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Have consultants ever calculated how much the U.S. and/or a particular region in the U.S. loses out in ancillary spending when a political candidate holds fundraisers abroad?
I guess we had better watch what we say this Saturday….
Here’s a Wall Street Journal cover story on how the complexity and attendant costliness of applying for, receiving, and following up on tax breaks is causing small and medium sized firms to say “no thanks,” thus leaving those financial incentives to the bigger companies who can afford to spread the cost of handling these things over a larger base of operations.
Check out my latest blog post on the Fels R & C website: http://www.fels.upenn.edu/news/seeing-building-wave-using-challenges-spark-innovation-government
- For those who are writing final papers on the return on investment of a social program, here is a paper you might want to read: Economic Benefits of Employing Formerly Incarcerated Individuals in Philadelphia.
This article, about a proposed casino in North Jersey, raises the importance of understanding what is gross versus what is net. In other words, if the new casino will generate 100 units of economic impact for New Jersey, but 60 of those units are just internally shifting from within the state, then the net impact of the casino isn’t +100, it’s +40, and from an ROI standpoint it’s the +40 and not the +100 that the state should be looking at.
The Philadelphia Inquirer published an interesting article this week on a new cab/limo service called Uber, which is now operating in Philadelphia.
The service costs almost twice as much as an ordinary cab, but by using a free app on your smartphone you can instantly summon a car to your location by tapping a button, ride in a shiny black Lincoln Town Car, and enjoy free cold water bottles while you ride. Additionally, the app instantly charges your account for the cost of your ride (tip included) so you do not have to worry about having cash on hand.
I found this concept interesting, and worthy of a discussion on multiple points.
- Some local cab companies are getting upset arguing that Uber should not be allowed since Uber cars that act as a hybrid taxi/limo service did not register for an official Philadelphia cab license and do not follow licensing rules to operate (I believe Uber is arguing there is a loophole that applies to their service since they are not officially taxis).
- What prevents people from accidentally butt-dialing Uber and ordering a ride? Do you think there are consequences if people order an Uber car, and then end up not waiting around until the car arrives at their location?
- Would you pay for this service?
- Interesting Note: they just opened a London Uber service in time for the Summer Olympics


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Lenox Receives Women's Choice Award
April 21, 2014,
HOLLYWOOD, Fla.-WomenCertified Inc., an advocate for female consumers, has honored Lenox with the 2014 Women's Choice Award seal. This award designation is based on a national survey of thousands of women across America who were asked to select the brands they would most highly recommend to others.
"The Women's Choice Award program works to raise awareness among consumers about which brands are most recommended by women and to honor those brands," said Delia Passi, CEO and founder of WomenCertified Inc. "By carrying the Women's Choice Award seal, companies like Lenox signify their commitment to empower women to make smart buying choices."
Passi said the award doesn't just signify that Lenox has women's favor--it signifies that women are willing to recommend it to others. "When a woman is willing to recommend a brand or service to others, it means that business has earned her loyalty. Those are the businesses we wish to recognize for their efforts and commitment to the number-one consumer [segment]-women," Passi said.
Lenox will display its trophy award in its Forty One Madison showroom during the New York Tabletop Show this week.
Other Articles By Author
Von Tobel Cites Brass Textures Among Top Trends
HFN's DIGITAL EDITION
2017 State of the Industry Report
Cautious Optimism, Mixed Results
Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.
ALSO IN THIS ISSUE:
- TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
- Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
- N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.

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In a move that has sent shockwaves throughout the tech industry, Hewlett-Packard (HP) announced they are cutting 4,000 to 6,000 jobs over the next three years. The layoffs come as part of HP’s restructuring plan to reduce costs and become more competitive in a rapidly changing technology market.
HP plans on cutting jobs by the end of its 2025 fiscal year and has become the latest tech company to take this strict move to reduce operating costs. This was announced during a post-earnings call and was later reported by Reuters. The company has announced that it will likely lay off close to 6,000 employees, 12 percent of its global workforce.
Marie Myers, chief financial officer, announced job layoffs. This is in response to the recent sales decline of PCs. Many other large companies in the tech industry, such as Meta and Amazon, have also had to let go of thousands of employees due to poor market conditions.
At the post-earnings meeting, Myers said that a few issues from 2022 would persist into the 2023 fiscal year.
The report states that HP could endure $1.0 billion in labor and non-labor costs associated with restructuring and other expenses, with close to $600 million in fiscal 2023 followed by the rest spread out between the following two years.
4,000 to 6,000 layoffs are expected as a result of the current company restructuring. Right now, 50,000 people work for the organization but it’s not transparent which departments would experience these job losses. HP also released its own statement that said-
“As part of the actions we are taking, we will be reducing the size of our workforce by 4,000-6,000 people over the next three years. These are the toughest decisions we have to make because they impact colleagues we care deeply about. We are committed to treating people with care and respect – including financial and career services support to help them find their next opportunity”.
In Q3 2022, global PC shipments saw a 15.5 percent YoY decrease according to research firm Counterpoint last month’s reports. In terms of units shipped, this equals 12.7 million in Q3 2022 versus HP’s 17.3 million in the same quarter the year prior – HP being second globally in market share.
William Li, the author of the research, further wrote-
“Looking into 2023, the sky is still covered by dark clouds. We are also adjusting our 2022 shipment forecast to a 13% YoY decline on soft PC demand”.
Other than HP, Amazon, and Meta layoffs recently due to macroeconomic reasons, Twitter also canned half its employees last month. Unfortunately for some workers there, more firing may be on the horizon in the coming days and weeks. Although, re-filling of other important positions is also in Twitter’s current plan.
HP is hoping that the restructuring will make them more competitive in the long run, though it’s difficult to tell how successful their job cuts and other corporate changes will be until later this year. We’ll have to wait and see whether HP’s layoffs can help turn around their current financial situation.
Shivendra Tiwari is an Engineer and an MBA in Marketing. He is the Content head at Marketing91 and a thorough Online Marketing enthusiast. Shivendra loves to follow different brands and study their Business and Marketing tactics.


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According to the New York Post, The controversial fat tax Gov. Paterson hopes to resurrect in budget talks this week could hike the price of powdered drink mixes such as Kool-Aid, Gatorade, and iced tea by nearly double.
Whenever the tax on sodas was first proposed, we predicted that it would cause consumers to buy other sweetened beverages, says ACSH s Jeff Stier. The problem is that the industry and individuals are generally pretty clever when it comes to getting around government efforts to regulate their personal behavior. So if they tax soda, people will buy sugary powdered drinks instead, and if they tax those, people could just buy unsweetened powdered drinks and add their own sugar. Where does it end?
Two illustrative examples of this are in the airline industry. Senator Schumer doesn t like the fact that airlines are charging fees for carry-on luggage, and he wants to regulate them. Of course, the airlines will just raise the ticket prices across the board if they eliminate the fee, and then those people who don t have carry-on luggage will be penalized. Also, some in the federal government got upset that people had to wait in planes on the tarmac too long, and have developed regulations that stiffly penalize airlines for doing so. Now, the airlines just increase the posted flight times to build in the delays and avoid the penalty.


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InfoWars article on Sandy Hook book ban scrubbed – even from Google cache!
InfoWars Article SCRUBBED (Sandy Hook Coverup)? By “Barry Soetoro, Esq” After 1 month of strong sales, Amazon suddenly banned the new book, Nobody Died At Sandy Hook. The book was pulled from Amazo…
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Some of the world's largest IT firms are on a collision course with the Australian government's scientific research arm over a patent for wireless local area networks.
Australia's Commonwealth Scientific and Industrial Research Organisation (CSIRO) was awarded the patent in 1996, which it claims relates to technologies used in several of IEEE wireless standards.
In an announcement on Wednesday, CSIRO said that Microsoft, Dell, HP, Intel, Apple and Netgear had initiated legal action to try and get this patent overturned. CSIRO vowed to fight this action, and claimed that the technology covered by its patent is "now a standard feature of most notebook computers and many other devices".
"As part of our business we create high quality intellectual property, and we are prepared to defend it," said Dr Geoff Garrett, chief executive of CSIRO.
"We actively encourage the utilisation of the results of research in industry and communities, both nationally and globally, and any royalty income will be reinvested in further research."
CSIRO was not immediately available for comment, but in a speech late last year Dr Alex Zelinsky said that the organisation was committed to reaping the commercial benefits of its work in the wireless space.
"Back in 1989 a small group of guys started work on wireless LANs, at a time when most people would have been happy just to get their computers hooked up to a printer over a network," he said. "Shortly after that, CSIRO lodged some basic patents in that area and then an offer came to start a company, which CSIRO chose not to participate in but did license its technology. CSIRO missed out on that opportunity and things went on. Interestingly, the basic patent stayed with CSIRO and is now negotiating with a number of vendors to enforce that patent — a very valuable piece of intellectual property."


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The 2018 Fresno Food Expo will take place on Thursday, July 26, 2018.
California food and beverage companies will have the opportunity to exhibit their products at the only trade show exclusively for food industry brands from the Golden State. The Fresno Food Expo is calling on companies to showcase their products on July 26.
“California is the largest fresh and finished food-producing state in the nation - and the Fresno Food Expo is building a world-class tradeshow that makes connecting with California food brands convenient, efficient and accessible,” said Amy Fuentes, Manager of the Fresno Food Expo. “Our awards and marketing programs are dedicated to bringing recognition and sales opportunities to all food companies in the Golden State.”
This year the Expo will also include an advisory committee that will work on current needs and trends for retailer and foodservice buyers, and to ensure the Expo’s platform continues to deliver relevant California food connections. The committee will also bring their buying team to the Expo and judge the new products awards. Committee appointees include Albertsons and VONS, Southern California; Albertsons and Safeway, Northern California; Bristol Farms; Erewhon Markets; and Whole Foods Market, Northern California and Reno.
The Expo’s New Product Awards platform, which is open for submissions now through July 6 at 5 p.m. The New Product Awards will feature new products or packaging concepts introduced to the marketplace between January 1, 2017 and July 26, 2018. These awards will be judged by representatives from the new California Retail Advisory Committee.
The 2018 Fresno Food Expo will take place on Thursday, July 26, 2018. More than 150 exhibitors and 700 key, pre-qualified international and domestic buyers are expected to participate in the buyer portion of the show, which will take place from 10 a.m. – 3 p.m. It will be followed by Expolicious, the Expo’s evening celebration from 5 p.m. – 8 p.m. Tickets go on sale for Expolicious on June 4, 2018. Registration is currently open for buyers and exhibitors. For more details, visit www.FresnoFoodExpo.com.


