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Published in Jul-Aug 2020
According to The World Economic Outlook published by the IMF, global growth in 2020 is set to fall to three percent from the projected 6.3%. According to the IMF this will make the ‘Great Lockdown’ the worst slowdown since the Great Depression of 1929.
Pakistan too went into lockdown and as a result we are witnessing a catastrophic, once in a generation event, with a dwindling stock market, a crumbling aviation industry, empty schools and diminishing tourism. The Federal Government had forecast economic losses to the tune of two to 2.5 trillion rupees for the April-June period.
Furthermore, according to a survey by Gallup Pakistan, net expectations about the future of business fell from nine percent in Q4 2019, to -4% during the initial months of 2020, falling further to -9% after the Covid-19 outbreak. Such uncertainty leads both people and brands to make adjustments. In a slowdown, consumers develop coping mechanisms which can be split into two verticals. Firstly, financial by cutting back on spending and focusing on active and conscious shopping – in other words, deliberate and diligent shopping; i.e. they shop more for essentials. Secondly, psychological, by going into a cocoon and hibernating (self-sustenance). Given the above, shelf off-take can be divided into essentials (baby care, food, milk, tea) life essentials (powdered milk, snacks, hygiene) and non-essentials (cars, home appliances). From the start of the lockdown to the pre-Ramzan and Ramzan period, we have observed changes in consumer behaviour, media consumption and media investment.
As footfall drops at public venues, consequently so does OOH exposure. As consumers avoid physical stores (or face product shortages), online shopping behaviour increases as do options that will minimise in-store time such as BOPIS (buy online pick-up in-store) and DTC (direct to consumer). There has also been a huge boost in sales of personal hygiene and home cleaning products and food delivery services. There has been a 32% increase in online shopping activities with noticeable increase in searches for brands like Cheetay, Daraz, Foodpanda, KFC, McDonald’s and Hum Mart.
According to the PTA, since the start of the crisis, digital media consumption has increased by 15%, mostly because people are consuming media throughout the day. Similarly, daytime TV viewership has increased and there has been a 28% increase in news channel audiences.
Here is a viewership analysis of the first 21 days of Ramzan 2020 compared to Ramzan in 2019 (Total Population/Pak Urban). In terms of Total TV average ratings compared to Ramzan 2019, there has been an increase of four percent in overall TV viewership. In the same period, there has also been an increase of four percent in terms of total TV average minutes viewed. There has been an increase of two percent in the ratings of entertainment channels and a seven percent increase in news. There has also been an increase of five percent in the reach of terrestrial TV.
Consumers locked down at home have increased their video viewing habits (TV, OTT, OLV, etc.), gaming and staying connected on social platforms (mobile first). People are in constant search of content as 69% say they kill time watching Netflix in the day (source: BCP Survey). There has been a 42% increase in YouTube streaming. The norm during Ramzan is that 73% of individuals use their mobile while watching TV. In 2020, this number is expected to be higher. Social continues to be a strong channel with people tuning in to get their news updates.
This significant increase in consumer media consumption has not been reflected in the Adex. In fact, Adex in Pakistan declined by 10% compared to the pre Covid-19 period and in the first 15 days of Ramzan. Businesses will face a further drop in Adex post Eid due to no sports events, school closures and the effects of the pandemic. Covid-19 has caused a lot of disruption in our daily lives and created new norms. While grappling with the challenges of this pandemic, we should also use this opportunity to brace ourselves for potential changes in our lives even once these trying times are over.
1. Recognise the Enduring Change in Media Behaviour
Identify emerging trends arising from changes in behaviour and convert them into growth opportunities. New/diversified business opportunities/categories (e-comm, fintech, construction, etc.) will emerge as ad spenders, bringing new investments that will ameliorate the declining ad spends. Increase emphasis on social, search and targeting in-market consumers. Identify innovative opportunities surrounding the new reality of virtual comms and online education. We are observing a population shift from urban to rural areas due to the pandemic, as people wanting to economise return to their hometowns. Brands need to reassess their target audiences accordingly.
2. Remain Agile
Our wins in the future from all these disruptions will depend on the adaptability and agility with which we embrace these challenges.
3. Capture Online Sales Potential
There has been a 32% increase in online shopping activities since the outbreak of the crisis. We need to build on this growth as more people turn to digital payments. Implement new e-commerce models (home delivery, contactless delivery, DTC) that are in line with the new shopping behaviours.
4. Focus on In-home Media
We have already observed an increase in daytime video consumption, be it on TV, digital or social during the crisis. Given that WFH is likely to continue, albeit on a comparatively lower scale once the lockdown is over, brands need to revisit their media strategies and plan their campaigns accordingly. As the saying goes: “When times are good, you should advertise; when times are bad, you must advertise.” A study by Kantar revealed that going dark to save costs will result in a 39% reduction in brand communication awareness. So plan budget shifts (balancing penalties) and reduce spend in areas with declining volumes due to restrictions (cinema, transit, workplace).
5. Update Brand Suitability Guidelines
Update brand safety policies with all partners to avoid it from appearing adjacent to Covid-19 related content; for example, for campaigns that appear on YouTube, use the right keywords to ensure that they do not appear with content related to Covid-19.
6. Sports Marketing
What happens to sports marketing budgets without sports? Brand marketers spend billions on tent-pole sporting events annually, but with live sports either cancelled or postponed for the rest of the year, they must figure out where to repurpose that budget or decide if they can use it at all. According to Nicole Pike, Head of Global Esports, Neilsen, some marketers have adopted a ‘wait and see’ approach for the big leagues, whereas others are finding their audiences elsewhere and still others are taking the ‘take me out to the virtual ball game’ approach. According to her, “a lot of this is experimental and there is going to be different levels of interest and acceptance from brands.”
7. Partner to Produce Meaning and Value
Broadcasters have been affected by declining Adex, changes in programme formats during Ramzan, delays and cancelations in content production, negative fresh content in the coming quarters, cash flow challenges, layoffs and salary cuts. The test for TV networks will be to effectively negotiate deals on current inventory, while providing more beneficial terms on future inventory. Agencies and broadcasters need to work together to face these challenges and offer customised solutions to ensure advertisers sustain their campaigns and advertisers must respond in the same spirit by fulfilling their commitments.
We certainly don’t have all the answers for navigating these turbulent times. There is no playbook to follow. We have to be agile to adapt to the next normal.
Farhan Khan is COO, Starcom Pakistan. email@example.com


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BATHURST is a step closer to having a permanent charging station for electric vehicles.
A Tesla supercharger was installed at the old TAFE building in late 2017 but it was only ever intended as a temporary station while another site was secured.
In a recent confidential meeting, Bathurst Regional Council voted to authorise general manager David Sherley to sign a licence agreement on behalf of council for a charging station at an unnamed council facility.
Council’s environmental, planning and building services director Neil Southorn told the Western Advocate earlier this year that the temporary Tesla charger had proved popular with motorists travelling in electric vehicles.
He said these people would have struggled to visit Bathurst without this technology being available.
“Many people are buying electric cars either for the driving experience they offer or as a way to reduce their impact on the environment,” he said.
“However, without the charging infrastructure in place, they are limited to travelling between charging stations along established electric vehicle 'highways'.
“The installation of the Tesla Supercharger in Bathurst is a good way to target a new and growing tourism audience which will allow Tesla owners to visit Bathurst and explore the region.
“In addition, the installation of the Supercharger strengthens the city’s reputation as a centre for innovation.”

