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Local glass reinforced polyester (GRP) pipe and fitting manufacturer Fiberpipe says a successful management buyout (MBO) from Saudi Arabian pipe manufacturer Amiantit Company will streamline the business and enable it to grow its South African market share.
The manufacturer, which was formerly known as Amitech, made an offer to Amiantit at the end of March last year and has since been operating under the name Fiberpipe.
Fiberpipe MD Hein Momberg says the company still has all the benefits and support of Amiantit’s Flowtite technology but will not have to deal with delays caused by decision-making restrictions.
“Our products are still manufactured to the same Flowtite technology licensing requirements prior to the MBO. We also still adhere to all relevant product standard requirements, as specified by the South African Bureau of Standards, the International Organisation for Standardisation and the American Water Works Association,” he says.
The company is ISO 9001:2008-accredited and is a member of the Southern African Plastic Pipe Manufacturers Association.
Momberg notes that the company saw an opportunity to make the MBO offer when Amiantit started closing some of its businesses outside of Europe.
He says the company’s independence will enable it to be more flexible. More senior management will be involved in decision-making opportunities, closing in fewer growing pains.
Further, the company expects water supply and sewerage infrastructure projects in South Africa to increase the demand for its Flowtite and Vectus GRP products, which are mainly used in water, sewerage and industrial applications.
“Water shortages are a pressing issue in South Africa and, as soon as government starts implementing its planned water infrastructure projects, we will definitely see an increased demand for our products. However, government is lagging in getting these projects off the ground,” says Momberg.
In addition, he explains that consumers and buyers are not yet as accustomed to GRP pipes as they are to steel pipes, which have been available for many years.
“Educating the consumer and the industrial buyer on the benefits of GRP pipes will also help us to increase demand for these products. For now, it is still a case of people opting for steel products simply because they have been doing so for many years,” he notes.
The company reports that its Flowtite and Vectus pipes and fittings are suitable for use in highly corrosive environments.
“This differentiates these products from steel, which corrodes easily if not treated with expensive epoxy coatings. Historically, steel was the more traditional material used in bulk water and sewerage applications but GRP has proven to be a most cost-effective alternative, especially in medium- to high-pressure applications,” claims Momberg.
These products are also lightweight, easy to install and affordable, reports the company.
Fiberpipe branch manager Roy Caldeira says the Flowtite and Vectus products have been used in Europe for almost 40 years and prices of steel pipes and fibreglass pipes are nearly the same, as demand for these GRP products in Europe has grown significantly.
In sub-Saharan Africa, GRP products are more affordable than steel, because consumers are not well educated on the benefits of this material.
“We manufacture the Flowtite and Vectus products at a lower price than our European counterparts,” says Caldeira.
Fiberpipe is the sole manufacturer and supplier of Flowtite and Vectus pipes and fittings in sub-Saharan Africa.
Even though Flowtite and Vectus products have been available in South Africa since 1992, there is still a shortage of contractors who have the knowledge and skills to install these pipes and fittings.
“Qualified contractors can easily install steel pipes, because they have been doing it for many years. Our challenge is to make sure that our product is properly installed. Therefore, we have decided to make field service representa- tives available on sites where installation is being done,” says Momberg.
Caldeira adds that this is a free value-added service provided by the company to assure clients that installation is up to standard. The company also provides installation training for contractors as well as a technician to assist with the installation.
“By providing this service, we are developing a new set of GRP pipe installation skills in the country. This will accelerate the growth of these products and will improve their reputation in the market,” he notes.
The client or contractor, who successfully completes the GRP pipe installation training, receives an Installation Certificate from Fiberpipe, qualifying the contractor or client for future GRP pipe installation projects.
Making a Move
Meanwhile, the company acquired and moved into new premises, in Germiston, last month.
The company will manufacture its signature Flowtite and Vectus pipes and fittings at this new 13 000 m2 under-roof factory.
Momberg explains that the company uses a continuous filament winding process to produce its Flowtite product and a discontinuous double helix reciprocal filament winding process to produce its Vectus pipes. This process gives the Vectus pipes a balanced combination of axial and hoop mechanical properties.
“Our new factory is tailor-made specifically for our unique manufacturing processes and, for the manufacturing of the Vectus product, it is equipped with composites manufacturing technology from Argentina,” he adds.
The Flowtite equipment has also been upgraded with the latest electronics and software from Norway.
“These upgrades will increase our manufacturing capacity and improve the overall quality of the product, while reducing the direct manu- facturing cost. This, in turn, is beneficial for the customer,” highlights Momberg.
It took the company just over 40 working days to move its entire factory from its previous premises in Alrode, Alberton, to its new factory. Several companies were employed to strip, reassemble and move the manufacturing equipment.
“We sold three properties to acquire our new premises, which covers 25 600 m2,” he adds.


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A year in review: world trade deals in 2023
As the year draws to a close, we look back on the major trade deals around the world and their impact on customs. Read our picks for world trade deals in 2023, here.
The EU-Singapore Digital Partnership (EUSDP)
In February, the European Union and Singapore signed the EUSDP – a digital-only customs agreement. The EU-Singapore Digital Partnership allows services to be traded with less red tape, enabling businesses to better provide security, 5G and 6G networks, payments and digital IDs. In 2021, the digital service industry between the two countries was valued at over $50 billion.
This is the fifth digital-only trade deal that Singapore has created, with the first only being agreed with the UK in June of 2022.
Looking ahead, Singapore is currently in discussions with Switzerland to close another digital trade deal with the EFTA countries – upgrading their connection to markets across Europe.
The EU and New Zealand sign trade agreement
In July 2023, the European Union and New Zealand signed a trade deal after five years of negotiations. EU companies are expected to save over €140 million a year in duty and bilateral trade is forecasted to grow over 30% because of this deal.
Digital trade and services are also included in the deal, with key sectors such as compliance and intellectual property, telecommunications, investment and financial services, and logistics all due to benefit. Data and labour standards are also written into the deal, ensuring safe and fair conditions for companies and workers.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
On the 16th July 2023, the UK officially signed the treaty to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
The CPTPP is a free trade agreement between Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam. The agreement allows goods and services to be traded between members with reduced red tape and taxes so that countries in the partnership can thrive.
The UK already has free trade agreements with nine of the 11 members, but the early adoption means that the United Kingdom will automatically benefit from any new members.
There is also an immediate benefit for you if you trade with Brunei and Malaysia, such as the reduction of import duty on whisky from 80% to 0% in Malaysia. Alongside the reduction in US duty on whisky and the direct liner route between Scotland and China created last year, the growing Scotch whisky industry continues to be supported by trade deals.
The Atlantic Declaration between the UK and USA
Accounting for about 16.3% of the UK’s trade in 2022, the USA is the UK’s largest trading partner. The UK s also the USA’s seventh largest trading partner.
Despite the solid trading relationship between the two countries and the anticipation of a free trade deal after Brexit, one has not been agreed. However, both countries have committed to future growth with the Atlantic Declaration - supported by both UK Prime Minister Rishi Sunak and US President Joe Biden.
Part of the Atlantic Declaration is an action plan to strengthen supply chains and economies by developing digital technology. It is forecasted that the creation of a “digital bridge” will allow both countries to share data, facilitating bilateral investment and support in key projects. Other areas of focus are critical mineral mining, clean energy development, and artificial intelligence.
The UK’s 2022 FTAs with Australia and New Zealand came into effect
The A-UKFTA and NZ-UKFTA both came into effect on the 31st of May, allowing for reduced red tape when trading services and lower duty rates for goods traded.
Rest of the world
China extends free trade footprint in South America with Ecuador deal and Columbia partnership
China and Ecuador signed a free trade agreement in May which allowed for lower tariffs on industrial, agro-industrial, and agricultural goods. This strengthened China’s trade to the region, with deals already in place with Chile, Costa Rica, and Peru.
Columbia and China have also elevated their relationship to a strategic partnership, with Chinese imports to Columbia increasing over the last year.
US and Taiwan sign trade pact, with more agreements to follow
Goods and services traded between the US and Taiwan were estimated at USD 160 billion in 2022. In June 2023, the two countries signed a trade pact, with the intention to create more definite agreements for the future.
Taiwan hopes that the agreement with the US will help them prove that they are a reliable independent trader in the international market, opening up discussions with other countries in the future.
Looking ahead to 2024
There are several trade deals which have not been concluded this year, but will hold significance when completed. Here’s what to watch in 2024:
EU – Australia
Despite several rounds of negotiations and the intention to finalise a free trade agreement, the European Union and Australia have been unable to close a deal this year. Sticking points include the trade of beef, sheep, and sugar, which for which Australia wants better access to EU markets.
EU – Mercosur
Key to providing an alternative to China on supplying essential minerals, the European Union and the Mercosur countries have been in intense discussions this year.
However, the negotiations are currently on hold due to the need for Argentina’s new government to be involved before they can continue.
EU – Thailand
Paused in 2014 due to a coup in Thailand, the European Union has resumed talk with the region this year. It is hoped that a comprehensive free trade agreement can be reached with Thailand, covering sanitary and phytosanitary conditions, services and digital trade, sustainability, and raw material supply.
EU – USA
Despite being each other’s largest trading partners, there is no free trade agreement between the EU and the US.
Negotiations for trade deals have been overshadowed by the need to focus on conflicts across the globe; however, there has been some progress on removing hard tariffs adopted by ex-President Trump’s administration.
Looking forwards, both sides look to promote greener steel supply and to prevent the EU’s Carbon Border Adjustment Mechanism from blocking this trade in future. There are also talks on how electric vehicle manufacturing and customs duties will look like as EV vehicles become more widely adopted.
UK – India
Following multiple rounds of negotiations throughout 2023, the UK and India are aiming to conclude on their free trade deal in January 2024 – ahead of the April 2024 elections.
Need advice on how trade deals affect your business?
You can rely on Customs Support to help you navigate customs changes from trade deals. Our customs consultants provide businesses like yours with advice throughout Europe, working out of 13 countries across the EU and UK.

