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The Government’s New Apple Antitrust Case Would Force iPhones to Look Like Androids
Like That Your iPhone “Just Works”? Better Hope That This Lawsuit Fails
Bloomberg reported Wednesday that the Biden Administration’s Department of Justice will imminently file an antitrust lawsuit against Apple — accusing the company of “violating antitrust laws by blocking rivals from accessing hardware and software features of its iPhone.”
This suit has been rumored for months, so we have a good idea of what it will include. It will likely force iPhones to work more like Android devices.
If you’re among the millions of Americans who have purchased an iPhone because of integrated features like Find My Phone, Apple Pay, iMessage, or integration with Airpods and Apple Watch, you better hope that this lawsuit fails.
Because if it succeeds, there will no longer be any difference between your iPhone and an Android device.
What We Know About the Case
- “How Apple has used its control over its hardware and software to make it more difficult for consumers to ditch the company’s devices, as well as for rivals to compete” (NYT)
- “How the Apple Watch works better with the iPhone than with other brands,” like Garmin watches (NYT)
- “How Apple locks competitors out of its iMessage service” (NYT)
- “Apple’s payments system for the iPhone, which blocks other financial firms from offering similar services” (NYT)
- “How Apple has blocked cloud gaming apps, which let users stream a multitude of titles to their phones, from being offered in its App Store.” (NYT)
- “Apple’s policy of applying fees to purchases made inside of iPhone apps” (NYT)
This lawsuit wasn’t spurred by consumer or voter complaints. Instead, companies like Tile, Beeper, Spotify, Match Group (a former client of DOJ Antitrust Chief Jonathan Kanter), banks, and payment apps have all spent months pushing the DOJ to bring this lawsuit. They would be the largest beneficiaries of the lawsuit.
Effort to Relitigate Old Losses
The Justice Department and many of the companies backing this lawsuit spent two years lobbying Congress to pass the American Innovation and Choice Online Act (AICOA) and Open App Markets Act (OAMA), which would have banned Apple and other Big Tech services from offering integrated services to consumers.
They failed. And one prominent law professor said the bills “deserved to die.”
Around the same time, the Justice Department intervened in Epic Games’ antitrust lawsuit against Apple, over Apple’s App Store commissions and rules. But Epic — and by extension the Justice Department — lost that case in court.
This new lawsuit is the Justice Department’s attempt at a do-over for those losses.
And while Congress rejected AICOA and OAMA, Europe adopted its own similar “Digital Markets Act.” And DOJ and its allies are transparent about trying to use this lawsuit to expand that law’s requirements to the United States. From NYT:
“The resolution of the Justice Department’s investigation could be affected by the details of how Apple complies with European regulations, said two people with knowledge of the matter..”
Here’s what’s at stake for iPhone users.
Millions of People Choose iPhone Because “It Just Works”
More than 135 million Americans own an iPhone. And for many of them, the ease and simplicity of iPhone’s integrated experience is why they purchased the device in the first place.
I have owned Tile tracking devices. Apple’s AirTags and Find My Phone work much better.
I have owned Android Watches. But the connection between my Apple Watch and my iPhone is seamless.
When I pop in my AirPods, my iPhone recognizes them right away. And iMessage just works across my phone, computer, and iPad.
When I purchase an app on my phone, it’s automatically available on my iPad too.
Despite years of hype over “mobile payments,” I never even considered leaving my traditional wallet at home until I started using Apple Pay.
Beyond these integrated conveniences, the Justice Department may fail to appreciate that millions of Americans prefer iPhones over Android due to Apple’s more curated and integrated experience. As Steven Sinofsky writes:
People like to say things like “I know my parents can use the App Store” but that is an ageist way to say that normal people can just use a vast array of software without even thinking about potentially horking their PC.
I understand fully why Tile, Beeper, and Match Group have agitated for this lawsuit. It would surely benefit them. But US competition law is designed to help consumers, not competitors. And this suit will force Apple to break the seamless experience that millions of customers have chosen.
As Alex Tabarrok wrote in Marginal Revolution:
Apple’s promise to iPhone users is that it will be a gatekeeper. Gatekeeping is what allows Apple to promise greater security, privacy, usability and reliability. Gatekeeping is Apple’s brand promise. Gatekeeping is what the consumers are buying.
As Sinofsky notes, Apple’s “brand promise” isn’t for everyone — but those consumers can and do have Android as an alternative:
Family sharing, Apple Pay, Apple ID, Key Chain, SharePlay, Apple’s own services, and so many more are all examples of building to a brand promise…While at every step people will take the cynical view that Apple is controlling the device when it should not be, the flip side of this is that Apple is continuing to expand the brand promise into new domains and new capabilities. It is building out a brand promise that delivers. And at each step, if you do not want the brand promise, an Android is a phone-trade in away.
Case Faces Legal Hurdles
Beyond the harms to iPhone users, the Department of Justice faces several important legal hurdles in this case. These include:
Courts Have Found that iOS Doesn’t have Market Power
While Android has a much bigger market share than iPhones globally, the U.S. is a closely contested market for mobile devices. Per StatCounter, Apple currently has 60% of US mobile device share, while Android has 40%:
According to the Justice Department’s own website, courts have rarely found a firm dominant based on a 60% market share:
The Fifth Circuit observed that “monopolization is rarely found when the defendant’s share of the relevant market is below 70%.”(22) Similarly, the Tenth Circuit noted that to establish “monopoly power, lower courts generally require a minimum market share of between 70% and 80%.
Furthermore, Judge Yvonne Gonzalez Rogers found in the Epic v. Apple case that:
Apple’s market share is below the general ranges of where courts found monopoly power under Section 2…[the] Court cannot conclude that Apple’s market power reaches the status of monopoly power in the mobile gaming market.
Courts Have Hailed “Procompetitive” Competition between iPhone and Android
Again in the Epic v. Apple ruling, federal Judge Yvonne Gonzalez Rogers found that iOS closed models competes fairly against Android’s more open model in a pro-competitive way:
It is…interbrand competition that “the antitrust laws are designed primarily to protect.” Here, centralized app distribution and the “walled garden” approach differentiates Apple from Google. That distinction ultimately increases consumer choice by allowing users who value open distribution to purchase Android devices, while those who value security and the protection of a “walled garden” to purchase iOS devices. This, too, is a legitimate procompetitive justification.
Apple Doesn’t have “Duty to Deal” With Other Companies
DOJ’s case is likely to be based on a legal argument that Apple has a legal “duty to deal” with competitors like Tile and Garmin. But this doctrine has been largely rejected by courts. As law professor Eleanor M. Fox told Recode:
“Our law is very, very conservative…Companies — even monopoly companies — do not have a duty to deal, and they don’t have a duty to deal fairly.”
The Supreme Court has ruled in two major cases — Aspen Skiing Co. v. Aspen Highlands and Verizon v. Trinko — that “refusal to deal” case should face a high hurdle.
Courts Frown on Single-Company Markets
The Justice Department’s case is likely to argue that the iPhone is its own “relevant market”, that its services “dominate.” But federal District Court Judge Yvonne Gonzalez Rogers already rejected this idea of a “monopoly of one” in the Epic v. Apple case:
Disneyland vs. Yosemite National Park
I have owned both Android and iPhone devices at different times. They are both great, for different reasons. Androids are highly customizable and integrate with a wide range of services, but I also love the way that my iPhone easily integrates with my Mac, Airpods, and Apple Watch.
It’s great for consumers that we have these two alternative models of mobile devices — one closed and integrated, one open and flexible. People vote with their pocketbooks — and have switched back and forth between Androids and iPhones.
So why should the government force iPhones to look more like Androids?
I enjoy visiting the safe, sanitized environment of Disneyland and the wild of Yosemite National Park. But I would hate to see the government force Disneyland to look more like Yosemite (or vice versa).
That’s what this case is about — denying consumers the choice between two very different alternatives. Not because consumers are clamoring for this action — but because several of Apple’s competitors have.
Happy iPhone users should hope that this lawsuit fails.
Chamber of Progress (progresschamber.org) is a center-left tech industry association promoting technology’s progressive future. We work to ensure that all Americans benefit from technological leaps, and that the tech industry operates responsibly and fairly.
Our work is supported by our corporate partners, but our partners do not sit on our board of directors and do not have a vote on or veto over our positions. We do not speak for individual partner companies and remain true to our stated principles even when our partners disagree.


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Amazon Echo unveils its plan to assist in UK and German households with voice assistant Alexa
Amazon's home-control unit, the Amazon Echo speaker which operates the company's voice-activated personal assistant Alexa, will imminently launch in the UK and Germany.
The company laid out its European expansion plan, building upon the US market where the device has been operated and piloted since late in 2014 having received over 28,000 5-star on the site. At an Amazon event in the UK this morning it was unveiled that a new white model will be released.
The system, which is looking for wider brand integrations, recently offering connectivity with BMW cars, will also launch with support from Sky Sports, Uber, the Telegraph, Just-Eat, Jamie Oliver, the Guardian, Radiocentre and Spotify.
With Wi-Fi and Bluetooth connectivity the Echo is capable of pairing up with users' home networks capable of composing shopping lists, reading emails, playing music, controlling room temperature and lighting and more, making it the perfect piece of hardware for Amazon to market its goods and services through if it is widely taken up.
Looking to cement its brand in households with Internet of Things breakthroughs, on top of its Amazon Dash buttons which recently came to London, Alexa is designed to be the centrepiece of the home, its knowledge, reportedly strengthened with 1,000 third party skills.
“Since launching Alexa, tens of thousands of developers have started using the Alexa Skills Kit with over 3,000 third party skills available to customers today,” said Steve Rabuchin, vice president, Alexa. “We’ve been amazed at the momentum and the innovative ways developers have created new capabilities on Alexa. We’re excited to see how the expansion to the UK will accelerate developer’s ability to create engaging voice-experiences for Alexa customers.”
“Millions across the US have already fallen in love with Alexa. And, predictably, she’s even more likeable with a British accent,” said Jeff Bezos, Amazon Founder and chief executive. “We’re delighted to be bringing Echo and Alexa to the UK.”
Prime customers that pre-order the Echo today will get £50, German's will see a 50 Euro discount.

