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Caesars Entertainment and MGM Resorts International are two major casino gaming companies based in the United States. Both operate casinos in various states and were hit a few months ago with a major cyberattack. Properties were infiltrated across the board, including New Jersey casinos. The issue seemed to start in Las Vegas, and the companies are now facing lawsuits in three states due to the breach of personal information among players due to the hack. Will a lawsuit be filed in New Jersey next?
Will Atlantic City Casinos Be Subject to a Lawsuit Due to Recent Cyber Attacks?
- The existing lawsuits claim the plaintiffs did not protect players' personal information.
- The attacks took place in September, and several casinos in the US were affected.
- Caesars AC, Harrah’s AC, Tropicana AC, and Borgata were breached in NJ.
Current Lawsuits in Three States
In October, several lawsuits were filed by players affected by the data breach. Illinois, Nevada, and New Jersey courts were used to file a claim against Caesars. MGM faces a filing in Nevada. The plaintiffs are saying that the companies did not protect their personal information.
We may see even more filings in the future as players start to realize that hackers obtained their personal information. The breach affected the Caesars Atlantic City Casino, Harrah’s, Tropicana, and Borgata in New Jersey. Caesars owns the first three casinos, and MGM manages the Borgata.
If a civil lawsuit were to be filed in the Garden State, the plaintiff must make a claim against MGM or Caesars. A case could go before the US District Court, and to win, the plaintiff would need to prove that the negligence of the casino operators caused damages.
Caesars was attacked first, and its computer systems were infiltrated, including the Caesars Rewards program. Information about customers, such as name, address, social security number, and more details, was obtained.
MGM was hit next, with its computer systems breached and personal data accessed as well. The land-based casinos of the brand were affected along with the online services via BetMGM.
A Costly Attack
It has been estimated that the attack against MGM Resorts could cost the company as much as $100 million. MGM revealed the expected financial impact during a public filing with the Securities and Exchange Commission. The third quarter revenues of the company will be negatively affected due to the attack. The company does not feel the fourth quarter revenues will be harmed.
MGM could not offer its regular services during the attack and was shut down in several areas of service for quite some time. The Borgata in Atlantic City, along with venues in Nevada and other states, were hit with a ransomware attack, and it caused difficulty in using cash machines, reservation systems, and other computer programs.
Some locations were hit so hard that systems were down for two weeks. Visitors could not place reservations online, and the company relies on overnight stays for additional revenues. Loyalty card play was unavailable for slots, leading players to reduce venue spending.
Members of MGM’s online gaming brand, BetMGM, were affected as well. Personal information was breached, leading to hackers trying to log in to player accounts consistently. BetMGM does include a text alert to log in, so players affected could note if someone was trying to get into their account and change the password.
If the company loses $100 million due to the cyberattack, it will be the biggest loss of a company due to this type of infiltration in the history of the United States. And it most likely won’t be the end of this type of attack. Operators will need to work steadily to control the security of online and land-based services to ensure that a data breach cannot take place in the future. Updates must be consistent to prevent potential hackers from infiltrating consumer data.
Having started in 2005 as an online writer, Sadonna has focused on the online gambling industry, with a keen knowledge of various subjects. Sadonna has followed the growing US-based gambling industry for decades, covering all the legal changes in the nation as well as information on land-based and online casinos. She enjoys updating fellow gamblers on new games, casino bonuses, and additional information for premium gaming services. In her spare time, Sadonna loves spending time with her family and singing on Smule. Sadonna hopes to continue working in the online gambling industry and building quality articles for players to learn more about the US market.


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Mercedes-Benz Kicks off Production of the GLS
The Mercedes-Benz GLS was first unveiled at the 2015 Los Angeles Auto Show this past November and now the model will go into production at the Tuscaloosa, Alabama facility. The facility is known for its SUV production of Mercedes-Benz Cars and is where the German automaker builds the GLE and GLE Coupe. Mercedes-Benz SUVs recently reported a sales increase; sales were 62.5% higher than in the first month of last year, rising to new record of 53,966 units.
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Calling all shoppers with a trashy dress-sense.
A team of university students have set up a new fashion line - out of junk.
All studying at Newcastle University, they have been scouring charity shops for cast-offs to turn into streetwise styles.
They have set up their own label, `Junk', which is being launched today at a Tyneside nightclub.
The project is part of their marketing and management degree courses, but they hope to carry it on after they graduate.
Sophie Newton, of Fenham, is one of the designers.
She said: "Me and one of the other partners had both planned to do fashion originally, but changed our minds at the last minute.
"That's why we thought about doing something with clothes and wanted to set up a clothing company.
"And we all really liked the idea of recycling clothes to be friendly to the environment."
Junk is run by Sophie, 20, along with pals, Helen Wells, 20, and Hannah Crowder, Amy Walker, and Mark Stockdale, all 19.
The label is being launched at the World Headquarters nightclub tonight from 10.30pm onwards.
Sophie said: "We have been going to charity shops and buying things like old grannies' pleated skirts and turning them into miniskirts.
"The style is quite retro and vintage. And to use the idea of using old clothes to make new ones is a niche in the market.
"It's something that hasn't been explored before.
"And we all want to carry it on when we leave university.
"We have to liquidate the company when our course finishes but we can start it up again straight away."


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EU bankrolls sustainable business fund for Wales
A scheme to help businesses across West Wales and the Valleys operate in a more sustainable way has had its funding pot doubled - thanks to EU backing.
The WISE Network (Welsh Institute for Sustainable Environments) project led by Aberystwyth University in partnership with Bangor and Swansea Universities has gained funding of £6.6m from the European Regional Development Fund (ERDF) through the Welsh Government, with the remaining funding provided by the universities involved.
As a result, the scheme, which aims to support companies to undertake research and development activities in a bid to develop ‘greener’ manufacturing processes, products and packaging and drive business growth, now has a funding pot of £12m.
It also aims to encourage business to increase use of renewable materials to produce commercial goods and services.
European Programmes deputy minister Alun Davies, said: “This scheme is another example of how EU projects can support businesses, helping them to increase their competitiveness and deliver goods and services in a way that helps protect our environment, meeting our own ambitions to build a low-carbon economy and those of EU 2020 for smart, sustainable and inclusive growth.”
The scheme will also offer businesses expertise in areas, such as developing renewable-based materials for use in products and improving resource efficiency of services, helping to reduce their ecological footprint.


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About 10 years ago, organic brewer Ted Vivatson made a beer delivery to a small organic grocery store in Davis. As he says he sometimes does, he took the opportunity to observe customers browsing the beer aisle. He recalls seeing a young woman carrying a basket filled with organic produce and organic packaged foods step up to the wall of craft beer bottles.
“My beer was right in front of her, but she took a six-pack of Sierra Nevada,” says Vivatson, who helped establish Eel River Brewing Co., in Fortuna, in 1994.
He says he asked the woman why, since she clearly preferred organic foods, she had bought a non-organic beer when an organic option was immediately available.
“And what she said has stuck with me ever since — she said, ‘Well, I know that what I’m buying now is bad for me anyway,’” he recalls.
That, in a few words, could be one explanation for the near absence of organic beer from the otherwise thriving craft beer industry. Of the 7,000-plus breweries in the United States, just a handful — a dozen or so, near as I can tell — make only organic beer, and one of the best known examples —Bison Brewing, in Berkeley — folded last year after 29 years in business.
This is a disproportionately low ratio given how much organic food is grown around the country. In 2016, organic crops covered 4.1 million acres of the United States, according to CivilEats. Statista reports that total cropland in the United States amounts to 253 million acres. That gives organic foods a 1.6-percent share of the farmed acreage, and probably of the total market share.
A logical person, applying the same math to the brewing industry, might assume that just over 100 breweries are making all organic beer, which regulations require to be brewed with 95 percent organic ingredients, including only organic hops.
But this isn’t the case. Rather, according to Food Republic, there are “dozens” of breweries in the country that make at least one organic beer. In other words, many, and probably most, of these breweries make mainly beer from conventionally farmed ingredients, since many organic beers are one-off, one-time releases, or seasonal specials. For example, Sierra Nevada Brewing Co. grows organic ingredients on its premises, and the brewery’s Estate Homegrown IPA is certified organic. Deschutes also makes an organic beer — its Green Lakes Organic Ale. But certified organic beers are a small percentage of each brewery’s total production.
The beer industry is so sparsely populated with organic breweries, in fact, that even the Brewers Association, which tracks so many aspects of the industry’s growth and trends, isn’t even counting. Bart Watson, the association’s chief economist, says there never has been enough demand from brewers for organic hops to generate a supply, and without readily available organic hops, brewers who may consider making organic beer simply can’t.
“It’s kind of a chicken and egg process,” he writes in an email exchange.
Thanks to conventional farming and the widespread use certain weed-killing poisons, agricultural carcinogens — namely glyphosate — are lingering in our food, wine and beer, according to a report that came out earlier this year. Even organic products contain this chemical, though at far lower levels, the authors of the report found.
Few people, it seems, are angry enough about this. In fact, even in the wealthy Bay Area, consumers seem more concerned with saving a buck here and a couple of bucks there than with buying healthier, safer beer. Daniel Del Grande, founder of Bison Brewing, learned this the hard way when he closed down Bison Brewing last year. He says consumers weren’t willing to pay the extra cash that it takes to make beer with the esteemed USDA Organic label.
“People just wouldn’t pay an extra 50 cents a six-pack for organic, much less the $1 it cost me,” he writes in an email exchange.
When Whole Foods Markets stopped carrying his beer, “I just gave up,” he says.
Dave McLean, co-owner of Admiral Maltings, a barley malting facility in Alameda that supplies local brewers with malt from grain farmed without tilling, describes wholesale market nuances that reflect the same lack of interest.
“We just don’t see a lot of demand for organic ingredients — just a few enthusiastic and devout customers,” he says, referring in part to ThirstyBear Organic Brewery, in San Francisco.
My take on all this? People who buy organic produce when possible still happily buy beer made from conventionally farmed ingredients because of a mind-trick they are playing on themselves. Specifically, when they buy a relatively pricey craft beer rather than a cheaper mainstream brand, like Budweiser or Coors, they feel they have already made the “right” choice, the “responsible” and “sustainable” and “ethical” choice — the same way they feel they have made the right purchase by buying organic foods instead of conventional.
So, they go happily home with their organic salad makings and their craft beer, thinking that the one is the other’s equal counterpart, even if the beer is not organic.
And as we know, aside from Eel River, ThirstyBear and a few more, virtually no beer is.
Alastair Bland’s Through the Hopvine runs every week in Zest. Contact him at firstname.lastname@example.org