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Stylecraft hosting Jane Seymour, Bryan Keith at High Point Market
October 16, 2013-- Home Accents Today,
Stylecraft is introducing new lighting, wall decor and accessories designs by Jane Seymour during the High Point Market.
Seymour will be in Stylecraft's 130 S. Main St. showroom for a cocktail party from 5-7 p.m. Saturday, Oct. 19. The company is introducing several new designs from her licensed collection, including lighting, wall décor and accessories.
Stylecraft is also unveiling a full collection of lighting, wall décor and furniture from Keith, the company's newest licensee, after a soft launch over the summer.
The Mississippi-born designer is known for home décor that blends classic and modern influences. His popular top-of-bed collections are sold exclusively at Macy's. Keith will be in the Stylecraft showroom Friday, Oct. 18 and Saturday, Oct. 19 for the launch of his new collection.
In total, Stylecraft will showcase more than 400 new products this market, including lighting, furniture, accessories and wall décor.
Related Content By Author
Experience the Jaunty difference at the High Point Fall Market


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China’s Local Governments Are Spending Millions on the Metaverse
Local authorities across China are rolling out a series of subsidies and initiatives to attract metaverse-related businesses and talent, betting on the prospects of the emerging trend creating a global buzz.
At least six provincial governments as well as local authorities in 10 cities — including Beijing, Shanghai, and Chongqing — have issued either development plans with a focus on the metaverse or specific supportive measures for people working in the field, public records showed. For example, Guangzhou, Hangzhou, and Wuhan, along with the eastern Shandong province, plan to provide subsidies ranging from 2 million yuan to 200 million yuan ($282,000-$28 million) for metaverse research platforms and projects, along with housing benefits to attract talent.
The metaverse refers to an immersive digital world with a combination of virtual reality, augmented reality, and the mobile internet. While some regard it as the next tech revolution, no wide applications of the metaverse are currently available despite the hype surrounding it.
However, many Chinese companies ranging from real estate to virtual idols are jumping on the metaverse bandwagon. This has fueled job openings in related fields, mainly on virtual reality, augmented reality, and metaverse-facing social platforms, and has seen a 16.6% year-on-year increase in the first seven months of 2022 for such job openings, according to a Monday report by online recruitment platform Zhilian Zhaopin.
Megacities are said to have the highest demand for metaverse talent, with Beijing, Shanghai, and Shenzhen ranking in the top three, according to the report. New first-tier cities such as Hangzhou and Wuhan also showed notable growth of 65.9% and 39.3%, respectively, in job vacancies spurred by local governments’ policy support.
Meanwhile, the central province of Henan last week announced its ambitious plan to join the metaverse race. The province plans to build a 30 billion yuan metaverse industry and cultivate 10 metaverse companies with “core competitiveness” along with hundreds of specialized and smaller ones by 2025.
Earlier in June, the Shanghai government made a similar pledge to set up a 10 billion yuan fund dedicated to developing the metaverse industry. The city aims to develop a 350 billion yuan metaverse industry by 2025.
The rush of local authorities into the sector follows the nation’s call to promote tech innovation and the digital economy. In January, China’s Ministry of Industry and Information Technology vowed to cultivate a number of innovative small- and medium-sized enterprises with a focus on the metaverse and blockchain.
In the wake of the increasing hype, while some experts have warned investors of potential risks in the absence of relevant regulations, others said it could become China’s “next bubble.” Despite the regulatory and technological headwinds, multinational bank JPMorgan said earlier this month that it expects a market size of $4 trillion for China’s metaverse-related economy through digitizing the offline consumption of goods and services.
Editor: Bibek Bhandari.
(Header image: VCG)


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A OneSpan blogpost has underlined how financial institutions (FIs) can compete in the mobile banking sector following the shifts brought about by the Covid-19 pandemic.
According to OneSpan, the pandemic and the enacted distancing protocols dramatically accelerated the shift towards expanding digitisation, the increased offering of remote banking services and prioritised digital platform customer experience.
The company said, “Suddenly with less access to bank branches and ATMs, the mobile and online banking channels were the primary or in some cases the only banking options available. Now over a year since the initial outbreaks, the priorities of financial institutions and the consumers they serve have been rearranged.”
For FIs to compete in this new world, OneSpan underlined that they must adopt a ‘mobile-first strategy’ and offer an exceptional digital experience.
FIs must also invest in the right technology solutions to succeed in the mobile banking market, as this will allow them to build wholly digital processes that provide their banking customers with the entire portfolio of financial services to allow them to conduct their transactions and activities using a bank app exclusively if they choose, the blogpost highlighted.
By doing this, OneSpan believes many FIs will be able to ensure the security of each transaction without injecting ‘unnecessary friction’ into the process.
A recent survey by The Financial Brand found that 75% of FIs listed digital banking transformation as a top banking priority through 2021, while 29% of mobile users claimed that they would switch to another app or website if they fail to find what they are looking for within three seconds.
OneSpan said this latter finding ‘puts an enormous amount of pressure on the FI to create the best possible digital experience for opening checking accounts, mobile payments and other retail banking services’.
Meanwhile, any future successful mobile banking strategy cannot be achieved without security. The blogpost detailed that, with fraudsters noting the movement towards digital channels, they are all too happy to exploit new and first-time mobile bankers. Therefore, any mobile channel expansion should be done with a commitment to building app, device and account security into the process.
Challenges to mobile-first strategies
When analysing the challenges that may lay ahead for FIs looking to develop a strong mobile banking strategy, OneSpan referenced three challenges. These were overcoming legacy infrastructure challenges, the challenge of creating an exceptional customer experience and the need to ensure mobile banking is secure from fraud.
On the first challenge, the company cites cloud technology and software-as-a-service solutions as offering FIs a way to circumvent the large up-front costs required to provision and deploy IT infrastructure.
OneSpan said, “Rather than building a new wing to the data center, FIs can keep their existing hardware and supplement with cloud resources to accommodate their needs. Some organizations may find that leveraging a public cloud will be the ideal road to supporting and expanding their mobile applications, while others can use it as a stop gap measure to offer remote services today as they create a roadmap for a long-term solution.”
For the second and third challenges, the firm highlighted mobile security technology such as mobile app shielding as a cloud solution for FIs to consider, as app shielding can ensure that applications can operate safely.
Biometric authentication is also recommended to be deployed to the mobile banking app, including facial recognition or fingerprints. These are recommended as they are ‘significantly more secure’ than both SMS and one-time passwords, and biometric authentication challenges are easier and faster to complete, subsequently removing and reducing friction in the process.
The company remarked, “With security in place, FIs can then start to improve the customer experience by enabling customers to do more on the mobile app – from opening new accounts to applying for loans and mortgages. With electronic signatures and digital identity verification technology, FIs can digitize even the most complex, regulated processes, such as loans and account openings, with confidence knowing the solution can verify the identity of the signers at the outset.”
OneSpan highlighted in the blogpost that there are ‘direct consequences and opportunity costs’ for FIs not pursuing a mobile-first strategy that can be severe. This includes facing higher customer abandonment and the loss of potential new customers to challenger and neo-banks.
On this matter, the firm cited the Financial Brand survey which detailed that one in three consumers – 32% – claimed they would walk away from a brand they love after just one bad experience.
Contemplating all these different factors, OneSpan said the focus for FIs should be interoperability, as more and more technologies are required to interact and integrate for a single process to be successful.
The company gave the example of standard application security needing to function alongside biometric authentication, identity verification and electronic signatures in the account opening process.
OneSpan said, “A single holistic vendor offers the peace of mind of a technology platform. Each of their solutions are designed to work together and complement each other. Furthermore, a single vendor also provides a single point of contact for troubleshooting and other complications that may arise. There is no blame to shift onto another vendor. There’s one rep and one number to call.”
The blogpost can be found here.
Copyright © 2021 RegTech Analyst
Copyright © 2018 RegTech Analyst