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Nepal International Trade Fair to begin on March 16Federation of Nepalese Chamber of Commerce and Industry (FNCCI) is organising the sixth edition of Nepal International Trade Fair-2017 from March 16.
Federation of Nepalese Chamber of Commerce and Industry (FNCCI) is organising the sixth edition of Nepal International Trade Fair-2017 from March 16.
The exhibition will have 340 stalls showcasing various domestically-made as well as imported products.
According to the organiser, Chinese companies will showcase their products from 85 stalls, while those from India have 10 stalls. Pakistani traders have booked 20 stalls, whereas 50 stalls have been allocated for Bangladeshi firms and two for Thai companies.
Importers of Nepali products from countries like Japan, Korea and Thailand, among others, will also be participating in the event.
FNCCI said the fair will also offer a platform for enhancing B2B contacts and promoting global products under a single roof. Besides, the exhibition aims at boosting technology transfer and identifying potential investment areas. Handicrafts, tourism, information technology, agricultural products, energy, construction materials and interior design products, among others, will be major attractions of the event. Other products on display include drugs and medicines, iron and steel, fashion wear, leather goods and food items.
FNCCI is organising the trade fair in association with International Labour Organisation (ILO) and a number of private sector organisations such as Mercantile Communication, Official Cargo Ganesh, Ganesh Air Cargo, Carpet Sponsor Heritage Carpet, Premier Insurance and Arghakhachi Cement.
The event will also host 35 stalls showcasing herbal products of various domestic companies. FNCCI’s Agro Enterprise Centre of FNCCI will showcase agricultural products from 70 stalls. On the sidelines, ILO will be conducting a job fair.
FNCCI has expected more than 200,000 visitors.


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Ares Design – already known for its Lamborghini Huracán-based ‘modern Pantera’ – has created a new Ferrari 412-inspired GT car called ‘Project Pony’.
FERRARI 412 ‘REBORN
The Modena-based company has transformed a Ferrari GTC4Lusso to look like a 1970s Ferrari 412. The new bodywork is all-new in carbonfibre, and features pop-up headlights and 1970s-style wheels.
Inside, there is a new dashboard and fresh upholstery featuring handcrafted leather seats and hand-stitched highlights. The flat-bottomed Ferrari steering wheel is replaced with a new circular one.
Mechanically, the car remains standard GTC4Lusso, with its four-wheel drive and 690hp 6.3-litre V12. With less weight than the donor car, you can expect the 0-62mph time of 3.4 seconds and top speed of 208mph to be improved upon. The price tag is in excess of £800,000.


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The German automaker has outlined plans that will involve the recall and fix of 8.5 million autos in the European Union, affected by the scandal over its ploy to cheat diesel emissions testing procedures.
Matthias Mueller, the chief executive officer who took the job last month after the long-running leader Martin Winterkorn resigned as the automaker acknowledged it had rigged US diesel emissions tests, announced the company would infuse more executive power to brands and regional subsidiaries while also investigating to the full extent its biggest business crisis in the firm’s 78-year history. “We have a good chance of shining again in two to three years,” he commented in a speech delivered to VW managers in Leipzig. The company announced last month close to 11 million autos sold worldwide was equipped with the illegal software used in the US to conceal the real level of toxic emissions. On Thursday the carmaker said it would recall 8.5 million vehicles affected in the European Union after being forced by Germany’s KBA automotive watchdog to start repairs in the beginning of next year.
The KBA announced the order was for 2.4 million autos in Germany and was mandatory – drivers would not be able to choose if they want their cars to be fixed or not. Servicing all 11 million autos would also be among the largest in history from a single automaker and would rival the massive 10 million plus vehicles brought back to service by Toyota back in 2009-2010 over acceleration problems.