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When it started producing the Veyron in 2003, Bugatti promised an exclusive production run of just 300 models. Seven years later it's sold the 300th and final coupé version.
It was ordered by an un-named European customer who paid £1.48million for the privilege of owning the Super Sport version of the fastest road-legal car in the world, complete with 16-cylinder engine capable of propelling the car to more than 268mph and from 0-60 mph in under 2.5sec.
The owner will also benefit from the car's seven-gear twin-clutch gearbox that produces shift times of under 150 milliseconds, its carbon-ceramic brakes, innovative brake-cooling system and a rear air-brake spoiler, which together bring the Veyron to a standstill from 60mph in just 31.4 metres or 2.3 seconds.
The Veyron is, however, more than just a car. It became a cultural icon, celebrated as much by the presenters of BBC TV's Top Gear as by pub bores and dinner-table guests the world over.
When announcing the sale of the final coupé, Bugatti pointed out that the story of what it called its "exceptional sports car" was set to continue. The Grand Sport, a convertible version of the Veyron (yours for £1.26million) is still on sale and is, of course, the fastest convertible in the world.


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EXCLUSIVE: She's the new Avon lady! Milla Jovovich stars in city slicker campaign as face of beauty giant's new fragrance
19:26 GMT, 31 May 2012
Model and actress Milla Jovovich was recently announced as the new face of Avon's fragrance, City Rush for Her.
And, a month after tantalising glimpses of the supermodel filming the campaign in New York were released, the final campaign photo has been unveiled.
Milla, who stars in the campaign with male model Carlos Casia Grande, was photographed frolicking in the streets of Manhattan as she shot the pictures.
City slickers: Milla Jovovich and male model Carlos Casia Grande are the faces for Avon's latest fragrance, City for Him and Her
Avon say the model and actress 'epitomises the strong, stylish woman that is synonymous with City Rush, while the model said she was 'excited' to join the Avon family.
I am so excited to be working with Avon as the face of their new fragrance,' the Resident Evil actress said.
'It is a sophisticated fragrance that captures the natural mystery and sensuality of a woman.
'When I am wearing City Rush I feel confident, sexy, and ready to turn the streets into my runway.
'Avon is such a special brand to partner with. Its dedication to female empowerment and worldwide campaigning for the causes that matter most to women make me proud to be part of its family.'
Indeed, Milla is in good company as a face of the superbrand – she joins fellow A-listers Reese Witherspoon, Christy Turlington-Burns, Patrick Dempsey, Courtney
Cox, Herv Leger and Christian Lacroix as part of the Avon family.
The fragrance, which will be released in October, is described by Avon as having top notes of bergamot, plum and crisp ivy greens, middle notes of seductive black dahlia, rose and orchid, and base notes of creamy woods, patchouli flower and silky musk notes.
Philanthropic: Milla, pictured at charity fashion event Amfar in Cannes last week, said Avon's work to help women across the world helped drive her desire to work with the brand
City Rush for Her launches October 2012 and will be available to buy from Avonshop.co.uk
CAPTURED ON SET:
She got the moves: The model and actress seemed to be a real livewire to work with
Interesting backdrop: Milla filmed outside a shop that read 'flower shop' but seemed to feature lingerie, all will be revealed we're sure
Mirror, mirror: Milla walked next to two men carrying a mirror as part of the commercial's narrative


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Canada's largest Protestant church has approved a boycott of products made in Israeli settlements.
Meeting in Ottawa, the governing General Council of the United Church of Canada's General Council on Friday supported a resolution calling for a boycott of goods produced in the West Bank and eastern Jerusalem.
Details of how the boycott will be applied will be determined in the coming weeks and months, officials told the National Post.
The resolution calls on church members "to avoid any and all products produced in the settlements"; requests that the Canadian government ensure that "all products produced in the settlements be labeled clearly and differently from products of Israel"; and requests that products produced in the settlements not be given preferential treatment under the Canada-Israel Free Trade Agreement.
The boycott does not extend to products produced inside Israel's pre-1967 borders.
Prior to the final vote, the Centre for Israel and Jewish Affairs said it was "outraged" at the bid to boycott settlement products, saying the "decision represents a radical shift in the United Church's policies, betrays the views of the vast majority of its members and flies in the face of decades of constructive interfaith dialogue."
The Friends of Simon Wiesenthal Center for Holocaust Studies also criticized the bid at the time, with president and CEO, Avi Benlolo saying in a statement that "I don't know if church members truly understand how utterly offensive and imbalanced this proposal is, or whether a latent anti-Semitism within the church is slowly coming back to life."


