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By: Manny Otiko, IVN
Nationwide — Ethnic Media Services’ latest news briefing was a roundtable featuring three economic experts who gave their opinions about how to prepare for a coming recession. They were Chad Stone, chief economist, Center for Budget and Policy Priorities; Alix Gould-Werth, director of Economic Family Security Policy, Washington Center for Equitable Growth; and Dr. Rakeen Mabud, chief economist and managing director of Policy and Research, Groundwork Collaborative.
The country is currently seeing the effects of inflation in several areas such as gasoline, food prices and housing. Some experts claim that inflation is caused by rising wages, but Mabud disputed that.
She said prices are high because of gouging from what she described as “megacorporations.”
According to Mabud corporations are still offering excuses for problems created during the coronavirus pandemic to keep prices artificially high. And corporations are doing well right now.
“Mega corporations are taking advantage of inflation to raise prices on consumers. Profit margins are at an all-time high,” said Mabud.
She cited the example of a comment from Constellation Brands CEO and President Bill Newlands. He said that they wanted to “keep prices as high as we possibly can.”
Mabud added that one problem with the American economy is many corporations function as monopolies. For example, in the credit card industry, there are essentially two companies that have created a “duopoly.” MasterCard and Visa have 70% of market share. This allows them to control prices. Mabud stated that Visa is planning to raise its fees later this year.
Stone said it’s debatable if we are going to go into a recession which he defined as a “decline in economic activity.”
He added that according to the predictions, the country will face a “shallow recession,” but he predicted it would be minority groups who will be first to feel the pinch.
“Forecasts suggest we will be in a short, shallow recession, but it will still be damaging to the most vulnerable folks,” he said.
“People of color are the first to experience income loss,” she said.
Gould-Werth was concerned about the safety net and the ability to help people survive lean times. She said most social programs are geared towards the elderly or people with disabilities. The only safety net program for regular people is unemployment and it’s complicated to apply for.
The coronavirus pandemic forced the government to inject money into the economy and Americans received stimulus checks to help them survive. However, Gould-Werth was concerned that the government hasn’t allocated money for safety programs to survive a possible economic downturn. Some states have reduced unemployment to 12 weeks, said Gould-Werth.
“We don’t have enough money to pay for benefits, so states are going to make benefits pretty stingy,” she said.
However, if the Republicans retake the House and the Senate in the midterm elections, they are unlikely to boost the safety net because they believe in tax cuts and slashing social programs.


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“I'm so livid after seeing this horribly wrong way to cook rice on BBC and now I want to cook rice out of spite," one tweet says.
Growing up in conservative Asia, I’ve been slut-shamed just for my body type.
Despite long-held questions over the efficacy of Chinese traditional medicine, Chinese experts maintain that an herbal formulation based on a nearly 2,000-year-old text is showing promise in treating COVID-19.
Despite the pandemic, garment workers in India, Bangladesh, Cambodia and Sri Lanka are protesting against brands who already have a history of exploitation.
Darlie’s original logo was based on a man in blackface and its Chinese name literally means “Black person toothpaste.”
Some see it as a win for diversity, others fear problematic representations of the LGBTQ community.
A new anti-terrorism bill only needs President Rodrigo Duterte's signature to be signed into law. Human rights activists say it is a repression tool to silence government critics and diminish freedoms.
Practical ways Asians and Asian Americans can show up for the Black community.
It turns out that young people in the region are more hopeful than their counterparts in other parts of the world.
From drive-through clinics to children’s meal deliveries, these leaders are effectively addressing the coronavirus in their own ways.
From crime dramas to romantic comedies and even a documentary, this list is ready for binging on your next quarantine Netflix party.
“To my sister... I still remember how scared you used to get when a lizard crept in the room when we were kids. Look at you now, fighting an enemy we can't see.”

domain: news


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David Jones has wrapped up its two-day immersive autumn/winter 2019 launch: with an evening runway show and a morning wellness event.
The department store hosted 80 guests for 'The Art of Fashion', the second instalment of its campaign.
Staged inside 'The Void' at the Museum of Old and New Art (MONA) in Hobart, it featured over 50 fashion brands.
David Jones GM of womenswear and accessories Bridget Veals said the season was about "expressing yourself."
"A strong injection of colour and prints features heavily on the runway which in turn translate beautifully across all categories.
"We’re really excited to be seeing striking shades such as rich burgundies, muted blues, and warm neutrals; it’s a welcome departure from the darker palette we traditionally see on the runway at this time of year.”
Opening the show was women’s brand RIXO London, set to Blackwater by Octave One. An ensemble of 22 operatic vocalists rounded out the soundtrack featuring a mix of artists.
Joining RIXO London in launching at the department store was KENZO, Good American, Neous and All Saint.
This morning, David Jones finalised the last instalment of its multi-day event with 'The Art of Wellness'.
Staged at MONA's Faro, guests were treated to smoothies, massages and meditation as they previewed the department store's lifestyle and beauty offer.
Held in MONA’s Faro, attendees were hosted by David Jones GM of beauty, Rachel Duffy-Packer and Australian actress, Teresa Palmer.
"Wellness is no longer just a matter of diet and exercise," Duffy-Packer said.
"This season, The Art of Living has given us a platform to discuss the direction of this movement which has many touch-points from inner beauty supplements and aromatherapy, to mindfulness and conscious beauty products.
"Our customers are doing more research and making more informed shopping decisions, and their feedback allows us to continue to explore the way wellness is translated into our offering at David Jones."


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Dongfeng Peugeot-Citroen Automobile develop into second automaker to agree to create an EV that will use CATL battery swap brand name Evogo.
Dongfeng Peugeot-Citroen Automobile, a Chinese-French joint enterprise, has develop into the next automaker to concur to produce an electrical vehicle that will use Contemporary Amperex Technology’s battery swap brand Evogo, the battery giant mentioned.
The new EV will be geared up with CATL’s ternary lithium battery and have a assortment of 410 kilometers, Ningde-based mostly CATL said, citing the offer signed with its battery swapping unit Electrical Company Know-how and Dongfeng Peugeot-Citroen. It will focus on the city taxi and experience-hailing marketplaces.
Battery swapping enables EV homeowners to speedily improve a depleted electricity pack for a thoroughly charged one at a swapping station, saving time and dollars, as a substantial aspect of an EV’s price tag is its battery.
Based on the Dongfeng Fukang ES600, a sedan designed by the Wuhan-centered JV, the hottest EV to embrace Evogo will be capable transform batteries in just three minutes. It is going through assessments at the minute and is scheduled to start subsequent month, a source at CATL instructed Yicai International.
CATL introduced Evogo in January, following the start off of swapping services by new electricity motor vehicle startup Nio, significant utility State Power Financial investment Corporation, and energy project developer GCL Strength Know-how. Evogo’s very first partner was FAW Group device Bestune. In the beginning trialed in 10 Chinese cities, it is anticipated to have 30 swapping stations by 12 months-finish.
It is less complicated to set unified standards for battery packs made use of in journey-hailing vehicles, so advertising battery swapping in this discipline will be much easier than in the private car current market, according to Tong Zongqi, director of the info division at the China Electric Car or truck Charging Infrastructure Promotion Alliance.
Battery swapping is wanted in the car-hailing and taxi marketplaces, an business insider told Yicai Worldwide, as many motor vehicles run for 24 hours straight with motorists using shifts. Battery swapping saves a lot time, he included.
Dongfeng Peugeot-Citroen has marketed 100,600 cars so significantly this calendar year, surpassing last year’s full, according to facts it released before this thirty day period. The automaker has noted 23 straight months of yr-on-calendar year growth since a new management team took above in 2020, when the joint enterprise was battling.
CATL Announces Next Auto Companion for Its Battery Swap Brand Evogo, Yicai Global, October 26, 2022