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Latest tablets bundled with detachable keyboards, S Pen stylus; Galaxy S8 launch date revealed.
Samsung made an effort on Sunday to build bridges with customers who may be wary about flaming batteries, by bundling a detachable keyboard and S Pen stylus with its new tablet line-up.
Three new devices were unveiled: the consumer-oriented Galaxy Tab S3, which runs Android, and comes with quad-stereo speakers; and the Galaxy Book, which runs on Windows 10 and comes in two versions: a 10-inch edition with Intel’s Core M processor, and a range-topping 12-inch edition with a beefier Intel Core i5 chip and higher-resolution screen. These last two are pitched at what Samsung calls, "on-the-go professionals."
The new devices also all come with Samsung Flow, which means smartphone notifications also appear on the tablet’s screen.
Samsung has also upgraded its S Pen stylus, improving its pressure sensitivity, and adding compatibility with Adobe Photoshop. In Photoshop, S Pen strokes on the screen now produce different lines depending on the angle at which it is held and the degree of pressure applied, much like a real pen.
"It’s the most advanced digital pen we’ve ever created," said Mark Notton, European manager of Samsung’s mobile device portfolio, at a press conference on the eve of Mobile World Congress.
For added fun, Samsung has also partnered with pencil maker Staedtler, which has produced an S Pen that resembles its distinctive yellow and black pencils.
The Tab S3 comes with a standard S Pen in the box, while the new Books come with S Pens and detachable keyboards.
As well as tablets, which land in U.K. at the end of March, there was also a new virtual reality headset powered by Facebook-owned Oculus, that now comes with a hand controller to make it easier to use.
Samsung’s press conference also contained that well-known PR ploy often used by politicians of apologising for a mistake without actually using a word that could be defined as an apology. It was of course related to the company’s well-documented battery problem that led to the untimely withdrawal of the Galaxy Note 7.
"The past six months have undoubtedly been one of the most challenging in our company’s history. We did not maintain the highest standards of quality and reliability that we set for ourselves." said David Lowes, CMO of Samsung Electronics Europe.
He revisited some of the measures adopted by Samsung to ensure its batteries don’t set themselves on fire.
"We are determined to learn every lesson. Regaining consumers’ trust can only be earned by actions, not words," he said.
Samsung’s Note 7 travails also resulted in a delay to the company’s next flagship smartphone, the Galaxy S8, which had been due to be unveiled at MWC. On Sunday, Samsung revealed that the launch event will take place on 29 March.


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There was a time when train sets and action figures regularly claimed the top spots on kids‘ holiday wish lists. Times have changed, though, and these days, mere plastic playthings just don’t cut it — unless of course those playthings happen to include LCD screens, USB connectivity and wireless Internet access. What’s topping the wish lists of our tech-minded cyber children this holiday season? Why it’s everyone’s favorite thing they probably don’t need: the iPad.
A Nielsen study released this week shows the Apple tablet running strong in this year’s wish list power rankings among American children aged six to 12 years old. According to the report, 31 percent of kids surveyed listed the iPad as their No. 1 gift request. Computers came in a close second, followed by the iPod Touch and the Nintendo DS.
Every one of the 17 items listed as top picks among the demographic are electronic devices, with video game consoles making up the majority.
Move a little higher in age range, however, and the list begins to change, though tech maintains a dominant presence. Young adults 13-and-up listed computers as their No. 1 gift choice, televisions as their second most-desired gift and smartphones third. The iPad came in at a humbling fourth.
Perhaps Apple should take cues from Nielsen’s findings and start marketing its tablet to a younger audience. Remember those U2-themed iPods from back in the day? Well we think it would be mighty fly to sport an iPad with Elmo’s visage stamped across the back. That dude is at least as cool as Bono.


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Savant Appoints Sales Reps
Savant Systems announced this week that it has Southeastern Sales Associates, Inc. its new sales rep for the Southeastern United States.
The firm's principals are Chip Carter and Keith Parke. Their territory will include North Carolina, South Carolina, Georgia, Alabama, Mississippi and Tennessee .
"Keith and I feel very fortunate to have this opportunity with Savant, which enhances our business opportunities and overall positioning with the dealers throughout the region," Chip Carter said in a statement. "I am looking forward to the next level of training at Savant so that I can be a valuable resource to my dealers. I can't wait to bring clients to the Experience Center in New York City as well."


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The HomePod is not doing so well as far as market share is concerned, at least based on new information from the Consumer Intelligence Research Partners.
CIRP has put together its latest report regarding the HomePod and general smart speaker market share, and it turns out that Apple’s first smart speaker is still struggling against the competition. Even though the smart speaker market is vast, and there is plenty of room for products from a range of companies, Apple is definitely a competing presence to Google and Amazon.
Still, Amazon and Google are leading the charge. CIRP analysis indicates that the installed base for smart speakers is 76 million units. That’s up from 70 million units as of March earlier this year. Of that installed base, Amazon’s Echo has 70 percent of the market, while Google Home accounts for 25%.
Apple’s HomePod? Just 5 percent.
While the biggest growth in the market for smart speakers is in the holiday fourth quarter, Amazon Echo and Google Home continues to grow their installed bases in the past couple of quarters,” said Josh Lowitz, Partner and Co-Founder of CIRP. “The market grew by 9% in the second quarter, and more than 50% year over year. Including Apple HomePod, all three major producers have maintained steady shares of the market in the past year. Continued aggressive pricing of the entry-level models seems to continue to encourage new customers to try a smart speaker and existing owners to consider adding more devices to their home.
The market share isn’t a final nail in the HomePod’s coffin by any means, and it’s up to Apple whether or not it continues pushing the smart speaker lineup. Does it launch a new option down the road, maybe? There have been rumors that a cheaper option could be coming down the line, but that hasn’t panned out just yet.
Apple did drop the price of the HomePod from $350 to $300 earlier this year. However, it doesn’t look like that spurred a massive influx of new buyers.
How do you feel about the HomePod? If you bought one, do you use it on a regular basis? If you haven’t, are you waiting for a cheaper option to come down the line?