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There will be life after COVID 19, but it’s guesswork to how much and how quickly it resumes to pre-virus levels. American designer, Tom Ford, told WWD today, “In China, for example, with our cosmetics, we’ve completely recovered. We’re back to 100 percent. And our ready-to-wear and accessories, which was down about 95 percent, it’s now back up to 50 percent.”
That is in just over a month. The Chinese saw a spike in infections on 12th February.
Tom Ford has just 4 own brand stores in China. His beauty brand, in partnership with Estée Lauder, will be available more widely. Tom Ford Beauty was projected to turn over $1 billion in global sales by 2020.
Admittedly, the person who can afford Tom Ford might be slightly more immune to a downturn than others, but it’s more the attitude and feel good factored needed to buy an expensive handbag that is interesting here. It’s a strong bounce back and one many other luxury brands will be looking and hoping for.
Tom Ford, while a big name, is relatively mid-sized in terms of luxury with very select (limited) distribution. The brand generates an estimated $500 million in yearly revenues for its men's and women's ready-to-wear and accessorises. But, he will be sat alongside, in retail terms, the best of the world’s brands and designers, so it shows the Chinese shopper is back out.
Italy, the worst-affected country in Europe, is starting to see the number of new cases of Coronavirus cases start to fall. The peak in the country was four days ago, on March 21, when 6,557 new cases of the virus were reported. Two days later the number was down to 4,789 and, although yesterday the number increased again to 5,249, that is still 20% below the peak.
A week after South Korea hit its peak, which was much lower than major European countries at just 851 cases on March 3, the number of new recorded cases had dropped by 87%.
In Germany, the peak number of new cases was on March 21 at 4,528 cases. Yesterday, 24th March, the number of new cases was down to 3,935, a drop of 17%.
While we have to take Chinese virus numbers with a pinch of salt, it might not be as bad as we think for the fashion business after all. A strong domestic consumer bounceback will be the catalyst the fashion industry needs.
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When China sneezes, the world catches a cold. So, when China caught the new coronavirus, or COVID-19 virus, there was going to be major economic repercussions. With the world’s second largest economy on virtual lockdown, its effect on both domestic and international sales for fashion companies will be seismic.
While there is no way to predict how long it will take to runs its course, companies have already started to make tentative statements about how it is affecting their bottom line. Those companies heavily reliant on the Chinese market and high spending Chinese tourists will be particularly affected and be crossing their fingers that this is over quickly.
While it is hard to predict the length of the outbreak and its impact, we can look back at the last major virus outbreak, SARS, which originated in China in 2002. It's thought that this strain of the coronavirus usually only found in small mammals mutated, enabling it to infect humans in the same way as COVID-19 has. By the end of the nine-month long SARS outbreak, the virus had spread to several other Asian countries as well as the UK and Canada, killing 775 and infecting more than 8,000 people.
The current stats for COVID-19 are 71,499 confirmed cases and 1,776 deaths, that’s a 1 in 40 death rate compared to over 1 in 10 for SARS. In terms of stats it looks less serious, with many people being carriers and displaying no symptoms. The under reporting of Chinese authorities has been questioned and how they are trying to minimise the severity of the outbreak, but they seem to be taking swift action to prevent contagion.
The world in 2020 is very different from 2002. The Chinese are travelling much more and have become some of the world’s highest spending tourists. In 2005, there were 95,000 Chinese visitors to the UK, in 2018 that number had reached 391,000 and was continuing to grow. Chinese tourists make up the largest share of visitors to the UK (32%) and they have one of the highest average spends of any national group. In 2018, the latest set of statistics, the average spend of a Chinese tourist in the UK amounted to £1,373. They were only surpassed by visitors from Qatar and UAE.
In London’s West End, accounting for a quarter of all non-EU tax-free spend in 2018, on average, Chinese customers spent £1,630 per shopping trip, making them 59% more valuable than other international shoppers.
Hong Kong-based airline, Cathay Pacific, has already cut 90% of its capacity into mainland China and announced that overall capacity would be slashed by 30% as a result of falling demand related to the outbreak. British Airways announced that it would temporarily suspend its flights to mainland China, following the UK Foreign Office’s advice against all but essential travel to the country.
The most visited country in Europe was France with 2.2 million Chinese nationals visiting in 2018. Paris was already having to contend with transport strikes and gilet jaunes protests and now one of its most valuable visitors is staying away. The same could be said about Hong Kong; months of riots now followed by COVID-19 will have taken its toll on this important luxury retail location. The majority of the world’s major cities will be affected by the lack of Chinese tourists.
For British luxury giant, Burberry, Chinese consumers account for 40 per cent of revenues worldwide. Burberry Group plc released a statement at the beginning of February saying, “The outbreak of the coronavirus in Mainland China is having a material negative effect on luxury demand. While we cannot currently predict how long this situation will last, we remain confident in our strategy.” said Marco Gobbetti, Chief Executive Officer.
Currently 24 of Burberry’s 64 stores in Mainland China are closed with remaining stores operating with reduced hours and seeing significant footfall declines. This is impacting retail sales in both Mainland China and Hong Kong “The spending patterns of Chinese customers in Europe and other tourist destinations have been less impacted to date but given widening travel restrictions, we anticipate these to worsen over the coming weeks.” the statement said. Burberry was planning to hold a fashion show in Shanghai in March but that has been put on indefinite hold, while Chanel has cancelled its May Métiers d’Art show scheduled for Beijing.
Estée Lauder gave a recent update to the markets saying it it expects adjusted earnings of $5.60 to $5.70 per share in 2020, down from a previous estimate of $5.85 to $5.93 citing the coronavirus. Fabrizo Freda, Estee Lauder president and chief executive, said: “The global situation will also affect our financial results in the near term, so we are updating our fiscal year outlook. We will be ready to return to our growth momentum as the global coronavirus is resolved.”
Other brands who have focussed on growth in China will feel the effects. Luxury outerwear brand, Moncler, warned that footfall at its stores in China had plunged 80% since the coronavirus outbreak and it earns 43% of its total revenues from Asia. Michael Kors and Versace owner Capri Holdings saying it would take a $100m hit from coronavirus in China, where it was forced to close more than 150 stores.
Right - Off-White - Logo Print Face Mask - £65 from Farfetch
Kering makes 34% of its sales in Asia Pacific, excluding Japan. Kering’s chief executive officer, François-Henri Pinault, said - on the 12th February - the group - Gucci, Saint Laurent, Balenciaga, Bottega Veneta - had experienced a strong drop in sales over the past 10 days. Many of the group’s stores in China are closed or running reduced hours. The company said it will halt advertising spend and postpone new openings in China in the near-term in a bid to limit the damage caused by the virus. Pinault said that planned product launches might also be reconsidered and is also shifting inventory to other regions to make sure stocks don't pile up in China. Without giving an estimate for any impact from the virus on earnings, he said online shopping was not really making up for the decline in store footfall. "The warehouses are shut. People can place orders but there are no deliveries," he said.
While being strong in China and in the Chinese market has been a boon for many years, this outbreak shows the danger of having all your eggs in the Chinese basket. Once a high growth area, this is a double whammy for brands; you have the domestic market closed and the free spending tourists are no longer shopping.
China’s growth was already slowing, but it was just about to come out of the trade wars with America. Even if this outbreak is over in a relatively short window of time, it’s the momentum it has lost that will take the longest time to get back. Getting those Chinese tourists to rebook their flights and travel plans, brands reworking expansion plans and product and consumers getting that feel good factor to spend will take months to correct. Many brands are downplaying the current impact to protect their share price. Hopefully, the epidemic will be over shortly, but the repercussions of COVID-19 will be felt by the fashion industry well into 2020.
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Arguably the finest looking retail street in London, Regent Street’s sweeping thoroughfare is home to the world’s largest Burberry store. The former theatre and cinema is a huge, cavernous stage for the only domestic luxury mega-brand the UK has. What you’ll notice recently, as you walk past, there is never anybody in it. Worryingly, the store always looks empty of customers, and, as is often the case in fashion, you don’t need to see financials or figures to see whether something is instinctively selling or not.
After two distinctly underwhelming, but vast collections under new Creative Director Riccardo Tisci, the first results are in and it doesn’t bode well. Sales are flat in a market that has seen stellar performances from Kering and LVMH. Burberry’s sales grew by just 2% to £2.7B over the year to March 2019 with an adjusted operating profit of £438m. According to Bain & Company, the luxury goods and experiences market grew by 5% in 2018 and to put this into further context, LVMH was up 10% and Kering was up an incredible 26.3% over the same period.
Left - Gigi Hadid in Burberry's latest campaign. The collection could easily be confused with Fendi
After Burberry’s huge growth under previous Creative Director, Christopher Bailey, the brand’s new strategy is to take the brand more upmarket and completely change the feeling and identity of the brand. Marco Gobbetti, Chief Executive Officer, who hired Tisci, puts a positive spin on it in the brand’s latest financial release, “We made excellent progress in the first year of our plan to transform Burberry, while at the same time delivering financial performance in line with expectations. Riccardo Tisci’s first collections arrived in stores at the end of February and the initial reaction from customers is very encouraging. The implementation of our plan is on track, we are energised by the early results and we confirm our outlook for FY 2020.”
The two stores Burberry had in Knightsbridge have closed and are now a trashy souvenir shop and while they said they are taking a new store above the Tube station, it is a long way off from opening with only the facade currently standing.
The only hope is that they are still selling in China. There was a report in Jing Daily, the leading digital publication on luxury consumer trends in China, in April, that said Burberry had shut down four retail stores in Shanghai since August 2018, with the latest closure occurring on March 31, when the brand ceased the operation of its flagship store at the city’s L’Avenue, which it opened in 2013. The article said “the company had been laying off Chinese staff in preparation for the closure until only seven of them remained”. The publication also said the permanent closure of the L’Avenue store represented a “landmark event” in Burberry’s perceived exit from Shanghai.
According to the results, in Asia, it’s seen low single digit growth in Asia Pacific, Korea and China, stable in Hong Kong and declining in Japan. Which is worrying. Burberry is also cutting costs to shore up the balance sheet.
The company is pinning all its hopes on the new Tisci product. The statement said “The first deliveries of Riccardo Tisci’s products arrived in stores at the end of February. Although it is currently a small portion of our offer, the initial reaction from customers has been very positive with sales of the new collections delivering strong double-digit percentage growth.” It’s not clear what the growth is in comparison to.
The company says it is currently on a multi-year journey to transform and reposition Burberry. “FY 2019 and FY 2020 are foundational years where we will re-energise the brand, rationalise and invest in our distribution and manage through the creative transition, after which we will accelerate and grow.”
In retail, they say they are focused on refreshing flagship stores, with over 80 retail doors expected to be “aligned” by the end of FY 2020. "To ensure we are focusing our resources on the most impactful locations, we will also be closing 38 smaller, non-strategic retail stores in secondary locations. In wholesale, we stepped up our wholesale rationalisation in the second half of the year, phasing out non-luxury doors.” says the financial statement. In total, Burberry closed a net 18 stores (seven mainline, nine concessions and two outlets) in the year and new openings included the relocation and expansion of the Dubai flagship and openings in Shin Kong Place, Xian (China). Fourteen retail stores had been aligned to the new aesthetic by the end of the period.
Tisci’s first collection ‘Kingdom’ hit stores in February, but it didn’t create the much needed desire within the fashion community which ripples out to consumers. In that period, we’ve seen Givenchy fly, Gucci continue to power on and Bottega Veneta get a new designer and start to make waves. Unless you make positive gains from the energy around a new star creative designer, the energy quickly falls flat and the new Burberry seems to have been striped of identity during its rebrand.
Riccardo Tisci’s and Christoper Bailey’s Burberrys were always going to be very different. One was incredibly successful and turned the company into a global, billion dollar player, the other, was a fresh start, hoping to equal the growth and appeal of its predecessor but with a new, more street-like aesthetic while trying to elevate the brand.
Burberry feels like a brand going into reverse and unless new collections start to create some form of excitement people won’t be willing to pay more. The momentum it has built up over the past decade will disappear and it will be a tough job to get that back. This feels like a brand to ‘sell’ before the evidence of the failure of this new strategy becomes even clearer.
This article isn’t a discussion on the pros and cons of real fur and offers no moral viewpoint on its use. I acknowledge that this contentious issue/material is divisive and has passion on both sides.
The real ‘fur’ industry has seen massive growth, since the beginning of this century, driven by international consumers and trims on accessories and coats. It is now a $40 billion industry. It was inevitable that it would have a backlash and there would be a reaction to it, most notably from younger consumers.
I put ‘fur’ into speech marks because it’s a very broad term and while some brands may no longer use mink they continue to use the skins of other animals and there’s no definitive reason for the choice of some animals making the used list and not the others. Read more here - ChicGeek Comment Fur Debate: You Either Use Animals Or You Don’t
Brands such as Gucci, Versace and Martin Margiela have decided to announce they will no longer use real fur. Donatella Versace recently said, “Fur? I am out of that,” she said. “I don’t want to kill animals to make fashion. It doesn’t feel right.”
“Naturally we were disappointed to hear that Versace has said it won’t use real fur in collections. However, the majority of top designers will continue to work with fur as they know it is a natural product that is produced responsibly. When Donatella Versace says ‘I don’t want to kill animals to make fashion.’ presumably her company will soon stop using silk and leather?” says Andrea Martin from the British Fur Trade Association.
“It is disingenuous to claim that leather is a by-product of the meat industry, a cow still had to die to provide the product. Silk cocoons are placed in boiling water to help unravel the thread with the silk worm inside,” says Martin.
Italian accessories brand Furla has formally declared that it will be banning fur from its collections from November of this year, which would coincide with the launch of its Cruise ’19 collections. This follows decisions by Michael Kors and Yoox Net-A-Porter, which has declared that all its stores and websites would be real fur-free zones.
“I think some of the brands have gone fur free under pressure from anti-fur trends, and some are genuinely concerned. If brands don’t want to use animals for fashion then they need to consider leather, exotic skins, silk, sheepskin, makeup and products, all of which use animals. I also think human welfare is important to consider when producing fashion, and this often gets forgotten.” says Rebecca Bradley, a London based fur designer.
So, why are luxury brands really dropping the use of real fur?
I think it is pure economics and the high margin greed of today’s luxury industry. It’s the same reason many restaurants are pushing vegetarian and vegan options: the margins are higher and therefore the profit. By charging slightly lower prices for something which is much cheaper to make, the margins increase. There are only so many €25,000 full-fur coats a brand will sell and the ceiling price is sensitive, so you can’t factor in the same margins you would on your other products. If you make it in faux-fur you'll get a higher margin and a bigger percentage of profit. You’ll also sell more and probably generate more money overall.
The irony is, the reason a real fur coat is so expensive is because of the high welfare standards of the European producers. Luxury brands wouldn’t be able to use cheaper real-fur from other sources witout criticism and scrutiny.
“Fur coats may seem expensive, however the price of a fur coat should reflect a high standard of animal welfare, and therefore with a beautiful, high quality fur, many skilled people are involved with production, including a furrier, and finisher to create a fur coat that will last for many generations, ” says Bradley.
Fur, for the majority of brands, is a very small part of their businesses and therefore it’s not difficult to heroically declare you’re no longer going to use it. It’s also easily replaced by a cheaper, synthetic alternative while not altering the price very much or at all. You can paint the use of a fake fur trim as an ethical choice rather than a cost saver to the consumer. It’s cynical I know, but it’s working.
PETA’s Director, Elisa Allen, says, “Fur is dead, dead, dead. As well as making sense for designers' conscience, ditching fur makes business sense, as today's consumers are demanding animal and eco-friendly clothing for which no animal has been electrocuted, strangled, or caught in a steel-jaw trap. From Armani to Versace, the list of fur-free designers is growing every day, and innovative vegan fashion is on the rise. The tide has turned irrevocably, and there's no going back.”
Many brands used the word ‘sustainable’ when announcing their decision to no longer use real-fur, but again, this is another term in fashion that is very broad and has little full meaning until you see the detail. I’m not sure a fake fur coat is particularly sustainable, but then again it does depend on the material.
But, you also have to acknowledge that nobody needs to wear a real fur coat. We could easily survive without real fur, but it’s interesting how, out of all the animal products we use, this is one of the most offensive to some and creates the biggest reactions and protests.
The real fur industry continues to grow in China and with other newly rich consumers and markets. It is now a US$17 billion-a-year industry in China and Haining, near Shanghai, is its hub.. Fur companies will be a bit like tobacco companies: the falling sales in established markets will be replaced by growing sales in new and even bigger markets in Asia.
Chinese animal welfare standards are very different from European standards. European producers have very strict regulations and it’s an industry which has to be transparent in order to ward off criticism.
“We respect the fashion industry’s attempts to become more responsible for the products they produce. Animal welfare is of critical importance and the fur produced is farmed to the highest welfare standards.” says Martin.
“With growing concern about the environment and plastics we believe it is more responsible to move back to the use of natural, biodegradable materials. Fur is the natural and responsible choice for designers and consumers.” says Martin.
Ditching fur is quite a lazy way for luxury brands to try to be more ‘sustainable’ and look like they care about the environment.
“I think that companies and consumers becoming educated and aware of origins of products and materials is a fantastic thing, but the focus needs to be across the board, ensuring standards of human, or animal welfare and environmental impact.” says Bradley.
Many brands are seeing real fur as something they live without and it’s more hassle than it’s worth if the profit and quantities aren’t there. You can pick holes into both sides of the fur debate. While a positive move for many, the decision to no longer use real fur is really a cleverly spun business decision and driven by their continued obsession for huge margins.
Read more expert ChicGeek Comments - here
Something occurred to me the other day with regards to the watch business. Much like the oil industry which continues to pump out millions of barrels of oil, despite the price falling, in order to fend off or weaken the burgeoning fracking industry, (it’s a lost cause, btw, but what other options are there?) the watch industry is doing much the same thing: pumping out large volumes of product at all different price levels trying to keep themselves desirable and relevant.
Left - Are luxury watches sinking for good?
The smartwatch was a catalyst, and while it hasn’t really dented the traditional watch market, it was already under threat from people using their phones to tell the time and the slightly old-fashioned, pompous and alienating approach many Swiss brands/makers have.
Global Blue’s latest data for the third quarter of 2016 show global spending on watches is down -32%. The UK aside, which is experiencing a blip due to the weakness of the pound, Global Blue’s latest year-to-date data shows that the W&J (Watches & Jewellery) category has been hardest hit by the global luxury spending slowdown.
The reasons they give are: Chinese are buying fewer watches due to the conspicuous consumption crackdown, higher import duties are a major deterrent, as is the dual effect of less attractive product and lack of price differentials. Plus the landscape is dramatically different now that global shoppers are deterred from visiting Europe due to the persistent perception of reduced safety and threat of terrorism.
Like all industries that experience rapid growth it will inevitably lose momentum and stall. They are trying to offer something special, but in volume, which is an oxymoron. They are also not very transparent at helping consumers know what they are buying and paying big bucks for.
They’ve opened huge flagships to showcase their brands in insulation, so as not to be contaminated by any others, but it’s not sustainable. Recently, Mike France, co-founder of internet watch retailer Christopher Ward, said, when talking about mono-brand watch stores, the “Regent Street model cannot be economically viable”. He said: “Ultimately they will die. Some of them will remain, but most of them will die. At the moment stores are flags for the brands; most of them lose a fortune.”
The volumes the industry are churning out are unsustainable too and has taken the 'luxury' halo off the industry. They are in a damned if they do and damned if they don’t situation.
Lots of consumers are turned off by the prices and are turning towards the ‘pre owned watches’ or 'second hand watches' market for something different or if they still want a status symbol-type brand at a price that they can afford and justify.
I’ve also heard branded/licensed watches in the mid-market are struggling and many brands and fashion companies which don’t specialise in this area are leaving the category all together.
Luxury watches are at a crossroads. Will we look back in a few years and find it funny that people used to wear lumps of mechanical metal on their wrists? Only time will tell.