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EXCLUSIVE: Muthoot Finance says this year's growth is likely to exceed guidance
- Muthoot Finance Managing Director George Alexander Muthoot told Business Insider that the company is likely to exceed its annual guidance of 15% growth.
- The company’s share price has surged by 125% since the coronavirus lockdown happened on March 24.
- With more people reluctant to leave the house, Muthoot’s new Loan@Home service has seen the average ticket sizes surge to around ₹3.5 lakh — six times the size of gold loans given out in branches.
Banks may be worried about loans going bad, but India’s largest gold loan company Muthoot Finance is sitting comfortable. During the pandemic, as small businesses look for fast and short-term funds, the surging gold prices have only made gold loans more attractive — offering borrowers a bigger bang for their buck.
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In fact, business is going so well that Muthoot Finance could be on track to beat its projected guidance for the year. The stock has gained 125% since the coronavirus lockdown happened on March 24.
“We’ve given a modest guidance of 15% but I’m sure we’ll be able to do more,” the company’s Managing Director George Muthoot Alexander told Business Insider in an exclusive interview on the #HangoutwithBI Twitter Live.
#HangoutwithBI | @BiIndia's @iyer_sriram in conversation with Muthoot Finance's (@TheMuthootGroup) Managing Directo… https://t.co/4TFeNsRBSC— Business Insider India (@BiIndia) 1600162609000
There was a dip in collections during the first quarter. “People were just waiting for the branches to open to take back their ornaments, so there was a rush of repayments,” explained Muthoot.
As Muthoot Finance reopened its doors as the coronavirus lockdown was lifted, business has picked up.
“We’ve seen tremendous growth in the gold loan portfolio,” he explained. With the focus solely on gold loans, he added that the company might not be looking to grow its non-gold loan portfolio over the next six to 12 months.
The company has launched services like Loan@Home to help issue gold loans without people having to leave their house. The average ticket size of a gold loan under the 100-day old program has been around ₹3.5 lakh — six times the size of an average ticket from physical branches.
Currently, Muthoot Finance has ₹8,000 crore cash in its coffers that cover 20% of their loan book, which Muthoot believes is a better safe than sorry strategy.
It helps that the cost of incremental borrowing is down by about 100-150 basis points to near 8%, which is at par with borrowers looking for home loans. One hundred basis points form 1%.
What is causing the jump in gold loans?
After the lockdown, businesses are looking to restart. “Our customers are generally small traders, small businesses, shopkeepers, and MSMEs — small MSMEs. These are people who need quick and easy financing,” he said.
Rather than go to banks, these short term loans are ideal for borrowers looking to stock up on goods for Diwali, make payments to suppliers or get their hands on some quick money for short-term needs.
Source: CARE Ratings report dated August 17 (Data as of July end, except for Manappuram, which is as of June end.)
|Company||Growth in gold loans|
|Overall bank credit growth||5.50%|
That said, big banks are also dipping their toes in the gold loan market. Even though their gold loan portfolio is hardly anything to write home about, their participation lends authority causing the overall market to expand, according to Muthoot.
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On Monday, Beehiiv Inc’s leadership said it secured funding of $1.6 million to expand headcount and accelerate product development. The news comes on the heels of a large fundraiser last October. To date, the company has raised $4.2 million.
The story was brought to Benzinga by Bullish Studio, the firm working with Beehiiv to build out the first creator email newsletter ad network.
Here’s The Scoop: Dubbed one of the leading alternatives to Substack, Beehiiv is a better way for creators, organizations, and leaders to create and disseminate information, as well as build engagement around their passions.
Since launching in November 2021, the company has grown revenues in excess of 30% every month. The team believes it will “exceed $1 million ARR by the end of the year,” according to a release on the matter.
In a comment to Benzinga, founder and CEO Tyler Denk said Beehiiv is “helping thousands of creators and publications scale and monetize their work.” The fundraiser will make it possible to support “hundreds of thousands” with technology and a best-in-class team.
Participating are existing investors: Creator Ventures, Blue Wire Capital, and Social Leverage.
Other angels and partners included Alex Lieberman of Morning Brew, Linktree’s Anthony Zaccaria, Codie Sanchez of Contrarian Thinking, Write of Passage’s David Perell, and Teachable’s Ankur Nagpal.
Technology has enabled creators an opportunity to “build and monetize their personal brands online,” Litquidity added, noting that “the platforms that can provide the most value to the next generation of creators will dominate this decade.”
In short, the firm’s leadership knows a thing or two about newsletters and the resources content creators need to be successful. They all were a part of Morning Brew, one of the great newsletter brands.
Pictured: Co-founder Jacob Hurd, left. CEO Tyler Denk, middle. Co-founder Benjamin Hargett, right. Photo courtesy of Beehiiv.
Now, this team is offering the masses those same tools and experiences used to grow Morning Brew, through Beehiiv. Learn more, here.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


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The number of empty storefronts is surging in Midtown, where an absence of tourists and office workers has hammered the retail industry during the pandemic.
Nearly 30% of 311 storefronts were vacant in the retail corridors near Grand Central and in Midtown East as of the end of last month, roughly double the historical rate, according to a report Thursday from the Real Estate Board of New York.
Midtown’s recovery has lagged residential neighborhoods in Manhattan, Brooklyn and Queens, where storefront vacancies ranged from about 14% to 20%.
“The data underscores the critical need for workers to return to their offices,” Rob Byrnes, president of the East
→ Continue reading at Crain's New York Business


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Cravings for healthier foods can be increased by pumping the aroma of foods
A study conducted by the researchers from the marketing department of the University of South Florida in Tampa has revealed that there is a strong relation between ambient odors and cravings and that this could be used in dealing with cravings.
According to the study cravings for unhealthy food can be significantly reduced if the individuals are exposed to the aroma of unhealthy food for a period longer than 2 minutes and that cravings for healthier foods can be increased by pumping in the aroma of healthier foods like fruits.
Using ambient aromas in increasing the business in food and beverage industry is a recent trend. The researchers have found that the aroma of unhealthy foods like pizza and cookies can increase the cravings for the same if the exposure is up to 2 minutes and if the aroma persists for more than two minutes, it is more likely that they go for healthy food choices. Experiments were conducted in a school setting, in a super market setting and also in a laboratory setting and the results substantiated that cravings for unhealthy food can be significantly reduced if the individuals are exposed to the aroma of unhealthy food for a period longer than 2 minutes.
The researchers suggest that steps like using cookie scented candles can improve healthier food choices. The findings of the research give significant insight into food cravings and how to minimize them and the research can be a base for further studies in the field.


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There are a lot of great Android phones worthy of being called the best out there in the year 2013. But there can be only one. Meet the contenders.
The electronics and entertainment giant Sony Corporation has made its first profit in five years and according to its fiscal report the company saw its sales increase by 4.7%, primarily due to the benefits of folding Sony Mobile, what was Sony Ericsson, completely into the company.
Do you think Sony can compete with Samsung and HTC at the high end of the Android smartphone market?
The Sony Xperia A, which could be the next top smartphone coming from the company this year, has paid a visit to the FCC, revealing some of its details in the process. Read on to find out more about the handset!
The Galaxy S4 isn’t just a flagship Android device, it’s an entire fleet condensed into one device. But the S4 has its shortcomings, and the Xperia Z shines in certain areas.
In love with the Sony Xperia ZL’s styling but looking for something a bit cheaper? The Sony Xperia SP is now available for preorder in the U.S. setting you back just $480 outright.
A new rumor claims that the previously rumored Honami will actually debut as the Sony i1. Both the Sony i1 and Togari will supposedly arrive in the United States later this fall, unlocked and sold without contract.
With recent leaked info regarding their “C3” phone, it seems as though Sony is on the right path. While no official specs are out, we’re hearing all manner of things suggesting the device will be an entry level Xperia device, and pretty good to boot.
Keep reading for all the details!
Sony has started selling the unlocked HSPA+ version of the Xperia Z in the U.S. through its Sony Store. How much will it cost you to get one?
With Google I/O right around the corner, and the probable announcement of the next iteration of the Android OS, we’re more curious about which manufacturer will be making the Nexus handset. Who do you think should manufacture the next Nexus (Nexus 5) smartphone?
The Sony Honami is said to feature some impressive Cyber-shot camera, both when it comes to hardware and software. Read on to see what these pre-release rumors are saying!


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Zcash, a privacy cryptocoin will soon be releasing a major upgrade upon its first release of software, which is compatible with its Sapling folk. Zcash's most recent update was released last Thursday, the company behind the crypto have been actively encouraging miners and users to upgrade to its new version as soon as they can. The versions new software upgrade will include a vast amount of support functions which will utilise various user support methods implemented into the system itself.
The main aspect to Zcashes software update is its enhanced potential to efficiently mine crypto blocks at a much higher rate. The update will also fix bugs, which caused its nodes to slowly sync with each other when in the process of banning peers. The functions purpose was to properly allocate a class of attacks to counter bugs in an efficient manner, without affecting the systems usability.
Another key feature in this upgrade is the reduced storage requirements when it comes to matters in private transactions, while enabling the update of the blockchains cryptography. This version almost completely changes Zcashes usability, it properly establishes its place in the crypto format. Its main testing stage and initiations are done and dusted, now the crypto can actively take place in a proper trading format.


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As part of its mandate in the Digital Services Act, the European Commission has sent requests for a new set of information about to 17 tech companies about how they protect users.
The European Commission is casting its net a bit wider on this round of information requests. In addition to the regulars it demands information from, in Apple, Google, Microsoft, and Meta, it has also hit AliExpress, Zalando, Pinterest, Snapchat, TikTok, and more.
A report by Reuters on Thursday morning claims that data requested includes data relevant to the EU elections, how counterfeit goods are identified, plus information on how the platforms tackle both illegal content and sale of illicit goods. It’s not clear why Apple is bundled up in this round of requests, but it potentially involves how it manages iMessage, or perhaps cloned apps on the App Store.
In total, the 17 companies under 10 different umbrellas must provide requested information by February 9.
The information request follows one on December 14, 2023. That request appeared to be a little more broad with some overlap to the new request. That request reportedly covered “systemic risks relevant to their services, in particular those related to the dissemination of illegal and harmful content, any negative effects on the exercise of fundamental rights, as well as any negative effect on public security, public health, and minors.”
The Digital Services Act (DSA) is another legislative package that will place restrictions on how tech giants operate. In this case, the DSA focuses much more on online content and moderation.
In a nutshell, the DSA puts additional responsibility on online platforms and tech companies to police content, including both reporting and taking down illegal content.
According to the provisions of the DSA, regulations will be applied on companies in tiers. The largest firms including those with more than 45 million active users across Europe will see the biggest effects. Apple falls into that category, but it has argued that iMessage specifically does not.
Additionally, the DSA will ban “dark patterns,” or misleading user interfaces such as those that coerce users into subscribing to a platform or making an in-app purchase.