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EghtesadOnline: The KTAI corridor, which has recently been launched following last week’s first successful TIR pilot operation from Shahid Rajaee Port in the southern Hormozgan Province to Kyrgyzstan, offers a shorter route from Iran to Central Asia.
The statement was made by Behnam Faramarzian, the caretaker of international transportation and TIR Carnet department of Iran Chamber of Commerce, Industries, Mining and Agriculture.
“The inauguration of KTAI road corridor would reduce transit time and costs and strengthen transportation infrastructures; we will witness the gradual increase in trade between regional countries and ECO [Economic Cooperation Organization] member states in particular,” he added.
At present, loading and transportation operations in KTAI corridor are carried out by Afghan truck, as Iranian trucks do not take the Afghanistan route due to "lack of security".
“Undoubtedly, we don’t mean to only play the role of forwarding agent here. That would only give us an insignificant share from trade on KTAI road corridor,” he was quoted as saying by Otaghiranonline.ir.
Faramarzian believes that to make Iranian truckers involved in the process, it is better to tap into the contracting model for a portion of their operational needs, wherein both Iranian and foreign road fleet are engaged in transit operations.
“Iranian trailers with Iran TIR carnet carry the freight up to the border with Afghanistan and then Afghan trucks continue forward with Iran TIR carnet. Such model of transportation has also been stipulated in the TIR convention,” he said.
Noting that the participation of private sector, particularly commerce chambers, is of utmost importance to make the KTAI corridor more viable, he said, “First up, though, the electronic exchange of information between customs and the private sector needs to improve to speed up loading and unloading operations. That’s when we might see a more competitive KTAI corridor compared with other transportation routes like Gwadar Port.”
Last week, an official with the Islamic Republic of Iran Customs Administration announced that the first successful TIR pilot operation was carried out from Shahid Rajaee Port to Kyrgyzstan via Afghanistan and Tajikistan—the KTAI corridor.
Mostafa Ayati added that the KTAI corridor offers an alternative, short route between Iran’s southern ports and Central Asian countries.
“Starting at Shahid Rajaee Port, two TIR trucks proceeded to cross Dogharoun border crossing into Afghanistan, then continued their journey to Tajikistan and then to their final destination Kyrgyzstan. With the completion of custom procedure at Dogharoun customs, the KTAI corridor is now officially open for TIR transportation,” he said.
The new trade route opens up the region to trade and development, and enables freight forwarders and transport operators to benefit from significant cost and time savings when transporting goods, the International Road Transport Union reported.
According to World Bank reports, the total population of the four countries along the corridor stands at 128 million people and their combined total GDP equals close to half a trillion dollars. The launch of KTAI corridor is designed to tap into these growing markets.
Given the route’s starting point of Shahid Rajaee Port, traders and transport operators can also opt to take advantage of the intermodal and digital functions of TIR along the corridor, optimizing trade flows and driving growth in the region.
According to the Ports and Maritime Organization of Iran's latest report, a total of 13.24 million tons of commodities were loaded and unloaded in Shahid Rajaee Port during the first three months of the current Iranian year (March 20-June 20), registering a 27.11% fall compared with the similar period of last year.
This made Shahid Rajaee the country’s busiest port during the period as in previous reports. Non-oil goods accounted for around 6.55 million tons and oil products for more than 6.68 million tons of the total, showing a 45.19% decline and a 7.76% rise respectively year-on-year.
Located 23 kilometers west of the port city of Bandar Abbas, the capital of Hormozgan Province, Shahid Rajaee is Iran’s biggest container port.
Over half of Iran’s commercial trading is carried out at Shahid Rajaee that also accounts for over 85% of all container throughput in the country.
According to Mohammad Reza Rezaei-Kouchi, the head of Majlis Development Commission, Shahid Rajaee Port has a 6% share in the region’s total container throughput per annum, ILNA reported.


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Turks and Caicos and the United States Virgin Islands are seeing a surge in travel demand, according to a new report from insurance aggregator Squaremouth.
According to the company’s latest research, Turks and Caicos has seen more year over year growth in demand than any other destination.
The British overseas territory has seen year-over-year growth of 536 percent on the company’s platform, followed by the US Virgin Islands at 137 percent.
“Countries that have remained open throughout the pandemic have seen a significant surge in travel,” says Squaremouth Lead Data Analyst, Steven Benna. “This includes countries that have never been among our most popular destinations for US travelers, such as Turks and Caicos and the US Virgin Islands.”
It’s part of a broader surge for the Caribbean, the company said.
More than 20 percent of travelers using Squaremouth are going to the Caribbean, nearly double the pre-pandemic rate, the company said.
Squaremouth, which aggregates travel insurance policies, said its data was the result of examining thousands of travel insurance policies purchased pre and post-pandemic.


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SAN FRANCISCO (AP) — Ford Motor Co. is buying an app-based shuttle service and is partnering with a bike-share company as part of its ongoing effort to expand its traditional business.
Ford is buying Chariot, which currently operates 100 14-passenger Ford Transit vans in the San Francisco area. The shuttles determine their routes by users’ needs. Ford says it plans to expand the shuttle service to five more cities over the next 18 months.
Ford also is partnering with Motivate, a New York company that runs bike-sharing programs in 11 U.S. cities and in Melbourne, Australia. Ford says it plans to increase Motivate’s San Francisco fleet from 700 bikes to 7,000 bikes by the end of 2018, using bicycles made in Detroit. It also will increase the number of stations where riders can get bikes. Its program, called Ford GoBike, will be accessible through its FordPass app, which launched earlier this year.
Ford said it’s also creating a new team that will work with cities around the world to propose solutions to traffic congestion and run shuttle services and other pilot programs.
The moves are among the first by Ford Smart Mobility, a Silicon Valley-based subsidiary formed in March to invest in promising startups and explore new modes of transportation.
Ford CEO Mark Fields says half the world’s population now lives in cities, and by 2030, that number is expected to grow to 60 percent. Congested cities hurt Ford’s core business, because cars become an expensive hassle to own in big cities.
Fields says instead of just trying to sell cars in crowded cities, Ford wants to be part of the solution to congestion and keep an open mind about new ways to get around.
“Our whole reason for being, going back to Henry Ford, is making people’s lives better and changing the way the world moves,” Fields told The Associated Press. “We not only think we could do some societal good here, but we could also generate some business opportunities for us.”
Ford isn’t saying how much it is spending for Chariot, which will operate as a wholly-owned subsidiary.
© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.


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LABJ WEEKLY EDITION
Ex-MTV chief Van Toffler still works with videos, but now he develops them to be shared across multiple platforms
Van Toffler hopes to channel his experience at MTV into success at digital startup.
FILM: ‘Finding Dory’ seen as next Pixar production to buoy parent Disney.
Despite sequels’ sinking fortunes at the box office, analysts are confident “Finding Dory” will make a big splash.
Calendar of events
County transportation officials’ plan to straighten out bottleneck on 5 freeway would be too little too late.
Five local chamber chiefs hope to speed up improvements to a bottlenecked stretch of the 5 freeway.
Business as usual at City Hall has stalled his apartment project, writes Ben Forat, costing him time and money.
COMPENSATION: Patrick Soon-Shiong tops public execs.
Biotech paid off last year with a healthy haul of $148 million for wealthiest Angeleno Patrick Soon-Shiong.
CLOTHING: American Made Supply aims for middle with apparel.
American Made Supply hopes its online focus will help it sew up American Apparel’s former market position.
SPORTS: Fanchise’s app may point way to score supporters.
Fanchise hopes to pull in fans for its pro football team by letting them tackle play-calling during games.
Skid Row business owners feel burned as fires and crime increase at growing homeless encampments.
ACQUISITION: Chinese investor agrees to shell out $9.5 million for building.
Despite being a tourist hot spot, Hollywood has surprisingly few hotels. But a new one could soon rise up from a Chinese investor who has nabbed a Hollywood Boulevard retail site for $9.5 million.
The courts might finally be the factor that gets Los Angeles moving on Skid Row’s homeless problem, writes Jonathan Diamond.
Internet vet Brian Lee is a big fan of how partnering with stars can guide consumers to businesses
Honest Co.’s Brian Lee discusses how star power can energize e-commerce ventures.
REAL ESTATE: Lower prices, big spaces spur local relocations.
All Def Digital is among the recent converts ditching the pricey Westside for downtown L.A.’s draw.
RCO taps state money to roll out rubber items
RCO Tires has hit the road to reclaim rubber with the support of a state program.
FILM: ‘Warcraft’ adaptation could reverse Universal slide.
Universal Pictures hopes video-game adaptation “Warcraft” plays well with moviegoers.
Jinya Ramen Bar hopes to bowl over new customers beyond L.A. outposts.
Jinya Ramen Bar has turned to franchising to feed its expansion plan.
Margo’s Bark Soda owners plan to donate sales revenue to support animal shelters.
Margo’s Bark Soda looks to collar root beer buyers with its charitable support of animal shelters.
David Norris doesn’t have free time for cycling, his preferred form of exercise.
INVESTMENT: Summit will look to help L.A. projects pocket foreign money.
The second Select LA Investment Summit will start June 17, two days before a national summit hosted by SelectUSA, set up by President Barack Obama in 2011 to assist U.S. economic development organizations in competition for global investments.
LAW: Blockchain seen as promising tracking system for range of industries.
Attorneys are invested in expanding the use of bitcoin code blockchain as a tracking system for businesses.
GOVERNMENT: Bumps to minimum wage have firms mulling cutbacks, closures.
Some nonprofits face cuts to services to offset impending wage increases.
ENTERTAINMENT: Viacom shares rise after exec duo dumped from trust’s board.
Wall Street has sided with Sumner Redstone as he lays out a future for National Amusements.
VIDEO: Tyson Sadler aims to recast Skid Row’s image with ‘Artist’ production.
In the shadows of the dozens of luxury high-rise buildings popping up downtown are the unlikeliest of film stars, the homeless of Skid Row.
POLITICS: Voters also to have say on water system sale, digital billboards.
While most attention for this week’s primary election is focused on the presidential and U.S. Senate races, there are also some closely watched local races and issues on the ballot.
INTERNET: Loot Crate lifts lid on $18.5 million Series A, $100 million mark in sales.
Subscription box startup Loot Crate, which sends toys and fan gear to subscribers in monthly mystery boxes, has raised an $18.5 million Series A funding round.


