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- The Nigerian Textile Manufacturing Association (MTMA) lobbied for a ban on export of cotton from the country. MTMA’s Acting Director-General, Hamman Kwajaffa, points out such restriction was required as locally produced cottons are just enough for manufacturers of textile materials in the country. Kwajaffa spoke at a public hearing organised by the Abubakar Moriki led House of Representatives committee on industry considering a Bill for an Act to establish the national cotton, textile and garment (CTG) development council and standardization in CTG value chain and ways to achieving CTG self sufficiency in Nigeria.
- Kwajaffa described the move to establish the CTG development council as a step in the right direction since it would create a suitable environment for the economy to grow. Stakeholders in the garment industry have welcomed the plan to establish CTG, as it would boost cotton production in the country.
- Decrying the reliance on imported fabrics by Nigerians, she said it was unfortunate that Nigeria is yet to reap the benefits derivable from the African Growth Opportunities Act (AGOA) due to the reverses suffered by the textile and garment sector of the economy over the years.
- A new scheme for selling cotton to textile enterprises will appear in Uzbekistan starting from next year.
- The corresponding decree was signed by Uzbek President Shavkat Mirziyoyev, podrobno.uz reported.
- “Starting with the harvest of raw cotton in 2018, as an experiment, the system of ordering and advancing the production of raw cotton directly from farms and other agricultural producers by domestic textile enterprises will be introduced,” the presidential decree said.
- Over the years, enterprises purchased raw materials from the monopoly supplier Uzpahtasanoatexport.
- According to the new order, textile enterprises will finance the basic costs of farming to grow raw cotton by advancing at least 60 percent of the contract’s value.
- All delivered raw cotton should be used only for further deep processing and production of finished competitive products, the document noted.
- The price for raw cotton purchased by enterprises will be established on a contractual basis based on an analysis of actual costs and profitability of farms.
- At the same time, it should not be lower than the cost of cotton purchased for state needs. Therefore, the president instructed the government to establish government procurement prices for the “white gold” harvest of 2018 until January 15, 2018.
- Enterprises of the textile industry sell cotton seeds to fat-and-oil enterprises, additional products -- to other consumers through exchange trades. This year Uzbekistan collected more than 2.9 million tons of raw cotton.
- President of Uzbekistan Shavkat Mirziyoyev also signed a decree on liquidation of the Uzbekengilsanoat joint-stock company.
- Thus, the head of state supported the proposal of the textile industry enterprises, the shareholders of the Uzbekengilsanoat JSC and a number of other departments on the establishment of the Uztekstilprom Association. At the same time Uzbekengilsanoat JSC, which combined state regulatory and economic functions, is liquidated.
- As indicated in the document, the current system of management of the industry does not meet the current trends in the development of the textile industry and is not capable of supporting producers.
- Uzbekengilsanoat includes 436 enterprises, which makes up only 6 percent of their total number. The activities of this society basically comes down to collecting statistics, holding various meetings, organizing exhibitions. Its organizational form also does not correspond to the legal status of the joint-stock company.
- The experience of foreign countries has shown that one of the most effective forms of development of the textile industry is the creation of clusters. This model implies the organization of a single production cycle, which includes the cultivation of raw cotton, primary processing, further processing at cotton ginning enterprises and the production of final textile products with high added value.
- Proceeding from this, the special Working Commission was entrusted to develop a draft Concept of development of cotton-textile clusters for the medium-term perspective, taking into account the results of the organization of similar clusters in the Bukhara and Navoi regions.
- Along with this decree, measures to support textile industry enterprises, including the provision of privileges for customs payments are envisaged.
- The Pakistan Textile Exporters Association (PTEA) has lauded the government’s initiatives to reverse the negative growth in exports as the country’s shipments recorded over 7% growth in October 2017.
- “Immediate availability of regionally competitive energy prices, release of pending refunds and a fast-track implementation of the export growth package will further boost the growth in exports,” it said.
- Contrary to perception, foreigners find Pakistan safe
- PTEA Chairman Shaiq Jawed appreciated efforts of the government to arrest the persistent decline in exports, but at the same time underlined the need for further reforms by removing impediments in the way of export growth.
- Expressing satisfaction over 7.12% rise in textile exports in October and 7.72% increase in July-October, he said the growth could be increased further by addressing the remaining challenges.
- High cost of production was a major stumbling block as the cost of energy inputs had reached an alarming stage, making the country’s products uncompetitive in the international market, he added.
- Comparing gas prices with regional peers, he said gas tariff in Bangladesh was $3 per million British thermal units (mmbtu), $4.2 in Vietnam and $4.5 in India whereas in Pakistan gas was available at $7.6 per mmbtu and re-gasified liquefied natural gas at $11 per mmbtu.
- A stitch in time on the subway line is becoming profitable for a New York City man.
- Former “American Idol” contestant Frenchie Davis was riding the train in Brooklyn on Nov. 21 when she spotted a bearded man knitting, The New York Daily News reported. Davis, who acted in the Broadway production of “Rent,” snapped a photo of Louis Boria and posted it to Facebook, noting that “This brotha on the train is my hero today.”
- The photo went viral, and boosted the sales of Boria’s company, Brooklyn Boy Knits, which he formed in 2009. To accommodate the sudden surge in orders, The 42-year-old Brooklyn resident said he was hiring two more knitters and revamping his website.
- “For the first time in 10 years, I have pending orders,” Boria told the Daily News.
- “I’m a fast knitter, but I’ve been telling customers to give me a three- to four-week delivery time.”
- London - As the fashion industry heads towards a future where textile resources are scarce, natural fibers such as cotton, which remains a resource-intensive material, and petroleum-based fibers like acrylic, polyester, nylon, and spandex remain high in demand. But as the production of these fibers continues to cause irreversible damage to our environment, more and more companies are seeking out an alternative, sustainable fibers, and fabrics. In this series, FashionUnited explores the future possibilities offered by sustainable innovations in the textile and fashion industry. In this installment, FashionUnited examines the new, more responsible option to viscose - EcoVero.
- Viscose, which is also known as rayon, has been used to make soft, silky fabrics, luxurious feeling fabrics. Made from purified cellulose, it is produced from specially processed wood pulp and is often compared to silk and cotton. However although the fabric made from this fiber may be beautiful, viscose remains a semi-synthetic, chemical fiber. Often the timber used to for the wooden pulp stems from irrigation-intensive monocultures, which negatively impact the earth. Large amounts of highly toxic chemicals, such as carbon disulfide are used during the production of viscose, which has led to a number of worker poisonings. In addition, shipping the cellulose-based fiber around the globe also increases the level of Co2 emissions, making it a harmful fiber.
- New Delhi:Inward shipments of cotton yarn, man-made yarn and fabric have gone up dramatically post GST from July, textile industry body CITI said on Monday.
- In a statement, the Confederation of Indian Textile Industry (CITI) said it has requested commerce and textile ministries to raise import duty on man-made fibre (MMF) yarn, cotton fabric and MMF fabrics by 15 percent to ring-fence local yarn, fabric and garment producers from the threats of cheaper import, especially from FTA nations such as Bangladesh and Sri Lanka.According to data shared by CITI, the import rose during July, August and October, but September figures were not available.
- India's MMF yarn import hit $14.97 million in July as opposed to $8.92 million in the same month last year.
- Cotton fabric import showed the same trend, up at $12.81 million in July against $8.84 million last year. MMF fabric import stood at $8.27 million compared to USD 6.36 million in July 2016. Similar conditions prevailed in August.
- The overall import of textile yarn fabric and made-up articles stood at USD 153.9 million in October as against $ 137.31 million in the previous year.
- "The government recognising the problem and threat of imports flooding the market has recently increased import duty on MMF Fabric from 10 percent to 20 percent. However, the import duty on MMF yarn and cotton fabric have been kept at the old rates," CITI Chairman Sanjay Kumar Jain said.
- Jain held that the current scenario is impacting domestic yarn and fabric producers and garment manufacturers.
- Trade body Cotton Association of India (CAI) has threatened to go one day protest on December 15, followed by an indefinite strike against Reverse Charge Mechanism if the GST council does not resolve the issue in its meeting scheduled on December 21.
- All members present at the meeting decided that, they would go on one day token protest against RCM on 15th December 2017 and thereafter on an indefinite strike in their respective states by closing shutters from 22nd December 2017 if the issue of RCM was not resolved in the next meeting of the GST Council which is scheduled to be held on 21st December 2017.
- Cotton Association of India (CAI) convened a joint meeting of the upcountry associations of all cotton growing states in Mumbai this week to deliberate on the issue of Reverse Charge Mechanism (RCM) under GST and to chalk out strategy of finding out a solution to this vexatious problem in close coordination with each other.
- CAI has about 70 ginners enrolled as its members and therefore, this meeting was convened to understand the problem of RCM also from the ginners’ perspective. The meeting was chaired by Atul S. Ganatra, President, CAI.
- The plight of the entire cotton sector across the country and the issue of pending refunds to exporters since July 2017 on account of GST were deliberated at the meeting. Ravinder Reddy, President, Telangana Cotton Millers & Traders Welfare Association highlighted the damage caused to the crop and heavy losses suffered by the farmers due to pink bollworm and uncertain rains in Telangana. Reddy added that this matter was engaging the active attention of the state government. Manjeet Singh Chawla, President of Madhyanchal Cotton Ginners & Traders Association pointed out that due to RCM, huge funds of ginners were blocked and since cotton seed buyers and the buyers of cotton bales were not paying GST, this has led to blockage of huge funds of the ginners.
- The pace of cotton trades was weak in the Brazilian market at the beginning of the second fortnight of October and, thus, prices oscillated slightly then. Purchasers and sellers showed low interest in trading, for both prompt and long-term deliveries. Therefore, the few trades involved small volume batches. The low supply of quality cotton underpinned prices in the Brazilian market in that period.
- Cotton growers were focused on the accomplishment of contracts and affirmed they would only make cotton available in the spot market after accomplishing these contracts. Thus, the few batches available referred to low quality cotton, not approved by purchasers. Low availability of cotton and international values oscillations, in turn, drove many sellers away from the market in that period.
- Between September 30 and October 31, the CEPEA/ESALQ Index, with payment in 8 days, for cotton type 41-4, delivered in São Paulo, decreased slightly 0.68%, closing at 2.5073 BRL (0.7872 USD) per pound on October 31.
- Trading companies, in turn, were not very active in the domestic market in the second fortnight of the month, attentive to the drops at the New York Stock Exchange (ICE Futures) and to Cotlook A oscillations.
- The Ministry of Commerce and Textile has prepared a summary to highlight the problems and irritants confronted by the textile sector and it will be presented to the National Assembly to pave the way for immediate relief and sustained growth of the critical industry, State Minster for Commerce and Textile Haji Akram Ansari said on Monday.
- Speaking to members of the All Pakistan Textile Processing Mills Association, he emphasised that he was fully aware of the challenges faced by the textile sector and was trying to address them.
- “However, many of these issues are linked with other ministries and in an attempt to solve them, we will arrange meetings of textile sector representatives with senior officials of these ministries,” he said.
- Ansari said he had already brought the delay in release of tax refund claims and abuse of discretionary powers by tax officers to the notice of Special Assistant to the Prime Minister on Revenue Haroon Akhtar Khan, who vowed to resolve the problems on a priority basis. Responding to a question about gas infrastructure development cess (GIDC), he requested the association chairman to nominate two or three representatives for discussion on the levy.
- Association Chairman Khalid Habib Sheikh outlined the problems afflicting the textile processing industry, saying high cost of doing business, GIDC, sales tax on coal import, turnover tax, withholding tax and stuck tax refunds had hurt profits of the sector.
The GST Council today hiked the threshold limit of the composition scheme that allows small businesses to pay taxes at a lower rate without getting any input tax credits.
Businesses with an annual turnover up to Rs 1 crore can now opt for the scheme, Finance Minister Arun Jaitley told reporters. The earlier threshold limit was Rs 75 lakh. About 15.5 lakh companies with a turnover of less than Rs 1 crore have joined, he said.
The increase in threshold would bring in many more small businesses within its ambit and decrease the compliance burden for various businesses that were previously hit by the lower threshold, said Rashmi Deshpande, associate partner at Khaitan & Co. However, to make the scheme really effective it needs to be liberalised by including all service providers and allowing them to provide inter-state supplies, PwC said in a statement.
The attractiveness of this scheme will come down to whether a big manufacturer is willing to buy from a dealer without getting any credit, said Badri Narayan, lawyer and partner with law firm Lakshmikumaran & Sridharan told BloombergQuint.
One of the problem they still face is that the composition scheme is not working as well as it is supposed to. Partly because businesses want input credit on all of the inputs they're making. The minute you're on a composition scheme you do not get any input credit at all. This is one of the reason why many people have not gone into the composition scheme. It looks attractive on paper. Badri Narayan, Partner, Lakshmikumaran & Sridharan
Under the scheme, traders, manufacturers and restaurant owners have to pay a GST rate of 1 percent, 2 percent and 5 percent of their turnover, respectively. Those who opt for this can file returns quarterly, compared to every month earlier.
The GST Council also allowed other taxpayers with a turnover of up to Rs 1.5 crore to file quarterly returns. A Group of Ministers headed by Bihar Finance Minister Sushil Modi will examine and submit recommendations in two weeks.
The GoM will look into:
- Inter-state supply of goods for those who avail the Composition Scheme.
- Sale of exempted goods by traders availing the Composition Scheme.
- Whether input tax credit can be availed if tax is paid at 2 percent.
Read all the highlights of the GST Council's decisions here .
- NIGERIA APPROVES MTMAS BAN ON COTTON EXPORT
23 Jan 2018
- Uzbekistan reforms its cotton, textile industry
16 Dec 2017
- Textile industry demands reforms to further boost exports
12 Dec 2017
- Subway in stitches: NYC man knitting on train is no yarn
08 Dec 2017
- Sustainable Textile Innovations: EcoVero, an alternative to viscose
06 Dec 2017
- Sharp Rise in Imports of MMF Yarn, Cotton Fabric Post GST, Says Textile Body
05 Dec 2017
- Cotton traders to go strike against RCM under GST
01 Dec 2017
- PRICES OSCILLATE SLIGHTLY IN BRAZIL DUE TO REDUCED SUPPLY OF QUALITY COTTON
20 Nov 2017
- NA to discuss textile industry’s challenges
15 Nov 2017
- Threshold For GST Composition Scheme Increased To Rs 1 Crore
06 Oct 2017