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Snapchat has had a rough week. On Tuesday, Morgan Stanley, the bank that helped Snap Inc. go public, downgraded the company’s stock. Now another firm has followed suit. Cowen has lowered its rating of Snap‘s stock, reports CNBC, which has already led the company’s shares to tumble even more. Currently Snap’s stock is at $15.44, below its IPO price of $17. Analysts are cutting their outlooks for the company over questions about its user growth and ability to bring in ad revenue. The big point these firms keep coming back to is that it’s early days for Snap. There’s no telling when it will be able to turn a profit, or if it will continue to grow at a competitive pace.
[Photo: Flickr user TechCrunch]


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Friday, December 5, 2014 / by Jason Schaefer
National reports indicated that 2014, with the addition of 321,000 jobs in the month of November, became the strongest year for job growth since 1999.
This is good news, and blew away the forecasted numbers experts were anticipating. The unemployment rate remained steady at 5.8%, which is down from 7% this time last year. Any month with over 200,000 jobs added is considered to be very strong. This year, the US economy has been averaging 224,000 jobs added per month.
Retail hiring continues to be strong nationwide. The Missoula area has seen this same growth with additional commercial construction happening, and retail businesses opening. Particularly on the sound end of town. Nationwide, 50,000 jobs were added in the retail sector - driven primarily by car dealerships and retail. Professional hiring has increased too, with 86,000 jobs added, many in the accounting and book keeping sectors.
One draw back, and we're seeing some of this in Missoula, are wages. Nationwide, this has been a concern for economic policy makers and the Federal Reserve. Wage growth has been slow due to the number of job seekers in the market. 2015 is shaping up to be very strong according to experts, and they don't see a slow down happening with hiring. Good news and hopefully this trend continues in the Missoula area as well.


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Capcom "finalizes" the release date for its upcoming GameCube-exclusive survival horror shooter.
Following weeks of speculation, Capcom confirmed today that Resident Evil 4 won't arrive until 2005. The official date for the latest installment in the survival horror shooter series, which is being released exclusively for the GameCube, is now January 11, 2005. The game has not yet been rated, but it is available for preorder for $49.99.
Capcom's announcement comes after weeks of speculation that Resident Evil 4 had been delayed. Last month, many online retailers changed the release date for the game to either March or February 2005. However, Capcom reps emphasized that since the release window for the game has always been "Winter 2004," the January date is not a delay but, rather, a "finalization," because it still falls in winter.
Screenshot: >> Click here
News source: GameSpot
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iMac 2017 Release Date, Latest News & Updates: Intel Kaby Lake For Desktops Forces Apple To Delay Refresh To 2017
In a couple of days, Apple will be unveiling the new line of MacBook Pro which will reportedly have the Oct. 27 event all to themselves. The set occasion would have been perfect to release a refreshed line of iMacs only that Intel Kaby Lake processors are not yet ready.
That said, folks looking forward to Apple’s next generation of iMacs will have to wait until next year to see what the Cupertino company has done to improve it, possibly alongside another line in the Cinema Display.
Kaby Lake production to blame
At first, it made sense to have Apple dedicating the Oct. 27 event at the Apple Campus to the MacBook Pro 2016. Focus would be on one product and the company didn’t have to worry about divided attention. But that was before the Intel Kaby Lake issue was inserted into the fray, ironically something also bugging the MacBook Pro 2016, Mac Rumors reported.
Apple will be unveiling two variants of the MacBook Pro 2016, a 13-inch and 15-inch variant. To this day, there is no certainty on whether both would sport the latest process from Intel, Gotta Be Mobile reported. Delivery schedules were a prime reason and the best bet to see which MacBook Pro 2017 would likely be the 15-inch variant as covered in a previous post.
No actual release date for iMac 2017
The landscape seems to be clear for the iMac 2017, with word that Intel would be starting production by the end of the year. That said, it begs to ask just when they would make its way to Apple and see the latest desktop refresh.
The Apple Cinema is an almost forgotten piece, something that was last spotted in 2013. Its return is believed to have been sparked by Apple’s release of the first 5K iMac in 2014 and thus resurrected for a rumored release. It remains to be seen if the Cupertino company will weigh in on the future of the iMac 2017 and the alleged Apple Cinema at the special event carrying a “Hello Again” tagline.


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The e-Golf has a 109-mile range
The electric car has a kerb weight of 1540kg
The fuel filler neck is used to charge the car
The e-Golf is due to go on sale next year
A charge status readout replaces the rev counter fitted to internal combustion-powered models
The multimedia display provides charge status
Energy recuperation levels are also shown
The Volkswagen e-Golf will have a 109-mile range and is claimed to take five hours to charge from a household socket. The 26.5kW battery is mated to a 114bhp, 199lb ft electric motor. According to reports, the new technology adds around 250kg to the standard car’s kerb weight.
The report says the e-Golf will take 11.8sec to reach 62mph from rest and can achieve a limited 84mph top speed.
Three drive modes will be available: Normal, Eco and Range. Eco limits peak power to 95bhp and the top speed to 74.5mph, while Range deactivates the air conditioning and limits the maximum speed to 59mph.
The e-Golf is part of a new model offensive which will see Volkswagen launch seven new derivatives of the C-segment hatchback.


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Japanese car manufacturer Honda seems aggressive with its strategies for the Indian car market. The company has launched the much-awaited Mobilio MPV which already recorded over 10,000 bookings. Moreover, Honda is also aiming to increase its dealership network which could be the move to target the semi-urban and rural region. The company is planning also working on a compact car and Brio based compact SUV, which is scheduled to go on sale in 2016-17. If media reports are to be believed, Honda will launch the new generation Honda Jazz hatchback in March 2015.
Unveiled at the 2014 Delhi Motor Show, the new Jazz, for the first time, will be offered with the diesel powertrain. It will compete against the likes of new generation Hyundai i20 and Volkswagen Polo. This time, the company has increased the localization to keep the price competitive to the market. Moreover, this compact hatchback is expected to be the country’s most fuel efficient hatchback, thanks to the highly efficient 1.5-litre i-DTEC diesel motor.
The new generation Honda Jazz is based on a new platform which also underpins the new generation City sedan; however, it continues to feature the cab forward design. The aggressive front gets horizontal chrome slat flaked by a hawk-eye shaped headlamps. The front bonnet has two prominent creases flows to merge the A-pillars. It looks bigger than its predecessor, thanks to the large glass area. The aggressive side profile gets crisp sewage line runs across the length of the car.
The interiors of the Jazz hatchback are based on the Honda’s immensely popular “Man Maximum Machine Minimum” philosophy. The quality of material and fit & finish is top notch. It will get a large dashboard which is equipped with touch-screen display with navigation. It will be equipped with several high end features such as push start and keyless entry.
Under the bonnet is the same 1.2-litre i-VTEC petrol and 1.5-litre i-DTEC engine. The company might also fit the powerful 1.5-litre i-VTEC engine to offer a sporty version, which is likely to be named as “Jazz RS”. Both engines will send power to front wheels via a five-speed manual transmission gearbox. However, the petrol version will also come with automatic gearbox.


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IRVINE, CALIF. — Golden State Foods has promoted Brian Dick to president and chief operating officer.
“Brian’s leadership in global operations as well as with our executive and management teams has contributed to substantial growth and progress at our company,” said Conrad Wetterau, chairman of the GSF board of directors. “I’m confident that as he continues to effectively lead our organization, adhering to our Creed and Values, Brian’s passion for and dedication to Golden State Foods’ long-term success will inspire deeper alignment with our worldwide customers and position us for future growth.”
Mr. Dick will oversee all global operations and functions for the company, which include food manufacturing, logistics and administrative groups.
He was recently the company’s corporate executive vice president and chief operating officer since 2019. He joined the company in 1999 as the business development manager for GSF Egypt.
“I would like to thank Conrad and the Wetterau family for their faith in me and our team, especially in light of the recent loss of Mark Wetterau, our beloved CEO,” Mr. Dick said. FBN


