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British Airways may permanently shut Gatwick base
British Airways may not reopen its base at Gatwick Airport, which has been shut temporarily since the end of March due to Covid-19.
In a letter to trade union Unite, the airline’s managing director for Gatwick Adam Carson says the business is at a critical juncture with regard to its structure and has little hope for an early recovery.
“There is a possibility that we will look to close our full LGW operation,” he says. “There is little prospect of early recovery even after the immediate health crisis subsides.
“We are now at a critical juncture and must table proposals for structural change so that our business is in a credible position to respond to what will be a challenging and uncertain trading environment for a sustained period of time.”
The letter also highlights how many of British Airways’s rivals are receiving subsidies and closing its Gatwick base will help it compete in the longer term.
“The resulting competitive environment will create a distorted market where some of those competitors will have the option to provide overcapacity and lower fares,” Carson says. “We consider that these changes would allow us to have a competitive and sustainable employee cost base, which would meet demand.”
Amazon’s first quarter sales surpass $75bn
Amazon’s sales were up 26% year on year to $75.4bn in the first three months of the year, however profit declined by 29% to $2.5bn.
The sales boom is equivalent to more than $33m an hour. Net sales rose to $46bn for the first quarter, up from $35.8bn for the same period last year, while the company’s web hosting service, Amazon Web Series, grew revenue by $10.3bn.
Amazon boss Jeff Bezos, whose wealth rose by $13bn this month to $145bn, has pledged to spend at least $4bn on coronavirus-related expenses, equal to the business’s profit for the next quarter.
Bezos says: “This includes investments in personal protective equipment, enhanced cleaning of our facilities, less efficient process paths that better allow for effective social distancing, higher wages for hourly teams, and hundreds of millions to develop our own Covid-19 testing capabilities.”
Initiative launches to support furloughed marketing professionals
The Institute of Data & Marketing (IDM) and DM Trust are launching a fund to support home learning for furloughed employees and those made redundant due to the coronavirus.
The ‘DM Trust Home Learning Fund’ initiative will give UK-based employees access to fully funded training and professional qualifications, including both online learning and virtual classroom options.
The DM Trust and IDM will initially invest £100,000 each in the new fund.
“We remain committed to supporting both marketing professionals and businesses during these challenging times,” says chair of the DM Trust, Matt Housden.
“With around 46% of companies furloughing staff, this presents an opportunity for individuals to upskill and keep their marketing minds fresh to remain effective on their return to work.”
Manchester United funds 60,000 meals for NHS staff
Manchester United is funding an initiative that will deliver 60,000 prepared meals for NHS staff across Manchester.
The meals will be delivered free-of-charge across four sites in Manchester over the coming weeks as part of the ongoing effort to tackle the Covid-19 pandemic.
The joint initiative with Manchester United Foundation, Mealforce and the club’s catering supplier Bidfood will involve more than 80 permanent and casual club staff who have volunteered to prepare the food in the kitchens at Old Trafford.
Staff and facility costs are being covered by United, while all other costs will be underwritten by the Manchester United Foundation.
“While many of our regular programmes have been disrupted by the pandemic, Manchester United Foundation is doing everything possible to continue helping the communities that we serve during this period of elevated need,” says the foundation’s chief executive John Shiels.
“Delivering meals to local hospitals is a wonderful initiative that unites the Old Trafford workforce in its support of the NHS; I thank everyone for their commitment to this inspiring scheme.”
Oasis and Warehouse to shut permanently
Administrators have been unable to save Oasis and Warehouse, meaning they will permanently close all their stores and online shopping site.
“Covid-19 has presented extraordinary challenges, which have devastated the retail industry,” says Rob Harding, a joint administrator at Deloitte.
“It is with great sadness that we have to announce a sale of the business has not been possible and that we are announcing so many redundancies today.”
More than 1,800 jobs have been lost. A further 42 head office staff remain in post under the administrators however their jobs remain at risk.
Thursday, 30 April
Next blames coronavirus for drastic sales drop
High street retailer Next has reported a 41% drop in sales for its first quarter to 25 April, saying that the ongoing effect of the coronavirus pandemic has been “faster and steeper” than expected.
A company statement said: “The fall-off in sales to date has been faster and steeper than anticipated in our March stress test and we are now modelling lower sales for both the first and second half of the year.
“We believe that the effects of the coronavirus will be felt for longer than we first anticipated.
“The economic consequences and continued social distancing will mean that both retail sales and online sales will be disrupted even after full lockdown measures have been lifted.”
Shares in the group fell 4% yesterday at the end of trading.
BBC News presenters star in short film
BBC News readers and presenters star in a short film reassuring viewers that “one day” the coronavirus pandemic will finally be over.
The spot will be shown across all of the BBC’s television channels and includes appearances from BBC News Political Editor Laura Kuenssberg, Question Time presenter Fiona Bruce, BBC Breakfast host Dan Walker, Radio 4 Presenter and BBC News Scotland Editor Sarah Smith and Radio 2’s Tina Daheley.
The film is part of the BBC’s Bringing Us Closer campaign that so far has included short films narrated by Idris Elba, Stephen Graham and Vicky McClure.
The aim is to show that BBC News is focused on the audience and is reporting and explaining the news “with humanity”.
BBC News editorial director Kamal Ahmed said: “BBC News has never had a more important role to play – millions are relying on our journalists and presenters to bring them trusted and accurate information throughout this crisis.
“We wanted our trail to remind those audiences that we are with them throughout this crisis, and that, ultimately, this destructive pandemic will pass.”
BBC News portfolio head of marketing Christine Woodman added: “We wanted this campaign to reassure our audiences across the UK that BBC News is there for them.
“Our leading team of journalists and presenters have demonstrated this and with their help we’ve created a heartfelt and optimistic film.”
Amazon tops BrandZ Top 75 Most Valuable Retail Brands
The third annual BrandZ Top 75 Most Valuable Global Retail Brands Ranking sees Amazon in first place, followed by Chinese tech multinational Alibaba and McDonald’s in third.
And the ranking shows a 12% increase in value among the world’s leading brands, now worth a combined $1.5 trillion (£1.2 trillion).
The report incorporates stock price performance from April 2020 to reflect the impact of COVID-19.
Costco, Target and Walmart all performed well, as did luxury conglomerate LVMH, reflecting brands’ ability to be both innovative and agile when responding to the lockdown.
CEO of The Store WPP EMEA and Asia and Chairman of BrandZ David Roth said: “The coronavirus crisis underscores the essential role that retail plays in both our daily lives and the overall global economy; we are seeing some heroic examples of retail companies stepping up to meet consumer need and keep the world turning.
“While this is a fast-moving and ongoing story, the report allows us to show the businesses that, having invested in becoming a strong brand, are potentially better able to withstand the current shock.”
Global strategy director BrandZ at Kantar Graham Staplehurst said: “Brand value isn’t just determined by financial performance, but also by reputation in the eyes of consumers.
“How retailers behave now in terms of helping people through the crisis, as well as the way in which they treat their staff and whether they comply with government and health advice, will be important to their survival.”
Facebook numbers up, but uncertainty remains
Facebook’s latest quarterly revenue results show “increased engagement” in life under lockdown, but the tech giant warns that record user numbers may not last in the long term.
It also reported an improvement in advertising sales over the past month, following a marked decrease in March.
However, with uncertainty still in the air, the company says that it won’t be able to provide any further revenue guidance for the remainder of the year.
Facebook reported three billion monthly users across its range of platforms, a 10% increase on the same quarter last year.
And there were 1.73 billion users active on Facebook daily, a rise of 11%.
Facebook CEO Mark Zuckerberg told investors the company was focused on keeping people “safe, informed and connected”.
Camden Town Brewery lager pays tribute to healthcare workers
The Camden Heroes lager, a rebranding of the popular Camden Hells beer, has been launched with all proceeds going to charity.
Camden will be donating 20,000 cans to frontline staff at hospitals, ambulance stations and clinics in London.
And all NHS workers will be able to claim a free six-pack by signing up to the Camden web shop, using their NHS email address and entering the HEROESFORHEROES at checkout.
Founder of Camden Town Brewery Jasper Cuppaidge said: “We had so many people contacting us from hospitals asking for beers to replace their weekly pub team visits.
“We were more than happy to help but wanted to do more.
“That’s why we created Camden Heroes Lager to say a massive thank you to the amazing healthcare workers and show our support the best way we know how, brewing beer.
“We are so grateful to all the incredible frontline workers risking their lives during this global crisis. Let’s raise a socially distant cheers to UK health workers.”
Wednesday, 29 April
Waitrose hires Sainsbury’s exec to guide it through Covid-19
Waitrose is hiring a former Sainsbury’s executive to steer it through the coronavirus crisis as its struggling parent, the John Lewis Partnership, works out a blueprint aimed at securing its long-term survival.
James Bailey is set to be announced as Waitrose’s next boss to replace Rob Collins, who stepped down after a restructuring last year.
Bailey worked for Sainsbury’s for 18 years, most recently as grocery buying director, before leaving the chain last year.
A source told Sky News that Bailey’s title might differ from that of Collins, who was the chain’s managing director, but that he would serve as a de facto replacement.
The appointment comes as the partnership considers how to manage the UK’s eventual exit from lockdown. Currently, its 50 John Lewis department stores are closed, although it is still selling online and the 350 branches of Waitrose are open. The partnership said last week that it would accelerate a strategic review announced in March, whose remit included “right-sizing” the store estate.
British Airways to cut 12,000 jobs
British Airways is set to cut 12,000 jobs as coronavirus grounds flights.
The airline’s owner, International Airlines Group (IAG), announced the planned job cuts as it revealed that revenues dropped by 13% in the first quarter of 2020. It does not expect passenger demand to return to 2019 levels for “several years”.
In a letter to staff, British Airways chief executive Alex Cruz wrote that there is no longer any ‘normal’ and that the airline cannot rely on taxpayer money to offset salaries indefinitely.
IAG says: “In light of the impact of Covid-19 on current operations and the expectation that the recovery of passenger demand to 2019 levels will take several years, British Airways is formally notifying its trade unions about a proposed restructuring and redundancy programme. The proposals remain subject to consultation but it is likely that they will affect most of British Airways’ employees and may result in the redundancy of up to 12,000 of them.”
Thousands of workers were placed on the government’s furlough scheme in early April covering up to 80% of their wages using public funding.
Charlotte Tilbury goes up for sale
Unilever, L’Oreal, and Estee Lauder are all looking to buy luxury makeup brand Charlotte Tilbury.
The brand, founded by the celebrity make-up artist of the same name, saw sales rise 44.5% to £145m in 2018, according to the most recent accounts.
Tilbury founded her namesake brand in 2013 after rising to fame working with supermodels including Kate Moss. Her high end brand is popular among beauty editors and celebrities alike with skincare as well as make-up in its product range.
The sale could be up to £1bn, with Tilbury possibly choosing a winning bidder as early as May.
Nando’s reopens for delivery while McDonald’s trials opening
Nandos is opening six restaurants for delivery after closing due to lockdown.
Last week, the chicken chain provided NHS workers and local charities with food but now it is opening some stores to the public for delivery.
Four restaurants in London and two in Manchester are opening at a reduced menu to ensure restaurants can stick to social distancing rules.
The restaurant teams will also be working with Deliveroo to make sure that deliveries are as safe as possible, with drivers and restaurants staff maintaining social distancing when collecting orders and contactless delivery will be available upon request.
The chain says that if this first phase of re-opening is successful then more restaurants will follow suit.
A spokesperson says: “Each Nando’s restaurant has been working under Public Health England guidelines for the past week on top of their existing health and safety procedures. Every member of the team has been washing their hands more frequently while maintaining social distance during shifts.”
