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The Dow may still be lurking above 21,000, but this bullish stock market does not shed its grace on all publicly traded companies. These five — three are locally based and two are prominent players here but have headquarters in other states — are finding the recent economy has not been as kind to them as others. Some of these businesses are in industries undergoing rapid change and intense competition. Others — well what's the best way to put this? — seem to be suffering from a failure to execute. They are all big companies with uphill climbs of variable steepness ahead. Like the five well performing companies profiled earlier this week, there's much to appreciate and learn from these firms and their challenges.
1. Bloomin' Brands, Tampa: Searching for sizzle in aging chains
The parent of Outback Steakhouse, Carrabba's, Bonefish Grill and Fleming's recently reported a sales decline, a fourth quarter loss, another drop in customer traffic and plans to close 43 underperforming locations. Which warning sign is most worrisome? It's troubling in recent years that each time this column has raised questions about Bloomin's inability to build fresh traction for its major chains, Tampa Bay Times readers are quick to email me about their generally mediocre dining experiences. Wrote Mike in one recent email: "Outback has been my favorite restaurant for over 20 years. Their steak was always incredibly tender. But, the last 2 times I've ate there, their signature 'Outback Sirloin' has been as tough as shoe leather."
While I might contest the shoe leather description, apparently many readers who were loyal in the earlier days of these steakhouse, Italian and fresh fish chains now seem equally passionate to complain: The chains are not what they used to be.
CEO Liz Smith, speaking with analysts, recently praised the innovative quality of its newer "Loaded Bloomin' Onion" which adds cheese fries atop its signature deep-fried onion appetizer. That addition, by the way, bumps the original Onion's calorie count to 2,360 from 1,954. Bon appetit!
2. Duke Energy, Charlotte, N.C.: A monopoly's falling revenue, quarterly loss
Like many monopolies, Duke closely resembles the goose that lays golden eggs. The giant power company's practically assured a fat bottom line by setting the electric rates it charges millions of customers in multiple states (including Florida) with a profit margin agreed upon in advance by often malleable regulators. Nice gig. So it's especially interesting to look at some of Duke's financial numbers of late.
Last month it reported $2.1 billion in 2016 earnings. That's a 23 percent drop from the $2.8 billion of the previous year. In its fourth quarter, Duke suffered an actual loss of $227 million as a result of selling off its volatile Latin America business.
Duke CEO Lynn Good, speaking to analysts last month, said: "We will relentlessly pursue our goal of achieving and sustaining top quartile customer satisfaction, placing the customer at the center of everything we do."
That comment may fly in North Carolina. But not in Florida. The last J.D. Power annual survey to gauge residential customer satisfaction of big electric companies was not kind to Duke. Among 10 majors competitors in the South, three Duke units (Duke Energy Progress, Duke Energy Carolinas and Duke Energy Florida) all ranked below the regional average in satisfaction. And Duke Energy Florida, as it has for years, ranked dead last. That's a long, long way from the top quartile.
3. Frontier Communications, Norwalk, Conn: Did it bite off more than it can chew?
Eleven months ago and just days after Frontier entered the Tampa Bay market by taking over Verizon's FiOS business here, the cable TV/Internet company felt compelled to issue an apology. "Given the size and scope of this transaction, some of our customers experienced service disruptions," Frontier said last April. "This is not the result we intended, and we apologize to our customers experiencing any problems."
As we close in on its first year anniversary, is Frontier finding its footing? For all of 2016, it lost $587 million. In the fourth quarter 2016, it posted a $133 million loss. The number of residential customers decreased 2.9 percent sequentially to 4.9 million. And the average monthly residential revenue per customer was $80.33, down 2.5 percent compared to the prior quarter. Frontier shares a year ago traded over $5. Now they are nearly half, in a range not seen in decades..
Frontier's arrival here was part of a three-prong expansion by the firm into parts of California, Texas and Florida, a trio called the "CTF" footprint. Frontier says its latest quarterly results were hurt in part by writing down $45 million worth of nonpaying CTF customers. Maybe there's a reason so many did not pay up.
4. HSN, St. Petersburg: Is it possible to clone Joy Mangano?
For those unfamiliar with Mangano's fame, the inventor/pitchwoman of the self-wringing Miracle Mop and Huggable Hangars is such a legend of mega-selling products that A-list actress Jennifer Lawrence portrayed Mangano in the 2015 bio-pic movie Joy. HSN could use another dozen like Mangano to jumpstart the TV/online/catalog business.
HSN had positive momentum until last year when the wheels fell off its sales machine.
Net sales fell 3 percent in 2016 to $3.6 billion, and slipped 2 percent in the fourth quarter to $1.1 billion. Net income last year plummeted 30 percent to $119 million. In the fourth quarter, it dipped 27 percent to $43.5 million. Those are big hits in just one year.
HSN CEO Mindy Grossman blames last year as one that distracted consumers, with TV time spent fixated on the Summer Olympics and one of the more unusual presidential elections in history. HSN's also fighting the same battles as Macy's, Sears, JCPenneys and other major retailers who see fewer customers in their stores. And those that are there are only buying goods when they are on super sale. Thanks, Amazon.
HSN shares closed Thursday at $37.80. A year ago, the stock traded over $54.
Ahead, Grossman's putting a strong bet on the smart phone as a primary conduit into a shopper's heart. "We believe that a mobile device is no longer just a point-of-sale or a means of check out," she told analysts. "It's increasingly our first point of contact, and may be the only form of engagement we have with certain consumers."
That's a phrase about to be repeated by retailers around the globe.
5. Walter Investment Management, Tampa: Stuck in a rut?
The mortgage servicer and originator has been down and out with a struggling stock price, and legal and regulatory headaches for years. Though its latest quarterly and annual performance will not be unveiled until March 14, signs are not suggesting a turnaround looms in the near future.
Here's what we do know. Revenues for the nine months ended Sept 30, 2016 were $551.6 million. That's a 41 percent drop of $391.1 million from the same period in 2015. That's the draconian environment facing this Tampa firm.
Anthony Renzi came aboard in November as Walter Investment's latest CEO of many. He succeeds interim chief George Awad, who took over for Denmar Dixon who — after resigning as CEO after only eights months — had taken over for Mark O'Brien.
Running Walter is apparently a demanding job. Its board of directors was recently shaken up as well with former CEO O'Brien, ex-USF banking professor Jim Pappas and former real estate expert Shannon Smith stepping down.
Four years ago, Walter investment shares were trading over $45 at their peak. The stock closed Thursday at $3.40.
Contact Robert Trigaux at [email protected] Follow @venturetampabay.


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The financial wallop the coronavirus pandemic put on DeSoto County’s businesses has been especially felt in downtown Arcadia’s popular antiques trade, small shops, mom-and-pop restaurants, bars and hair salons.
Business closings have occurred, some short-term and some for good. The first live “Early Bird” on Thursday outside on the porch of the DeSoto County Chamber of Commerce building brought the casualty picture into closer focus, as well as gave a better idea of needs that should be addressed in a unified way, said Debbie Wertz, chamber executive director.
“It went really well,” said Wertz. “The weather was beautiful. It couldn’t have been more perfect — something went right in 2020.”
The 11-year-old organization, whose mission is to promote local businesses, has been hosting virtual Early Birds for members on Zoom and Facebook but had not had an actual membership gathering since the early spring onset of the pandemic and the shutdowns that followed.
Wertz estimates about 35 to 40 people attended. The next is slated for Nov. 5, also at the chamber headquarters at 16 S. Volusia Ave.
Going into the final months of 2020, Wertz is relieved that the DeSoto County Chamber won’t be hit with the 25% or more membership losses some chambers around Florida and elsewhere have had. She instead expects non-renewals among the organization’s approximately 300 members to be in the 10% to 15% range.
“I sure don’t see it dropping 25%,” she said.
Wertz said she and her eight-member board called every member after the pandemic arrived. Beyond checking with the members, the calls gave the chamber a way to direct members on where to get help.
“We wanted to see if they needed help with the SBA or PPP,” Wertz noted, referring to the Small Business Administration and the Paycheck Protection Program, a pandemic-business stimulus initiative that granted forgivable loans to businesses able to maintain specific workforce numbers.
“We pasted a lot of stuff on the weekly E-blasts about PPP instructions,” she said.
Staying in touch paid off when it came time for the chamber’s annual fundraiser, held this year in mid-June featuring clay shooting at a local gun range which made it possible to follow guidelines from the Centers for Disease Control and Prevention.
The fundraiser, moved from its original March date, exceeded the previous year’s event, according to Wertz.
Hands down the chamber’s biggest challenge, Wertz said, has been the isolation endured by the business community.
Networking, the bread and butter of a business organization, had to be sacrificed, Wertz said.
“People like to get together,” she said. “Not being face-to-face” hurt.
Wertz said the pandemic’s pain has made it especially hard for restaurants and bars to survive, let alone make money.
“They are just not seeing the people come out,” she said of business since the re-openings.
Hairstylists lost a lot of business last year before the state forced a multi-week shutdown of salons. Northern visitors left early “and may not return,” Wertz noted.
She said Arcadia’s antique shops are back — but not entirely. Some of the owners are elderly and scared to open, Wertz said.
Losing the “Fourth Saturday” antique festivals was especially painful to the shop owners’ balance sheets.
“Sometimes that Fourth Saturday would help your sales for the entire month,” the chamber chief said.
Tara Poulton has kept an eye on local business in her role as DeSoto County visitor and economic development director. Poulton said it is unsurprising that some antique shops and restaurants in the Central Business District are still shuttered.
“Even in good time nobody is flush with cash,” she said.
She is eager to see the Fourth Saturday events resume. Those visitors not only leave their dollars here, they spread the word on the offerings of Arcadia and DeSoto County, Poulton said.
The extent of the damage to the revenue side of DeSoto businesses won’t be fully known until sales tax collection totals for a few more months. Sales tax collections are always three months behind, county officials say.
But collections that the state has remitted have been encouraging, according to Mandy Hines, DeSoto County administrator.
“We expected a big hit in the sales tax, but that hasn’t happened — yet,” she said.
The county budget projects a 6% drop for the fiscal year on the inter-governmental transfers that include the county’s portion of the sales tax. The projections put the decline at about $300,000, going from $5.4 million to $5.1 million.
DeSoto County has an allocation of $6.1 million in CARES Act (Coronavirus Aid, Relief, and Economic Security Act) stimulus money to assist distressed residents, businesses and nonprofits. The money is from $2.2 trillion of allocations Congress approved at the end of March.
Poulton said the county is “trying to get the money into the hands of business owners” as well as residents and nonprofits squeezed hard by the pandemic. The county is also using the money to relieve food insecurity of residents with help from public food pantries, assisting families and delivering meals.
Dubbed the Community Partner Mitigation Assistance, the program helps businesses cover the cost of slowing the spread of COVID-19 such as modifying a business’s building and grounds or helping the business provide laptops to enable employees to work from homes. Businesses can apply for grants of $10,000 to $15,000 to cover such costs, Poulton said.
Wertz said the chamber has teamed with the county to help businesses apply for the coronavirus-related assistance.
“We’re helping small businesses get their applications in,” she said, adding that half the businesses it has assisted are not chamber members.
Businesses, Wertz said, are about to enter a period of change in which resourcefulness and creativity will be valuable assets.
“New ways to market will be a huge advantage,” she said. “Things are going to look different for a while for everyone.”