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Fashion label launches online store
The label recently launched a new website, www.cocurata.com, which hosts an online store that will carry their seasonal collections, starting with the debut Spring/Summer 2015 collection entitled Extraction.
The collection features new and recent works from internationally renowned street art icons Bäst, Paul Insect and Rostarr.
SS15 will be followed closely by the Fall/Winter 2015 collection, Abstraction, featuring young contemporary art darlings Trudy Benson, Matt Jones and Steve More.
The Cocurata online store will also have exclusive one-of-one, artist made, and very limited edition objects and apparel on offer; including artist made zines, accessories and specially artist customised pieces from the collection.
Cocurata.com will also sell the brand’s own journal, which documents “the life, times and interests of the brand.
With exclusive content surrounding founders George Gorrow and George Benias and the creative team, as well as a rare insight into their incredible artist roster, the journal will serve as an intimate look at the fashion scene with an art perspective.”
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LOVELAND, Colo. — Jenny Murphy, consumer safety officer for the US Food and Drug Administration (FDA) Center for Veterinary Medicine (CVM), spoke during the Pet Food Alliance 2019 Summer Meeting, held from June 26 to 28 in Loveland, to update attendees on key initiatives in pet food safety being led by the FDA.
Murphy covered FSMA updates, including 2018 inspection trends and 2019 data and expectations, as well as emerging food safety hazards, such as pathogens.
Throughout 2018, the FDA and state agencies conducted roughly 400 Current Good Manufacturing Practices (CGMP) inspections, of which 60% were conducted by the FDA and 40% were carried out by state entities.
Of the approximate 400 inspections, only 6% (24 inspections) resulted in a documented Form 483, which indicates an observed violation of the Food Drug and Cosmetic (FD&C) Act, according to the agency. Only one CGMP inspection, however, warranted an official warning letter in 2018.
Murphy reported the two most frequently observed issues in these CGMP inspections were pest management and general housekeeping. The most frequent Form 483 observations were overall plant management and pest management, she said.
From January to mid-June 2019, the agency has conducted 156 more CGMP inspections, of which 14% resulted in a Form 483 issuance; 75 Risk-Based Preventive Controls for Food for Animals (PC) inspections; 25 sanitary transportation inspections; and two Foreign Supplier Verification Programs (FSVP) inspections. Fourteen PC inspections were also conducted by state agencies.
The most frequent findings during the PC inspections were the implementation of prerequisite programs. “Know what you’re supposed to do and do what you say you’re going to do,” Murphy advised on this topic.
Processors were most commonly cited for failure to identify/implement a preventive controls and hazard analysis, although there were a handful of citations involving no written food safety plan or one that is not written by a preventive controls qualified individual, failure to implement corrective actions, failure to validate preventive control, and others.
“Where we’re seeing the problem arise is these plans developed by corporate headquarters are generic in nature,” Murphy explained. “It’s just a balance of making sure that what you’re doing is facility specific.”
Murphy also discussed emerging hazards and prevalent ones that pose a threat to pet food safety during her presentation, touching specifically on pathogens, pentobarbital, dilated cardiomyopathy and African Swine Fever.
The issue of pentobarbital in rendered animal products for pet food production has been addressed by the FDA with a method for detecting the chemical in rendered tallow products, but the agency continues to work on developing methods for detecting it in meat and finished pet food products.
Some research gaps Murphy pointed out include knowledge about the scope of the problem, the appropriate controls, whether they be along the supply chain or during processing, and humane animal euthanasia alternatives, which is a challenging research subject in itself, she added.
“This isn’t just a conversation we’re having with the animal food community. This is also a conversation we’re having with the veterinary community,” Murphy said.
Murphy detailed how pathogens such as Salmonella are a long-standing concern among all pet food products, whether they be dried kibble or wet foods. However, due to trends toward raw and frozen raw pet foods, concerns for Listeria monocytogenes and E. Coli have become more prevalent in the industry, she explained.
Murphy discussed three main areas for improvement that could affect how the industry approaches pathogens in the future: adequate controls for raw pet food products, addressing post-kill step contamination issues with ingredients and finished products, and implementing clearer best practices for transportation of unpackaged ingredients.
She touched briefly on the FDA’s third update into its investigation into increased reports of dilated cardiomyopathy (DCM), reiterating that the agency’s responsibility to release the raw data and updated number of reported cases, along with other relevant data, to the public when it potentially involves food safety.
“We know that we have an obligation, if we see a signal, to report it,” Murphy said.
She added that it is unclear whether there is a causal link between specific pet diets and DCM. “But what we might know is what’s not causing it, versus what is causing it,” she added. This research gap, along with formulation data and related medical records from animals with DCM, will drive a collaborative industry effort to gather more data to determine the cause of the issue, Murphy said.
Finally, Murphy touched on African Swine Fever, a highly contagious virus that has spread rapidly throughout Asia over the past year.
“Currently there is no drug to treat it and no vaccine to prevent it,” Murphy explained, adding the meat industry in the US is on “high alert” about this issue as it continues to spread in the Eastern hemisphere.
Murphy said she brought up the issue to raise awareness among rendering and pet industry professionals in case the disease was to spread to the US meat industry. She suggested the industry should further address this issue by determining the course of natural contamination, what a “positive” test means in animal feed and how to detect the live virus, and how to appropriately control the situation if it arises.
The pet food and treat industry will hear more from Murphy in September at the 2019 Feed and Pet Food Joint Conference.
The Pet Food Alliance is a cooperative organization focused on research and innovation in the pet food and rendering industries. It is funded in large part by the Fats and Protein Research Foundation, whose mission is to fund research that helps ensure a strong future for the rendering industry and its industry partners.
Stay up to date on news about the pet food processing industry on our News page.


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Prolific mobile leakster Evan Blass has published what appears to be a rendered image of Google’s forthcoming Pixel handset, which will reportedly debut at an October 4th event along with a plus-sized Pixel XL version, and a slew of other devices.
The front-facing render shows a minimal-looking black device that lacks physical buttons and features what is likely Android 7.1, which is expected to debut on the Pixel devices.
In addition to the image, Blass and fellow VentureBeat writer Emil Protalinski state that the publication can confirm that “the world will indeed be introduced to a Google Pixel […] and a Google Pixel XL” on October 4th.
Rumours first started circulating about the two devices several months ago under the codenames Sailfish and Marlin, beginning with the now strongly held belief that the devices will be manufactured by HTC.
Android Police has stated that the smaller of the two, the Pixel, will feature a 5-inch 1080p display, quad-core 2.0GHz 64-bit processor, 4GB of RAM, 32GB of storage, a 2770 mAh battery, a 12MP rear camera and rear-mounted fingerprint scanner. Expected retail price, according to the site, is $649 USD.
AP also stated that the Pixel XL will have similar specs but will sport a 5.5-inch QHD display, 3450mAh battery and more powerful processor.
Image credit: VentureBeat
Related: The Pixel and Pixel XL probably won’t be affordable in Canada


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Chick-fil-A has been accused of wasting food daily after a TikTok video showed an employee throwing a tray of chicken nuggets in the trash
The caption of a viral video read: "What they do every night with the chicken nuggets at Chick-fil-A." The food was shown being thrown in the trash.
Some Chick-fil-A locations have little-known conveyor belts for food inside the kitchens — here's how they work
Chick-fil-A says the conveyor belts are in a few locations to make drive-thrus safer and more efficient.
The chicken chain has come a long way since opening as a small roadside diner in Georgia in 1946.
Burger King is promising to donate to an LGBTQ group for every chicken sandwich sold 'even on Sundays' amid calls to boycott Chick-fil-A
Burger King will donate to the Human Rights Campaign for every chicken sandwich sold this month.
Chick-fil-A is under attack over its CEO's ties to a Christian charity accused of trying to squash proposed LGBTQ protections. Here's what we know about the chain's donations.
Chick-fil-A is facing backlash over its CEO's donations to the National Christian Charitable Foundation.
Chick-fil-A revealed plans to open a virtual kitchen selling chicken wings alongside chicken sandwiches and nuggets
The chain applied to trademark the name "Outfox Wings," hinting at big ambitions for its new "Little Blue Menu" restaurants in Nashville and Atlanta.
Chick-fil-A is rationing sauce packets, and brand loyalists are more upset about it than they are about the gas shortage
Industry supply chain disruptions have also led to a broad shortage of chicken, but Chick-fil-A says its supply remains strong.
I visited McDonald's and Chick-fil-A to compare their drive-thrus, and it's clear the 2 fast-food chains are taking entirely different approaches
McDonald's is slowly improving while Chick-fil-A is somewhat a victim of its own success, but the smaller chicken chain is gaining.
McDonald's chicken sandwich sales are exploding as the fast-food giant finally launches a worthy Chick-fil-A rival
The new crispy offerings are on track to make up 10% of sales, threatening Chick-fil-A's commanding lead in the chicken sandwich wars.
The chicken chain is working with Kiwibot, which makes tiny semi-autonomous delivery robots, to test deliveries in California.
Marketing firm Moosylvania surveyed 1,000 millennials to find their favorite brands.
Chick-fil-A was the third-largest restaurant chain in the US in 2019. Part of that success can be attributed to its secret sauces.
An Asian American woman says Chick-fil-A listed her name as 'China' on her order. The chain says it's a misunderstanding.
The customer says she just wants to know that Chick-fil-A is taking the matter seriously, adding that she doesn't care about offers of free food.
An Insider reporter put four fast-food chains to the test to see who could make the best breakfast burrito.
Lil Nas X tweets out image of Chick-fil-A sneakers with the Bible verse 'John 3:16' on them in response to critics of his Satan shoes
Lil Nas X's Satan shoes caused a bit of a stir. The Church of Satan asked for a pair, but South Dakota's Governor was shocked by the sneakers.
How wearable pods designed to keep spectators dry at sporting events came to be used by drive-thru workers at Chick-fil-A and Dunkin'
Most customers were sports fans and festival-goers, but the company pivoted to fit around COVID changes last year.
Starbucks fired an employee over a TikTok video made at work as brands become increasingly wary of workers' social media
Companies are wary of anything that might damage the brand online, an analyst told Insider.
Chick-fil-A is bringing its beloved sauces to more grocery stores. Walmart, Publix, HEB, and grocers in all states will get bottles this spring.
Chick-fil-A is bringing 16-ounce sauces to stores across the US this spring, and ten more states will have them by the end of March.
An analyst says the new tech is key to reducing drive-thru wait times, which companies have competed to do over the past year.
The fast-food chicken sandwich wars have reached a new boiling point because of the pandemic, and every chain wants in on the cash grab
The strategy for many chains appears to be replicating competitors' successes to win over customers.


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Software firm Proactis is set for a showdown with investors at its annual general meeting on Monday after its biggest shareholder openly criticised its performance.
In a stockmarket announcement, ISIS Equity Partners raised concerns over the company’s share price - which had fallen to 25.75p yesterday from 43p when it listed on the Alternative Investment Market in 2006.
It called for the board to “clearly articulate to all shareholders its strategy for creating shareholder value”, and said Proactis should appoint corporate finance advisers to assess whether investors would get better value through a sale or merger.
Private Equity investor Isis, which owns 26.3 per cent of Proactis’s shares, also called for directors to seek re-election annually.
The company, which designs and licenses software for businesses and organisations to cut the cost of procurement, is holding its AGM at its Wetherby headquarters.