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Dastkari Haat Samiti brings forth a vibrant exhibition
This festive season, the Capital will light up with more than just twinkling lights. That is because, Jaya Jaitly, President at Dastkari Haat Samiti has taken up the task to organise a unique exhibition and crafts bazaar to commemorate Mahatma Gandhi's 150th birth anniversary.
The week long bazaar started on October 1, at IGNCA, Janpath, New Delhi.
The 8-day long event, which is an ode to the Mahatma – who revolutionalized the handloom and handicraft sector – will feature 90 artisans handpicked by the Samiti from remote parts of India including some hitherto unknown crafts persons who are largely unable to travel to Delhi, and others who have made a special effort to offer new items and designs in their art or craft forms.
Some of the works which will be showcased in the exhibition are bead work and gudia shilp from Jhabua, MP; wooden comb and paper machie bird, Ujjain, MP; thread jewellery from Uttaranchal; silver jewellery from Rajasthan, weaving, bandani and wood work from Gujarat; embroidery and block from Hardoi, UP; to name a few.
A nurturer, supporter and innovator of handmade and handcrafted products and artisans Indian crafts, Gandhiji helped India's economy and gave the craftspersons a platform to grow. This exhibition celebrates that movement.
At a time when fast fashion is at its peak, a show like this brings us back to swades and is unapologetic of its rejection of a lifestyle that is not sustainable.
The highlight of the event includes a special tribute by the craftspersons to Mahatma Gandhi – where in 25 hand crafted images of him, each one made in a different textile craft styles such as handloom weaving, tie and dye work, shibori embroidery, batik, durry weaving, traditional art like godhna, gond, patachitra,among others combined with art are at display. Crafts like wood carving and inlay, bamboo work, glass work, to name a few are used to depict Mahatma Gandhi. This will be a unique exhibition at Twin Art Gallery.
Replete with traditional skills and integral to our nation's cultural fabric, the handicraft products will include home decor, hand painted divas, trinkets, textiles and other rich essentials perfect for the festive season. To add and support the environment and the plastic ban, special cloth bags are being made for goods. This crafts bazaar will offer you the perfect mood to enjoy the slight nip in the air and appreciate everything that is handmade and sustainable.
- 25 Jan 2020 5:27 PM GMT
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- 25 Oct 2017 3:32 PM GMT
- 2 April 2020 7:44 AM GMT
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- 2 April 2020 6:11 AM GMT

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UIndy Financial Expert Questions Value of Bitcoin
An Indiana financial expert says bitcoin really isn't worth the value it's touted to be.
This follows word that the price of the internet currency is down more than 50% after falling from a November high of $1200 to $575 Wednesday. This comes after China cracked down on the currency.
University of Indianapolis Professor Dr. Matt Will says bitcoin is merely a method of transacting business. It allows consumers to buy and sell goods online, like the dollar, if it's accepted. Will says the total value of bitcoin might have been $7 billion compared to US currency which is $10 trillion.
Will says some online retailers might accept it, but that remains unlikely. Will says the dollar has the backing of the U.S. government and economy and other some other world currencies are backed by gold. However, he says bitcoin has no real support. Ultimately, he says bitcoin is basically the product of speculators so consumers should be very careful about acquiring or using it.