McDonald’s is also testing reopening a UK branch this week. The fast food giant’s UK and Ireland chief executive, Paul Pomroy, says: “Restarting our business is not an easy task, even when reopening in a limited capacity. For now we remain closed, and will only reopen when we are absolutely confident we can have the right measures in place to ensure everyone’s well-being.”
Mondelēz sees sales surge while Starbucks drops as it works through ‘abnormal times’
As coronavirus drastically affects business across sectors Starbucks and Mondelēz saw drastically different sales.
Mondelēz, owner of Cadbury and Oreo, saw quarterly sales rise by 15% in North America, helping to lift overall revenue almost 3%.
The company’s chief executive Dirk Van de Put says: “We saw a significant increase in consumer demand for snacks in developed markets, particularly in North America, which more than offset a more challenging environment in several emerging markets,
However, despite the positive sales the company, like many others, withdrew its financial guidance for the year, citing uncertainty surrounding the virus.
In contrast Starbucks saw sales fall 10% – and 50% in China, where lockdown measures were in place for most of the quarter.
Starbucks has warned investors that disappointing sales will continue through the second half of the year as roughly half of its stores are closed in the US, and more than 75% in Canada, Japan and the UK.
However, the company said its experience in China gave it confidence that the disruption would be temporary. Nearly all of its more than 4,000 stores in China have re-opened with the company predicting sales to return to prior year levels by the end of September.
The brand has also seen a huge dip in marketing with the drinks giant’s COO, Roz Brewer, telling investors on a call: “We’re operating in an abnormal position in terms of how we communicate to our customers.”
Despite little to no marketing in areas with strict lockdowns, Brewer assured investors that “we’re doing a lot of new things with marketing” as measures start to ease in the US in some states.
She added: “We’ll have digital media. We’ll have TV. We’ll have paid social, owned and earned media. That all begins early next week. We’re also creating new e-mail contacts to each one of our members. So those 30 million that we can reach we will do that in the next week. And the most important thing is to let them know that we are open.”
Tuesday, 28 April
Betting brands pull TV and radio ads during lockdown
UK gambling and gaming companies are to stop advertising their products on TV and radio during the nationwide Covid-19 lockdown amid pressure from MPs.
Betting brands have until 7 May to remove their ads from TV and radio, with the ban lasting until at least 5 June. Any booked TV and radio slots will instead feature safe gambling messaging from charities or be removed entirely if contracts permit.
Gambling companies will, however, still be able to advertise on social media, as well as via email and text.
“From day one of this crisis we have sought to protect customers potentially at risk,” says Michael Dugher, chief executive of the Betting and Gaming Council (BGC), which represents 90% of the UK’s betting, gaming, bingo and casino companies.
“This latest move by the regulated industry further underlines our commitment to safer betting and gaming with many people cut off and feeling anxious.”
The Guardian reports that the BGC, whose members reportedly account for around half of all gambling advertising on TV and radio, is calling on others in the sector, such as National Lottery operator Camelot, to implement similar bans.
Earlier this month more than 20 MPs called for a moratorium on all gambling advertising, arguing that it should have been in place since the first day of the lockdown to protect problem gamblers and addicts.
Carolyn Harris, chair of the all-party parliamentary group on gambling-related harm, described the move to pull TV and radio ads as a “clear admission” that gambling advertising is having a “profound effect” on problem gambling across the UK.
Greggs to reopen stores in ‘controlled trial’
Greggs is to reopen 20 stores in the Newcastle area as part of a “controlled trial” from 4 May, with more outlets to follow.
The bakery chain, which closed its more than 2,050 shops on 23 March, says the trial will last two weeks, and will involve a limited product range and shorter trading hours.
Chief executive Roger Whiteside has confirmed he hopes to reopen 700 stores, including 150 franchise shops, by 8 June and to have all Greggs outlets open by 1 July, when the government furlough scheme is due to end.
Whiteside expects the opening of the outlets will only be possible if the government has taken the first steps in relaxing the lockdown, such as reopening schools. Burger King, KFC and Pret A Manger have already reopened a limited number of outlets for delivery.
Greggs expects sales to be “significantly lower than normal” while social distancing measures are in place.
“We want to play our part in getting the nation back up and running again, so we are planning to conduct a limited trial with volunteers to explore how we can reopen our shops with new measures in place that keep our colleagues and customers as safe as we can when we reopen at scale,” a Greggs spokeswoman told the BBC.
People are shopping like they did 10 years ago, says Tesco
Consumers are shopping the way they did “10 or 15 years ago” says Tesco chief executive Dave Lewis, who has seen customers switch to ‘big shops’ amid social distancing measures.
Tesco’s number of transactions in April nearly halved, but the size of the average basket doubled.
Speaking to the BBC, Lewis explained the shift in consumer behaviour: “People are shopping once a week, a little like they did 10 or 15 years ago, rather than two, three or four times a week that was happening before the crisis.”
The supermarket has also hit 1 million online delivery slots a week for the first time. Lewis describes the shift to online shopping as the “single biggest” change to come from the Covid-19 pandemic.
Whereas prior to the crisis 7% of all groceries were bought online, Tesco has achieved an increase in online capacity of 103% in the space of a few weeks and expects to add a further 200,000 delivery slots over the next 10 days, prioritising vulnerable customers.
During the surge in panic buying early in the crisis, Tesco sold seven weeks’ worth of sales in “one or two days”, says Lewis, who believes the outbreak has highlighted the importance of food retail: “I think in the past, perhaps, a little bit we may have taken that for granted. So I hope that as a nation, we’ll think carefully about food, food strategy and distribution.”
John Lewis reopens factory to make NHS gowns
John Lewis has reopened its textiles factory in Lancashire to make protective gowns for the NHS.
Employees who usually sew bespoke blinds, curtains, pillows and duvets will begin making around 8,000 washable, clinical gowns for the Northumbria NHS Foundation Trust. The factory expects to produce 2,000 gowns a week.
The retailer is also donating more than 20,000 metres of cotton fabric from its haberdashery departments and distribution centres to two community groups – For the Love of Scrubs and Scrubs Glorious Scrubs – whose members are making scrubs for the NHS. The donated fabric is expected to make around 6,000 scrubs.
Alongside this, John Lewis has created a wellbeing area for staff at the NHS Nightingale London field hospital and worked with the British Medical Association to deliver 60,000 essentials to key NHS staff.
This week, the retailer will begin donating 250 electrical products, such as coffee machines, kettles and toasters, to the staff rooms and wellbeing areas at 25 acute London hospitals, and the Nightingale Hospital in Harrogate.
In addition, John Lewis has also designed two wellbeing areas and a multi-faith room for NHS staff at the Nightingale in Manchester and will donate more than 150 items of furniture for these rooms next week.
TikTok rolls out donation stickers to fund Covid-19 relief
TikTok is rolling out a new in-app donation feature users can include in their videos and livestreams to raise funds for charity.
The donation stickers are clickable buttons that can be embedded directly in videos and livestreams. When a user clicks on the sticker they are guided to a window where they can submit a donation without having to leave the app.
The British Red Cross and Help Musicians are the first UK charity beneficiaries to be given dedicated donation stickers.
Globally, TikTok will be matching users’ donations made through the stickers until 27 May. Users will be able to track donations in-app, displaying the biggest contributors, as well as the top videos and livestreams that have driven fundraising efforts.
The British Red Cross will use the funding to get food and medicine to vulnerable people, support refugees and people seeking asylum, and help the NHS. The donations will be used to fund Help Musicians’ ongoing coronavirus hardship funding.
“Our community on TikTok surprises us every day with their creative, uplifting spirit through this crisis and we hope they’ll join us in helping those in need,” says TikTok UK general manager, Rich Waterworth.
“We chose the British Red Cross and Help Musicians as our initial launch beneficiaries – as charities on the frontline of the coronavirus response – where we know this funding will deliver meaningful support for communities that have been hugely impacted by this crisis.”
Monday, 27 April
Facebook takes on Zoom with messaging push
Facebook is upping the competition with Zoom with the launch of bigger group calls on Messenger and WhatsApp.
The update will allow users to create a video call room from either Facebook or Messenger and invite anyone to join, even if they don’t have a Facebook account. Rooms will be able to hold up to 50 people at a time with no time limit (Zoom has a time limit of 40 minutes). Facebook plans to introduce a way to create rooms using Instagram, WhatsApp and Portal too.
Facebook is also making its video chats more interactive, introducing 360-degree backgrounds, 14 new camera filters and more augmented reality effects. Plus, it says rooms are built “with privacy and safety top of mind”, with Facebook promising it won’t view or listen to calls.
On WhatsApp, users will be able to have group voice and video calls with up to eight people, rather than the current four. Plus on Facebook, Instagram and Portal there will be an expansion of live video features to allow people do live videos with another user, mark events as online only and integrate live video, and livestream games.
Adidas preparing for 40% sales drop as lockdowns hit business
Adidas is predicting that its sales could fall by more than 40% in the second quarter after the German sportswear firm reported a decline of 19% in the first quarter.
More than 70% of Adidas’s stores globally are shut, with a 35% rise in ecommerce in Q1 only partially offsetting the sales lost from stores. Sales dropped to €4.8bn in the quarter, below analyst estimates, while profits fell by 93% year on year to €65m.
Marketing investment has, however, so far held up. Marketing and point-of-sale spend was “stable” at €704m as the company executed the majority of its consumer marketing campaigns and increased spend in ecommerce.
“Our results for the first quarter speak to the serious challenges that the global outbreak of the coronavirus poses even for healthy companies,” says Adidas CEO Kasper Rorsted.
“At the moment, we are focused on managing the current challenges and doubling down on the recovery in China and the opportunities we see in ecommerce. While we prepare for the return to a more normalizsd state of the business, we also remain realistic: over 70% of our stores worldwide are currently closed.”
Virgin Atlantic in coronavirus bailout talks
Virgin Atlantic is mulling how to fund its ongoing business as it struggles amid the impact from coronavirus.
The company says it is still in talks with the UK government about a bailout, calling them “ongoing and constructive”. However, is is also considering whether it could raise money from the private sector though a buyout to keep the brand going.
Airlines and travel companies are struggling as travel bans have hit revenues. Virgin Atlantic in particular is at risk because of its high levels of debt.
The company’s founder, Sir Richard Branson, has already put £250m into the business and the Virgin Australia brand has entered administration.
Virgin Atlantic tells the BBC: “Because of significant costs to our business caused by unprecedented market conditions which the Covid-19 crisis has brought with it, we are exploring all available options to obtain additional external funding.”
Nestle sales up as stockpiling boosts business
Nestle’s sales increased by 4.3% year on year in the three months to the end of March as it benefited from household stockpiling staple products, particularly in the US.
That is ahead of Unilever, which reported flat sales growth, but behind Procter & Gamble where sales were up 6%.
Pet food sales were a particular high point, up 14% in the quarter, while sales of store cupboard foods such as Maggi noodles benefited as consumers eat at home more. Ecommerce demand was also up, especially for Nespresso coffee where the company was able to offset the closure of retail stores through online sales.
Nestle has kept its guidance for the year but has warned over uncertainties. Heavy stockpiling particularly in the US and Europe will not last, while a shift to more cautious spending could hit its premium brands, which make up around a quarter of its sales.
Google mulls 50% cut to marketing budgets
Google could cut its marketing budgets by as much as 50% in the second half of they year as it tries to limit the impact of coronavirus on its business.
In an email seen by CNBC, Google says cuts may be needed and that there will be a hiring freezing for full-time and contract employees. One message says marketing has “been asked to cut our budget by about half for H2”.
Google has confirmed that in some areas budget may be reduced by 50% but that others may not be since the company is “recalibrating” its spend.
“As we outlined last week, we are re-evaluating the pace of our investment plans for the remainder of 2020 and will focus on a select number of important marketing efforts,” says Google in an email to CNBC. “We continue to have a robust marketing budget, particularly in digital, in many business areas.”