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The late Chairman and majority owner of Balmain, Alain Hiveline died in December of 2014 and now his heirs with the remaining minority share of 30% have decided to sale the French luxury fashion house, according to French financial newspaper… 83 more words
Tags » Business Of Fashion
Great read about the state of the fashion world today from The Business of Fashion .
With designers departing historic houses and the rise of digital creating a culture of more, more, more, BoF editor at large Tim Blanks joins designer Erdem Moralioglu, blogger Susanna Lau, publicist Daniel Marks and editor JJ Martin to discuss the problems facing the industry and how to fix them. 9 more words
World Wide Web spots you can’t miss.
In my daily online strolls I tend to get lost in a matter of minutes. I diligently open one tab, I check my email, a few minutes in facebook and then, ten minutes later, I find myself dealing with an average of fifteen new tabs opened in various websites and blogs. 840 more words
Last week Tom Ford and Burberry made huge announcements that might change the fashion industry forever. If that sounds dramatic, it’s because it is. These mega-brands are rejecting the traditional show system in favour of a see-now-buy-now model. 953 more words
Fixing the system…
Once again, having the ultimate goal of making money is a one-way road to failure in the long term. I mean if you want to cash out as quickly as you came into the industry then having money as your motive is probably the answer. 111 more words
Last week I stood in front of the fashion magazines in a news agency for long enough to draw a little suspicion from behind the counter. 481 more words
This year marks the 75th-anniversary of Coach Inc. The New York-based luxury handbag maker leased a space about 23,400 square feet at Manhattan’s 685 Fifth Ave–the world’s most expensive shopping street–that will house its three-level flagship store expected to open this fall. 229 more words


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Encouraged by the growth of cleaner forms of mobility in India, reports suggest Honda Cars India is planning on introducing a hybrid powertrain to its model line-up in the near future. This will not be the first time Honda introducing hybrids in India either. In 2008, the company dipped its feet in the Indian hybrid segment with the Honda Civic Hybrid priced INR 21.5 lakh (ex-showroom). Failing to convince buyers to shell out that much cash at such a nascent stage, the Civic Hybrid was quickly discontinued. Unperturbed, Honda Cars tried their luck again with Accord Hybrid in 2016 and once again, failed to see the sales numbers they had hoped. However, this time the company is betting on producing locally in order to price its new hybrid competitively.
While we bring you this news at a time when there are no pictures and official reports that can confirm the same, our render artist Shoeb Kalania brings us an imitation of what it could look like. While even the fact that Honda’s new hybrid will be based on the fifth-gen City is still unconfirmed, unofficial reports suggest that is the most likely choice. Along with that, Honda now has the infrastructure to build locally and hence, price can be brought down significantly. However, while sales of Honda Cars India were down by 60 per cent in the month of June, Mr Gaku Nakanishi, President and CEO of Honda Cars India, has confirmed that there will be no delay in the launch of the new hybrid vehicle.
While the possibility of the hybrid vehicle being based on the all-new fifth-gen Honda City is high, information about its powertrain is hard to anticipate. Yet, some sources speculate it will borrow its motor from the Honda Jazz e:HEV in International markets. It will still be a petrol-powered hybrid but is likely to be modified to suit India’s needs. The Honda Jazz, in question, offers a 1.5-litre iVTEC engine paired to two electric motors. Together, they produce 108bhp and 256Nm of peak torque. It gets a fixed-gear transmission and a 0-100kmph sprint time of 9.4 seconds. It can be controlled via three drive modes - EV, Hybrid and Engine


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Expression of Evolution at BYNAMIC Fest 2014
BINUS INTERNATIONAL SCHOOL Serpong once again held the rollicking event, BYNAMIC Fest 2014, with this year’s theme as “Expression of Evolution”. This biennial event, was held this year on Saturday, February 15, kicking off from 2:00 pm to 11:00 pm. BYNAMIC Fest 2014 was made even festive with the performance from the guest stars, from four different music genres: reggae, rock, pop and techno.
BYNAMIC Fest 2014 was an event organized by the committee of students of BINUS INTERNATIONAL SCHOOL Serpong from both the middle and high schools. The event aimed at inviting Indonesian young people to participate in music performance and exhibitions, as a means for the young generation to show their concern about the problems of the environment and the preservation of Indonesian music.
With the theme “Expression of Evolution,” young people are expected to be more concerned about and be more aware of the changing times; they should realize that the changing times do not always mean straying away from the Indonesian roots. Indonesian youths must evolve and be ready to express themselves, riding the wave of globalization without forgetting their roots.
BYNAMIC Fest 2014 showcased Souljah, Midnight Quicke, Sweet as Revenge and Adhitia Sofyan, aside from inviting Gofar to emcee the event. BYNAMIC Fest 2014 was made even more interesting with the performance from O2, Gigi and the winner of BYNAMIC band competition (including fashion show from BINUS International University and BINUS International School Serpong Orchestra under the baton of Mr Hengky)
BYNAMIC Fest 2014 did not only focus on the development of Indonesian music; there was also a strong message to “Go Green,” aiming at raising awareness to help preserve the environment by asking the students to recycle trash around the school and use the trash to decorate the event. “We want to show that, for example, the used mineral water bottle, can be recycled or reused for beneficial thing, like for decoration,” said Ivan Rangga, Chairperson of BYNAMIC Fest 2014.
At the event, there were several zones to check out. One of them was zona taman djajan (snacks zone). Here, various stands sold products, like foods; drink; snacks; and fashion products, such as clothes and accessories—all of these were Indonesian-original products. Another zone was green zone where several organizations such as Profauna Jakarta, Sewatama, Jakarta Green Monster and Greenpeace Indonesia, and Marzuki stage.
The big event closed with the performance from Midnight Quickie. ”Hopefully with BYNAMIC Fest 2014 (BINUS Harmony of Art and Music Festival), young people will all the more take pride of the Indonesian tradition,” Wike Widiasari, the publication committee, concluded. (FG)


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TL; DR: Mara Phones, based during Rwanda, is on a mission that can put affordable, Android-based smartphones within reach of underserved communities during Africa and worldwide. The company’s technique to fostering digital inclusion utilizes forward-thinking design and main partnerships with software developers and finance companies. Ultimately, Mara Phones aims to share with you its success with South east asia, America, and Europe by creating an open business for sourcing raw substances.
It’s no secret that your mobile revolution has reshaped any day-to-day lives of Individuals, providing instantaneous, on-the-go the means to access information sources and interaction channels.
These benefits happen to be nearly universal. The majority (81%) of respondents polled from a January 2018 survey on mobile ownership during the U. S. said these owned a smartphone, with 96% stating they will owned a cellphone of some kind.
But not all areas have such widespread the means to access mobile technology and a related benefits. As for 2017, a median for just 33% of individuals in Ghana, Kenya, Nigeria, Senegal, Southwest Africa, and Tanzania reported having a smartphone.
Significant divides last in Ghana, Nigeria, Senegal, together with Tanzania. In those areas, men — as good as adults with alternative educations and high-earning consumers — are far quite likely going to own a smartphone compared with those in other demographic groups.
To strengthen and enrich the resides of underserved populations during Africa and beyond, Rwanda-based Mara Mobile handsets is producing high-quality, affordable smartphones which is designed to facilitate digital inclusion. Any Android-based phones, manufactured during Africa, both boost local job creation and play a role in the digital health of people and businesses internationally.
“As an African designer, we are proud that will help African citizens take over the role of producers — ınstead of just consumers — during the smartphone market, ” says Eddy Sebera, Managing Overseer at Mara Phones. “Ultimately, our goal could be to play globally, making an improvement in smartphone accessibility together within Africa and across the world. ”
In time, Mara Phone also purposes to spread awareness by just creating an open business for sourcing raw substances globally.
Improving the Resides of Employees and Users via Digital Inclusion
Mara Phones may be a subsidiary of the Mara Number, founded by Ashish T. Thakkar in 1996. Eddy told us that in its beginning, the technology company guided toward financial services, manufacturing, together with agriculture. This experience gave any team insight into how the means to access affordable, high-quality smartphones will increase opportunities for coming through markets.
“They had this dream about contributing to smartphone penetration that will help Africa become a seriously digital society, ” Eddy says. “This led them to is a superb creating a smartphone manufacturing plant in Africa, and four a long time ago, they began research together with development. ”
The team decided that will break ground in Rwanda’s capital of Kigali problems . business-friendly environment, flexible coverage, and investments in any private sector. The government of Rwanda was pleased to accept the offer, that would help further establish the region as an emerging mechanic hub.
Construction procured about 10 months, together with by October 7, 2019, Mara Phones began production over the first smartphones manufactured during Africa. Today, nearly 200 staff members run the Kigali-based production line, 60% of whom happen to be women. The company is also proud that it is creating opportunities to your youth: The average age associated with a Mara Phones employee is certainly 24.
The company is already exporting its smartphones that will customers in 49 areas, which Eddy said may be a reflection of the product’s good visibility worldwide. In response to growing demand, Mara Phones recently opened an alternate location in South Photography equipment.
“The response in another three months has happen to be outstanding, ” Eddy says.
Mara X and Mara Z: Affordable, Android-Based Technology
Consumers can currently select from two versions of the fresh smartphone.
Mara X, the beds base model, includes a 5. 5-inch high-definition television screen, dual HD cameras, a cinematic Dolby Sound system, and a 64-bit quad-core processor loaded 1GB RAMand 16GB remembrance. It runs on the Android Oreo computer itself and includes a fingerprint sensor for security protection wthout using password.
Mara Z offers an upgraded experience, with the entire features of the Mara X in addition to a 5. 7-inch HD television screen, 64-bit octa-core processor utilizing 3GB RAM and 32GB bodily memory. In addition towards a fingerprint sensor, the smartphone includes facelift recognition technology for unlocking the nuvi 780 securely.
Mara Z was designed in partnership with Google’s Android One program and as such includes secure monthly tweets, a built-in Google Assistant, and Google Photos, among the other perks. “We have everything which you could ask for from an Android perspective on this subject phone, ” Eddy says.
Both devices feature damage-resistant Corning Gorilla Wineglass, a thin, chemically fortified sheet glass come with many high-quality devices in the business, and long-lasting batteries.
Eddy told us that aesthetics were a key factor in creating together models. “The idea was to produce a phone from the ground up by using a very nice design, taking our competition into account, to encourage users to shop for them, ” he says. “We brought designers regarding, that’s how we came across the idea of starting with two models. ”
Mara Z and Mara X are just the beginning of the series. Eddy told us the provider plans to release three models of the newest generation yearly moving forward.
Partnerships with Software Developers and Finance companies
Mara Phones is at a mission to provide users using an entire ecosystem of features, such as financial option, digital transportation, digital learning, digital healthcare, agricultural efficiencies, online access, and last-mile logistics, amongst others.
To do so, the provider is leveraging partnerships with software developers in adding market-specific apps — which include those that allow farmers to dispose of their crops through your phones — in system bundles. For example, Mara Phones is currently doing an Uber-like transportation choice for motorcycles — needs . forms of transportation during Africa.
“In the next three months, we are rolling released a mobility solution specifically Rwanda whereby motorcyclists will use our phone to charge their customers directly, ” Eddy says. “At the same point in time, they will be ın a position to use it as a GPS tool in addition to a place to receive prospect requests. ”
Mara Phones is partnering with financial associations and network operators to develop affordable payment plans. During the U. S., it’s common for providers available a free phone by using a two-year contract, but Eddy says African providers don’t supply such plans.
To the fact that end, both Mara X together with Mara Z feature phone-locking technology enabling providers to block the means to access users who do possibly not pay their bills. This will aid both network operators and finance companies agree to more user-friendly packages.
“We now partner with network operators so that the phone itself is contained in the package — allowing certain end-users to develop the phone without spending cash in advance, ” she said. “For those who cannot arrange that opportunity, we have negotiated house financing models with financial institutions places to pay in an fitting up of 12 months. ”
From now on, Mara Phones hopes that will expand its partnerships worldwide — both relating to manufacturing and sourcing garbage.
“We don’t want to generally be isolated, ” Eddy says. “We want to invest everyone. We want this results story for Africa to generally be completely inclusive of South east asia, Europe, America — most people. It will help individuals grow. ”.