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Rescue volunteers with the Bundoran RNLI were called to action this afternoon after a capsized kayak was spotted off the shore at Nuns Pool.The alarm was raised shortly before 3pm when concerned crew member Fergal Muller saw an empty kayak from the cliffs on Bundoran’s West End.The lifeboat was launched within five minutes, with helm Brian Gillespie and three crew members onboard. Once on scene, the crew recovered the kayak and began a 25-minute search for any occupants.Fortunately, during the search, word came to Bundoran Lifeboat Station that the occupant had been brought to shore by fellow kayakers while the kayak had been carried out to sea in a rip current. The lifeboat was subsequently stood down.Speaking following the call out, Captain Tony McGowan, Bundoran RNLI Lifeboat Operations Manager said: “We are delighted that no one was in any immediate danger this afternoon and that the group of kayakers had made their way safely to shore. I would like to commend Fergal for his quick thinking in raising the alarm when he observed the capsized kayak and praise the crew for what was a swift response. “We would remind anyone planning a trip to sea regardless of their activity, to always respect the water. Always wear a lifejacket, always carry a means of communication and should you get into difficulty call 999 or 112 and ask for the Coast Guard. “We would also appeal to everyone to remember that should you for any reason need to leave or abandon your vessel, to please report it as missing to the Coast Guard once you have safely made it to shore.”Capsized kayak prompts rescue mission off Donegal coast was last modified: November 17th, 2019 by Rachel McLaughlinShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)
5 June 2006The 16th World Economic Forum on Africa closed in Cape Town at the weekend with hundreds of political and business leaders outlining commitments and ideas to scale up successes already achieved on the continent.“The critical challenge is to do things we know work and build the capacity to carry them out,” said South African President Thabo Mbeki.With an economic growth rate of 4.5% across Africa in 2005, Mbeki challenged participants to ensure that such figures were more than just statistics. “Does the growth create jobs?” Mbeki asked.The three-day meeting was held under the theme “going for growth”, and Maria Ramos, group chief executive of Transnet, noted that “as Africans we’re committed to growth because it is necessary to eradicate poverty and unemployment on our continent.”Ramos said mindsets still needed to change among all role players in order to achieve sustained growth. She called on the private sector to show “courage” when taking advantage of opportunities in Africa and to foster an understanding that “for everyone to benefit [from economic growth], you need to work together.”Ramos said positive economic and political changes were taking place in Africa and that it was imperative for all to “make sure that the things we commit to, we actually do.”Tanzanian President Jakaya Kikwete said agricultural development was critical to delivering growth-led employment, and called on private business to engage with governments in developing and modernising the sector. “We look at partnerships as the key to generate further growth,” Kikwete said.Syamal Gupta, chairman of Tata International, India, encouraged Africa to seek innovative solutions to its challenges and to promote small and medium enterprise development as a means of creating employment.“Big companies cannot create jobs, it is the small and medium ones that do,” Gupta said.He also cautioned participants against neglecting rural populations in their commercial endeavours. Referring to them as “the bottom of the pyramid,” Gupta said the constituency represented a large and significant economic sector that was willing to pay for services it received.Achievements, commitmentsAchievements of this year’s World Economic Forum on Africa included:The signing of the Investment Climate Facility (ICF) to facilitate investment throughout the continent. The ICF, endorsed by the Africa Economic Summit and the G8 in 2005, was launched last week with US$100-million in funding. The Nepad e-Schools Initiative, whose demonstration project will fund e-access in 120 schools across 16 African countries by mid-2007. The initiative aims to reach all 600 000 African schools within 10 years. The Forum’s Global Health Initiative, which launched guidelines for large companies to support HIV/Aids programmes within their supply chain, as well as employer-based malaria control programmes. The Forum’s Partnering Against Corruption Initiative, with 103 signatories representing US$500-billion in turnover, which is now engaging the African business community in its efforts.Future commitments made during the meeting included:The World Economic Forum’s public-private partnership to strengthen healthcare systems in Africa by addressing epidemic and pandemic diseases in particular. The partnership will be implemented at the World Economic Forum Annual Meeting 2007 in Davos. The Forum of Young Global Leaders’ commitment to:Sponsoring a film series on African success stories.Launching a financial literacy programme in Rwanda.Establishing leadership development institutes throughout Africa.Managing director of the World Economic Forum, Peter Torreele, concluded the final session of the meeting on Friday by praising the economic and social progress in Africa over the past 10 years, an achievement he described as “absolutely outstanding.”“Throughout all of this, our belief has been that by bringing business together with governments and civil society, those partnerships could unlock Africa’s great potential, and would allow the continent to assume its proper role in the global economy.”SouthAfrica.info reporter Want to use this article in your publication or on your website?See: Using SAinfo material
14 June 2012 Three young people from Soweto in the south of Johannesburg have begun an enterprising journey to uplift and inspire the young people of South Africa, in memory of late student activist Hector Pieterson. Sina Molefi, a half-sister to Pieterson, together with Zuza Mbatha and Tera Gaju, call themselves “activists of Hector Pieterson”, and say they are not out to exploit his name for money, but to use it to make a creative impact on the youth of South Africa whilst creating a legacy for his family. The three started a fashion label in 2007 – which they named after Pieterson – under Abasha Innovations – a closed corporation company they run jointly. They used the brand to commemorate not only the now world-famous teenager, but also all the other victims of the fateful day of 16 June, 1976 – the beginning of the Soweto uprising. Abasha is an isiZulu word that means “young people”. Since its establishment, the aim of the brand has been to preserve the valuable contribution of the youth of South Africa through fashion. Some of the items currently available include accessories like caps and handbags, while they also have ranges in T-shirts, skirts, dresses and suits. The trio’s clothes were initially sold at independent retail stores like the Y Shop in Rosebank and Cyberzone at the Carlton Centre in the Johannesburg city centre, but the team decided to expand and make it available through other channels. And so with their collective vision they began with plans to open a clothing store, which they hope will take his legacy to new heights. The store, expected to open in August, will be located outside the Hector Pieterson Museum in Orlando West. Their immediate plan is a modest one that involves operating the business out of a shipping container to start with, with the hope of venturing into a larger, more conducive space in future. One of the most immediate challenges for the team is securing sponsors for the store. Another idea they had was to get an advertiser to use the container space for exposure of their brand, which would in turn help them finance the day-to-day running of the store. But even that is proving to be a struggle. Once the store is up and running, the items sold will be directly available to their target market, young people in Soweto as well as to visitors to the memorial site. Fashion meets history The fashion identity of the “Hector Pieterson” label is a combination of South African township trends and urban styles, and was started with the hope that it will mean something to young people. “If young people and maybe even adults are wearing the clothes, they will help keep the memory alive,” says Mbatha. He hopes the story of 1976 is alive every day and inspiring change in the youth. Molefi, who is the creative director for the label, is responsible for the designs. She studied fashion design at Parktown College. Mbatha, who has also worked with well-known fashion label Loxion Kulca, manages the operations of Abasha, while the sales and marketing responsibilities of the label lie with Gaju.The Hector Pieterson Foundation The team at Abasha have not left their plans to inspire change entirely up to the success of the store. The company has also signed a binding agreement with the Hector Pieterson Foundation to further help support and empower young people. All profits from the label will go towards the foundation, which was started by Hector’s mother Dorothy and another sister Antoinette Sithole. The foundation’s work focuses on rehabilitating young people from broken families as well as orphans, and inspired by the childhood story of Dorothy, who herself was an orphaned at the age of 10. “The idea behind the foundation is to keep the memory and legacy of Hector Pieterson for generations to come,” says Sithole. The Abasha team hope this process will assist youth projects in previously disadvantaged communities. “Our mission is to uplift youth who are involved in different projects and initiatives so that they can inspire change,” says Mbatha, whose vision for the brand has not changed since its inception. “The youth must come up with their own ideas to create jobs, not just to make money.”The brand’s vision The Hector Pieterson brand will not be confined to South Africa only. Once the label becomes successful locally, Abasha plans to market it overseas and make it available for online purchase as well. “The struggle of apartheid is understood by people around the world and is recognised globally, as there are countries who have overcome similar trials and struggles for freedom,” says Mbatha. He also makes it clear that the label is not meant to be associated with June 16, 1976 or youth month for that matter. “The store will be an on-going, independent commitment to uplift the youth,” he says. “It will be a reminder to all South Africans of the sacrifices that were made for them to enjoy their democracy.” If all goes well with the store and the foundation, Abasha hopes to expand their operations towards designing school uniforms as well. All sales of uniforms made from schools that buy from them will be generously matched by Abasha in the form of donations to disadvantaged schools. “If, for instance, we make a sale of 20 000 school trousers, we will donate another 20 000 school trousers to a school in need of them,” says Mbatha.Support from South Africa The Hector Pieterson fashion brand will showcase its newest items of fashion and accessories at this year’s South African Fashion Week from 30 August to 2 September. Items from the store can also be purchased during the event at the pop-up store at Sandton City. Clothes from the label will also feature on the big screen. Veteran director Faith Isiakpere, a former senior producer at the BBC and filmmaker, approached Abasha last year to provide some of the wardrobe for her upcoming musical Cry for Love, a film inspired by the 2008 xenophobic attacks in South Africa. The clothes can be seen worn by well-renowned local artist Yvonne Chaka Chaka and actor Leleti Khumalo in the film. First published by MediaClubSouthAfrica.com – get free high-resolution photos and professional feature articles from Brand South Africa’s media service.