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Brexit was not a factor in Ford’s decision to close its engine plant in Bridgend, the company’s European boss has said.
Steven Armstrong told MPs that leaving the EU is “not the reason” behind the closure.
Ford announced last month that the plant in south Wales would close in 2020 with the loss of 1,700 jobs.
Mr Armstrong told MPs that a downturn in demand meant the plant was no longer sustainable.
First Minister Mark Drakeford has claimed that Brexit was in the background of the decision to close the site.
Ford Bridgend workers ‘feel betrayed’
Five reasons the car industry is struggling
Ford workers ‘deserve better’ than closure
“We’ve been talking a long time about the implications of a hard Brexit,” Ford of Europe chairman Mr Armstrong said. “I’ve been very vocal publicly around the fact that a no deal Brexit would be a catastrophe for our industry.
“I want to make it very clear the sustainability of the Bridgend plan is not directly linked to whether we do or don’t believe there will be a hard Brexit.”
He added: “Brexit is not the reason.”
Mr Armstrong also said the decision to close the plant was delegated from company bosses in Detroit and made by the British board on 5 June.
Cardiff North Labour MP Anna McMorrin said Ford is the “kind of company that shafts its British workers”. Mr Armstrong denied it was the case.
He was also asked if other UK factories were safe, and under a hard Brexit scenario. He said: “If we face tariffs and friction at borders, that would put significant burden on our business – $1bn year cost (£798m). That would cause us to have to think what our footprint would be.”
Mr Armstrong added: “We believe over time that electrification is the way forward for the industry, the speed with which that electrification comes has consequences as we try to disposition the historic assets we have got.
“Unfortunately Bridgend is one of the first being impacted by that.”


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It is reported that the satellite/phone provider, AT&T, is planning to buy the media powerhouse, Time Warner. AT&T acquired the rights for DirecTV earlier and they have enjoyed enormous success in the TV arena after the deal with the satellite provider.
Bloomberg News recently reported that the executives from both Time Warner and AT&T were indulged in “informal” discussions about a potential deal between the companies. Time Warner, one of the largest entertainment companies in the world, currently owns Warner Bros., Turner, and HBO. If AT&T manages to enter into a partnership with Time Warner, they will be able to own a number of premium content networks.
The rumor about this merger emerged just a day after Wall Street Journal stated that AT&T is taking a significant steps with their recent acquisition, DirecTV. It should be noted that the Telco has already announced their plans to introduce a new online streaming platform through DirecTV, which is called as DirecTV Now.
AT&T has also hinted that this online streaming platform will be available to subscribers by the end of the year. DirecTV subscribers will be able to sign in to this streaming service and watch their favorite movies, popular TV shows, live sports events, and a lot more other contents, even without using a set-top box, satellite dish, or other equipments.
As many subscribers have shifted their focus towards online offerings, smartphones, and mobile data these days, providers cannot just rely on just providing internet to the users. This is why major telecommunication companies are determined to add more services into their offerings. Even wireless firms in the country are trying to either acquire or produce their own exclusive content in order to attract more customers towards their service.
The Verizon-Yahoo Deal
Another major telecommunication brand, Verizon, is trying to acquire Yahoo for an estimated budget of $4.8 billion. Yahoo is just behind Google and Facebook on the number of online audiences, who are following the web company.
Analysts revealed that internet providers would be able to trace details on the sites subscribers and on what they are consuming during the browsing session. Internet providers can use this data as targeted advertising and turn it into revenue. However, some analysts argue that the regulatory efforts in Washington may advise against using this strategy.
In a recent email, Craig Moffett, a telecom analyst at the firm MoffettNathanson, said that, “The proposed rules are a clear negative for ISPs like Verizon, which was seemingly banking on location-based advertising as a critical part of their AOL/Yahoo strategy. Geolocation information is expressly identified as being subject to the more onerous ‘sensitive information’ rules.”