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BERLIN— Ford Motor Co. has launched talks with trade unions in Europe about job cuts that could run into the thousands as it shuts European plants and cancels production of unprofitable models in response to a storm of bad news for global car makers.
The move is the latest sign that waning demand and weaker profits in Europe, amid concerns around Brexit, trade, the gradual death of diesel engines and an economic slowdown in China, are forcing auto manufacturers to aggressively prune their businesses after years of steady growth.
“We are taking decisive action to transform the Ford business in Europe,” Steven Armstrong, the company’s
The company added that “structural cost improvements would be supported by [a] reduction of surplus labor across all functions—salaried and hourly.” It didn’t quantify the planned job cuts. pending negotiations with European trade unions and governments.
The news comes as Jaguar Land Rover, the British premium car maker, is expected to announce up to 5,000 job cuts as it restructures in the wake of weaker demand in China and a dramatic decline in diesel vehicle sales in Europe.
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TESCO in Glasgow Forge has become the supermarket's sixth store to be struck down by a coronavirus outbreak in less than two weeks.
Bosses at the supermarket giant confirmed a "very small number of colleagues" are off work after cases at five other branches north of the border last week.
⚠ Read our coronavirus live blog for the latest news & updates
Contact tracing is underway across the branches - and Tesco insist they have "extensive safety measures" in place to keep staff and customers safe.
It comes as workers at another Glasgow branch - the Maryhill Road superstore - are already self-isolating after returning positive tests on Tuesday.
Staff at Kilmarnock, Elgin, Greenock and Port Glasgow have also been affected by Covid outbreaks.
Tesco confirmed two employees have passed away from the killer bug with it understood the pair died within days of each other leaving colleagues devastated.
Ann Weir, and a male colleague at the Covid-hit Greenock Extra store, tragically passed away earlier this month.
Ann's daughter paid a heartbreaking tribute to her mum after announcing her death with a "heavy heart".
Addressing the Forge outbreak, a spokesman for Tesco said they are following all Scottish Government guidance.
He said: “A very small number of colleagues at our Parkhead Forge Extra are off work due to Covid-19.
"The safety of our colleagues, customers and suppliers remains our number one priority and we are working with local public health authorities, following all Scottish Government guidance, including when colleagues need to self-isolate, and taking the relevant precautions.
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"We have extensive measures across all of our stores to help keep everyone safe, including protective screens at every checkout, a traffic light system at our store entrance monitoring numbers, social distancing signage and regular cleaning.
“To protect our customers and colleagues, we won’t let anyone into our stores who is not wearing a face covering, unless they are exempt in line with Government guidance.
"We are also asking our customers to shop alone, unless they’re a carer or with children. Our colleagues are working hard in difficult circumstances to make sure everyone can get what they need, and we’d ask everyone to please be kind, patient and respectful as we all work to keep each other safe.”
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On Saturday, SRM Auto Tec handed over a refurbished vehicle for Karnataka Chief Minister H D Kumarsamy. He chose to retain the vehicle he used during the last campaign. The factory, on the outskirts of Chennai, is guarded and workers are busy churning out vehicles for many parties from within and outside the state.
R Harikrishna, general manager, SRM Auto Tech, said demand doubled as number of leaders and campaigners, including celebrities, have increased.
Earlier, each party would have at least one or two such vehicles for the top leader, but today each party wants at least six such vehicles, Harikrishna said and added that MLAs and MPs are also ordering such vehicles on their own. His estimate is Tamil Nadu alone would require around 200 refurbished vehicles this election.
Dilip Chhabria, founder of Mumbai-based DC Design, agreed on the spike in demand and said every year the demand is increasing. Chhabria’s firm designs and produces premium customised vehicles for the who's who of Indian politics.
Comfort, connectivity, convenience, and security are the key features, Chhabria, who has worked for Rahul Gandhi, said. Refusing to divulge names of takers, Chhabria said these vehicles help leaders connect to more people compared to a helicopter.
Customised luxury buses, vans, sport utility vechicles, are in vogue
Refurbishments can cost anywhere from Rs 30,00,000 for an Innova to Rs 5 crore for a Volvo bus. Experts said refurbishments take 2 weeks to 3 months. Components are manufactured in India, while electronic equipment are imported.
And, with many of the previous generation customised vehicles getting older, there is also a big replacement market.
At Coimbatore, more than 50 people are working round the clock for Koyas & Sons’ deliveries. P V Mohammed Riaz, managing partner of Koyas & Sons, said they are in this business for nearly five decades. The firm said it was working on tempo travellers for Tamil Nadu Chief Minister Edappadi K Palaniswami and Deputy Chief Minister
O Panneerselvam. Sources said Palaniswami may be using the same vehicle that the former chief minister, late J Jayalalithaa, did.
Koya is also a preferred destination for politicians from Karnataka and Andhra Pradesh, where there could be demand for around 100 refurbished vehicles.
Security, luxury and utility define refurbished vehicles. Sometimes such vehicles are nothing less than mini hotels with high-end wooden furniture, comfortable sofa-cum-beds, massage chairs ,home theatres, LED lights, high-calibre speakers, lifts with revolving seats, and even attached toilets like those found in aircraft.
To address concern for safety, the vehicles come fitted with bullet proof material.
According to Chhabria, they don’t alter the characteristics of the original vehicle. The challenge is to make sure they don’t exceed the original target weight, except when it is armoured. Also, according to regulations, one cannot structurally modify vehicles, so refurbishment does not include altering the length, breadth or the height of the vehicles.


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On June 26, the Mobile World Congress Shanghai 2019 (MWC 2019) was held at the Shanghai New International Expo Center. With the theme of "Smart 5G Life Empowers Digitalization of Enterprises", AsiaInfo appeared at the conference with its seven innovative products, namely 5G, Smart Government Administration, Smart Community/Elderly Care, Smart Finance, Smart Travel, Smart Retailing and Corporate Digitalization.
As China's leading telecom software and information service provider, AsiaInfo Technologies Limited has attracted significant attention in the industry to its deployment of 5G network. Recently, a 5G strategy and series product launch held by AsiaInfo gave the answer.
On June 6, the Ministry of Industry and Information Technology officially issued 5G licenses to four carriers including China Telecom, China Mobile, China Unicom and China Radio and Television. This means that the time for commercial 5G in China is moved up from 2020 to 2019, half a year ahead of the time estimated by the market.
which aimed at fully displaying AsiaInfo’s “global visualization, global intelligentization and global perceptibility” supporting capacity in 5G network and related business, deepening the cooperation with telecom operators and large enterprises, and jointly building an open and collaborative 5G ecosystem to promote its transformation “from traffic to value”.
AIF is a distributed, componentized and cloudified PaaS platform of AsiaInfo. Since its launch, AIF has served nearly forty large and medium-sized customers such as China Mobile, China Unicom, China Telecom, China Post, and Gehua CATV Network.
Dr. Ye Ouyang, CTO and Vice President of AsiaInfo, stood out among numerous candidates from operators and equipment manufacturers around the world and won the TMF “Future Digital Leader Award” in 2019.
Prize-winning units and individuals are recommended by operators'provincial, prefectural and municipal companies or telecommunications industry associations, and strictly tested by industry experts, special committees and external publicity.
At this conference, China Telecom signed contracts with nearly 60 industrial chain core partners engaged in industry applications, technology innovation, general business and terminals,China Telecom will join hands with the partners to create a new 5G era.
As one of China Unicom’s most important partners, AsiaInfo actively participated in various activities and events such as the theme conference, forums and exhibitions.
The unveiling of Innovation Laboratory is the phased progress of AsiaCredit Technology in the 5G field. This cooperation is an important and solid step taken by both sides in the 5G field.


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CLEVELAND--(BUSINESS WIRE)--GE Lighting has helped pave the way to shave 1.2 billion kWh of electricity use in consumer homes by converting Walmart shoppers from traditional light bulbs to energy-efficient LEDs over the last two years.* Not only has this shift supported Walmart’s Project Gigaton, a Walmart supplier initiative aimed at reducing greenhouse gas emissions by one gigaton by 2030, the shift is also leaving a measured impact on consumer’s energy expenses.
By switching customers from traditional to LED bulbs over the past two years, shoppers will save more than $2 billion collectively over the life of the LED bulbs.** LEDs use 70 to 90 percent less energy than traditional lighting options and last 15 to 25 times longer. GE Lighting encourages consumers to use October, Energy Action Month, as motivation to make the switch. To help, GE offers more than 100 energy-saving LED products at Walmart, including 36 ENERGY STAR LEDs, all $2 to $4 bulbs; ensuring consumers can make the switch to an ultra-efficient LED at every-day low prices.
“Walmart is expanding its assortment of more-sustainable products from brands our customers love,” said Laura Phillips, Walmart’s Senior Vice President for Global Sustainability. “GE Lighting is demonstrating that innovative suppliers can deliver high-quality, sustainable products as part of the Walmart everyday low price promise.”
“GE Lighting is proud to support Walmart’s sustainability efforts as we help consumers shift to energy-saving LEDs,” says Daraius Patell, North American Consumer Leader, GE Lighting. “Today LEDs are available for every socket in every room of the home, and while LEDs now eclipse sales of all other technologies combined, about 70 percent of residential lighting sockets still contain a non-LED bulb. This means consumers are missing out on the energy-savings and long-life of LEDs, changing bulbs out more than they need to be and missing out on opportunities to reduce greenhouse gas emissions.”
GE’s commercial LEDs from Current, powered by GE, also are being used across Walmart stores and facilities, from refrigerated display cases to parking lot and interior lighting. This LED initiative supports Walmart’s science-based target to reduce emissions in its own operations by 18 percent by 2025. As part of an ongoing commitment to energy efficiency, Walmart has installed more than 1.5 million LED fixtures across more than 6,000 stores, parking lots, distribution centers and corporate offices in 10 countries. With energy costs traditionally representing one of the company’s largest operating expenses, the monumental energy initiative over the past decade has reduced lighting energy consumption and reduced costs by more than $100 million.
GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
*Represents kWh energy saved over the life of each GE LED sold at Walmart from 2016-2017 vs. a comparable halogen or incandescent product.
**Lifetime energy savings of GE LED bulbs vs. comparable halogen or incandescent bulbs sold at Walmart from 2016-2017.