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Today's Top 10 is a guest post from Matt Nolan.
Economists have a reputation for being two-handed and refusing to “take a position”. Although this is often used as a stick to beat us, I see it as a good thing – and thought I should start the year being as two-handed as possible.
As a result, this week’s Top 10 is in fact two top fives – one list saying why the New Zealand economy is going to tank, and another list saying why it is going to reach new heights during 2015.
As always, we welcome your additions in the comment stream below or via email to firstname.lastname@example.org. And if you're interested in contributing the occasional Top 10 yourself, contact email@example.com.
Top 5 reasons to be bearish about the outlook for New Zealand for the next year
1. Oil prices
First up in the bad omens for the New Zealand economy is oil prices.
As a net oil importer (importing $7.6 bln of petroleum products and crude oil in the November 2014 year, while exporting $1.6 bln) New Zealand would be expected to do quite well from lower oil prices, but this involves ignoring why prices have fallen.
The rout in oil prices began when OPEC lowered its forecast for oil demand in the 2015, and then refused to commit to any cut to supply. With stockpiles already growing since the middle of 2014, and the demand for oil notoriously unresponsive to changes in the price of oil (in the short term) this led to a sharp decline in oil prices.
Lower global demand for oil over a short period of time implies that global economic activity is likely to be lower – and the chance of financial market repercussions in oil exporting countries is significant. New Zealand is a small open economy, and so is easily pushed around by the ebbs and flows of the global economy. Softer global growth will lower export returns, make credit harder to come by, and reduce confidence in the New Zealand economy – all factors that point to lower economic growth.
2. Export prices and competition from the Aussies
And the decline in the price of some of New Zealand’s key export commodities heading into 2015 has been pretty spectacular.
Even after the slight rebound in dairy prices over the past month, according to Fonterra’s Global Dairy Trade platform the price of auctioned dairy products in late January was down 46% from a year earlier, and has fallen 50% from its recent April 2013 peak.
This decline in dairy prices can also be seen in the ANZ commodity price index, with prices in December down 42% (in world price terms) from a year earlier. Combined with a 7.6% drop in forestry prices these declines pushed down overall export commodity prices by 20% between December 2013 and December 2014.
Furthermore, there is an increasing risk that this isn’t just a temporary decline – with growing competition on the dairy side.
Australian farmers have become significantly more competitive over the past year – with a number of free-trade agreements (especially the one with China) and a falling Australian dollar both factors giving them a boost.
European dairy farmers will soon see maximum production quotas removed, while the ever depreciating Euro makes them more competitive.
Finally, US production has been able to pick up after several years of drought – allowing them to more easily fill their significant domestic demand for dairy products.
Should global production remain elevated, and should growth in demand for dairy cool, New Zealand’s white gold will become no more than run of the mill milk.
3. Proximity to China, and potential Chinese financial crisis
One of the big news stories of the past week has been the slowdown in Chinese economic growth, growth in energy consumption in China hitting a 16 year low, and the concerted push by authorities to rebalance the Chinese economy towards consumption.
China is a major trade partner of New Zealand, accounting for 21% of the value of New Zealand exports in the year to November 2014. However, in recent months the value of exports have fallen sharply – with lower dairy and forestry prices accounting for the entire decline.
There are arguments that the current slowdown in economic growth in China, and shift towards consumption, is necessary to prevent political instability. However, Chinese officials are walking a tight line in trying to balance growth in economic output, financial stability, and political stability.
As part of China’s rebalancing initiative there has been a push to deal with the shadow banking system. However, this is a significant regime shift from what has been occurring – with an IMF blog in September 2014 stating:
At the same time, investors appear to have been largely protected from the inevitable losses that should come with risky lending. It is hard to find a case, for example, of investors in a fixed income trust or wealth management product incurring any losses. This perpetuates the perception that the trust company and/or selling bank, perhaps for reputational reasons, is implicitly guaranteeing the investment. Meanwhile, investors may not appreciate the underlying risk of such products and invest too much of their saving in them.
I haven’t mentioned Europe and the advent of QE by the ECB in this piece (a purposeful oversight) as the key risk stemming from events in Europe is how it impacts upon the trade relationships New Zealand has built up in recent years – especially with China.
The combination of further financial weakness in Europe and fragility in the Chinese financial system leaves a distinct risk of another financial crisis. And even if matters remain contained within China, a domestic financial crisis would lower their demand for Kiwi goods and services – reducing average incomes in New Zealand.
This time of year it is traditional for newspapers to start writing about a drought in New Zealand. I’m fairly certain that there must be a reminder in ever business journalists’ calendar to start writing about drought in the second full week of January every year.
However, we have had a sunny summer – and this time around there appears to be real cause for concern according to NIWA’s soil moisture deficit information.
Although Canterbury and the Wairarapa are experiencing the driest conditions, it is my home region of the King Country that is experiencing the most significantly “drier than usual” conditions. Unless rain shows up soon, the number of drought stories – stories involving most of the country this time around – are likely to increase significantly. And as we saw in early 2008, a nationwide drought combined with a negative terms of trade shock (rising oil prices then, falling dairy prices now) can have a significant negative impact on the New Zealand economy.
5. Debt and house prices: The RBNZ’s rock and hard place
No list of nightmare scenarios for the New Zealand economy could be complete without including house prices, and the large stock of household debt.
The key risk is, as always, Auckland. No offence to Auckland, you are just such a big place!
As my work colleague Benje Patterson has been at pains to point out, many other regions do not look like they are at risk of a house price correction. However, the disproportionately strong growth in house prices in Auckland has pushed prices to the point where some type of adjustment is necessary – the key question being whether this is a painful adjustment, or a long period of slower house price growth and increasing densification.
In 2015 there is a distinct possibility of the following events occur. A slowdown in net migration from its current high rate, a pick-up in building in Auckland on the back of the Housing Accord and planned activity due to current high prices, and a slowdown in income growth stemming from drought/weak commodity prices. In such a situation a sudden drop in house prices, and an increasing in bad debts for banks (where household gross debt relative to income remains very elevated), could easily occur.
The RBNZ is concerned about such a situation, but they also realise that chasing such financial stability concerns with their monetary policy instrument (interest rates) could be foolhardy – the deflation experienced in Sweden when they attempted such a manoeuvre offers a clear warning. How the Bank handles this challenge is a big, and important, question – I don’t envy their burden at all!
Top 5 reasons to be bullish about the outlook for New Zealand for the next year
6. Oil prices
Headlining our positive links is exactly the same issue that headlined our negative links – oil prices.
While we focused on the idea that it is weaker world demand driving down oil prices in the first set of links, this does not seem to be the whole story. VoxEU has an article where economists estimate the unexpected drop in demand expectations accounted for between 20-35% of the decline in oil prices – leaving a significant unexplained component. Furthermore the drop in “demand” they discuss is not just due to a weaker world economy – but can also be attributed to swifter increases in fuel efficiency and the improving cost effectiveness of non-oil energy generation.
Growth in the supply of oil, improvements in fuel efficiency, and the rise of substitutes for oil are all good things for an energy importer like New Zealand – by reducing the scarcity of energy it is possible for people to have more.
If these supply/scarcity based factors are more significant than any slowdown in global economic activity then it will be a substantial boost for the New Zealand economy in the year ahead – reducing costs for businesses, lowering the price of fuel at the pump, and sustainably boosting consumer spending (if it has the opposite impact to the 2008 shock).
7. Cheap imports and our income boost
Oil isn’t the only import that is looking cheap at present. Wednesday’s Consumer Price Index release by Statistics New Zealand showed that, in December 2014 the price of audio-visual and computing equipment, household textiles and appliances, glassware and tabletops, household tools, and package holidays had all fallen from a year earlier. Furthermore, we can’t “blame” the dollar for these declines – the New Zealand dollar Trade Weighted index was down 0.9% from a year earlier in the December quarter, and the NZ dollar had fallen 5.5% against the US dollar (which is the currency many of these products are initially denominated in).
Fundamentally, imported good prices have bucked expectations (at least my expectations) and just kept getting cheaper.
You may question my logic here, noting that falling prices are driving down inflation below the Reserve Bank’s target - which is often in turn treated as a bad thing.
However, not all reasons for annual growth in the CPI falling below the Bank’s target are created equal. The key concern of the RBNZ is if CPI declines because domestic demand is weak, but when the price of what we trade – specifically what we import – falls this implies that the overall supply of goods and services is greater.
Although we often talk about export prices and New Zealand’s record terms of trade it is important to remember that the terms of trade is essentially the price of exports divided by the price of imports. The cheaper imports are, the more we can buy with the same export income. As a result, falling import prices are a very real income boost for New Zealander’s.
Whether this can be sustained through 2015, as China rebalances, is an open question. But the sharp decline in hard commodity prices has lowered input costs for manufactured goods, implying that if global demand genuinely is weak, import prices could continue to remain favourable for New Zealanders.
8. Proximity to China and growing ‘middle income’ Asia
New Zealand’s growing links with China, and the rest of Asia, do mean that we are vulnerable to a slowdown in these regions. However, they also mean that there is significant scope for mutually beneficial trade over the coming years.
During 2015, and absent the potential financial crisis in China I discussed above, demand from Asia looks set to help New Zealand continue to outperform Australia – and potentially most of the rest of the world.
As mentioned when talking about the risks with China, there is a strong focus within China on rebalancing away from export manufacturing and towards consumption. Australia and New Zealand both export a significant amount to China, but we focus on different products. Australian exports are focused on hard commodities used in export manufacturing, while New Zealand exports consumer goods – predominantly food.
This can be seen by looking at the Reserve Bank of Australia’s commodity price index alongside the ANZ index mentioned above. Between December 2013 and December 2014, the world price of export commodities sold by Australia fell 20% - the same decline as that experienced in New Zealand. However, although New Zealand prices had been booming the year before, Australian prices were already on a downward leg – between December 2012 and December 2014, export commodity prices faced by New Zealand rose 4.2% but dropped a massive 24% for Australia.
The sharp lift in the New Zealand dollar against the Australian dollar is largely a product of this shift – when people discussing “relative growth” or “relative interest rates” much of this difference is the product of the divergent fortunes for commodity returns for the two countries. After two years of falling export prices, and continuing signs that China is rebalancing away from subsidised manufacturing, the Australian terms of trade boom increasingly looks over.
Even with the drop in dairy prices during 2014, the fact that New Zealand sells predominately consumer products to China implies that, at least relative to our big brother across the Tasman, we are well placed.
9. Labour market
One thing that can’t get enough attention is how strong the New Zealand labour market is at the moment.
In September 2014, the unemployment rate fell to 5.4%, the lowest level since March 2009. Furthermore, while many other countries are replacing their unemployed with discouraged workers (who simply leave the labour market) employment rates in New Zealand have risen significantly.
The strong labour market is helping to draw in skilled labour from overseas, leading to fewer people leaving the country, helping to drive increase labour force participation among those over retirement age, and is leading to a significant increase in household incomes.
Having people working, and the confidence and security that employment provides, is a factor that will support economic activity. With the labour market expected to keep recovering, households willingness to borrow and consume is likely to return – boosting economic activity during 2015. Given concerns about debt, house prices, and what will happen to construction work post-rebuild this may not be seen as a necessary plus in later years – but for the 2015 year it is a pillar of growth.
10. A lot more building to go
Although portaloos may be pointing to a peak in the residential rebuilding in Christchurch, there is still a lot to be done.
Not only is residential work in Canterbury unlikely to decline from its current high levels during the next year, non-residential building work is set to pick up further, while demand for new residential buildings climbs across the rest of the country – with high prices and the Auckland Housing According both factors demanding more building in Auckland.
In this way building construction, and the investment that this entails, will continue to buoy economic activity in New Zealand over 2015.
* Matt Nolan is an economist at Infometrics, and an author at the blog TVHE. He specialises in looking at the household sector, and household economic data, but will offer an opinion on pretty much anything related to business and the social sciences.


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The holidays are just around the corner. Meanwhile, airlines said demand grows as simultaneously with airfares.
For instance, nonstop flights from Chicago to any trip to New York from November 22 to 27 start around $500 for round trips. In addition, airline rates from Los Angeles to Seattle begin at $500 for found trips.
While this presents bad news for travelers, the condition helps airline companies gain big during the last quarter of this year. The three largest airline corporations in the United States, American, Delta and United, forecasted record-breaking profits totaling more than $2 billion.
Airline management provides several pointers and essential information so you can smartly book your tickets this hectic Holiday season.
Demand for holiday travel is robust
Compared to last year, advance bookings for the season significantly soared. While companies did not provide any numbers, market experts predict that the volume of passengers booking flights is higher than the pre-pandemic levels. November and December show a tremendous increase.
Although tickets have become expensive, travelers quickly buy them, if only to get to where they want to be this holiday.
“It’s going to be a very strong holiday season – Thanksgiving, Christmas, New Year’s,” said Ed Bastian, CEO of Delta.
Two years of airline delays prompted people to purchase more
“I know there are some pretty significant macro shifts in spending – out of goods and into services, which we are a beneficiary of,” added Bastian.
“After two years of delaying travel, it is clear that consumers are getting out and seeing the world. So we’re glad to see people back on the road.”
Meanwhile, Andrew Nocella, the chief commercial officer of United Airlines, noted the overwhelming strength of the holiday demand of airlines.
“We are seeing a lot of strength for the holidays or approaching the Thanksgiving time period. And our bookings are incredibly strong. However, the bookings are a little bit different this year. And they’re more spread out across multiple days than they were on any single day,” he added.
You need to buy now because prices will soar during the holidays
Lead economist of Hopper, a booking and travel app, Hayley Berg, said airlines increased ticket rates as the months passed. Some routes are already up by 40%. Compared to 2019, airfares of several routes increased by 20-30%.
“We see airfare to those top destinations, the ones with the highest demand at the holidays, are much higher than they typically are at this time of year. And they’re only going to increase from here,” Berg explained.
Fly on Monday before the holiday, and return days after the holidays
“We’re going to have fewer flights available and more travelers looking to go home or go on vacation for the holidays. That means that you might be paying a much higher price and unable to get a seat on the specific flight you want to take,” Berg said.
“Most travelers will want to fly a few days before the holiday and return a few days after. That means prices are those dates are going to be extremely high. And capacity is going to sell out, and airports are going to be chaotic,” she added.
However, Berg said prices seem to go down a Monday before the holiday and on the holiday itself.