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One of the big announcements at IFA last week was cable channel HBO's decision to launch its own online subscription service separate to its regular cable TV offering.
HBO Nordic will operate in Sweden, Finland, Norway and Denmark when it begins operations later this month. For €10 a month users will be able to access TV shows and movies from HBO's substantial back catalogue on any Internet-connected device.
If the experiment is a success it will prove a significant win for both the channel and its parent company Time Warner. The price of failure is the gifting of a whole market to Netflix.
Effectively what this represents is a battle of two approaches: HBO's premium model and high quality content versus an expansive low-price option of second-run movies and TV shows.
There are also some interesting subplots about HBO's UK broadcast partner, Sky, and its main competitor in original programming, AMC.
As previously covered in this column, Netflix has made no secret of its ambitions to compete with HBO in the past. On launching in Ireland last January, CEO Reed Hastings said Sky Atlantic (HBO's original output under a BSkyB brand available as part of a multichannel package), and not Sky Movies was his main target.
He elaborated that he wanted people to think of Netflix as a broadcaster, not a niche service. The message seems to be getting through.
Thanks to a free one-month trial offer over 1 million people signed up in the UK and Ireland (specific figures have not been released for the Republic) from January to July. Any enthusiasm will be tempered by an under-populated catalogue will suffer from substantial audience fluctuation (‘churn’).
As a counter-measure Sky launched its own Web-based movies on-demand service Now TV in July, charging £15 a month or as a pay-as-you-go option for UK customers.
It remains to be seen how audiences will take to a standalone service with a superior catalogue at more than twice the price of its competitor.
Sports and TV shows are expected to be added. Note this is not seen as a replacement or competitor for Sky Go, an Internet-based service for pre-existing Sky customers.
HBO's decision to go it alone in Scandinavia allows it to honour its agreements with Sky and gives it a head start on a market without Netflix penetration.
So what will users get for their €10 a month?
Access to HBO's back catalogue of original programming and movies, including Boardwalk Empire, Game of Thrones, The Wire and True Blood - that's a lot of quality material.
If HBO's content proposal is superior to Netflix's - and it mostly is - the draconian terms users will need to access it on a mobile device would make Apple blush.
Where the iPhone maker caused a storm by initially limiting the handset to only a single network, HBO is doing virtually the same to Android users by locking in access to only Samsung handsets (from October they will ship handsets with a native app) on a single network.
In contrast, Netflix shows up anywhere it is welcome, be it online; through apps for iOS, Android and Windows Phone; on consoles like Xbox 360 and PlayStation 3; streaming boxes like Roku and Apple TV; and smart TVs.
Such is the difference between a distributor of content (Netflix) and a 'creator' that believes its content retains value and shouldn't have to undergo a natural lifecycle ending in a streaming services ghetto.
Where HBO truly holds the upper hand, however, is the fast turnaround from first US broadcast to online streaming. Nordic subscribers will be able to enjoy same day-and-date release of new episodes.
This is something Netflix cannot compete with, even though it carries similarly acclaimed series like AMC's Mad Men, Breaking Bad and The Walking Dead (all three could be considered as good as anything HBO offers) the slow turnaround of content is a serious deficiency. If Netflix wants to keep up it has to look into making nice with AMC.
Should we be getting excited about HBO without Sky?
The bad news for us Irish viewers is that existing deals with distributors and Sky almost ensures we won't be getting such a service from HBO any time soon.
Given the choice, however, I'm sure thousands of disgruntled former Netflix subscribers (and even some current ones) would jump at the chance to access a proven back catalogue.
Let the search for appropriate geoblocking software begin!
Niall Kitson is editor of TechCentral.ie


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Version 5.4 is no longer available or supported.1. Ansys, Inc. released the latest version, Ansys 2023 R2, on July 12th, 2023.
3. Development takes all security issues seriously and researches them. Patches have been release for past security concerns.
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The outbreak of the coronavirus brought Ride-hailing to its knees, and that was back in 2020. LYFT Inc (NASDAQ:LYFT) and Uber Technologies Inc (NYSE:UBER) reported losses, but things seem to be taking a different turn lately. The companies attribute the impressive changes to the government’s vaccination programs in the previous month.
Return to normalcy
The return to normalcy sparked changes, with most people going back to their usual undertakings. Lyft was impressed by its performance in the week ended March 29 after witnessing an 80% increase in profits. The increase was in relation to what it got in the first week of the year. Uber experienced a 76% climb over the same period.
Lyft President John Zimmer has outlined the vaccination’s impact on demand. Zimmer says that an increase in the vaccination rate has constantly resulted in a rapid rise in demand.
The vaccination seems to act as a reverse to the pandemic, considering the positive impact.
Riders seem rather enthusiastic about hitting the road, but things aren’t the same for drivers. The two leading companies have woken up to the realization that drivers are less passionate about their work and have decided to offer incentives.
Why the driver’s reluctance?
Many reasons continue popping up as explanations for the phenomenon. Safety concerns top the list, with many drivers fearing for their general wellbeing. The other thing has been the lack of a steady workflow. Most of the drivers seem more enthusiastic about food deliveries and tasks in different segments. Analysts continue to speculate on whether or not the availability of vaccines will bring them back.
The drivers’ reluctance continues to spark longer wait times, which isn’t great for the ride-hailing industry. Analysts fear that the phenomenon might negatively impact ride-hailing appeal to consumers.
Matters have always been relatively easy for consumers in the past, considering their guarantee of instant gratification.
The leader of driver operations for Uber in Canada and the U.S, Carrol Chang, confirms that riders have been moving in at a faster rate than the drivers. Both Uber and Lyft have been making moves to motivate drivers. One of the ways has been to spend millions on driver bonuses. They hope to succeed in their quest to end driver shortages.


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Shraddha Srinath is on cloud nine, as Maara that is streaming on Amazon Prime Video, has fetched her much praise for her portrayal of Paaru, a restoration architect who goes on a journey in search of a fairy tale. “Paaru, like me, believes every brick has a story to tell. Like her, I too am fascinated by old structures.” For the longest time, Shraddha wished she had a time machine. “When I see a fort, I wonder how it must have been when bustling with activity. Paaru is like that too; it’s why she is a restoration architect.” She smiles at the realisation that she speaks of Paaru as though she were a real person. “She is, in my head,” she says.
“Smile ah, adhu oru mile ku pogume” – Actor Vivek’s dialogue from Dum Dum Dum flashed across my mind as R Madhavan greeted me with a brisk and warm handshake with a flash of that famous impish smile. While women (and apparently men too) across the country are still going gaga over his smile, it is impossible to notice the affability when he calls himself an ‘unconventional looking hero.’ After a blockbuster Vikram Vedha, Madhavan is now stepping into the digital arena with his first web series, Breathe. With a successful career spanning more than fifteen years, the actor’s choice might raise a few eyebrows. But Madhavan says he has always known that digital content is the way ahead. “I have been doing the research for quite some time. I didn’t forecast brands like Amazon and Netflix to step in, but I realised that there will be an explosion with digital content around 5 years back,” he recalls. Continue reading “I don’t think any series has a finale as dynamic as Breathe: R Madhavan”


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Forget a third time, Indian Motorcycles and Jack Daniels have found the second is definitely a charm as the latest limited edition offering sells out in ten minutes.
Two historic brands had such a good time when they came together last year they’re doing it again. Indian Motorcycle and Jack Daniels are creating another limited edition model.
The final, available, limited edition Jack Daniel’s Indian Chief Vintage motorcycle rode out of auction earning $150,000 for a U.S. Military charity.
Bikers wanting some impressive bragging rights have an opportunity this weekend as the first and last Jack Daniel’s Indian Chief Vintage Motorcycle rides onto the auction block.


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Hasbro announces latest Best Buy exclusive
Hasbro has announced the latest figure to join the Star Wars Black Series 6″ line. Joining the line will be the Heavy Infantry Mandalorian. This figure is inspired by the character from the Madndalorian live action TV series on Disney Plus. It will be a Best Buy exclusive and retails for $29.99. It is now available for Pre-order for shipping in December.
Below is the press release and images from Hasbro.
STAR WARS: THE BLACK SERIES 6-INCH HEAVY INFANTRY MANDALORIAN Figure
(HASBRO/Ages 4 years & up/Approx. Retail Price: Starting at $29.99/Available: Fall 2019)
Available for pre-order at BestBuy.com.


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Once again this year, the Disneyland Resort Design & Engineering team has come up with a fun design for CANStruction Orange County, a design-build competition which benefits the Orange County Food Bank.
Using more than 7,000 food cans, the team created the Disney-Pixar character Woody inside the South Coast Plaza Mall in Costa Mesa, California. If you’d like to take a look, all the structures in the competition will be on display through September 22nd.
The 9-foot-tall design, which took six hours to build, is made from canned jalapenos, green chiles, olives, rice, beans, and baby food.
Here’s how it came to life:
Source: Disney Parks Blog


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The Prime Minister of our country, Shri Narendra Modi has decided to start the self-planning scheme of the Union Cabinet on 1 June 2020. Under this scheme, the central government will provide loans up to 10,000 rupees to the street vendors and small street vendors (small street vendors) to start their own work afresh.
This self-funding scheme is also known as PM Swanidhi Yojana The benefit of this scheme will be made available to all small street vendors in the country. Dear friends, today we are going to provide you all the information related to this self-planning scheme like application process, eligibility, documents, etc. through our article, so read our article till the end.
Street vendors along the rural and urban roads in the country who sell fruits, vegetables or small shops on hawkers can avail government loans under this SVANidhi Yojana by availing a loan of Rs 10,000 Must return in installment within one year of the track.
Seven percent annual interest subsidy will be transferred by the government to their account to the street vendors who repay this loan on time. Interested beneficiaries of the country who want to avail of this scheme, then they have to apply under this scheme. More than 50 lakh people, including vendors, hawkers, handlers, hawkers, street vendors, thali phalwale, etc., will be benefited from the scheme under the Street Vendor Self-Reliant Fund.
Pradhanmantri Swanidhi Yojana Highlights
|Name of the scheme||Swanidhi Yojana 2020|
|Started by||Prime Minister Narendra Modi|
|Launch date||1 June 2020|
|Purpose||Grant of loan|
Aatmnirbhar Nidhi Yojana (Steet Vendor) New Update
Under the Self-Reliant Fund Scheme, loans up to Rs 10,000 will be provided to small businessmen, street vendors, through 3.8 lakh Common Service Centers (CSC) centers spread across the country.
CSC e-Governance Services India Limited, the digital and e-governance services unit of the government, said on Wednesday that the Pradhan Mantri Street Vendors Self-Reliant Fund Scheme is fully funded by the Ministry of Housing and Urban Affairs.
These entrepreneurs taking loans under this scheme Will also be encouraged to pay the debt regularly and will also be rewarded on digital transactions. Under the CSC scheme, it will help in registering these small traders. So far, under this, two lakh applications have been received while loans have been sanctioned to 50 thousand businessmen.
PM SVANidhi Mobile App
Under this scheme, the PM Swanidhi app has been launched by the Union Government’s Ministry of Housing and Urban Affairs for the street vendors of the country on 17 July 2020. The people of the street and street, small street vendors now through their direct link You can download and install the PM Svanidhi Mobile App on your smartphone and easily apply to start your own employment under this scheme.
The new app has been developed for sourcing and processing street vendors’ loan applications. This PM Svanidhi app will facilitate field officers of LI such as banking correspondents (BCs) and agents of non-banking financial companies (NBFCs) / micro-finance institutions (MFIs).