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World of the Bizarre
New York City In-N-Out burger mystery solved
By T.K. Randall
July 27, 2019 · 40 comments
How did an In-N-Out burger end up in New York ? Image Credit: CC BY 2.0 Sam Howzit
When Lincoln Boehm found a burger in the street, he couldn't have predicted the reaction it would get.
Boehm, who had been walking along a street in Queens last week with his wife Dara Katz, came upon what appeared to be a pristine, uneaten In-N-Out burger just lying on the ground, untouched.
While this might not seem like anything unusual, the fast food chain that makes these burgers exists predominantly in America's Southwest and Pacific coast.
The nearest branch in fact was likely more than a thousand miles away - so how did it get there ?
Boehm decided to post up a photograph on social media to see if anyone could shed light on the mystery and before he knew it the post had gone viral, attracting thousands of views.
As luck would have it, a 16-year-old by the name of Helen Vivas later got in touch to say that it was in fact her burger. She said that she had bought four of the burgers in San Diego before flying to New York because she liked them so much, but dropped one while getting on a bus.
"I boarded the plane and sat on my seat and had the burgers on my lap the entire flight," she said.
"When I got on the bus and I felt the bag become a lot lighter and the burger was missing."
Source: CBS Local
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Fiona Simmons February 8, 2023 3 min read
KSA Fines Bingoal $380,000 for Responsible Gambling Failures
The Dutch Gambling Authority (KSA) has issued the penalty, original value of €350,000, to the online gaming operator because of failures related to Cruks
Cruks is the Dutch self-exclusion program which is designed to protect consumers from excessive gambling habits and is often a first step in the recovery of players who have been spending too much on gambling products. The Netherlands, as a whole, has taken a number of measures over the past months to ensure that vulnerable consumers are protected.
Nothing Eludes the Dutch Gambling Authority
However, Bingoal has not met consumer protection standards, the regulator argues in its latest penalty, as the brand did not consult with Cruks when registering new players and therefore risked endangering players.
The failures in question, though, only have to do with a specific period in June and were an isolated event. During that month, Bingoal allowed consumers to register their iGaming accounts with the brand’s website, but no checks were run by Cruks to ensure that the people registering are not in fact self-excluded or vulnerable gamblers.
The country’s laws mandate that any new registration must be run by Cruks as a reference to ensure that players are offered the best and safest gambling options on the market. All operators hold a public key infrastructure (PKI) certificate which they use to ensure that no such problems occurred.
Bingoal was faced with a difficult choice at the time, as its PKI had expired, but the brand decided to register new players instead of turning them away. Therefore, the required checks were not always possible. Bingoal wasted no time and managed to issue a new certificate within three days. Despite the company’s swift reaction, the regulator argued that the offense should not have occurred in the first place.
Not Making the Right Call Has Consequences
“Bingoal should not have done that,” the regulator said in a statement. The law clearly states that for any player to access high-risk products, they would need to first be run through the Cruks register and not allowed on the gambling site if they are in fact part of that self-exclusion list. Cruks plays a crucial role in ensuring that consumers in the country are protected, the regulator insisted.
The KSA has been keeping a busy schedule, issuing a similar penalty to JOI Gaming in January. The regulator also targeted Shark77 with a fine worth $1 million, arguing that the operator had breached gambling laws in the country and, in fact, operated as an illegal offshore website. The regulator has been seeking to actively crack down on illegal gambling in the Netherlands in an ongoing attempt to boost consumer safety.


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No one dethrones Beyonce.
After the "Frozen" soundtrack bumped her new self-titled album to the No. 2 spot on the Billboard albums chart last week, Beyonce is slated to reclaim her seat at the top, according to industry estimates.
"Beyonce" is expected to sell around 85,000 to 90,000 copies by Sunday, when the tracking period for next week's charts end. If that figure holds steady, Beyonce will bump "Frozen" to the second-place spot, with rapper Kid Ink's "My Own Lane" debuting at No. 3. Kid Ink is expected to sell around 40,000 copies, while "Frozen" will net an additional 75,000 sales.
Blame it on no other major new albums being released this week, the "Frozen" brouhaha slowly melting away or Beyonce's refusal to allow anyone to supplant her crown, but the "XO" diva is set to spend a fourth week atop the chart.


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It was actually a busy weekend for tech news -- so much so that we had a hard time whittling it down to the best handful of stories to share with readers this morning! But that's exactly what we've done. No need to thank us -- we live to serve you, dear reader, so without further ado, let's get caught up on the weekend's happenings so you're ready to face the mid-October week ahead!
With all of the complaining about the iPhone 5's so-called problems -- Apple's new Maps, the purple haze when the camera is aimed straight into a bright light and how easily the aluminum back scratches -- it's nice to see a little levity on the situation. That's exactly what Saturday Night Live brought us over the weekend with a skit skewering fictional tech critics from Cnet, Wired and Gizmodo. In a skit called "Tech Talk" featuring last week's host Christina Applegate, Chinese laborers are brought in to humiliate the tech experts and their decidedly first-world problems, with hilarious results. Miss the skit? Check it out thanks to Hulu below.
BusinessInsider reported on Sunday that talks between Japanese carrier Softbank and third-place U.S. carrier Sprint have apparently bore fruit. While the full details are still being worked out, Softbank has apparently committed to pay $20 billion for a 70 percent stake in Sprint, a deal that the boards of both companies have already signed off on. $8 billion will be a purchase of shares directly from Sprint, with another $12 billion purchased from existing shareholders at an offer price of $7.30 per share. The deal is considered a gamble for Softbank, who is counting on its own success with LTE in Japan can be applied to Sprint's own efforts in this country.
With an October 23 media event reportedly looming on Apple's horizon, it's no surprise to find websites making bold claims about what else we might see introduced by Cupertino that day. The latest comes from 9to5Mac, who claims a "consistently reliable source at a high-profile U.S. retailer" has told them the rumored 13-inch MacBook Pro with Retina Display is likely to debut alongside the mythical "iPad mini," sold in two configurations "with differing processors and storage, and will be available for purchase soon after introduction." This one seems more like a question of "when," so it's not the craziest thing we've ever heard...
The lack of a native Google Maps app for iOS has been making headlines since well before the iPhone 5 was actually released last month, with recent reports claiming it could be months before the search giant is able to release its own app. According to a blog post by iOS developer Ben Guild, the app may actually be closer than you think. On Sunday, Guild posted a trio of blurry images claiming to be a leaked alpha version of Google Maps for iOS, complete with a few tasty details about it. "It's vector-based. It's got two-finger rotation to any angle. It's super fast. Four-inch height of the iPhone 5 is supported!" Guild teased. The developer doesn't explain how he came to see the app, but according to him, it's coming -- but no idea how soon.
AndroidPolice have noted the release of an alpha version of Echofon for Android released late Friday afternoon. A popular Twitter client on both iOS and Mac, Echofon already has plenty of cross-platform cachet, also being offered on Windows as well as the Firefox browser. While Echofon for Android isn't quite as full-featured yet as the iOS version, it's off to quite a nice start. If the existing versions are any indication, this app is only going to get better with time. The best news is that anyone with an Android device can try it themselves right now by downloading it here -- we installed it on both a Nexus 7 and Samsung Galaxy Nexus and it worked like a champ.
Follow this article’s author, J.R. Bookwalter on Twitter


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FCC Commissioner Michael Copps, speaking today to the Silicon Valley-based Churchill Club at an event co-sponsored by CDT, argued in very strong terms for bringing Internet access providers under regulatory oversight “to protect consumers and innovators from unjust and unreasonable discrimination.” Copps warned that the “days of the Open Internet will be succeeded by the Age of the Gatekeepers” if the Commission fails to assert its authority.
The FCC’s chairman, Julius Genachowski, has called for a “third way” of enforcing non-discrimination, applying a limited number of fundamental regulatory provisions to Internet access service. CDT has welcomed this “lite” approach. Copps made it clear that he would like to go even further.
I won’t try to further summarize the Commissioner’s remarks. His prepared text, which he stuck to closely, is online and you'll find photos and video from the event here as soon as they are posted online. All in all, it was a remarkable morning, offering in sharp terms one perspective on what promises to be an epic policy battle.


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Simon Calder’s career in travel started at Gatwick Airport, where he cleaned aircraft for Laker Airways and later worked as a security officer. He became The Independent’s Travel Correspondent in 1994, and is known as “the Man Who Pays His Way” because he does not accept free travel facilities. He writes across the Independent titles, as well as for the Evening Standard.
14 August 2015 06:19 PM
The service will travel between Dubai and Panama - 8,600 miles apart
13 August 2015 06:11 PM
Simon Calder: the man who pays his way
Campaign to end 'sunscreen scam' at airport shops grows as pressure builds on stores to hand tax breaks back to passengers
11 August 2015 06:09 PM
As the busiest holiday weekend ever for Britain’s travel industry approaches, the VAT element that retailers retain will add up to millions of pounds
11 August 2015 03:00 PM
07 August 2015 07:11 PM
The quest for retail earnings is helped by public confusion over airport shopping
07 August 2015 08:59 AM
The man who pays his way
06 August 2015 08:14 PM
For 16 months no trace of the Malaysia Airlines plane was found
06 August 2015 04:23 PM
One of our favourite destinations is reporting a particularly busy summer, but it's easy to get away from the masses
06 August 2015 02:47 PM
French deputy public prosecutor says terrorism is being actively investigated
06 August 2015 07:52 AM
However, how they died and where the victims are now remains a mystery
Dresden riots: Protesters in Germany attack refugee buses shouting 'foreigners out'
France train shooting: US soldiers speak of the moment they stopped gunman and 'beat him until he was unconscious'
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
- 1 Hair loss explained: How and why men go bald
- 2 Game of Thrones season 6: Jon Snow theorists believe Ned Stark's son may have a twin sister
- 3 Artist takes LSD, draws herself over different stages of the 9-hour trip to show its effects
- 4 iPhone 6s camera: features to include 4K video camera and flash for selfies
- 5 A pint of water every day is the key to losing weight, scientists say


