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Federal Reserve Banks Complete Final Phase of Research to Inform Payment System Improvements
September 04, 2014
The Federal Reserve Banks have spent the last year conducting an extensive program of research and input gathering designed to inform an initiative to improve the speed, efficiency and security of the U.S. payment system. The effort began last fall with release of the "Payment System Improvement—Public Consultation Paper" (Off-site) which solicited comments on gaps and opportunities in the payment system. The paper described desired outcomes, strategies, and tactics to shape the future of U.S. payments, as well as the Federal Reserve's role in implementing the strategies and tactics. In addition to the consultation paper, the Federal Reserve also completed a number of research initiatives designed to inform future plans for payment system improvements.
One of these research efforts explored the needs related to faster retail payments, one of the consultation paper’s desired outcomes, and included insights on end–user demand for specific payment attributes and a consultant–led assessment of alternatives for speeding U.S. payments. A second initiative involved identifying gaps and opportunities related to payment system security. Finally, an analysis of the business case to adopt the ISO 20022 international payment standard for the U.S. payment marketplace was conducted in collaboration with three other industry organizations: The Clearing House Payments Company, NACHA—The Electronic Payments Association, and the Accredited Standards Committee X9. The results from these key research efforts were shared via a number of industry forums hosted by the Federal Reserve in June 2014 at various locations across the country. Summaries of these work efforts and stakeholder input received can be found at FedPaymentsImprovement.org (Off-site).
"Stakeholders from all corners of the payment industry have demonstrated great enthusiasm for working together to identify and implement needed payment system improvements," said Gordon Werkema, First Vice President of the Federal Reserve Bank of Chicago with responsibility for industry relations for Federal Reserve Financial Services. "The tremendous participation in our research initiatives and attendance and engagement at our forums is a testament to the focus and energy around these critical payment issues."
The Federal Reserve plans to use research conclusions and stakeholder feedback to prepare and share in the coming months a roadmap for payment system improvements. "Staff and leaders from around the Federal Reserve System are working diligently to craft a thoughtful and effective path forward," commented Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis and chair of the Financial Services Policy Committee. "The Federal Reserve remains committed to its mission of payment system integrity, efficiency and accessibility, and we look forward to ongoing collaboration with stakeholders this year and beyond to improve the ability of the U.S. payment system to meet evolving end-user needs for speed, efficiency and security," said Kocherlakota. For more information on these opportunities and to subscribe to strategic direction updates from the Fed, visit FedPaymentsImprovement.org (Off-site).
The Financial Services Policy Committee (FSPC) is responsible for the overall direction of financial services and related support functions for the Federal Reserve Banks, as well as for providing Federal Reserve Bank leadership to foster the integrity, efficiency and accessibility of the evolving U.S. payment system. The FSPC is composed of three Reserve Bank presidents and two Reserve Bank first vice presidents.


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Sachi Thompson lasted about a week as the executive assistant to Network Hardware Resale CEO Mike Sheldon, a fairly low-maintenance gig, before the Carpinteria native decided to also offer help to other departments within the rapidly growing company.
Thompson has always had an eye for efficiency and cutting costs, a mantra the UC Santa Barbara graduate embodied while serving as a production manager at age 18 and in the retail and real estate businesses after that.
Since saving customers time and money mirrors goals of the world-leading provider of pre-owned and new networking and datacenter solutions, Thompson was promoted to a number of positions since she started at the front desk in 2007.
She became vice president of global operations and supply chain last year — a storyline that parallels the success of the resale company she so enjoys.
“We’re always improving. We’re always innovating,” Thompson said. “It’s never been a dull moment.”
Thompson humbly refers to her rise through the ranks as a product of the good work of other employees, a number that also continues to grow, along with revenue.
Network Hardware Resale earned $260 million last year, about an 8 percent increase over 2012.
The privately held company, which was founded in 1986, also plans to hire five to 10 new employees each month of 2014 in sales, administration, engineering, accounting and more, according to its CEO.
News of a profitable 2013 comes a year after the company posted its largest gains to date following launch of its servers and storage solutions business that maximizes the lifespan and efficiency of technology investments.
“It was surprising, given such a small town, to have almost 300 people attend,” he said, noting that the company had planned for about 100. “Business is good. It’s growing everywhere.
“There’s an enormous quantity of installed equipment around the world. The manufacturers would have you believe the equipment has to be renewed more often.”
The storage business has consistently grown, and the NetSure Maintenance Program for IT customers has blown up, doubling year over year.
The global business that provides hardware solutions and IT services — saving customers an average of 20 to 30 percent — also will soon delve more into full network and security management.
Sounds like another challenge for Thompson and the budding company.