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MUMBAI: The government inched closer to meeting its privatisation proceeds target for the fiscal year by selling 2% of its stake held through SUUTI in ITC on a day the cigarette major’s stock surged to a record, ranking second on India’s market capitalisation leader-board.
The sale, which would fetch the government about Rs 6,700 crore, comes amidst a 28% increase over the past two months in the share price of Kolkata-based ITC that sells four out of five locally made cigarettes.
ITC is considered a major beneficiary of the Budget proposals that raised excise taxes 6% this year, the lowest such increase in six years for the company that relies on tobacco profits to bankroll its packaged foods, cookies, stationery, and hotels businesses. Life Insurance Corporation was the buyer in the transaction in which shares changed hands at an average price of 275.85 apiece.
Through SUUTI, the government held 11.1% stake in ITC as on December 31, 2016. Shares of ITC rallied as much as 5% in morning trade to hit a record of Rs 291.95 before ending at Rs 277.10, up 0.25%.
The government aims to raise Rs 56,500 crore by selling stakes in state-owned enterprises in the current fiscal, out of which Rs 36,000 crore are earmarked to be raised from minority stake sales and Rs 20,500 crore from strategic stake sales.
However, the government has raised Rs 37,714 crore so far this fiscal from divestment. ITC is the second SUUTI sale in the current fiscal after the government sold 1.63% stake in Larsen & Toubro, generating about Rs 3,100 crore in November.
The ITC stake sale follows the recent government initiative to generate Rs 6,000 crore by selling the CPSE ETF. Although there were no major offers for sale this fiscal, the government raised funds largely by participating in the buyback offers of a raft of companies such as Nalco, NMDC, MOIL, Bharat Electronics and Coal India.
In FY2016, the government had set a record privatisation-proceeds target of Rs 69,500 crore, comprising Rs 41,000 crore in sales of minority stakes, and an additional Rs 28,500 crore in strategic sales. However, the government later reduced its target by 57% to Rs 30,000 core, citing volatile market conditions. In the end, the government was able to raise only Rs 19,659 crore in FY 2016. The government has set a record disinvestment target of Rs 72,500 crore for FY2017-18.
SUUTI has stakes in 43 listed companies, including blue-chips such as ICICI Bank, Bharat Petroleum, Hindustan Unilever, Titan and Reliance Industries.
Furthermore, the unlisted entities where SUUTI holds stakes include NSDL, STCI Finance, Over The Counter Exchange, Stock Holding Corporation of India, UTI-IAS, UTI Infrastructure Technology Services, North Eastern Development Finance Corporation and NSDL e-Governance Infrastructure.


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Hyundai is on a big-time roll right now, as evidenced by hot-selling new product like the Sonata and Elantra. The Korean automaker could likely take a quick product development catnap and wake up with a still-fresh lineup, but apparently that isn't in the plans.
Automotive News reports that Hyundai informed dealers who attended the automaker's make meeting that there will be two new italic H-badged vehicles by January 2012. The first and perhaps most interesting new Hyundai will take the size and shape of an Elantra Coupe. And we won't have to wait very long to get our hands on the Elantra two-door, either, as sales will reportedly commence by spring.
As expected, the Azera will also be fitted for new duds by next January with all-new sheetmetal and a revised 3.3-liter V6 capable of at least 260 horsepower. Hyundai expects the redesign of the Azera to result in much higher sales, from only 3,051 in 2010 to up to 20,000 for 2012.
Photos copyright ©2011 Zach Bowman / AOL
[Source: Automotive News – sub. req.]


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The beverage sector of the legal cannabis market is becoming the next growth opportunity for investors, with big mergers and acquisitions making the news.
Public interest in CBD is growing due to its acclaimed possible health benefits, and the companies best positioned to thrive from this attention are those providing...
These smallcap cannabis companies are taking advantage of the cannabis market as legislation becomes more relaxed.
The smaller players in the cannabis sector provide an interesting insight into the future of the industry.
The cannabis sector is increasingly becoming crowded with startups and new products, but these three industry leaders continue to be at the forefront of the marijuana...
The cannabis sector is entering a period of rapid change as companies, both large and small, jostle for the top position.
Businesses of all sizes are scrambling to take a piece of the global cannabis market that is forecasted to reach over 140 billion by 2025.
Martha Stewart takes on an advisory role in one of the world’s largest cannabis company. She is helping it develop CBD-infused lifestyle products.
While the cannabis industry has reached impressive progress, there are a lot of concerns that are holding back its full potential.
Taking cannabis during cancer treatment could help elevate the quality of life cancer patients have.


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Due to the Covid-19 pandemic, the business of shopping centers in Indonesia are still in severe condition, and in 2021 even worse than last year. In 2020 shopping center managements still has reserve fund, so it is still able to survive with the fund. The fund depleted in 2020, and hence they practically do not have enough reserve fund anymore, or even suffering deficit.
The Indonesian Shopping Center Management Association (APPBI) stated that the rate of visits to shopping centers has increased gradually since the easing was imposed. However, the increase is still likely to be slow. The average rate of visits to shopping centers is currently still around the level of 20%-30% compared to normal conditions, before the Covid-19 pandemic. It is expected that the trend of increasing visits to shopping centers will continue to increase along with various easing imposed by the government.
When the covid-19 case again exploded and the emergency PPKM imposed, shopping centers and malls collapsed due to operational closures. The potential loss of revenue due to the closure is very large, estimated at Rp5 trillion per month. The value is the income received by the Shopping Centers, and not the value of the sale. When they are temporarily closed, the shopping center has the hassle of losing revenue of around Rp5 trillion every month. Of course, it still takes a long time to be able to achieve business conditions such as before the enactment of Emergency PPKM and PPKM based on Level. It is estimated that until the end of 2021 the business condition of the Shopping Center is still under pressure.
Overall, the prospects of the Shopping Center business going forward are still good. That is because Shopping Center is one of the community facilities to meet basic needs and living needs of the community. Retail business sector is also included in public consumption sector that still dominates the Indonesian economy. So that the domestic trade sector still plays a very important role in supporting Indonesia’s national economy.
Reflecting on the expansionary mall development plan currently carried out by property companies, he saw that shopping center efforts will gradually recover to normal by the time the national vaccination rate has reached the specified target. PPKM easing increases shopping center visits to 10% The construction of a Shopping Center takes at least 24 months, so if there are currently developer start building Shopping Centers then of course it is expected that 24 months from now the condition of the Covid-19 pandemic has been much handled and well controlled even maybe the pandemic is over.
Now is indeed the right time for developers to set up a new shopping center. Because currently all shopping centers, both malls and others in Indonesia, have been operational again. Although with various restrictions such as visitor capacity, the age of visitors and some business categories that are still not allowed to operate.
As of the end of 2019, there are 321 shopping centers of various classes and sizes operating throughout Indonesia. Of these, only a few luxurious shopping centers like Pacific Place, Plaza Senayan, Plaza Indonesia, and Senayan City, and all are in Jakarta. While other shopping centers fall into the category of upper, middle, and lower class. However, the largest and largest shopping center is in Surabaya, East Java, namely Pakuwon Mall Surabaya.


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British rocker Roger Waters defended himself Friday after German police launched an investigation into the Pink Floyd co-founder over the Nazi-style costume he wore to a concert in Berlin last week.
“We are investigating on suspicion of incitement to public hatred because the clothing worn on stage could be used to glorify or justify Nazi rule, thereby disturbing the public peace,” said Berlin police spokesman Martin Halweg.
Waters donned a long black coat, black gloves and black sunglasses — complete with a red armband — during a portion of his May 17 performance in which he fired an imitation machine gun at the crowd while flanked by men dressed in military regalia.
“The clothing resembles the clothing of an SS officer,” Halweg said.
The 79-year-old defended his costume choice and said that it was a clear statement “in opposition to fascism, injustice, bigotry in all its forms.”


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WILTON, Conn. — A 56-year-old Norwalk man was arrested in Wilton Monday on robbery and larceny charges after police say he tried to steal clothing from the TJ Maxx store on Route 7.
Police were called to the store shortly after 2:30 p.m. by one of the loss prevention officers, who reported seeing a man — later identified as Alvaro Lezcano — stuff clothing down the front of his pants, police say.
When confronted by the loss prevention officer, Lezcano gave up the items he had concealed, pushed past the employee and ran toward the Norwalk border, according to the arrest report. The items Lezcano surrendered included a pair of Levi jeans and and a striped blue shirt, police say.
Lezcano was spotted a short time later near the Department of Motor Vehicles in Norwalk and taken into custody. He was charged with robbery, sixth-degree larceny and possession of shoplifting tools. He was released after posting a $2,500 and is due in court on Jan. 14.
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Tesla Motors Inc (NASDAQ:TSLA) Model S sedan sits atop the closely-watched Consumer Reports buyer satisfaction survey for the second year in a row. Moreover, Tesla whipped the competition in the 2014 Consumer Reports owner satisfaction survey, scoring 98 out of 100 points. Porsche models, the second-ranked auto brand this year, just scored an average of 87 out of 100.
Statement from Consumer Reports on Tesla
Consumer Reports noted that its survey included 350,000 vehicles ranging from one to three years old, and did take into account “attributes such as styling, comfort, features, cargo space, fuel economy, maintenance and repair costs, overall value, and driving dynamics.”
“Not only is the Tesla roomy, comfortable, and a lot of fun to drive, but it also has low operating costs,” Consumer Reports noted in its article.
The rest of the 2014 Top 5
After the Tesla Motors Inc (NASDAQ:TSLA) Model S and Porsche 911, the next three highest raked vehicles in the Consumer Reports satisfaction survey were General Motors Company (NYSE:GM)’s Chevrolet Corvette Stingray, with a 95% satisfaction rating, and Volkswagen AG (ADR) (OTCMKTS:VLKAY) (ETR:VOW)’s Porsche Cayman and Boxster, which tied for third with a 91% of buyers reporting they would purchase the car again
Hybrid and electric cars generally outperformed gas-powered cars
Of note, hybrid, electric and diesel-powered cars generally outperformed gas engine vehicles throughout the survey, with the Chevrolet Volt and Toyota Motor Corp (ADR) (NYSE:TM) (TYO:7203)’s Prius topping the compact-car category and Honda Motor Co Ltd (ADR) (NYSE:HMC) (TYO:7267)’s Accord Hybrid and Ford Motor Company (NYSE:F)’s Fusion Energi leading the list of mid-sized sedans.
Investigation into Tesla Model S battery fires
The 2014 Consumer Reports owner satisfaction survey will further improve Tesla Motors Inc (NASDAQ:TSLA)’s image as the leader in the high-end electric vehicle segment. This good news arrives around a year after U.S. regulators began an investigation into battery fires that took place after several Tesla vehicles struck road debris. The investigation was closed inconclusively and without resulting in a formal recall.