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The Lil Boat x Reebok Era…
Reebok Classic announces rapper Lil Yachty as one of the newest faces of the brand. He announced the partnership on Instagram as he will join Gucci Mane, Future, Teyana Taylor, Machine Gun Kelly, Rae Sremmurd and many more. Known for having an exotic style and fun attitude, the GRAMMY-nominated artist is promoting his recent album, Teenage Emotions, with a nationwide tour throughout the fall months.
Lil Yachty will be rocking the brand’s newest Workout sneakers through upcoming campaigns and events. Lil Yachty and the Workout share a special Southern bond: the Workout came into the spotlight in New Orleans during the 90s as the Hot Boys nicknamed the sneaker the “Solja,” causing the sneaker to spread like wildfire across the South, including Atlanta which is where Lil Yachty is from.


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The condition of Michigan is asking a court docket to deny Carvana Co.’s bid to reduce condition regulators from suspending its running license, stating the online made use of-automobile retailer is unlikely to prevail in its scenario.
In a submitting Monday in the Michigan Courtroom of Claims, legal professionals for the Michigan Division of State and Secretary of Condition Jocelyn Benson argued that the point out was approved when it suspended Carvana’s license Oct. 7, citing titling and registration issues. Carvana submitted a lawsuit Oct. 13 from Benson, searching for a momentary restraining get to block the condition from suspending or revoking Carvana’s license.
The suspension is not a ultimate final decision, in accordance to the state’s submitting. Carvana, the filing reported, will have an possibility to present that it is complying with condition legislation at a preliminary meeting established for Thursday and, if essential, at an administrative listening to in November to figure out irrespective of whether the company’s license need to be revoked.
That Carvana “is entitled to a preliminary conference and a prompt administrative hearing demonstrates that the alleged damage is not irreparable,” attorneys for the point out wrote.
The Michigan Department of Point out reported Carvana’s license was suspended for a number of violations of the Michigan Auto Code, which includes failing to make software for title and registration within just 15 times of supply, failing to sustain odometer data, improperly issuing short term registrations and failing to have records out there for inspection, among other violations.
The point out mentioned the difficulties at hand date to at minimum February 2021. Carvana entered an 18-thirty day period probation with the point out in May possibly 2021, adopted by a six-month probation extension reached in February 2022. Given that then, the department stated, it has acquired extra titling issues from buyers, which led to the present actions.
The state’s Monday filing stated that about 90 purchaser issues about Carvana have been obtained considering the fact that Oct. 10.
“The Michigan Department of Point out shields consumers when they make what are usually between their family’s most significant purchases and buy a car,” a office statement issued Oct. 10 claimed. “The division does this in rigid accordance with condition and federal guidelines and does not offer particular remedy to any dealership, which includes large, countrywide organizations. Office staff fulfilled with Carvana on multiple occasions to make clear Michigan regulation and advise pathways to compliance. But instead Carvana continued marketing motor vehicles without the need of titles to scores of Michigan households, putting the citizens at risk of lawful violations, fines, and other penalties.”
A Carvana spokesperson, in a assertion Tuesday to Automotive Information, said that the state’s actions “are an illegal and reckless try to shut down a rising Michigan small business with tens of hundreds of customers more than what quantities to specialized paperwork violations involving title and transfer concerns.”
“We believe the evidence will present the Secretary of State has openly violated its own guidelines, rules and thanks system specifications whilst creating bogus and reckless statements via push releases rather than participating in constructive dialogue to remedy these technical paperwork challenges,” the statement continued. “The arbitrary and abrupt actions of the State have angered and unhappy our buyers, some of whom have pretty much been stranded devoid of a vehicle they had counted on to get them to function, doctors’ appointments or the grocery keep. We are hopeful by the courtroom system the specifics and truth of the matter will arrive to light-weight and the court docket will hold condition bureaucrats accountable, halt their disruptive actions and compel them to function collaboratively with Carvana and our prospects to treatment these complex problems as promptly as possible.”
It truly is not instantly very clear how much-reaching the state’s purchase is pertaining to Carvana’s retail functions in Michigan. Carvana has one physical car or truck vending device spot in Novi, a suburb of Detroit. It also operates added logistics hubs in the point out. The state’s Monday filing says that whilst Carvana “can not carry out dealership pursuits out of its brick-and-mortar site in Novi, Michigan” though the suspension is efficient, its shoppers “can nevertheless order Plaintiff’s vehicles online.”
Carvana, on the other hand, said in its movement last week for a momentary restraining order that the state’s suspension purchase forced the company to halt functions at its Novi area and delayed consumer pickups and deliveries. Its Novi site and Grand Rapids logistics hub “have because resumed some functions to facilitate sales originating from Carvana’s out-of-state dealerships,” in accordance to the firm’s original grievance.
In its submitting, Carvana’s lawyers wrote: “The Secretary’s summary suspension has compelled Carvana to cease all gross sales pursuant to its Michigan license, bringing the entirety of its small business and functions in Michigan to a grinding halt.”
Carvana explained in a court submitting that 71 clients were being awaiting supply of purchased vehicles as of Oct. 11, and 48 customers’ deliveries had been delayed.
“The Secretary originally recommended Carvana that it might move forward with these beforehand-scheduled deliveries,” the retailer’s lawyers wrote. “Nonetheless, the Secretary has given that refused to enable Carvana do so because paper titles experienced not yet been signed above to the consumers.”
Carvana has confronted very similar regulatory scrutiny in Illinois and somewhere else relevant to titling and registration challenges.


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All-Electric Genovation Corvette to Debut with 800HP at CES
At long last, the production version of the all-electric C7 Corvette with 800 horsepower will make its grand debut at the 2018 Consumer Electronics Show next month.
While the annual Consumer Electronics Show in Las Vegas focuses on far more than just the auto industry, the best-performing electric vehicle ever is set to make its debut at the 2018 convention. That car is the Genovation Extreme Electric (GXE) and it is an 800 horsepower, all-electric Corvette that will reach speeds well over 200 miles per hour – making it the fastest EV sold in the world.
The Genovation Saga
For the past few years, Genovation has been talking about their plans to build and sell their Corvette-based electric supercar. The company has issued a few videos showing their prototype car in action, including a top speed record run of 209 miles per hour and a standing-mile record for an EV of 190.4 miles per hour.
The car used to set these records and to draw attention to their project was a C6 Corvette Z06, but over the past year, Genovation has made it clear that the production version of the GXE would be based on the C7 Corvette Grand Sport. That design offers the lightest basis for the build, allowing the company to worry just a little less about the weight of the electric drive system. We have never seen a Genovation GXE based on the C7 Corvette, but that will all change next month when the production version of the all-electric Vette makes its grand debut at CES.
The Production Genovation GXE
Back in 2016, it was expected that the GXE sold to the public would offer 650 horsepower and 600 lb-ft of torque, but we have learned that when the all-electric Corvette is unveiled next month, it will feature an twin-motor drive system with 800 horsepower and 700 lb-ft of torque. With the 650 horsepower GXE C6 test car hitting 209 miles per hour, the sleeker C7 with 150 more horsepower and 50 more lb-ft of torque should make for an even quicker electric supercar. The company expects a new top speed of over 220 miles per hour, while being able to blast from a stop to 60 in less than three seconds.
Finally, it sounds as though one of the most intriguing aspects of the Genovation GXE will make it through to production. Unlike most EVs that use a variable-ratio transmission, the all-electric Corvette is fitted with a standard automatic transmission and – most importantly – an optional manual transmission. Those traditional gearboxes play a big role in the GXE being able to reach speeds so much higher than most EVs, but the availability of the manual transmission will create a truly unique driving experience.
Oh, the GXE also has round taillights, so those folks who still don’t like the C7 rear end will be happy to see the return of the quad-circle taillights out back.
A Big Price Tag
The only real downside to the Genovation GXE is the price. The company plans to cap production at 75 units and each one of them will have a starting price of $750,000. You read that right – three-quarters of a million dollars. Even with a 0-60 time in the two-second range and a top speed of over 220 miles per hour, $750k is a big chunk of change for any Corvette, but all of the money raised with this project will help Genovation develop a new, more affordable EV in the future.


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Tsai has since moved most of Want Want’s operations to China, where the company employs more than 50,000 people, compared with 6,000 in Taiwan. It has 331 sales offices in China. In Taiwan, it has two. His corporate jet is painted bright red. Focused on selling food, Want Want “needs mouths,” Tsai said. “Taiwan has only 23 million people, but China has more than a billion. . . . The most important thing is that the mainland market is so big.” It generates more than 90 percent of his profits.
A more pro-China line
When Tsai first bought China Times and an affiliated television station, rumors spread that he had received encouragement and even money from Beijing, which was wary of the media group falling into the hands of Lai, the owner of Apple Daily.
Lai was near to signing a deal but lost out at the last minute when Tsai offered more money.


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So Kim Lau Joins Teneo as a Managing Director
Teneo, the global CEO advisory firm, today announced the appointment of So Kim Lau as a Managing Director with Teneo Value+ in the firm's Hong Kong office.
Kim specialises in restructuring and insolvency as part of Teneo’s global Financial Advisory business. She has over 16 years of professional experience in the United Kingdom and Hong Kong. She has financial advisory and formal insolvency experience across several different sectors, including retail and consumer products, construction, oil and gas and the public sector. Kim advises lenders, directors and a variety of other stakeholders in stressed and distressed situations.
Prior to joining Teneo, Kim was a Transaction Director at Accuracy. Before her time at Accuracy, Kim was a Restructuring Director at EY Hong Kong after transferring from the EY UK team in 2017. While at EY, Kim went on secondment to Alteri, a public equity fund exclusive to Apollo looking at stressed and distressed retail situations across Europe. She also went on secondment to the business support team at Barclays Bank UK to manage its portfolio of underperforming loans and customers.
Kim has a BSc in Accounting & Finance from The University of Birmingham. She is a chartered accountant with the Institute of Scotland and exam-qualified with the Joint Insolvency Examination Board. She speaks both English and Cantonese.