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With the Buy now pay later (BNPL) category gaining momentum in the credit ecosystem across Africa, leading credit infrastructure startup, Creditclan, yesterday announced its pivot into the BNPL space after a successful six months beta period wherein they transitioned from credit software-as-a-service to BNPL platform.
During this period, Creditclan focused on the usually overlooked alternative channels for consumer credit, by building very strong technology and data anchors required for ecosystems like schools, merchants, hospitals, etc, while partnering financial institutions to offer pay later opportunities to consumers at their point of transaction.
A unique BNPL approach
Creditclan adopts both the direct to market approach and the embedded finance play driven by a robust set of BNPL APIs. For the former, Creditclan offers a pure funding relationship with financial institutions, which are able to gain new customers at a low acquisition cost, in addition to a return on their balance sheet deployed at consumer’s point of transaction. With the embedded play, financial institutions can plug in directly to their existing customer channels and start participating in the BNPL space, without having to do the grafting themselves. Creditclan leverages its clear understanding of the infrastructure play to provide a very different BNPL angle, unoffered by any other operator in the space.
“We create the channels to reach customers at their point of transaction” Femi Bejide, CEO and founder explains, “using our cocktail of data points to reach quick credit decisions, similar to the tech we use in powering many of the loan apps in the ecosystem. Consequently, Banks and other financial institutions can partner on funding directly through our channels or as an embedded API infrastructure through their preferred terminals, mobile, web or chat”.
Success so far.
With its credit-for-good initiative, Creditclan has been able to onboard 4,000+ schools to date, with a number that has grown by over 100% quarter on quarter. This rapid adoption of its school-now-pay-later vertical has been driven largely by focusing on parents profiled as underbanked or unbanked, with many parents even enabled to pay their children’s fees weekly.
Also, with about 7,500 merchants registered during the period for the asset finance play, and growing more than 50% MoM, emphasis has been to partner with the micro to small scale businesses looking to scale their transactions with credit, a usually ignored category which accounts for over 80% of the businesses in Nigeria and across Africa.
Soji Okunuga, CTO and co-founder, believes Creditclan’s advantage is its deep knowledge of credit from its Software-as-a-Service (SaaS) days prior to pivot, with 100+ retail lenders and financial institutions using either the lending management software, bank statement analysis, credibility engine, or collection service.
He explains, “We ethically dimension data from everywhere possible, especially alternative channels like social and psychometric tests, in addition to cashflow, identity and credit history analysis, which enable us make decisions quickly within minutes even when there isn’t enough legacy data available for prospective consumers. Our funding partners can then build their eligibility preference from 250+ analysis points to reach disbursement decision, all at the point of transaction”
Driven by an aggressive ground play, Creditclan believes it will easily reach 150,000 merchants by Q2, 2022 as many new businesses across multiple sectors begin to offer pay-later options for their customers, consistent with a blended 93% acquisition rate across channels. During the same period the startup will have clustered 20,000 schools and, with the continued partnership with banks, Creditclan will look at other channels pay later can be extended to, like medicals, rent, insurance, starting with Nigeria and extended to other African countries.
“We have gone very stealth mode so far”, Femi heartily says, “it is time to really deliver the results that will drive further consumer credit adoption across the continent. We believe we are that startup which helps bridge the gap in this $2tr addressable market. We believe we have the tech, team and partnerships to do so.”
Creditclan is a BNPL platform helping banks, merchants, schools, and other businesses offer pay later option to consumers across Africa


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Latest Automotive lighting Stories
MILAN, April 2, 2015 /PRNewswire/ -- Automotive Lighting, the Magneti Marelli division devoted to the development and production of automotive lighting systems, has received
FARMINGTON HILLS, Mich., March 25, 2015 /PRNewswire/ -- MS -- Technology is changing the way we drive and, in many ways, making today's highways more safe.
LONDON, March 18, 2015 /PRNewswire/ -- This report analyzes the worldwide markets for Vehicular Lighting in Thousand Units by the following Product Groups/Segments: Automotive Lamps (Headlamps,
The Scientists of Lighting at Baja Designs (BD) are excited to announce the latest addition to their Sport line, the XL Sport LED auxiliary light! Priced at $199.95 each, the XL Sport and XL-R
DALLAS, January 15, 2015 /PRNewswire/ -- MarketReportsOnline.com adds Global Automotive LED Lighting Market: Trends and Opportunities (2014-2019) industry research report
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LONDON, Jan. 7, 2015 /PRNewswire/ -- About Automotive LED Lighting marketLED lighting, also known as solid-state lighting, is a semiconductor-based lighting technology.
- The parings of haberdine; also, any kind of fragments.


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Last week there was a rumor that Apple's subsidiary, Beats, would be releasing a completely new wireless version of its Powerbeats headphones. Now the rumor has just assumed the status of ?imminent confirmation?: developer Guilherme Rambo of 9to5Mac, discovered official images and animations of the future accessory in the bowels of the newly released iOS 12.2.
From the filenames discovered by Rambo, it seems that the new handset will be called Powerbeats Pro. The design of the product itself seems to remain unchanged from the current generation, with the wing to the ear and all the only difference is, of course, the disappearance of the wire that joins the two pieces. The recharging case, in turn, has a shape that resembles the case of AirPods, but with a horizontal opening.
No more details about the headphones, such as battery life (their own and case) and other technical specifications, the sources heard last week, however, indicated that the Powerbeats Pro will have the same H1 chip as the new AirPods, with the command ? And Siri, ?improved connectivity and reduced battery usage. It is doubtful if the case supports wireless charging and the (still) coming AirPower, like the new AirPods.
One thing is certain: if official product images are already on iOS 12.2, we are likely to have an official announcement very soon. It seems to be a great choice for those who were dreaming of new black AirPods, for example.
Who cheered up?
Update 3/25/2019 19:20
Guilherme Rambo took a closer look at the Powerbeats Pro iOS 12.2 codes and hit the hammer: yes, the headphones will bring support for the ?Hey Siri? command. There is even a dedicated interface in the new version of the system specially prepared for the user to train the command and activate the handset without difficulties.


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Business is booming for Rohm, which was bought by ITV last year for £12.5bn, and the firm is now looking to take on the BBC.
In an interview with the Telegraph, Rohm said it was looking for a buyer, but did not give details.
The BBC is one of the most important commercial and creative partners of the BBC, with the corporation producing more than 1,000 programmes a year.
The corporation was forced to make the decision to buy out its rival Sky in 2013 when it saw its commercial value drop dramatically.
Rohm’s acquisition of the broadcaster comes as the BBC faces increasing pressure to make more money from its ad-free TV programme, which is the dominant source of revenue for the BBC and is the source of its future revenue.
The broadcaster’s advertising revenue has fallen by almost £500m since its purchase by ITV in May 2013, and it is also struggling to find ways of keeping its existing staff on board.
It said it would make a decision by the end of the year on whether to continue as an independent company, and that it had also begun discussions with some major media groups about whether to join the company.
It has said it is currently exploring options to rebrand the company in the UK and Europe, including offering it a new name and using the same advertising slogan as the one it uses on its website.
We have also made extensive progress on our editorial content strategy and will be continuing to do so.”


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US Economy Adds Lower-Than-Expected 142000 Jobs In September, Unemployment … – International Business Times
This story was updated at 9:15 a.m. EDT
U.S. employers added 142,000 jobs in September and the unemployment rate remained at 5.1 percent, the Labor Department said Friday. The report was forecast to show employers adding 203,000 jobs last month and the unemployment rate was expected to hold steady at 5.1 percent, according to analysts polled by Thomson Reuters.
Amid the recent stock market turmoil and concerns of a slowing global economy, economists question whether the U.S. is strong enough to move away from crisis-level interest rates. In September, U.S. Federal Reserve left interest rates unchanged last month but left the door open to hiking rate as early as October. Nearly half (47%) of experts predict the central bank will raise rates in December, according to Bankrate.com.
Even so, many economists are still not seeing the accelerated growth that suggests the economy needs to slow — or that businesses are experiencing wage pressure.
Wage growth — which has been stagnant for years — remained at 2.2 percent. The average hourly earnings for private-sector workers fell by 1 cent to $25.09. For most workers, however, real wages have fallen or remained flat for more than three decades.
Part of the reason real wage growth remains stagnant is because the recovery has come with stronger employment growth in low-wage industries, such as accommodation and food services, temporary help services, retail trade and long-term health care. These jobs account for nearly two-fifths of all new jobs added since the labor market bottomed out in February 2010, according to the Center for American Progress.
Jobs in low-wage industries—such as accommodation and food services, temporary help services, retail trade, and long-term health care, account for nearly two-fifths of all new jobs added since the labor market bottomed out in February 2010. Center for American Progress’ Economic Policy
Another issue the U.S. economy has faced throughout the recovery is fiscal drag, including less public investment, says William Spriggs, chief economist at the AFL-CIO. “We never had the true rebound during this recovery compared with prior recoveries,” Spriggs said.
Congress passed a budget extension this month to avert a partial government shutdown, but could face similar issues again in December.
The last government shutdown in the fall of 2013 shaved three-tenths of a percent off real gross domestic product growth …Read More


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The National Payment Switch is a technology that facilitates bulk cashless payment in the fastest possible time and also promotes financial inclusion.
Speaking at the launching ceremony, Bank Complex in Freetown, President Bio said the launching marked the start of a new era in the country's internal banking financial services sector and links with the rest of the world, adding that it was another bold step moving forward along with the path in his government New Direction manifesto.
He said promoting inclusive economic growth is a core objective in their transformative vision for the nation and it is a vision that focuses on bringing the benefit of technological progress to all citizens in multiple sectors as fast as possible.
He said with the launch of the new payment switch, the major persistence barrier to building inclusive and diverse economy has been overcome and it is good for everyone.
He further noted that the technology helps to advance the country's inclusive economic growth agenda by improving financial inclusion and strengthening the core role of the private sector, banking and financial services sector.
He said people in rural areas with no bank or physical financial services structures can now have access to financial services, and that rural population can now make financial transactions using electronic cash payment or other financial digital tools without enduring the time consuming and expensive trips to access financial services in the bigger towns.
President Bio said the technology encourages the rapid flow of millions of financial transactions within and across the borders in seconds through a single inter face and it provides a holistic approach to dealing with several financial transaction challenges.
He said consistence improving the nation's financial and economic management is another priority objective of his government, noting that in Africa Sierra Leone has made a lot of progress over the past five years and the technology with lead to effective tax collection.
Minister of Finance, Sheku Ahmed Fantamadi Bangura, said it is important that the country keeps fast to the global technology transformation and work towards shaping the country's financial system to foster digital economy, noting that finance is good for growth and the investment in the modernize payment system is a major catalyst in the process.
He said the payment switch is a major milestone in the government vision and they are rebranding the financial infrastructure and that what they are doing with the introduction of the new technology.
Also speaking, Acting Bank Governor,Dr. Ibrahim Stevens said government is moving towards a digital society and the Bank of Sierra Leone is spearheading that migration especially for the financial system, technology driven financial eco system.
He said the move mark the transformational era in the financial services landscape and fullfil government commitment to inclusive economic growth.
He said the digital economy has enormous transformative potential for the country and that they were only just starting, adding that before the upgrade of the National Payment System, just over a decade ago, financial transaction in Sierra Leone was very tedious and time consuming, inconvenient, costly and risky because transactions were done manually, but with digital transformation, transactions can be done within a minute.
He said the payment system was initially dominated by banks, but with the growth of non-banks entity like payment services providers, including mobile money operators and financial technology farms significate changes had occurred in the payment eco-system.
He said the development has created access to new market, increase efficiency, cost savings, enhance security and improve customer experience, noting that the National Switch is going to improve financial inclusion.
He said ensuring to improving financial inclusion is crucial to making formal financial services such as loans, deposit and savings accounts, payment services readily available.
SOURCE: https://slconcordtimes.com/ By Hassan Gbassay Koroma