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Ever wonder where our planes go in Kansas? Or our wheat, corn and soybeans? Or our oil?
Hint: they don’t strictly stay in the U.S.
Our export heavy economy in the State of Kansas stands to suffer severe setbacks as trade wars loom on the horizon.
Don’t believe us because you’ve had to adopt an alternative reality to keep supporting the current administration?
Fine. Take it from our Republican State Senator Jerry Moran.
“Kansas is an export state, and our ability to make a living is directly tied to our ability to sell the products we grow and manufacture to people around the world,” Moran wrote, arguing against the President. “These tariffs will harm auto, aerospace and other manufacturers in Kansas by risking retaliation against our exports, including food and agricultural products. I would strongly urge the president to reconsider the impact these tariffs will have on future ag exports, the five million manufacturing and related jobs that use steel or aluminum in addition to the added costs to consumers and American manufacturers who will pay higher prices for inputs, goods and services.”
Despite warnings from his own party, economists and anyone who isn’t drinking his bathwater, the President moved forward.
His administration put out steel tariffs. It then followed with various other tariffs, such as on $60 billion worth of other Chinese exports.
He knows best. He’s so very smart, you know.
And in a move that surprised no one, China responded slapping tariffs on 128 different U.S. exports, including agricultural products.
The stock market plunged in recent days following the announcement, quickly eating up the gains it made following the administration’s souped up Kansas tax cuts to the rich and promises to remove financial regulations.
The administration’s case for all these tariffs was that unfair trade practices cost America jobs.
We’re not arguing that China has been a bad actor. By all means, buy American. But do some math and research before taking drastic actions that can greatly harm our economy and recovery.
While steel tariffs resulted in the short term creation of jobs at a few American steel refineries, Moody’s Analytics estimates that the move could cost American companies between 100,000 and 150,000 jobs as higher prices of steel impact manufacturers.
The administration’s move was penny wise and pound stupid. It’s a move that appeals to an emotional idea of what the country once was but not the reality in which it, nor the world, operates.
And, unfortunately, it’s a move that might not have been made if more adults were in the room.
Rex Tillerson advocated restraint on tariffs. He’s out.
National Economic Director Gary Cohn argued against tariffs. He resigned over the issue.
Instead of advisers, the President wishes for sycophants and yes men who’d rather complement the emperor on his clothes than tell him how nakedly harmful some of his policies will be.
His actions threaten to cripple our main industries of aerospace and agriculture in Kansas. Those industries are life bloods.
If we weren’t all in the same boat, we might just shrug and say our state and nation’s voters deserve to reap what they sow.
However, we hope for change, and we hope for this trade war to be averted.
Otherwise, in Kansas, it will truly be a bitter harvest.