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New battery development promises the key to providing robots with more energy
[Aug. 20, 2020: Joshua Shavit]
Like biological fat reserves store energy in animals, a new rechargeable zinc battery integrates into the structure of a robot to provide much more energy, a team led by the University of Michigan has shown.
In general, today's batteries are too big and inefficient, especially for smaller robotic technologies such as drones which need to be as light as possible. However, the team has found a way to make them more viable by placing their batteries on the exterior. The group found their development carried out the double duty of storing charge and protecting the robot’s “organs”.
Applications for mobile robots are exploding, from delivery drones and bike-lane take-out bots to robotic nurses and warehouse robots. On the micro side, researchers are exploring swarm robots that can self-assemble into larger devices. Multifunctional structural batteries can potentially free up space and reduce weight, but until now they could only supplement the main battery.
“Distributed energy storage, which is the biological way, is the way to go for highly efficient biomorphic devices.”
The new battery works by passing hydroxide ions between a zinc electrode and the air side through an electrolyte membrane. That membrane is partly a network of aramid nanofibers -- the carbon-based fibers found in Kevlar vests -- and a new water-based polymer gel. The gel helps shuttle the hydroxide ions between the electrodes.
Made with cheap, abundant and largely nontoxic materials, the battery is more environmentally friendly than those currently in use. The gel and aramid nanofibers will not catch fire if the battery is damaged, unlike the flammable electrolyte in lithium ion batteries. The aramid nanofibers could be upcycled from retired body armor.
To demonstrate their batteries, the researchers experimented with regular-sized and miniaturized toy robots in the shape of a worm and a scorpion. The team replaced their original batteries with zinc-air cells. They wired the cells into the motors and wrapped them around the outsides of the creepy crawlers.
They estimate that their research could generate 72 times more power capacity if their exteriors were replaced with zinc batteries, instead of using a single lithium ion battery.
It is also made with cheap and largely non-toxic materials, meaning the battery is more environmentally friendly than those currently used.
“Robot designs are restricted by the need for batteries that often occupy 20% or more of the available space inside a robot, or account for a similar proportion of the robot’s weight,” said Nicholas Kotov, professor of engineering at the University of Michigan, who led the research, published in the Science Robotics journal.
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A paper on this research is to be published in Science Robotics, titled, “Biomorphic structural batteries for robotics.”
This research is funded by the Department of Defense, the National Science Foundation and the Air Force Office of Scientific Research. Battery testing took place at the U-M Energy Institute. Kotov is also a professor of chemical engineering, materials science and engineering and macromolecular science and engineering. Wang is a postdoctoral researcher at Harbin Institute of Technology in China.
The University of Michigan has applied for patent protection and is seeking commercial partners to bring the technology to market.


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Czech entrepreneurs René Matera and Jaroslav Strnad dominated Kopřivnice acquisition of shareholdings in the company as Tatra Trucks
Office for Protection of Economic Competition approved on 19 April 2013 entry of business ownership René Matera and Jaroslav Strnad in the company Tatra Trucks and acquiring equity stake in the company and took over the oldest Czech carmaker.
The new co-owners of the Kopřivnické works are stabilizing relations with key enterprise customer, gaining the confidence of banks in the enterprise and improve the management and communication in society.
The head of the company remain as long as necessary current CEO Ronald Adams. Key managers are its representatives: Petr Rusek with responsibility for strategy, business development and relationships with key customers and Radek Strouhal responsible for the financial management and relationships with partners providing financing.
Under their leadership has held meetings with key customers in the markets in the Czech Republic, India, Russia and Australia and meetings with key business partners in the banking sector.
“Based on the positive outcome of these negotiations can say that the situation of the company, which was in the second half of 2012 in acute financial, manufacturing and sales crisis, managed to stabilize,” said Petr Rusek and added: “Because we were able to take the production plan 2013, which provides for the production of 880 vehicles, an increase compared to 2012 roughly doubled. EBITDA should get already this year in the black. “
Not expected to be no layoffs in manufacturing, personnel changes will include various positions in management.
Entrepreneur René Matera, founder and majority owner of the industrial group Promet Group and as co-owner of Tatra Trucks, said:
“To our ownership entry Tatry not, because from the beginning, we wanted to own the famous Czech car manufacturer. Push us to the long development objective situation, which threatened extinction of our important trading partner. The reason for ownership changes is that the former owner of the business did not prosper and last year due to failure of a key contract got into a crisis threatening its destruction.
This caused the development leading to the execution of the company, its auction and then our asset joining the company Tatra Trucks and which company won the auction. The former owner of a business, company Tatra as, had a long enough period for another solution to the situation, but key shareholders apparently did not have the financial, managerial and commercial capacities to venture out of the crisis brought on their own. It is a great happiness that the company did not get into insolvency, which would end production and essentially extinction car.
I also Jaroslav Strnad we in our business history prove that we can drive industry and can provide an outlet for their produce. I believe we have all the prerequisites to succeed in the Tatra Mountains. It is a huge challenge for us to venture back where it belongs, that is the world’s leading car manufacturers in the segment of commercial and special vehicles. “


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Major U.S. Indexes Post Weakest Quarter of YearFor the month, the S&P 500 Index rose 1.7%, the Dow added 2.1% and the NASDAQ Composite gained 0.5%. For the quarter, the S&P 500 Index and Dow moved up 1.2%, while the NASDAQ dipped 0.1%.
The major U.S. equity markets finished higher on Monday with strong gains in Apple and Microsoft driving up the technology sector. Shares of Merck & Co. also rose. Optimism over the start of U.S.-China trade negotiations on October 10-11, after they collapsed three months ago, also helped underpin prices. Volume was relatively light as the market wrapped up the end of another quarter and as investors prepared for Friday’s U.S. Non-Farm Payrolls report that could determine Fed policy at the end of October.
In the cash market, the benchmark S&P 500 Index settled at 2976.74, up 14.95 or +0.53%. The blue chip Dow Jones Industrial Average closed at 26916.83, up 96.58 or +0.38% and the technology-based NASDAQ Composite ended at 7999.34, up 59.71 or +0.78%.
For the month, the S&P 500 Index rose 1.7%, the Dow added 2.1% and the NASDAQ Composite gained 0.5%. For the quarter, the S&P 500 Index and Dow moved up 1.2%, while the NASDAQ dipped 0.1%.
U.S.-China Trade Tensions Ease
U.S. stocks ended lower on Friday on reports that the White House is considering limiting U.S. investment into China, including a possible delisting of Chinese companies from U.S. stock exchanges.
In response to the report, Chinese state media called the potential restrictions “the latest attempt at decoupling” and warned of “significant repercussions for the Chinese and U.S. economies, as well as their companies, in the future.”
However, stocks rose on Monday after a Treasury spokeswoman said over the weekend that the Trump administration “is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time.” This statement, along with better-than-expected economic data out of China, lifted investor sentiment throughout Monday’s session.
Sentiment on Wall Street got an additional boost after White House trade adviser Peter Navarro dismissed reports that the Trump administration was considering delisting Chinese companies from U.S. stock exchanges as “fake news.”
Tech Stocks Led by Apple
Shares of Apple Inc. rose 2.4% after Chief Executive Officer Tim Cook told a German daily that sales of the company’s newest iPhones were off to a strong start, while JP Morgan raised its forecast for shipment volumes. Apple is struggling to reverse shrinking iPhone sales amid tepid global demand for smartphones.
Apple shares were also supported by a price-target increase by an analyst at JP Morgan. The analyst’s new price target implies a more-than 20% increase for the tech giant over the next 12 months.
Weakest Quarterly Performance of Year
The major stock indexes ended September with the weakest quarterly performance so far this year, shaken by a host of factors including an escalation in U.S.-China trade sessions, the inversion of the 2-year/10-year yield curve and political turmoil in Washington.


text: South Korea\'s trade ministry expressed concerns Monday about the U.S. government\'s veto against its independent trade agency\'s ruling that Apple should be banned from selling certain products for violating Samsung Electronics\' patents. In a June 4 ruling, the U.S. International Trade Commission (ITC) prohibited Apple from selling some models such as iPhone 4, iPhone 3GS, iPad 3G and iPad 2 3G that infringed on some Samsung patents. U.S. Trade Representative (USTR) overturned the ruling on Saturday, citing the infringed patent as standard-essential patents. The reversal apparently came to back the U.S.-based Apple in its patent dispute with Samsung, the South Korean tech behemoth \"Ministry of Trade, Industry and Energy expresses concerns over the possible negative effect the USTR\'s decision will have on the protection of patents held by Samsung Electronics,\" the South Korean Trade Ministry said in a statement. The ministry said it will closely monitor the upcoming ruling by the U.S. ITC slated for Friday about Apple\'s patent dispute with Samsung and the ensuing decision by the U.S. administration, noting that it hoped the decision will be made fairly and reasonably. Meanwhile, Samsung said via e-mail that \"we are disappointed that the USTR has decided to set aside the exclusion order issued by the U.S. ITC.\"


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Bittrex, one of the popular exchanges, has terminated its services for its users in seven countries. Among these seven countries, Belarus and Ukraine are the major ones and the remaining five are Burundi, Mali, Myanmar, Nicaragua, and Panama.
According to the notification released by Bittrex, they are unable to provide their services in the following countries due to regulatory reasons.
While announcing the termination of services, Bittrex has also mentioned that they will be given several days to the customers to withdraw their funds. The firm has mentioned that all the fiat deposits have been terminated by them and the customers to withdraw their funds from the platform. They have been given a time period of 14 days to complete the whole withdrawal process. Along with this, the exchange has also specified that after these 14 days, they will be disabling all the remaining accounts from their platform. There is not any clarification about whether customers will be able to withdraw their funds even after the deadline or not.
This termination of service cannot be seen as something new for Bittrex as earlier it has terminated its services from 31 other countries also. The one thing that is surprising is terminating services from Ukraine. The reason is that Ukraine has been ranked as the top country to adopt cryptocurrencies across the world by Chainalysis. Along with Ukraine, Belarus also comes as the one that might be seeing a huge crypto adoption anytime soon due to the political unrest in the country. This step by Bittrex for terminating services in major countries like Ukraine and Belarus might prove wrong for the exchange due to the increase in crypto and virtual currency adoption in these countries.