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We are pleased to have struck a new long-term content and production agreement with Paddy Power, ensuring that customers of the leading UK and Irish operator can continue enjoying high-quality production services and a vast portfolio of horse and greyhound racing content from across the globe.
The multi-year extension grants Paddy Power continued use of our Complex Automated Production (CAP), giving the brand greater flexibility over live broadcast schedules across its flagship retail stores in the UK and Ireland.
The agreement also provides Paddy Power access to our 24/7 Live Racing Content, with over 38,000 horse races from over 170 racecourses and tracks from five continents, including meetings from Europe, Africa, Latin America, and the United States.
Paddy Power will also continue to have long-term access to our comprehensive greyhound service, with high quality greyhound content from the UK and Ireland.
David Newton, Chief Commercial Officer Paddy Power at Flutter Entertainment Plc, said:
“This long-term extension demonstrates the success of our partnership with SIS to date, and we are delighted to continue providing our customers with SIS’ high quality and comprehensive content offering across global horse and greyhound racing.”
Richard Ames, Chief Executive at SIS, said:
“We have had a longstanding relationship with Paddy Power that has grown considerably over the years, and we are pleased to extend our agreement. We pride ourselves on the content portfolio of our core racing product, and to be able to deliver this to one of the industry’s biggest operators shows the trust placed in our brand.”