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A Queens man whose e-cigarette exploded in his pocket underwent three hours of surgery to repair severe burns to his leg and hand.
A Queens man whose e-cigarette exploded in his pocket underwent three hours of surgery Tuesday to repair severe burns to his leg and hand.
Doctors took a section of skin from Otis Gooding's upper right thigh to graft to a section of his lower right thigh. But there were complications with plans to perform a similar procedure on his burned right hand.
Gooding's lawyer, Sanford Rubenstein, said doctors will reassess Gooding's hand damage in several days.
Rubinstein also urges the government to assess the safety of e-cigarettes.
"What's really important here is the public has to be aware of the dangers e-cigarettes." Rubinstein said.
"With regard to what happened to him and this exploding e-cigarette, the FDA has reported 92 incidents of exploding e-cigarettes since 2009," Rubenstein said.
"Forty-seven cases of serious injuries. Clearly, this is an issue for the FDA to look at banning the sale of these e-cigarettes ... until it is determined what's causing them to explode."
Gooding, 31, of Jamaica, Queens, suffered extensive third-degree burns on his right leg and hand last Wednesday, when the device spontaneously erupted in flames while stowed in his trousers during his shift at The Central Cellar wine shop in Grand Central Terminal.
The explosion, and Gooding's desperate attempt to pull the device from his pocket, was captured on surveillance video.


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InterviewApart from the many instances where cryptocurrency holders get socially engineered (hoodwinked) into turning over their crypto or their account credentials to extremely clever and tenacious hackers (essentially, “user error”), the leading cause of cryptocurrency theft is a vulnerable cross-chain bridge. In fact, on the same day of this interview with LayerZero co-founder and CEO Bryan Pellegrino was recorded at the Harvard Blockchain Conference, the AllBridge cross-chain bridge was exploited for approximately $574,000. Most of it was returned one week later. Nevertheless, cross-chain bridges continue to be the soft-white underbelly of the blockchain industry.
By David Berlind
Published:April 11, 2023


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Burger King announced the nationwide rollout of its newest menu offering, the Steakhouse XT line of premium hamburgers.
Though already available in select markets, the line — which consists of three hamburgers, each containing a seven ounce, seasoned ground beef patty on a bakery bun — should arrive in all U.S. and Canadian Burger King locations by the end of the month, according to an official news release issued by the company.
The line’s flagships sandwich, the Steakhouse XT, debuts at an introductory price of $3.99, which the Wall Street Journal notes is the most the chain has ever charged for a single-patty hamburger.
The Wall Street Journal also heralds the Steakhouse XT line as a shift away from Burger King’s recent emphasis on its cheaper offerings, like its heavily-touted $1 Double Cheeseburger and other items on the “BK Value Menu.” The article quotes Burger King executive Mike Kappitt as hoping the new burgers will entice the restaurant’s current customer base to spend more while also drawing traffic from fast-casual chains.
If it seems like Burger King has placed all its energy into the company’s bottom line, it’s because the chain has done just that. Burger King will devote 75% of its next advertising cycle on the new burgers, which should bring in a profit of $2.99 each (versus the $0.47 profit drawn from the sale of a single $1 Double Cheeseburger). Burger King has also begun experimenting with other luxury menu items. The aforementioned press release also unveiled the chain’s new, proprietary broiler that should reduce gas consumption by 52% and electricity consumption by 90%, which, according to the WSJ article, saves each Burger King location no less than $4,000 annually. Instead of passing these savings onto the customer, however, the company has decided to take advantage of the broiler’s new features, such as variable cooking times and temperatures, to begin serving items like bone-in, flame-broiled chicken, and BK Fire-Grilled Ribs, which Kappitt says will bring in an even larger per-item profit than the Steakhouse XT.
The Steakhouse XT and the A1 Steakhouse XT go on sale nationwide this week. Customers can also order the Smoky Cheddar Steakhouse XT (with its added barbecue sauce, slice of cheddar cheese, and strips of bacon) this week, but for a limited time only.
Tags: Burger King


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The post Aurora Expeditions donates on behalf of Virtuoso Travel Advisors appeared first on TD (Travel Daily Media) Travel Daily.
Image credits: Aurora Expeditions; (L-R: Amelya Grey, Business Development Manager Western Australia ; New Zealand; Ross Avenell, Inside Sales and Reservations Manager, Americas & EMEA; Lisa Bertini, Vice President, Sales – North America; Hayley Peacock-Gower, Chief Marketing Officer; Bonnie Newman, Sales Director – Western USA, Allison Brownlie, Marketing Executive – North America; David Tanguay, Global Head of Sales; Steve McLaughlin, Director of Sales – APAC).
Following a successful Virtuoso Travel Week in Las Vegas, award-winning expedition travel company AE Expeditions is donating funds to three conservation-focused organisations on behalf of Virtuoso Travel Advisors.
Advisors who visited Aurora’s sales and marketing teams at the Virtuoso Globetrotting and Cruise Café events were given the opportunity to donate USD $5 each, to be directed to one of three organisations that AE Expeditions partners with via its Women in Conservation programme:
Deep Hope in partnership with Dr. Sylvia Earle
Ocean Generation in partnership with Jo Ruxton
Native Movement in partnership with Bernadette Demientieff
The response to this initiative was so heartfelt that Aurora has decided to double its donation to USD $2,500 across the three charities. “In lieu of giving out branded gifts and collateral during Virtuoso Travel Week, we wanted to focus on highlighting these organisations, the conservation and social justice work they do, and the inspiring women that lead them,” commented Aurora Expeditions’ CMO Hayley Peacock-Gower. “Aurora is passionate about taking real actions to care for the planet, and our Women in Conservation programme is just one of many initiatives that we havedeveloped within our ever-evolving Sustainability in Action programme.”
Aurora recently released its inaugural impact report, the first comprehensive reviewof the Australian-owned company’s purpose, vision and values, and an outline of its commitment to sustainability and progress to date.
The post Aurora Expeditions donates on behalf of Virtuoso Travel Advisors appeared first on Travel Daily.