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This month’s edition of Vogue Italia features a beautiful scene from Rosignano, cropping out a toxic chemical plant that pollutes the coast.
Vogue Italia is facing criticism for cropping a feature of the Tuscan coast that has caused decades of environmental problems for locals.
The front cover of the magazine's September issue pictures the flawless white beaches of Rosignano Solvay, Tuscany, in an area often referred to as the 'Maldives of Italy'.
Based off this image alone, it would be impossible to know that the shoreline is also home to a chemical plant guilty of directly disposing waste products into the nearby sea, according to Vice World News.
Why is this a problem?
Initial observations suggest there is nothing wrong with the cover. It depicts fully clothed models walking in and out of the powder-blue water in different directions and matches the calibre of Vogue’s thousands of international high fashion shoots.
"Water is the symbol par excellence of regeneration, redemption, and a return to life,” says Massimo Vitali, the legendary Italian photographer responsible for the image.
An 180-degree camera turn provides a less tranquil set of visuals however.
A chemical plant built by Belgium-based company Solvay has been an undeniable presence on Rosignano’s coast since 1913.
Solvay has been around long enough to give the area its namesake and has built a number of infrastructure developments in the area, such as schools.
Other than being unpleasant to look at in an eerie, Simpsons-esque way, it is responsible for disposing of waste chemical products directly into the Ligurian sea. Many toxic chemicals in the mix, such as mercury, arsenic, cadmium, chromium, lead and ammonia, are incredibly harmful to humans and animals.
The sand’s famous bright white colour that makes the beach so popular is down to the high quantities of limestone ash residue.
Vice reports that in 2017, fish were washing up on the shoreline with abnormal levels of ammonia in their bodies. Chemical testing of the water also found “several abnormalities in the concentration of mercury and hexachlorobenzene in the water bodies.”
The regulator responsible for evaluating the water’s safety continues to insist that the water is safe to swim in and compliant with its rules, despite regularly testing positive for unsafe levels of toxins.
Has Vogue Italia apologised?
The magazine released an updated explanation of the cover image that argued it was intended to “raise awareness” about the environmental problems Rosignano Solvay represents.
“In no way was it intended to glorify a polluted beach and the title could have been clearer in addressing the complex and layered meaning behind the image in-book,” said the company.
“Sustainability is a key pillar of everything we do, and Vogue Italia will continue to be dedicated to raising awareness about these important issues.”
Additional comment was also provided by the shot’s photographer.
“The supernatural beauty of this piece of Tuscan coast is for me a constant wake up call about the absurdity we are all living: nothing is what it seems to be, and it is our job as artists to not forget this important truth,” explains Vitali.
Big companies have to take responsibility
Chemical contamination is described by experts as a “major environmental concern in European waters.”
Though the majority of water in Europe is held to high regulatory standards, parts of France, Switzerland, Germany, the Netherlands, and Belgium are considered high-risk for chronic water contamination for a myriad of reasons related to corporate and commercial activity.
Francesco Berti, a member of the Chamber of Deputies, represents Italy’s populist M5S party who first came into power on an economically-right, socially-left wing mandate. Central to this was an environmental agenda that tackles the impact big businesses have on our environment.
He expressed his frustrations about the Vogue Italia cover in a Facebook post calling on big businesses to “take responsibility”.
“Today I'm going to write to Vogue asking if they're aware of the environmental disaster that frames their ′’beauty’. Because big companies have to take responsibility for the ecological transition,” he says.
Vogue Italia, which has over 10 million followers across its social platforms, is yet to respond.


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During the hot summer of 2022, Volkswagen gave us a glimpse of the future with the ID. AERO concept car is a sleek all-electric sedan positioned as a premium mid-size sedan for the world. Fast forward to the start of 2023, and that reality is one step closer with the reveal of the Volkswagen ID.7!
The ID.7 debuted on the world stage in Las Vegas at the Consumer Electronics Show, and it comes in “smart camouflage,” which uses unique technology and paintwork to create light effects on the vehicle. It also follows the design language of VW’s electric cars with an aerodynamic front section, coupe-like roof, and air intakes that create an air curtain around the vehicle.
Putting customer feedback at the forefront in developing the vehicle, the ID.7 comes with innovations as standard:
- new display concept
- augmented reality HUD
- 15-inch center screen
- digitally controlled “Smart Air Vents” that automatically swivel and control airflow
- illuminated touch sliders
As the ID.7 is currently in the pre-production concept stage, many details are still under wraps. But VW is targeting a range of around 435 miles. The ID.7 is globally the sixth EV in VW’s lineup, but it will be the third here in America as it’s slotted to come out after the ID.Buzz will be released stateside in 2023.
Follow our social media pages to stay up-to-date on the ID.Buzz and the ID.7!


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We bring up these important automotive milestones because Cord is about to make a return. Utilizing the same legislation that enables DeLorean to build new DMC-12s and AC to re-create the Cobra – albeit with a GM LS engine, not a Ford V8 – Cord will be able to make a smallish number of new cars again without having to subject them to the same crash tests big manufacturers are required to for modern cars. The Low Volume Motor Vehicle Manufacturers Act allows a company to sell up to 325 reproductions annually of a model that's at least 25 years old and include a full powertrain. We'd love to see a reproduction of the Auburn Lycoming V8 under the hood, powering the front wheels, although a more modern and conventional powertrain is likely.
But who exactly is Cord these days? In late 2014, the trademarks for the name were sold, and now Texas entrepreneur Craig Corbell is set to relaunch the brand. Nothing concrete has been announced, except a statement of intent: "Until now it was cost prohibitive to manufacture these cars profitably, but now that expensive high speed crash testing, for example, is no longer required to manufacture low runs of replicas, this makes tremendous sense," says Corbell.
The Cord name was owned by the Pray family for 50-odd years, and under their ownership replica Cords were built on various platforms, often on GM hardware. Corbell aims to have a new Cord to show a year from now. It will be interesting to see which model will be brought back from history, what powers it, and what kind of lights it uses.


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The US Department of Justice has hit Alphabet-owned Google with a lawsuit over allegedly monopolizing digital advertising technologies.
The DOJ, along with the Attorneys General of California, Colorado, Connecticut, New Jersey, New York, Rhode Island, Tennessee, and Virginia, filed a civil antitrust suit against Google in the US District Court for the Eastern District of Virginia, according to a DOJ release on Tuesday (January 24).
Google is being accused of subverting competition in internet advertising technologies through serial acquisitions and anticompetitive auction manipulation.
“Over the past 15 years, Google has engaged in a course of anticompetitive and exclusionary conduct that consisted of neutralizing or eliminating ad tech competitors through acquisitions,” the DOJ claims.
Google is taking advantage of its dominance across digital advertising markets to force more publishers and advertisers to use its products and prevent them from using competing products.
In the third quarter of 2022, Google’s advertising revenue rose to $54.48 billion from $53.13 billion in 2021 despite the slowdown in global ad spending. However, its affiliate YouTube, posted a 1.9% YOY drop in ad revenue to $7.07 billion, which Philipp Schindler, Alphabet’s SVP and Chief Business Officer, attributed to “the shift in user behavior.”
The DOJ claims that Google now controls the digital tool that nearly every major website publisher uses to sell ads on their websites, and controls the dominant advertiser tool that large and small advertisers use to buy ad inventory. It also controls the largest advertising exchange, a technology that runs real-time auctions to match buyers and sellers of online advertising.
“Today’s complaint alleges that Google has used anticompetitive, exclusionary, and unlawful conduct to eliminate or severely diminish any threat to its dominance over digital advertising technologies,” says Attorney General Merrick Garland.
“No matter the industry and no matter the company, the Justice Department will vigorously enforce our antitrust laws to protect consumers, safeguard competition, and ensure economic fairness and opportunity for all.”
The lawsuit alleges that on average, Google pockets more than 30% of the advertising income that flows through its digital ad technology products.
Among the allegations made against Google include acquiring competitors to obtain control over key digital advertising tools.
In 2007, Google bought internet advertising company DoubleClick for $3.1 billion, turning it into an “ad powerhouse,” according to The New York Times.
The deal was approved in a 4-to-1 vote by the Federal Trade Commission.
But in 2020, the DOJ filed antitrust charges against Google for “unlawfully maintaining monopolies through anticompetitive and exclusionary practices in the search and search advertising markets”.
“Google is the monopoly gatekeeper to the internet for billions of users and countless advertisers worldwide,” the DOJ said at the time.
That lawsuit is scheduled for trial in September 2023.
The latest litigation, which also targets Google’s advertising dominance, centers on digital ad technologies, collectively referred to as the “ad tech stack,” that website publishers depend on to sell ads. Advertisers also rely on ad tech stack to buy ads and reach potential customers.
“The complaint filed today alleges a pervasive and systemic pattern of misconduct through which Google sought to consolidate market power and stave off free-market competition,” says Deputy Attorney General Lisa Monaco.
“In pursuit of outsized profits, Google has caused great harm to online publishers and advertisers and American consumers. This lawsuit marks an important milestone in the Department’s efforts to hold big technology companies accountable for violations of the antitrust laws,” Monaco says.
Google is also accused of forcing the adoption of its tools by locking in website publishers to its newly-acquired tools, distorting auction competition by limiting real-time bidding on publisher inventory to its ad exchange, and manipulating auction mechanics across several of its products to insulate Google from competition and deprive rivals of scale.
Associate Attorney General Vanita Gupta, said: “The Department’s landmark action against Google underscores our commitment to fighting the abuse of market power. We allege that Google has captured publishers’ revenue for its own profits and punished publishers who sought out alternatives. Those actions have weakened the free and open internet and increased advertising costs for businesses and for the United States government, including for our military.”
Assistant Attorney General Jonathan Kanter of the Justice Department’s Antitrust Division, added: “Today’s lawsuit seeks to hold Google to account for its longstanding monopolies in digital advertising technologies that content creators use to sell ads and advertisers use to buy ads on the open internet.”
“Our complaint sets forth detailed allegations explaining how Google engaged in 15 years of sustained conduct that had — and continues to have — the effect of driving out rivals, diminishing competition, inflating advertising costs, reducing revenues for news publishers and content creators, snuffing out innovation, and harming the exchange of information and ideas in the public sphere.”
The latest legal action comes as Google parent Alphabet became one of the latest US-based tech giants to carry out job cuts amid the global economic slowdown.
Reuters reported, citing a staff memo sent by Alphabet CEO Sundar Pichai on Friday (January 20), that Alphabet is slashing 12,000 roles, or roughly 6% of its workforce globally.
Music Business Worldwide