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The Government is drafting a Statutory Instrument that will see cotton become a controlled commodity under new measures aimed at addressing pricing disputes around the crop.
Agriculture, Mechanisation and Irrigation Development Minister Dr Joseph Made confirmed that the legal instrument would clear the way for the reconstitution of the Cotton Marketing Board which will purchase cotton on behalf of Government.
He said the Attorney-General’s Office was still working on the Statutory Instrument by late last week.
He said his ministry was collaborating with that of Youth Development, Indigenisation and Empowerment on the initiative.
All interested merchants would seek special authorisation from the Ministry of Agriculture, Mechanisation and Infrastructure Development to purchase the crop if the new system comes into effect.
“We are suspending the cotton instrument of the Agriculture Marketing Authority (AMA) and are already at an advanced stage with preparing another instrument that will enable us to re-establish the Cotton Marketing Board and become the sole buyer of cotton from farmers,” he said.
“We are serious about buying the crop and we have already prepared a budget proposal for this marketing season.
“Serious cotton merchants and genuine contractors will now buy their crop from Government using a special permit that will be issued by the agriculture ministry.”
Dr Made said Government will forge ahead with the proposed new system despite reservations from some quarters.
“Cotton is grown in marginal areas where the people totally depend on this crop and, as Government, we cannot stand aside and watch as the farmers are duped,” he said.
“Farmers’ unions and AMA have failed to protect cotton farmers and, as the Government, we should step in.
“Cotton merchants are not only benefiting from lint, but there are a lot of by-products which generate them a lot of profits.
“Besides the by-products, they also sell inputs to farmers at very high prices. How do they expect the farmer to earn a living and get back into the field the following season when they are exploiting him to the marrow like that?”
The minister added that Government was finalising the modalities of the new system.
“For logistics, we will be using Grain Marketing Board facilities, ginners and any other available facility,” he said.
Youth Development, Indigenisation and Empowerment Permanent Secretary Mr George Magosvongwe said the drafting of the Statutory Instrument was at an advanced stage.
“The instrument states that any organisation interested in buying cotton should seek a special authorisation from the Ministry of Agriculture and offer a price that is viable to the producer. It also makes Government the sole buyer for cotton,” he said.
Last week farmer organisations and cotton ginners met and agreed that grade A cotton would be sold at US$0,38 per kg, grade B US$0,34; grade C US$0,30 and grade D US$0,28.
They also proposed that Government pays a subsidy of US$0,16 per kg.
Cotton growers are holding on to their crop to press for higher prices.


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In our recent episode of BigIDeas on the Go, New York State Senator Kevin Thomas sits down (virtually) with BigID CEO Dimitri Sirota to talk about privacy rights in the state of New York, from the NY SHIELD Act to the proposed New York Privacy Act—a groundbreaking initiative that would give residents unprecedented control over their data.
In addition to representing New York’s Sixth Senate District, Senator Thomas serves as the Chair of the Committee on Consumer Protection and is one of the creators behind the New York Stop Hacks and Improve Electronic Data Security Act—commonly known as the NY SHIELD Act.
NY SHIELD: Modernizing “Lagging” Data Breach Laws
NY SHIELD went into effect on March 21, 2020, to help mitigate data breaches and threats by imposing greater restrictions and obligations on companies handling private and personal information.
“I’ve seen industry basically run things in the shadows, and it was time to hold them accountable,” says Thomas. “In this ever-evolving world of technology, our data breach law was lagging behind.”
So NY SHIELD was introduced to “modernize” data breach law. The bill includes:
- A broadened definition of private information that includes both biometric data and the combination of different types of personal data, like a username or email with a security question or passcode
- An expanded definition of data breach to incorporate “unauthorized access”
- Extraterritoriality to extend to companies who use data from New York residents—not just New York-based companies (like GDPR and CCPA)
Expanding the Meaning of Privacy: You Can’t Change Your Fingerprints
Working with the New York State Attorney General’s office, Thomas redefined what should be considered personally identifiable information (PII), proposing the inclusion of biometric data.
“This is the most important and sensitive personal information of ours,” says Thomas. “If you think of it, if there’s a breach and your social security number gets stolen or a password is stolen, you can change that. But you cannot change the color of your eyes—or your fingerprints. So expanding that definition was really crucial for this.”
We Share Too Much “Without Thinking Twice”
Thomas has his eye on what he calls the tendency to “[trade] our privacy for convenience.”
It doesn’t take much to give up data freely in order to navigate, communicate, or access information. We assume that our personal information will be safe, but “the truth is, our data is being exploited by tech companies for profit,” says Thomas. “They know so much about our lives, like our likes and routines, and can predict with pretty good algorithms what we can pretty much do next.”
In a world where personal data is often the currency for access—and many individuals don’t consider its value—Thomas aims to introduce legislation that holds tech companies accountable.
How the New York Privacy Act Compares to CCPA
Enter the New York Privacy Act, which provides transparency, control, and a code of ethics that companies would be expected to follow going forward.
The proposed New York Privacy Act and the existing California Consumer Protection Act (CCPA) are “much more similar than different,” according to Thomas. Like the CCPA, the new NY measures would give consumers the right to know—or the ability to find out what information companies collect on them, who those companies share it with, and request that it be corrected, deleted, or not shared with third parties.
The bill would also include the private right of action—the right for New York residents to sue companies directly for privacy violations. And a new code of ethics would legislate how the actual data is used by companies; for example, restricting the use of location data beyond the purpose for which it was collected (which is also a key element of the proposed CPRA).
For Thomas, as for many privacy advocates, the eventual solution lies in a universal bill passed by the federal government. Until then, and “even after this bill is passed, technology is constantly improving and changing. So the issue of privacy will continue to evolve, and I want to make sure that my bill can capture the evolution of this going forward.”


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Hyundai Motor India Ltd (HMIL) launch a facelift of its compact sedan Xcent, beginning at Rs 5.38 lakh (petrol) and Rs 6.28 lakh (diesel) on Thursday. The 2017 Xcent gets a great deal of segment first features like a seven-inch touchscreen and sharkfin antenna apparatus, other than an another greater diesel engine. The new compact sedan has been overhauled much in accordance with Hyundai’s Fluidic Design philosophy. It gets a hexagonal chrome-edged grille with Cascade even chrome braces replacing the honeycomb work. The etched face gets LED daytime-running-lights at the fog light attachment just in the main two trims- – SX and SX(O).
The 407-liter boot lid gets a triangular tail-lights wrapped around and associated with a chrome brace running over the top. Under the hat, the petrol engine of Xcent continues as before – 1.2-liter producing 83PS @ 6000 rpm and 114 Nm torque @ 4000 rpm, when mated to either a five-speed manual or a four-speed automatic gearbox. Not surprisingly, Hyundai has upgraded the diesel process from the 71PS, 1.1-liter engine to a greater 1.2-liter one that produces 75PS of power.
Within, the new Xcent gets a 7-inch touchscreen entertainment and navigation console which can be connected through Android Auto, Apple CarPlay and also MirrorLink connectivity. A smartphone docking point, like what the Ford Figo Aspire Sports variant got a week ago, has likewise discovered its way on the dash.
Hyundai Xcent falls in the extremely aggressive reduced car fragment, where the normal costs are between Rs 5.30 lakh and Rs 5.40 lakh. The segement sees competition from the new Tata Tigor Styleback, MS Suzuki DZire, Honda Amaze and Ford Figo Aspire.
Hyundai has sold more than 2.5 lakh units of the new Xcent, of which around 7% went to business vehicle-proprietors like armada administrators and taxi owners. To keep the downgrading of “the family sedan” as a taxi, “Hyundai will keep on selling the old Xcent as Xcent Prime,” Rakesh Srivastava, chief of advertising and sales, said.
Hyundai will identification every one of its autos for the business reason as Prime to separate them from the local purpose vehicles. The company likewise declared a speculation of Rs 5,000 in India throughout the following four years.
Check New Hyundai Xcent Pics


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Lamborghini, the iconic Italian sports car manufacturer, is experiencing a remarkable surge in sales in South Korea, poised to surpass last year’s record. This surge in demand underscores South Korea’s growing passion for luxury vehicles and Lamborghini’s commitment to catering to this discerning clientele.
The Asia-Pacific director of Lamborghini made this announcement during the company’s 60th-anniversary celebrations, held over a four-day event in Gangnam, a prestigious district in Seoul known for its affluence. The celebration featured the display of four historic Lamborghini models, including the legendary Diablo and Countach.
Despite the heavy traffic congestion that often plagues Korean cities, the allure of high-end sports cars remains undiminished. In fact, Lamborghini is responding to the surging demand in South Korea by increasing the allocation of its luxury sports cars to the country. While specific figures were not disclosed, this move underscores Lamborghini’s commitment to satisfying the burgeoning appetite for their vehicles in South Korea.
The phenomenon of automakers and luxury brands expanding their presence in South Korea is not unique to Lamborghini. South Korea boasts the highest per capita luxury spending rate in the world as of 2022. This economic prowess has attracted global luxury brands such as Louis Vuitton and Gucci, both of which hosted fashion shows in Seoul once COVID-19 restrictions were lifted. Moreover, Ferrari NV is making its mark by hosting the first Asian motor show in Seoul, capitalizing on the nation’s growing appetite for luxury vehicles and high-end experiences.
In summary, Lamborghini’s record-breaking sales in South Korea highlight the country’s robust demand for luxury sports cars and its position as a burgeoning market for high-end automakers. As South Korea’s economy continues to thrive, the luxury car craze shows no signs of slowing down, further solidifying the nation’s reputation as a prime destination for luxury brands and experiences.