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TIME: 9:00 a.m. to 5:00 p.m. CT (Registration at 8:30 a.m.)
WHERE: Washington University School of Law, Anheuser-Busch Hall, Bryan Cave Moot Courtroom, Room 310, St. Louis, Missouri
April is Financial Literacy Month, and the Federal Trade Commission, the nation’s consumer protection agency, has information to help you make the most of your money no matter who you are – student, young adult, parent, service member on active duty, veteran or grandparent.
WHEN: Monday, March 3, 2014
TIME: 9:00 a.m. to 5:15 p.m. PT (Registration at 8:30 a.m.)
WHERE: Las Vegas City Hall, Council Chambers, 495 S. Main Street, Las Vegas, Nevada
Following a public comment period, the Federal Trade Commission approved final consent orders settling charges that two automotive dealers deceptively advertised the cost or available discounts for their vehicles.
At the Federal Trade Commission’s request, a federal court has ordered a Canadian telemarketer and four companies he owns to pay more than $5.1 million to American and Canadian consumers who were duped into paying hundreds of dollars based on false claims that the defendants had buyers lined up for...
Two car dealers from Maryland and Ohio have agreed to settle the Federal Trade Commission’s charges that they falsely advertised the cost or available discounts for their vehicles. The settlements, part of the FTC’s continuing crackdown on deceptive motor vehicle dealer practices, prohibit the...


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- Opticoelectron’s product in service of Bulgarian police and special forces
- Turkish firms associated with the production of F-35, want to move to Bulgaria
- A Tender for UAVs for the Bulgarian army
- Bulgaria: President Rumen Radev's New Year's Address archive
- Washington wanted to learn the Russian secrets and bought 21 MiG-29 fighter jets
- PM Zaev: We Will Solve the Historical Issues with Bulgaria
- Unusual intercept in NATO
- Successful testing of an upgraded infantry fighting vehicle BMP-2M at Zmeevo range
- Leaked photos show new U.S. Army super cannon in stunning detail
- State Department Reprimanded Pakistan for Misusing F-16s, Document Shows
An interesting event will be held in Sofia Tech Park on October 10, at which the first sports electric car, created by the Kinetic company, will be presented to the general public. The event will bring together auto enthusiasts, opinion leaders, businessmen and entrepreneurs from various fields.
The program of the event includes a presentation of the car, the technologies used in it and the innovations created during its development.
"We are very excited to introduce the car and the team behind it to the public in Sofia. We have been working on the car and its software for over a year now and it is time to show what we have achieved. With this project we are proving that electric cars can be developed in Bulgaria and that it is at the highest possible level ”, said one of the founders of Kinetic.
The creators of the sports car have revealed that they are working on several more projects. One of them even has the ambition to introduce Formula 1 technology into a mass passenger car.


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By Roberts, Chris SF Weekly, 18 Feb 2016 – California’s cannabis gold rush has at last reached the august halls of government. Noting that legal sales of medical cannabis exceed $1 billion annually, state Sen. Mike McGuire (D-Healdsburg) last week unveiled a proposal that would make California’s biggest cash crop one of the most heavily taxed commodities in the state. Under McGuire’s “Marijuana Value Tax Act,” a 15 percent tax would be slapped on medical cannabis at the point of sale. This would be added to taxes already paid on weed: state sales tax – 8.75 percent in San Francisco and 9.5 percent in Oakland – and any local taxes applied by local governments (which in Oakland is another 5 percent).
To continue reading this story, visit our friend’s website (opens in a new window):: US CA: Column: The Cannabis ATM


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Back in 2016 Nintendo CEO and president Tatsumi Kimishima said Mario and his buddies were to hit the big screen. Now Nintendo is making it a reality.
This week Nintendo officially announced the up and coming Super Mario Movie on it's Twitter. Well almost...It actually says a Movie starring Mario. But it's not going to be Call of Duty with Mario is it?! It's going to have him as a key character we expect...
The movie is very much under wraps, but we do know it's being co-produced by Shigeru Miyamoto alongside Chris Meledandri who is famous for the Despicable Me movies. Chris also produced Robots and Ice Age which was hugely successful and has high production values as well as budgets. Illumination is the studio that brings this together.
This could be a perfect combination for a Super Mario movie that could entertain and really please the fans now.
Now this isn't a live action version like the 90s Bob Hoskins versions which we love to hate - but still has a charm! This new movie is an animated version. There have been various incarnations of animated Mario cartoons over the years. Including the Super Mario World TV show which was mainly distributed in the US. This was not well received so lets' hoping a longer full length feature can offer more quality here.
Imagine seeing the Mario exploration through a movie like 8 or 16-Bit style?! Super Mario Odyssey on the Nintendo Switch which is hugely popular and one of the best games for the console utilises this. The movie could do the same. A 3D experience could also be amazing - taking on a Mario 64 (N64) style seeing Mario, Luigi. Peach, Toad, Bowser, Donkey Kong in a 3D world.
This could be the moment Movies and Games combine creatively with Super Mario world as the first experience that truly pleases gamers.
Let's hope so.
Once the trailer releases and is announced we'll be sharing it here. So follow us on our social channels to be kept up to date.


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Diet Pill Manufacturer Fined $500,000 by FTC for Deceptive Claims
In a settlement with the Federal Trade Commission (FTC), a Canadian-based company selling a supposed weight loss supplement will pay $500,000 and is banned from further marketing or manufacturing the product.
The Freedom Center Against Obesity marketed its Double Shot pills in the U.S. from 2012 through October 2013 and claimed that the supplement would help users drop 15 to 20 pounds in a week without diet or exercise.
Users were provided with two supplements—a blue pill that would supposedly burn fat and a red pill that would block calories.
In the company's direct mail advertising, Dr. Joseph Breechman claimed that users would only absorb a fraction of the calories they consumed. Breechman was identified as Freedom Center Against Obesity's director of weight loss research.
The company also claimed that Double Shot's effectiveness was proven in clinical studies. The FTC, however, found these claims to be false and unsupportive.
As a result of the complaint, the Freedom Center Against Obesity is banned from manufacturing or marketing weight loss products or assisting others in doing so. The company is also banned from making any claims about the health benefits or effectiveness of any product unless it provides scientific evidence to back them up. Product studies are not to be misrepresented to show sound evidence when there is not.


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Six executives leave P&G in one year
Updated: 2013-02-28 13:41
By Mao Jing (Chinadaily.com.cn)
The consecutive departure of backbone seniors of Protector & Gamble (China) has generated a butterfly effect, according to 21cbn.com.
The recent resignations in P&G have no significant relationship with the company’s remuneration and it is likely that the executives left because their ideas could not be implemented, said Liu Jin, associate professor atShandongJiaotongUniversityand brand marketing consultant.
A researcher working in the cosmetics industry who did not wish to reveal his name said that the resignations from the executives may have been due to the pressure to make outstanding achievements.
The former president of sales for P&G Greater China, Zhai Feng, suddenly left the company four months ago. Liu Hua (pseudonym), former staff member of P&G (China)Shanghaibranch, suggested that Zhai’s departure was related to economic problems reported by his ex-wife. But Zhai has denied the rumor as “completely untrue”.
“Zhai managed an annual amount of over 30 billion yuan in sales and had thousands of millions in control which had to be spent. Of course, this money can not be put into his pocket directly but it can go through agencies such as advertising and storage shelves. The company would not talk about these things openly concerning its own reputation,” Liu said.
In response to Liu’s accusation, P&G emphasized zero tolerance for any violation of the company's global standards of business conduct and ethics. “We have a robust operating, audit and supervision system, we strongly refute any allegations against this trumped,” the company replied in an email to 21cbn.com.
Following the resignation of Zhai, the president of the P&G Beijing research center announced his resignation and switched to LeFeng.com in the second half of 2012. Over the same period, the executive in charge of the R&D department left for L'Oreal, and at the end of 2012, a third person in charge of the department went to Shiseido. By the end of Feb 2013, the public relations director of P&G Greater China,ChenMo, also announced his resignation after working five years in P&G.
“We will not make any comment for employees who leave for personal reasons, and the company’s personnel reserve and training system can ensure stable operation will still continue in the case of personnel changes from time to time,” a spokesperson from P&G told 21cbn.com.
Some industry insiders explained that executives flee on the one hand because competitors frequently make generous offers, and on the other hand because the company's internal uneven distribution of benefits make the R&D department suffer an “oil shortage” and long standing grudges are held.
P&G had won for four consecutive years in the CCTV advertising bidding. In 2006, P&G made first place again in winning the bid amounting to 420 million yuan. However, in the tender in 2013, P&G’s ranking slipped to 20.
“P&G (China)’s frequent introduction of new brands in recent days is probably to enhance its staff and the market’s expectation of it,” Liu said.