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Wal-Mart said on Tuesday that it might appeal the decision, which upheld lower court rulings, to the U.S. Supreme Court.
Monday's ruling on the class-action lawsuit will reduce Wal-Mart's earnings for the quarter ending on Jan. 31 by 6 cents a share, the company said in a securities filing. That amounts to roughly 4 percent of its profit forecast of $1.46 to $1.56 for the period.
Wal-Mart shares were up 0.5 percent at $84.39 in midday New York Stock Exchange trading.
The Pennsylvania Supreme Court upheld a 2007 lower court ruling in favor of the workers, who said Wal-Mart failed to pay them for all hours worked and prevented them from taking full meal and rest breaks.
Wal-Mart spokeswoman Brooke Buchanan said the company did not believe the claims should be grouped together in a class-action suit. "Walmart has had strong policies in place to make sure all associates receive their appropriate pay and break periods," she said.
Comment: Well obviously these policies are being ignored! Walmart, being one of the stingiest corporations will do everything possible to squeeze every dollar it can from both its employers and suppliers. It pays the lowest wages possible, limits employees hours to avoid paying benefits, then has the audacity to coach their staff on how to obtain federal benefits so that it does not have to pay a living wage.
The decision, which affects about 187,000 Wal-Mart employees who worked in Pennsylvania between 1998 and 2006, marks the second unfavorable ruling in a week for the retailer, the largest private employer in the United States.
On Dec. 9, a National Labor Relations Board administrative law judge found Wal-Mart had threatened employees trying to organize workers at two stores in California.
That ruling was seen as a victory for workers' rights groups who have been challenging the retailer to boost wages and benefits.
A Wal-Mart spokesman said the company did not agree with some of the judge's decisions in that case and was evaluating its next steps.


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Last year, my New Year’s resolutions focused on small changes that can improve your health and our environment. This year, in addition to the Shop Drop Challenge, I’m just making just one New Year’s resolution—which has the power to change everything.
My New Year’s resolution is to boycott Starbucks—as well as other corporations that fight GMO labeling—and to choose organic whenever possible so I can avoid GMOs. Because I believe that consumer action is the only thing that will win this fight. This year’s New Year’s resolution is all about genetically modified foods. I pledge to avoid GMOs by choosing organic as much as possible—and boycott companies fighting GMO labeling.
It freaks me out that 85% of the foods on supermarket shelves contain GMO ingredients. If you’re eating anything made from corn (including high fructose corn syrup), sugar or soy, chances are it’s GMO.
Let me be clear: I don’t believe that genetically manipulating food is bad in concept. But the reality is that most GMO foods are designed to better withstand high doses of pesticides—and I know those are dangerous.
That’s why I—along with 93% of Americans—want the United States to join the 64 other nations that label GMOs on food packaging, so we can make an informed choice about what we buy.
And that’s why it makes me want to cry when I see what seem to be infinitely deep pockets of companies like Monsanto, which profits from the sale of GMOs and pesticides and spent $37 million fighting labeling in Colorado this year (as well as $45 million in California in 2012).
According to Natural News, these companies paid to fight labeling in Colorado alongside Monsanto: DuPont, Dow, PepsiCo, Coca Cola, Kraft, Land O’ Lakes, General Mills, Hersheys, Smuckers, Bimbo Bakeries, Kelloggs and ConAgra.
My New Year’s resolution is to boycott all of them.
But what about Starbucks? In November, a petition targeted the company for “teaming up” with Monsanto to sue Vermont, which passed a law in May of this year that would make it the first state to require labeling of all foods containing GMOs, beginning in July 2016. Signers were encouraged to protest by boycotting Starbucks.
It’s true that the Vermont GMO labeling law is being challenged—by the Snack Food Association, International Dairy Foods Association, National Association of Manufacturers and the Grocery Manufacturers Association, of which Starbucks is a member. Together, these groups filed a complaint in Vermont’s federal district court, which called the law as unconstitutional. But did Starbucks take any action on their own? Nope.
On the plus side, Starbucks’ milk is free of RBGh, the growth hormone that’s linked to dangerous hormonal changes; there’s also an organic soy milk option. For kids, there are USDA Certified Organic milk boxes.
But Starbucks still does not offer USDA Certified Organic milk, which is currently the only surefire way to avoid GMOs, and their coffee is not fair trade. As Food Babe investigated, Starbucks’ decaf is treated by ethyl acetate (also found in nail polish), they pump their smoothies full of high fructose corn syrup, and there’s propylene glycol (also found in antifreeze) in the apple fritters. Yikes!
It’s for these reasons that my New Year’s resolution is to boycott Starbucks—as well as other corporations that fight GMO labeling—and to choose organic whenever possible so I can avoid GMOs. Because I believe that consumer action is the only thing that will win this fight.
What’s your resolution—want to join mine? Please leave me a comment, thanks!


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As more startups reveal the amounts raised in funding, we have taken to highlighting the 10 tech deals for the first month of Q2. During the Q1 of 2022, African startups raked in $2 billion dollars, 8 times the total amount raised in 2019 and though the deals seemed to trudge in April, things are looking up once more.
As in the last quarter, fintechs are taking the lead in attracting investors again.
Three years after its last disclosed funding, African payments company, Interswitch has announced its raise of $110 million in joint partnership from LeapFrog Investments and Tana Africa Capital. Founded in 2002, Interswitch is one of Africa’s largest electronic payments and infrastructure companies with a $1 billion valuation. The fintech attained unicorn status in 2019 when VISA acquired a 20% stake, valued at $200 million. One of the fintech’s solutions is Verve, the largest domestic card scheme in Africa with 100% payment acceptance in Nigeria and acceptance in over 185 countries globally.
This Egypt-based payments aggregator raised a $50 million series B round to grow its synchronized omnichannel which enables it to receive payments from other payments service providers. The funding comes as an addition to the $18.5 million series A funding it secured last year bringing the total amount raised since its launch in 2015 to $68.5 million. CrestHub reported that PayPal Ventures co-led the round with Kora Management. Others include Clay Point Investors, Helios Digital Ventures, British International Investment, Nclude, A15, FMO – Dutch entrepreneurial development bank and Global Ventures.
Pan-African crypto exchange platform, MARA, also disclosed the $23 million it raked in from its seed round. The investment came from Coinbase Ventures, Alameda Research (FXT) and Distributed Global alongside a number of investors. MARA wants to “increase the number of Africans who can participate in the crypto economy.” According to Techcrunch , the platform will officially launch in July in Kenya and Nigeria where it currently has its headquarters.
4. Untapped Global
Investment and technology company, Untapped Global has netted a $10.3 million pre-seed round. Untapped Global is a platform that allows you to invest in a diversified fund of high-growth companies in untapped markets. Its smart asset financing model generates capital to entrepreneurs, assesses the risk of investments and delivers insights to investors on investment performance to secure lucrative returns.
Carepoint also announced a $10 million bridge round following an $18 million series A round secured last year. The startup has till date raised $30 million. Carepoint is a tech-driven healthcare startup that offers a variety of medical services virtually including consultancy with doctors teleconferencing, test results and a round-the-clock emergency response through its MyCareMobile app. This recent funding came from TRB Advisors, Breyer Capital, Beyond Capital Ventures (BVC) and other investors.
6. Egypt’s Esaal
This healthcare startup offering physical health, mental health and nutrition consultation service startup has revealed a $1.7 million funding it secured in seed round, totaling the amount it has raised since its launch in 2018 to $3 million. COVID-19 no doubt gave rise to the proliferation of telemedicine to cater for the millions of Africans without any established healthcare facility. But health does not end on the physical side- there is also the mental part of it. According to a survey conducted by the Ministry of Health in Egypt in 2018, 25% of its population suffer mental-health related problems. This tends to boost the growth of the mental healthcare market as Esaal evidently expects a revenue CAGR of around 50% to 60% between 2021 and 2025. A major investor in the round was A15, a Venture Capital firm based in Egypt.
7. Kenya’s Zuri
Zuri joins the list of disclosed deals in the African healthcare system. With its $1.3 million seed round, the on-demand e-health platform plans to expand its product offering and enter into new markets. Zuri Health is a virtual hospital that gives patients across Sub-saharan Africa easy access to healthcare. The platform affords them the opportunity to chat with a doctor, buy medication from a pharmacy, book labs and diagnostic tests and have a doctor visit them at home. DOB Equity, Launch Africa, and Founders Factory Africa participated in the round.
South Africa- based agritech Nile , which connects buyers directly with food producers to achieve price transparency and retain quality of produce, also announced in May the $5.1 ticket size it secured in an equity round. A major investor, Naspers Foundry, contributed $2.5 of the total investment.
9. Victory farms:
This Kenya-based aquaculture startup, Victory Farms using technology to produce more fish at a reduced price also announced a $5 million raise in an undisclosed round. Last year, the fish farm raised $4 million in debt. The startup was co-founded by Joseph Rehmann and Steve Moran in 2015 and has since grown to have 54 retail shops in markets where about 15,000 women buy fish. Featured in the round were Ed Brakeman, a senior managing director at Bain Capital and Hans den Bieman, founder and ex-CEO of Mowi, one of the largest salmon businesses across the globe.
A South African edtech company using WhatsApp and Facebook Messenger Chatbot for high school students in emerging markets with limited internet access also raised $2 million in seed round. Think of FoondaMate as an organised, easy-to-use alternative to search engines. The startup which launched in 2020 now has over 400,000 users across 30 languages. Participants in the recent round include LocalGlobe, Emerge Education, FirstCheck Africa, Future Africa, and LoftyInc
Could these investments in May be pointers to much larger fundings to come? One thing is clear, they do illustrate the endless possibilities in the African ecosystem. Let’s work at investing then as we watch the ecosystem play its favourite game.