domain: news


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Despite the hue and cry that greeted the closure Nigeria’s land borderCoordinator of the 2019 Nigeria Poultry Farmers’ Exhibition, Mr Dele Toyin,says the border closure will enhance productivity and profit optimisation among poultry farmers.
Toyin described the closure as the opportunity the farmers had been looking for, as it restricted the importation of poultry products,granting the poultry farmers unrestricted access to markets.He, however, noted that the development was a challenge to the farmers to improve.
The coordinator told the News Agency of Nigeria,NAN,that the current high demand for poultry products for domestic and commercial needs necessitated the exhibition to spur the farmers to be alive to their responsibilities and leverage on the government policy on border.
According to him, this is the opportunity the farmers had been looking for, as it He said that participants would have direct access to suppliers of quality poultry inputs and avoid fake products.
“They will learn new things that will enhance productivity and profit optimisation.
“They will have an opportunity to exchange ideas with manufacturers and importers of poultry inputs during interactive sessions.
“They will rub minds with other farmers on challenges and possible solutions in poultry farming,” he said
Speaking on the exhibition, he explained that it would also provide free access to conference materials to aid production to meet the growing demand for poultry products.


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Alejandro Pena has been the company’s thought leader and transformational guidepost since he was first appointed to his position in 2017. After spending over a quarter of a century in product experience, Pena would take his talents to Keter Group following a successful run at Rubbermaid. Honing in on high concepts like corporate responsibility and sustainability, Pena has been one of the focal points in the company’s successful growth in recent years.
Pena’s focus on corporate sustainability, fiscal responsibility, and priming the company for greener initiatives has led the charge. Along the way, Pena has helped to transform the Keter Group into a leader in the space.
Beginning With Resin
Keter Group has been in existence for years as a sustainable supplier of home and garden decor. Creating their products from sustainable resin-based materials, Keter has been lauded for products that require little by way of maintenance. This can be best exemplified by any of Keter’s Adirondack Chair products, nicknamed the ‘Zero Wood Chair’.
According to the team of researchers at Keter, for every 1,000 chairs that the company produces, it will save over 26 pounds of wood as well as more than 50 trees. Pena says of this outcome, “One of the benefits of using resin materials is that they can be recycled.”
Understanding that recycling isn’t always a first thought among consumers, Pena has made a concentrated effort to showcase the benefits of the practice to more and more people. Pena went on to say, “We’re starting to be more proactive in trying to collect back many of these products that are being discarded.”
Leading with Sustainable Strategies
Keter hasn’t found itself at the top of the sustainable food chain by accident. Instead, they’ve been focused on building their platform for a long time. It all began when Keter chose to work with recycled resin over virgin resin, thus reducing the company’s exposure to energy waste, GHG emissions, water consumption, and smog.
Pena says of the recycled resin efforts that they utilize, “It is very important to understand that all Keter products can and should be recycled.”
According to the team of statisticians at Keter, the company has prevented more than 680 metric tons of greenhouse gasses from being emitted into the environment every year. For comparison’s sake, that much greenhouse gas is roughly the equivalent of 565 passenger vehicles driving on the road for an entire year.
Another way that Pena helps to guide the company toward greener outcomes is by maintaining sustainable manufacturing strategies. This means putting production facilities in the region where products will eventually end up getting purchased.
Pena added, “During the pandemic, we were able to leverage our global footprint and avoid long lead times that our competition had.”


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Bigfoot Engineering is going direct only, citing unfair discounts from retailers
Director Rhyss Stubbs said there wasn’t enough margin to have the brand’s prices “ground down.”
Images: Bigfoot Engineering
UK pedal company Bigfoot Engineering has announced that it is terminating all of its dealer and distributor relationships, and is now going to only sell directly to customers.
In a social media post, Bigfoot Engineering’s director Rhys Stubbs explained that the decision was one he was “saddened” to take. He thanked the dealers and distributors for the help they had given the company, but explained that “I don’t believe that Bigfoot can survive for much longer if I don’t take this move.”
“Now I’m seeing my prices online being completely trashed… our retail prices don’t have enough margin in them to be ground down that much. I understand how competitive the online retail market is, but I think for a small independent family business… I don’t think it’s fair on us.”
He also added: “I don’t want to increase my prices, equally, I can’t afford to decrease them,”
In the written caption to the video message, Stubbs wrote: Looking to the future, our own online store can now flourish with your ongoing support. Every pedal will continue to be lovingly hand-made in England, and I look forward to dedicating my time and energy to serving you all personally and directly henceforth. I will endeavour to provide the very highest standard of customer service worthy of our name.”
Bigfoot Engineering makes a number of guitar effects pedals, including EQ pedals, boosters, fuzzes and overdrives. You can see its store at bigfootengineering.com.


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Marlo island hotel deals to be sold for $400M
What is the hottest hotel in Europe?
The Marlo Island Hotel, a historic, 18th-century hotel built on the island of Maui, has sold for nearly $400 million to a Chinese hotel operator.The hotel, which sits on a site the government is leasing to a hotel company, has been at the center of a dispute between the island and its government, which wants […]
FourFour Two: The latest from the FourFourtwo show
Del Luna Hotel in Madrid, Spain, was voted the hottest in Europe by a panel of experts in a recent poll.The hotel was ranked among the top 20 hotels in Europe for hotness, comfort, quality of amenities and service.The survey of 2,200 hotel guests was conducted in August 2016 and took place between July 25-31.Del […]
FourFour two: The best of the best.We’ve chosen the best of our favourite content from the site to put in this show.


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Keystone Goes the Extra Foot with Shoe Donation DriveJune 10, 2021
Keystone’s Shoe Donation Drive
Give someone a pair of shoes and you don’t just offer them a set of footwear. You’re offering them new opportunities – and helping the environment, to boot.
(Lansdale, PA) – June 10,2021 – That’s why Keystone Technologies teamed up with Zappos, the online retailer, in sponsoring a Soles4Souls shoe drive during April and May. Over the two months, the drive collected more than 175 pairs of shoes — including loafers, lace-ups, mules, and high-tops.
If you figure the average shoe is about a foot in length – and why wouldn’t it be? – that’s 108 yards of shoes, more than a football field’s span in cleats and clogs.
Soles4Souls is a nonprofit that has a variety of programs utilizing shoes and clothing, including distribution to those in need, small business assistance, and recycling. Zappos helps coordinate collection by shipping and vetting donations, as well as offering merchant support.
Learn more about the Soles4Souls program.
Keystone was happy to be part of it, said Gina Atkins, Director of Human Resources. “Our people are the heart of what we do, and this is just one of many ways Keystone Technologies supports communities,” she said. “Activities like this are a tribute to Keystone culture: We work hard and give back however we can.”
Josh Brown, EVP, Marketing and Distributor Sales – who found this worthy cause — praised Keystone employees’ energy and dedication. “Our colleagues really stepped up to make this work, going above and beyond expectations,” said Brown. “Now, thanks to Soles4Souls, the shoes we collected will go to worthy projects all over the world. We’re really proud to have contributed.”
About Keystone Technologies:
For more than 75 years, Keystone Technologies has been a leader in creating quality-driven lighting solutions for the industry’s top lighting fixture manufacturers and wholesale distributors. The company’s initial ballast offering has grown to a full catalog of lighting products from more than 20 fulfillment centers across the United States, including a comprehensive line of LED lamps, bulbs, and tubes; indoor and outdoor LED fixtures and retrofit kits; emergency LED solutions; and controls, ballasts, and power supplies. Keystone is dedicated to the mission that lighting should be simple, hassle-free, and enjoyable: Light Made Easy. For more information, visit www.keystonetech.com.
Categorized in: Press Release


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500 staff are starting work at Honda in Swindon today. The Japanese car giant is introducing a second shift in response to growing demand. The company predicts the move will double production at the plant, with 180,000 cars coming off the production line by the end of the year.
It brings the total of workers at Swindon to 3,500. Last year, staff were on reduced hours after the Japanese earthquake and floods in Thailand affected the supply of parts.


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Leading in style
By Marcie Nelson, email@example.com
Brittany Terry belongs to an organization that prides itself on guiding students toward internships and jobs in prestigious companies in New York. As president of the UofSC Fashion Board, Terry’s love of fashion opens many doors. And whether she is sporting combat boots, Jack Rogers sandals, or a little black dress, she’ll be walking through those doors in style.
Terry, a junior fashion merchandizing major at the University of South Carolina, says her opportunities to work for big-name fashion houses was the result of her work with the UofSC Fashion Board, a student organization sponsored by the retailing department in the College of Hospitality, Retail and Sport Management.
She will be working this summer with People’s Revolution, a company founded by fashion industry superstar Kelly Cutrone. Last year, she worked as an intern with Hunter Bell apparel.
Since she joined Fashion Board in 2011, Terry has seen the group grow to a record 170 members, expand its philanthropic reach, and sponsor numerous events each year. But to Terry, Fashion Board means much more than just numbers. This group of like-minded students are making connections, enjoying experiences, and boosting resumes to impact their futures.
The Clover, S.C. native started as executive assistant her freshman year, became treasurer her sophomore year and now is president.
“I think holding different positions in Fashion Board has absolutely helped me now that I’m president,” Terry says. “Because I’ve already dipped my toes into all areas of Fashion Board, it’s a lot easier to help new officers in those positions.”
In addition to the contacts made that helped her get her internships, Terry says her time as Fashion Board president has improved her organizational and time-management skills.
“Most of all, leading Fashion Board has proven to me that I am going in the right professional direction,” Terry says. “Fashion Board has helped me find myself.”
Those skills will be tested this week. Monday, March 31, marked the beginning of the sixth annual Fashion Week event, a weeklong celebration of the fashion industry.
“Since we aren’t in New York City and don’t get to take part in fashion internships during the school year, it’s critically important that we sponsor an event that lets our members gain valuable experience in South Carolina,” Terry says.
Visit the Fashion Week website to find out about individual events.
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One Piece: World Seeker
last week, an open-world action title based on the One Piece
manga and anime series. It was quite a removal from the last One Piece
game, One Piece: Burning Blood
, a fighting game. Players can now take a closer look at the upcoming game thanks to the release of the first official trailer.
The trailer shows off more of the bright and colorful open world that mirrors One Piece
's signature visual style, glimpses of World Seeker
's combat and movement systems, and the first bits of the soundtrack. A few more screenshots have also been released:One Piece: World Seeker
will launch for PS4 in 2018.
We don't have them yet, but we'll publish a story as soon as we pick up the One Piece: World Seeker trophies.