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Professional skin care provider PCA Skin is gearing up to celebrate the second annual National Peel Day, on March 10th, 2021. As part of this year's campaign, the company is encouraging people to use the hashtag #PeelWithMe on social media to share their chemical peel experiences to further generate awareness and understanding of these treatments.
PCA Skin also will conduct various social media activities to celebrate peels, including taking people through a peel treatment and sharing personal experiences from professional estheticians and beauty influencers, allowing followers to see firsthand how the process works from beginning to end.
On March 10, PCA Skin will be on Instagram Live showing a live peel in action and offering peel giveaways starting at 10am MST.
“We are excited to celebrate the second year of National Peel Day. We can all use a little refresh after last year and what better way to start than with your skin,” said Anish Agarwal, chief marketing officer at PCA Skin. “Last year we worked to destigmatize some of the common misconceptions about peels, the biggest challenge in driving consumer adoption. This year we are continuing that with a campaign that invites people to get an inside look at the in-office peel process.”


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Facebook users who RSVP to a plethora of events and forget to attend have a standalone tool to manager their calendar: the Facebook Events app.
Each year, hundreds of millions of events are shared on Facebook and 650 million people use Facebook events. According to Facebook, the Events from Facebook app is “a new app we designed for event seekers who are passionate about keeping up with nearby events and finding things to do with their friends.”
“The core thesis behind this app is that if we build something for the people really eager to discover events, people will have a good time,” said Facebook Events product manager Aditya Koolwal to TechCrunch.
Opening up the Events app brings forth event information from three different categories: events your friends are interested in, recently-announced events from Facebook Pages you like, and updates from events you are already involved with.
The Events from Facebook app is available for iOS users on Friday with an Android version coming soon. Those scouting for fun events can receive event recommendations based variables like time, location and interests. The app features an interactive map that breaks down events based on neighborhood and city-specific searches for those planning a trip.
Additionally, the app allows users to organize their upcoming commitments and add third-party calendars like Google and Apple's iCloud.
“You can keep track of all of your upcoming events in the calendar, which lets you see which days you’re already attending an event and when you’re free,” says Facebook. ”You can even choose calendars you want to add from your phone and view them alongside your Facebook events, so it’s easier to make plans.”
When users RSVP to or show interest in an event with their Facebook account via mobile or desktop, the news pops up in the feed of their social network. This will remain the case even when users make plans via the app, so don’t expect event privacy or secrecy. According to Facebook:
“The actions you take on events in the app will also be visible and available on Facebook. This way, your friends can see what you’re interested in and what events you’ve shared with them, even if they don’t have the app.”
Facebook Events is a feature that first launched in 2005, when the social networking platform was in its early stages. It was not until 2011; however, that the company started experimenting with making recommendations on local events by launching a "Suggested Events" feature that makes suggestions based on checkins. In 2014, the feature got a brand new look and an “Events For You” tab was introduced with a similar function of helping users discover events around them. This summer, the platform rolled out a “Featured Events” feature where a human curator picks the best events in a city.
“So the thinking I think we’ve had in the Facebook mobile app for a while is that experiences that we might add, whether that’s Groups or Events or things like that can reach a lot of people because the vast majority of phones have Facebook on them and people are using Facebook everyday,” said Facebook CEO Mark Zuckerberg in 2014 in an earnings call.