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When Chip Bergh took the CEO job at Levi Strauss & Co. in 2011, the company had seen better days. Bergh accepted the challenge of restoring the iconic American brand not just to profitability, but to prominence in American culture; what he has succeeded in since hasn’t just been a restoration, but a transformation. Levi’s has done something not many brands can do — become cool again for a new generation.
This year, NRF recognized Bergh as “The Visionary,” an honor presented to a retail executive with a proven track record of orchestrating change in the industry. At NRF 2019: Retail’s Big Show, and shortly before his recognition at the NRF Foundation Gala, Bergh sat down with NRF’s Ellen Davis and Steve Barr, consumer markets leader for PwC, to chat more about the strategy for turning the company around, as well as the values that drive Levi’s to take a stand on issues that matter.
At its core, Levi's is a brand we all know and love, but it's also a company grounded on profits with principles — as it has been since it was founded 165 years ago when Levi Strauss himself donated part of his first profits to a local orphanage.
Bergh says one of the things that brought him to Levi’s is that the company has a long history of “profits through principles,” a fundamental belief that doing business in the right way is good business and consumers will reward you for it. “And in today's day and age,” Bergh says, “especially young consumers around the world, they want to buy brands that represent a good value but also that have good values. It's about value and values.”
“At the end of the day, we'll take a position on things that really matter,” Bergh says.
Listen to the full episode to learn more about how Chip Bergh helped revive the Levi’s brand for a new generation, find retail success and return to the center of culture.
Find more stories from NRF 2019: Retail's Big Show on the official show recap.


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Ban on advertising of gambling does not affect consumer demand – experts said
Representatives of the Italian trade organization LOGiCO, whose activities are related to online gambling, are confident that the ban on advertising interactive gambling does not affect consumer demand.
The prohibition of the Italian government on gambling advertising has caused a serious resonance in the industry. However, according to LOGiCO, advertising does not play a key role for gamers who prefer gambling.
According to the company, 94.5% of adult gamblers play in land-based casinos, and the online segment remains the niche market in the country. In addition, research carried out by the Italian National Institutes of Health (ISS) shows that online gambling operators are better prepared to protect players from addiction than land-based gambling clubs.
“ISS statistics confirm that online gambling services more effectively reveal the problematic behaviour of players,” - said LOGiCO President Moreno Marasco.
In addition, LOGiCO explained: ISS statistics also show that advertising does not affect interaction with consumers of gambling.
In the meantime, gambling operators are also opposing a ban on advertising online gambling in Italy. Recently, LeoVegas filed a complaint of relevant content with the European Commission.
Suggested Reading - President of Takao gaming was murdered


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SsangYong has unveiled its
e-SIV concept car at the Geneva motor show, a strategic model showcasing the
brand’s future approach to electric vehicles, connectivity and autonomous
e-SIV is a C-segment sized
electric vehicle (EV) and is the company’s fifth electric car concept to be
exhibited. Previous models include KEV1
in 2010, KEV2 (2011), e-XIV (2012), and Tivoli EV-R shown at the Geneva Motor
Show in 2015, demonstrating the brand’s commitment to EVs.
e-SIV - which stands for
Electronic Smart Interface Vehicle, has been developed to demonstrate
SsangYong’s approach to creating a connected mobility solution and autonomous
driving. The company recognises that
change in future mobility will only result from positive consumer interest,
engagement and experience, and e-SIV will be central in helping to shape the
next-generation of SsangYong SUVs and EVs.
With a compact, balanced and
dynamic design to create a sporty looking car for the future, the e-SIV is
based on the design of SsangYong’s next generation C-segment SUV.
The coupé design blends an
attractive body shape with usability and convenience to differentiate it from
other EV models, and is intended to position the brand as one that appeals to
different future lifestyles.
The interior design reflects
the changes that SsangYong has embarked on to create a smart, user-centric
interface within a balanced and organised space, and is equipped with four
independent bucket seats.
The autonomous driving
technology applied to the e-SIV uses a radar and camera sensor system. This stage 2 self-driving technology
recognises the lane the car is travelling in, and can maintain a safe distance
between it and other vehicles on the road.
This can be further enhanced with an additional sensor to increase the
automatic lane and active driving function to achieve self-driving stage 3.
Tyre major Ceat has partnered with MG Motors India for the launch of the MG Comet, the newest electric vehicle (EV) in India. As part of this partnership, Ceat will provide tyres for the MG Comet with...
Hyundai Motor India Limited has showcased exciting new 1st in segment features of Hyundai Exter. Customers can soak in the sights with smart electric sunroof while also capturing and chronicling memor...
Within the main technologies introduced at Auto Shanghai 2023– booth located in Hall 1.2H, Stand 1BF015– Marelli is presenting for the first time its “In-Cabin Advanced Technology Showcase”. This is a...


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Despite remaining in negative territory, the seasonally-adjusted indicator measuring the sentiments of Luxembourg households regarding their finances and consumption witnessed a three-point improvement in May.
Consumer confidence in Luxembourg is measured by the Central Bank of Luxembourg (BCL) through four indicators: households’ expectations of the general economic situation in the country, their perception of their financial situation in the past 12 months, their anticipated financial situation in the next 12 months, and their planned expenditure on significant purchases like furniture and electrical devices. Balances are determined by calculating the disparity between the percentages of respondents who provide positive and negative responses.
In May, all four indicators showed improvements compared to both April and the same period one year ago. Among these indicators, the expected financial situation of households demonstrated the most significant improvement from one year ago.
In May, the score for expectations of the general economic situation showed a marginal improvement, shifting from -23 in April to -22. This marked a significant improvement from a year ago when the score was -32.
The perceived financial situation of households in the past 12 months also improved, moving from -16 in April to -13 in May.
Likewise, the expected financial situation of households experienced a positive change, advancing from -6 in April to -5 in May. This demonstrates a strong improvement compared to May 2022’s score of -16.
The improved sentiments regarding the perceived and expected financial situations of households also translated into their intended spending on major purchases, which improved from -29 points in April to -22 in May.
Overall, consumer confidence rose to a score of -16 in May, up from -19 in the previous month. Although still lower, this represents an improvement compared to May 2022’s score of -21.


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R-CALF USA endorses Booker-Khanna cattle market bill
R-CALF USA (Ranchers-Cattlemen Action Legal Fund United Stockgrowers of America) released the text of a bill to change the structure of the U.S. cattle market Sen. Cory Booker, D-N.J., a member of the Senate Agriculture Committee, and Rep. Ro Khanna, D-Calif., a member of the House Agriculture Committee, introduced, and endorsed it.
R-CALF USA said the Protecting America’s Meatpacking Workers Act of 2021 “prohibits today’s ubiquitous formula contract, which requires cattle sellers to commit cattle to a packer without knowing even the base price the packers would use for determining the value of their cattle.”
“The act accomplishes this by requiring any contract that requires delivery of cattle more than seven days before slaughter to contain a base price that can be equated to a fixed dollar amount.”
R-CALF USA said the act also would
▪ Ban the nation’s largest packers from owning and feeding cattle more than 7 days before slaughter.
▪ Require each plant owned by the largest packers to purchase at least 50% of their cattle needs from the competitive cash market each day and to slaughter those cattle within seven days.
▪ Prohibit any conduct by the packers that adversely affects competition regardless of any business justification claimed by the packers.
▪ Clarify that a showing of harm to competition is not necessary for producers to protect themselves from anticompetitive conduct by the packers.
▪ Restore mandatory country of origin labeling (MCOOL) for beef and pork and adds dairy products.
▪ Empower producers to defend the competitiveness of their industry by authorizing the recovery of attorney fees in successful cases filed under the Packers and Stockyards Act.
“This new act is the ‘silver bullet’ we’ve been seeking to immediately fix the broken market and reverse the alarming contraction of the U.S. cattle industry,” said R-CALF USA CEO Bill Bullard.
R_CALF USA has declined to endorse a compromise between a spot market bill introduced by Sens. Chuck Grassley, R-Iowa, and Jon Tester, D-Mont., and another bill introduced by Sens. Deb Fischer, R-Neb., and Ron Wyden, D-Ore.
–The Hagstrom Report
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16 per cent higher than the UK average
Idinvest Partners, a leading investor in SMEs across Europe, today 7th February, announces the results of its second annual study into the UK’s attitudes towards entrepreneurship. Idinvest’s UK Entrepreneurship Barometer measures the concerns of the next generation of entrepreneurial talent and therefore addresses the health of the UK’s innovation ecosystem.
The British public remains positive, despite the uncertainty on the horizon resulting from the Brexit negotiations. In 2018, 33 per cent of the UK population hope to start business, this represents a sharp decline of 20 per cent compared to 2017 when 53 per cent of the population were motivated. However, this national decrease creates a misleading picture. The survey demonstrates that London and the younger generation bucks the wider trend. 49 per cent of Londoners and 53 per cent of younger people (18-29) are motivated to start a business, 16 per cent and 20 per cent higher respectively than the UK average.
Unsurprisingly young respondents were also found to rate ‘ambition’ and ‘risk-tasking’ as more important personal values for entrepreneurs than the older generation. The survey also found that entrepreneurs are 19 per cent more optimistic about the outlook for the UK economy than the general population in 2018, a 1 per cent percent increase from 2017 demonstrating that Brexit has not dampened their ambitions or plans.
- Londoners are 11 per cent more optimistic about the UK’s prospect for entrepreneurship in comparison to Europe than the rest of the UK
- Southern England is the most pessimistic about the UK’s prospect for entrepreneurship
- London was voted as the best place to start a business in 2 years’ time, closely followed by Central, Southern and Northern England
- Northern Ireland and Wales were voted as the least promising location to start a business in 2 years’ time
- 57 per cent of respondents from London are either optimistic or very optimistic about the 12month outlook for the British economy
- 59 per cent of respondents from Scotland are either pessimistic or strongly pessimistic about the 12-month outlook for the British economy
Young British Entrepreneurs (18-29)
- 76 per cent of young people motivated to start a business and living in London say it is “easier” to set up their project compared with older generations
- 80 per cent of young would be entrepreneurs believe that their generation have unique strengths and skills
Christophe Bavière, CEO and Benoist Grossmann, Managing Partner at Idinvest Partners commented:
“While some future entrepreneurs will be considering their options in light of Brexit, the majority continue to see themselves as future business owners and start-up founders. These findings clearly demonstrate the strong entrepreneurial drive that still exists in the UK, most notably in London and the younger generation across the country. We are encouraged by these findings as it shows that’s despite the uncertain geopolitical environment entrepreneurs dedication to their business visions remains resilient.”