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Rakesh Jhunjhunwala-backed Nazara Technologies’ shares up on another acquisition this year
- Shares of Nazara Technologies gained today as the company’s subsidiary NODWIN Gaming acquired the gaming and adjacent IP business of OML Entertainment for ₹73 crore.
- OML Entertainment is known for managing some of India’s biggest gaming and entertainment creators such as Tanmay Bhat, Samay Raina, Suhani Shah etc.
- This is the third acquisition by the gaming company after it got listed on the Indian stock exchange on March 30, 2021.
AdvertisementGaming company Nazara Technologies has made its third acquisition this year by buying the gaming and adjacent intellectual property (IP) business of OML Entertainment for ₹73 crore through its subsidiary NODWIN.
Earlier in 2021, the company had acquired gaming platform OpenPlay and gaming agency PublishMe.
Shares of the company gained 4% on Monday, after it announced the acquisition on Friday, September 17, after market hours.
OML Entertainment is known for managing gaming and entertainment creators such as Tanmay Bhat, Samay Raina, Suhani Shah, among others. And also for owning and executing IPs such as the BACARDÍ NH7 Weekender, LOLstars, Headliners, hip-hop league – Breezer Vivid Shuffle, among others.
“We strongly believe that continuous growth in the IP portfolio is central to building a vibrant ecosystem of fans, talent, broadcasters and brands,” said Akshat Rathee, managing director, at NODWIN Gaming.
Rakesh Jhunjhunwala owns 10.82% stake or 32.94 lakh shares in Nazara Technologies.
Some of Nazara’s top acquisitions
The acquired company’s total revenue during FY20 (pre-COVID) was ₹91 crore.
|OpenPlay||Multi-game consumer gaming platform||₹186.4 crore|
|PublishMe||Mobile game publishing agency||₹20 crore|
|Paper Boat Apps||Mumbai-based indie studio||₹83.5 crore|
|Sports Unity||Creator of multiplayer quiz called Qunami||₹7.5 crore|
|Sportskeeda||Sports media platform||₹44 crore|
|Bakbuck||Local languages gaming platform||Undisclosed|
|Halaplay||Fantasy gaming platform||₹40 crore|
The company says this transaction allows NODWIN Gaming to massify gaming and esports by tapping into emerging synergies in gaming entertainment that a 14 to 30-year-old is looking for.
Shares of the company have gained 35% after it debuted on March 30 with a blockbuster listing at 81% premium to its issue price.
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JD Power has released their annual Texas electricity consumers survey results. Overall satisfaction for consumers of electricity within the Texas deregulated electricity market continues to rise. Results this year were the highest in the survey’s history.
Respondents also reported the highest level of satisfaction with the rates being charged by the electric providers in the history of the report. Price satisfaction for people who could choose their electric providers by shopping for the lowest rates was considerably higher than for those who had to receive electric service from the regulated monopoly providers in their area.
According to a press release by JD Power,
“Deregulation of the residential electric market in Texas opened the doors to healthy price competition and also focused residential customers on finding the cost savings and service programs that match their needs,” said Chris Oberle, senior director of the energy practice at J.D. Power. “Satisfaction isn’t just about price. Retail electric providers must stay connected to their customers with clear, frequent and effective communications and quality customer touch points, including billing and payment, customer service, corporate citizenship, enrollment and beyond, to achieve a premier provider position.”
For the fourth year in a row, Champion Energy Services ranked highest among the individual providers. Other providers who ranked highly include, Green Mountain Energy, Bounce Energy, StarTex Power, and Brilliant Energy.


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The Hershey Co. rolled out its latest confectionery creation Wednesday, announcing the introduction of Hershey’s Drops.
Drops, a bite-sized chocolate candy without a hard shell, are debuting in two flavors — milk chocolate and cookies ‘n’ creme.
Anna Lingeris, spokesperson for The Hershey Co., said Drops “offer the same great taste consumers love in a bite-sized shape with a no-mess finish — making them the perfect snack to enjoy during any occasion, whether at home or on-the-go.”
The candies are being sold nation-wide at grocery, drug and convenience stores.
The introduction of Drops is the second of two new candy products the company announced last year, both targeted toward the on-the-go consumer.
Earlier this month the company introduced Reese’s Minis, bite-sized peanut butter cups, at the Consumer Electronics Show in Las Vegas.


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New study shows booking an Airbnb is harder if you have a "black-sounding" name
December 15, 2015 at 6:00 am
Hailing a cab is something that, unfortunately, is understood to be harder for black people than people of other races. There are endless accounts of being overlooked on the side of a street because of skin complexion, but a new study by Harvard professors shows a different kind of discrimination when it comes to rental giant Airbnb.
Renters looking to book a place with the company saw different results depending on the races they were assumed to be by their names. Those with “white-sounding” names had a 50 percent bookingsuccess rate, while those with “African-American-sounding” names only had a 42 percent success rate.
These results didn’t change when price, number of people or the race of the host changed — across the board, those with “black-sounding” names struggled more to book a place.
The professors used more than 6,000 fake, photo-less profiles in five different cities in their research. Baltimore, Dallas, Los Angeles, St. Louis and Washington, D.C. Airbnbs all had similar results.
The researchers argue that Airbnb’s transparent way of providing information (such as name, etc.) in the process of picking someone to rent to lets discrimination sneak through.
Unlike other sites that allow for anonymous profiles, Airbnb provides for a clearer understanding of its customers’ identity. A spokesperson for the company said in a quote to Business Insider that “We are committed to making Airbnb one of the most open, trusted, diverse, transparent communities in the world.” Although the transparency is something they’re proud of, the spokesperson also said “We recognize that bias and discrimination are significant challenges and we welcome the opportunity to work with anyone that can help us reduce potential discrimination in the Airbnb community.”
Have you had a similar experience? Share your story in the comments below.


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Nothing confirmed yet.
Since making it’s debut during Travis Scott’s Super Bowl performance, everyone has been wondering when the Travis Scott x Air Jordan 6 “Cactus Jack” will be dropping. Now according to news reports, the highly anticipated sneaker could be landing soon.
Crafted from ‘Olive’ suede panels and deatiled with ‘University Red’ hits, the collaborative sneaker sports a button enclosed stash pocket on the ankle collar, ‘Nike Air’ and ‘Cactus Jack’ co branding on the heel, and a glow-in-the-dark translucent outsole emblished with black and red hits.
While the date is yet to be confirmed, the Travis Scott x Air Jordan 6 “Cactus Jack” is rumoured to be dropping on Saturday, 14th September and is expected to be retailing for $250. In the meantime, you can pick up a pair of the Travis Scott x Nike Air Jordan 1 sneakers now. Stay tuned here for more details regarding the release.


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The young Nigerian singer Wizkid is very successful even with multinationals.
He was appointed since 2012, ambassador of Pepsi. The contract that was worth several million francs to Wizkid and that is coming to an end this year, has just been renewed.
The famous brand of drink has just extended the agreement for the next 2 years.
According to the terms of the agreement for his campaign baptized « Voice Your Dream« , the carbonated drink uses the face of the star in its advertisements and on the packaging of its products.
Other stars of music as Wizkalifa, Beyonce, had already used their image for the promotion of this drink.
Classified among African artists the most bankable by Forbes, Wizzy is again going to make a lot of money!
Original text by: Blaise AKAME