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A year ago, Intel languished with second-rate products, bloated costs and ineffective management.
Since then, the world’s largest chip maker has refreshed its product line, streamlined operations, cut 10,500 jobs, improved its manufacturing technology and plans to start making chips for portable Internet devices.
The effort has paid off, as shown by Tuesday’s second-quarter report, which saw a 44 percent increase in net income to $1.28 billion, and an 8 percent rise in revenue.
Yet it was clear Intel has additional work to do. The company’s gross margin – a measure of profitability – of 46.9 percent was below its internal expectation. The company’s shares fell nearly 5 percent in late trading in response.
The Santa Clara company’s revival has been long overdue. Intel was slow to recover from the cancellation of its Pentium 4 chip line in 2004, and its torpor let Sunnyvale rival Advanced Micro Devices grab market share and woo key computer customers.
Now its ascendancy comes amid a generally more optimistic outlook for the semiconductor market and an improved opportunity for growth. Fierce price competition in the markets for NAND and DRAM memory chips used in personal computers and consumer products has subsided at a time when PC demand seems to be picking up.
Last month, National Semiconductor’s quarterly report topped expectations and further encouraged investors about the sector.
Monday, an upbeat business outlook from Novellus Systems added fuel to the fire and led it and other chip companies to strong stock-market gains Tuesday.
Yet the industry is not out of the woods. Forecasters have been reining back their outlooks for growth this year, and projections for the semiconductor market stand close to a meager 2.5 percent.
With the restructuring, Intel became “a leaner, more competitive, more agile company,” Chief Executive Paul Otellini said on a conference call with analysts Tuesday. “We see our technology continuing to provide differentiation.”
That technology is a critical ingredient in Intel’s turnaround. The company said it expects more efficiencies as it races to 45-nanometer production technology ahead of AMD. The company said 45-nanometer manufacturing, which produces smaller chips and leads to lower production costs, is on track to start in the second half of the year and is going so well that Intel will need to spend $600 million less on capital equipment than it predicted earlier this year.
That should help boost gross margin to between 52 percent and 54 percent during the second half of the year – a net gain of 5 percentage points for the year, said Chief Financial Officer Andy Bryant.
Yet there is more for the company to prove. “While the demand for computers was strong, pricing was competitive,” said Otellini, especially in the market for low-end computer chips. That suggests Intel’s price war with AMD isn’t about to go away.
Still, the company’s market position has improved. Its Core 2 chips – which went on sale a year ago – made it more competitive in the desktop, server and even the laptop markets, where it was already in good shape. This became clear in the first quarter when it began regaining market share it had lost to AMD, and AMD’s finances suffered as a result.
“They turned the corner a little over a year ago,” said Rick Whittington, an analyst at Avian Securities of Boston. “Now they are coming on like a freight train.”
The new enthusiasm on Wall Street has lifted Intel stock almost 22 percent since just prior to its last quarterly report. The shares had gained an additional 1.5 percent Tuesday, but lost it in after-hours trading when the soft gross margin pushed the stock down nearly 5 percent, or $1.28, to $25.05.
In its second-quarter report, Intel suggested more gains were ahead. The company said earnings were 22 cents a share, including a tax gain, while revenue rose to $8.7 billion, up 8 percent.
Contact Mark Boslet at firstname.lastname@example.org or (408) 920-5425.


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Google, Improbable Want to Recreate the Whole World in VR! Is It Possible?
Google and small British startup Improbable are out to do the "impossible" -- make the entire world a virtual reality.
Improbable was founded by two Cambridge graduates and are backed by $20 million in funding from venture capitalists at Andreessen Horowitz. The company offers a new way to build virtual worlds outside video games, as well as vast digital simulations of cities, economies, and biological system.
Their system goes under the premise that these VR worlds can run in a holistic way across an infinite network of computers so they can expand to unprecedented sizes.
So far, the startup has shared its technology with just a handful of coders and companies. And just recently, it has joined forces with Google to offer its creation, called SpatialOS, to anyone who wants to use it.
According to Wired, the system is like a cloud computing device for building VR worlds on a range of devices such as desktops and VR systems. The service runs on Google Cloud Platform, the giant's growing cloud computing engine.
It is still in the beta stage, meaning coders can prototype and test their virtual worlds for now. However, according to Wired, in the first quarter of next year, the beta will allow coders on Google's cloud to improve these VR worlds to be released worldwide.
According to Wired, this partnership will allow Google to promote its cloud services as it challenges rivals like Amazon Web Services and Microsoft Azure. Improbable will hopefully help Google push toward this market.
On the other hand, developers that build more of these virtual worlds will provide AI researchers with better ways of training the next generation of AI systems.
Meanwhile, if AI agents are set loose in virtual simulations of the real world, look at Universe. This is the AI training ground just revealed by OpenAI. This is sponsored by Tesla CEO Elon Musk and Y Combinator president Sam Altman, which allows researchers to train AI agents to use any web application the way we do computers.
In theory, this can train agents to navigate any virtual world built with Improbable. Not only that, game designers Dean Hall and Henrique Olifiers say Improbable will allow MMOs to achieve very complex gameplay efforts.
In the end, such simulations could also provide training for autonomous cars and other automated systems.


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It’s been a tough journey for the cryptocurrency market until 2022. In November, the market had dipped by more than 70% from its previous peak in November 2021. Just when the market was going downhill, the FTX crash turned things worse. The question is, can the crypto market be able to recover by 2023?
Crypto Market Dips are Cyclical
The market for crypto, particularly Bitcoin has had many drops in the past. Every time, it has bounced back with a big rally.
For instance, in 2013, Bitcoin reached a peak of $1,160. It then plummeted for a full year, reaching a low of $150. In 2017, it broke the record and hit a record record high of $19,600. Then, in 2018, it was trading at $3,100. And in 2020, it broke through that resistance and hit a new highest of $68,000 in November 2021. Just like that, we’ve had another dip. However, the past has proven that after each dip there’s a bull-run.
Every Dip is Followed by a Long Bull Run
Similar to what we’ve witnessed in the past, dips are typically followed by a lengthy bull run that finally breaks through the resistance created by the market’s previous highest price. This is evident not only in Bitcoin but also in other cryptocurrencies.
Growing Use of Crypto and Blockchain
Crypto and blockchain technology have progressed a lot in recent years. With more and better companies and industries taking to the technology, its use and acceptance is growing. From banking to gaming the use of crypto is increasing in many ways. The growing popularity of crypto can lead to more people being involved in the market which could increase the price.
A rise in the interest of institutions for crypto
In recent times we’ve witnessed a rising demand from investors of institutional scale in cryptocurrency. From hedge funds to banks and even large corporations are now exploring the possibilities in crypto currencies. The increased interest of institutions can bring stability to the crypto market and result in higher prices.
As the crypto market continues to mature and mature, governments across the globe are starting to create more favorable regulations for crypto. This could help attract more investors as well as increase the acceptance of crypto in general.
Blockchain has many more applications.
The underlying technology behind many cryptocurrency, blockchain, has a wide range of possible applications beyond just financial transactions. For example, from supply chain management and voting, many industries are starting to explore how they can benefit from blockchain technology. This will drive more investment and interest in cryptocurrency.
Blockchain technology and cryptography are at the very beginning of development. As progress is made in areas such as scalability and security, the potential of crypto assets will expand. This could result in more adoption and higher prices.
Uncertainty in the global economy
With the ongoing instability in the economy caused by the COVID-19 pandemic, as well as other causes increasing numbers of investors are looking for safe haven investments like bitcoin and even gold. As the global economic situation remains uncertain, this could lead to an increase in demand for crypto and increased prices.
Retail investors are able to earn interest
Institutional investors aren’t the only people who are interested in crypto. Retail investors, or even individual investors, are also starting to invest in the crypto market. As more and more people are educated about cryptocurrency and investing in it this could result in an increase in demand and consequently higher prices.
The growing awareness and acceptance of cryptocurrency
As the market for crypto continues to mature, more and more people are beginning to learn about and appreciate it. As understanding and acceptance of crypto grows it could result in more people buying as well as holding the crypto that could increase prices.
Decentralized finance (DeFi) is an emerging area of the crypto market that allows finance services built upon blockchain technology. As DeFi continues to grow and more platforms and projects are launched, it could lead to increased adoption and higher prices for crypto.
The development of crypto payment methods
As the market for crypto is growing increasing numbers of companies are beginning using crypto to be a method of payment. This could result in increased use of crypto in regular transactions and an increase in the cost of transactions.
More investment from sovereign wealth funds
The sovereign wealth fund, also known as owned by the state as instruments for investing, are now beginning to look at crypto as an asset class. As more funds allocate a portion of their assets to digital currencies, this could lead to increased demand and higher prices.
Use of crypto for cross-border payments
One of the major benefits of crypto is the ability to facilitate swift and affordable cross-border transactions. As more businesses and individuals are beginning to make use of crypto for international transactions, it could result in increased demand and higher costs.
Increasing numbers of crypto ATM’s
As the number of ATMs that accept crypto continue to grow it will be easier for people to buy and hold crypto, which could increase demand and price.
Development of security tokens
Security tokens, or digital assets that signify ownership in an asset like real estate or stock is a fast-growing area of the crypto market. Since more and more security tokens will be issued and traded, it could lead to increased demand and higher rates for the crypto.
Merchants are more likely to adopt the concept.
With the increasing number of retailers accept cryptocurrency as a method of payment, this will make it easier for people to use and hold crypto, which can drive up demand and prices.
Will crypto be on the increase in 2023? The only way to know is time. With these things in mind, it’s likely that the cryptocurrency market will be able to see a rebound in 2023. If you’re looking to invest for the long run, being patient and disciplined is essential.