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With foreign direct investments (FDI) flowing well into the Middle East, particularly the United Arab Emirates, developments are mushrooming non-stop. FDI’s are expected to enter the UAE north of $100 billion in the next four years, mentioned a report by Barclays Wealth Insight. The report detailed that last year alone, most FDI injections came from the EU standing at 35 percent of total, followed by the Gulf countries at 26 percent, then Asia-Pacific (led by Japan) at 19 percent and lastly, a low 2 percent from the Americas.
The projected FDI for 2011 will represent 33 percent of the GDP for the country of Dubai, the Gulf region’s wealthiest state by far.
The investment amount is based on forecasts that international oil prices will remain above their long-term average over the next 5 years and the attendant liquidity in the region is expected to remain high.
In short, do expect the wealth to go around no other region but the Middle East until a year after the turn of the decade.
The Middle East is one of the fastest growing markets due to sustained economic growth and intra- and inbound tourism. Major hotel brands have significant development projects in the region, and the local chains such as Rotana and Jumeirah have been developing to tap into the market where occupancy rates and RevPar levels are higher than international averages. Investors benefit from a situation where supply is very tight, such as in Dubai, and operating profits are higher than in the US and Europe due to labor cost with 35 percent of departmental cost in the region, in contrast to America’s 52 percent, said PKF’s Hotel Benchmark Analysis. Very high RevPars are also driven by the high proportion of upscale hotels in the supply portfolio.
In Dubai, occupancy has been over 88 percent in the last months. The report also stated that income before fixed charges is $27,000 — 49 percent of revenues with the room department being the most profitable activity (departmental operating cost less than 20 percent of revenues and the food and beverage less profitable, running about 38 percent of revenues which is in line with international standards. Because labor costs are mainly F&B driven, this leads to a potentially high profitability ofmost mid-scale properties with no F&B offering as well as economy hotels in the Mid-East, according to the HotelBenchmark analysis.
But will the Middle East reach over-capacity and hence start the market to slow down?
Fast-developing markets always go through periods where supply goes slightly ahead of demand or demand shock takes place where demand declines for a short period. “There has been no market that hasn’t done any correction for some period in time to some degree,” said Arthur de Haast, Global CEO, Jones Lang LaSalle Hotels. “It has been very quick for the region here. The supply line is indeed booming in specific markets. In 2009 to 2010, when the market has reached its crescendo, if there has been some weakening on the consumer side, and the Americans don’t travel quite extensively, then there will be some correction.”
In the Middle East, there is no serious distress on the investment side of the market. There is some bit of difficulty due to the credit crunch in America. Generally, however there is just a lack of activity, added de Haast.
“In the financial market, there has not been the Armageddon that some have perceived yet. But the aftershocks will be considerable nonetheless and the effect cannot be determined. The phenomenon will have to brace ourselves with is the extent of inflation, and that all multinational companies in other industries are already over-capacity, which we see in the automobile industry,” said Philip Lader, chairman WPP Group and senior advisor for Morgan Stanley.
Lader added if we focus on over-capacity and inflation phenomena, then there maybe a relative stability in terms of re-pricing in a real economy which we won’t see in other sectors such as what we saw in the financial institutions. “Anytime that there has to be a re-pricing or de-leveraging, we see historically that it does not always come quickly. Therefore, it is likely that in a mid-term sense, we can have stability. But this does not suggest it will be short-term. The disruptions at least are likely, if not more than what they are,” he said.
In the GCC, the oil exports will rise by 12.5 percent next year added Barclays report saying the IMF mentioned annual oil exports from the Gulf will have reached $400 B and are forecast to go up $450 B next year. As the recession hurts the US and as North America, Europe and Asia get gripped by the credit squeeze, the economic story of the GCC continues uninterrupted. Growth in GDP for the UAE for 2008 is forecast at 8.3 percent, expected to reach 11.7 percent in Qatar, according to the Economist Intelligence Unit. Qatar has one of the world’s highest levels of per capita GDP at over $64,000 today.
On the effect on the Middle East, with the US being an election year, Sen. Obama indicated a willingness with taking more risk regarding issues such as the Middle East, said Lader. ” Whether there isn’t enough of the bases, he has to determine. It’s hard to determine really,” said Lader.


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Even if companies could, they won't, for reasons I just explained. But mostly because pharmaceutical advertising budgets aren't really very big. People who think that there is a gigantic pool of capital that could be sucked out of the pharmaceutical advertising budget are being misled by accounting terminology. People who rail against the pharmaceutical industry are fond of noting that about 20% of industry revenues go to marketing, with the implication that this is all wasted on advertising baldness cures during Golden Girls reruns. But just the top ten firms in the pharmaceutical industry took in about $350 billion in revenue in 2007, 20% of which is $70 billion. The entire US expenditure on advertising by all companies in all media forms totaled something like $150 billion in 2007. I know it seems like every other commercial you see is for Botox, but most advertising is not done by pharmaceutical firms.
In fact, advertising is only a small fraction of that marketing expense. Over half of it expense consists of free samples, the offering of which seems to me like an unalloyed public good.
We want to hear what you think about this article. Submit a letter to the editor or write to email@example.com.


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Streetwise: New leather shop 360 Leather pops up on North Main Street after relocation
OSHKOSH – Molly Peterson has loved motorcycles — and the culture surrounding them — for as long as she can remember.
It's a way to meet fascinating people, from all walks of life, she said. So she was attracted to work at 360 Leather, which sold leather jackets, chaps and other goods from inside Eagle Nation Cycles in Neenah.
When the owners of the business moved to Ohio, they offered it to her. Though she works another job full time, she couldn't say no.
STREETWISE:Verve moves from Main to Murdock
STREETWISE: Herd to hold National Anthem tryouts
The shop moved to Oshkosh when Peterson realized there wasn't a leather shop here, while Neenah had two. She found a storefront at 1201 N. Main St. She and a store manager readied the site in just over a week and opened up Wednesday.
Here they carry an assortment of leather jackets, chaps and vests along with jewelry, knives and plenty else. Peterson said she's looking into carrying boots and other goods essential to riding motorcycles.
"Working at the leather shop isn't like going to work," Peterson said. "It's really enjoyable."
See something? Say something. Bug reporter Nate Beck with news at 920-858-9657 or firstname.lastname@example.org; on Twitter: @NateBeck9