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Follow[the]Seed invests in digital business card startup Haystack’s $1.7m seed round – here comes...
Follow[the]Seed announced today its investment in Haystack - An Aussie-Israeli Team who disrupted the traditional business cards industry and created a smart and stylish digital business card with a seamless experience that is replacing the use of paper cards.
TechSydney is a not-for-profit enterprise led by some of Australia’s most successful and influential entrepreneurs and innovators who have a mutual determination to see Sydney boom onto the global tech stage.
Australia’s brightest minds are being called on as part of a US$100million global search by Chinese city Shenzhen for industry innovators and entrepreneurs
Israeli-founded Perfecto Mobile, following a $49 m Series E round, has chosen Australia as one of its first international markets for its next global growth
Nominations are open for inclusion in the ‘Fintech 100’ list, which will recognise leading fintech innovators from around the world
Unique data-driven VC fund Follow[the]Seed will offer $50 million in second-stage funding to Australian start-ups seeking to raise $500,000 to $2 million
Launching in early 2015 – just in time before you drop that New Year resolution to get fit and healthy, fitness start-up Classhopper has...


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Toyota's first Sequoia rolled off the line on September 27th, marking the beginning of production for the all new, full-sized sport/utility vehicle. Toyota Motor Corporation President Fujio Cho and Indiana Governor Frank O'Bannon were the honorary passengers, as the Sequoia debuted before more than a thousand cheering team members who make the new vehicle alongside the Tundra pickup truck. Toyota Motor Manufacturing, Indiana (TMMI) is the exclusive manufacturer of both products and currently has combined capacity to produce 150,000 units each year.
TMMI also broke ground for its expansion plant -- an $800 million addition that is slated to produce the Sienna minivan beginning in 2003. This will increase plant capacity at the Princeton plant from 150,000 to 300,000 units per year, and is a major part of Toyota's overall plans to increase North American capacity to 1.45 million vehicles. "Toyota has invested heavily in North America," said Cho at the ceremony. "Global production is crucial to keeping our products cost-competitive in every market. At Toyota, 'global' means localizing production in principal markets."
TMMI currently employs some 2400 people, and will add another 2000 when the expansion is complete. Total investment at the Princeton plant will be $2 billion with the additional facility.
NISSAN SUV TO JOIN CALIFORNIA'S FUEL CELL PARTNERSHIP
Nissan Motor Co., Ltd., will unveil its concept for a fuel-cell-powered electric Xterra sport utility vehicle in Canada Oct. 16.
A similar vehicle is already being completed for delivery to the new California Fuel Cell Partnership.
The Xterra project uses Canadian Ballard fuel cell technology and will serve as part of Nissan's contribution to the partnership. The initial concept vehicle will be unveiled during EVS-17 - a global conference of electric car experts.
The California partnership is a voluntary effort to advance a new automobile technology that could move the world toward practical and affordable environmental solutions. By demonstrating fuel cell powered electric vehicles under real day-to-day driving conditions, the partnership will focus on raising consumer awareness and explore the path to commercialization of fuel cell technology.
The partnership will place about 50 fuel cell passenger cars and fuel cell buses on the road between 2000 and 2003. A headquarters facility based in the Sacramento area will be constructed for the partnership and will serve as an operations base for up to 16 fuel cell vehicles beginning late this year.
The partnership, a public-private venture, includes several automakers energy providers (ARCO, Shell, and Texaco); the Canadian fuel cell company (Ballard Power Systems); government agencies (the California Air Resources Board, the California Energy Commission, as well as the U.S. Department of Energy). The partnership also has added a global leader in methanol production to its team of associate partners
"This partnership provides us an opportunity to explore ways to develop environmentally beneficial technology," says Debra Sanchez Fair, vice president, corporate communications, Nissan North America, Inc.
"Fuel cell technology holds a great deal of promise and the partnership will help us to realize its potential."
AUTO SALES FOR SEPTEMBER SHOW MIXED RESULTS
September was a mixed month for vehicle sales. Ford and Chrysler sales were up, while imports continued to outpace the domestics and GM stumbles. Analysts say sales, which were kept high by dealer discounts, lower financing rates and continued consumer confidence, were running at an annual rate of 15 million in September, up from a 14.8 million rate in August.
Despite the recent controversy over the recall of Firestone tires, sales of Ford's Explorer remained steady. Sales of Ford's F-Series pickup, the nation's best-selling vehicle, rose 2% from a year earlier, while sales of the Ranger pickup jumped 26%. Ford's overall sales were up 3%, with a 7% gain in truck sales more than making up for their 3% decline in car sales.
GM said its sales were down 3.5% last month to 416,070 vehicles overall. Though passenger car sales were up by 3%, they were offset by a 10% decline in truck sales.
Chrysler's sales were up 5% to 219,966 vehicles. Truck sales rose 20%, while car sales fell 26%. The company's big movers were the new Dakota four-door pickup and Chrysler PT Cruiser.
Nissan said total sales rose 17%. Car sales rose 29%, while truck sales rose 2.9%. Volkswagen's sales rose 11% on strong demand for the Jetta and Passat, but sales of the Beetle fell 6.3%. Honda said vehicles sales in the U.S. rose 13%. Car sales rose 8.8% and truck sales rose 29%.
GAS MILEAGE OF ALL NEW U.S. VEHICLES DECLINES
According to the annual fuel economy statistics released by the Environmental Protection Agency the overall fuel economy for all new vehicles continued a decline that has been under way since the late 1980s, when average fuel economy for all vehicles was nearly 26 mpg.
For the 2001 model year, the average fuel economy for 358 models or variations of SUVs, vans and pickup trucks was just over 18 mpg while the comparable figure was 23.6 mpg for nearly 500 cars on the EPA list.
The decline is attributable to the popularity of trucks and sport utility vehicles, whose lower mpg numbers drove down the overall average of the more than 800 cars, trucks and vans listed by the EPA.
2002 CHEVY TRAILBLAZER DEBUTS IN TEXAS
Chevrolet introduced the newest chapter in Chevy Truck history with the unveiling of the all-new 2002 Chevy TrailBlazer at the Texas State Fair in Dallas last week.
Built on an all-new platform, the TrailBlazer will come equipped with an all-new engine called the Vortec 4200. This new Vortec engine is an inline-six configuration that will supply TrailBlazer with 270 horsepower and 275 lb-ft of torque. While offering power that rivals or surpasses the best of the competitive V-8s, the new Vortec 4200 will offer the fuel efficiency of a V-6.
Offering three models -- LS, LT, and LTZ -- Chevrolet will bring the new TrailBlazer into showrooms in the spring of 2001.
FORD AND GM INCREASE SALES INCENTIVES
General Motors and Ford raised sales incentives, including discount financing and cash rebates, to clear out remaining 2000 models and make room for the 2001's. GM's incentives include zero-interest rate loans for five years on 15 cars, pickup trucks, sport utility vehicles and minivans across the middle of its 2000 model year product line-up.
GM also added $500 more in cash to several of the rebates on the vehicles. GM's year-end incentive plan runs through October and, in one form or another, covers Buick's Regal and Century; Chevrolet's Malibu, Blazer and Trailblazer four-door sport utilities, Venture minivans and S-10 pickups; Oldsmobile's Alero, Bravada sport utilities and Silhouette minivans; and Pontiac-GMC Grand Am, Grand Prix and Bonneville cars, Jimmy and Envoy four-door sport utilities, Montana minivans and Sonoma pickups.
Ford's incentive included increase the cash rebate of 2000 Windstar minivan to $2,500 from $1,000 and $500 increases on rebates for its 2001 Explorer vehicle and 2000 Ranger pickup truck.
LAND ROVER POSTS 2001 MODEL YEAR PRICING
Land Rover North America, announced Manufacturer's Suggested Retail Prices (MSRP) for its U.S. product line's 2001 model year. All MSRPs include the $625 Land Rover destination charge.
Land Rover's flagship Range Rover, available in two trim levels for the 2001 model year, 4.6 HSE and the 4.6 SE, will have a more powerful 4.6-liter V-8 engine. The 4.6 SE replaces the 4.0 SE for 2001. The line is priced, for the 4.6 HSE, at an MSRP of $68,625, and the 4.6 SE carries an MSRP of $62,625, which includes a navigation system and a 460-watt audio system.
Land Rover's Discovery Series II SE has an MSRP starting at $36,975, an increase of $250 over its 2000 price, although more standard equipment has been added.
The limited-production 2001 Discovery Series II LE is priced starting at $34,975 MSRP while the "entry-priced" SD is priced at $33,975.
© 2017. All Rights Reserved. | Contact Us


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Global tourist taxes
from Money.co.uk, 1 August 2022
Which city is charging the most tourist tax? By investigating the rates of tourist taxes around the world our experts have revealed the cities which are currently charging visitors the most.
When travelling abroad many cities and countries will charge you just for the pleasure of being there. This is known as a tourist tax. Tourist tax is usually added to your hotel bill and often is not a significantly large amount, but which places charge the most?
Some places charge a flat fee per night, while others charge a % of your hotel bill, so more expensive hotels are charged a greater fee. It should also be noted that not all cities and countries around the world charge tourist taxes.
If you’re worried about costs stacking up on your next trip, be sure to compare credit cards to help you spread the cost.
The cities that charge the highest tourist tax
1. Honolulu, United States - £42.53 ($51.70) a night
The city charging the most significant tourist tax is Honolulu, USA. Hawaii charges a 10.25% ‘transient accommodations tax’ and the city of Honolulu recently added a 3% surcharge to this.
That’s already a hefty tax anywhere in the world, but when you consider that the average room in Honolulu costs £321 ($390), that equates to £42.53 ($51.70) a night. To enjoy seven nights in Honolulu you can expect to pay a whopping £297.73 ($361.93) in tax for the pleasure….
...San Francisco took the No. 2 spot, charging $36 per night, or $251.99 per week-long stay, while Los Angeles came in at No. 3, charging $23.49, or $164.40 for a week....
read … Full Report
PBN: Honolulu charges the highest tourist tax of any city in the world, report finds
USA Today: Honolulu charges the most expensive tourist tax. Here's how that affects your vacation.