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Bookshops hit back at Amazon 'bullying'
INTERNET giant Amazon has been referred to the Office of Fair Trading amid accusations by Scottish booksellers that it is "bullying" them out of business.
For some bookshops, Amazon represents more than half of their online business and a substantial part of their overall trade.
But now the company has told the shops they cannot sell books cheaper anywhere else online, even on their own websites. It has issued an ultimatum saying that unless the stores sign up to a new agreement by Wednesday they risk being delisted.
Up to a dozen stores have now complained to the OFT that Amazon's actions are unfairly restricting their ability to sell books to customers at lower prices.
Books typically sell for 10 per cent less on some alternative websites – as Amazon charges fees for its services – but the company says it has been forced to act to protect its low-price promise to readers.
Tim Godfray, chief executive of the Booksellers Association, said the organisation was backing the OFT referral. "Booksellers are already concerned about pricing issues in the current free price environment, and we encourage the OFT to look into this move by Amazon," he said.
"We would ask, are we in a free market? Is it permissible for an internet bookseller to control in some way the pricing of another seller's products? We look forward to an OFT ruling as soon as possible."
There are thousands of sellers on Amazon, many of whom have their own websites, and whose stock levels range from just a few hundred books to the megasellers who have 100,000 titles online.
Many of them use Amazon Marketplace, a hugely successful online service launched in 2001 that lets customers sell new and used books.
It has become a major trading place for bookshops even though Amazon charges Marketplace sellers 25 per month and a range of fees that increases the price of books. They have now been warned not to sell books at prices that undercut Amazon.
One Scottish bookseller, who asked to remain anonymous for fear of reprisals by Amazon, said the action by the company was "bullying."
The bookseller, who runs an award-winning shop, sells on Amazon and other sites, as well as through his own website.
"I was appalled when I discovered what Amazon intended to do," he said. "In effect, Amazon is attempting to stop me and other sellers deciding what price we sell at on different sites.
"This despite the fact that it costs us less to list on some other sites. For some time I have been offering books on my own website at 10 per cent less than I sell on Amazon and on other sites, partly because there is no commission to pay on my own site and partly to drive traffic to my site.
"This is nothing but a bullying attempt by Amazon to use its strength on the internet to get an even greater proportion of online business.
"It is in my view anti-competitive, is a form of price fixing and ultimately will lead to customers paying higher prices for the same products."
Vanessa Robertson, who runs the Edinburgh Bookshop and the Children's Bookshop, claimed Amazon's move was aimed at increasing its market share.
"Market share matters more to them at the moment than profit," she said.
"We try to avoid the same things that Amazon sell. For example, our cookery section has no Jamie Oliver or Gordon Ramsay books.
"We offer a personal service and have great community interaction – we have three book groups – all the things Amazon does not offer."
The complaint against Amazon has also attracted support from leading authors in Scotland. Alexander McCall Smith, author of the globally successful No 1 Ladies Detective Agency series, said: "I am concerned about any strategy that may make it more difficult for bookstores to be competitive. It is vital bricks-and-mortar bookshops continue to exist – that people can hold and touch books – and the market does not become an exclusively virtual one."
Amazon has a history of flexing its muscles with publishers. In 2008, the company came in for criticism over its attempts to prevent publishers from direct selling at discount from their own websites. Earlier this month, it settled a major dispute after it removed the "buy buttons" from all Macmillan books as part of an ongoing conflict about electronic book pricing.
A spokesman for Amazon UK said: "We are simply asking sellers who choose to sell their products on Amazon Marketplace not to set prices on Amazon that are higher than the prices they sell at elsewhere.
"Customers trust that they'll find consistently low prices on Amazon.co.uk and we think this is an important step to preserve that trust. This general requirement already exists for many of our seller agreements in Europe – and all seller agreements in the US – and we're now introducing it for the remaining seller agreements in Europe."
A spokeswoman for the OFT said the complaints would be considered and a response issued in due course.
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WeLab, a leading digital banking platform, has recently acquired Bank Jasa Jakarta (BJJ) in Indonesia to launch a second digital bank in Asia, following the successful launch of its digital bank in Hong Kong. WeLab, which focuses on utilizing technology to advance traditional banking services and make them more accessible, has seen significant success globally. The acquisition of BJJ marks a major milestone in the WeLab group’s international expansion plans.
This article will explore the details of the WeLab-BJJ deal, what it means for the banking industry in Asia, and the potential implications it could have on other digital banking platforms.
Overview of WeLab
WeLab is a Hong Kong-headquartered Fintech powerhouse, leading the region in digital banking and financial technology solutions. Founded in 2013, WeLab has relentlessly explored and implemented cutting-edge technologies to revolutionize conventional finance, empowering people all over the world with equal access to financial services.
To date, WeLab has raised over US$350 million from investors such as China Merchants Bank International, International Finance Corporation of World Bank Group, Nomura Holdings and other world-renowned financial institutions. Furthermore, WeLab has been leveraging its financial service expertise to provide advisory services for many key partners inside and outside Asia. In 2019 alone, WeLab advised 9 projects covering Thailand, Singapore and Indonesia.
Moving forward into 2020, WeLab is looking to continue its expansion into the Asian market by acquiring Bank Jasa Jakarta (BJJ) in Indonesia— which gained approval from the country’s Financial Services Authority at end of 2019 — paving the way for its launch of Open Banking platform dubbed GoPay, aimed at providing consumers with improved digital banking services. Combined with its successful launch in Hong Kong earlier this year — offering an AI-driven consulting robot CX Scout — this move furthest cements WeLab’s aim to become one of Asia’s leading digital banks.
Overview of Bank Jasa Jakarta
Bank Jasa Jakarta (BJJ), Indonesia’s largest financial services provider, has recently become part of WeLab. WeLab is a Hong Kong-based digital banking and financial service provider that has decided to acquire the bank as part of a strategic move to expand its operations into Indonesia, specifically with plans to launch its second digital bank in Asia after its successful launch in Hong Kong.
BJJ provides various financial services, including lending, payments transfer and insurance products. It also operates over 545 branches and offices across Indonesia and employs over 21,000 people. Additionally, Greater Indonesia Banking Software (GIBOS) and Interlink by Accenture support the bank’s technology infrastructure. Combined with WeLab’s cutting edge technology platform and expertise in digital banking, this acquisition will create enormous possibilities for innovation within the Indonesian banking industry.
By acquiring BJJ, WeLab hopes to capture new opportunities within the growing Indonesian economy while leveraging its current infrastructure of branches and offices throughout the country to serve customers more efficiently. In addition, this purchase will also provide increased access to technologies such as mobile banking solutions and artificial intelligence-enabled customer service that can help modernize BJJ’s customer experience while providing additional services in areas like wealth management.
WeLab acquires Bank Jasa Jakarta in Indonesia with plans to launch second digital bank in Asia, after successful launch in Hong Kong
WeLab, a unique digital banking platform in Asia, has announced its acquisition of Bank Jasa Jakarta (BJJ) in Indonesia. This acquisition marks WeLab’s second digital banking launch in Asia, after a very successful launch in Hong Kong.
The acquisition will bring digital banking solutions to Indonesia, cutting-edge technologies, and enhanced security features. WeLab’s vision is to make banking more accessible, secure and convenient for the customers in Indonesia.
Terms of the acquisition
WeLab, a Hong Kong-based leading fintech company and provider of digital financial services, recently announced the completion of a strategic partnership with Bank Jasa Jakarta (BJJ) in Indonesia. Through the agreement, the two companies plan to jointly launch a second digital bank in Asia following the successful launch of WeLab Digital Bank in Hong Kong.
The terms of the acquisition involve WeLab acquiring a majority shareholding interest in BJJ in exchange for capital investments and technology deployment to join its existing offering with improved digital capabilities and products. WeLab has also committed additional capital investment to facilitate this transaction, additional license applications, product development initiatives and technology improvements.
This will include the development of customized experiences for users powered by proprietary technologies such as Risk Engine focusing on data-driven credit decisions and cutting-edge Artificial Intelligence capabilities that follow Anti Money Laundering rules for compliance due diligence. Furthermore, this will result in offering advanced financial products tailored to the needs of Indonesian customers including Sharia alternatives among other offerings.
Plans for the digital bank
WeLab, a Hong Kong-based fintech unicorn, has announced the acquisition of Bank Jasa Jakarta in Indonesia. This marks WeLab’s foray into another growing Asian market and aims to establish the company as a regional player in digital banking. WeLab plans to operationalize Bank Jasa Jakarta as the second digital bank in Asia, and its first in Indonesia.
WeLab has indicated that the new digital bank will provide customers with simple and intuitive mobile banking products, powered by its proprietary risk management technology platform. Through this, the company aims to connect more people with access to financial services and technological solutions tailored to their needs. These include loan products such as consumer loans and business loans for SMEs; virtual wallets; micro investing options; payroll & salary payments; and wealth management services through partnerships with established wealth managers.
WeLab will leverage its existing asset base, expertise and proprietary technologies to achieve cost efficiencies for Bank Jasa Jakarta customers. Additionally, WeLab hopes this move will help it access more sources of financing for small-and medium-sized enterprises (SMEs). As part of the agreement, Bank JLL will also grant WeLab an operating license for a FinTech Pavilion at one of its branches so that startups can experience hands-on support and learn business skills by interacting directly with partners within local ecosystems to develop innovative financial solutions across Asia.
Benefits for WeLab
WeLab’s acquisition of Bank Jasa Jakarta marks a major milestone for the company as it looks to launch its second digital bank in Asia. This acquisition enables WeLab to expand into the growing Indonesian market and demonstrates its commitment to expanding its presence in Asia.
In this article, we will explore the benefits that WeLab stands to gain from this acquisition.
Expansion of WeLab’s presence in Asia
WeLab’s acquisition of Bank Jasa Jakarta offers increased access to innovative digital banking solutions throughout Asia. In addition, this newly established partnership will provide access to mobile-first technologies, allowing financial institutions to quickly adopt secure and accessible banking options for their customers.
WeLab’s platform has been successfully used in Hong Kong since 2013, providing digital customers with competitive fees, fast order processing times, and a range of transparent services. Now, having acquired Bank Jasa Jakarta in Indonesia, WeLab will be able to expand its presence further in the region – strengthening its digital leadership position.
The new partnership with the Indonesian lender is expected to revolutionize mobile-first banking services for citizens through innovative technologies such as artificial intelligence (AI) and machine learning-based digital banking applications. Furthermore, WeLab’s technology can help reduce financial inclusion barriers that are experienced by Indonesia’s unbanked populations by providing them safe and secure financial services through an easy-to-use platform. This innovation in banking services allows customers access to sophisticated banking products at lower costs than traditional lenders can offer.
By expanding its presence in Asia with this acquisition of an Indonesian lender, WeLab is bringing sustainable financial technology advances to the region, enabling improved customer experience across multiple industries including ecommerce and small business undertakings.
This move establishes WeLabs as a major player in Indonesia’s burgeoning fintech market while paving the way for increased access to convenient, cost effective and secure banking solutions throughout Asia.
Access to new markets in Indonesia
WeLab’s recent acquisition of Bank Jasa Jakarta (BJJ) in Indonesia is an important step forward in helping them expand their business into new markets. The acquisition opens up access to the Indonesian banking sector, allowing WeLab’s digital banks to offer banking services and consumer-centric products on a larger scale.
With this move, WeLab can offer customers in Indonesia and other neighboring countries access to its full range of financial services and products. This means customers can now make transactions, obtain loans and even apply for insurance coverage in these markets. Furthermore, with BJJ’s extensive network of over 55 branches with 400 staff members spread across three provinces—East Java, Central Java and Yogyakarta—WeLab will be well positioned to provide local customers with quick and efficient service.
Additionally, the acquisition allows WeLab access to a whole new set of technology resources that can help improve its product offerings regarding features and performance. It provides them with critical assets such as credit card processing capabilities which enable faster onboarding for businesses that want to use their platform for payments. In addition, this also allows them to develop further functionality that could benefit their users such as savings accounts, wealth management and more.
Overall, WeLab’s acquisition of BJT is a strategic move which positions them well for further expansion into Asia. With it they have access to a key market in Indonesia and technology resources that can help bolster their product offerings while serving customers better.
Greater presence in the digital banking sector
After successfully launching a digital banking platform in Hong Kong, WeLab has recently announced its acquisition of Bank Jasa Jakarta in Indonesia. This move comes with WeLab’s plans to launch its second digital bank in Asia. With the acquisition of Bank Jasa Jakarta, WeLab is poised to expand its presence and strengthen its position in the digital banking sector in Southeast Asia.
The acquisition will allow WeLab to gain access to regional banking infrastructure and customers and benefit from Indonesia’s growing demand for technology-based financial products and services. It also provides an opportunity for WeLab to advance its mission of driving financial inclusion by supporting faster, more convenient access to finance via more innovative technologies and services.
In addition, the partnership will provide both institutions further consolidation capabilities and increased breadth of clients from both regions actively using digital platforms. This could increase customer experience and service delivery capabilities for firms operating within both regions, giving them a competitive edge over traditional brick-and-mortar institutions that have yet to get a foothold into the sector.
With this development, customers will benefit from much improved user experience with easier sign up processes that involve automated data extraction from various traditional sources of identification documents such as driver’s licenses or national identity cards as well as enhanced product offerings via integration into major cloud payment systems such as Alipay or Tencent WeChatpay.
Benefits for Bank Jasa Jakarta
The acquisition of Bank Jasa Jakarta by WeLab in Indonesia is a great opportunity for both companies. WeLab is looking to launch a second digital bank in Asia after successfully launching its first digital bank in Hong Kong. In addition, this merger will bring many new benefits to Bank Jasa Jakarta, such as technology access and resources, potential customers, global reach, and more.
Let’s look deeper into the benefits Bank Jasa Jakarta will receive due to this acquisition.
Access to WeLab’s technology and expertise
The strategic partnership between WeLab and Bank Jasa Jakarta gives both parties various advantages, such as access to cutting-edge technology and expertise. Through this acquisition, Bank Jasa Jakarta stands to benefit from WeLab’s technology that powers its products and services across markets in Southeast Asia. This includes risk assessment platforms, instant banking capabilities and enhanced digital experience for its customers.
WeLab stands to benefit from access to local experience, understanding regulatory requirements within Indonesia’s financial market, and business contacts of Bank Jasa Jakarta, which can potentially create value-added partnerships within the fintech ecosystem. By leveraging technology paired with local financial knowledge, both parties can provide banking solutions tailored to Indonesian consumers’ needs. Additionally, WeLab plans to leverage Bank Jasa Jakarta’s existing banking network, which consists of over 95 physical branches in more than 23 provinces across Indonesia as it expands its operations throughout South East Asia.
Increased presence in the digital banking sector
The acquisition of Bank Jasa Jakarta (BJAST) by WeLab will significantly boost its presence in the digital banking sector. After a successful launch in Hong Kong, this represents WeLab’s second digital banking venture – and its first foray into the Indonesian market. This move will also strengthen WeLab’s position as one of the leading fintech players in Southeast Asia and beyond.
WeLab’s acquisition of BJAST opens many exciting opportunities for both companies to expand their service offerings, reach new customers, explore new markets and drive innovation throughout the digital banking vertical. WeLab plans to make the customer experience smoother and more personalized by leveraging advanced technology solutions such as AI-powered bots and APIs.
Additional benefits of this acquisition include increased operational efficiency, bolstered business intelligence capabilities, streamlined compliance processes, new infrastructure investments and improved scalability for BJAST’s operations. Point-of-sale financing solutions offered through BJAST also create strategic opportunities for retail banks interested in launching credit products or expanding across certain markets.
Overall, this successful partnership brings together two major players in Indonesia’s financial landscape: an established commercial bank that dates back over 45 years; and a cutting edge fintech start-up with disruptive technology solutions at its core. In addition, this union has brought forth numerous opportunities for both sides to grow their businesses further by leveraging each other’s strengths.
Impact on the Banking Industry
WeLab’s acquisition of Bank Jasa Jakarta in Indonesia is an important milestone for the banking industry in the region. It marks the first move for the Hong Kong-based digital banking platform to expand into Asia and launch a second digital bank. This acquisition has the potential to disrupt the landscape of banking in Asia and bring about a new wave of digitisation in the banking sector.
Let’s take a closer look at its impact.
Increased competition in the digital banking sector
The acquisition of Bank Jasa Jakarta by WeLab, a Hong Kong-based FinTech enterprise, in late 2018 is expected to bring increased competition in the Indonesian digital banking sector. The goal of this acquisition is to launch WeLab’s second digital bank in Asia — its first being WeLab Bank launched in Hong Kong earlier that year.
The aim of WeLab’s investment is to modernize the Indonesian banking system and create a customer-centric approach to providing seamless, personalized financial services. It additionally aims to provide market leading mobile banking solutions, offering innovative financial products for consumers and small businesses.
This acquisition will help create more opportunities for local FinTech startups and increase competition within the industry. With increased competition, banks will be forced to develop innovative products and services, ultimately enabling customers to have better access to financial information, credit offers, and payment options faster than ever before. This will also reduce costs while increasing security and convenience across multiple formats including digital wallets and QR codes.
WeLab aims to build an entire ecosystem that focuses on improved customer experience by providing unprecedented transparency into transactions through advanced analytics and machine intelligence. This will ensure that customers can trust their banking partners while having access to automated decision making processes backed by quickly accessible data insights.
Increased innovation in the banking sector
WeLab’s acquisition of Bank Jasa Jakarta was followed closely by banking industry analysts as it had the potential to be a major disruptor in the Indonesian banking market. The deal saw WeLab become the first digital-only bank in Indonesia and expand its existing technologies, such as intelligent credit assessment and risk control, to more customers.
The acquisition of Bank Jasa Jakarta allows WeLab to deepen their roots in the Indonesian banking sector, allowing them to develop more innovative products that add value for their customers. Through its partnership with Bank Jasa Jakarta, WeLab will be able to leverage its experience in reaching new customer segments and developing products that are tailored for their needs. This could increase competition in the banking sector as customers have more options.
Moreover, through this acquisition, WeLab plans to launch its second digital bank in Asia after successfully launching in Hong Kong. This will likely increase innovation across financial services providers as they attempt to meet customer demands and provide comprehensive services related to payments, investments and loans. It could also result in a consolidation of the industry, with larger banks acquiring smaller ones or companies providing similar services leading to increased competition within the sector.
Overall this move is likely to increase technological advancement within Indonesia’s banking industry and greater convenience for consumers looking for quick access to financial services without compromising on security or service quality standards.
Potential for new products and services
WeLab’s acquisition of Bank Jasa Jakarta is allowing them to expand beyond launching digital banks and providing financial services. This sector-defining event could create the potential for new products and services in this region.
The development of digital bank products could gain traction as more customers become accustomed to transacting with virtual transactions. This could mean opportunities for WeLab to explore new payment methods, financial products, and customer loyalty programs through their digital banking platform. These strategies have been successful in other countries and Asia, so WeLab is positioned to take advantage of the trend.
By exploring new revenue streams like forming lucrative partnerships with leading online players along with aggressive marketing campaigns domestically and internationally, WeLab can capitalize on their acquisition of Bank Jasa Jakarta. Additionally, the development of powerful data analytics for risk management underpins these innovative product offerings that can help customers and businesses make better decisions when managing finances.
In conclusion, the acquisition by WeLab has opened up ample opportunities for entrepreneurship and innovation that will shape the future of banking in Asia. It could be said that this sector-defining event highlights a wave of change further accelerating fintechs’ acceptance into established markets through collaboration and strategic partnerships.
tags = WeLab, acquires Bank Jasa Jakarta, Indonesia, second digital bank in Asia, Hong Kong, welab asia 240m indonesian jakartaliaotechcrunch, digital bank, Astra International