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Jony Ive isn’t going to be happy about this one. He recently made his opinions on cloning Apple designs known, and he wasn’t gentle about it. Ive stated that he doesn’t consider imitation flattering, calling copying his team’s designs “theft” and “lazy”. Microsoft recently purchased Nokia’s smartphone branch as the company is the top manufacturer of Windows smartphones. While they promptly began the largest layoffs in company history, it seems the hardware brand will continue for Nokia, outside of Microsoft’s control, as long as they’re not making smartphones. Those remaining at Nokia won’t be members of the design team, because Nokia’s releasing their least original design ever. The Nokia N1 is their latest tablet, and it’s clearly a clone of an iPad Mini. If Nokia’s decision to start copying Apple wasn’t enough, this device is strange for another reason: it runs Android instead of Windows. Has Nokia abandoned Windows technology?
Microsoft has a long history of copying Apple, so it’s not surprising that a company so intertwined with Microsoft would follow suit. However, Microsoft usually stops at copying features and design elements, rather than create an outright clone. Nokia has distanced themselves from Microsoft in another way: they made a direct clone of Apple’s hardware.
The Nokia N1 has the same shape, rounded edges, buttons, drilled speaker holes, and camera positions as the iPad mini. It even has a case accessory that is clearly Apple’s smart cover. The internals are different, and the operating system is pure Android, but the hardware team clearly took Apple’s design for the look of their own tablet, a move that should disgust anyone in favor of advancing technology. Innovation doesn’t come when companies copy one another, it comes when they compete with new designs and ideas.
The Nokia N1 will be powered by Intel, and will also feature the new USB C class connector. This is a reversable design that looks, externally, like Apple’s lightning connector. The N1 is actually 0.6mm thinner than the iPad mini 3, coming in at 6.9mm, the same thickness as an iPhone 6. Small improvement over the iPad mini aside, this is otherwise a direct clone of the iPad mini, and it runs Android instead of Microsoft’s own operating system. It’s certainly an odd device, and a bold move. Will Apple be able to fight these clones, or will the legal battles prove to be more trouble than they’re worth?
Sources: The Verge, TUAW
Update: This article was updated to clarify the separation between Nokia’s independent tablet company, and the smartphone branch of the company that has been purchased by Microsoft.


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By Esther Han
- Volkswagen to recall 11 million cars affected by emissions scandal
- Volkswagen diesel scandal: Why it's so much worse than it looks for VW
Australian drivers are being cheated out of hundreds of dollars at the bowser each year because of "dodgy" fuel efficiency claims, says consumer advocacy group Choice.
As the Volkswagen scandal over the rigging of emissions figures escalates, Choice has discovered at least five cars it tested in real-world conditions this year exceeded the claimed fuel usage by more than 30 per cent.
It found a Mercedes-Benz all-wheel drive burned up 43 per cent more fuel than the seven litres per 100 kilometres claimed by the carmaker. It also found a Volvo front-wheel drive consumed 37 per cent more and a Lexus all-wheel drive, 36 per cent more.
"Over a year, this adds up to hundreds of dollars in more expensive fuel bills," said Matt Levey from Choice.
Volkswagen this month confessed to fitting devices into 11 million cars worldwide to cheat fuel emissions standards, including Audi and Skoda models. Its chief executive Martin Winterkorn stepped down and its market value went into freefall.
Volkswagen's local arm is yet to reveal if any of the 50,000 local cars are affected. It is being probed by the Australian Competition and Consumer Commission to see whether it misled buyers and breached the law.
Mr Levey said the Volkswagen scandal and Choice's results showed Australians could not trust the car industry to self-regulate.
Choice is calling for the government to enforce independent testing and on-road checking of manufacturers' questionable fuel usage and emissions claims.
Danger of becoming 'dumping ground' for dirty cars
It is also demanding Australia adopt compulsory standards for vehicle fuel efficiency and greenhouse emissions, so "we don't become a dumping ground for dirty, costly-to-run vehicles".
"The industry says real-world tests are different to the laboratory. But new research from Europe shows the gap between car makers' claims and real-world performance keeps growing, and is now at 40 per cent," he said.
"Australia is also the only advanced economy to have no compulsory standards for fuel efficiency or greenhouse emissions. In fact, in 2012, our average greenhouse emissions from new vehicles were 44 per cent higher than Europe."
Tony Weber, chief executive of the Federal Chamber of Automotive Industries, said manufacturers followed a government-set standard for measuring and reporting the fuel consumption of new light vehicles, which was based on definitions in the United Nations Regulation.
He said results from laboratory tests could differ from user experience.
"The test drive cycle may not be representative of their average driving environment. There may be more low-speed city driving over a longer distance than in the test, or when driving in summer, the air conditioning may be used," he said.
"A lower specification fuel may be used. Or driver behaviour, such as the amount of equipment carried in the car, acceleration and braking habits [could result in different figures]."
Independent Senator Nick Xenophon said he will introduce a private members bill in October that would impose harsh penalties of up to $50 million on car manufacturers which deliberately "game" the system.
At present, the Department of Infrastructure and Regional Development only conducts audits of car makers at random to test fuel consumption figures, and the only sanction available is for the ACCC to launch action for false and misleading conduct.
"Car companies can use artificial test conditions, including taking out the back seats to make the car lighter or switching off features like air conditioning to make inaccurate fuel economy claims," said Mr Xenophon.
"Testing for fuel economy can be difficult, but the gaps between what is advertised and what is actually achieved on the road really does stretch the credibility gap," he said.
"A family could typically be many hundreds of dollars a year worse off from what they budgeted for because they've been misled into buying a particular car."
Leading class action law firm Maurice Blackburn announced an investigation into a potential consumer law case against Volkswagen amid its global pollution rigging scandal.
The firm's class action principal Damian Scattini said the global test rigging scandal was likely to affect Australian car owners.
"We believe that if it is confirmed that Australian cars are impacted then consumers may have grounds to take action against Volkswagen, including pushing for extended warranties given people as yet are still in the dark about the full impacts of this issue," he said.


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Kenyans have today received sad news on the kind of things they eat mostly while traveling. Today in Nyandarua County, the Police arrested a Samosa vendor and finding out that he sells dog meat.
The Samosa vendor who sells samosa along the road and his customers are mainly those traveling was caught with more than 10 dog heads. Even leg pieces of dogs were found at his store.
Nyandarua residents are still shocked as others are revealing that the vendor was their regular seller when they get from work evenings. As seen in the photos, those are clearly dog meat. The suspect is now under police custody.
Below are some of the reactions online to the incident:
That is why I normally say if you want to eat a Samosa on the street let the vendor eat one first then you buy.
So unfortunate, I remember we were sold flamingo meat in a restaurant in Nairobi in 1977 on our school tour to Nairobi.
News Hub Creator firstname.lastname@example.org


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Casoola Casino Review
Casoola is the name of a new gaming brand and online casino, which is about to launch some time this year. With a whole section dedicated to video slots, the website will undoubtedly provide an excellent opportunity for players everywhere; who are going to enjoy not only live and online games, but also a multitude unique bonus
deals and exciting promotions.
The Casoola casino has declared its intention to partner with the Net Entertainment company, to bring a variety of its notorious slot machines, along with a couple of other fancy gambling services; the kind of which are only available at internet casinos. Follow the news regarding this platform and stay tuned for future updates, which should keep you well aware of its current state and the things that will be part of this gaming network. The site will be available in English, but other versions could be added just as well (18+).
* You Are Aware Of The Terms !! of any bonus before you accept bonus.
T&C Apply – New Players 18+ Only !!
The online casino Casoola is planning to make its appearance to bring its viewers official NetEnt games, along with other licensed products that will be enabled through its regulated gaming service. With generous bonuses and other forms of incentives, the brand is certainly one to keep in mind when looking for the next playground. As many other new casinos, Casoola will also have a wide selection of new and classic games, as well as various promotional benefits that should involve free spins
and bonus coins.
Payment methods are certainly going to be applicable to online transfers, offering whatever channels the customers might want to use, remaining safe and easy to use during such activity. Let us not forget that security is also vital for a comfortable experience, and the platform aims to utilize some of the most reliable technologies on the market. The casino will be supported on various devices too; including mobile platforms, of course.
Casoola Casino Review was last modified: November 7th, 2022 by Adam Machnica


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The lengthy saga of 38 Studios
' relocation looks to be drawing to an end, as the fledgling game company has published a press release touting the impending lease of an office building in downtown Providence, Rhode Island. Originally headquartered in Massachusetts, the developers behind the eternally cryptic MMORPG code-named Copernicus
were offered a loot bag full of $75 million
in loan guarantees by the Rhode Island Economic Development Corporation.
The relocation will generate 450 high-paying tech jobs, and state governor Donald Carcieri lauds it as a move that will "provide job opportunities for our college graduates in a fast growing industry, and will attract other interactive and entertainment companies to Rhode Island."