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Every year some games ship before they're ready, but the last few months seem like they've been especially rough for big-budget game launches.
Between October and November Sony, Microsoft and Ubisoft each released tentpole titles with significant performance issues, faulty multiplayer systems and other glaring technical problems.
The troubling launch trifecta of Driveclub
, Halo: The Master Chief Collection
and Assassin's Creed Unity
inspired us to take a fresh look at the aspects of game development that drive so many games -- especially big-budget productions -- out the door before they're ready, and what developers can do to prevent it.
As you might expect, many developers who currently work at large studios and are thus well-equipped to comment on the issue were less than comfortable speaking openly on the issue.
This is understandable; we're talking about AAA launches troubling enough that high-ranking executives from Sony, Ubisoft and 343 Industries issued public apologies and, at least in Ubisoft's case, stop selling season passes while placating disaffected customers with free games
. When your boss steps up to apologize for a problem, it's probably not the best career move to come forward and explain why you think it happened.
However, some former AAA developers who are now their own bosses were more than happy to share their thoughts on what's wrong with the state of big-budget development. The common sentiment: rising costs of game development perpetuates and amplifies a production cycle that sees developers being pushed to make ambitious games on schedules that are out of their hands.
We're stuck in a vicious cycle
"This is an age-old software development issue: reasonable scope on a reasonable schedule," says Keith Fuller, an experienced developer and production consultant who spent over a decade working on Activision projects like Jedi Academy
, Quake 4
and Call of Duty: Black Ops
before going independent. "Our ongoing inability to properly address it is rooted in leadership issues."
Image courtesy of Clinton Keith
In this case, "leadership issues" refers to business strategies that see game companies capitalizing on successful franchises by pushing developers to produce bigger, better sequels at regular intervals tied to strict marketing plans in the hopes of reliably reaping big profits.
When they work, they work well; Activision has published at least one Call of Duty
game every year since 2003, and the franchise has brought in over $10 billion in revenue
to date. But shooting for that level of success puts unhealthy pressure on developers; when a company like Square Enix proclaims that Tomb Raider failed to meet sales expectations
despite selling 3.6 million copies, says Fuller, it suggests that management is laying unreasonable expectations on the people making games.
"Even the largest publishers aren't prepared to take a bath on today's mega-titles," says Keith. "When I was at Raven Software we had an Activision C-level executive visit us and explain during a Q&A that, were it up to him, he never would've greenlit Uncharted 2
because there wasn't enough profit in it."
The demand for big profits also tends to bind AAA developers into a marketing schedule that
"Developers get the short end of both sticks: death marches and the blame for low quality."
leaves them little room for fixing unforeseen problems. The more money a company has riding on a tentpole release, the more likely a developer will be made to swallow their pride, hit their ship date and scramble to fix known issues after launch.
"Developers rarely get to tell Marketing 'We can ship it now, we fixed all the bugs,'" notes Fuller. "Rather, the marketing department will tell you when you're launching regardless of fixing bugs. If you want that arrangement to change, figure out how to sell millions of units without telling anyone your game exists."
And as pressure to make a big launch-day splash rises, game companies push developers to prioritize flashy, marketable gameplay features over stability.
"The last game I worked on as a studio dev was Call of Duty: Black Ops
, and Activision's legal team would go into cardiac arrest if I shared with you how few months before launch that game was almost entirely unplayable," says Fuller. "That's due to the pressure of annual franchise installments and the competitive landscape."
Other ex-AAA veterans agree. "Teams are pressured to hit scope, schedule and cost goals up front that are unreasonable," says consultant and former High Moon CTO Clinton Keith, "Beyond a point, not even crunching helps."
"As a result of all this, the team releases an inferior game, which doesn't sell well and damages the brand," adds Keith, offering the chart embedded above as illustration. "The stakeholders/shareholders respond by applying more pressure to management, who then apply more pressure to development."
Managing development debt
What these two Keiths are saying echoes the complaints of other developers I've spoken to over the years. "When things went up and games started costing $50 or $100 million, people got crazy," inXile and Interplay founder Brian Fargo told me earlier this year
. "Now it's very hard to recoup."
But perhaps some studios can also take steps to be more proactive in sorting out potential
"Most developers are not addressing development debt appropriately."
technical problems early, before they become "known shippable" problems.
"Most developers are not addressing development debt appropriately," says Keith. In his experience, studios most commonly rack up "technical debt" like bugs, unoptimized tech and systems that need playtesting.
"It's called debt because it has an interest rate associated with it, like financial debt; the longer you go before you pay off this debt, the most costly it becomes to pay it off.
This can be especially harmful for games that have a fixed ship date, says Keith, because "teams usually underestimate the debt or delay addressing it; as a result, debt repayment is shortened and the game shipped with many defects."
Perhaps it might also be wise for big-budget studios to take a page from those who have seen success on Kickstarter/Steam's Early Access service, and be more aggressive about getting their games in front of lots of people before
"As the games become more complex there is a greater likelihood of creating issues," says Fargo when I ask for his thoughts on the topic. "No amount of QA testing can compete with 100,000 or a million people playing it."
Still, our recurring problem with bungled big-budget launches probably won't be solved by alpha testing, or developers spending more time and resources on QA.
"Addressing this cycle is beyond the realm of development and it's sad that we think this is a development issue," says Keith. "Developers get the short end of both sticks: death marches and the blame for low quality. The solution is to address this culture."


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The acquisition of the country’s leading cold storage operator adds a key market to the ambitious Central America strategy.
SÃO PAULO, Brazil–(BUSINESS WIRE)–Emergent Cold Latin America (Emergent Cold LatAm), the fastest growing cold storage and logistics services provider in Latin America, today announced the acquisition of Bodegas Frias, the largest third-party cold storage operator service provider in Guatemala. This acquisition marks Emergent Cold LatAm’s entry into Guatemala – Central America’s largest economy with an important role in global food trade. It also represents the first of several investments planned by Emergent Cold LatAm in this important strategic market.
This press release is multimedia. View the full press release here: https://www.businesswire.com/news/home/20220516005758/en/
Emergent Cold Latin America acquires Bodegas Frias (Photo: Business Wire)
Founded in 2006, Bodegas Frias is the undisputed market leader in Guatemala. Bodegas operates three facilities in Palín, Villa Nueva and Xela (Quetzaltenango), with a total capacity of nearly 20,000 pallet locations and additional land for expansion. The facilities are strategically located in the main metropolitan cities of Guatemala. Bodegas Frias offers complete storage and logistics solutions, including handling and transport.
This announcement is the latest in a series of acquisitions by Emergent Cold LatAm in the region. Last month, the company announced its first investment in Colombia with the acquisition of Frigometro Metropolitano, and quickly followed with the acquisition of Polo Logístico de Frio in Uruguay. With the addition of Bodegas Frias, Emergent Cold LatAm now operates in a total of nine countries, including new construction underway in the Dominican Republic, Ecuador and Peru.
“We are thrilled to welcome the Bodegas Frias team to our growing regional cold storage network,” said Neal Rider, CEO of Emergent Cold LatAm. “Guatemala is an important part of our investment strategy in Central America for its growing domestic consumption and role in global trade, and we are particularly pleased to partner with the country’s leading operator. I would like to congratulate the management team of Bodegas Frias for their great success. I would also like to thank our partners at Losa Group, who provided valuable support and guidance throughout this process. »
“We see huge opportunities in Guatemala,” said David Palfenier, president of Emergent Cold LatAm. “There is strong customer demand for follow-on investments that will both expand Guatemala’s growing distribution network and improve connectivity with the ports of Puerto Barrios and Santo Tomás. Bodegas Frias is the perfect anchor investment for our ambitious regional plans.
44 Capital Finanças Corporativas acted as financial advisor and BLP acted as legal advisor to Emergent Cold LatAm.
About Emergent Cold LatAm:
Emergent Cold Latin America (www.emergentcold.com) is building a world-class, end-to-end refrigerated storage chain to provide integrated chilled food logistics solutions to customers throughout Latin America. The company was founded to meet the needs of modern cold chain solutions and growing demand from domestic and foreign trade customers.
Bruna Valentine – [email protected] – (55 11) 99608-2700
Daniel dos Santos – [email protected] – (55 11) 99868-6904
Fabienne Macedo- [email protected] – (55 11) 98505-5282
Emerging Cold Latin America
Raphael Rocha – [email protected] – +507 6747-8153
Source: Emergent Cold Latin America