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FBX is history. Tweets are no longer 140 characters long. And Snapchat is rich.
#1 Facebook Exchange is Shutting Down
Facebook is officially shutting down its 2012-launched desktop ad exchange FBX as marketing dollars are shifting towards mobile.
Comment: This is not surprising news as Facebook has been downplaying FBX since January 2015. It is logical for Facebook to reinvest their resources in other products to provide an omni-channel solution for advertisers.
#2 Twitter Changes 140-Character Limit Rule
Twitter is becoming more user friendly as it excludes usernames and media attachments from the character limit, in order to combat user loss in recent years.
Comment: While other social networking sites are actively improving their user experience, Twitter has fallen behind for years. If they do not reinvent their business sooner, they will gradually be abandoned by users, who are already moving on to new social media platforms.
#3 Snapchat Raises US$1.8 Billion in Funding
Snapchat has raised $1.8 billion in its latest funding round to support growth plans.
Comment: Being one of the most popular social networking apps used by millennials, it is true that Snapchat has a loyal user base that presents great advertising opportunity for marketers. However, Snapchat is still struggling to generate a steady stream of revenue to a massive valuation. If Snapchat is unable to sustain growth and retain its current users, it will not survive when the tech bubble bursts.
Let me know what you think by leaving a comment under this post!
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Latest posts by Vanessa Tao (see all)
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About Guidewire Group
Guidewire Group is a company that received a SBIR Phase I grant for a project entitled: Web Enabled Expert System to Scale Diagnosis and Improvement of Entrepreneurial Skills. Their project will develop an offering designed to help early stage entrepreneurs identify their knowledge gaps, business risks and market challenges, and prescribe actionable measures that enable the entrepreneurs to reduce or ameliorate their risks, thereby increasing the likelihood of success in innovative new ventures. Today, such diagnostics and prescriptive remedies are delivered in one-on-one engagements with entrepreneurs. This application strives to make diagnosing and addressing the knowledge gaps of entrepreneurs a scalable endeavor. If Guidewire Group's expertise can be encapsulated in this platform and delivered to entrepreneurs in a highly scalable fashion, this project may shift the way in which entrepreneurs evaluate and improve their business performance. It is no secret that the U.S. economy relies heavily on entrepreneurial activity to deliver economic growth. Each year, hundreds of thousands of entrepreneurs start new businesses. But according to the US Small Business Administration, over 50% of businesses fail in their first five years. The SBA estimates that in 2007, 637,100 new employer firms began operations and 560,300 firms closed that year. The number one reason the SBA cites for this statistic is lack of experience among entrepreneurs. First-time entrepreneurs often lack the experience to validate their judgments, qualify their actions, and assess their performance. Yet because evaluating and coaching entrepreneurs are typically un-scalable activities, little has been done to make a significant impact on the business sustainability or performance of these entrepreneurs. The system proposed in project has the potential to make market-leading diagnostic expertise available in the form of a self-service, Web-based application, thereby distributing actionable diagnostics more widely than ever before.
Latest Guidewire Group News
Jul 14, 2011
After 25 years of evaluating tech startups and watching more pitches than almost anyone else on earth, Guidewire Group’s Chris Shipley says we are definitely in a bubble right now. Specifically, we’re in a lean startup bubble: an inflated economy of startups serving startups, filled with dangerous myths and sure to come crashing down, just like previous bubbles have. "We’d like to believe it’s different now but it’s not," Shipley told the audience at the International Startup Festival in Montreal this morning. "Every bubble starts with a truth and ends in perturbation of that truth." Sponsor Shipley says the first bubble she saw was built up by scientists building Artificial Intelligence in the 1980’s. Everyone was going to buy AI, people thought, and today the only company that made it from that group was Boreland, because of the founder’s entreprenurial orientation. Pen computing and dotcoms were the other bubbles that preceeded today’s startup bubble and Shipley says that a number of myths have been constants throughout each. Myth #1: It’s All About the Rockstars "Exists these days aren’t very good," Shipley said, "so why don’t you take your eye off the door and focus on building your business."As the long-time leader of the DEMO launch conference, where nearly 100 startups are chosen to launch twice a year, Shipley has seen and evaluated thousands of startup companies. While the mega-wealthy and famous rock stars are the best known players in the field, Shipley says they are just the tip of the spear of the startup world. A far larger group of in-the-trenches entreprenuers are more important to learn from. Some are lucky, some are good, some are both. When the bubble pops, it’s better to be good than lucky, Shipley says. Myth #2: Super Angels "There are super people and there are angels," Shipley told the audience. "When you put them together, those are just investors." "They are investors and they don’t love you or your idea, they love that you’ll work hard to make money for them," she said. "It’s critical that you understand that relationship." Myth #3: Flip or Fail Shipley says she sees a lot of young startup founders that feel like they are a failure if they don’t sell their first startup to a larger company before they turn 25. She said it’s important to recognize that building a sustainable business is an alternative. "The fail fast philosophy is about learning," Shipley said. "It’s not about creating disposable startups." Aiming to build something that will last was the key takeaway from Shipley’s talk. "Exists these days aren’t very good," she said, "so why don’t you take your eye off the door and focus on building your business." Shipley’s years of concentrated startup wisdom can be enjoyed at public tech events throughout the year, she posts notices about where she’ll be on Plancast and posts a few times each week on Twitter. Disclosure: The city of Montreal paid for the author’s transportation and lodging in order to cover the International Startup Festival. Those accommodations included a delicious cheese and fruit plate, which was much appreciated. Discuss
Guidewire Group Frequently Asked Questions (FAQ)
When was Guidewire Group founded?
Guidewire Group was founded in 2003.
Where is Guidewire Group's headquarters?
Guidewire Group's headquarters is located at 370 Convention Way, Redwood City.
What is Guidewire Group's latest funding round?
Guidewire Group's latest funding round is Grant.
How much did Guidewire Group raise?
Guidewire Group raised a total of $150K.
Who are the investors of Guidewire Group?
Investors of Guidewire Group include National Science Foundation, XAnge and Gabriel Venture Partners.


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live apps news search results
Developer news items we found relating to live apps
TIBCO's cloud platform gets improvements
Wednesday, April 10, 2019 by Richard Harris
TIBCO Software Inc. has new and enhanced capabilities for the TIBCO Connected Intelligence Cloud platform at the TIBCO NOW Global Tour 2019 event in Singapore. Empowered with these systems, businesses are able to connect disparate data, govern their information effectively, and augment the resulting intelligence. Critical collaboration between various per...
IBM and Salesforce announce strengthened strategic partnership
Monday, January 22, 2018 by Richard Harris
IBM and Salesforce has announced an expansion of their partnership, bringing together IBM Cloud and Watson services with Salesforce Quip and Salesforce Service Cloud Einstein to enable companies to connect with their customers and collaborate more effectively with deeper insights.With this expansion, Salesforce has named IBM a preferred cloud services provider and IBM h...
Bugsee crash reporting platform gets all new integrations
Wednesday, September 27, 2017 by Richard Harris
Bugsee has announced new developer-friendly features including instant feedback, application health assessment, and new integrations with popular mobile development frameworks, bug trackers and collaboration tools. These enhancements underscore the company's mission to arm mobile app developers with the information needed to find and fix pesky bugs right at their finger...
How you can automate your release process
Monday, April 24, 2017 by Richard Harris
Rollout helps mobile app developers build and deploy apps quickly and safely by automating the time-consuming manual tasks associated with gradual feature releases. The company recently released ROX by Rollout, which allows developers to gradually release new features, measure the impact and respond in real-time - all without waiting for the next release. We chatted wit...
Bugsee emerges from stealth to make finding bugs in mobile apps easier
Tuesday, January 24, 2017 by Richard Harris
New bug fixing tool allows app developers to spend more time improving functionality and user experience and less time logging, explaining and fixing buggy apps.Bugsee announced its corporate launch and the general availability of its bug reporting and crash analytics tool for mobile app developers. Bugsee is the only bug reporting solution that continuously captures vi...
Reducing the Creative Lag Bottleneck Problem for App Updates
Thursday, March 10, 2016 by Stuart Parkerson
We visited with Shahar Kaminitz, CEO and founder of Insert, to discuss the problem of “creative lag” – the time it takes app developers to get an idea to get from whiteboard to a consumer’s device and the subsequent delays associated with development, test cycles and app store approval processes. Kaminitz has recently brought out of stealth mode the Insert mobile engage...
Airpush Integrates its Programmatic Ad Offering with Inneractive’s Private RTB Marketplace
Friday, September 26, 2014 by Richard Harris
Inneractive and Airpush are forming a new collaboration designed to increase programmatic demand of Airpush’s Android interstitial and video inventory by leveraging a Private RTB Marketplace facilitated by Inneractive’s Ad Exchange.By integrating Airpush’s programmatic offering, AirX, with Inneractive’s exchange technology, the company will make its interstiti...
Apppicker.com dives deep into iTunes for developers
Thursday, November 29, 2012 by Richard Harris
With a million apps now approved by Apple, it has become more diificult each day for app developers to get their apps noticed and harder still for users to find what they are looking for in the iTunes store. http://www.AppPicker.com has reacted to this by adding some features to its site specifically targeted at bridging the divide between developer and app us...