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Interest in blockchain technology is increasing throughout Europe. Just recently, the European Parliament adopted a resolution on virtual currencies calling on the Commission to establish a task force to study blockchain and distributed ledger technology. The resolution notes that blockchain has “the potential to contribute positively to citizens’ welfare and economic development” by, for example, dramatically lowering transaction costs for payments, as well as enhancing the payment systems’ speed and resilience. Others agree: the World Economic Forum predicts that by 2025, 10% of global gross domestic product could be stored on blockchain technology.
Blockchain represents the next step towards enabling trusted transactions online. Blockchains, also known as distributed ledgers, consist of multiple online registers in which transactions can be recorded. Each transaction is tied to the previous one and verified through the use of cryptography. This series of transactions makes up the blockchain. Since they are distributed, blockchains can be shared by multiple parties, creating a system of verified transactions and ownership. This avoids the need for reconciliation of transactions and provides a proof trail for auditors. Santander predicts that use of blockchain technology could reduce banks’ infrastructure costs by $20 billion annually. Meanwhile, it promises to cut costs and lower the risk of fraud for consumers.
Blockchains have multiple potential uses. The virtual currency Bitcoin is the most talked-about; the ownership and supply of Bitcoins is controlled and verified through distributed ledgers. But this is only the tip of the iceberg. Imagine instantaneous and direct money transfers; “smart” contracts that can be initiated, verified, and enforced electronically; decentralized patient record management; or a real-time, online land registry. Blockchain technology can make all of this possible, since any asset that can be assigned a unique digital identity – or “tokenized” – can have its ownership represented via a blockchain, in the same way that a bill of lading represents ownership of goods in shipment. Blockchains have the potential to revolutionize supply chains, enabling secure tracking of items’ provenance.
Microsoft provides a powerful cloud platform on which to run blockchains, as well as middleware that makes it easier for startups, established banks and other companies to build blockchain services that meet their specific needs. During today’s “Blockchain: Beyond Bitcoin” event taking place in Brussels, we will explore how companies are using blockchain to pilot new services and we will examine the challenges to widespread deployment, such as the need to balance transaction speed with strong security. We’ve already set out our vision of how to achieve this in our Project Bletchley white paper.
Blockchain usage raises some regulatory and policy issues. In Europe and the U.S., there have been several legislative proposals to regulate the usage of virtual currencies like Bitcoin; from New York’s BitLicense, to the proposed Regulation of Virtual Currencies Act and legislation suggested in the UK Treasury’s Report on Digital Currencies. This regulation is timely and much-needed. We have already seen Bitcoin used for illicit transactions on Silk Road and as the payment mechanism of choice for ransomware. Meanwhile, consumers were harmed by the collapse of the Mt. Gox bitcoin exchange in 2014. If such misuses aren’t addressed by regulation, then the entire technology risks being called into question.
When regulating blockchain, however, policymakers should focus on specific uses rather than the underlying technology itself. Both transmission of virtual currency and entering into a smart contract can be achieved through transfer of a token on the blockchain. But it only makes sense to regulate the former in a similar manner to money transmission; the same risks simply aren’t present when the token represents a smart contract, an item in a supply chain, or another kind of asset.
It is also important to note that the immutable record of transactions stored in blockchains can help regulators investigate and track transactions. Much has said about Bitcoin’s anonymity – and any virtual currency regulatory scheme should include “know your customer” requirements. But the transactions associated with every Bitcoin address are publicly available and traceable, which isn’t necessarily true of other payment mechanisms. This allows for relationship mapping through data analysis and provides regulators and law enforcement with a wealth of information.
There are several other questions policymakers will need to consider when seeking to regulate uses of blockchain technology. For instance, blockchain technology could enable a single consortium to both engage in and settle transactions when trading stocks, or entering into swaps or other derivatives. But traditionally, trading and settlement have been kept separate, in order to guarantee system stability and insure against counter-party risk. Given that blockchain can allow for near-instantaneous and automatic settlement, the question then arises as to whether or not these restrictions should be relaxed.
Similarly, blockchain technology involves nodes which are widely distributed, to protect against tampering and ensure strong security. The information is immutable and accessible to all participants in the system. However, this means that personal data may be widely transferred, which raises privacy issues around who is considered the data controller, who has access to and can make use of the data, and how individuals can exercise their right to rectification and erasure under the new General Data Protection Regulation.
It’s clear there is a still a lot of thinking to be done around such issues. But if regulated correctly and thoughtfully, we can unlock the potential for blockchain technology to revolutionize the way businesses and consumers approach the way they trade assets, enforce contracts, and verify data.