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Ariagno said that Curves has provided food during the March campaign for the last five years, and conducts identical campaigns at locations worldwide. “It has to be an astronomical amount of food collected world wide. Some cities have two, three or four locations.”
Curves Manager Faye Hainesworth said that her location provides incentives to encourage members to contribute to the drive. “If a member or new member brought in a bag of food, the membership fee drops to $30. Normally it costs $149.” She said that the campaign attracted eight new members, while many existing members chose March to renew their memberships. She added that some members chose October to renew memberships due to a breast cancer awareness campaign. Food donors also received a reusable grocery bag for shopping if they agreed to work out three times per week.
“The food collected goes straight to the food bank,” said Ariagno. “We give it away. There’s never any money exchanged there.”
For more on Curves' drive for Helping Hands, see this week's Cadiz Record.


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Last Friday saw the announcement that director Dan Trachtenberg was developing a fifth Predator film. And given what Alien vs. Predator Galaxy knows of the plot (exclusive details here), we’re pretty excited about the upcoming film! It turns out Dan Trachtenberg wasn’t as excited about the reveal as the Predator fandom, though. It sounds like a much more elaborate marketing campaign was planned for the film.
This was meant to be a surprise. Been working on this for almost 4 years now. I am very sad that what we had in store for how you could discover this movie will no longer happen. It’s a bummer. But also…YAY! https://t.co/pKWz9tDAEB
— Dan Trachtenberg (@DannyTRS) November 20, 2020
Given what we noticed about Trachtenberg’s previously announced Skulls, it’s sounds likely that there was a campaign planned around revealing that Skulls was actually Predator 5. How do you feel about those types of advertising campaigns? Is that something you feel we have missed out on with Predator 5?
Also of note was the revelation that Trachtenberg has been working on this project since 2016, around the same time that Shane Black and Fred Dekker were working on The Predator.
Make sure your browsers are locked into Alien vs. Predator Galaxy for the latest Predator 5 news! You can also follow us on Facebook, Twitter, Instagram and YouTube to get the latest on your social media walls. Be sure to join in with fellow Alien and Predator fans on our forums as well!


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NWT Chambers response to the Canadian Survey of Business Conditions
Canadian Chamber of Commerce/Stas Canada national survey on the conditions and impacts on businesses during the COVID-19 pandemic
Today the Canadian Chamber of Commerce and Stats Canada released its national survey on the conditions and impacts on businesses during the COVID-19 pandemic. The results were able to be drilled down by province and territories as well as by industry; employee size; private vs public and ownership style. The NWT Chamber of Commerce is appreciative of all who have responded and looks forward to utilizing this valuable data to better serve our membership and the businesses of the NWT recover from this unprecedented time.
Full Release - link


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No special strategy to boost home brands, says Coles
Supermarket giant Coles has told a Senate inquiry that it has no strategy to increase the proportion of private label products on its shelves.
While Coles' merchandise director John Durkan told the Rural Affairs committee there had been an increase in sales of home brands, he says that's as a result of the overall increase in sales that Coles has recorded over the past four years.
Mr Durkan says it's up to customers to choose whether they want to buy private or branded products.
In an exchange between Mr Durkan and the committee, independent senator Nick Xenophon expressed his scepticism.
Xenophon: "And that customer choice has nothing to do with the positioning or the pricing of those private labels?"
Durkan: "No, the charts we've shown you in terms of how we position own brand, and we've shown you a wide variety of categories including milk, bread, cookies etc, it actually shows that own brands dominate the landscape."


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Porsche plans to begin ‘Taycan’ production in 2019
In an indication that Tesla’s Model S and Model X high-end electric luxury cars may soon be challenged by a potential competitor, Porsche has announced its first purely-electric sports car --- the ‘Taycan.’
The announcement marks a significant advance in Porsche’s electrification plans. The automaker has already fully invested in the electric vehicle (EV) market, and is also planning an investment of more than 6 billion euros in the ‘e-mobility’ arena by 2022.
In announcing its new Taycan electric car, Porsche has revealed that it will likely commence the production of the first units of Taycan in 2019. However, the automaker has not yet disclosed any information about the expected pricing of the Taycan when it hits the market.
According to the details shared by Porsche about the under-the-hood performance of Taycan, the all-electric sports car will be equipped with two ‘permanently excited’ synchronous motors which will be capable of putting out up to 600 horsepower. The two motors will enable the Taycan to achieve 0-100kmh (62mph) acceleration in merely 3.5 seconds, and 0-200kmh (124mph) acceleration in less than 12 seconds.
As per Porsche’s claims, the Taycan will have an impressive driving range of 500km (approximately 300 miles) on a single charge. In comparison, the Tesla’s top-end 100D Model S boasts a nearly 335-mile range.
During the course of a recent conversation with Autocar magazine, Swedish automaker Volvo’s COO Jonathan Goodman has disclosed a few details about the first fully electric car to be launched by the company.
Tesla has recently confirmed its production and delivery data for the first quarter for current year. The data suggests that Tesla Model 3 has now officially become the best-selling electric car in the US.
According to an Automotive News report, German automaker Volkswagen (VW) is likely to unveil a midsize pickup concept at the New York auto show this week. The move will mark VW’s potential foray into the midsize truck segment.
According to an announcement by the executives at Groupe PSA, the company has plans underway for a new business unit -- to be called the ‘Low Emission Vehicles Business Unit’ -- which will focus on the development and launch of plug-in electric ve
According to a recently published Reuters report, German automaker BMW -- which sold more than 100,000 battery-electric and plug-in hybrid cars in 2017 -- does not plan to commence mass production of electric cars before 2020.
In a short video posted on Twitter, Daimler has unveiled “the very first design detail” of Mercedes-Benz’s forthcoming production version of its ‘EQC’ all-electric SUV, and has also confirmed that the full version of production EQC will be unveile


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Digital TV News: Peter Tonagh
Foxtel lifts the lid on the Foxtel Now box
Nov 8, 2017 – Foxtel has unveiled its new Foxtel Now box, an affordable and easy to use device designed to stream the best choice of the world’s biggest new shows, live sport and complete seasons to consumers’ TVs.
News categories: Foxtel, Peter Tonagh, Australia, Digital TV, OTT, Set Top Box
INVIDI and Foxtel to bring addressable television to Australia
Oct 24, 2017 – INVIDI Technologies and Foxtel have announced that they have entered into a licensing agreement bringing addressable television to Australia across satellite-delivered, IP and Internet delivered content.
News categories: INVIDI Technologies, Foxtel, Dave Downey, Peter Tonagh, Advertising, Australia, Digital TV, Middleware, Satellite, Set Top Box
Foxtel introduces Foxtel Now streaming service
Jun 6, 2017 – Foxtel has unveiled Foxtel Now, a revamped and reenergised, internet delivered subscription TV service. Foxtel Now arrives as part of the company’s effort to provide Foxtel for everyone across IP delivered and cable/satellite services.
News categories: Foxtel, Peter Tonagh, Australia, Digital TV, Mobile, OTT
Foxtel to revamp Foxtel Play and close Presto TV
Oct 4, 2016 – Foxtel has announced a new look Foxtel Play streaming service, which will roll out from December 2016. Presto customers will be asked to move to Foxtel Play and the Presto service will cease on 31 January 2017.
News categories: Foxtel, Peter Tonagh, Australia, Digital TV, IPTV, MnA, OTT
More Australians now have SVOD than Foxtel
Sep 8, 2016 – Whether it’s dozens of extra channels, streaming on demand, or internet TV through a set-top box, half of Australians now have paid television options in the home, Roy Morgan Research shows—and on-demand subscriptions have just overtaken Foxtel’s broadcast Pay TV.
News categories: Roy Morgan Research, Michele Levine, Australia, Digital TV, IPTV, Market Research, OTT, Satellite, Subscribers
- iQIYI International available for ZEASN-based smart devices
- Growing demand for smart displays driving smart speaker sales
- Forthnet becomes part of United Group
- Anevia powers Skymedia's SkyGo service in Mongolia
- UK marketers expect to spend more on Advanced TV ads in the next 12 months
- NetRange moves browser to the Cloud for low-cost Smart TVs
- Over 13 billion Smart Home devices in use by 2025
- MultiChoice picks Metrological to deliver OTT services on DStv
- Oregan Networks builds on Amlogic's Android TV reference platform
- 61% of US broadband households subscribe to two or more OTT services
- 14% of Australians plan to cancel pay TV as a result of the pandemic
- Eutelsat 7/8°W predominant broadcast position for Egyptian TV homes
- NEXTGEN TV launches on local TV in Norfolk, VA
- Universal Electronics to launch Apple TV remote control for MVPDs
- Nielsen unveils new ID resolution system
- TeraVolt wins tender for development at ZDF Mediathek
- Ocilion delivers content recommendations with XroadMedia
- Mirada helps izzi bring Disney+ to Mexico
- Bitmovin adds VVC encoding support
- Verimatrix introduces watermarking for HTML5


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Skills programme launched for logistics firms
2 June 2015
Logistics companies have been invited to take part in a series of four workshops being held in Milton Keynes throughout June.
The ‘Lean for Logistics’ programme will be held at the University of Bedfordshire’ Milton Keynes campus (UCMK). See the poster below for full details.Back