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PS5: PlayStation VR could be “essential”
2018 is the fourth year of life of PlayStation 4, the console that allowed a Sony to firmly establish itself on the top of the podium of the current generation – selling over 76 million units worldwide – surpassing Microsoft’s Xbox One and keeping away, for the moment, from Nintendo’s still young Switch.
So here is the rumor of the heir of the black monolith, such PS5. As you should expect, the fifth console of the Japanese giant could see the light within the next two years, but today we learn more about its main features. In particular, there is talk of support for virtual reality, and therefore of PSVR.
PS5 + PSVR: the next generation winning duo?
In an interview with the microphones of the Official PlayStation Magazine UK – contained in the March 2018 issue – Harold Vancol claims that PlayStation 5 And PlayStation VR they may not be bundled in the future, but should be considered “Essential” when used together. The Creative director of Grab Games (John Wick Chronicles, Knockout League) would have released the following statement:
“Buying a new console is a big expense for many people and buying a VR headset – which people will want to see in the future of PlayStation – can be almost like buying a new console. So having these separate purchases gives each of the two peripherals their moment of glory. However, PlayStation 5 And PSVR should be considered essential together.”
Vancol further suggested that VR headsets – PlayStation VR, Oculus Rift and HTC Vive – will suffer a price drop very soon, coinciding with the arrival of new titles.
It is difficult to know if the good Vancol will be right, but in all likelihood we will find out only atE3 2018 from Los Angeles, where Sony may (or may not) reveal to the world the existence of its new PlayStation – and eventual PSVR support.


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Apple stocks (AAPL) – Get a report sank on Friday as Deutsche Bank analysts lowered their price target on the tech giant, citing “considerable uncertainty” resulting from the impact of the deadly coronavirus.
Apple stock prices fell 3.21% to $ 283.51 per share in pre-market trading, Deutsche Bank analysts Jeriel Ong and Ross Seymore reduced their price target to $ 295 per share, compared to $ 302.74 previously.
Deutsche Bank analysts have cut their estimates of Apple’s profits and revenues for the current quarter, citing recent revelations by Foxconn, which is assembling iPhones for Apple at factories in China, of production-related problems coronaviruses.
Foxconn reportedly struggled with worker shortage as it pushes production back to normal at its factories in China after extending the traditional Lunar New Year break in January as part of efforts to stop the spread of Covid -19.
Deutsche Bank lowered its estimates for the quarter ending in March, lowering revenues to $ 60.4 billion and profits to $ 2.69 per share.
While the drop in Apple’s stock price from January to February – after falling $ 324.95 per share on February 14 – makes the tech giant a more attractive buy, its stock price is still trading ” at a premium over the S&P 500 “. wrote analysts at Deutsche Bank.
As a result, Deutsche Bank maintained its hold rating on Apple stocks, analysts noting that there is “no reason to revalue stocks much higher than the market, so we are staying on the sidelines.”
“We are feeling more and more at ease trying to see how March could evolve in light of the incremental disclosures linked to the production of Foxconn,” wrote analysts at Deutsche Bank.
Apple is a stake in Jim Cramer Action Alerts PLUS member club. Want to be notified before Jim Cramer buys or sells AAPL? Learn more now.


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AT&T has acknowledged that a data breach circulating online includes information from more than 7.6 million current customers and 65 million former customers. The company is resetting security passcodes for affected active customers, and the leaked information includes “name, email address, mailing address, phone number, social security number, date of birth, AT&T account number, It may have contained a passcode.”
AT&T is contacting affected customers “by email or letter” to let them know what data was involved and what they are doing to help them.
It wasn’t until after the company admitted that the leaked data was real – the first reports about the breach surfaced in 2021 tech crunch notified AT&T of the encrypted passcode vulnerability on Monday. Passcodes are typically four-digit numeric PINs used for account security when calling corporate support or authenticating in-store, and according to analysis by security researchers, passcodes are “easy to crack” It became clear that.
The FAQ states that customers can set up free fraud alerts from credit reporting companies Equifax, Experian, and TransUnion. AT&T said the data set “appears to be from before 2019 and does not include personal financial information or call history.” The company said it is “working with external cybersecurity experts to analyze the situation” and so far there is no “evidence of authorized access” to its systems.


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A SCI-FI author will be signing copies of the latest book in his award winning series this weekend.
Slither’s Tale is the eleventh novel in Joseph Delaney’s Spook’s stories, which is released tomorrow.
The former Blackpool Sixth Form College teacher is meeting fans at Blackpool’s Waterstone’s store on Saturday from 2pm.
Laura Thompson, events manager at the Bank Hey Street store, said: “This is the first time the Lancashire author has visited the Blackpool store, which is really exciting for fans.
“Delaney’s books explore the relationship between master and student of supernatural practices and include references to the area.
“The County refers to Lancashire, Priestown to Preston and our very own hometown features in the hugely successful books.”
The author is taking the time out to meet fans in between working as an advisor on the first film adaptation of his supernatural Wardstone Chronicles novel, which is set for release in 2013.
To book a place to meet the writer call the store on (01253) 296136.


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Harrison Weber is TNW's Features Editor in NYC. Part writer, part designer. Stay in touch: Twitter @harrisonweber, Google+ and Email. Harrison Weber is TNW's Features Editor in NYC. Part writer, part designer. Stay in touch: Twitter @harrisonweber, Google+ and Email.
Chinese ecommerce giant Alibaba has just closed an initial repurchase of shares from Yahoo! for the value of $7.6 billion. We’ve known since May that Yahoo would be reducing its stake in Alibaba, and now this deal is moving in full-force.
At the moment, only 20% of Yahoo’s 40% stake in Alibaba has been repurchased, and of this, Alibaba reports that Yahoo received the following in return: approximately $6.3 billion in cash and $800 million in preference shares in Alibaba Group. Compare that to Yahoo’s original investment, which consisted of $1 billion and the sale of its Yahoo! China business.
As we’ve said in the past, the original announcement reveals the removal of restrictions on Yahoo making “other investments” in China, while clarifying that Alibaba will retain the Yahoo China license:
Among other things, this amendment will result in Yahoo! granting Alibaba a transitional license to continue to operate Yahoo! China under the Yahoo! brand for up to four years, while restrictions on Yahoo!’s ability to make other investments in China will be terminated.
According to a statement from Jack Ma, Chairman and Chief Executive Officer of Alibaba Group, Alibaba will continue “working with Marissa Mayer and her team in [a] continued partnership.” It looks like this statement will apply even if additional shares are repurchased.
The decrease in Yahoo’s ownership should also pave way for an Alibaba IPO. The two companies’ agreement states that when the expected IPO takes place, Yahoo will be allowed to sell some of its remaining shares to Alibaba and the rest on the open market after a lock-up period.
Alibaba has clearly wanted to buy back Yahoo’s stake for some time, and similarly, Yahoo has wanted that extra cash. The question now is: what will Yahoo do with it? Originally, Yahoo promised to give that money back to its shareholders, but now it looks like Marissa Mayer is considering holding onto it. Either way, this is an important space to watch as the Internet giant looks to reverse its gradual decline.
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Ubisoft revealed that Assassin’s Creed III’s multiplayer mode will offer new story content after its launch with monthly DLC.
Completing the new challenges in monthly DLC will unlock new videos, text content and more of the game’s Abstergo-based storyline.
Speaking with CVG Ubisoft Annecy director Damien Keiken explained their plans to support multiplayer post-launch, “The multiplayer is so big today that it’s already a game on its own. We’ve been given the right to develop the Abstergo storyline since the beginning, which is a big responsibility.”
“As you progress in the game and level up your character, you access these files and videos. Every month you’ll have new challenges to unlock new content that will continue the storyline throughout the year.”
“What are the real motivations behind Abstergo‘s sudden initiative to release such a revolutionary product to the public?” Keiken said. “A product that is redefining the way we’re thinking, the way we’re living…”
Assassin’s Creed III’s multiplayer gets new improvements which includes new game modes, such as co-operative team-based offering Wolf Pack. Assassin’s Creed III’s new dynamic weather system will also feature.
“Now in the multiplayer maps, a snow storm or heavy rain can seriously affect your visibility, making it harder to spot the other players,” Keiken concluded.
Previously Alex Hutchison said ‘Assassin’s Creed is a franchise, like Mario or Resident Evil’ and ‘We’ve Got A Lot of Secrets’ In Assassin’s Creed III
Assassin’s Creed III will release on October 30 for PS3, Xbox360 and on November 20 for PC.
You can like our page on Facebook, follow us on Twitter, or add us to your circle on Google+ to keep yourself updated on all the latest news around the web.


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Columbia Sportswear Company has named Jim Beeman as vice president, U.S. sales for the Columbia brand.
In this role, the company said in a release, Beeman will report to Tim Sheerin, senior vice president, global wholesale, Columbia brand. The company added that U.S. wholesale is a core business for the Columbia brand, and Beeman brings a wealth of leadership experience in that area.
“Jim has led multiple teams at Nike and driven significant growth in support of large integrated wholesale partnerships, driven category brand marketing and retail brand marketing, as well as territory-based teams across wholesale, digital and direct,” said Sheerin.
“We could not be happier to have a leader of Jim’s caliber join Columbia Sportswear,” added Joe Boyle, president, Columbia Brand.


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Fall might be right around the corner, but the fashion world is already looking ahead to Spring. Starting September 6th, the streets of New York City will be flooded with well-dressed creatives running from show to show to catch their first glimpse of next season’s trends.
American Designers such as Rebecca Minkoff, Christian Siriano, Michael Kors and more will showcase their latest designs via chic runaway shows and outside-of-the-box presentations.
Most of the events will take place at Spring Studios, a quick cab or subway ride from The Skylark. After a long day on your feet, kick back, relax and sip in style on one of our Signature Cocktails.