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SAN FRANCISCO (MarketWatch) -- Callaway Golf Co.[s:ely] swung to a third-quarter profit on high sales of Fusion drivers and S-xeries irons, and a gain related to the sale of a building, the company said late Thursday. The Carlsbad, Calif., provider of golf clubs and related products and services' reported net income of $1.27 million, or 2 cents a share, compared with a loss of $11.9 million, or 18 cents a share, a year earlier. Excluding items, per-share earnings would have been 6 cents. Net sales increased 22% to $235.5 million from $193.8 million a year ago, the company said. On average, analysts polled by Thomson Financial predicted a third-quarter profit of 2 cents a share and revenue of $236 million. Analyst estimates typically exclude items. For 2007, Callaway expects sales of $1.095 billion to $1.105 billion, compared with its previous outlook of $1.07 billion to $1.08 billion. The company predicts pro forma per-share earnings will range from 78 cents to 84 cents. Analysts predict earnings of 89 cents a share and revenue of $1.1 billion for the year.
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Over a year ago we reported that Capcom would bring some of their popular franchises to Android and it appears that is finally starting to happen. LG is teaming up with Capcom and throwing a large scale multi-national championship encompassing Korea, Japan, and North America to promote Street Fighter IV HD.
Each participating country will be holding a qualifying tournament, and the finalists from each event will be flown to Seoul where they will battle it out on TV over 5 episodes on Korean cable game channel OnGameNet. For the US tournament, there is more than $21,000 up for grabs as prize money. The official event site just launched and we expect more details to come soon.
Street Fighter IV HD will be exclusively available on AT&T LG Nitro HD smartphone in the US and the LG Optimus LTE in Korea and Japan. Capcom has optimized the game for dual-core processors and it will be available with full HD graphics at 720p resolution.
The US qualifying tournament is scheduled for January 14th, but you can go and and sign-up now by visiting the contest site.
We don’t have any previews of the Android version quite yet, but I dub up an old Street Figher IV trailer as a bonus. Hopefully we will see more Capcom games coming to the Android Market early next year.