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Photo Credit: Artist
OutKast also released a new animated video for the album’s hazy highlight “Two Dope Boyz (in a Cadillac).”
Tomorrow, OutKast will release a 25th-anniversary expansion of their classic sophomore album, ATLiens. The deluxe reissue of the duo’s 1996 album will feature a fully remastered set of the original recordings, as well as the instrumentals for the album, which have never seen a release. But an unexpected, yet wholly fitting, component of the celebration is a new video game based on the album, which will allow players to defend Atlanta from, you guessed it, an alien invasion, as either Big Boi or Andre 3000. The game is being developed for mobile and desktop browsers by the London-based firm, F That. However, a release date has yet to be announced.
As a more immediate (and slightly less interactive,) visual companion to the album’s anniversary, “Two Dope Boyz (in a Cadillac,)” a hazy highlight from the project, has been treated to a tripped-out animated visual. Directed by Rafatoon (who recently helmed a cartoon video treatment for Sia and Burna Boy’s “Hey Boy,”) the clip trails Sir Lucious Leftfoot and Three Stacks on a kaleidoscopic joy ride to the moon, leaving a trail of billowing blunt smoke in their wake.
Originally released on August 27th, 1996 via LaFace Records, ATLiens debuted at No. 2 on Billboard’s 200 albums chart as both a critical and commercial darling, moving 350,000 copies in it first two weeks on shelves. The album was eventually certified double platinum by the RIAA.
You can watch the animated video for “Two Dope Boyz (in a Cadillac)” below. Check back tomorrow morning to stream the 25th-anniversary edition of OutKast’s ATLiens and hold tight for updates on the video game’s release in the weeks ahead. You can also pre-order a 4xLP vinyl edition of the album in the Okayplayer Shop today ahead of its official arrival.


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News - Proton
Proton boss in no Western rush
Proton's sales volumes are miniscule, but bigger things are in store
25 Feb 2003
By JOHN MELLOR
THE total sales dollars generated by Proton from selling superseded Mitsubishi cars in Australia last year was less than many large dealers can generate in a month.
Frankly, the company is a bit of a laughing stock in the local industry. Many retailers might be tempted to write it off as it moves to recruit a broader dealer network in Australia.
But a rush to judgement might just be a mistake because Proton could be onto something we have yet to see played out.
The important thing to remember about Proton is that it is not so much a car company as a centrepiece of government policy. As such, it is on a path of development that is not fully travelled.
Therefore what we see today may encourage derision by the strong and successful players but care might be needed. It might be that Proton needs to be taken more seriously.
Proton is on a mission. It knows where it is going and is, in a very Asian way, prepared to get there through a measured and orderly program. It is in no Western rush.
Indeed the company regards itself as extremely fortunate that it did not sell more of its Mitsubishi-based cars in export markets because - under a new direction now being rolled out - it believes it will have fewer perceptions to change about the brand.
It is now relieved that it did not spend a fortune branding itself into what it now sees as being the wrong position for the company.
The CEO, Tengku Mahaleel, who is a Malaysian prince, one of Maharthir Mohamad'sconfidants, a doctor of engineering and a former champion rally driver, spelled out Proton's ambitions in an interview with GoAuto.
Mr Mahaleel, a marketing executive from Shell and Nestle, has three companies on his mind as he directs Proton's future: Toyota for its "brilliant" product engineering and manufacturing systems BMW for its brand management andVolkswagen for its vehicle design.
This chief executive of this massively protected national car company believes those three companies hold the clue to transforming Proton as it pursues a master plan started in 1985 and set to run until 2006. The plan explains a lot.
Phase One was to develop a car industry for Malaysia to encourage entrepreneurs and businesses to service the industry and to create jobs. The strategy was to involve Mitsubishi to teach the Malaysians how to assemble cars and train the local parts makers.
The price of entry was onerous licence fees which made the cars uncompetitivein global markets but they were protected by high import duties and other forms of favouritism at home.
These days Proton employs 10,000 people directly and 100,000 indirectly and purchases $2 billion in the local economy. So the first 10 years was to build a strong domestic business with what amounts to government-dictated market share (currently 60 percent) that would provide a sound platform on which to move to the next step - independence.
"The second phase was to develop our own products, go global and develop the brand. We are now in this phase," Mr Mahaleel said.
"You say we are not competitive and that is true. But in Phase One we learned how to assemble a car. That is not so easy. Mitsubishi came and helped us. There is a price to pay for doing that but we were prepared to pay that price.
"There is no way you can become competitive, no matter how good our vendors arebecause of the fees you have to pay (to Mitsubishi)."Mr Mahaleel said the licence fees (to use Mitsubsihi designs) can be almost as much as it costs to create a new model.
"That is the development cost. But then there is cost of parts which you have to buy and there is a margin (from Mitsubishi) on that part.
"When you total them both it is true that it is not competitive. So, if you know how to do it, and it takes that kind of money, then you are better to create your own car."Mr Mahaleel said the arrangement also inhibited moving into export markets because Proton was selling the same car already being sold under a more established brand.
"You cannot sell it at the same price because it is not an original. We were always trapped by that. When we went out into the global market we had to sellbelow Mitsubishi's prices and some of them were also pretty old models at that time.
"I don't want to knock Mitsubishi. They have done some good things for us but that is the price you pay."The first step in the route leading to independence, by creating their own designs, was buying 80 per cent Lotus Group International in 1996 for about $170 million. (Proton bought out the remaining shareholders late last year).
Effectively they bought their own R&D department that came with 50 years of leading edge engineering know-how in a profitable establishedbusiness which sells its expertise to a range of car makers.
This purchase was crucial to Proton becoming competitively priced beyondMalaysian borders.
"If we had tried to develop this know-how ourselves it would have taken a minimum of 10 years. So in 1996 we were saying 10 years would take us out to 2006 and that is too late if we are going to compete.
"Also, because we were able to do the Waja program in 38 months, instead of the six years it would have taken without Lotus, if you calculate the benefit of that (earlier time to market and reduced development cost) we got Lotusvery cheap."Mr Mahaleel said that dramatic reductions in development times can reduce development costs to one fifth of what they were.
The expertise of Lotus, which designs the power trains for 25 per cent of Europe's vehicles, is also crucial to cost reduction.
"The engine is the highest cost. Power train is almost 30 per cent of the cost of the car. For us as much as 35 per cent of the cost is engines because we buy them from someone else."Mr Mahaleel said it was crucial to Proton's competitiveness to work with Lotus to get a competitive engine that was about 25 per cent of the cost of the car.
ihIf you can get your powertrain to be 25 per cent of your costs you are there with the big boys," says Mr Mahaleel.
Proton's first Lotus engine, the 1.6-litre Campro goes into production this year. It is 1.6 litres "because that is where we have to be for Asia" butthey targeted a 1.8-litre engine as the benchmark for power, torque and fuel consumption.
"We also designed it for direct injection, cam profiling and cylinder deactivation. Lotus has this technology. It is all done and we can putthis in this engine."Mr Mahaleel said that the performance of the engine, saving on development costs and the fact that royalties are no longer payable on the engine would transform Proton's prospects.
"If you have a competitive power train your overall competitiveness becomes very very attractive."The next phase in the move to independence is a new $800 million modular assembly plant north of Kuala Lumpur which will have an initial capacity of 150,000 that can be increased to 250,000.
The production system has been designed by Toyota's production consulting group, Kanto Auto Works and, because construction coincided with a downturn in sales of auto production equipment, Proton was able to "buy very welll".
This plant will build Proton's four completely new platforms for which they plan 10 to 15 variants. The new plant will eventually take over all Proton production and reduce cost further. Last year Proton sold 220,000 units.
Mr Mahaleel said that Proton had the opportunity to move to different systems for retailing its cars around the world and believed that the next generation of buyers would make greater use of the Internet than buyers today.
He said that today's 15-year-olds would be ordering new cars via the Internet in 10 year's time and that the new manufacturing plant had been built with build-to-order retailing incorporated into the design.
Cash-rich ProtonPROTON is one of the wealthiest car makers in the world. The Malaysian car maker, with 60 per cent share of its home market, has more than $2.2 billion in cash reserves and is funding all its development programs from income.
CEO Tenku Mahaleel says that its $170 million purchase of Lotus Group was funded out of revenue as was the $800 million so called Proton City plant being completed north of Kuala Lumpur, the development of the Campio engine, the China investment, four new platforms and more than 10 variants - allin five years.
Added to the current reserves in a few years will be the proceeds of the present assembly plant built nearly 20 years ago which will be decommissioned. This is expected to sell for $500 million for housing.
According to Business Week magazine, the company is expected to earn $525 million in the year to March on sales of $5.9 billion.
But there is a threat as Malaysia rolls back its tariffs of imported sedans from ASEAN countries from 42 per cent to 20 per cent and taxes on domestic cars increase.
However, the company believes its lower cost base for its new models, the ability of generating higher margins from the technology in its cars and the sales potential for Protons in the Middle East, North Africa and China will more than balance out any sales reductions in Malaysia.
Proton plans bigger margins on modest volumesPROTON CEO Tengku Mahaleel says Proton will never become a high volume, low price car company in global markets.
In an interview with GoAuto he said the company's links with Lotus Engineering would allow it to become an upscale Asian car maker selling superior design cars that would attract higher margins than in the low-price area of the market.
"In Malaysia we are already pulling away (from lower-priced cars). Our new vehicles coming out will strongly reflect this (thinking). But in the process of producing those vehicles we would like to adopt a vehicle that always offers high value in the niche we are playing in. The brand name Lotus is very critical to this plan."Mr Mahaleel said that Proton planned to use the Australian market as a trial horse for moving the brand away from low-price cars.
"I want to create the perception that this company caters to a small segment of'what people would like to have' rather than create cars that are for everybody.
"We could sell a lot of volume at low prices but where does that end? Onceyou have become known as a cheap car you cannot break out of that.
"So we will never be a large volume player by any definition."Mr Mahaleel agreed that Proton is well-connected in the world's Islamic markets and that the company had the opportunity to grow with the increasing sophistication of those markets.
"That is the whole game plan. We realise there are one billion Muslims. It is not a hard task to sell 50,000 cars to one billion people if you have decent products and good technology.
"The Middle East, North Africa and ASEAN market will be very good for us. These countries can give us the scale we need to get optimum costs.
"But we won't be doing it all from Malaysia. We have a joint venture in China already. We have contract assembly in Iran and assembly discussions in North Africa."There are also discussions with other governments about technology exchanges using the business model Proton developed for a car industry in Malaysia.
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The sequel to 2013’s hit horror game Outlast has just been announced. The game’s developers, Red Barrels, released the above video on their YouTube channel.
We don’t learn much from the video, but it does have an eerie feel to it. And if it’s even half as scary as the original game this will be a game that’s hard to play with the lights off.
Outlast 2 will be coming in Fall 2016 to PS4, Xbox One, and PC.