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The last weekend of February is pretty much packed with events. So, there is no way any fashionista should be staying indoors.
CRAFT SHOW IN CHARM CITY
First, there’s The American Craft Council Show at Baltimore’s Convention Center.
It’s starts tomorrow Thursday, Feb. 25 and will be here until Sunday, Feb. 28.
There are going to be over 700 craft vendors featuring local children’s wear designer, Sweet Pepita and jewelry designer, Dandelionblu.
You can come on Thursday and on Saturday from 10 a.m. to 6 p.m.
On Sunday, the show ends at 5 p.m.
On Friday, the American Craft Council Show is extended until 9 p.m. and you can get in for six-dollar bills after 6 p.m.
I guess you are wondering how much is this event going to cost me?
You can get a one-day pass for $15 a person. You can get a two-day pass for $25. You can get a three-day pass for $30.
Check out more about it here.
FEDERAL HILL FEST PARTY
The Federal Hill Fest of All event will feature a fashion show organized by Babe a Boutique owner, Lisa Ponzoli that starts at 8 p.m.
Tickets are $60 dollars in advance and $75 at the door.
It’s may be a hefty price, but remember this event helps raise money for local businesses. Who wouldn’t want to support your local businesses?
Also, you get to eat all the food you want, to check out an open bar, to listen to live music, and to participate in auctions.
You can still buy tickets now.
FASHION ON OLIVER STREET
Have you heard of Area 405?
Well, it’s a 150 year old artist owned warehouse located in Station North Art District on 405 Oliver St.
Area 405 newest exhibitions, Hive showcases the talent of 35 resident artists and volunteers that come through the warehouse daily.
The show started Sunday, Feb. 21 and will run until Saturday, Mar. 27. There will be a closing reception on Saturday, Mar. 27 from 7 p.m to 10 p.m.
Area 405 is opened on Sundays from noon to 3 p.m.
There are even some fashion garments being exhibited by a local designer that I will reveal to you all next week!
To learn more about what artists will be featured, click here.


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The Ryzen 5 1600 (non-X) is virtually unchallenged in terms of value among enthusiasts processors. However, we've yet to determine the next best option for those who can't afford to spend $220 on AMD's six-core champion. For $170, the quad-core AMD Ryzen 5 1400 appears to be a great alternative.
Lenovo's signature business ultraportable, the ThinkPad X1 Carbon is now in its 5th generation, adding new Intel Kaby Lake processors and a larger battery without sacrificing portability. Having used this laptop for a few weeks now, it's clear that Lenovo's minor year-on-year improvements have led to a stunning device that's the best ThinkPad ultraportable yet.
The HTC U Ultra is a massive handset. It has a 5.7-inch display as well as a secondary display and capacitive navigation buttons. When combined with large bezels and a huge chin, the U Ultra can be an unwieldy device. But that's not all, something with HTC's latest flagship has really gone wrong.
As we begin to recover from the roller coaster ride that was Ryzen 7, we now have Ryzen 5 to address. AMD has announced four models in this series, including a pair of six-core CPUs as well as two quad-core models. We'll be pitting the sub-$200 1500X against the locked Core i5-7500 and the 1600X against the unlocked 7600K which compete in the $250 price range.
The HyperX Cloud Revolver S is the latest flagship headset from Kingston’s gaming brand. The company is calling this product “the ultimate gaming headset”, thanks to improved comfort, new 50mm drivers, and a USB dongle that brings Dolby Surround 7.1 technology to the Cloud Revolver line for the first time.
In 1984 IBM introduced the legendary Model M, a beast of a mechanical keyboard that utilized a unique buckling spring key switch to make sweet love to the user's fingers, along with a lot of noise. Unicomp's Ultra Classic is the Model M's direct descendant, and it's almost as good as the original.
AMD confirmed the official specifications for its upcoming Ryzen 5 CPUs last week, however by announcing those specs, the company has largely let the cat out of the bag. Now armed with that knowledge and the ability to mimic Ryzen 5 settings, I pulled a stack of GPUs out of storage and got testing.
Designed for those who prefer larger screens, the Huawei Mate 9 packs a 5.9-inch display alongside an upgraded dual camera solution and a faster SoC. There are few hardware compromises here; the Mate 9 is a showcase of what Huawei's engineering team can accomplish.
Nvidia's Pascal architecture marked a new milestone for PC graphics last year, with graphics chips that were considerably faster and more efficient, could comfortably run 4K games, and more. Almost a year later, we are getting Titan levels of performance for less.
After more than a decade of playing underdog and years of hyping its latest undertaking, we've reached the moment of truth: AMD Ryzen processors are on our testbed and we can finally discuss our findings.
The Nintendo Switch is a fascinating new game console built around a novel and well-executed central idea. It also has plenty of problems that will doubtless be improved upon in a future version. Nintendo is yet again trying something new, and here we are to take the plunge alongside them.
At the top of HP's laptop line-up is the Spectre x360, a convertible 2-in-1 notebook that has recently been upgraded to Kaby Lake. For this latest model HP has also unleashed a design overhaul that makes the Spectre x360 thinner, lighter and more portable than before.
MSI's GE62 7RD Apache is an entry-level gaming notebook powered by Intel's new Core i7-7700HQ processor and a GeForce GTX 1050. It should provide budget-conscious buyers with a wallet-friendly option that's capable of playing today's games, albeit at reduced quality settings.
The Blade Stealth is smallest and sleekest laptop in Razer's line-up, boasting a 12.5-inch display and powerful yet efficient hardware. Combined with an elegant, well-constructed chassis, the Blade Stealth is a laptop that should be on your radar.
Set at 3.5GHz, the Pentium G4560 is poised to be the bargain CPU of 2017. It's only 200MHz slower than the much loved Core i3-6100, amazing news for budget shoppers who had their eye on something like the i3-6100 because the G4560 has been stamped with an MSRP of only $64.
Arriving four years after the last iteration in the series, Resident Evil 7: Biohazard shifts the traditional third-person viewpoint to the first-person, while leveraging its roots to recapture the sense of dread and suspense from the earlier games. Reviews have already started rolling in, let's check what they have to say.
Fast forward to today and we have the official introduction of Intel's 7th-generation desktop processor series. Codenamed 'Kaby Lake', the architecture is said to deliver new levels of performance courtesy of the company's latest 14nm+ process. Well, let's find out.
A tough act to follow for the competition, even for the likes of Intel, Corsair announced the Force MP500 SSD shortly after the release of the dominating Samsung 960 Series. The Force MP500 is a high-speed NVMe SSD targeting power users available in a variety of capacities: 480GB, 240GB and even a piddly 120GBer.
Like most gaming laptop manufacturers Alienware has updated their line-up to take advantage of Nvidia’s excellent GeForce 10 series graphics chips. Significantly faster than their predecessors, GeForce 10 mobile chips are as capable as their desktop counterparts, which makes modern gaming laptops first-class citizens. Up for review today is the latest Alienware 15.
Let’s get this out of the way: Final Fantasy XV is a great video game. It steers the series in a promising new direction, reveals a spectacular new world, and introduces a combat system as satisfying as any I’ve played. For all of its warts and wrinkles—and there are quite a few warts and wrinkles—Final Fantasy XV is often a thing of beauty.
Of all the ultrathin laptops I've reviewed, the ZenBook 3 is most like Apple's MacBook from a design perspective. It packs a 12.5" display, an edge-to-edge keyboard, and a single USB-C port for charging and all connectivity. Where the ZenBook pulls away from the MacBook is on the inside, packing a lot more processing punch.
We’ve already seen several solutions for mobile VR, most notably Samsung’s Gear VR and Google Cardboard. But Google is taking things to the next level with Daydream: a new virtual reality ecosystem for Android and the most compelling case for accessible VR I’ve seen to date.
What if you want a mechanical keyboard but only have $40 to spend? With the market now flooded with loads of Cherry MX knock-off switches, this has enabled companies to develop very affordable mechanical keyboards. One such case is the GranVela MechanicalEagle Z-77, available on Amazon for as little as $35.
It isn't often that we see Nvidia being so aggressive in the entry-level segment and historically they've seemed happy to let AMD take the hit on margins here. Driving the sub-$150 GeForce GTX 1050 is the newly developed GP107 GPU that is more powerful than anything we've tested before on this price range.


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While the clothing and fashion industry has faced challenges because of a combination of recession shocks, restricted movements of goods from suppliers and different channel shifts due to the Covid-19 pandemic, ‘there has been a steady business growth for local tailors over the past few months’ local tailor said.
Ruusa Petrus, a professional local tailor and owner of UbuntuFlair, told Biashara newspaper that, “while the tailoring industry isn’t immune to these downturns, we’ve seen before that when times are tough, our industry in Namibia tends to thrive.”
The tailoring industry has continually proven its ability to thrive and adjust to where, what, and how consumers buy, despite the economic recessions caused by the Covid-19 pandemic. When the countries halted the movements of goods from one country to another and trade to quell the spread of the coronavirus, most of the customers turned to local tailors for clothes. This gave local tailors an opportunity to supply customers with fashionable custom made fits which suit them.
“People need to understand that a lot of things have changed. The way people used to cross borders to buy anything they wanted from China or anywhere is no longer possible. This has benefited us (local tailors) especially during the wedding seasons. People order with us more, I must admit, they now have trust in Namibia fashion sector’s long-term potential” she said.
Ruusa said COVID-19 and the related economic turmoil has put stress on businesses around the world and poses an existential threat for many enterprises, however local tailors need to embrace this time and navigate this uncertainty and turn unpredictability into resourceful innovation for customers.
“ Business owners need to reframe, as a fashion designer, I might realize that can produce and sell stylish different wears which customers will normally order from elsewhere, while musicians who had their performances cancelled due to COVID-19 can start capturing new audiences by teaching instruments online; it’s all about innovation” she added.
UbuntuFlair is fashion house based in Windhoek that offers unique, sassy, yet modest fashion, ready to wear fits for walk ins for both and men and women.