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Constellation Signals Prohibition is Over
Residents of Colorado, California, Washington, and a host of other states are aware that cannabis prohibition is over. Now one of the world's largest alcohol companies, listed on the NYSE and hence subject to US Federal Regulations, has invested in a Canadian cannabis company. Contacts of mine in private equity had reported that they understood the opportunities in cannabis but had be told "hands off" are now reporting that now it is "game on!" http://business.financialpost.com/commodities/agriculture/constellation-brands-to-acquire-9-9-per-cent-stake-in-canopy-growth-for-245m.
posted...November 01, 2017


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Ahead of its unveiling on September 23, BMW Motorrad has teased its next-generation M3 sedan in a series of images.
As per the images, it will boast of an updated design featuring a new grille, and rear diffuser. Further, it will come in a new shade called 'Isle of Man Green'.
The M4 Coupe is also expected to be launched on the same day.
The 2021 BMW M3 will have an eye-catching look, featuring a sloping roofline, a large kidney grille, a muscular bonnet, a wide air dam, and sleek headlamps with black borders.
On the sides, the sedan will be flanked by blacked-out B-pillars, ORVMs, and designer alloy wheels.
Meanwhile, a refreshed diffuser, quad exhaust pipes, and a neatly-designed trunk will be present on the rear end.
Not much is known about the interiors of the next-generation BMW M3. However, it should have a spacious cabin with adjustable leather seats, automatic climate control, and a multifunctional power steering wheel.
The sedan will pack a touchscreen infotainment system with support for Apple CarPlay, and other connectivity options.
All standard safety features including multiple airbags and ABS with EBD should be retained.
The new BMW M3 will be available in two variants- Regular, and Competition. The car will draw power from a 3.0-liter twin-turbocharged inline six-cylinder engine which will make 466.5hp in the Regular model, and generate 496.1hp in the latter.
For handling transmission duties, the mill will come paired to a 6-speed manual or an 8-speed automatic gearbox, along with an all-wheel-drive system.
Details pertaining to the pricing and availability of the 2021 BMW M3 sedan in India will be announced at the launch event on September 23. As for the pocket-pinch, it should carry a premium over the outgoing model, which is priced at Rs. 1.3 crore.
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Synopsys announced that it acquired Tinfoil Security, an innovative provider of dynamic application security testing (DAST) and API security testing solutions.
“Tinfoil Security provides Synopsys with proven DAST technology that can be seamlessly integrated into development and DevOps workflows. Furthermore, Tinfoil Security’s innovative API scanning technology addresses an emerging demand in the market and will further differentiate the Synopsys portfolio,” said Andreas Kuehlmann, the co-general manager of the Synopsys Software Integrity Group.
The terms of the deal are not being disclosed.
Sisense announced a $100M+ funding round
Sisense announced a $100m+ funding round, bringing the company’s valuation up to $1 billion.
The new funding will bolster the company’s sales, marketing and development efforts to increase market share, and accelerate investment in its platform.
Sisense offers an independent analytics platform for builders to simplify complex data and build and embed analytic apps that deliver insights to everyone inside and outside their organizations.
Postman updates its plans
Postman announced a new structure for all of its plans and pricing that will go in effect as of February 1, 2020.
“[Usage growth] has really pushed us to expand the definition of what Postman is, going from being a tool for individual developers to also being a place for collaboration across large teams,” Postman wrote in a blog post. “As a result of this shift, we’re offering new plans to help organizations scale, grow, collaborate, and securely manage hundreds of Postman users.”
Postman Team is now $12 per month per user, Postman Business is $24 per month and Postman Enterprise pricing is available through contacting Postman.
HERE announces new products, partnerships and platform updates
HERE announces new products, partnerships and platform updates to extend location data and technology for developers.
The products include HERE Navigation On-Demand, a SaaS-based solution that furthers vehicle-centric navigation and HERE Lanes, a toolkit to seek making driving safer.
HERE also announced new collaborations that include a U.S. telecom provider and a major conglomerate. The HERE Marketplace has also been expanded.
The full details are available here.


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A survey of Americans has put numbers to the concept that Americans value safety and reliability more than ever. As the pandemic drags on, car owners are using personal transportation as a bubble, keeping them safe and healthy.
The Safety First: The Evolution of Driving and Mobility in 2020 study was performed by Volvo Car USA and The Harris Poll in September and October, surveying more than 4,000 adults in the US. Critical data on the safety features customers desire as well as the role that cars play in daily operation, has been compiled to give insight into expectations as mobility evolves permanently due to the pandemic.
- According to the study results, the average consumer’s view on the term ‘safety’ has broadened in the past six months. Almost all respondents expect to continue using their personal vehicles more after the pandemic. Half plan to use public transportation less, almost the same as for ride sharing services.
- To consumers, homes and cars are seen as their safe spaces currently, particularly among the younger generations, and two-thirds of those under 40 have either bought a car or are considering buying one due to the pandemic.
- Buying from trusted, safety-conscious brands is important for four out of five buyers while flashy cars have fallen out of favor.
Jim Nichols is the Senior Product and Technology Communications Manager with Volvo Car USA. He said of the findings, “As a brand with a deep-rooted legacy in safety, it was critical for us to uncover how Americans are rethinking their approach to safe behavior, both on-and-off the road. These findings confirm that safety is more important than ever to Americans in the wake of the pandemic.”
How the role of cars has been impacted by the pandemic
Driving is seen as a stress-reliever, according to nearly two-thirds of car owners, and more than half of parents with young children use the car as their temporary escape. Younger professionals have reported missing their commute on the basis of time to listen to music or podcasts or even just alone time.
Also noteworthy are the desired features that have been sparked due to the COVID-19 pandemic. More than half of respondents wished that their car had built-in germ filtering in the HVAC system, and they desired more accessible safety and sanitizing products with a designated mast storage spot or a phone sanitizer.
Fifty-two percent want to see sanitizing included as part of common maintenance packages also, a factor that dealers can integrate into their service departments.
Auto retailers can take advantage of new normals
In the auto retail industry, much of this study’s information can be implemented to provide the top-tier customer experience expected in today’s climate. Key takeaways for dealerships could be:
- Focus on the broader safety features in a vehicle. Along with airbags, body structure, safety glass, and seat belts in a sales walkaround, add in details about easily wipeable surfaces or the touchless aspect of Apple CarPlay or voice-controlled navigation.
- Modify sales techniques to the audience. Speak to the vehicle’s reliability, reduced maintenance frequency, and the ‘safe space’ mentality when presenting the benefits of buying a car.
- Sell remotely. Since safety is a major concern, take as many steps online or remotely as possible to provide the sense of safety for your shopper. Be available for a seamless in-person handoff at every step.
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NEW YORK, Nov. 16, 2016 /PRNewswire/ -- The Online Designer Clothing Sales industry has grown furiously for more than a decade, as consumers have increasingly shifted toward shopping online. Over the five years to 2016, growth in the overall economy and strong increases in the number of broadband connections have spurred rapid industry growth. Over the five-year period, per capita disposable income and consumer confidence have increased. "These macroeconomic drivers have expanded consumer wallets, and enabled shoppers to splurge more often on the luxury goods sold by industry operators," says IBISWorld Industry Analyst Anya Cohen. Furthermore, the rapid increase in the number of broadband connections has made it easier than ever for shoppers to access e-tailers and purchase industry goods. Combined, these factors have led industry revenue to expand over the five-year period, increasing at an annualized rate of 9.3% to $5.1 billion.
Over the five years to 2021, IBISWorld estimates that the industry will continue expanding, although an increasingly saturated market will result in relatively slower growth. The industry will continue to be affected by many of the same drivers that affected it over the previous five-year period, with per capita disposable income and the number of broadband connections likely to continue expanding. However, consumer confidence will slightly falter, somewhat pressuring industry demand over the period.
Industry Performance Products & Markets Globalization & Trade Major Companies Operating Conditions Key Statistics
About IBISWorld Inc. Recognized as the nation's most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. For more information, visit www.ibisworld.com or call 1-800-330-3772.
Contact Information Kathryn White Media Relations Specialist [email protected] +1 917-267-0351 Ext: 351


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Google’s privacy practices on Android privacy are under attack following revelations from Arizona’s antitrust lawsuit over phone tracking, such as: insider Reports New unresolved documentation in cases suggesting Google made it harder to find Android privacy settings when Google tested operating systems that published privacy features. The company reports that it sees more use of these features as “problematic” and aims to implement them in its menu system.
An Arizona attorney stated that The tech giant is also “pressing” phone brands like LG to embed the popular location settings. Google officials further acknowledged that it would be difficult to stop the company from locating your home and work, and complained that there was “no way”; to locate third-party apps without handing them over to Google.
We asked Google for comment in the past, saying that Arizona attorneys have “mischaracterized” their services and offered “strong” location privacy controls.
Google improved privacy late last year. Android 12 will include an approximate location option in addition to a privacy dashboard and other controls. The company may have a tough court battle. They suggest that Google is committed to collecting data even if Android users like it.
All products recommended by Engadget are handpicked by our editorial team. independent of our parent company Some of our stories have affiliate links. If you bought something through one of these links: We may earn affiliate commissions.


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Big Candy, which boasted about being “recession proof” between 2008 and 2010, is apparently “deflation proof” in 2016.
In case you haven’t noticed, your grocery bill should be getting smaller this year. It’s been a big money saver for some, and the “epic fall in food prices” even garnered front-page attention in the Wall Street Journal last week.
“The U.S. is on track to post the longest stretch of falling food prices in more than 50 years, a streak that is cheering shoppers at the checkout line but putting a financial strain on farmers,” the article began.
The reason? Economists say that it’s mostly due to falling farm commodity prices, along with lower energy costs for transportation and refrigeration.
“Deflation is a godsend for consumers,” the article quoted one expert as saying.
The problem? It apparently hasn’t made its way to the candy aisle.
As the American Sugar Alliance documented in its annual survey of sweetened product prices at the grocery store, the cost of chocolate bars, candy, cakes and other sweet treats are still at all-time highs.
Take a candy bar, for example. In July 2016, a candy bar cost $1.49 cents. That’s 10 cents more expensive than the exact same candy bar was in July 2014, 40 cents more expensive than it was in July 2010, and 77 cents more expensive than July 2006.
And don’t think that things have changed much since July. The same bar is still $1.49, or more than double its price 10 years earlier. Hard candy is up 40 percent over that time, too.
Unfortunately for sugar farmers, they haven’t been quite as fortunate. Sugar is 14 percent cheaper today than it was a decade ago, and the price food manufacturers pay sugar farmers is continuing to fall.
So if neither U.S. farmers nor U.S. consumers are benefiting under the current confection cost-structure, then who is?
Interestingly enough, the front page of the exact same Wall Street Journal shed some light on that question in an article about two food titans, Hershey Co. and Mondelez International Inc. Seems Mondelez offered the chocolatier an astounding $25 billion in recent acquisition talks.
Even though the merger failed to materialize, both companies should be just fine. “Hershey had $7.4 billion in annual sales last year, while Mondelez towered over it, with $30 billion,” the newspaper reported.
Deflation proof, indeed.