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- 03.12.2021 12:30 pm
Tinkoff has been named Bank of the Year in Russia at the Bank of the Year Awards 2021, organized by The Banker, a leading international finance publication which is part of the Financial Times Group. The award, regarded as the industry standard for banking excellence, highlights those institutions that have stood out among peers in terms of performance, strategic initiatives, and response to the Covid-19 pandemic.
Barclays Reveals Pitfalls of Unregulated BNPL Agreements for Christmas Shoppers, with Two in Five Users Unclear what they’re Signing Up to
36 per cent of ‘buy now pay later’ (BNPL) users do not fully understand the consequences of missing repayments
- 03.12.2021 08:40 am
The analysts at UnaFinancial, a global fintech holding, surveyed current client experience with digital consumer lending services. With the satisfaction rate of the audience being high, the customers are ready to comprehensively master digital finance. The current satisfaction of the survey respondents is very high. 87% said they were definitely/likely satisfied with digital lending services. Half of the customers already use instant transfers,... more
- 02.12.2021 03:45 pm
Business diversification and effective integration of acquired assets enabled the Bank to double its net profit compared with the same period of 2020. Key results:
- 02.12.2021 02:00 pm
Ahead of Small Business Saturday (4th December) data from Tyl by NatWest, an SME payments provider, has shown SME’s transaction values increased by £7.85 on average since the new £100 contactless limit came into effect on October 15th. Analysing data by key seasonal sectors, those in the floristry industry benefited from an average transaction value rise of £19 from £31 to £50. The clothing retail industry saw an average value rise of £6 from £... more
SEBA Bank Launches Cross Asset Platform for Actively Managed Certificates (AMCs) on Crypto and Blend Portfolios through GenTwo Digital’s Securitization Infrastructure
GenTwo Digital and SEBA Bank have strengthened their strategic cooperation as preferred partners. This collaboration of two leaders - recently recognized by LinkedIn as Top Startups 2021 in Switzerland - in the digital asset space provides the market with premium solutions in this emerging asset class Backed by SEBA Bank’s comprehensive asset management expertise, blended AMCs - crypto and traditional - are a new addition to the AMC landscape
- 02.12.2021 08:00 am
New Manhattan office establishes Temenos at the center of banking Temenos, the banking software company, today announced that it has relocated its North American headquarters to the Helmsley Building on Park Avenue in New York City.
SIFMA, ICI and DTCC Lay Out Path to Shorten U.S. Securities Settlement Cycle to T+1 by First Half of 2024
New report details changes market participants need to consider and implement to move to T+1 The Securities Industry and Financial Markets Association (SIFMA), the Investment Company Institute (ICI), and The Depository Trust & Clearing Corporation (DTCC) today published a report targeting the first half of 2024 to shorten the U.S. securities settlement cycle from trade date plus 2 days (T+2) to trade date plus one day (T+1).
SunTec Business Solutions and Mambu Partner to Help Banks Deliver Personalized Pricing and Benefits at Scale
- 01.12.2021 02:15 pm
SunTec’s specialized revenue management solution to integrate with Mambu’s cloud banking platform; allowing banks to orchestrate exceptional customer experiences SunTec Business Solutions and Mambu announced a partnership with plans to integrate its complete revenue management solution with Mambu’s cloud banking platform.
- 01.12.2021 11:55 am
Mortgage fintech business, Knowledge Bank, the UK’s leading criteria search system has today taken a significant investment to help propel its next stage of growth. Angel Investor and entrepreneur Ying Tan was the founder and former CEO of leading mortgage broker Dynamo. He has today acquired a significant stake in Knowledge Bank and will join its board, becoming non-executive chairman.
Confidence: Half of SMEs are confident that customer demand, as well as turnover, will increase in 6 to 12 months, and the majority expect to grow over the next 3 years Investment: 70% of SMEs are planning to ramp up business investment, with a quarter intending to hire staff and upgrade equipment or machinery
London-based RegTech Artesian : DueDil has today announced a solution to one of the most complex challenges impacting banks and financial service institutions. The company is set to launch its new Ultimate Beneficial Owner (UBO) API endpoint, to improve onboarding speed and customer experience, whilst vitally mitigating regulatory, financial, and reputational risk.
New report from Mambu and AWS forecasts embedded finance is worth $3.5 trillion to the retail sector amid Buy Now Pay Later boom
YouTrip, a Neobank in Southeast Asia, Raises US$30 Million to Accelerate Growth in B2C and B2B Space
- 01.12.2021 08:00 am
YouTrip's transaction volume has rebounded to pre-COVID levels, driven by strong traction in cross-border e-commerce transactions and return of travel spending. Exponential growth is expected in upcoming months following the opening of more Vaccinated Travel Lanes in Singapore and progressive return of SEA travel. The latest funding will be used to scale the neobank's product offerings, including venturing into the B2B payments space, and... more
Rebrand focuses on ongoing commitment to brilliantly simple payments and customer-centric service in a complex ecommerce world Leading smart payments provider and merchant acquiring bank, Credorax, has today announced its new company identity, Finaro.


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The e-commerce company continues to move into enterprise by taking advantage of its successful cloud-based computing service, Amazon Web Services.
New Sync service gives users a less expensive way to sync massive files.
Let's crowd-source an answer to this important question, with a special eye toward families with multiple users.
Ford Sync-equipped vehicles will soon connect to the Automatic Smart Driving Monitor and app, with eyes-free Siri one of the new perks.
The app for syncing, sharing, and editing photos -- available on iOS since 2011 -- has now made its way to Google's mobile operating system.
Apple's been gaining more partners since it announced the service last month and it's ready to take it live.
The online storage site is trying help those who lost files through a technical bug by restoring the files it can and offering free service for a year.
Johnathan Nightingale, Mozilla's vice president of Firefox, is leaving. Firefox is stronger now after a tough 2014, he says, but his departure means more unsettled times for the browser maker.
Password sync, now on IE11 on Microsoft's newest operating systems, makes moving among PCs, phones, and tablets easier. It's also handy for Microsoft to keep customers in its ecosystem.
Tired of only being able to access your WhatsApp conversations on your phone? Start using WhatsApp Web.