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NAFTA, the North American Free Trade Agreement, has eliminated many tariffs and other trade barriers between the United States, Mexico and Canada. Since then, trade between the three countries has increased severalfold. But not everyone celebrated this development. Let`s look at the pros and cons of NAFTA. An important conclusion of this research is that a 20% increase in tariffs would not cause significant absolute economic losses in the three countries: the U.S. economy, with about $3.4 billion per year, has the most to lose in terms of GDP and about $5 billion in welfare losses. (The concept of well-being is an aggregation of the gains and losses of producers and consumers. Free trade promotes consumer well-being by making products cheaper, resulting in losses for the consumer.) This relocation of the industrial centre of gravity in each country naturally leads to job losses on all sides. As each country shifts its demand for a particular product from domestic purchase to imports, the industry in question loses its activity in the importing country, leaving many people unemployed. Entire industries can weaken and perhaps disappear as a result of free trade agreements such as NAFTA. The impact of the trade agreement on Mexican small farmers, many of whom have been unable to comply with the agreement with large farms, has been criticized against nafta. Some of the world`s family farms have been cut back and farmers have worked in factories where workers have less wages, less flexibility and poorer working conditions, according to critics.
Sixth, the agreement contributed to government spending. Government contracts for each country have been made available to suppliers in the three member countries. This has increased competition and reduced costs. Increased trade barriers would result in the loss of 600,000 U.S. energy jobs, 120,000 jobs in Canada and 260,000 jobs in Mexico. In the gas sector, the United States would lose more than 100,000 jobs, compared to 26,000 in Mexico and 10,000 in Canada. Nearly 460,000 people are believed to be displaced in the steel industry in the United States, 240,000 in Mexico and nearly 75,000 in Canada. In the cement industry, nearly 2 million people are estimated to be displaced in the United States, followed by more than 200,000 in Canada and another 200,000 in Mexico.


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iRobot Corp, famed as the manufacturer of the "Roomba" autonomous floor-cleaner, has bought underwater robot maker Nekton Research - suppliers of droid submarines to the US military. “We believe that the underwater market is the next frontier for robots,” said Helen Greiner, iRobot co-founder. “This acquisition positions us for …
No shit, Sherlock!
“We believe that the underwater market is the next frontier for robots,”
What, you mean that market that ROVs (i.e. everything robotic bar the autonomy) already dominate?
Since when did stating the bleedin' obvious become a business strategy?
Paris, 'cos she worked this one out about 10 years ago.
But... they're called pool-cleaners
and they already exist since a while?
- It's true, the START MENU is coming BACK to Windows 8, hiss sources
- iSPY: Apple Stores switch on iBeacon phone sniff spy system
- Pic NASA Mars tank Curiosity rolls on old WET PATCH, sighs, sniffs for life signs
- How UK air traffic control system was caught asleep on the job
- Google embiggens its fat vid pipe Chromecast with TEN new supported apps


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Kenya will play host to the first ever Gem and Jewelry trade fair scheduled for Thursday 6 to 7 July, 2017, Nairobi.
Mining Cabinet Secretary (CS), Dan Kazungu said that the aim of the trade fair is to position Kenya as a regional hub for precious minerals and create awareness among the youth, women and the general public, of the available opportunities in the precious mineral subsector.
Kenya is endowed with some of the world’s most sought out after gemstones. These precious minerals have partly contributed to increased revenue generated from the mining sector, said Kazungu.
The CS noted that it is because of their economic value that the ministry has established the first gemstone value addition centre in Voi, Vihiga, and West Pokot to enhance the value of minerals in an endeavour to fetch competitive prices at the international market.
The value addition process will greatly encourage local miners and traders of these stones since they will now market finished goods instead of exporting them in a raw form, said Kazungu.
He noted that mining is a multimillion sector that can transform any economy in a very short time when fully explored and exploited.
The CS also said that the 2016 Mining Act that was assented into law will promote mining as a major economic activity with the potential to enhance economic growth.
Democratic Republic of Congo Mining Minister, Kangudia Mbayi said that Africa is losing between Sh. 500 and 600 million every year to mineral exploitation cartels.
Source: Kenya News Agency


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In a recent statement, Ripple Chief Technology Officer (CTO) David Schwartz strongly denied allegations that Ripple is manipulating the price of XRP through programmatic sales.
Schwartz said the following regarding the issue in his statement:
“I do not believe our scheduled XRP sales manipulate the price in any way. “I am confident that we have made every effort to minimize the price impact of our scheduled sales.”
Schwartz flatly denied these accusations and said that Ripple stopped scheduled XRP sales starting from the first quarter of 2023 and that this was explained in detail in Ripple's 1st Quarter 2023 XRP Markets Report. He also stated that Ripple always tries to minimize the impact of such sales on the price.
As Schwartz explains, programmed sales represent sales that occur on exchanges through market making, usually with a slight net tendency to reduce holdings. Essentially, according to Schwartz, an asset is sold by helping others both buy and sell that asset, but the net result is selling rather than buying.
On the other hand, Schwartz also clarified the concept of On-Demand Liquidity (ODL) that Ripple uses in the international payment system. Sales associated with On-Demand Liquidity (ODL) occur when someone wants to pay somewhere using Ripple payments.
For example, if a person wants to send Mexican pesos, they can buy XRP from Ripple at the time they need to pay, send the XRP to a Mexican exchange, exchange the XRP for Mexican pesos, and then use a payment provider to make a Mexican local payment to the recipient. If Ripple receives back less XRP than was sold in this payment, this would be a net sale in conjunction with the ODL.
*This is not investment advice.


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Mike Ashley heads to court over Debenhams collapse
Mike Ashley has taken his long-running battle with Debenhams to the High Court as the Sports Direct billionaire aims to kickstart investigations into the collapsed department store group’s directors and advisors.
Ashley’s Frasers Group has applied to the High Court to set aside a settlement, agreed this year with Debenhams’ administrators at FRP Advisory, under which he was not to pursue legal action.
Ashley agreed to the settlement as part of a purchase deal for the fixtures and fittings in Debenhams’ empty stores — a ploy to gain leverage over landlords on stores he wishes to take for his Frasers Group empire. In January, FRP sold the Debenhams brand and website to Boohoo for £55 million, resulting in 124 store closures and 12,000 job


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The year is 2000, the turn of the millennium, and every strip mall in America has a Blockbuster bustling every weekend with people renting movies and video games. The Netflix execs were in the Blockbuster offices trying to pitch their young DVD-by-mail rental service for $50 million. According to then-Netflix CFO Barry McCarthy, they were laughed out of the building.
Of course hindsight is 20/20, but on the 15th anniversary of Netflix being comic relief for the Blockbuster executive team, the streaming service is now worth $45.2 billion, a 900x increase on their initial offer to the rental company, and as you know, the video rental store giant is no more.
Netflix is of course barely recognizable from the company it was in 2000, but they have almost continually made the right moves over the past decade. As their DVD-by-mail service has been declining, they ramped up their digital streaming library, originally a side offering for subscribers that quickly ballooned into the world’s leading on-demand streaming service.
Moving the past three years into offering original TV shows (and soon movies), Netflix has once again read the writing on the wall as more third party content providers have made things either too expensive or entirely unavailable for Netflix to stream. Content providers have only gotten stingier, and rightfully so, as Netflix is no longer a fringe service to dump off leftover content for a few extra bucks. With that in mind, Netflix is on pace to release nearly 60 original titles including movies, TV shows, comedy specials and documentaries in 2015 in order to keep subscribers happy as third party content continues to diminish.
Blockbuster was once an unbeatable upstart, their biggest flaw being their inability to adapt fast enough to a change in consumer tides. But in 2000, it almost makes sense that they wouldn’t necessarily see the future in the same way Netflix did. Blockbuster during its heyday knew the video ownership market was relatively limited, noting unprofitable margins, thus growing a rental business that offered far greater return. It would have been extremely hard to predict such a massive shift toward not only DVD-by-mail, but most importantly digital streaming at a time when broadband internet was a luxury most didn’t have.
Heavy is the head that wears the crown, but nobody seems more unbeatable than Netflix right now. They have over 60 million global subscribers with plans to expand into even more countries in the coming years. They have a huge 2016 planned with new original shows and followup seasons to their already successful library. But Netflix can’t get comfortable. Amazon flexed some serious muscle at the Emmy Awards this year, and Hulu is likely one popular original series away from mass adoption. We’re pretty confident it will be a while before anyone is cancelling their Netflix subscriptions en masse, but with more and more options to stream TV and movies online, all the major services have to be careful not to let their guard down.
It certainly wouldn’t seem impossible to see Netflix laughing at some scrappy upstart pitching the next big thing to them at some point in the future, but let’s hope it doesn’t come to that.