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Onslow County small businesses struggle to stay afloat, forced to raise prices as inflation worsens
As inflation continues to wreak havoc across Onslow County, many small local business owners are being forced to adjust their prices.
Although the height of the COVID-19 pandemic is in the rearview, business owners are still trying to recover, and inflation is not making that any easier. Katie Lee, owner of Coffee Haven in both Sneads Ferry and Jacksonville, said inflation is something she is still combatting.
"I try to absorb as much as I can before having to increase prices, but that can get to a point where it isn’t in your control anymore and you have to make decisions necessary to keep your business going and thriving despite these challenges," Lee said.
Lee said some products and supplies have started to level back out, which she's grateful for. However, there are still a handful of items that are still rising. For example, she said dairy is a product she has to constantly keep her eye on.
As a coffee shop, dairy is one of their main necessities.
"I am hopeful that things will eventually get to a happy medium, but regardless, we anticipate making the best out of it and continue doing what we love and sharing that with our customers and community," Lee said.
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Salty Sistas Restaurant and Bakery Owner Jeanette Georgitis is also struggling.
She said people would rather stay at home and eat than have to add a drink or tip to their bill. Georgitis added tips are way down, because customers eat and then don't have the money to tip.
"We actually lowered our prices to try to get more people in and are making less on our bottom line to see if we can get busier," Georgitis said. "If we do not find a way through this soon, we will have no choice but to close."
The fear of closing is also very real for long-time stylist Sharon Phillips, of Cape Carteret's Vanessa's Family Hair Care Salon.
Phillips, a Swansboro native, has been a licensed cosmetologist since 1991, experiencing many changes over the years. She's worked at the salon with Vanessa Libby for almost 30 years.
Phillips said their salon supplies have increased three to four times what they used to be. She added people are spreading out their visits, kids aren't coming in as often and retail has dropped dramatically.
"I have been in the business 30 plus years," Phillips said. "All that time here in this area, I have never seen things like this. Some companies like Redken have stopped making perms completely since COVID, it is insane. We are planning to do referrals rewards with our clients this year and remind them they can come in for a bang trim-only between regular cuts."
Phillips said they have clients who have stopped coloring or perms completely, and others who used to come once a month that now wait six weeks or so. She added this is the first year between Thanksgiving and Christmas that they were not completely booked.
For this coming year, Phillips said they have an empty booth they would like to have someone rent to help offset some of their struggles.
"I have been blessed as a cosmetologist who became a single mom to a two-year-old in 1998," Phillips said. "I was terrified that I couldn't provide a stable life for us in this business, but I have been so blessed. It gave me the best of both worlds; I could make a great living and was able to work my schedule around what my son needed growing up. My clients were such a blessing, but I can honestly say, this is the first time I have been scared about making it."
Kate Lynn, owner of Jacksonville and Richlands organizational and cleaning company Just Call Kate, said costs have increased 30-50% on retail cleaning supplies.
She said she has to buy bulk or wholesale with a subscription in order to reduce costs and ward off price increases for her clients. She added the cost of taking digital payments through any sort of official invoicing system is 3% minimum, which many try to pass onto their customers, but she doesn't.
She said she is now looking at going back to check and cash-only.
Owner of Hubert's Peruvian Gold Balm Brynn Jones said she and her husband Justin have seen a huge jump in costs from ingredients to packaging, shipping, promotion and everything in between.
That's why they decided this past fall to raise prices across the board by 40%, despite having tried to hold onto their previous prices in hopes inflation would come under control.
"We didn’t take the decision to raise prices lightly," Jones said in an email. "We considered incremental price increases as costs continued to climb with the hope, we could lower them in the future. Ultimately, we decided to do one larger increase and hold those prices as long as possible to allow our regular customers to adjust quickly and settle into a new cost structure."
Jones added that as a small business, one of their largest hurdles is growing in a market where larger corporations already have so many advantages. She said the massive inflation they've seen is only widening that gap.
Inventory has been one of their largest challenges. Jones said the rise of ingredient prices has meant they have to do less with the money they have. She said they've had to wait to make purchases or order in smaller quantities, which means potentially losing sales to competitors who have product ready to go.
"What inflation means for us in the coming year is a radical shift in the way we do business," Jones said. "A shift not just in pricing, but how we reach new customers and engage our current ones. We will be doing more live events so that customers can see, smell and touch the products. We will have to communicate our value better, more quickly and more consistently."
Reporter Morgan Starling can be reached at email@example.com.


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OPINION: As pointed out in this column a while back, a new special agricultural trade envoy (SATE) has now been appointed…
A large East Coast Māori-owned farm has the McDonald's restaurant chain to thank for its recent improvements.
Mexican children will find a surprise in their McDonald's Happy Meals from this weekend – a delicious Zespri SunGold Kiwifruit from New Zealand.
Kiwis eating chicken meals from McDonalds need not worry about overuse of antimicrobials in poultry.
McDonalds has announced it will only source animals raised without antibiotics that are important to human health.


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BP heading East for refinery deal
BP BOSS Lord Browne has signed an Eastern joint venture deal - in India, not China as some expected.
The oil giant and the Hindustan Petroleum Corporation are to build a £1.7bn refinery in the Punjab and set up a network of thousands of petrol stations.
HPC, which is keen to expand outside India, may also acquire refining and retail assets from BP. The two companies will set up a working group to look at other opportunities.
Separately, BP is backing away from talk of an imminent deal with China's Sinopec, which is already its partner in three projects.
But its enthusiasm for China is likely to lead to substantial investments to satisfy the country's growing hunger for oil and its byproducts.
Some see a big Chinese deal as crowning the career of chief executive Lord Browne, following the successful TNK-BP joint venture in Russia, where BP's £4.6bn investment has boosted its oil and gas production by 30%. Browne retires in February 2008.
Talk of an imminent tie-up between BP and Sinopec has been dismissed as ' speculative', but the pair have close ties.
BP bought 2% of Sinopec in 2000 when the state-owned firm launched a share float. It sold the stake in 2004 for more than £400m, doubling its money.
Browne's interest in China and India is undoubted. A surge in Chinese demand is a key reason why crude oil prices have doubled in 21 months to more than $60 a barrel.
BP has already invested £2bn in Chinese ventures, including an acetic acid plant, an ethylene plant and up to 500 petrol stations, all to be owned jointly with Sinopec. It says: 'China is an important market for BP.'
One of the biggest prizes would be to pipe gas from the Kovykta field in eastern Siberia to China. In the US, BP is spending £1.25bn to double its gas output from the Wamsutter field in Wyoming.
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Almost a third of UK business travellers had their trips cancelled outright as 79% said they were impacted by disruption this year.
Delays of more than an hour were the most common problem, reported by 36% of respondents to a poll by global travel management platform TravelPerk.
Meanwhile, 28% were affected by transportation strikes and 21% faced trouble due to weather conditions.
As many as 91% of UK workers have adapted their travel habits as a result of this year’s disruption, according to the poll including 1,000 British business travellers.
Twenty nine per cent of UK business travellers say speaking to a human agent on the phone is their top choice for dealing with changes to bookings, including disruptions like cancellations or rebooking.
Only 9% would choose an AI chatbot. Online self-service is also popular, with 26% opting for this option, ahead of speaking in-person with a representative at the airline, hotel, train or rental car service desk at 20%.
More than a third (32%) now allow for more time to get to their destination; 40% are checking for updates more frequently than before; 22% have done more research on potential health and safety risks; while 27% are considering different modes of transportation, like driving or taking the train.
The data shows that business travellers continue to book trips much closer to their departure date than they were pre-pandemic.
The survey covered 4,000 business travellers from the UK, US, Germany, and Spain.
TravelPerk chief revenue officer Yasmine Bratt said: “Although disruptions during any journey are an inevitable part of travel, for people travelling to fulfil work duties, it’s more than just an inconvenience – it can impact the outcome of the trip and the performance of their companies.”
“As a result, business travellers are now taking countermeasures to respond to rising travel uncertainty, including adding buffer time to trips and staying overnight rather than returning the same day. By accounting for potential disruptions ahead of time, travellers can ensure that they meet the objective of their journey.”
She added: “UK business travellers have been hit particularly hard this last year, enduring endless train strikes, significant delays, and weather events.
“They are having to account for situations beyond their control, like industrial action.
“It’s not right to put the onus on the traveller to make back-up plans so that they can make it on time. The travel industry must come together to help business travellers have more reliable journeys in every way that they can.”