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Indulge your senses with unique African culinary experiences at the Pietermaritzburg Food Festival this weekend.
The Pietermaritzburg Food Festival is the first of its kind in the city and promises to be a fun filled event for the whole family.
The festival is organised by Chilla Nathi Concepts, a company behind the Chillla Nathi Cookout Experience in partnership with One Nation which is a mother body for Broadway Lifestyle, an upmarket shisanyama restaurant situated in Pietermaritzburg.
These companies have invested their time and efforts to ensure that the event becomes a success.
Event organiser, Sbonga Shelembe says their objective is to set a different trend and standard in the entertainment and lifestyle industry by giving their customers a unique township experience, offering best quality food, music and drinks in a relaxed atmosphere.
He says the festival is a lifestyle event that celebrates South African cuisine by giving people in the food and beverage industries an opportunity to showcase their businesses.
“Patrons visiting the festival can expect to be treated to a variety of dishes prepared by professional chefs and caterers. The dishes expected to be served include, gourmet food, pastries, finger food, traditional dishes, Indian cuisine, pizzas, spit braais, potjiekos, sushi, desserts, meat, vegetarian meals, smoothies, and more.”
“And if you happen to like trying new recipes, there will be a food demo kitchen, a special feature to the event allowing chefs to demonstrate their skills to the people who like trying those new recipes,” says Shelembe.
He also added that they have partnered with established beverage companies that will be setting up a special gin, cocktails, craft beer and wine bars to ensure that patrons quench their thirst.
The Pietermaritzburg Food Festival will be held on the 23rd of September at the Golden Horse, from 10:00am until 23:00pm.
Tickets cost R70 and can be purchased through Computicket or you can visit www.goldenhorse.co.za.


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Considering the impact the COVID-19 pandemic has had on the retail industry across the country, retailers in Saskatchewan feel fairly fortunate to have survived the economic downturn.
Melissa Newton, Client Advisor of The Commercial Group and based in Saskatoon, said the province had the first lockdown which was nationwide at the beginning of the pandemic in the Spring of 2020.
“And from there we’ve really been open for business on a retail basis since June or July of last year,” she said. “We had a pretty free summer. Our case load was quite low. People were hesitant. There was not a lot of movement in 2020. But businesses were continuing to stay open.
“We did lose some restaurants right at the first lockdown. Not as many as we thought we were going to. And then 2020 kind of moved along. In terms of activity, it was very low but the stores were doing well. People were supporting local. I know last year sporting goods and bikes were through the roof. People could not find anything to buy. That was really good for those sectors.
“Home improvement, renovations, all of those areas did really, really well. The fashion retailers definitely struggled. But people were still buying little gifts. They were spending more time in their homes. Fashion did take a hit which was unfortunate but that we saw affect the enclosed mall business more than just private businesses here.”
Come January, “it’s been busier than heck here,” explained Newton.
Saskatoon retail is now doing well. There has been plenty of activity in the commercial real estate sector. Businesses are making some moves and there is a sense of optimism. Owner/users are taking advantage of interest rates looking to purchase some buildings.
“We have medical groups absorbing some of the old restaurant spaces or just a larger retailer that didn’t make it or already vacant on the market. We have dental groups taking those over. Physio seems to be doing well. Obviously pharmacies and medical users,” explained Newton.
“Ghost kitchens also seem to be a thing or people sharing space maybe running two or three concepts out of one kitchen. That seems to be another trend that’s happening. We’re really, really busy right now. But I think July or August we’re going to see everybody take off for holidays because nobody has taken a holiday for a year.
“I really expect the rest of 2021 to be just moving along and having a really great year. If you were to walk around downtown you would hardly know that we had a pandemic. Like there’s not a million for lease signs by any means. There’s definitely some inventory don’t get me wrong but it’s not like the sky is falling.”
According to a Q1 Saskatoon retail market report by ICR Commercial Real Estate, despite a challenging year in 2020, there were no major changes in the Saskatoon retail market quarter over quarter as the vacancy rate contracted slightly to 5.18 per cent this quarter.
2020 saw more local retailers following national brands in pivoting to introduce online ordering, curbside pick-up, and speedy delivery as they recognized the importance of providing a safe and easy experience.
“In 2021, convenience has become a new feature consumers look for while shopping and choosing a restaurant. Quick-serve restaurants also sought real estate with convenient drive-through capabilities. Brands that previously did not operate with drive-through lanes began to implement this strategy for the future,” said the report.
“Google mobility data for Saskatoon indicated that consumer movement in retail and recreation recovered faster than the national average and performed three times better than in the last quarter of 2020, but this activity remains six per cent below the baseline of normal activity that occurred before the pandemic.
“Even though government support programs, landlord deferrals, and businesses shortening expenses all helped to flatten the anticipated vacancy spike in the Saskatoon retail market, the market is still expected to experience a rise in vacancy later this year.”
In its Q1 report for the Regina retail market, ICR said that city too experienced no major changes quarter over quarter despite the challenging year. The vacancy rate declined insignificantly by only 20 basis points to 6.67 per cent in the first quarter of 2021.
Like Saskatoon, convenience has become a key for consumers in the market.
“Google mobility data for Regina indicated that consumer movement in retail and recreation recovered faster than the national average and performed better than it did in the previous quarter, but this activity remained 20 per cent below the normal baseline level of activity that occurred before the pandemic,” said ICR.
And like Saskatoon, Regina retailers benefited from government support programs, landlord deferrals, and businesses cutting expenses. That all helped to keep the vacancy rate down but ICR said the market is still expected to experience a rise in vacancy later this year.
“Overall, consumers continued to spend money, but convenience will be a critical factor in 2021. Retailers, both national and local, will need to continue to look into strategies to improve their operations in order to stay afloat,” it said.


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Afterpay, which specializes in “Buy Now, Pay Later,” has announced that its customers can now use Apple Pay to make purchases through Afterpay in physical retail stores and online.
Customers can initiate a purchase by tapping the “card” icon in the Afterpay app, which activates the Afterpay card in the Apple Wallet. Similar to using Afterpay online, customers in the U.S. will be able to pay for their in-store purchases in four installment payments, without the need to take out a traditional loan or pay upfront fees or interest. The service is completely free for consumers who pay on time.
Forever21, Fresh, Skechers and Solstice Sunglasses are among some of the first stores to offer this solution this year. By using Apple Pay with existing payment terminals, there are no merchant integration costs associated with accepting Afterpay. Customers in Australia will be able to use Apple Pay to make retail store purchases via the Afterpay app in the coming months, according to Nick Molnar, Afterpay’s co-founder and U.S. CEO.


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CAIRO: Five workers involved in labor activity in Ghazl El-Mahalla spinning factory were subjected to unofficial disciplinary measures by the company’s management, one of them told Daily News Egypt.
The measures follow a protest held on Oct. 31 during which some 800 workers protested alleged plans to privatize and sell off the factory and called for the resignation of Fouad Hassan, the company’s executive manager.
Wedad El-Demerdash said that she and four other factory employees were transferred from their posts and put under investigation as a direct result of their participation in the October protest.
“Amal Said and I have been working in the production unit for 25 years. On Nov. 1 we were prevented from entering the factory and attacked by individuals as we tried to go in, El-Demerdash said.
“Amal was beaten and her clothes were ripped during this attack. We’ve filed complaints both with the police and within the company, she continued.
El-Demerdash and Said were verbally informed that they had been transferred to the company’s Mahalla and Kafr El-Hegaz nurseries respectively.
El-Demerdash says that on the same day Karim El-Beheiry, an administrative employee and Mohamed El-Attar, a worker on the shop floor, were also prevented from entering the factory.
“Mohamed has been transferred to the company’s Alexandria branch and Karim to its Cairo office. None of them received official, written notification of their transfer, El-Demerdash said.
El-Beheiry says on his blog Egyworkers that he now has to commute daily from Mahalla to work in Cairo, a round trip of at least four hours.
He was one of three Ghazl El-Mahalla workers arrested and detained for two months earlier this year following the events of April 6, when security forces in the Delta town violently put down demonstrations against rising food prices.
The latest factory worker to be transferred is Wael Habib who was prevented from entering the factory on Wednesday Nov. 26 and, according to the labor activism blog Mahalla Horizons (afaqm.wordpress.com) was informed by telephone that he had been transferred to the company’s Cairo office.
Mahalla Horizons says that Habib had been involved in distributing leaflets among workers.
The leaflets called for the revocation of the transfer orders issued against El-Demerdash, Said, El-Beheiry and El-Attar, the dismissal of Fouad Hassan and an investigation into the LE 144 million losses incurred by the company which workers attribute to Hassan, the operation of machines lying idle and finally the new investments being pumped into the company.
“One hundred and eighty workers in addition to this group of five are under investigation in the factory, El-Demerdash said.
“Hassan holds daily meetings with workers, and in between these meetings and the investigations we can’t get on with our work. He is deliberately trying to make the factory lose money because they want to privatize it, she continued.
Hassan could not be reached at time of press.
Activists have announced a demonstration in solidarity with the five Mahalla workers on Monday at 6 pm outside the Journalists’ Syndicate, Cairo.