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Layoffs in tech and corporate world has continued in March as well. Atlassian being one of them, and other major layoffs in 2023
Atlassian Corp. has announced recently that they would be laying off around 5% of their total workforce, which amounts to about 500 people. The company said they are reallocating resources to concentrate on other growth divisions.
In early March, the Indian Edtech company Upgrad reportedly laid off a total of 120 employees from one of their subsidiary companies called Impartus Innovations. It affected a total of 30% of the subsidiary’s workforce.
As per reports, the tech company ThoughtWorks is the latest to join the layoff trend as it reportedly fired about 5% of its total workforce globally or about 500 employees.
Electronic Arts of EA is one of the largest game developers on the planet. In late February, it was reported that EA had abruptly laid off around 200 of their game testers without further notice.
NY Times announced in late February that Twitter had continued laying off its staff, and in the latest round of layoffs had said goodbye to about 200 of its employees.
As per reports, the Indian crypto startup Polygon has reportedly laid off 20% of its total staff as part of a restructuring and consolidation process, the laid-off employees will receive 3 months' salary as severance.
The Chinese tech giant Tencent announced in February that the company had fired around 200 people from its workforce last year as discrepancies and corruption issues had been discovered.


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SUBWAY Restaurants, in collaboration with leading Canadian distributor Entertainment One, is turning up the heat. The chain has launched a new, limited edition line of Fiery Footlong sandwiches which feature a creamy new Sriracha sauce. And to further spice up the SUBWAY Restaurants experience, a new branded promotion launched on November 1, 2013 in support of the second film in Lionsgate's global blockbuster Hunger Games feature film franchise, The Hunger Games: Catching Fire. The Hunger Games: Catching Fire opens in theatres and IMAX across Canada and around the world on November 22, 2013.
"At SUBWAY, we're always looking for new and exciting ways to engage our customers - innovation is at the core of our brand," says Kathleen Bell, director of national marketing, SUBWAY Restaurants in Canada. "We're excited to be wrapping up 2013 with our hottest promotion to date, offering our customers a way to experience The Hunger Games: Catching Fire that they can't get anywhere else."
The Hunger Games: Catching Fire promotion offers SUBWAY customers the chance to win $1 million presented by Coca-Cola, plus hundreds of secondary prizes, with every 21 oz. fountain drink purchased at a participating restaurant. Contest entry, and full contest details, are online.
The Fiery Footlong line of sandwiches includes a Sriracha Steak Melt, a Turkey Jalapeño Melt, and a Sriracha Bacon, Egg & Cheese breakfast sandwich. Also featured are the new Jalapeño Cheese bread and creamy Sriracha sauce, both of which will be in restaurants for a limited time only. Finally, a new fiery soup, Poblano Corn Chowder, is also available for a limited time.
The Hunger Games: Catching Fire promotion and the new Fiery Footlong collection, will be promoted through a national media campaign in English and French Canada, as well as extensive social media promotion.