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Powerful shots of stimulus from governments and central banks will push up inflation once the immediate Covid-19 crisis fades, according to some high-profile fund managers.
At the moment, most money managers and economists reckon deflation is the more immediate risk. The eruption of mass unemployment, stay-at-home orders and social distancing together constitute one of the biggest shocks to economic demand in history.
Yet some investors argue the real longer-term threat is the return of inflation, as policymakers’ dramatic interventions to prop up demand ultimately drive up prices.
“We are witnessing the ‘great monetary inflation’ — an unprecedented expansion of every form of money unlike anything the developed world has ever seen,” Paul Tudor Jones, head of Connecticut-based Tudor Investment Corporation, said in his latest letter to investors. “High debt accommodated by money printing is difficult to banish. Inflation expectations could one day respond to this reality.”
Hedge fund manager Crispin Odey also expects inflation to get “pretty red hot”. The founder of London-based Odey Asset Management is reluctant to bet on such an outcome, as long as economies are in lockdown and the markets remains focused on the threat of deflation. But he argued inflation is ultimately unavoidable given the level of stimulus.
The disruptive effects of Covid-19 on global supply chains will also help stoke price increases, said David Einhorn, the head of New York-based Greenlight Capital.
“Opportunistic price-gouging on toilet paper, hand sanitiser, milk, rice and potatoes is not a signal of broad inflation. However, a country that consumes much more than it produces, financed by ongoing money creation, will have more money chasing fewer goods and services,” Mr Einhorn wrote to investors earlier this month. “Once the initial shock wears off and the recovery begins, the inflation will begin to show up.”
This remains a minority view, but it is one that is starting to attract some attention. More than 1,100 listeners tuned in to a Morgan Stanley webcast this week when the bank’s analysts presented a case for inflation staging a comeback. That is about double the audience for a typical webcast.
“Just as the consensus underestimated the disinflationary trends of the past 30 years, it is at risk of underappreciating the inflation threat,” Chetan Ahya, Morgan Stanley’s chief economist, said in a report. “I would argue that the driving forces of inflation are already aligned and a regime shift is under way.”
Over the past three decades, inflation has been held in check by technological advances, globalised trade and the rise of multinational companies that have outsourced production and hamstrung workers’ ability to extract higher wages. Those factors could reverse in the coming years, said Mr Ahya, and help propel inflation above central banks’ targets by 2022.
Market indicators such as subdued government bond yields suggest that few investors think inflation is a real danger. US five-year inflation swaps — a closely watched gauge of investors’ expectations of price rises over the longer-term — have rebounded from their March lows but remain around 1.7 per cent, below the Federal Reserve’s target of 2 per cent. The equivalent measure in the eurozone is just 0.87 per cent.
Some say central banks’ vast bond-buying programmes are distorting the markets’ usual signals on the path of prices. But many investors are wary of committing to bets on rising inflation given their experience of the aftermath of the 2008-09 crisis, when years of extraordinary stimulus did not lead to a surge in consumer prices.
Unlike in 2009, few investors are placing “high-conviction bets” against government bonds in anticipation of inflation, said a senior trader at one of the top bond-dealing banks. “The market is clearly not worried about inflation pressures currently, but you worry slightly that investors are still fighting the last crisis,” the trader said.
Other analysts are sceptical. Given the indebtedness of many companies, the economic shock from the coronavirus outbreak could instead trigger a self-reinforcing spiral of deflation and defaults, according to Matt King, a Citigroup strategist. “At best, the debt overhang and desire to rebuild buffers will have long-lasting deflationary consequences,” he said. “At worst, defaults will feed on each other.”
Inflation sceptics also point to Japan, where despite decades of hyperactive monetary policy from the central bank, prices have rarely risen with any consistency.
Mr Tudor Jones argued that the struggling Japanese banking sector and the sluggishness of policymakers’ initial response caused deflation to become entrenched. Moreover, growth in Japan’s monetary base has never approached the rapid levels seen in the US today, which is expanding at the fastest pace since World War II, according to Tudor’s estimates.
The hedge fund manager conceded that inflation will likely slide in coming months. But he is betting that even when the most intense phase of this crisis has passed, governments will struggle to wean themselves off central bank-financed spending — something that economists dub “fiscal dominance”. This, he argued, could revive inflation as the global economy recovers.


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Some business gimmicks — those things you do to get people in the door — eventually grow to become something more than that. They become traditions.
Such is the case at Watermark Books, where there’s still a 50-50 chance you could get a free cup coffee in the morning. The bookstore for about seven years now has been steadfastly flipping its customers for it. Yes, that means employees actually take out a quarter and flip the coin. You win, the coffee’s free.
She says she’s never measured how many cups of coffee the store has given away over the years.
“Honestly, it doesn’t matter,” Golay says. “We like seeing the same faces every morning, and the new faces too. It becomes a family.”
And it still catches the attention of some.
“If someone is new (to the store), it kind of takes them by surprise when we say, ‘I’ll flip you for it,’” Golay says.
Corey Peterson, former head of the Associated General Contractors of Kansas, is going home.
Peterson left the Topeka-based trade group earlier this month to return to Lindsborg, where he grew up and where he has purchased the well-known Hemslojd Inc. That’s the corner store in downtown Lindsborg that makes those handcrafted Dala horses that you can buy for your front porch.
Peterson had known the longtime owners of the store and, as they approached retirement, was talked into buying the business. Hemslojd, which is Swedish for “handicraft,” is a combination gift store and wood shop. It has an extensive catalog and Internet business — so extensive, in fact, that Peterson says the company ships its Scandinavian door harps to Sweden, of all places.
The company’s latest expansion plans involve products made from etched glass.
“I don’t know anything about retail or Dala horses, but I’ll learn,” says Peterson, whose great-grandparents were born in Sweden. “I didn’t know anything about trade associations when I jumped in 25 years ago either.”
Peterson ran the AGC — which has a large Wichita membership base — for 11 years. Before that, he worked for a company that managed eight national trade associations.
Digesting the news
WBJ readers had fun last week with news that a physicians group was planning to convert the former east-side Ted’s Montana Grill into a gastroenterology clinic.
Drs. Michael Lievens and Estephan Zayat, of Kansas Gastroenterology and Kansas Endoscopy, have purchased the building and adjacent land at K-96 and Webb Road. The doctors plan to renovate and expand the structure so they can relocate their practice there.
For some, it was just too much to resist.
Said the Kansas Girl Scouts’ Cat Poland (@catpoland on Twitter): “In one end and out the other.”
And from Chris Green, of the Kansas Leadership Center (@christophgreen): “Is this ‘News to Inspire Jokes Week’ in Wichita?”


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Maren Winter/iStock/Thinkstock(FRANKFORT, Ky.) – A strike is imminent for workers at a pair of Jim Beam whiskey distilleries after another round of voting could not resolve an ongoing labor dispute.
Hours before the existing contract was set to expire for the world’s largest bourbon producer, union workers at distilleries in Clermont and Boston rejected a revised deal.
Union workers said they were set to start manning picket lines early Saturday after differences over job security, failure to recognize seniority, and poor labor scheduling could not be resolved.
The company said Friday night that it would carry out “contingency plans” to keep operations running at the two distilleries.
The American whiskey brand is owned by Suntory Holdings, a Japanese beverage company.
Copyright © 2016, ABC Radio. All rights reserved.


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Rustlers, the UK’s best-selling micro-snacking brand*1, is rolling out a new £2.5 million marketing campaign over the next 12 months to support its new growth strategy.
The major marketing drive will be spearheaded by a new TV commercial designed to provoke conversation amongst its core target audience of 16 – 24 year olds.
The re-positioning will also enhance Rustlers’ quality credentials by placing the brand’s unique flame-grilled cooking process at the heart of its brand identity and communications.
It marks the start of a four-year plan by Rustlers to grow the UK’s £150 million*2 micro snacking category by £50 million.
“People who buy Rustlers rank it more favourably than loyalists of brands in our broader competitive set, but we’re going to accelerate growth by challenging and changing perceptions amongst people who have yet to try it,” says Adrian Lawlor, Kepak Convenience Foods’ Marketing and Business Development Director.
The creative is headlined ’80 Years of Torment’ and tracks a man’s life from boyhood to old age, showing hardships endured along the way. It ends with the now elderly man tucking into a proper flame-grilled burger from Rustlers that cooks in just 90 seconds, finishing with the line: ‘What A Time To Be Alive.’
Peak-time TV advertising will run on Channel 4, supported by cinema, outdoor and digital, generating over 70 million opportunities to see.
“Rustlers has grown from a standing start 15 years ago to annual sales of more than £100 million today. Our growth plans are ambitious and we’re confident that our new brand proposition will result in many more people trying Rustlers. With the quality of our offer, repeat purchase rates will be high.”
The first wave of the campaign breaks in Scotland and the North of England this month (November) and runs until mid-December. It comes as Rustlers is building on its position as the UK’s best-selling micro-snacking brand, with annual sales of more than £100 million, up 16 per cent year-on-year*2.
*1 IRI 52 w/e August 14th 2016
*2 Kepak estimates 52 w/e 16th July 2016 (created due to low convenience read from IRI)
Kepak Convenience Foods
01772 688 300


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By 2033, the worldwide packaged food market is expected to be worth US$ 62,11,619.50 million. According to our food and beverage industry analysts, packaged food providers should expect a CAGR of 4.3% through 2033, with a current valuation of US$ 40,79,495 million in 2023.
Companies that place a premium on labelling and are transparent about their manufacturing processes are more likely to meet consumer demand. Product packaging is crucial in the packaged food sector. To prevent fungal development, extend shelf life, and increase transportability, major corporations are creating packaging that avoids contact with air.
Tap into Market Opportunities and Stay Ahead of Competitors – Get Your Sample Report Now!
Furthermore, an increasing number of people are replacing dairy and animal products with plant-based alternatives. As a result, packaged food manufacturers are consciously focusing on developing product lines that highlight organic options.
Consumers are increasingly interested in functional foods that contain probiotics, which help the body build immunity. As a result, major corporations are investing in research and development to generate compounds that bring several health benefits to customers.
Key Takeaways from Market Study
- North America packaged food market is estimated to be valued at US$ 744 Bn in 2022 and register a CAGR of 4.9% in the forecast period
- Latin America and Oceania are expected to account for 4.5% and 5.3% of the demand share in the packaged food market, respectively, in 2022.
- Europe processed food market is expected to reach US$ at 682 Bn by the end of 2032
- By product type, the baby and infant’s foot holds the highest market share in the packaged food marker
- The meat and poultry segment is expected to have a high growth rate at a CAGR of 5.5% over the assessment period
“Key players of packaged food products are investing heavily in research and development activities to offer new product lines that are plant-based, dairy free, vegan and fulfil nutritional requirements of consumers.” says a Future Market Insights analyst.
Key manufacturers have invested substantially to get deeper insight into shifts in consumer preferences and adapt their products accordingly to suit their requirements. Mergers and alliances have been a prominent growth strategy practised by companies planning to extend their market presence in the global packaged food market.
- Nestle and Starbucks have unveiled new products in their Starbucks at home range. It includes Cold brew Concentrate, Fresh Brew coffee and lends with essential vitamins and turmeric.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global reduced fat butter market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
Preference for Naturally Sourced Food Products to Boost Packaged Food Market
North America is expected to be the leading region in the global packaged food market, opines FMI. Growing inclination towards naturally sourced food products is expected to propel the demand for packaged food in the U.S.
High concentration of manufacturing plants and easy availability of innovative packaged products is positively impacting the sales of packaged products. As per FMI, the U.S. packaged food is expected to reach a value of US$ 632 Bn in 2022 which is approximately 24.3% of the global packaged food.
Why is India Considered a Promising Market for Packaged Food?
Growing Consumption of Pre-Cooked Meals to Fuel Packaged Food Products Sales in India
The most remunerative market for the packaged food industry is anticipated to be Asia Pacific, driven by the escalating demand for convenient and pre-cooked meals. Hence, manufacturers are focusing on offering quality food products suited to local tastes. As per FMI, the India packaged food market is expected to account for US$ 289 Bn in 2022 which is approximately 18% of the global packaged food market.
Market Segments Covered In Packaged Food Market Analysis
By Product Type, Packaged Food is Segmented as:
- Baby and Infant Foods
- Dairy Products
- Bakery and Snacks
- Meat and Poultry
- Ready-To-Eat Meals
- Alcoholic Beverage
- Non-Alcoholic Beverage
By Packaging, Packaged Food Market is Segmented as:


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Wine Walk: Red vs. white theme at Kingwood Center Gardens
MANSFIELD - Wine Walk is back for a third year at Kingwood Center Gardens, but this year's event has a theme.
Members and staff are going with a red vs. white motif for Saturday's festivities.
Kingwood is a 47-acre former estate garden that has been open to the public since 1953.
"It's a good opportunity to get out and enjoy what Kingwood has to offer," said Brandon Clayton, visitor services director.
Patrons, who are encouraged to wear red and white, also can enjoy what seven Ohio wineries and one beer vendor have to offer. A drink ticket includes eight 2-ounce pours. Visitors also can get a complimentary photo souvenir from Mid Ohio Photobooth.
In addition, eight food vendors, including two trucks, will be on hand. Food is not included in the price of admission, which is $25 for members and $30 for nonmembers. Designated drivers pay $5.
"Each vendor is going to decorate their own station with the red and white theme," Clayton said.
Those attending will vote for best décor, best red wine and best white wine.
Live music will be provided by two acts, Love Coma and Ricky Mitchell, along with iHeart Media. Two artists, Paul McClain and Allison Pence, will be on hand for live demonstrations.
The presenting sponsor for this year's event is ReVision.
The first Wine Walk took place in 2017.
"It's really grown since then," Clayton said. "It's mainly a fundraiser to benefit Kingwood so we can expand our offerings."
Wine Walk will take place rain or shine. The backup plan involves moving the festivities to the greenhouse, courtyard exhibit hall and the carriage house.
Wine Walk will take place from 6 to 9 p.m. Members can enjoy a preview an hour before the event opens to the public.
Members can park in the Mansfield Senior High School staff lot. The Park Avenue West entrance will be closed.
Nonmembers can park at the old Spitzer car lot to the east of Kingwood Center Gardens. A shuttle service will be provided. Other parking areas include Linden Road, Mansfield Senior High School and the old Pizza Hut lot.
Clayton said up to 600 people are expected. They should use the Linden Road entrance.
The grounds will close at 3 p.m. Saturday to allow for set-up.
People can order tickets online at kingwoodcenter.org until 1 p.m. Friday. Tickets also will be available at the door.
"It's just a night out," Clayton said. "It's adults only, which is not common for Kingwood."
Staff members already have considered next year's Wine Walk, which will be held Sept. 12, 2020, with the Roaring '20s as the theme.
If you go
What: Wine Walk
Where: Kingwood Center Gardens, 50 N. Trimble Road
When: 6 to 9 p.m. Saturday
Cost: $25 for members, $30 for non-members, $5 for designated drivers
More information: Call 419-522-0211 or visit kingwoodcenter.org.


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From the NYTimes: “Zimbabwe’s economy is so dire that bread vanished from store shelves across the country on Wednesday after bakeries shut down, saying government price controls were requiring them to sell loaves at a loss. The price controls are supposed to shield consumers from the nation’s rampant inflation, which now averages nearly 1,600 percent annually.”
From the poem, “The Incredible Bread Machine”:
Now bread is baked by government.
And as might be expected,
Everything is well controlled.
The Public well protected.
True, loaves cost a dollar each,
But our leaders do their best!
The selling price is half a cent.
Taxes pay the rest.


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Jan. 12th, 2006 6:44 am
EA announced today that the official web site for BLACK has gone live and can be found at http://black.ea.com/
. The site features the latest news, videos and screenshots plus a link to a pre-order campaign allowing gamers to unlock the BLACK’s massive BFG.
Each section also allows gamers to test drive a different weapon from the game, with an explosive point-and-shoot interface. Lock and load!!
BLACK casts gamers as Sergeant First-Class Jack Kellar, seasoned veteran of the US military and a leader of a BLACK ops team. Your squad has been sent into the heart of Eastern Europe on a dangerous mission in the midst of a relentless combat zone to bring in a traitor.
BLACK is developed by Criterion Games, the studio behind the groundbreaking Burnout franchise. When Burnout hit the streets it injected a new lease of life and visceral quality into a genre obsessed with realism and simulation. One of the core aims of BLACK is give the FPS genre a similar dose of the Criterion touch.
BLACK is rated M for Mature by the ESRB and ships to North American retail outlets on February 28.


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Tory Burch has found a new partner.
This story first appeared in the July 24, 2009 issue of WWD. Subscribe Today.
After a yearlong search for additional financing, the designer has sold a minority stake in her more than $200 million firm to Tresalia Capital, a Mexico City-based family-owned and -operated investment company known for investing in Mexican projects from young entrepreneurs.
Tory Burch executives declined to divulge the final price and the percentage stake they sold to Tresalia, but industry sources estimate it at between 20 and 25 percent.
Burch and her ex-husband, Christopher Burch, who cofounded Tory Burch five years ago, still jointly own the majority stake in the firm, which now operates 18 freestanding stores and wholesales apparel and accessories to 450 high-end department and specialty stores worldwide. Christopher Burch is still actively involved in the company, but declined comment Thursday.
With the ongoing recession, increasing credit crunch and overall declining retail sales, the Burch deal comes at a time when few acquisitions or other investments are being made in the fashion world. In the past year, only a handful of key brands have inked deals — Jones Apparel Group Inc. acquired a 50 percent stake in Rachel Roy, VF Corp. acquired the Splendid and Ella Moss brands and Iconix Brand Group Inc. purchased Ed Hardy.
Tresalia is run by María Asunción Aramburuzabala, who is president and chief executive officer. According to Tory Burch, her company is Tresalia’s first investment in the apparel industry. Tresalia has invested in several Mexican companies in industries such as telecommunications, real estate, technology, media, education and health, as well as the management of private and venture capital funds and the creation of new companies. Aramburuzabala, who could not be reached for comment, is also a vice chairman at Grupo Modelo, a family-founded Mexican brewery.
“I love that they are a family-owned business and a private company. I felt an instant connection with them when we met, and this is a process we started about a year ago. I’m so thrilled to have closed the deal with the right partner,” said Tory Burch.
Burch said with a new investor, she now has the infrastructure to grow on a global scale, particularly in South America, where sales have been promising in many of the brand’s wholesale accounts.
“The team at Tresalia Capital has the same entrepreneurial values that our brand was built on,” she said. “They have a great understanding of the vision we have for Tory Burch and the future of our company. I look forward to working with them as we continue to expand and diversify our brand on a global scale.”
Burch said she particularly likes that Tresalia’s owners are big believers in philanthropy, and that they’ve encouraged Burch to continue her charitable work.
Last year, she established The Tory Burch Foundation, which provides economic opportunity to women and their families in the U.S. The Foundation’s first partner, ACCION USA, provides loans and financial services to small businesses.
WWD reported in July 2008 that Burch was on the hunt for an investor. At the time, Burch said she was looking to sell a 30 percent stake for about $300 million, based on a self-valuation between $935 million and $1 billion for the whole company. However, sources said with such a steep asking price, the field of candidates had been narrowed down to two main bidders, TSG Consumer Partners and Bear Stearns Merchant Bank. Calling the asking price too high, particularly given the current lending environment, sources estimated the stake’s price would come in closer to $250 million. Neither firm ended up investing in the brand.
Originally launched as a retailer, Tory Burch plans to add six more stores in the U.S. to her current 18 units before the end of the year. In addition, the company will open its first freestanding store in Japan in the Ginza section of Tokyo by yearend.
Burch also plans to build on the wholesale portion of the business. In March, the designer signed two long-term Asian distribution deals — the first with Look Inc. in Japan and the second with Samsung Cheil Industries Inc. in South Korea. The deals marked the first time the Tory Burch brand was sold in those countries. According to Tory Burch president Brigitte Kleine, the goal is to eventually run businesses of equal size in the U.S., Asia and Europe. The fall Tory Burch collections will be sold in Japan in Isetan, Hankyu Umeda in Osaka and in Takashimaya Nagoya, and the goal is to open six freestanding stores and 24 department store locations throughout Japan within the next few years.
Last year, the company opened a showroom in Milan. For fall, the brand will be sold in about 371 doors throughout Europe.
Currently, Tory Burch sells in major department and specialty stores worldwide including Bloomingdale’s, Saks Fifth Avenue, Bergdorf Goodman, Selfridges and Harvey Nichols. Products wholesale from $119 to $166 for clothing and from $95 to $272 for accessories. Half the business comes from accessories, which includes handbags, shoes and jewelry. With the exception of eyewear, which is licensed to Luxottica Group SpA and will launch in November, and footwear, which is produced under a production partnership with Vince Camuto, all products are designed and produced in-house.
Although Burch’s vibrant printed tunics and “luxury at a price” clothing were what launched her company in 2004, it was her popular line of Reva ballerina flats, which showcased her now-famous “double T” logo, that catapulted her success. Last year, she beat out Marc Jacobs and Michael Kors at the Council of Fashion Designers of America awards, winning the Accessories Designer of the Year. In 2005, and after just one year in business, she won a Rising Star Award for best new retail concept from Fashion Group International.