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Investment bank took on equivalent of a quarter of stock traded in first two days after London listing
Arash Massoudi, Tim Bradshaw and Bryce Elder in London APRIL 6 2021
Goldman Sachs bought about £75m in Deliveroo shares to prop up trading in the UK food delivery group after investors shunned its market debut, according to two people with direct knowledge of the matter.
The purchases by Deliveroo's underwriters equate to nearly a quarter of the value of shares traded in the London-based group during its first two days as a public company last week, according to Bloomberg data.
The stock's debut attracted unusually low levels of trading for one of London's biggest initial public offerings in years. Volumes were around a third of what Deliveroo's advisers had anticipated.
Shares in Deliveroo tumbled as much as 31 per cent after banks priced the shares at 390p each in the £1.5bn IPO, which has been dubbed the worst in the history of the London market.
The £75m worth of purchases by Goldman Sachs, when used in combination with the "overallotment" reserved for stabilising the IPO, mean the bank should have booked a profit from Deliveroo's declining share price.
This is because brokers sell more stock than their allotments at the issue price and then cover their orders either by exercising the overallotment option or, if the shares fall, by buying in the market at below the flotation price. The difference between the 390p issue price and whatever Goldman Sachs paid in the market equates to the profit booked on the trade.
But these profits will be surrendered to Deliveroo, as part of an agreement between the two companies which was not disclosed in the company's IPO prospectus, people with direct knowledge of the matter added.
Goldman Sachs and Deliveroo declined to comment.
So far, Goldman has used roughly half of the overallotment designated to stabilise the price of Deliveroo's shares in the event they fell after listing, said one person with knowledge of the deal.
Deliveroo shares closed at 280p on Tuesday, giving the company a market value of £5.1bn, down from the £7.6bn valuation its IPO was priced at.
Bankers on the IPO are bracing for further turbulence as some 70,000 retail investors, who were sold £50m worth of shares allocated specifically for Deliveroo customers, will be allowed to begin trading their stock from Wednesday morning.
The fallout from Deliveroo's IPO has hurt investor sentiment just as the UK government has been taking steps to increase the attractiveness of the London market to privately held companies.
Advisers working on the deal received roughly £49m in fees from Deliveroo. While Goldman Sachs is the sole stabilisation agent on the deal, it was in charge of the listing process alongside JPMorgan. Other banks on the deal include Bank of America, Citigroup, Jefferies and Numis.
Bankers working on the deal have sought to blame market conditions and short sellers for Deliveroo's poor trading performance. However, others have expressed concern over the decision to go ahead with the listing as it became increasingly clear it would face difficulties in the run-up to last week's final pricing decision.
Deliveroo made its debut too late to benefit from last year's tech stock surge, but too early to capitalise on planned changes to UK listing rules that would allow companies with dual-class share structures - which give chief executive Will Shu control of the board - to secure a premium listing in London and inclusion in the FTSE 100.
Last week's rough reception for Deliveroo could see more European tech companies look to list in New York or Amsterdam instead of London. So-called 'blank cheque' vehicles, or special purpose acquisition companies, from the US have been courting Europe's high-growth tech companies in the hope of luring them to New York.


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British High Commission Tours the Meridian Industrial Park at the Tema Free Zones Enclave
The British High Commission recently toured the Meridian Industrial Park at the Tema Free Zones Enclave in Ghana. The delegation, led by the British High Commissioner to Ghana, H.E. Harriet Thompson, was hosted by the Chairman of LMI Holdings, Mr. Kojo Aduhene.
Also, representing at the formal visit was Mr. Andrew Mitchell, Minister of State in the Foreign Commonwealth and Development Office, Baroness Catherine Hoey, UK Climate and Investment Attaché, Mr. Richard Sandall of the Climate and Investment team at the British High Commission, Mr. Wasantha Perara, Chief Operating Officer – Global at DTRT Apparel, Mrs. Salma Salifu, Managing Director Dignity-DTRT Ltd, Mr. Smart Atta Bediako, Superintendent Pharmacist at Sanboa GH Limited, Mr. Suleman Kalmoni, Managing Director at Nissan Motors GH, Mr. Mohammed R. Byronthy, Assistant Managing Director at Nissan Motors, Mr. Lloyd Ashiley, Managing Director at Niche Cocoa Industry Ltd. et al.
In a statement, the Minister of State in the Foreign Commonwealth and Development Office, Mr. Andrew Mitchell, commended the work being done at the park and praised the efforts of LMI Holdings in fostering a conducive environment for businesses to thrive. He also highlighted the potential for increased trade and investment between Ghana and the UK and expressed his hope that the industrial park would continue to attract more investors.
During the tour, the delegation visited several factories and warehouses including the international warehousing company (IWLG) which is the largest warehouse in west Africa, and other manufacturing sites like the pharmaceuticals, textile, and food processing companies within the park. The delegation was also given the opportunity to meet with local business leaders and entrepreneurs and to be briefed on the various industrial and commercial activities taking place at the park.
Overall, the visit was seen as a positive step towards strengthening the economic ties between Ghana and the UK. The Meridian Industrial Park at the Tema Free Zones Enclave is home to a number of successful businesses and continues to be a key driver of economic growth in the region. Currently, LMI Holdings – private developers of Ghana’s biggest and foremost industrial parks – have made more room for industrial manufacturing at Dawa. The Dawa Industrial Zone is the new flagship industrial park capable of hosting both light and heavy industries across sectors. It is a 2000-acre industrial park with a fully-serviced infrastructure to support the business environment of manufacturers and promote all economic activities.
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text: In February JCPenney launched its new American Living label with much fanfare, running seven Bruce Weber–directed television spots during the Academy Awards. Shoppers who think that the $40 polo shirts, $70 madras plaid skirts and $65 preppy canvas totes look a lot like Ralph Lauren’s designs are on to something. The collection was masterminded by Lauren and his Global Brand Concepts division, which was launched last year to develop new lines for stores. JCPenney is its first customer, and, as of press time, the division had no plans for other such projects. “Our goal was to develop a brand that would bring timeless style to a new customer,” Lauren said. Expect a preppy resurgence at your local mall this spring.


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Nintendo Switch being the fastest selling console for 2017 has added some amazing titles to its library of games, now Damon Baker, Nintendo's head of partner management has taken to Twitter to tease a future 2018 line-up for the Switch.
With games such as Rocket League and Skyrim already on the Nintendo Switch there is no doubt that the hybrid console is getting great support for third party games coming to the new platform.
Damon Baker replied to a Tweet that was a screenshot of a Nintendo Switch users homepage showcasing Rocket League, L.A Noire, Skyrim, DOOM and Resident Evil: Revelations. The screenshot was titled "imagine this leaking last year", Baker replied by saying "I know, right?! I think you're going to like 2018 as well!" which suggests that more third-party titles of last year's caliber will be coming to the Nintendo Switch as the year progresses on.
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Samsung has been registering quite a few different trademarks for smartphones and tablets over the last few months, and now it looks like Samsung has registered three more to add to its Galaxy range.
The latest Samsung trademark filings were filed recently and they are for the Samsung Galaxy Helm, the Samsung Galaxy Rush and the Samsung Galaxy Amp.
There are no details as yet on what Samsung intends to do with these new names, the have registered quite a few recently which have yet to be released as actual devices, as soon as we get some more information we will let you guys know.
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Most Active Stories
Fri February 24, 2012
Weaving Around Web Privacy Controls
Web browser manufactures often market their products to consumers with an emphasis on privacy, assuring users that their products can better control how personal information is used online. Carnegie Mellon privacy researcher Lorrie Cranor explains that many companies have developed quiet ways to step around some of that privacy-protecting code.