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Up-and-coming designers have a new place to call home. SocialAttire.com, billed as an interactive social community that marries crowdsourcing and e-commerce, aims to give aspiring designers the opportunity to see their designs for sale.
“Essentially, the idea of the Web site is to expose designers to the competitiveness of the industry,” said founder Allison Dwyer. “It’s hard for them to get noticed, and especially tough to get mass produced.”
The site works as follows: designers create a personalized profile, send in samples or sketches of a dress (because “not all designers are at the point of having samples, so we also have a sketch competition,” said Dwyer) which is then posted for the site’s 3,500 plus members to view. Over a period of two weeks, members cast their votes on a favorite look, and the winning look is produced by local New York manufacturers and sold on SocialAttire.
“It is a great way for these young designers to get their label out there and get exposed with really no risk for them at all,” added Dwyer.
In its first seven months, SocialAttire has produced nine styles from different designers, and received thousands of submissions from all over the world — including Dubai and China.
In the coming months, SocialAttire plans to add a separates competition, and eventually introduce accessories as a submission category.


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Less than three weeks left until Ugandans can enjoy their favorite rolex combos at the highly anticipated Coca-Cola sponsored 2018 Kampala Rolex Festival.
The festival that returns for a third edition is scheduled to take place on 19th August 2018 at The Uganda Museum.
Organised by the Rolex initiative together with the Ministry of Tourism, Wildlife and Antiquities, the Kampala Rolex Festival is just another example of Coca-Cola’s continued association with food and belief in one of the most celebrated rituals among families and friends – enjoying meals together. The festival also presents a unique opportunity for Ugandan rolex vendors, consumers, corporate companies and tourism institutions to celebrate Uganda’s most popular dining offering and the country’s rich and original food culture.
For the past one month, residents of Kampala, Entebbe and Jinja have enjoyed rolex combos courtesy of Coca-Cola in the ongoing Rolex Week activations. As part of the activations, vendors compete to determine who makes the best rolex and winners are rewarded with brand new Coca-Cola coolers and cartons of Coca-Cola.
Commenting about the festival, Coca-Cola Uganda Brand Manager Ms. Miriam Limo expressed her delight to be part of the celebration of a local food consumed by different people with different backgrounds and social classes.
“Coca-Cola is proud to renew its association with Kampala Rolex Festival. This festival gives us an opportunity to offer our consumers a unique moment and experience of pairing their favorite rolex with an ice cold Coca-Cola. We remain committed to offering our consumers unique moments and experiences as they enjoy their favorite drink in the right company,” she commented.
This year, Coca-Cola is equipping rolex vendors in Kampala, Entebbe and Jinja with head caps, aprons, umbrellas, branded coolers and visibility branding to ensure they are easily identifiable by their customers. Following the rolex festival, vendors will continue to enjoy Coke with meals combos from their favorite rolex vendors. A complete meal of a 300ml Coca-Cola paired with a rolex will cost UGX 3,000.
The next activations will be held in Mengo, Kamwokya and Bwaise on the 1st, 2nd and 3rd of August respectively.


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Fitch Ratings' credit upgrade of General Motors on Friday was important for the company, but even more beneficial was the rating agency's prediction of stability into the future for a company that has been making a profit in North America but gushing red ink in Europe.
Fitch said GM has sufficient liquidity and profits to justify the good report and rating upgrade, which can lower borrowing costs.
The agency -- one of three major rating agencies -- upgraded GM's issuer default rating from BB to BB+ and said the outlook for the future is stable.
"Since exiting bankruptcy in 2009, GM has adhered to a strategy of maintaining a low level of automotive debt on its balance sheet, while also maintaining a high level of cash and credit facility availability," Fitch said in a statement. "This has provided the company with substantial financial flexibility that would allow it to withstand a future auto industry downturn."
GM shares closed down 16 cents to $21.18.
The upgrade comes as GM is generating big profits in North America but facing steep losses in Europe, where consumers are conserving cash in the midst of a sovereign debt crisis. Overcapacity has prompted automakers to offer deep discounts on vehicles.
The agency pointed to GM's $33 billion of automotive cash, cash equivalents and marketable securities at the end of the second quarter as a sign of stability.
"It's one more clear sign that we're moving the business in the right direction for long-term profitable growth," GM spokesman Jim Cain said.
The automaker posted a global profit of $1.5 billion in the second quarter, down 41% from a year earlier but better than analysts expected. In North America, GM earned $1.965 billion, but in Europe, it swung from a $102-million profit a year ago to a $361-million loss.
Barclays analyst Brian Johnson on Thursday projected GM Europe losses of $464 million in the third quarter and $442 million in the fourth quarter.
The company replaced at least four senior executives in Europe during the second quarter as the region's economic crisis continued to discourage consumers from buying new cars. GM Vice Chairman Stephen Girsky took over temporary leadership of GM's Adam Opel unit in Germany.
"European losses, in particular, continue to be a heavy drag on the company's overall results, and it likely will be several years at least before GM's operations in the region contribute positively to the company's bottom line," Fitch said. "Management turnover has also been significant, which could complicate the process of restructuring."
Fitch said another long-term challenge for GM is its pension obligations, which were underfunded by $25 billion at the end of 2011. Its U.S. pensions were underfunded by $14 billion at the end of the year.
Fitch estimated that GM's underfunded U.S. pension obligations fell to $13 billion after the company recently offered lump-sum pension payouts to 42,000 salaried retirees and shifted others to monthly annuity payments from Prudential.
GM has said it will consider a similar move for hourly workers, which would have to be negotiated with the UAW. But Fitch said the "cost to do so would be significantly higher."


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Eight seafood importers in the US recently imported contaminated Yellowfin Tuna. Several of these importers operate in Florida.
A total recall was issued after the fish caused many people to contract Scombrotoxin poisoning. All of the contaminated fish was purchased from Truong Phu Xahn.
The FDA is warning restaurants and retailers to follow the source back, as some seafood may have carried labels that doesn’t show they’re from Truong Phu Xahn, but may still be affected by the recall.
Scombrotoxin poisoning is especially problematic because it is histamine based and neither heat, nor cold, affect it. Within an hour of consuming Scombrotoxin, many suffer from headaches, blurry vision, cramps, itching and diarrhea. Fortunately, those symptoms rarely last beyond 12 hours.
Companies who potentially sold contaminated fish in Florida are Mical Seafood from Davie, Florida; Miami’s Aquabest Seafood; and Gamma Seafood by Medley companies.
Contaminated fish also came from Rhode Island, New Jersey and California. Read the full FDA report, click here.
Consumers who have symptoms should contact their health care provider to report their symptoms and receive care.


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As the decade comes to a close, what do you think will be the defining color of the 2010s? Sherwin-Williams wanted to find out, so the company surveyed some of the top designers in the country about the colors they saw over and over again — and which ones they hope to never see again.
Jil McDonald from Jil Sonia Interiors sums up the past decade nicely: "[It] was all about dark wood flooring, silver lighting, scaled-back design and clean-lined furniture," she says in the survey, adding that we also saw a resurgence of white kitchens later in the decade — and we largely have influences like Chip and Joanna Gaines to thank for that.
Here's a lot at what else reigned supreme in the 2010s — and what will fade out:
Say Goodbye to Gray
One thing almost all of the designers surveyed would agree on: The 2010s were a very gray time. Designer Jean Stoffer says that gray was the color used in almost every shade and application. "Looking back, the major trend of this decade that I saw was the grand emergence of 'the modern farmhouse,'" Stoffer says in the survey, explaining that the trend relies on industrial materials like galvanized metal, reclaimed wood, and steel windows. She's right — we can hardly remember the last time we had brunch in a restaurant not fashioned after an old barn.
So if gray is out, what should we expect to see more of in 2020? Andrea Schumacher of Andrea Schumacher Designs thinks that the replacement neutral color in the coming years will be brown, with bright, cheery colors playing supporting roles. "I think green will always be a classic color . . . as green is neither warm nor cool on the color wheel, it can even act as a neutral in some instances," Schumacher says.
Get Ready for Jewel Tones
Rich greens — think emerald and other jewel tones — are also emerging, as designers and consumers steer away from spaces that rely solely on neutrals.
"We are starting to see the jewel tones make a big splash," Washington, D.C.-based designer Laura Fox says. "As for colors staying behind, I'd say some of the more playful lilacs and aquas will be replaced with a rich emerald and cordovan paired with a pale blush or muted coral."
Rethink Your Neutrals
We heard at least a couple 2020 Color of the Year choices described as a "new neutral." The new year will continue the shift towards more interesting, bold neutrals.
"While the combination of black and white has always been popular, the next decade is going to take that trend to the next level," Sue Wadden, director of color marketing at Sherwin-Williams says. It's all about giving a modern twist to that combo with rich hues, like Sherwin-Williams' color of the year, Naval.


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Uganda Police Force with assistance from sister security agencies have on Tuesday morning closed Spare parts shops in Kisekka market.
The closure came hours after president Yoweri Museveni’s address where he allowed reopening of wholesale shops, hardware shops, garages, restaurants and warehouses among others.
However, on Tuesday hundreds of traders selling motor vehicle spare parts opened for business but were stopped by the police.
Eric Kawuma, a mechanic in Kisekka market says police stormed the market at around 8:00 am and ordered all spare parts shops to close and also ordered all the mechanics out of the market.
He said that the police told them to return to the market after they have put in place COVID-19 preventive measures.
Other angry mechanics and spare parts sellers accused the police of misinterpreting the president’s directives.