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Skip to comments.U.S. justices block generic drug liability lawsuits (Supreme Court)
Posted on 07/09/2013 8:21:05 AM PDT by opentalk
WASHINGTON/NEW YORK, June 24 (Reuters) - The U.S. Supreme Court ruled on Monday that generic drugmakers cannot be sued under state law for adverse reactions to their products, a decision that consumer advocates called a blow to patient safety.
In a 5-4 vote, the court ruled for Mutual Pharmaceutical Co, owned by Sun Pharmaceutical Industries Ltd, overturning a multimillion-dollar jury award to a badly injured patient in New Hampshire who alleged a generic drug she had taken was unsafe based on its chemical design.
The majority opinion, written by Justice Samuel Alito, said the state's law could not run against federal laws on prescription medicines whose design has been approved by the U.S. Food and Drug Administration.
A Supreme Court ruling in 2011 found that pharmaceutical companies that make branded drugs are liable for inadequacies in safety warnings of a medicine's label, but not the makers of cheaper copies of those medicines.
Consumer watchdog group Public Citizen said the Supreme Court decision on Monday undermines patient safety at a time when about 80 percent of U.S. prescriptions are filled with generic medicines.
(Excerpt) Read more at mobile.reuters.com ...
Here is the per curiam
Thus the Feds maintain their position as the One Stop Shop for influence peddling.
No, The supremacy clause was stated in the decision. The opinion was written by Alito and supported by the courts conservatives, plus Kennedy.
Jeep should have stuck to its guns and not issued a recall on vehicles that exceeded all motor vehicle safety standards in place at the time.
Bartlett suffered a rare hypersensitivity reaction three weeks after she started taking it. Her skin began to peel off, leaving her severely disfigured with burn-like lesions over two-thirds of her body and nearly blind
At the time Bartlett filled her prescription, sulindac's label did not specifically refer to the serious skin reaction known as toxic epidermal necrolysis
Yep. The Supremacy Clause is WHY the Congress has become the One Stop Shop for Influence Peddling.
Much simpler than trying to deal with fifty Rick Perrys and ten thousand state legislators out there.
-—— a blow to patient safety.-——
A blow to former ambulance chasers who see the drug companies as free money
There should be a counter suit that destroys the lawyer bringing the suit
Have lawsuits and get rid of regulations. Nothing wrong with redress.
The lawyer/drug co’s is not redress. It is assault for fees, pure and simple.
Lawsuits are expensive and occur only after damage is already done.
Regs are expensive too, but not as expensive as lawsuits and are often helpful in preventing damage.
There is a place for both.
Oh there you go. That would have been a much better outcome /s
I feel really sorry for this woman, but the SCOTUS decision makes sense to me. Generic drug companies are simply relying on the original FDA approval process, which is based on data submitted by the original drug maker and analyzed by the FDA. Assuming the generic drug is a faithful reproduction (an assumption I question more and more each day regarding many generics), then IF the original approval process faithfully met all of the federal requirements AND there was no skulduggery of any kind regarding faked or cherry-picked data, etc., then to me, this is a common sense ruling.
To me, it would seem the woman would have to prove the original drug company and/or the FDA committed some kind of fraudulent or illegal act regarding this particular horrific side-effect, e.g., they knew about this reaction and covered it up by NOT including it on the list of known reactions.
Insurance companies (soon to be the government) mandates using generics and the knock offs aren’t accountable for the outcomes of dodgey merchandise. Wonderful.
Exactly, generic drugs are about 80 percent of U.S. prescriptions
another 5-4 decision.
Just as with constitutionally indefensible Obamacare, I think that official clarifications of the limits of Congress's Commerce clause powers by Thomas Jefferson and case precedent established by Supreme Court show that Justice Alito and other activist majority justices are wrong about this issue imo. More specifically, regardless what FDR's activist justices wanted everybody to believe about Congress's Commerce Clause powers, using terms like "does not extend" and "exclusively," Jefferson had noted that Congress has no business sticking its big nose into intrastate commerce.
For the power given to Congress by the Constitution does not extend to the internal regulation of the commerce of a State, (that is to say of the commerce between citizen and citizen,) which remain exclusively (emphases added) with its own legislature; but to its external commerce only, that is to say, its commerce with another State, or with foreign nations, or with the Indian tribes. Thomas Jefferson, Jeffersons Opinion on the Constitutionality of a National Bank : 1791.
"State inspection laws, health laws, and laws for regulating the internal commerce of a State, and those which respect turnpike roads, ferries, &c. are not within the power granted to Congress (emphases added)." --Gibbons v. Ogden, 1824.


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Euronext Brussels-listed Ontex, a provider of personal hygiene products, has confirmed its rejection of an unsolicited takeover bid from PAI Partners.
Asset is reportedly due to come to market in 2021, with the sale process most likely starting in H1
Redalpine has led a series-A funding round for Germany-headquartered pet healthcare startup Felmo.
GP intends to boost the company's growth and consolidate its market position in the Benelux and DACH regions
GP is deploying equity via WMS III and is investing with future managing director Holger Schmitz


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Mask-defying Newport store remains open
NEWPORT, Vt. (WCAX) - A Newport business appears to continue to defy the governor’s mask mandate despite legal actions by the state and losing its UPS Store franchise deal.
The former UPS Store on Friday now has a sign on the door asking for financial support for its legal fees as the state prepares to take them to court. The original sign notifying customers that employees will not wear masks also remains in place.
An Orleans Superior Court judge on Tuesday granted the state’s motion for a temporary restraining order, ordering the business, now going by “Derby Port Press,” and its owner, Andre “Michael” Desautels, to stop violating the governor’s executive order.
Newport officials say the store is not a reflection of how the whole city feels. “Our jurisdiction limits us. Our city police are driving by frequently to monitor. They are reporting back to the Attorney General’s office, as they should,” said Newport City Manager Laura Dolgin
The AG’s office says they still hope the store will get into compliance. A court date is set in the case for next Friday.
Copyright 2021 WCAX. All rights reserved.


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While many enthusiastically await the new possibilities offered by autonomous cars, safety experts are viewing recent developments with concern. The more connected our vehicles become, the greater the risk of getting hacked.
After a long working day, you throw your car key on the kitchen table and lie down on the sofa. But while you switch off, your car is switched on. And before you know what’s happening, the thief is already long-gone with your vehicle, without burglary, without violence – just by using the connected technology.
Connected Cars: they can steal your car and you won’t be able to prove it
Key to Go is practical, but also a high security risk, recently warned the ADAC again. Even if the described example is more of a theoretical scenario so far, practice tests show how easy car theft can be with connected cars. The Keyless mechanism is seen as a source for potential safety hazards with networked cars.
Wireless functions on the car such as the entertainment system and keyless feature open up completely new possibilities for thieves. Instead of physically breaking into cars as before, they can now simply hack them from a laptop. Currently, the damage this can cause is rather limited, as cars are still in an early phase of connectedness, connected cars expert Thomas Köhler told Mobility Mag.
However, the consequences for car owners are potentially twice as bad than with a conventional theft. “In this kind of theft, the legal owner is disadvantaged in two ways: he loses his possession, and he also has problems with the police and insurance to prove there was a burglary. After all, the whole thing goes off without a trace on the vehicle.”
In the worst case, not only is the car gone, but we can’t prove that it was stolen.
The more networked cars are, the more opportunities hackers have
But while these are still quite manageable problems, almost all car companies are now working on autonomous vehicles. Security experts see enormous potential threats in everything from cameras to sensors to built-in communication systems. The more communication channels a vehicle has, the more ways there are to hack it.
Time and again, IT experts and journalists in demos have shown how easily driverless cars can be hacked.
This is no longer about the simple car theft, but about the taking over of steering and brakes, or manipulating the cameras. Given the terrorist attacks in Nice and Berlin, the fear is that criminals could use autonomous cars as a weapon.
Firewalls alone do not solve the problem
The more cars become like computers, the more car manufactures have to think like the IT industry, believes Ofer Ben Noon, co-founder and CEO of the Israeli cyber-security company Argus. “From the design to the operating system to the installation of firewalls, automated vehicles should be secured just like computers through multiple means. Until now, the automotive industry has been more focused on engineering and design. This must and will change,” he explains in conversation with Mobility Mag.
As someone who worked in Unit 8200 collecting signal intelligence and decrypting codes for the Israeli military, Ben Noon is certainly someone very aware of security issues. At present, the CEO of Argus, who also has an office in Stuttgart, is talking with German car manufacturers about possible safety measures for automated vehicles.
Of course, these problems have long been recognized. But even if Ben Noon looks at car security in terms of IT, the car industry has other priorities and quite different security concerns. While software developers commonly launch products on the market in Beta phase and gradually deal with security issues as they come up, this process will certainly not work for autonomous cars.
As there are not only material risks in vehicles, but also human lives at stake, concerns about security are much more serious here, says Thomas Köhler. “For autonomous cars, firewalls and other retrospectively implemented security systems as they are currently being proposed will not solve the problem. They are at best an intermediate step towards a new understanding of security that must be implemented everywhere where the damage potentially involves more than just a crashed desktop computer.”
Autonomous cars: “total security does not exist”
What are car manufactures doing about such potential dangers? The industry is conspicuously quiet on the subject. Among top German car makers, only Audi and Daimler replied to Mobility Mag’s requests for comments. And here again the answers are rather vague.
Audi spokesman Christian Hartmann, for example, wanted to reveal only this much about their in-house safety measures for connected cars and automated functions: “We separate the driving-related functions from the connectivity and infotainment functions via software and hardware solutions. In addition, we are continually expanding the security mechanisms during the development of new functions. ”
Benjamin Oberkersch, Daimler’s press officer for Connected Car & Infotainment went a bit further. In the development of new models, Daimler uses many security methods known in the IT world, such as public key cryptography, certificate infrastructures, firewalls, intrusion detection systems, virus scanners as well as encryption protocols such as TLS, Ipsec and WPA2. Oberkersch, however, points out at the same time: “There will be no absolute, 100 percent security.”
Even though the automobile sector has now woken up and is looking to improve security features both in connected cars and the development of automated models, complete safety is an illusion. Or, as Thomas Köhler puts it: “Everything that can be hacked will be hacked.”