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Electric Jaguar I-Pace is SA’s 2020 Car of the Year
Local win follows World Car of the Year accolade for the battery-powered SUV
The Jaguar I-Pace is SA’s 2020 Car of the Year, the first time an electric vehicle has won the contest.
The winner in the AutoTrader-sponsored competition, as voted for by the South African Guild of Motoring Journalists, was announced on Tuesday in a virtual live stream due to the lockdown.
The I-Pace, the first Jaguar to win the annual competition, also won the Premium Car category.
The accolade is the latest in a long line of victories for the all-electric luxury SUV. It won the 2019 World Car of the Year, World Car Design of the Year and World Green Car awards. It also claimed the European Car of Year title last year.
The I-Pace has a 90kWh lithium-ion battery and delivers a claimed range of up to 470km. It’s capable of charging from 0-80% in 72 minutes on a 60kW DC fast charger. The luxury SUV zooms silently from 0-100km/h in just 4.8 seconds and has a top speed of 200km/h.
The Mercedes-Benz GLE was voted second overall and also took honours in the Premium SUV category, with the Toyota GR Supra third overall and tops in the Sports Performance category.
The South African Car of the Year trophy has been awarded since 1986. Last year’s winner was the Mercedes-Benz A-Class.
Category winners — 2020
Urban — Hyundai Atos
Lifestyle — Ford Ranger Raptor
Family — Toyota Corolla Hatch
Leisure — Volkswagen T-Cross
Premium SUV — Mercedes-Benz GLE
Premium Car — Jaguar I-Pace
Sports Performance — Toyota GR Supra
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FR8Star offers transparency for the heavy hauling market
Open deck heavy hauling is a smaller segment of the vast United States trucking economy, representing about $50B of the overall industry’s $750B annual revenues, but considered in absolute terms, it’s still a massive sector. Specialized heavy haulers move freight like farm equipment, mobile homes, and machinery used for construction on open deck trailers. In some ways, heavy hauling is similar to every other kind of trucking business: carriers try to find the best rates and often struggle to get accurate information about loads. The particular complexities of heavy hauling, though, can make those industry-wide issues even more problematic.
Comdata and FR8 Revolution, the company behind the heavy hauling digital marketplace FR8Star, today released the findings of their survey of more than 250 heavy haulers. Founded in 2015, FR8 Revolution develops cloud-based, data-driven tools that improve efficiencies, reduce costs and provide unparalleled transparency in the open deck freight transportation industry. The FR8Star.com marketplace enables shippers to move legal and oversize/overweight loads with reliable pricing estimates, optimal shipping routes and real-time freight tracking. Specialized open deck carriers can easily develop quotes and bid on high-value loads using a free freight rate calculator that factors all third-party expenses including state permit and escort costs. FR8Star also eliminates unnecessary factoring fees to carriers by providing fuel advances at pickup and instant pay at drop-off.
The survey, conducted online between Jan. 18 and Feb. 2 by Regina Corso Consulting, found that heavy haulers in general consider themselves tech-savvy and are ready to use digital technologies to streamline their operations, but many remain unaware of alternatives to the old voice broker system. The pain points specific to heavy hauling include time- and labor-intensive load-finding, which the respondents said consumed an average of 4.22 hours per day.
The permitting requirements for open deck loads are another major inefficiency, because they vary from state to state: 35% of heavy haul loads require permits costing an average of $285, and 47% of heavy haulers are unsure whether they possess the correct permits when they start a trip. A full 90% of respondents preferred that brokers or shippers pay for permitting directly (53% of heavy haul carriers said they found permits difficult to obtain). Strikingly, the younger truckers, who are more likely to adopt digital solutions than older truckers, said they experienced difficulties with permits at a higher rate than older truckers (72% vs. 56%), representing a clear opportunity for companies offering online marketplaces platforms.
Two of the major advantages digitization brings to the transportation and logistics industries are, of course, instantly matching loads with trucks and eliminating wasteful paper processes. But 78% of the heavy hauler respondents said they had not yet used an online freight marketplace, but 80% of that group said that having received more information about the advantages of online marketplaces, they would be likely to try them. The single biggest barrier to using online freight marketplaces seems to be trust: 33% of the heavy haulers who have not used online marketplaces said they didn’t know if they could trust them. Of the heavy haulers who have used an online freight marketplace, 77% said it’s a better experience than using traditional voice brokers, and 61% said they made more money through the digital marketplace than through brokers.
The burdensome logistical complexities of heavy hauling will be intensified by the rapid, above-GDP growth of the freight economy in general and heavy hauling in particular. Rapid volume growth will also put pressure on heavy haulers’ cash flows, because payments can lag 45 days after delivery.
“Nearly half of the survey respondents believe their oversize/overweight trip loads will increase in the next two years, which means they’ll need to alleviate the time and complexity of securing permits to maintain operating efficiencies,” said Laurie Eldridge, senior vice president of regulatory and compliance services at Comdata North American Trucking (NAT). “Comdata provides these open deck truckers the ability to easily secure permits connected to a FR8Star load, as well as a flexible way to send and receive payments through our Comchek Mobile integration in the FR8Star system,” Eldridge added.
Earlier survey data provided to FreightWaves also indicated that heavy haulers are ready to move away from voice brokers if they can find a digital alternative that offers better price transparency and accurate information about the location, timing, and requirements of their load. Only 16% of heavy haulers agreed with the statement that “voice brokers are great,” while 73% agreed with the statement “if I never had to use a broker again, that’d be a great thing.” These attitudes seem driven by the industry-wide consensus shared by 95% of respondents who agreed with the statement “I want to know that the information about the load is correct before I bid.” Currently 56% of heavy haulers get their loads via direct shippers, while 42% use brokers.
Stay up-to-date with the latest commentary and insights on FreightTech and the impact to the markets by subscribing.


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Nightmare on Main Street event returns to Oregon City
Following up on Ghoul Gallery's successful signature event from last year, store owner Tom Geil is bringing back "Nightmare on Main Street - A Gathering of Ghouls," from noon to 5 p.m. Saturday, Oct. 21, at 619 Main St.
Hearse drivers from the Coffin Cruisers Hearse Club and the Driven Dead Car Club appeared for the first "Show and Gloom" car show in 2016.
"The event featured a scarecrow contest with some of the most unique scarecrows this side of the pumpkin patch," Geil said. "Expect all this and more as this year's event progresses."
New this year, the Ghoul Gallery is featuring a rock painting contest in conjunction with the scarecrow contest.
"Paint it, rhinestone it, even feather it — whatever you do, just make it in the theme of Halloween," Geil said.
Prizes for both contests include gift certificates to various downtown restaurants and the Ghoul Gallery. For more information and an entry form to the contests, visit ghoulgallery.com/Rules-EntryForm.pdf.
Geil, the proud owner of Hursula, a 1989 Cadillac Coupe de Ville hearse, has set up Bonaparte the Skeleton sitting at a decrepit old organ ready to play you a tune upon entering Ghoul Gallery. Once inside, lifesize replicas of Frankie Stein and Woofy Werewolf welcome you into their den.
Ghoul Gallery is not just Oregon City's Halloween store for the past four years, it also has the distinction of being the only year-round "ghoulish gifts and frightful decor" store in the entire Pacific Northwest.
With that in mind, Geil is joining forces with Rocky Smith's NW Ghost Tours to create Oregon City's first "Spooktaculary Decorated Home Haunt" Competition. If you have a home that you believe is the best in Oregon City, you could win a downtown Oregon City Ghost Tour for 10 people or gift certificates to the Ghoul Gallery.
For information, entry form and rules, visit nwghosttours.com/BestLocalHaunt.html. Nominations are being accept through Oct. 20.
There are only two Friday the 13ths in 2017, and one just happens to be on Oct. 13. Ghoul Gallery will feature some unique in-store spooky events, and Smith will cap it off with a Haunted Ghost Tour that evening.
A local who owns a business making holiday decorations so impressive that she signs them as art will make a Friday the 13th appearance at Ghoul Gallery.
"Her pumpkins and her snowmen and everything else have been so well received," Geil said, "so we're going to have her there, plus some other surprises."
For more information, visit GhoulGallery.com.