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The City of Carmel has sent letters to several homeowners who listed their homes on Airbnb and similar short-term rental web sites, telling them that they are in violation of city zoning laws and that they have 10 days to cease operations or file for a variance.
Airbnb is an online resource for renting out a room or an entire home for a short-term period. Some consider it similar to running a bed and breakfast but only during select dates that the user chooses.
The City of Carmel said they’ve received numerous calls and e-mails from neighbors complaining about Airbnb hosts operating in the city.
Glenda Pilcher, a member of the Cool Creek North Neighborhood Home Owners Association, said a house in the neighborhood allegedly was purchased for the sole purpose of being operated as an Airbnb listing, which angered some.
“There are a group of neighbors that are very upset, and so we’ll have a meeting about that,” she said. “All I know is what people have told me, but we’ll look into it.”
City Councilor Sue Finkam, who represents that area, said neighbors are concerned about safety and increased traffic.
“They’ve developed a community there and they don’t want to disrupt that,” she said. “I support our zoning laws and err on the side of public safety.”
Finkam said neighbors said they have nothing against Airbnb but were particularly concerned that the owners of the house wouldn’t be living there.
Carmel Mayor Jim Brainard has previously told Current that he believes that all Airbnb hosts need to have their homes rezoned as a commercial business because it’s unfair to hotels who go through that process and pay higher taxes.
“Businesses such as our local hotels must invest a lot of money to meet the requirements of their zoning and be able to legally operate as a hotel,” states the city’s letter to Airbnb hosts. “Because of that, we don’t believe it is fair to our hotels to allow someone to operate a competing business when they are not held to that same higher standard of construction because of their zoning classification.”
Airbnb spokesman Ben Breit said his company is working with many municipalities to address these types of issues.
“Carmel’s host community wants to pay their fair share, and we want to help. Along those lines, we are engaged in productive conversations with officials throughout Indiana to pay local taxes,” he said. “Additionally, we ask all hosts to follow their local rules and regulations. At the same time, we are working with communities like Carmel to create fair, progressive rules for home sharing.”
Indiana State Rep. Matthew Lehman has authored House Bill 1133 that would prevent cities from banning short-term rentals such as Airbnb. Home Owners Associations could still prohibit short-term rentals. City Councilor Jeff Worrell said he hopes that legislation doesn’t pass.
City Councilor Bruce Kimball said he thinks banning Airbnb listings versus limiting the number of days might make Carmel look “old school” to millennials and tech companies, many of which use Airbnb frequently.
According to an October 2016 report of AirDNA, a site that tracks Airbnb usage, there are approximately 87 active listings in Carmel. The average daily rate is anywhere from $166 for one or two guests to $1,904 for nine or more guests.
The City of Carmel is asking residents to report any Airbnb activity by contacting the City of Carmel’s Dept. of Community Services at 317-571-2417.


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Restaurants and pubs could be forced to list calories for every meal and drink on the menu
Healthier eating: Restaurants could be forced to list the calories count of every item on their menu
Restaurants, cafes and pubs could be forced to list the calories in every item on their menu under Government plans to tackle obesity.
Health Secretary Andrew Lansley wants the public to be made aware of exactly what they are eating in the hope that they will chose healthier dishes.
The plans could also include alcohol with the calorie content of every glass of wine, pint of beer and spirit measure listed alongside its price.
Mr Lansley hopes that chefs would be encouraged to prepare smaller,
less fattening menus as they would be more popular with the public.
But the proposals - which are still being negotiated - are likely to be met with scepticism by the food and drinks industry.
It is unclear how exactly the Government could force all restaurants, cafes and pubs to work out the nutritional value of every item on their menu and what sanctions they would impose if they did not adhere.
It would also an extremely expensive process which smaller, family-run establishments would be unable to afford.
Calorie-counting: 17 chains, including Pizza Hut, signed up to the FSA scheme promising to include nutritional value of all items on menus and display boards
Previous attempts appear to have failed and a voluntary scheme by the Food Standards Agency to encourage restaurants to display their calorie content has been widely deemed a flop after several of the largest firms had dropped out.
Up to 17 chains initially signed up to the FSA scheme launched last year promising to include nutritional value of all items on their menus and display boards and it was hoped that other establishments would soon follow suit.
Health Secretary Andrew Lansley wants the public to be made aware of exactly what they are eating in the hope that they will chose healthier dishes
But it recently emerged that several well-known fast-food firms, including Pizza Hut, KFC and Burger King had 'discontinued' the scheme.
The few firms who have agreed to display the information have spent thousands of pounds breaking down the nutritional value of every item on the menu.
So far the Real Greek, which runs six outlets in London, is the only restaurant to display calorific content on its menu ranging from a bowl of olives to a bottle of Retsina wine.
The chain admitted the whole process cost £3,000 and took several months to complete.
Smaller, family-run cafes and pubs would find it virtually impossible to fund these sorts of measures.
A spokesman for the Department of Health said: 'We are working with industry on a range of options.
'At present, there are no plans to legislate.'
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GreenGo launches e-car sharing in Budapest
Image by Pixabay
Local startup GreenGo is launching Hungary’s first electric car sharing service in the heart of Budapest, offering a total of 45 cars for those looking to find an alternative way of transport in the capital, according to a press statement sent to the Budapest Business Journal today.
GreenGo aims to offer services to those who regularly travel around in the heart of Budapest, but are not keen on maintaining a car and paying a fortune for parking around the city. One of the many benefits of driving an e-car in Hungary is that no parking fee needs to be paid on e-cars downtown, the press release notes.
GreenGo sees that the capital’s public transport trends have changed a lot recently, and its services are apparently an answer to rising demand among people without cars, who would like to avoid public transport but are not keen to pay for taxis.
For those who would like to be part of the service, a downloadable application for iOs and Android smartphones is available, as well as registration on the serviceʼs official website. Cars can be booked through the mobile application before pickup, and once the user has stopped using the car, the fee for usage is automatically withdrawn from the user’s bank account, the press statement explains.
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(Updates with additional company information, beginning in the seventh paragraph.)
NEW YORK (MarketWatch) -- U.S. stocks climbed Wednesday as a strong earnings forecast from International Business Machines lifted the technology sector, while companies that benefit from global growth, including DuPont and Caterpillar, rose following reports of better-than-expected economic growth in the euro zone.
The Dow Jones Industrial Average rose 148.65 points, or 1.38%, to 10896.91, its highest close since May 4. IBM led the Dow's gains, up 5.79, or 4.6%, to 132.68. The technology giant's Chief Executive, Samuel Palmisano, said the company would double its earnings to at least $20 a share by 2015 as it more aggressively pursues business in software and high-growth emerging markets. At $20 a share, IBM would have to grow its earnings around 12% a year. That compares to the company's 2007 forecast of 10% to 12% earnings growth a year.
DuPont advanced 1.57, or 4.2%, to 39.26. Caterpillar climbed 2.08, or 3.2%, to 68.15. The gains in the industrial giants, with their international exposure, followed data showing quarterly gross domestic product growth in the 16 countries that use the euro accelerated to 0.2% in the first three months of this year, from 0.0% in the final three months of 2009. In addition, annual GDP was 0.5% stronger from the first quarter of last year, according to a flash estimate from the European Union's Eurostat statistics agency. Both figures were marginally above economists' expectations.
Walt Disney was the Dow's worst performer, with a drop of 63 cents, or 1.8%, to 35.13, despite the entertainment giant's fiscal second-quarter earnings and revenue topping analysts' estimates. Investors were disappointed by the company's report of a 12% drop in earnings in its parks and resorts division, its second-largest segment, which is considered an economic bellwether.
The Nasdaq Composite rose 49.71, or 2.09%, to 2425.02. The Standard & Poor's 500 index advanced 15.88, or 1.37%, to 1171.67. All of the S&P 500's sectors ended the session in the black, led by technology and industrials.
"It looks like the bulls are back in charge," said Keith Springer, president of Capital Financial Advisory Services. "The stability in the euro zone was definitely a big reason for the rally. Those positive [GDP] numbers are giving U.S. investors confidence to go and step back into our markets."
Morgan Stanley dropped 58 cents, or 2%, to 27.80, following reports that federal prosecutors are investigating the company's mortgage-derivatives deals. Morgan Stanley said it had no contact with authorities regarding the transactions.
Sybase leapt to a new high late on a report the technology company is near a deal to be bought out by a German tech giant. Bloomberg reported that software company SAP AG is close to buying Sybase for about $6 billion. The report cited two people familiar with the talks and said a deal could come as soon as Wednesday or fall apart. Sybase surged 14.57, or 35%, to 56.14. American depositary shares of SAP slipped 47 cents, or 1%, to 44.90.
Macy's rose 80 cents, or 3.4%, to 24.70, after the retailer returned to profitability in the first quarter. The company said its efforts to tailor merchandise to local tastes are paying off.
XL Capital jumped 1.58, or 8.8%, to 19.52, after a change to Standard & Poor's criteria allowed the company's shares to remain a part of the S&P 500 index.
Electronic Arts (Nasdaq) slumped 1.09, or 5.8%, to 17.71 after the video game publisher swung to a profit on strong fiscal fourth-quarter sales, but its revenue forecast for the June quarter was slightly below Wall Street's estimates.
Huntington Bancshares (Nasdaq) rose 29 cents, or 4.5%, to 6.77, after Morgan Stanley analysts upgraded their investment rating on the stock, predicting that shares in "credit-sensitive" banks, including Huntington, are set to rise.
Constellation Brands rose 62 cents, or 3.5%, to 18.11 after Deutsche Bank analysts upgraded their investment rating on the wine giant's stock, predicting more favorable sales trends.
Brookdale Senior Living fell 35 cents, or 1.7%, to $19.74, after the operator of senior-living facilities said Fortress Investment Group sold 10 million shares of its stock in a secondary offering. Fortress shares edged up 15 cents, or 3.1%, to 4.93.