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Yesterday, Domestic Trade and Consumer Affairs Minister Datuk Alexander Nanta Linggi announced that the ceiling price of the face mask was raised from 80 sen to RM2 per piece, besides permission to allow imports of the item to meet a shortage in the domestic market.
Elaborating further, Fadillah said once arrived, the face masks would be distributed by the National Disaster Management Agency (Nadma).
“The priority for these masks will be the frontliners, those who are handling COVID-19 cases, clinics, Ministry of Health, police, Immigration and military personnel, among others, ” he said.
He added if there were an extra of the item, only then it would be put in the market for the public.
Fadillah said the distribution for the market would also be handled by Nadma and Pharmaniaga.
Meanwhile, on the instructions to restrict the operation of shops that sell food or essential goods in each state, Fadillah said the ministerial committee at its meeting yesterday decided to give the power to the respective state governments to issue the order.
Among states that had issued such order are Melaka and Pahang.
TAG: face mask, Nadma, COVID-19, Fadillah, China


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Framingham, Mass.—Working with Dell Inc. and media agency MediaCom, International Data Group has launched a new community and content website for Dell. The new site is called New Fulcrum Point and located at NewFulcrumPoint.com.
The new site features curated content from around the Internet and includes news from IDG brands as well as contributions from analysts and bloggers. The site also includes Dell white papers and case studies. Additionally, new content is created daily by New Fulcrum Point's community manager, Jeff Cutler.
“Dell understands the challenges of today's IT decision-makers and the need for them to quickly harness and make sense of the streams of information that surround them,” said Adam Potashnick, global media director at MediaCom, in a statement. “In one community-oriented site, IT professionals can take control of these information streams to uncover ideas and interact with peers, the community manager and Dell experts.”


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Amid New Terror Alert, Fashion and Retailing Brace for GOP
Nicole Miller’s design company is loading up on canned tuna fish and microwave popcorn. Fern Mallis executive director of the 7th on Sixth extravaganza anticipates that the show’s 47 trucks and trailers will be searched.
From This Issue
NONSTOP SHOPPING: With so many shopping magazines around these days, it was only a matter of time before publishers tried their hands at actually being shopkeepers. Genre forbear Lucky (like WWD, part of Advance Publications Inc.) has outlined…
JONES EYES: Jones Apparel Group Inc. has entered into a licensing deal with Riviera Trading Inc. for women’s and men’s sunglasses to be made under the Jones New York moniker. Jones New York sunglasses are currently being made under…


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We share data on how the LGM can help you start farming as a business. We compare the LGM to traditional farming practices when it comes to crop yields, business, and operating expenses, revenue, and pricing.
Viewing entries tagged
Sarah and Chris Ward got their start in urban farming in 2016 when they purchased an LGM. Although neither Sarah nor her husband Chris had experience in commercial farming, they decided to leverage their professional abilities and mutual love for local food by launching Oasis Spring Farm.
As our network of Freight Farmers continues to expand globally, the range of locations where farmers are placing their Greenerys is growing just as quickly.
Do you like the concept of becoming a Freight Farmer, but aren't sure how to get the most out of your Greenery? We compiled a taste of some of the great ideas our farmers are using to cultivate fresh produce, while also doing good.
Since it's such a hot topic, we feel the need to share this fun fact: Kale grown in the LGM by our freight farmers is actually very different than the kale on the shelves today at your local grocery store or farmers market.
Today we deployed a second Leafy Green Machine to yet another university campus in Massachusetts. Welcome UMass Dartmouth to the Freight Farms network!
Earlier this week, Worcester State University installed a Leafy Green Machine on campus to begin serving all local lettuce year-round.
This week is National Farmers Market Week and the timing couldn’t be better, as we celebrate the local food marketplaces strengthening communities across the US, we’d also like to highlight one incredible project that was launched here in Boston.


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50+ consumers are largely neglected by advertisers, yet this cohort are tech savvy, spending more and living longer. A missed opportunity, argues Betsy Rella, Vice President of Research & Data at New York Interconnect.
If Americans aged 50+ were their own country, they’d be the third-largest economy in the world. According to the AARP ‘Longevity Economy Outlook’ report, consumers aged 50 and up contribute $8.3tn each year in economic activity to the US economy, with a GDP that’s expected to triple by 2050.
So why is this age group so neglected in media and marketing plans?
Today’s 50+ consumers are tech savvy, working second careers and leading active lives. They’ve saved their money over the years, and they’re looking to spend it – if brands can market to them properly.
Consider that 46% of US adult are 50 and up. The birth year boundaries of Gen X are generally considered to be 1965–1980, which means the oldest Gen Xers are now 58 years old. Meaning, within the next eight years, the entirety of Gen X will be 50+.
Yet only 15% of online images containing adults include people in this age group. That’s a serious imbalance, and a missed opportunity for brands and advertisers.
It’s time for the advertising industry to hit the “reset” button on how they’re thinking about (and investing in) 50+ consumers.
The 50+ consumer is living longer – and better
Life expectancy in the US has increased from 68 in 1950 to 76 in 2021. The 50+ crowd isn’t what it used to be, and hasn’t been what stereotypes portray for quite some time. These days, 50+ looks a lot less like the Golden Girls and a lot more like Brad Pitt, JLo, Angela Bassett and Julia Roberts.
Under this shifting view of age, marketers have an opportunity to lead with inspired innovation and marketing creativity – and many are. For example:
- Helen Mirren, 77, has been the brand ambassador for L’Oreal Paris since 2014. With the brand’s latest cosmetics line, Age Perfect, younger women are seeing aging in a positive light.
- Auto manufacturers, including BMW, Tesla, Jaguar, Land Rover and Mercedes-Benz are appealing to adults with reduced flexibility by incorporating advanced technology such as back-up cameras, parking sensors, gesture recognition controls and automated parking.
- An Airbnb commercial crosses over several population segments by featuring an elderly couple having a great time at a villa in Spain as Jay-Z’s and Beyonce’s “‘03 Bonnie & Clyde” song plays in the background.
This is just the beginning of what’s possible when it comes to marketing to this diverse and dynamic segment.
The 50+ consumer’s spending power is disproportionately strong
Between 2018 and 2050, 50+ financial services and insurance spending is expected to grow 190%, healthcare spending is expected to grow by 265%, technology by 345%, and travel and leisure by 235%.
Older consumers contribute more than half of consumer spending in the US, but only 5–10% of marketing budgets go toward winning them over. The simple fact is that, although younger adults are commonly positioned as influencers, 50+ consumers are the ones who have money to spend.
Today, Gen Z has 86% less purchasing power than Baby Boomers did in their 20s. Wages have increased 80% since the 1970s, but the Consumer Price Index increased 500% in the same time period. Likewise, Gen Z is paying 100% more for homes, while tuition costs at public colleges increased 310%, and private colleges are up 245% according to a Consumer Affairs study.
The Federal Reserve data showed Baby Boomers had approximately $73tn in wealth at the end of 2022, which was eight times that of Millennials. With an average net worth of $1.7m versus $214,000 for Millennials, these older adults have a level of disposable income that is well outside the reach of Gen Z. Unfortunately, few brands are recognizing these realities in their media investments and creative today. Gen X spent the most money of any US generation, with an average annual expenditure of $83,357 (compared to Boomers at $62,203, Millennials at $69,061 and Gen Z at $41,636).
It’s also important to note that when we’re talking about 50+ consumers, we’re not just talking about Baby Boomers.
The generational distinction is also important given how different Gen X’s experiences are compared to Baby Boomers’. Gen Xers in their 50s have had access to home computers for the entirety of their adult lives and during their prime working years. Many make their homes’ tech decisions from mobile phone plans to streaming services. Younger people in the household may influence purchases, but the Gen X parents are actually opening their wallets. At the same time, many are also caring for their Boomer parents in their 70s and 80s and running “tech support” within those households.
The 50+ consumer is tech-savvy and targetable
When marketers think of older adults, they tend to dismiss them as being not tech savvy. But that’s increasingly not the case with the 50+ crowd, especially Gen X. Nielsen’s Scarborough data stated 93% of 50+ consumers were online and 77% were on social media. Seventy-two percent made an online purchase in the past year and 63% owned smart TVs.
We especially see this rising embrace of technology among the 50+ crowd when it comes to TV viewing habits. For example, according to March data from the MRI Cord Evolution Study, nearly half of 50+ consumers in the NY DMA are “cord stackers” – individuals who have added streaming to their viewing behaviors while also keeping traditional TV service. Another 29% have moved away from traditional TV service and are streaming only. Meanwhile, about 70% used an ad-supported streaming service in the past 12 months to watch TV or video content.
In other words, not only are 50+ consumers living longer and spending more, but they’re also increasingly reachable via the full spectrum of marketing channels where today’s brands are already focusing their efforts. It’s time for advertisers to recalibrate their efforts accordingly. To fail to tailor the messaging to this powerful and unique consumer group is to miss out on a massive opportunity today, and an even bigger one tomorrow.