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China sells low-end products to the United States and the US sells high-end products to China, directly as in the case of passenger aircraft and indirectly in the form of royalties for semiconductor and other designs paid to American companies by third-party suppliers.
If the two countries erect tariff barriers, China will shift resources to make its own high-end products and the US will either consume less, or source the same products from China’s economic satellites or, worst of all, manufacture low-end products at home.
That is the paradox of Peter Navarro, President Trump’s trade adviser and the most implacable advocate of tariff barriers against Chinese goods.
But things in Navarro-Navarro land don’t always work out as planned. In the case of a tariff war, China will suffer a drop in output in low-skilled industries, for example smartphone assembly, and Boeing will lose the aircraft market to Airbus.
This is clear from an industry breakdown of China-US trade. In Beijing last week, the US economic team demanded that China cut its $375 billion trade surplus with the United States by more than half by 2020 and stop subsidizing high-value-added industries.
The first is impossible unless, of course, the US enters a severe recession and stops buying smartphones and computers. The second asks China to stop being China.
Understandably, the Chinese side refused. Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, economic adviser Larry Kudlow and Trade adviser Peter Navarro had nothing to say – an unprecedented silence after high-level talks – and came back to Washington empty-handed.
Now they have to decide whether to enact the threatened tariffs on 1,300 separate categories of Chinese imports, or to pretend the whole thing never happened. China has offered to allow US industries to compete freely inside its market, and by June 30 will open many financial businesses to foreign ownership regardless of what the US does.
Politically, the Trump administration is painted into a corner. It made demands that China couldn’t accept, in perhaps the worst case of inflated self-estimation since Napoleon III declared war on Prussia in 1870.
Although a tariff war makes no sense, the Trump Administration may start one simply because to do nothing would entail a loss of face in the advent of the November mid-term elections. Beating up China is popular in the Midwestern states that turned the presidential election for Trump, and the president does not want to look weak.
What would happen if the US slapped a 25% tariff on a variety of Chinese goods? The chart below shows what China exported to the US in 2017, leaving out a few smaller items.
Cell phones alone account for $70 billion of Chinese exports to the US. Consumer electronics along with telecom equipment comprise nearly $200 billion. Toys earned China another $28 billion. Slap on tariffs, and the must-have Christmas toy will cost 25% more, not to mention computers, flat panels and so forth. In terms of GDP, the impact will be slight, but a generation of Americans has come to regard cheap electronics as a birthright.
Of course, Chinese companies could shift assembly to Vietnam, change the label and sell the same products in the US with a few months’ delay, and Americans could buy more laps from Asus and Acer than from Lenovo. Since all of these use the same components, and because final assembly represents a small fraction of the overall cost of a laptop, the impact on China would be fairly small.
There is a single global supply chain for electronics, and most of the value added comes from components, not the owner of the label on the box.
The impact on American employment would be tiny; the impact on Chinese employment would be small, if sometimes annoying; the benefits for China’s neighbors would be considerable; and the impact on consumer prices would be significant, if not catastrophic.
What about China’s response? As the chart below makes clear, America’s most important export to China is passenger aircraft, with Boeing as the largest beneficiary. China would shift to Airbus. It would take a couple of years to make the transition, but the Germans and French would be richer and Americans would be poorer.
The second-largest item is soybeans. China could shift purchases to Brazil, but in that case someone else who bought from Brazil would have to buy soybeans from the United States. That’s why the trade war talk hasn’t affected the price of soybeans substantially.
Semiconductors seem a minor item, with just $6 billion a year in sales, but indirect sales are much larger: most of the chips produced under American design come out of Taiwanese or South Korean fabrication plants. China’s quarter-trillion-dollar import bill entails tens of billions of dollars of annual royalty payments to American companies.
China won’t slap tariffs on semiconductors; instead, it will undertake a crash effort to produce its own. China has reportedly launched a $47 billion fund to build up its home semiconductor industry. Huawei, the world’s largest telecommunications equipment company – and now a pariah in the United States – started shipping its high-end smartphones with its own “Kirin” cheap earlier this year, and reviews indicate that the new chip performs about as well as the mobile chips that Huawei buys from Qualcomm and others.
Chinese semiconductor industry experts believe that in a worst-case scenario – the United States cuts off Huawei’s supply of mobile chips as it did to ZTE, China’ second-largest telecom equipment company – Huawei could substitute its own production within about 18 months.
Chip design, to be sure, requires the combination of an array of talents that do not flourish best in a top-down environment. Under the best of conditions, China would require years to nurture the talent and teamwork required to compete with American companies like Intel, Qualcomm or Nvidia. No monopoly of skills last forever, though, and America’s trade war threats have given China a new impetus to cast off its dependence on American semiconductor design.
China, to be sure, takes on an enormous risk in the “Made in China 2025” campaign. It has committed enormous public resources to building industries mainly based on existing technology. If the technology changes radically, China’s state-backed investments will become obsolete.
Washington does have another option, namely to put public resources into R&D in precisely the sectors to which China has committed the most public resources. Chip manufacturing is a case in point. Today’s chip manufacturing plants require $5 billion to $10 billion apiece.
There are alternatives to the present chip fabs on the drawing board today based on different physical principles. The United States might undertake a crash program with public funding and industry participation to create more efficient methods of chip production, and leapfrog China’s state investments.
Something like this would require coordination from the White House Office of Science and Technology, which is still waiting for President Trump to appoint a director.


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Judge Elizabeth MacGrath: jailed woman who went on shoplifting spree
A woman who took the bus to Nenagh stole over €1,340 worth of goods from a number of shops in the town, Nenagh Court was told.
Ethel Griffin of 21 Hyde Avenue, Ballinacurra Weston, Limerick, pleaded to six counts of theft on September 11, 2019.
The court heard that she and an accomplice who was not in court took cosmetics valued at €580 from Ryans, Pearse Street; €249 worth of cosmetics from Finnertys, Kenyon Street; €119 worth of cosmetics from Ray Walsh’s, Pearse Street; toys valued at €190 from JKC’s, Pearse Street; children’s clothes worth €135 from Slatterys of Nenagh, Pearse Street, and candles valued at €70 from Easons, Pearse Street.
The court heard that Ms Griffin was observed leaving JCKs without paying and was located by the gardaí who searched her. All the items were recovered.
Ms Griffin, 48, has 21 previous convictions, including 18 for theft.
Her solicitor, Turlough Herbert, admitted that Ms Griffin did not have a good record. He said that his client and her accomplice had gone on “somewhat of a spree”.
He described the incidents as a “curious situation”, saying Ms Griffin had gone 14 years without a conviction and attributed the thefts to a “financial problem”.
“There is a familiar pattern,” he said. “She commits a crime and gets caught. She never gets away with it.”
Mr Herbert said it was “obviously not good if someone comes from a different place and commits a crime. She know the writing is on the wall.”
Judge Elizabeth MacGrath commended the gardaí for their actions, saying they had caught Ms Grifin “red-handed”.
Noting that Ms Griffin had 18 previous convictions for theft, Judge MacGrath said she had to impose a custodial sentence.
She jailed Ms Griffin for four months in relation to the theft at Finnertys, and a further four months, concurrent, for theft at Ryans. She took the rest of the charges into consideration.
Recognizance were set in Ms Griffin’s own bond of €500 and an independent surety of €1,000, with €500 to be lodged and approved by the court.
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As leaders from member countries gather in Beijing for the APEC summit, China is reportedly taking advantage of the opportunity to promote its plans for a Free Trade Area of the Asia Pacific (FTAAP) as an alternative to the Trans-Pacific Partnership (TPP) being negotiated by the United States which excludes China. However, Beijing's attempts to include calls for an FTAAP feasibility study (with a target date of 2025) in the communiqué to be distributed to leaders at the end of the session was thwarted by the US, with a US trade representative spokesman announcing that the two countries will be working on a proposal for APEC to further FTAAP in a 'long-term vision' building on other trade deals. Analysts note that Washington wants to avoid distracting attention from the TPP which has already been battling to overcome obstacles related to intellectual property, agriculture, services and investments, as well as objections by various advocacy groups related to the expansive scope and lack of transparency of the agreement. Currently twelve countries are involved in TPP negotiations, being Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
Established in 1989, APEC (Asia-Pacific Economic Cooperation) includes 21 economies from the Pacific Rim region which promote free trade and economic cooperation between members. APEC members are Australia, Brunei Darussalam, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, Chinese Taipei, Hong Kong, People’s Republic of China, Mexico, Papua New Guinea, Chile, Peru, Russia and Vietnam.
The APEC program kicks off with the Concluding Senior Officials' Meeting (CSOM) and Fourth APEC Business Advisory Council Meeting, followed by the Apec Ministerial Meeting (AMM) and the APEC CEO Summit, concluding with the APEC Economic Leaders' Meeting (AELM).
When asked whether the United States was attempting to stop the formation of the proposed FTAAP, assistant minister with China's Ministry of Commerce, Wang Shouwen, was reported as saying that there are no blocks or conflicts, noting that the APEC gathering is a forum and not a platform for negotiation. However, China will be seeking to establish which APEC countries would support a free-trade zone with China, just not at the upcoming APEC summit.
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- Trade Drops for Phase 1 of Canton Fair 2014 - Editor, Wednesday 22 October 2014
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- China's Economic Growth Slows, Shadow Lending Grows - Editor, Wednesday 24 September 2014
- China's e-Commerce Market Booming - Editor, Wednesday 10 September 2014
- Upgrade of ASEAN-China FTA to be Negotiated - Editor, Wednesday 27 August 2014
- Foreign Automakers Gain Market Share in China - Editor, Wednesday 13 August 2014
- China and Cuba Discuss Trade and Investment - Editor, Wednesday 23 July 2014
Held twice a year in the city of Guangzhou, capital of the Guangdong province, the Canton Fair has been running since 1957 and is considered to be the largest trade fair in China. The Canton Fair (full name being China Import and Export Fair) is organized by China Foreign Trade Center and supported by the Ministry of Commerce of China and People’s Government of the Guangdong Province. To accommodate the more than 150,000 different products showcased by more than 55,800 exhibitors, the Canton Fair is split into three sessions. Phase 1 of the current Canton Fair took place on October 15-19 and included Electronics & Household Electrical Appliances; Lighting Equipment; Machinery, Vehicles & Spare Parts; Hardware & Tools; Chemical Products; Energy Resources; and Building Materials. Phase 2 is set to take place on October 23-27 featuring Consumer Goods; Gifts; and Home Decorations. Phase 3 on October 31 to November 4 includes Office Supplies; Recreation Products; Cases & Bags; Food; Textiles & Garments; Shoes; and Medicines, Medical Devices & Health Products.
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A recent report published by New York-based research company China Beige Book (CBB) revealed that China's economic growth is faltering, despite the government's 'mini-stimulus' strategies launched in May, which included a more relaxed approach to lending and a wave of infrastructure investment projects. The CBB report, which is compiled from surveys of more than 2,100 firms around China, noted that less than 20 percent of the firms surveyed borrowed in the third quarter, whether it be from the bond market, banks or shadow finance firms, which is a drop of 29 percent when compared to the third quarter of 2013. The report also shows that capital expenditures have dipped to the lowest level since the CBB survey began in 2012.
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- New Texas-China Air Travel Routes Likely to Boost Trade
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As Chinese e-commerce company Alibaba prepares for its IPO through the New York Stock Exchange, the Dalian Wanda group in China announced on Friday that it would be entering into an e-commerce joint venture with Baidu and Tencent Holdings to be registered in Hong Kong. Wanda will own 70 percent of the new venture with Baidu and Tencent each holding 15 percent. The aim is to tap into China's e-commerce market, which is reportedly the largest in the world and currently dominated by Alibaba. The collaboration between the three companies will create the world's biggest online-to-offline (O2O) e-commerce platform, where people use their mobile devises to locate and buy goods and services, often while they are in or nearby the physical store.
More In News
- Upgrade of ASEAN-China FTA to be Negotiated
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