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Net Loss Clouds Lawson’s Q1 Report
October 6, 2008 Dan Burger
Enterprise resource planning software is as comfortable on IBM midrange computers as a cowboy is in the saddle. It’s been that way since the debut of the AS/400 and even earlier with the System/38 and System/36 boxes. But last week, when Lawson Software released its first quarter 2009 financial report, the lack of System i-based business was one of the reasons the bean pot was not as full as expected.
In releasing its Q1 2009 report October 2, Lawson was pleased to report revenues were up slightly thanks in large part to maintenance renewals, customer migrations to Lawson Total Care premium support, and new customer contracts. But a decrease in license fees, particularly in its M3 product lineup that serves primarily System i shops in industries such as food and beverage, distribution, and apparel, was a unexpected. The M3 products rely on applications specializing in customer relationship management, supply chain management, performance and workplace management. Approximately 90 percent of M3 customers run the software on the System i, according to Dean Hager, senior vice president of product management at Lawson.
“In our first fiscal quarter, we saw mixed results,” said Harry Debes, Lawson’s president and chief executive officer since 2005. “Relative to our guidance, sales of our S3 solutions in healthcare and public sector performed well, but sales of M3 in the Americas and Europe were weaker than forecasted. This resulted in flat year-over-year software contracting. Services revenues and utilization were weaker than forecasted particularly in certain European regions. However, our maintenance business continues to deliver excellent results.”
In addition to the M3 applications, Lawson develops and markets a product line called S3, which targets services industries including enterprise financial management, human resource management, and business intelligence. (S3 is Lawson’s own code, while M3 hails from the Intentia side of Lawson, which came to the company after an acquisition of the Swedish ERP software maker.) The target industries for S3 include healthcare, government, retail, and education. It fully supports System i, but only about 20 percent of the S3 customers run the software on a System i, Hager says.
Hager says the M3 and S3 product lines both sell about the same amount on a quarter-to-quarter basis, so, in general, when M3 sells more than S3 it can be attributable to the System i shops. And, of course, the opposite is true, too.
For the quarter, Lawson booked total revenue of $190.9 million, up 2 from the same period one year ago. This was unable to remove the sting of a first quarter net loss of $2.5 million. The per share net loss for Q1 2009 was a penny, which underperformed analysts’ expectations of earning a nickel per share. Just a year ago, the company was reporting $5.6 million net income. Putting up another number like that would have made a lot of people happy, but what a difference a year makes. Lawson attributed the erosion of net income to “an increase in the provision for income taxes and lower interest income resulting from lower investment balances along with lower yields on those investments.”
During the recently completed quarter, software license revenue fell by 17 percent and consulting revenue dipped 3 percent. Meanwhile maintenance fees rose by 13 percent.
The company closed fewer deals 216 in Q1 2009 compared to 294 in the first quarter of fiscal 2008, but the average price per transaction was $123,000 compared to $89,000 a year ago. And 31 new customers were added to the installed base, compared with 27 in the first quarter a year ago. Little change was reported on the average selling price of a new customer deal, as it dropped a tick from $308,000 a year ago to $306,000 in this quarter that ended August 31.
Lawson does not release information pertaining to new deals as they relate to platforms, but Hager contends that “it really wasn’t as negative on the M3 sales as it might come across. It was just slightly less than forecasted.”
Hager says the way the figures are tallied produced a “double whammy” in Q1. “Even though we had just a little more contracting this Q1 compared to last Q1, it was not quite as high as forecasted, particularly on the M3 side. And that combined with contracts that were recognized over the year as opposed to being recognized up front in Q1.”
Regarding the increased revenues on maintenance fees, Hager says it’s a sign that customers are getting the support and innovation they expect, otherwise they will drop maintenance rather than continuing to pay for it. The increase in revenue, he says, has to do with customers upgrading to new versions of the software and upgrading maintenance along with it, not a situation where fees are increased by a company holding customers hostage.
Company officials predicted second fiscal quarter total revenues of $205 million to $215 million, with GAAP fully diluted earnings per share between $0.03 and $0.06. The estimates are below market analysts forecasts.


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To help operators virtualize their infrastructures, Alcatel-Lucent has opened up to third party vendors an internal cloud platform that will run features such as DNS and firewalls.
Evidence collected from a website that was recently used to flood U.S. banks with junk traffic suggests that the people behind the ongoing DDoS attack campaign against U.S. financial institutions -- thought by some to be the work of Iran -- are using...
Hundreds of popular websites -- including Google, Facebook, Yahoo and Bing -- are participating in a 24-hour trial of a new Internet standard called IPv6 on June 8, prompting worries that hackers will exploit weaknesses in this emerging technology to...
This year saw the slow, painful dismantling of Nortel. Its gradual exit from the tech scene played out the entire year, as each month brought news of more layoffs, markdowns or sell-offs.
Nortel wants to sell off its application-delivery gear to Radware, but to keep on selling it under an OEM agreement.
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The Department of Trade and Industry (DTI) announced on September 23, 2010, that the effective date of the Consumer Protection Act (CPA) (of 2008) and the Companies Act (of 2008) would be deferred to March 31, 2011, becoming effective on April 1, 2011.
Business representative body Business Unity South Africa (Busa) has welcomed the decision by the Minister of Trade and Industry, Dr Rob Davies, to postpone the effective date for both the Consumer Protection Act and the Companies Act. Busa has led discussions between the private sector and the Department of Trade and Industry (dti) on these Acts and approached the Minister regarding difficulties with meeting the original implementation dates.
The CPA was published in its current form on April 24, 2009, and a grace period of 18 months was incorporated to give business the opportunity to prepare for the consequences of the provisions. This meant that businesses would be required to comply by October 24, 2010.
Deloitte Legal corporate and commercial senior manager Candice Holland says that the CPA is acknowledged as a piece of legislation that will necessitate a number of process changes on the part of businesses, ranging from implications for late delivery to onerous warranty and product liability consequences, where goods are not labelled in accordance with the standards required by the CPA.
Although businesses now have more time to comply with the new legislation, Holland encourages them to seize the opportunity and take steps to become compliant as soon as practically possible.
“Businesses should not be complacent and put compliance efforts or initiatives on hold, or worse, delay the start of any planned compliance efforts or initiatives. Rather embrace the fact that compliance is required by law and view the postponement as another opportunity to take the steps they should have begun taking 18 months ago,” she advises.
The operational process changes are significant for most businesses and exceptionally diverse, depending on the industry in which the individual business operates. Holland notes that, even taking the first step of understanding the extent of the application of the CPA to a particular business will take at least a few weeks and the process changes required for compliance, thereafter, will take a few more.
“Most businesses have a December shutdown period and, if compliance initiatives are only begun in January 2011, achieving compliance by April 1, 2011, will be excep- tionally challenging,” she adds.
The time required to achieve compliance should not be underestimated as most businesses will have to redraft warranties, redraft contracts, change returns policies and processes, and train staff in these changed processes. Regulations which expand on the content of the CPA will also be published prior to the effective date of the CPA. These will create further obligations with which business will have to comply.
Busa believes that the additional period should provide enough time for the National Consumer Commission, due to come into operation in the last quarter of 2010, to be properly resourced and capacitated.
The body reports that the establishment of the commission will provide the contact point for other regulatory authorities to apply for industrywide exemptions from certain provisions of the Act and for the commission to carry out its other functions, such as reviewing industry codes and making recommendations to the Minister.
Further, Busa expects the Minister to shortly publish thresholds for the exemption of juristic persons from the CPA. Should this threshold not be published, all companies, regardless of size, will be subject to the Act.
Meanwhile, Werksmans Attorneys director Gareth Driver says that it has been known for some time that implementation of the Companies Act during 2010 would not be practicable. The statement by the DTI has now made it official.
“The delay until April 1, 2011, will be more realistic in that it allows companies time to absorb and prepare for the promulgation of the final version of the Companies Act and the regulations, neither of which has yet been finalised and published,” he explains.
Despite the additional preparation time afforded by the delay, Driver still expects that there will be challenges with regard to the new Companies Act, as companies seek to absorb the meaning of unfamiliar provisions.
However, there is a further complication, particularly for listed companies, that must be taken into account. “The JSE will need to update its Listings Requirements to respond to the new Act and regulations, but it has advised that it will only publish its draft amendments to the Listings Requirements for comment once the final versions of the new Act and regulations have been published,” Driver points out.
He adds that, allowing for a period for comment on the draft amendments to the Listings Requirements and then the publication by the JSE of the final amendments, April 1, 2011, could still be a tight deadline.
Busa reports that the postponement will allow for the due process to be followed in the finalisation of the Companies Amend- ment Bill and its accompanying regulations, and adds that the regulations will require at least a further 30-day period for public comment.
The body points out that, once those processes have been completed, additional time should be used for the development of comprehensive compliance programmes by business.


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SHARKS COME AWAY WITH A WIN
The senior Mossman Port Douglas Sharks have scored themselves much needed funds to purchase new jerseys, socks and footy boots through the Holden Home Ground Advantage Grant. The Sharks received a cheque for $6500 for all the new gear. Sharks Club president Jason Fasano said the club is simply ecstatic. “We are very appreciative of Holden and it’s more than just money for our guys, they get their gear and it gives them a lot of pride,” Mr Fasano said. Applications for the next round of grants closes on August 31. With the senior Sharks (IN CENTRE) are Jon Maurice Ireland's of Cairns sales manager, Sharks Club president Jason Fasano and Ireland's of Cairns dealer principle Richard Ireland.