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Officials have let U.S. hotel companies off the hook when making changes to U.S. Cuba travel policy. European and Caribbean companies, however, will likely feel the effect of new restrictions.
New regulations from the U.S. government on travel to Cuba and business arrangements will become effective on Thursday, limiting the ability of travelers to take certain flights and stay at particular hotels with ties to the Cuban government and military.
Travelers will no longer be authorized for individual or educational people-to-people travel without taking the trip with an approved U.S. organization, in a shift from the previous policy.
“OFAC is requiring that (1) all people-to-people nonacademic educational travel be conducted under the auspices of an organization that is subject to U.S. jurisdiction and that sponsors such exchanges to promote people-to-people contact, and (2) such travelers be accompanied by a person subject to U.S. jurisdiction who is a representative of the sponsoring organization,” states a new fact sheet from the U.S. Department of Treasury. “Individual people-to-people nonacademic educational travel will no longer be authorized as announced by the President.”
The U.S. Department of State has released a lengthy list of hotels across Cuba that U.S. travelers will now be barred from. Interestingly, the list does not include hotels like the Four Points by Sheraton in Havana, which were developed in conjunction with GAESA, which is owned by the Cuban military.
On the list, however, are several hotel brands operated by European hotel companies, like the Iberostar Laguna Azul in Varadero and Royalton Cayo Santa María in Cayos de Villa Clara. The new restrictions will likely hurt the overall hotel market in Cuba while making it more difficult for U.S. travelers to find places to stay.
The goal, according to officials, was to assess whether listing a hotel would have an adverse effect on U.S. interests in Cuba. Under that criteria, it seems, hotels developed and branded by U.S. companies will remain available to U.S. travelers.
The new regulations will not affect U.S. travelers who have already one element of a trip to Cuba prior to June 16, 2017. For educational travelers, this deadline applies for trips with elements booked before November 9.
“If you’ve already booked your flight, if you’ve already booked your hotel on the list, you can still take your trip,” said an official on a media call with reporters. “We’re not trying to impact travel that’s already been booked or arranged, we’re trying to make changes for the future.”
Read the fact sheet from the Treasury Department below.
The Daily Newsletter
Our daily coverage of the global travel industry. Written by editors and analysts from across Skift’s brands.
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Photo credit: A cook of a private restaurant stands at the entrance, in Havana, Cuba, October 3, 2017. Travel for Americans going to Cuba is about to change. 251798 / 251798


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DIOR POSTPONED: Dior has postponed indefinitely its cruise show, due to take place in Italy on May 9, as a consequence of the coronavirus outbreak.
The French fashion house joins a long list of brands that have canceled or postponed planned runway shows in the next few months.
“As a preventive measure, in accordance with instructions from public authorities, and to reinforce the coordination of international directives, the House of Dior has decided to postpone its cruise show in order to ensure the safety of all its employees, collaborators and guests,” Dior said in a statement provided to WWD.
A new date for the show, which had been scheduled to take place in Lecce in the southern Puglia region, will be announced in due course, depending on how the situation evolves. Italy, France and Spain have shut down all nonessential commercial activities, with Italy and Spain calling on citizens to remain confined to their homes.
“Our thoughts are with everyone who is affected by this pandemic, all over the world,” Dior said.
In the last few weeks, brands including Hermès, Gucci, Versace and Max Mara have canceled their resort shows. Ralph Lauren has decided not to go ahead his fall 2020 show scheduled for April in New York; Tokyo Fashion Week has been canceled, and Shanghai and Beijing Fashion Weeks have also been postponed.


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Parents frustrated that their kids racked up iTunes bills without their permission may be in luck. Apple is offering to pay up to many of those affected, reports “Gigaom” (http://tinyurl.com/bgmb9k2).
Under the terms of the settlement, Apple will offer a $5 iTunes credit to those who claim that a minor bought in-game items without their knowledge or permission. If the amount in question is more than $5, Apple will offer a credit for that amount. If the amount in question is over $30, an Apple user can claim a cash refund.
The proposed settlement comes after parents sued Apple in 2011 upon discovering that their minor children had racked up credit card charges in supposedly free games.


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ANN ARBOR—LLamasoft, the Ann Arbor-based developer of supply chain design and modeling software, announced a strategic partnership with JD Logistics, the logistics arm of JD.com, China’s largest retailer.
Through the partnership, JD Logistics will exclusively deliver and integrate LLamasoft’s solutions as part of its existing service and technology offerings to select manufacturers, retailers and logistics providers in China using the JD Logistics network. The solutions provided will include supply chain design optimization, planning, operations and management.
LLamasoft will continue to support existing clients and is broadening its go-to-market coverage with a segmented model that includes this partnership with JD Logistics and continued investments in its own organization in China.
“China is one of the largest markets for supply chain solutions in the world, and with this strategic partnership with JD Logistics we are going to be able to accelerate our ability to create value for an expanded client base,” said Razat Gaurav, CEO of LLamasoft. “Clients will benefit from the combination of China’s largest B2C logistics network with LLamasoft’s preeminent supply chain design and analytics solutions to enable organizations to transform their supply chain operations.”
“The strategic partnership with LLamasoft will provide clients and merchants with a one-stop supply chain optimization solution,” said Haifeng Yang, head of value supply chain at JD Logistics. “Leveraging our respective capabilities, as well as our over a decade of experience in operating an in-house nationwide logistics network in China, will further differentiate JD as a leader in providing and integrating advanced supply chain capabilities.”
This announcement was made following LLamasoft’s LLamaCon event in Shanghai on Friday, Aug. 9, which drew more than 500 supply chain professionals from nearly 300 companies.
More at www.llamasoft.com.


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Economic development creates opportunities to grow state, local and metro areas, which are essential for economic growth, improved quality of life and community development. Employment articles below.
Trucking company Renewable Transport Services will invest more than $20M to upgrade and equip its 100,000-square-foot Indianapolis facility.
Fidelity Investments’ latest hiring effort adds to roughly 730 jobs created at its Covington, KY campus since the beginning of 2020.
BlueHalo will retain 260 jobs and create an additional 64 jobs at its new 200,000-square-foot Albuquerque, NM campus.
Home security services company SimpliSafe will invest over $3M in a second customer security monitoring service center in Henrico County, VA.
They call it "Wilson Strong:" devastated by a pandemic and a tornado, this Tennessee community met the challenge and kept its dreams intact.
Xaloy will invest $1.75 million to move its bimetallic barrel manufacturing operation back to Pulaski County, VA, which will retain seven jobs and create 35 new jobs.
Prestage Farms will create 292 new jobs in Kershaw County; Solstice Sleep Products will create 80 new jobs in Marion County.
Roseburg Forest Products will invest $200 million to develop a sustainable high-tech sawmill operation in Halifax County, NC.
Hurricane Laura destroyed BioLab's previous chlorine facility in 2020; new facility will retain 19 jobs and create 82 jobs in Westlake, LA.
In this free video webinar, Emsi EVP Josh Wright crunches the latest labor market data and shares his outlook on sectors and regions poised for recovery, the impact of remote work, and more.
Amazon will open its first Amazon robotics fulfillment center in Alberta, Canada, creating more than 1,000 jobs Parkland County.
Milliman Inc. will add nearly 100 jobs and invest more than $6 million to lease and furnish office space in the Market Tower office building in downtown Indianapolis.
Kansas Dairy Ingredients (KDI) Cheese Company will expand its operations in Southwest Kansas, creating 40 new jobs in the Hugoton community.
Electric vehicle (EV) maker Canoo will build its first mega microfactory on a 400-acre site at the MidAmerica Industrial Park, where it will create over 2,000 jobs.
Everywhere from factory floors to research labs to virtual space—and every work space in between—today’s customized training programs are ensuring that new hires quickly get up to speed.
The company will invest $200 million in its latest robotics fulfillment center in Louisiana, scheduled to open by December 2022.
Snack manufacturer Frito-Lay will invest $200 million in its Rosenberg site, bringing total investment at the location to more than $330 million.
Nearly 70 percent of U.S. executives say their companies plan to expand in the next 12 months, up from 58 percent last quarter, finds new AICPA survey.
Whether you’re looking for lower taxes, higher education, first-rate incubators, generous incentives or a healthy work-life balance—Amarillo, TX has it all.
With matching funds from the Federal Cares Act, Mississippi is undertaking a $65-million installation of broadband service in rural areas.
The move to Jacksonville will create 500 new high-wage jobs over the next five years and generate $75 million in capital investment.
TTEC Holdings will create 450 on-site and remote work jobs in Overland Park; Sicut Enterprises will create 132 manufacturing positions in Neodesha.


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If you’ve ever seen the film “Chinatown” then you’ve probably seen the fiber optic technology used in the film.
This technology is very similar to the kind of fiber optic cable used in your home network, which allows you to connect your internet and phone lines to each other.
However, this cable has to be run through a fiber optic node, which is connected to the internet and your phone.
This node can be used to connect to a fiber network or even your home internet provider.
CEphalia has just announced that it will be introducing its fiber optic fiber cables into more locations, including homes, businesses, and schools.
They are designed to be installed in a number of locations around the country, but there are a number that are particularly exciting, because the company hopes to offer them in all 50 states.
They will connect to the fiber networks of the 50 states, and there will be no cap on the number of fiber cables that can be connected at a given location.
CEPhalia says they expect to be able to connect up to 400,000 homes and businesses, which should make them a great choice for those looking to upgrade their network, as they will be able use the fiber in a more efficient way than other ISPs.
There is a catch, however.
Because the cable will have to be connected to a network to function, it will only be usable in locations with a fiber-optic backbone.
The fiber cable is also not expected to be 100 percent effective.
It is expected to provide a few percent of the bandwidth that is needed for most applications, but not enough to really make a difference.
That said, this will certainly give CEPhale a boost in the short-term.
The company hopes that with the introduction of fiber in homes and offices, people will be using it more, and therefore, they are looking to expand its use.
If the company can get the demand for its fiber cable to increase as it sees an uptick in the adoption of the technology, then it will not only help CEPhalens overall growth, but it will also help it to expand the number and variety of locations where it can offer fiber optic services.
The new fiber cable will be installed around the US by the end of 2018, and CEPhalyas plan is to continue to add new fiber-to-the-home services throughout the year.
In the meantime, CEPhalanth has also introduced a fiber line into the home of a family member who has a disability.
This service is currently available only to individuals with a physical disability, but with CEPhalian’s fiber optic service, the company plans to make the same technology available to individuals as well.
For those with autism, CEphalian says that it hopes to have the service available in all areas of the world by the start of 2019.
With the fiber cable coming into more homes, CEPHalen is looking to increase its presence in other parts of the country.
This is a great example of how CEPhala will not be able, with its existing fiber infrastructure, to completely compete with other ISPs, and will need to make investments in its own fiber network.
It will be interesting to see how much of a boost CEPhAlen’s fiber cable gives the company as it expands its footprint in different areas of society.
The CEphala website offers a number options to connect with its service, which you can use for the cheapest rates available.


