shopee's gross orders rose 153% to 1.1 billion, while its gross merchandise volume (GMV) increased 103% to $12.6 billion. Those numbers put it comfortably ahead of Alibaba's (BABA -0.10%) Lazada as the largest e-commerce company in Southeast Asia and Taiwan.
During the conference call, Sea CEO Forrest Li attributed Shopee's accelerating growth to its "strengthening market leadership," shoppers spending more time on its Android app, overseas growth in Brazil, and more support services for its small- to medium-sized merchants.
2. Reduced losses for each Shopee order
The e-commerce segment's adjusted EBITDA loss widened from $264 million to $413 million but most of that loss was caused by the expansion of its marketplace rather than the loss-leading strategies (such as coupons and shipping subsidies) it used in the past to attract new shoppers.
In fact, Shopee only lost $0.38 in adjusted EBITDA per order during the quarter, compared to an average loss of $0.41 in the fourth quarter and a loss of $0.61 a year ago. Shopee won't break even on its orders anytime soon, but those narrowing losses suggest it has a path toward profitability after it cools off its investments and reduces its stock-based compensation.
3. Garena is still "on fire"
Sea's digital entertainment unit, Garena, generates most of its revenue from Free Fire, a self-published battle royale game it launched in late 2017.
Free Fire's popularity, especially in Southeast Asia and Latin America, boosted Sea's digital entertainment revenue by 78% to $2.0 billion in 2020. Its total bookings jumped 80% to $3.2 billion.
In the first quarter, its digital entertainment revenue surged 111% year over year to $781 million as its bookings rose 117% to $1.1 billion. Its number of quarterly paying users also increased 124% to 79.8 million, or 12.3% of its quarterly active users, compared to just 8.9% a year earlier.
The digital entertainment segment's adjusted EBITDA rose 140% to $717 million. Those profits offset Sea's adjusted EBITDA losses across its three other businesses (e-commerce, digital entertainment, and financial services) and kept its total adjusted EBITDA in the black.
The bears believe Free Fire will fizzle out and cause Sea's adjusted EBITDA to bleed red ink again. But its rising percentage of paid users indicates it's still gaining momentum, and Garena is already testing out an enhanced successor, Free Fire MAX, to prolong the game's life cycle as it develops new titles.
4. The stock is reasonably valued
Sea didn't offer any guidance, but analysts expect its revenue to rise 89% this year and another 40% next year. They also expect its non-GAAP losses to narrow slightly, but it won't turn profitable anytime soon.
Based on those estimates, Sea's stock trades at 14 times this year's sales and ten times next year's sales. Those price-to-sales ratios aren't cheap, but they're reasonable in a market filled with tech stocks trading at much higher valuations while generating slower growth.
Furthermore, those estimates could still be too conservative since a new wave of COVID-19 infections recently erupted across Southeast Asia and Taiwan. If these countries implement new lockdown measures, Sea's online shopping and mobile-gaming revenue could spike again and easily surpass analysts' average expectations, which would likely bake in slower growth in a post-pandemic world.
But Sea isn't a stock for conservative investors
Sea's e-commerce and gaming businesses have tremendous growth potential, but its entire business still relies on a single hit game to stay profitable on an adjusted EBITDA basis. It will also likely continue to prioritize investments over GAAP profits for the foreseeable future, and its stock could remain out of favor as investors rotate toward more conservative investments.
Therefore, Sea isn't a stock for queasy investors. But if you're looking for a potential multibagger that gives you a lot of exposure to Southeast Asia's booming tech sector, you should consider picking up some shares and ignoring the short-term volatility.