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Access Industries, which has completed a $3.3 billion acquisition of Warner Music Group (WMG), recently invested $6 million in the Russian online couponing service Vigoda.ru. Len Blavatnik’s Access Industries also put a majority of $9.5 million round in taxi mobile booking service Get Taxi, according to JPost.
Founded in March 2010, Get Taxi operates in Tel Aviv, Israel. Shahar Smirin-founded GetTaxi will soon launch its taxi mobile reservation service in London, Paris and Moscow. Get Taxi is headed by CEO David Glattman.
U.S.-based Uber operates mobile taxi booking service in San Francisco and New York City.


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As We Leave More Digital Tracks, Amazon Echo Factors In Murder Investigation
Amazon's personal assistant device called Echo was one of the most popular gifts this Christmas. But this week, the device grabbed headlines for another reason: Police in Arkansas are trying to use its data in a murder investigation.
What we know from court documents is that in November 2015, a man in Arkansas had some friends over at his house to watch a football game and in the morning, one of the friends was found dead in a hot tub in the backyard. Police later charged the man who lived in the house, James Bates, with murder. He has pleaded not guilty.
As the police were investigating the crime, they found a number of digital devices in the suspect's house, including an Amazon Echo device that was in the kitchen. They have since seized the device and have apparently gotten some information from it, but what they want to check is what — if anything — the device may have recorded around the time of the murder.
Here's how the device works: Echo is always listening for the wake, or trigger, word, which is usually "Alexa." But experts say the storage capacity on the actual device is pretty minimal, so only a tiny amount is written and then overwritten as the device listens for the wake word.
When the wake word is said — and the blue light ring lights up — all the spoken queries get recorded and transmitted to Amazon servers. "To be clear, Echo is only streaming audio to the cloud when the blue light is on," says Amazon spokeswoman Kinley Pearsall.
But a number of Echo users have reported a creepy experience of the device turning on and starting to talk without being prompted by the wake word "Alexa" — perhaps mis-hearing or misinterpreting conversations in the room.
So in the Arkansas murder case, which was first reported by tech industry news site The Information, the police may be counting on such an accidental recording or something more. They served a search warrant to Amazon for data covering two days around the time of the murder.
Amazon has satisfied a portion of the request. According to court documents, the company has provided "account holder information for James Bates and purchase history."
However, Amazon declined to share information from its servers. The company has not commented on the specific case, but issued a statement:
"Amazon will not release customer information without a valid and binding legal demand properly served on us. Amazon objects to overbroad or otherwise inappropriate demands as a matter of course."
All this may remind you of the Apple-FBI standoff over access to a locked iPhone in the San Bernardino shooting investigation. This isn't exactly the same kind of case, but it's another example of law enforcement turning to a tech company for access to personal data.
Privacy advocates have long predicted a wave of these kinds of cases — as we connect more and more things to the Internet and swarm our homes with digital devices, they will become involved in more crime investigations.
Interestingly, even in the Arkansas case, investigators are also using information from a smart water meter, alleging that an increase in water use in the middle of the night suggests a possible cleanup around the crime scene.
And that's going to be a more common occurrence — when the data, otherwise seemingly innocuous, could be used to draw inferences or guesses about habits and activities, says Nuala O'Connor, president and CEO of the Center for Democracy & Technology.
"It's not just one device, it's putting together a whole bunch of different devices to make a case that is, some would argue possibly circumstantial, some would argue is incredibly compelling. And so the question is going to be, how much data is going to be enough to make a foolproof case?" she says.
This has prompted calls for new policies and reviews of legal standards for how tech companies should comply with law enforcement and other government requests.
Particularly, privacy experts say new focus will fall on how much and how long private data is kept by the companies that create so-called Internet-of-things devices as they become targets of not just investigators, but also hackers and spy agencies.
"We live in the world where we really haven't settled the law or the standard of care for companies that provide in-home devices like that," O'Connor says. "The standards of care — as companies have more and more really specific information about what goes on inside the home — has got to be higher and higher."
And the law, guidelines and standards are far from settled. Besides, there's also a big difference between data ending up in the hands of the company you know you're doing business with and ending up in the hands of the government, she says. Plus — at least this case is actually following proper court procedure.
"A much larger concern I think for the country is ... how much is the government asking for this behind closed doors" — including for investigations into people who haven't been charged with any crimes.
Copyright 2020 NPR. To see more, visit https://www.npr.org.


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Bruce Springsteen has reportedly sold his catalogue to Sony for $500 million (£375 million).
According to editors at Billboard, the 72-year-old musician has sold his masters and publishing catalogue to bosses at Sony, with the deal described as “the biggest deal in music for an individual body of work”.
Since November, the Born in the USA hitmaker had been looking to sell his back catalogue to either Universal Music Group or Sony, which owns Columbia Records – whom he has been with since the early days of his career.
Springsteen was given ownership over his work several decades ago as an incentive to stay with the recording company.
In an estimation by Billboard, the 20-time Grammy winner’s catalogue averages at $12 million in sales per year and $7.5 million in publishing.
Neither the artist nor the company executives have commented on the purchase.


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Advisers need to develop models which allow clients to transact face-to-face in an online environment, says Aifa.
Director Robert Sinclair says an online service such as Skype, which allows users to make phone calls over the internet, see the person they are talking to and send files, could be the way forward for online advice.
He said: “I am waiting for the first IFA to deliver a Skype-type of service to consumers because that is where we begin to see a total change in distribution. It would make the market totally different.”
Sinclair said he has already seen the mortgage market adapt to transacting online with increased use of screen shots and documents being exchanged electronically.
He said: “We are beginning to see this whole audit trail develop for the customer transacting online. We are seeing it first in the mortgage world but also see it developing in the investment world as well. A way of transacting face to face online would really begin to change how we do things and revolutionise the advice process.”


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AgroStar would provide market linkage solutions for the domestic and export markets to its large network of farmers through this acquisition
The agritech startup raised $70 Mn in Series D funding in December last year
It would target the entire F&V segment and expand markets in the EU and North America
B2B agri-inputs startup AgroStar has announced complete acquisition (100%) of Mumbai-based agritech startup INI Farms, through a combination of cash and stock deal.
Through this acquisition, AgroStar said it will provide more value to its large network of farmers by making their produce available to consumers around the globe. Further, this deal provides a scaled presence to AgroStar in more than $300 Bn agri-output market in India.
When contacted, the startup declined sharing the deal value.
However, Shardul Sheth, cofounder and CEO of AgroStar told Inc42, “We will now target the entire F&V basket in terms of crops. In terms of markets, we would focus on the EU and North America primarily.”
Through this acquisition, INI Farms’ global retail customers will get access to a wider basket of fruits and vegetables (F&V). INI Farms has confirmed to Inc42 that it is now going to venture into the vegetable segment and would start with the export of onions and vegetables and include more crops in future.
Moreover, Agrostar raised $70 Mn in Series D funding in December last year from Evolvence, global asset manager Schroders Capital, Hero Enterprise, and the United Kingdom’s development finance institution CDC. When asked about AgroStar’s total valuation, the startup declined to comment.
Founded in 2013 by Sitanshu Sheth and Shardul Sheth, AgroStar leverages data and technology to solve farmers’ problems of access to good quality agri-inputs and bridge knowledge gaps. The startup claims it has benefited more than 5 Mn farmers so far.
“AgroStar today is India’s largest digital network of farmers, helping them grow better by providing great content, real time advisory and superior quality agri Inputs. This acquisition will enable us to rapidly scale our business into the domestic and international food supply chains,” said Sheth.
Founded in 2009, by Pankaj Khandelwal and Purnima Khandelwal, INI Farms handles over 50,000 tons of fruits annually. The agritech startup operates pan India, and deals in contract farming, aggregation, supply chain management and serving food retailers globally.
Through its program ‘Fruit Route’ INI Farms provides farm-to-fork traceability for its produce. INI Farms claims it enables farmers to grow crops that meet global standards in quality and safety resulting them earning upto 50% higher returns.
“With AgroStar serving farmers across a diverse range of crops, INI Farms will have access to a much wider and diverse crop base to offer to our global customers,” said Pankaj Khandelwal, chairman and MD, INI Farms.
INI Farms’s Kimaye brand of products are available in some of the largest retail chains spread across 35 countries in the world, the agritech startup claims.
Meanwhile, despite being called India’s ‘backbone’, the agriculture sector continues to lag behind. It contributes 16.5% of India’s gross domestic product (GDP) and employs 43% of the Indian workforce. However, it faces many challenges from poor yield to traditional mechanisms of operations which stifle financial growth.
To solve this problem, a slew of agritech startups have sprung across the country. India is now home to more than 1,000 agritech startups.
Last year, agritech startups raised close to $684 Mn across 47 deals. In total, the agritech sector has raised $1 Bn in funding between 2014 and 2021.Read Article