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Deputy Premier and Treasurer Jackie Trad has announced a $3.67 million fee relief package for operators at the Cairns Marina, as part of ongoing government measures to help the Far North deal with the impact of the coronavirus COVID-19.
Ms Trad made the announcement at a meeting with key tourism industry stakeholders in Cairns today.
“The Cairns Marina is a vital hub for inbound tourism operators in Far North Queensland,” Ms Trad said.
“Whether it’s reef charter vessels or land-side services, marina operators support hundreds of jobs in Cairns.
“Everyone I’ve listened to here today has reinforced how tough things are for tourism operators after what we now know as COVID-19 struck in January.
“That’s why the Palaszczuk Government has worked with Ports North to provide temporary rebates to its tourism and commercial operators as immediate and ongoing relief to help them sustain jobs while we work to contain COVID19.
“Under our jobs protection plan, commercial and reef operators will enjoy a 100% rebate on their Ports North marina fees at the Cairns Marlin marina and a 100% rebate to utilise the Green Island jetty.”
The Port’s retail, food and beverage commercial leasehold tenants throughout the city will receive a 100% rebate on their base rent.
Ports North has also committed to freeze the Cairns Marlin Marina Schedule of Charges for commercial operators until January 2023.
The $3 million marina fees relief package comes after Premier Annastacia Palaszczuk met representatives from Cairns tourism bodies and the aviation industry last week to hear their concerns first-hand and follows Tourism Minister Kate Jones’ announcement a million-dollar package of Cairns marketing campaigns would be fast-tracked.
The Deputy Premier also announced a $660,000 package of relief measures to assist commercial fishers affected by COVID-19.
“The impact of COVID-19 was felt particularly strongly around Chinese New Year, which is normally a huge export opportunity for Queensland seafood,” Ms Trad said.
“So we’re waiving quota fees for rock lobster and coral trout for the first six months of 2020, along with fishing boat fees for these and other fisheries affected by COVID-19, such as mud crabs.”
Member for Cairns Michael Healy said the decision was a timely and common-sense way to help the industry.
“We know tourism is a hugely important employer across regional Queensland but especially in Cairns and the Far North,” Mr Healy said.
“The proof of that has been that Cairns recording the strongest employment growth in the state based on the latest figures.
“Our government listens to locals and is acting to protect Cairns jobs through this period.
“Thankfully, the almost completed $127 million Cairns Shipping Development project will soon see major cruise ships berthing right in the heart of Cairns – creating 2000 jobs in the process.
“This announcement will help operators with the immediate pain, while they look to new opportunities tied to the prospect of more cruise ships coming to town.”
The temporary fee relief package will run for six months, backdated to February 1 2020, when the Chinese travel ban began.


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Adoption Ideas: Bitcoin Shopping Mall and Russian Crypto Village
No matter what experts might say on crypto adoption, real world examples have looked favorably upon the emerging technology. For example, one of the smallest countries in the EU, Slovenia, has announced that its largest shopping center, already named BTC City, will transform into a complete Bitcoin city. Meanwhile, farmers and small businesses in a Russian village have ditched the ruble in favor of cryptocurrency for local trade.
Slovenia, the country of origin for one of the oldest crypto exchanges Bitstamp, has announced that every store in BTC City shopping mall will accept cryptocurrency and operate via blockchain technology, Bitcoin Magazine reported. The mall contains over 500 retail stores. It presently holds several travel and tourism ventures, a luxury hotel and casino, a multiplex cinema, a waterpark and the Crystal Palace office park.
Representatives of BTC City said, “The development of BTC City into a Bitcoin city is an important step toward the realization of BTC’s openness-oriented strategy, providing its customers and business partners with both freedom and choices regarding their purchases with new forms of payment.”
Meanwhile, farmers and small businesses in the Russian village Kolionovo, 80 miles from Moscow, chose to pay with a cryptocurrency called Kolion instead of the ruble because banks charged huge interest rates when lending, CNN reported.
A banker turned farmer Mikhail Shlyapnikov created the currency by issuing paper kolions in 2014 which was banned by Russian court in 2015, which made him go for a crypto version, raising USD 500,000 in an initial coin offering. Kolions can’t be mined, but are instead either bought or “plowed” - helping the villagers with farming and construction.
Shlyapnikov told CNN, “We now have about USD 2 million in kolions because its value has jumped since the ICO,” and adds that the coin is backed by a reserve of 500 Bitcoin. In his opinion, this cryptocurrency is a way for them to insulate themselves from Russia's financial system.


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Tech companies in Cyprus are offering incredible incentives to talented techies in order to get them to pack their bags and move to the sun.
With the Mediterranean island promoting itself as a technology hub, a host of major players have recently set up shop in the capital Nicosia and the coastal cities of Limassol and Larnaca.
However, the sudden influx has left many firms fighting for top flight talent – leading to a rash of promises to future employees that include personal trainers, private tuition fees for children, free food and dance classes.
The forex firm Exness even offers every expat worker a Mini Cooper Countryman.
Constantina Georgiadou, PR manager for Exness, said the incentives fulfilled a dual purpose by helping to get the right workers into place and then keeping them there.
“On a company level we try to make Cyprus and working for an employer like us as attractive as possible through all the incentives and benefits we offer,” she said. “Among the incentives we give is a Mini Cooper Countryman to all expat workers as well as benefits for their spouses or families.”
While the Cyprus Securities and Exchange Commission (CySEC) issued its first forex brokerage licence in 1988, it is only in recent years that the country has witnessed an explosion in the number of fintech firms and ICT companies taking up residence on the island – partly helped by the Brexit fallout, the island’s corporate tax rate of 12.5% and more than 320 days of sunshine a year.
Today, more than 250 regulated Cyprus Investment Firms are listed on the CySec website, up from 129 back in 2012, the vast majority of which are forex businesses along with 55 international ICT companies.
Venture capital firms have invested €50m in Cypriot startups already this year, according to Dealroom, putting the country on track for a record year. The country attracted €53m in all of 2020.
In July, the information technology company, Odyssey, became the first in Cyprus to be included in a Gartner’s Magic Quadrant industry report.
Also last month, the mammoth Cyprus-based video game developer Nexters Global secured the necessary funds to proceed with a Nasdaq listing by the end of September, giving it an enterprise value of $1.9bn.
Meanwhile, in another tech coup for the island, The Embracer Group acquired the Cyprus-based mobile game maker Easybrain earlier this year for $640m. Another Cyprus-based company, LearnWorlds, also procured a $32m minority investment from global venture capital and private equity firm Insight Partners, following an impressive year for the company which included a growth rate of more than 300%.
George Campanellas, CEO of the national investment promotion agency Invest Cyprus, said: “These are exciting times for Cyprus and for investment opportunities in Cyprus.
“Having steadily positioned ourselves as a potential technology hub for both the EU and MENA regions, we are now seeing concrete moves towards realising that ambition, which, of course, makes working in Cyprus not only an attractive proposition in terms of climate and lifestyle, but also for anyone looking to build a career in the fields of fintech and technological innovation.”
For the past three decades, Cyprus has largely been associated with tourism, with the number of visitors reaching record levels in 2019, before the pandemic all but wiped out the industry.
However, while the coronavirus has been devastating for tourism, it has fast-tracked the island’s technology ambitions, and companies have been quick to respond.
“We believe Cyprus has the potential to become the Silicon Valley of the Mediterranean,” says Constantina from Exness, admitting that this had led to companies like hers offering ever greater incentives to expat workers.
“The tech sector in Cyprus is fast becoming a major pillar of the Cyprus economy and offers an abundance of opportunities for career growth and development not only to local talent but also to expats from all over the world,” she explained.
“However, at this point in time there needs to be a shift in focus to attract specialised human resources, something that is difficult to find for the tech sector in the local market.”
As well as offering a Mini Cooper Countryman to all expat workers, Exness offers personal trainers and nutritionists, gym facilities and dance classes, Friday parties with live music, complimentary drinks and catering, a corporate doctor in addition to medical insurance, flexible working hours, including the option to work from home and private tuition fees for employees’ children. All of which appears to be the norm among the island’s big tech hitters.
Yiannis Tinis, CEO of the leading software and services supplier, Amdocs Cyprus Center, says his company offers expat employees a full relocation package, including six weeks hotel accommodation, as well as covering flights home once a year. On top of the usual insurance benefits, employees are entitled to breakfast and lunch at work, as well as drinks and snacks throughout the day, and membership to one of Limassol’s most prestigious gyms.
Amdocs office workers also get retail discounts, regular company parties and entry into a weekly raffle in which prizes range from Apple AirPods to 55in televisions.
Another fintech company, MUFG ISFT, recently acquired by Mitsubishi UFJ Financial Group, has also found it necessary to offer similar incentives in the hunt to find developers with experience in both finance and software.
Maria Stylianou, head of human resources said: “It’s very difficult for us to source developers from forex companies here on the island. Our focus at the moment is to provide more benefits, and also create a relocation package so that we can bring people in from outside. So, we offer as many perks as we can.”
Among the perks offered by MUFG ISFT are gym membership as well as free meals and beverages. However, many firms have been calling on the Cyprus government to help them lure greater tech talent to the island.
In response, the government recently speeded up the process allowing third-country nationals to establish new businesses on the island and bring in specialised employees. Invest Cyprus also operates a one-stop shop for international ICT companies to help them set up operations.
“We continuously strive to make Cyprus an even more attractive destination, both for existing international high-tech companies looking to scale up their operations and for new companies,” Campanellas said.
However, with the pandemic creating a global talent war for white collar workers, firms in Cyprus are asking the government to bolster company incentives with state sweeteners.
Amdocs’ Tinis, who is also Vice President of the Cyprus Tech Association, said: “I think Cyprus has a lot of potential and we are trying to find a channel to tell the government that we are here to help you to improve because we also want to help ourselves at the end of the day, and keep building our businesses here.”