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By Christian Zibreg on Dec 16, 2014
The Internet giant Google has upped the ante in the mobile payment arena with Tuesday’s refresh to its Wallet iOS app. The new version brings out support for Touch ID allowing owners of the iPad Air 2, iPad mini 3 and the iPhone 5s and onward to unlock the app with their finger.
And with native display support for the 4.7-inch iPhone 6 and 5.5-inch iPhone 6 Plus display resolutions, the app now takes full advantage of the screen real estate available to owners of Apple’s latest handsets. Read More
By Christian Zibreg on Oct 29, 2014
Google on Wednesday announced an update to its mobile Wallet application for the iPhone which now includes handy low balance alerts and another feature allowing users to set up recurring bank transfer in order to ensure there’s always money to spend in their Wallet.
The refreshed application did not receive support for the bigger iPhone screens and will be going live in the App Store later today.
Google Wallet is available free of charge. Read More
By Cody Lee on Jul 16, 2014
Google today announced a significant update for its Google Wallet service. The new version brings about support for gift cards, money requests, and the ability to send money with your debit card for free, and it should be rolling out to iOS and Android apps shortly.
With the new gift card support, users will be able to save their electronic cards to Google Wallet, redeem them in-store, and even check their balances [only at participating merchants]. The Wallet app can even remind you to use your card when you are near stores… Read More
By Christian Zibreg on Mar 12, 2014
Google last month introduced some nice new features for its mobile Wallet app, namely the ability to scan your loyalty cards using the iPhone’s iSight camera and receive notifications for offers from local merchants.
According to a post Wednesday on the Google Commerce Blog, the Internet giant is rolling out a new version of Wallet for iPhone which uses receipts from Gmail to track your online purchases.
The refreshed software is currently being rolled out to US-based customers so keep an eye on the App Store as the app goes live in the course of this week… Read More
By Christian Zibreg on Feb 4, 2014
Released last September following the public launch of iOS 7, Google’s Wallet for iPhone application has since seen one major refresh and a couple maintenance updates.
In December, for example, the app gained the ability to authorize users using Single Sign-On and add a credit or debit card to Wallet by taking a picture of the physical card using the iOS device camera.
Wouldn’t it be nice if you could add loyalty cards by scanning? Now you can, thanks to a new Google Wallet version 2.0.13611 update, now available in the App Store… Read More
By Christian Zibreg on Dec 4, 2013
Following a significant delay, the Internet giant Google finally released its free Wallet for iPhone app back in September 2013. But in bringing its troubled mobile payment service to Apple’s platform, Google left out some of the capabilities found in Wallet’s Android counterpart, such as the ability to make in-store payments with the app (not surprising considering iPhones lack NFC). The company added a few new features via two recent updates and today the Wallet app has been refreshed with some new functionality.
For starters, you can now instantly sign on to Wallet if you use other iOS apps from Google. Google previously rolled out this rather useful feature to its popular iOS apps, allowing you to, say, just tap your Google Account already used in Chrome in order to log in to the Gmail iOS app.
Go past the fold for additional details… Read More
By Cody Lee on Sep 19, 2013
Google has released an official Google Wallet app for the iPhone this morning, bringing its popular mobile payment service to Apple’s platform for the first time. The app includes several features, but it doesn’t have all of the capabilities of its Android counterpart.
For example, you can’t make in-store payments with the app—which isn’t surprising, considering the feature is limited to only a handful of NFC-enabled Android devices. But it’s worth noting. You can send money to other people, though, and utilize Google Offers… Read More
By Christian Zibreg on Nov 6, 2012
Google Wallet, a mobile payment system from the search giant, has gained little traction over the past 18 months since its inception, mostly due to limited merchant and carrier support in the U.S. To solve this, Google is rumored to be on the verge of launching a physical card that will work in conjunction with the Wallet service to replace all plastic in your pocket.
The move should help the Wallet service pick up steam and might even establish the search monster as one of the biggest players in the mobile payment industry. Indeed, one card to rule them all with the elite Google Wallet physical card… Read More
By Alex Heath on Sep 19, 2011
Google has finally unveiled its public service for mobile payments called Google Wallet. The NFC-based technology will initially work with select Android devices and participating merchants to give customers the ability to pay with their smartphones.
Short of a South Korean carrier offering an NFC-equipped iPhone case to customers, mobile payment technology has yet to make its name known on the iOS platform. Apple is expected to unveil an iPhone with an embedded NFC chip next year… Read More


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Apple announced its transition to Apple Silicon back in June. Since then, industry watchers have been formulating a hypothesis on which Mac will be the first model to sport Apple’s new silicon design.
Read more: https://bit.ly/2Urz7HK
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Hong Kong-based Bistrochat, which provides booking and loyalty management solutions to restaurants, has raised US$1 million in a funding round led by SOSV. Read more: https://bit.ly/3qP1ssP
近日，36氪获悉，江苏范特科技有限公司（以下简称“范特科技”）已完成数千万元天使轮融资，由天堂硅谷领投，小苗朗程和国联投资跟投。本轮投资资金主要用于研发团队的扩充、新产品的研发以及新商业场景的实施投入。 Read more: https://bit.ly/3Iq6NfX
裝監控系統, 限你時, 限你App嘿, format部機, 再裝過啲遊戲少年你太年輕了, 看我再出招…
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Consumers in Indonesia and Malaysia can now make instant retail payments through a cross-border QR payment linkage launched by Bank Indonesia (BI) and Bank Negara Malaysia (BNM).
BI and BNM officially launched the effort earlier this week after piloting the initiative, which was first announced in Jan. 2022.
The cross-border QR payment linkage is in line with the G20 initiative to enhance cross-border payments and promote faster, cheaper, more transparent, and more inclusive cross-border payments. It’s also in line with Indonesia’s Payment System Blueprint 2025, which includes five “system visions” Bank Indonesia is working towards, such as open banking and financial market infrastructure.
The linkage between Malaysia and Indonesia complements a growing network of bilateral payment linkages within the Association of Southeast Asian Nations (ASEAN) that will contribute to further development of the region as a center of growth.
The QR payment linkage aims to strengthen the close economic ties between Indonesia and Malaysia, as well as expand markets for businesses and facilitate increased settlements in local currency. With international travel picking up, the payment linkage is expected to provide travelers with greater convenience, and ultimately, benefit the tourism and retail sector of both economies.
According to Bank Negara Malaysia Governor Ms. Nor Shamsiah Mohd Yunus:
“ASEAN is more connected now than ever. Many more users from Malaysia and Indonesia will benefit from a secure, more seamless and more efficient experience to make and receive cross-border payments. This in turn has significant potential to boost economic activities, including tourism spending in our two countries. The payment linkage will also help expand markets for some businesses and facilitate increased settlements in local currency, thereby improving financial outcomes. The QR payment linkage between Malaysia and Indonesia complements a growing network of bilateral payment linkages within ASEAN that will contribute towards a more vibrant ASEAN.”
The launch of the cross-border QR payment linkage between Indonesia and Malaysia could potentially inspire other countries in the region to follow suit. It is expected that more cross-border payment linkages will be established in the coming years, further contributing to the development of the payments industry and the region’s economy.


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Latam cocoa growers, inspired by West Africa, eye price floor
By Maria Cervantes and Ayenat Mersie
LIMA/NEW YORK, Aug 14 (Reuters) - Latin American cocoa could soon demand a minimum price of $3,200 per tonne if a proposal from Peru finds support at a gathering of regional producers on Thursday, one month after their counterparts in West Africa announced a shift in how they price beans.
Cocoa-producing countries have been searching for ways to protect farmers from market swings after global overproduction sent prices crashing in 2016-17, and as ongoing oversupply has meant a slow recovery in prices.
Peru, the world's seventh-largest cocoa producer, is proposing a $3,200 per tonne price minimum, Luis Mendoza, president of the Peruvian Association of Cocoa Producers (APPCACAO), told Reuters. The proposal will be discussed this week with producers from Colombia, Ecuador and the Dominican Republic at a cocoa conference in Cartagena, Colombia.
Support for a price floor in Latin America has grown since West Africa's pricing reform, representatives of the cocoa associations of Peru, Ecuador and Costa Rica told Reuters.
Top growers Ivory Coast and Ghana last month said they would institute a minimum price of $2,600 per tonne and require buyers to pay an additional $400-per-tonne "living income differential."
Still, even that level would be inadequate for Peru, Mendoza said. Peru, Colombia, Ecuador and the Dominican Republic produce fine, organic cocoa, which demands higher prices than West African beans.
Ghana and the Ivory Coast produced more than 60% of the world's cocoa beans in 2018-19, while Latin America produced around 17%, according to the International Cocoa Organization.
Francisco Miranda, president of the National Association of Cocoa Exporters of Ecuador (Anecacao), said Ecuador backs Peru's proposal but said it should be offset by supply caps to counter the risk of overproduction.
"A higher price would increase cocoa production and create a surplus. Together with a higher price, we should also limit supply volumes to justify a unified price," Miranda said.
Several traders are already concerned that the West Africa agreement will result in overproduction there.
"A minimum price only works if there is a quota system in place," said one U.S. trader. And such systems often fail "because everyone wants to sell their entire crop," the trader added.
Unlike crude oil, where centralized production systems mean countries can abide by OPEC-type output mandates, production of commodities like cocoa is diffuse and more difficult to regulate.
A price floor is "difficult to do because every origin in Latin America has their own price and their own commercialization country strategy," said Javier Castro, chief executive of Ecuador-based cocoa exporter GrandSouth.
A differential system similar to what West Africa introduced could work better, especially given the relatively low price of cocoa, Castro said. "The futures market is below $2,200 - at these prices, cocoa is not sustainable anywhere."
It was not yet clear how a price floor would be introduced, or if producers were considering a new differential system.
Many Peruvian growers already sell their cocoa at $3,200 per tonne, said Santiago Paz, president of Cooperatives without Borders, a Costa Rica-based association for organic cocoa producers. Some can even command five times the market price, Paz said.
Much rides on cocoa's viability in Peru. As global cocoa prices have recovered in recent years, bean sales helped pull about 90,000 Peruvian families out of poverty, the country's Agriculture Ministry said last year.
For years, the U.S. government has helped promote Peruvian cocoa as an alternative to coca, a key ingredient in cocaine. (Reporting by Maria Cervantes in Lima and Ayenat Mersie in New York Additional reporting by Mitra Taj; editing by David Gaffen and Leslie Adler)
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Earlier this year, a super-cute Cheerios ad featuring a mix-raced couple and their child supposedly caused some sort of racial outcry. In fact, the only people bothered by it were the sort who spend their time commenting on YouTube. According to Ace Metrix, the majority of Americans liked the spot. Indeed, even on YouTube, the video received 59,530 thumbs-up votes to 2,468 thumbs-down votes.
All the same, it was deemed a controversy. And the fine folks over at The Fine Brothers, saw an opportunity to have a teaching moment via their "Kids React" series.
As you can see, the kids thought the ad was just a silly old cereal ad. And then they were told the awful truth: "A lot of people have gotten very angry over this commercial." This, not surprisingly, doesn't sit well with the children. For the remainder of the video, they express the sort of basic, decent humanity that would make all those nasty commenters on YouTube ashamed of themselves -- if such people were capable of shame.
The original spot, from Saatchi & Saatchi, New York, can be seen below.


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Hon Hai is the world's largest computer component manufacturer and assembles products of Apple, Sony and Nokia. At present it has the employee's count of 1.4 million employees in 14 countries. Taiwan's tech giant Hon Hai plans to boost its research and development capabilities at its headquarters, with founder Terry Gou saying up to 5,000 engineers will be hired in two years. Hon hai founder Gou expressed that "We hope to recruit the best talents from the world to Tucheng and we plan to increase the number of engineers by 5,000 in two years and by 10,000 in five years."
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