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India finds itself awash in foreign investmentThursday, October 15, 2009
Six months ago, it looked as if India was in for a bumpy recession. Factories were laying off workers and construction sites were grinding to a halt as foreign investment slowed to a trickle.
But in the last few months India has hit a gusher, as investors around the world have turned away from the dollar, the global refuge during the crisis, and rediscovered their optimism in the world economy and India’s place in it.
There is palpable optimism here. Major stock indexes have roughly doubled from their March lows. Companies are advertising initial public offerings on television. And articles about bonuses and corporate expansion plans have started replacing news about layoffs and deferred projects on the front pages of newspapers.
Nearly $7 billion (Rs32,347 crore) more foreign direct investment flowed into India than left the country from April through June, nearly twice as much as in the previous six months combined.
Including cash invested in the stock and bond markets, India received about $15 billion in foreign investment, the most it has received in any quarter except the last three months of 2007, according to Macquarie Securities.
If the current surge continues—and sceptics doubt that it can—the Indian economy could start growing at 8-9% a year as early as 2010, far sooner than forecasts by the International Monetary Fund and many independent analysts.
"Clearly after the big shock of last year, things are back on track," said Surjit S. Bhalla, who runs Oxus Research and Investments, based in New Delhi. “People are seeing the recovery to be lot more robust than what many of the naysayers are saying.”
While many say the good times are here to stay, some analysts worry that the renewed ebullience will be fleeting if global financial markets take another turn down.
Confidence in India’s potential could also falter if the government does not address some long-standing problems, namely, improved infrastructure, investment in education and economic reforms, as it has promised to do to lift hundreds of millions out of poverty.
Another big concern is that the foreign money might re-inflate bubbles in stock and real estate markets. Indian stocks are less than 20% shy of their 2008 peak, even though corporate profits and the economy as a whole are growing more slowly now. “Because we are a fairly large attractor of capital, the possibilities of bubbles building up in sectors like real estate are very real,” said Abheek Barua, chief economist at HDFC Bank Ltd, who is nonetheless upbeat about the economy. “It has clearly happened in China and there is some of that sort of problem here as well.”
For a country that quarantined its economy from the rest of the world for much of the last 60 years, India has increasingly relied on foreign investment in recent years. It has helped bridge the gap between domestic savings and the growing capital needs of the private sector and the government, which is borrowing money to pay for welfare programs and subsidies.
In the fiscal year ended in March, growth slowed to 6.7% from 9% a year earlier, in part because of lower foreign cash flows. Most analysts estimate the economy will grow more than 6% this year, but some, su ch as Bhalla, say growth will be as high as 8%.
Rising foreign investment should help offset some of the economic impact of erratic monsoon rains. The agricultural sector makes up around 17% of India’s economy but sustains more than half its population.
India’s economy lacks some of the handicaps present in other countries. For instance, domestic demand never collapsed to the extent it did in the US, and yet consumer spending is picking up now.
Car sales were up 13% in the five months that ended in August, compared with the same period last year. Builders say sales of affordable apartments—priced from $10,000 to $30,000—are up, too. Even retailers, who were forced to close hundreds of stores last year after overexpanding, are talking about opening new outlets.
Some Western companies are eager to get a piece of this market. Last month, Ford Motor said it would build and sell a new hatchback here. McDonald’s announced that it would open 120 more restaurants. And Baltimore-based T Rowe Price, according to local news reports, is in talks to buy a stake in an Indian mutual fund firm. T Rowe Price declined to comment.
At the same time, thanks to strong overseas demand for Indian stocks and bonds, companies here are raising billions of dollars. In a recent initial public offering for Oil India Ltd, a government-owned company, demand outstripped available shares by 31 times.
“There is a large amount of liquidity in the world,” said A. Murugappan, executive director at ICICI Securities Ltd. The money is flowing here, because “people see that India and China are the two growth areas.”
Still, the rising flow of foreign funds poses challenges.
India's currency has appreciated 11% since early March, to Rs46.13 to the dollar, because of rising demand for rupees and the broad decline in the dollar. That will make Indian garment and jewellery exports less competitive in the world market at a time when the industries are still recovering.
“That is a cause of worry,” Vasant Mehta, chairman of India's Gem and Jewellery Export Promotion Council, said about the appreciating rupee. “Profit margins are being squeezed, and in such a period we cannot expect to raise prices.”
The governor of the Reserve Bank of India recently said that to control inflation, his central bank might have to raise interest rates before developed countries, where rates are at historic lows. But he said that doing so could encourage overseas investors to move even more money into India, driving the rupee even higher.
And that could be too much of a good thing.