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Mobile World Congress is going on and we are witnessing a lot of good smartphones. Well, the morning session was for Sony, but the evening session is booked by Gionee. Last year, at MWC Gionee, launched the Elife S7, but this year not only they is launching its successor at MWC 2016, but they have […]
Earlier today, Gionee hold an event in New Delhi where the company has announced the Gionee Elife E8. After their slimmest phone in the world, they have launched their next flagship smartphone with a lot of features and the price for the device is quite decent and will be available for purchase via Snapdeal.
A few weeks ago, Gionee Marathon M4 was launched in India and today they have arrived again with a smartphone. The smartphone world is getting overloaded with phones, and yet an another phone has arrived in the market. Today, Gionee F103 is launched in India and the company revealed it’s specs and price too. The […]
A few weeks ago, Gionee held an event in Shanghai where the company announced a new smartphone in their Elife series and while that is on it’s way Gionee has brought a new smartphone in the Marathon series. Today, the Gionee Marathon M4 is launched in India and it brings some interesting features as the […]
The smartphone world is getting a lot of varieties these a days and the competition is getting more and more these a days and today, a new phone has been launched. So, meet the new Gionee Elife S7. The handset was firstly showcased over at Mobile World Congress and it is the successor to the […]
The smartphone world is witnessing a lot of new smartphones these days. The first three months of this year has been passed and many smartphones have been launched in the meanwhile. The Consumer Electronics Show and the Mobile World Congress brought us many new smartphones. Today, we are going to talk about the smartphones that […]


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SEOUL, Sept. 15 (Korea Bizwire) – Lotte Group’s decision to pull its supermarket chain out of China after months of politically motivated retaliation from the Chinese government is triggering fears it could cause a domino effect among South Korean companies.
After being subject to incessant retaliation – including raids by safety authorities from the Chinese government – over its involvement in the deployment of American THAAD anti-ballistic missile defense systems, Lotte has finally given in to China’s pressure and initiated the sales process of its supermarket business in the Chinese market.
To many South Korean firms, Lotte Mart’s withdrawal, along with E-mart’s similar decision and the poor sales performance of Hyundai Motor, paint a much bigger picture, and give a glimpse into what the Chinese economic retaliation could look like if it goes on for much longer.
Before the South Korean retail giant came face to face with the grim decision of withdrawing its supermarket business from China, Lotte spent months trying to save its business, injecting 360 billion won back in March in an effort to cushion the damage caused to its Chinese subsidiary.
Shin Dong-bin, the CEO of Lotte Group, even resorted to an emotional marketing ploy, including an interview with the Wall Street Journal during which he expressed his love for China and intention to continue Lotte’s business there.
Posters were plastered on Lotte Department Stores and 7-Eleven stores in South Korea, with messages that read in Chinese that the company understood the frustration of Chinese people and was willing to wait for Chinese customers to open their hearts again despite the political dispute between the two countries, a move that had little to no impact.
It’s not just the retail industry that is in fear of following in the footsteps of Lotte Mart, as the economic damages caused by the political tension have been spilling out into other South Korean companies across the cosmetics, automobile and food industries, including Amorepacific, Hyundai Motor and Orion Corporation, all of which have seen their Chinese sales drop precipitously in recent months.
“The issue of the THAAD system in the South Korean economy that caused the crisis at Lotte Mart is not something that a company can solve,” a source close to Lotte Group said.
Hyunsu Yim (firstname.lastname@example.org)


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It was nice while it lasted.
On Tuesday, JetBlue succumbed to financial pressure and imposed fees for checked luggage.
That leaves Southwest Airlines as the sole remaining U.S. carrier to let passengers check their bags for free.
Once taken for granted, checked luggage has gone the way of the in-flight meal, spacious legroom and assigned seating _ consumers are now expected to pay for such amenities.
Marty St. George, JetBlue’s executive vice president of commercial products and planning, told the Associated Press that the revenue from the new bag fees will enable the New York-based airline to upgrade its seats and televisions.
Some of these changes are going to help pay for what's the biggest product upgrade JetBlue has had in the history of the company.
Marty St. George, JetBlue executive vice president
The luggage fees were detailed on Tuesday as part of JetBlue’s new fare structure.
Those who purchase basic “Blue” fares will pay $20 for a checked bag when their check in online, or $25 at the check-in counter or airport kiosk. A second checked bag costs $35.
“Blue Plus” fares, which cost more per ticket but include lower cancellation or change fees, will include the cost of one checked bag. If you want to check two bags, you’ll have to pay an additional $35.
Two checked bags are free for those in “Mint” class, JetBlue’s version of First Class.
No matter what class they’re flying, all passengers will be charged $100 for additional extra bag.
The changes take effect on new reservations starting on Tuesday, so if you already booked your flight, you won’t have to pay extra to check one bag.


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Announces Calvin Johnson Jr. and Rob Sims of the Detroit Lions as keynote speakers
WASHINGTON, 23 Aug 2021 / PRNewswire / – The National Cannabis Industry Association (“NCIA”), the oldest, largest and most influential trade association representing legal cannabis companies, will hold its Midwestern Cannabis Trade Conference of September 22-23 to TCF Center downtown Detroit, Michigan. Former Detroit Lions and Current Cannabis Activists and Entrepreneurs Calvin Johnson Jr. (aka Megatron) and Rob sims will present as keynote speakers.
The robust and expanding Illinois and Michigan cannabis markets show great opportunity with annual sales in each market expected to slip away $ 2 billion by 2024. The Midwest Cannabis Business Conference is the premier cannabis event for NCIA members, policy makers, entrepreneurs and service providers, which specifically focuses on these and other flourishing markets nearby. More than 75 influential speakers will take the stage for keynote addresses and panel discussions focused on the region, with content aimed at dispensary owners and growers. Leads include Commercial Regulations and Services, Seeds for Sale, and Midwestern Issues, which will cover the latest regional rules, regulations, trends and forecasts for the future of cannabis in the Midwest.
Former NFL teammates Calvin Johnson Jr. and Rob sims engage in a fireside conversation covering their personal stories and mission in cannabis on Wednesday September 22 To 10:15 a.m. EDT. Both athletes suffered from chronic pain resulting from injuries sustained during their playing careers and wanted a healthier, holistic alternative to the opioid pain relievers often prescribed to athletes for treatment. Driven by a desire to change the conversation around cannabis and deepen understanding of the medical cannabis industry, Calvin and Rob joined the Primitiv (âPrimitivâ) group. MichiganPrimitiv Group is a forward-thinking company dedicated to the advancement of cannabis as a form of high wellness, believing that the plant has incredible potential as a healing agent. Michigan-based Primitiv seeks to advance the cause of medical cannabis by researching its natural health benefits. They are also leaders in educating the public on health benefits through partnerships with institutions such as the International Phytomedicines and Medical Cannabis Institute in Harvard University, and are partners of NESTRE, a neurological training platform specializing in neuroplasticity.
âWith the impressive sales statistics that we are seeing emerging from the Midwestern cannabis markets, it is relevant that we bring the community together for educational sessions and networking opportunities to ensure sustainable and responsible growth,â said Aaron smith, Chairman and CEO of NCIA. âWe are delighted to host the Midwest Cannabis Business Conference with this mission in mind and look forward to an inspiring and stimulating presentation from Calvin and Rob. As the cannabis landscape continues to evolve, the NCIA is proud to support the industry with high quality and insightful events. “
Early bird passes are available until September 3 and can be purchased on the event registration page here. For more information on the Midwest Cannabis Business Conference, please visit full list of speakers and detailed agenda.
On The National Cannabis Industry Association
Founded in 2010, the NCIA is the oldest, largest and most effective trade association representing legal cannabis companies. We are committed to promoting the growth of a responsible, sustainable and inclusive cannabis industry and to working for a favorable social, economic and regulatory environment for this industry throughout. United States.
Our members include hundreds of forward-thinking companies and tens of thousands of cannabis professionals from coast to coast. The NCIA is leading the charge to protect the legal cannabis industry, defend the laws of our states, and advance federal political reforms. Successful businesses join the NCIA every day to become stronger, smarter and more successful by working together to defend and grow the responsible cannabis industry.
View original content to download multimedia: https://www.prnewswire.com/news-releases/ncia-hosts-the-midwest-cannabis-business-conference-in-detroit-michigan-september-22-23-301360251 .html
SOURCE The National Cannabis Industry Association


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Demand for machinery in Russia falls despite holidays
According to Kommersant , the holidays, February 23rd and March 8th, took place in Russia without much growth in demand for equipment. Usually the situation is somewhat different, but this year the demand for equipment did not rise very actively. Probably the reason is the crisis and the desire of buyers to save money. Moreover, the decline in demand is expressed in units of goods sold, but the market volume in monetary terms is growing. This is due to the devaluation of the ruble.
Different companies selling equipment, the situation is also different. For example, Candy's washing machine sales fell 30%. This was stated by Anton Kharin, Managing Director of the company in Russia.
In M.Video, sales of budget categories of devices doubled: mp3 players, electronic readers, photo frames. In addition, sales of budget smartphones are also growing, growth in this category amounted to 45%.
Euroset reports that from February 9 to March 8 this year 3 million phones, smartphones and tablets were sold in Russia. In unit terms, this is 3% (100 thousand devices) less than last year. But in monetary terms, sales rose to 22 billion rubles, which is 16% more than last year. Vice-president of the company Viktor Lukanin said that during the holiday week the smartphone market declined by 5% in quantitative terms, and grew by 10% in cash. The market for cell phones declined by 28% in real terms and increased by 25% in cash, tablets — by 1% in units and sales in rubles increased by 21%.
The “re: Store” chain confirms the drop in unit sales of smartphones and tablets. But the network's revenue on holidays grew by 49%.
Another retail chain shows iPhone sales falling 25%. The company attributes the fall to a 70% rise in smartphone prices.
Samsung Corporation to increase sales decided to reduce marketing payments to retailers, lowering the price of products. This is done so as not to lose market share in a falling market. For example, Samsung Galaxy Note 4, therefore, is now sold for 45 thousand rubles, which is 5 thousand rubles than at the beginning of the year.
For the fourth quarter of 2014, sales of household and computer equipment showed maximum growth for the entire monitoring period. So, over this period, sales in monetary terms exceeded 500 billion rubles. But in January, sales fell, and according to experts, there is a likelihood that after April, a drop in market volume will begin in monetary terms.


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Frankfurt-listed Apple shares up four percent on third-quarter, iPhone X prospects
Frankfurt-listed shares in Apple Inc rose 4 percent on Friday, after the iPhone maker published better-than-expected earnings and reassured investors over production delays of its latest iPhone X model.
Around 1100 GMT, Apple shares traded at new record highs around 150 euros on the German bourse. The company said late on Thursday after the close of stock market trading that earnings were better-than-expected, and also offered rosy forecast for the holiday shopping season.
European suppliers of Apple also enjoyed strong gains, with Dialog Semi up 3 percent, AMS 2.7 percent, Infineon 1.6 percent and STMicro 1.6 percent.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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Several years ago, Eternity’s Child was planned for WiiWare. Mecho Wars was also set for a release on the downloadable service. Unfortunately, neither game ended up on the Wii Shop Channel.
What happened to both games? Luc Bernard gave a quick explanation to Nintendo Life:
They never saw the light of day, sadly. In the case of Eternity’s Child, WiiWare publisher Alten8 never finished porting it. Mecho Wars ran on Wii, but WiiWare was simply not profitable enough to make it worth releasing — that’s why it ended up on the PSP and PS3 instead.
It’s been several years since the Eternity’s Child saga. Bernard’s latest game, The Only Escape, may now have a shot at launching on Wii U. According to Bernard, he’d like to make this a reality if his new Indiegogo campaign reaches its funding goal. Support for the 3DS, on the other hand, is probably out of the question.
As I said, I would like to do a Wii U version of Imagination Is The Only Escape if we manage to meet our funding goal, since it would be a perfect fit for the console. As for the 3DS, sadly I don’t think any game I make can run on it. You may think that sounds silly, but games with huge 2D textures take up a lot of memory and then to port it to a platform like the 3DS takes time. If a publisher wanted to port one of my games to the 3DS I would of course say yes, but I certainly couldn’t do it alone.


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Indiana mead makes its way to Ohio
New Day is making big moves in its eleventh year
By Rita Kohn
New Day Craft Mead and Cider – as part of its 11th Anniversary expansion plans – has launched distribution in nearly 100 locations throughout in Ohio, in addition to its long-standing statewide presence in Indiana, according to a news release from Cavalier Distributing.
“We’re entering the Ohio markets with our five year-round meads and hard ciders,” confirmed New Day co-owner Tia Agnew, in an email. “The Gold Rush is only available on tap at our Fountain Square tasting room, and not available in distribution.”
The varieties available in Ohio include three craft meads: Washington’s Folly – tart cherry mead; ReThinker – dry hopped blueberry mead; Shelby Blue Ribbon – strawberry rhubarb mead; and two hard ciders: South Cider – hard apple cider with honey; Johnny Chapman – hard apple cider with sorghum.
Agnew is hosting launch events July 18-21 in Dayton, Delaware, Medina and Akron, Ohio.
New Day opened the Fountain Square Tasting Room in 2005 as a front runner in the production of modern craft mead and hard cider in Indiana. Founders/Owners Tia Agnew and Brett Canaday describe their product “as approachable as it is innovative, bold and full of flavor, possessing a balance and complexity created by virtue of using whole fruit, wildflower honey and specialty yeast strains; quality ingredients with no concentrates, purees or natural flavors.”
Full Story: Indiana mead makes its way to Ohio
Meadery Profile: New Day Craft Mead and Cider


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BenQ F52 is rumored to be the next flagship smartphone from Taiwanese manufacturer BenQ featuring Google’s Android 5.0 Lollipop OS. It will be officially unveiled at Mobile World Congress in Barcelona next month. The BenQ F52 will feature a 5.2-inch Full HD display with resolution of 1920 X 1080 pixels. It will be powered by Qualcomm’s latest 64-bit octa core Snapdragon 810 processor. For multimedia, BenQ F52 will pack 13 Mega Pixel rear camera with LED flash and an 8 Mega Pixel front facing camera for video calls and Selfie pictures.
The BenQ F52 will come pre-installed with heavily customised version if Google’s latest Android 5.0 Lollipop OS. Rest of the specs are still unknown but BenQ will officially unveil F52 at MWC 2015 in Barcelona next month. Stay tuned for more updates.


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Revenge of the nerds
An explosion of start-ups is changing finance for the better
THINK of banking today and the image is of grey-suited men in towering skyscrapers. Its future, however, is being shaped in converted warehouses and funky offices in San Francisco, New York and London, where bright young things in jeans and T-shirts huddle around laptops, sipping lattes or munching on free food.
A wave of financial-technology (or “fin-tech”) firms, many of them just a few years old, are changing the ways in which people borrow and save, pay for things, buy foreign exchange and send money. In doing so they are finding and mining rich seams of profit, challenging the business models of existing institutions and inflating a bubble of excitement among investors that technology and the internet are about to change banking for good.
Much of this may sound like hype, particularly to those whose memories take in the unmet promises of internet banks at the height of the dotcom bubble, or that go back earlier still to the statements of Bill Gates, the co-founder of Microsoft, that banks were dinosaurs. Yet the growth rates of some of these start-ups seem to warrant the excitement.
Take Xoom, a San Francisco-based firm that is little more than a decade old. It specialises in sending small amounts of money across borders. By collecting the money online, and using technology to minimise fraud, it is able to undercut the fees charged by traditional money-senders such as Western Union that have huge networks of agents to collect and distribute cash. Its stock has more than doubled since its IPO earlier this year, valuing the company at more than $1 billion, a heady figure for a firm that reported revenues for 2012 of just $80m and a net loss for the year of $5m. In an echo of the valuation methods used before the bursting of the dotcom bubble in 2001, its shares are priced not in relation to its profits or even its revenue but to its extraordinary growth.
In Britain similar buzz surrounds Wonga, an even younger firm that specialises in making short-term loans at eye-popping interest rates. The firm is controversial: it occupies the same market as payday lenders. The Archbishop of Canterbury, no less, has said he wants to use church credit unions to compete it out of existence. But Wonga is growing fast thanks to slick technology and clever algorithms that analyse masses of data, including how much time customers spend on its website. This allows it to reach credit decisions in seconds. The time taken between a customer applying for a loan and receiving the money in their bank can be mere minutes.
Some in the industry think Wonga will be valued at more than £1 billion ($1.5 billion) when it comes onto public markets. Its profit margins make that seem plausible. In 2011, the most recent year for which its financial information is publicly available, the firm produced a pre-tax profit of £62m on revenues of £185m.
The excitement around these companies and others has venture-capital (VC) firms tripping over one another to find the next Wonga or Xoom. “I get two to three calls a week from VCs,” says Michael Kent, the CEO of Azimo, an online money-sending firm based in London.
Several factors have converged over the past few years to produce the upsurge in fin-tech firms. First was the financial crisis, which damaged trust in banks. It also precipitated several years of record-low interest rates, which pushed savers to look for better returns where they can. That has benefited peer-to-peer lenders such as Lending Club, an American firm that provides a platform on which investors can lend to borrowers and that recently passed the $2 billion mark for loans originated.
Shape of fin to come
The rise of cloud computing, a term for software and services delivered over the internet, has also slashed barriers to entry for technology firms. This is true across many areas of business but it is an especially potent force in financial services, which is a digitised industry in which most money exists as bits and bytes in computers rather than as notes and coins.
Globalisation also helps. Sonali de Rycker, a partner at Accel, a VC firm, and a director of Wonga, points out that the company initially got started by outsourcing much of its programming to developers in Kiev, the Ukrainian capital.
The spread of smartphones has also boosted tech start-ups by enabling the emergence of new ways of making or receiving payment. Firms such as Square in America or iZettle in Europe produce cheap credit-card readers that plug into smartphones and allow merchants to accept card payments. Their costs are low partly because customers already have sophisticated computers in their pockets.
The emergence of “big data”, a term used rather loosely to describe computer software that can analyse masses of information for patterns or correlations that people would not otherwise spot, is another factor. Number-crunching has helped firms such as Wonga and ZestFinance, an American start-up, transform the way credit decisions are made.
Yet for all their promise, fin-tech firms still face formidable barriers. Chief among these is winning the trust of their customers. It is not a huge leap of faith to order a book online; it is a larger one to entrust your savings or the management of your financial life to a new company that seems to exist only on your computer screen or smartphone. Samir Desai, the chief executive and co-founder of Funding Circle, a British peer-to-peer lender that specialises in financing small businesses, says his biggest challenge is raising awareness among borrowers. “Less than 1% of businesses have heard of peer-to-peer lenders, or even know that there are alternatives to banks,” he says. As expensive as banks’ branch networks are, they provide advertising that money cannot easily buy.
Another challenge comes from the limits of their business models. Peer-to-peer lenders such as Zopa (with which your correspondent has deposited £50 in the name of research) are not able to offer their savers the security of insured deposits or a guarantee that they can withdraw their money when they want it. This makes them much less risky to regulators since they cannot suffer from bank runs, but less useful to customers who want long-term mortgages as well as instant access to their cash. Fin-tech firms will take lots of business from the banks in coming years. Replacing them is another matter.
Correction: The company we originally referred to as ZestCash has changed its name to ZestFinance. This was corrected on August 6th 2013.
This article appeared in the Finance & economics section of the print edition under the headline "Revenge of the nerds"
From the August 3rd 2013 edition
Discover stories from this section and more in the list of contentsExplore the edition
They have learnt how to walk down stairs
It is beyond time to fix the Treasury market
Will it backfire?