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The MyFitnessPal data hack is the largest so far this year
Photo from MyFitnessPal’s official website
Popular health and fitness app MyFitnessPal was confirmed to have been hacked in February, the largest so far this year, after US sportswear brand Under Armour disclosed that at least 150 million user accounts were compromised.
Among the stolen data were usernames, email addresses, and “hashed” passwords, but financial information like credit card details, which are processed separately, were not affected.
Even if they're not part of the breach. Tell your friends and family who use it about the MyFitnessPal incident. Make sure they don't recycle passwords.
— Steve Ragan (@SteveD3) March 29, 2018
An email from chief digital officer Paul Fipps was sent to subscribers stating that “On March 25, 2018, we became aware that during February of this year an unauthorized party acquired data associated with MyFitnessPal user accounts.”
While there were no details yet on who was responsible for the security breach, Under Armour has said it is already working with security experts and law enforcement to investigate the issue further. The company has since urged users to change their passwords immediately.
The reactions however have been amusing to say the least.
What scares me the most about the MyFitnessPal data breach is someone will know exactly how much f*cking pizza I really eat, and the last time I choked down a veggie was 2010.
— Jacqui 🍷On Cloud Wine🍷 (@heyjacqui_) March 29, 2018
Woke up to an email saying my MyFitnessPal account has been hacked. The absolute shame of Russia knowing how much Greek yogurt I ate in January!
— Jon 🎃 (@pifflevalve) March 30, 2018


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Web/TV Divide is Back in Focus With NBC Sale
As she prepared her daughter for college, Anne Sweeney insisted that a television be among the dorm room accessories.
“Mom, you don’t understand. I don’t need it,” her 19-year-old responded, saying she could watch whatever she wanted on her computer, at no charge.
That flustered Sweeney, who happens to be the president of the Disney-ABC Television Group.
“You’re going to have a television if I have to nail it to your wall,” she told her daughter, according to comments she made at a Reuters event this week. “You have to have one.”
But she does not, actually. For 60 years, TV could be watched only one way: through the television set. Now, though, millions watch shows like “Grey’s Anatomy” on demand and online on network Web sites like Sweeney’s ABC.com and on the Internet’s most popular streaming hub, Hulu.com.
How people watch TV on demand — and whether they should pay for the privilege — is a critical issue in the landmark deal, announced Thursday, that will give Comcast control of NBC Universal. In the deal, Comcast will become a co-owner of Hulu.
Like all its broadcast rivals, NBC rushed to put its popular shows on the Web years ago, hoping to secure a piece of the booming online advertising market and offset an eroding audience.
The viewers came in droves, but the ad revenues have not materialized as expected. By giving away TV episodes online, “the industry is literally tossing money and premium content away,” Barry M. Meyer, the Warner Brothers Entertainment chief executive, said in a speech in October.
Comcast, the country’s largest cable operator, has already been using its considerable muscle to limit how many shows are available online, lest people think they can cancel their costly cable subscriptions and watch free online. Now the company — which, if the NBC deal passes government muster, will own a piece of the biggest site that threatens to undercut its core business — is looking for ways to charge for ubiquitous access to shows.
With millions now watching TV on their computers, can the media companies put the Hulu genie back in the bottle?
The scramble by TV companies to preserve its ad model while giving consumers choice — what Comcast’s chief executive called in interviews Thursday “anytime, anywhere media” — mirrors the efforts of newspapers, magazines and radio companies to wring more money from digital media. But all are facing some entrenched habits.
“If you disrupt the consumer experience, you’re in trouble,” warns Mike Kelley, a partner at PricewaterhouseCoopers.
Stephen B. Burke, the chief operating officer of Comcast, recently called streaming “the biggest social movement I’ve ever seen.… Online video consumption is off the charts.”
NBC and the News Corp., the owner of Fox, jointly formed Hulu in 2007. Disney later became an equity partner in Hulu. On Hulu and sites like it, TV episodes are available any time, usually for a full month after they premiere; the images are crystal clear, and the commercial breaks are short.


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DENVER (KDVR) — Even with Colorado’s declining marijuana sales, the Mile High City has no problem getting stoned. Medical and adult use of marijuana reached $500 million in tax revenue and counting since legalization.
The city of Denver recorded medicinal marijuana sales dating back to 2010 along with adult sales in 2014 in Denver.
While the sales in 2022 dropped from their peak in 2020, Denver still hit half a billion in marijuana tax revenue in 13 years.
For the first 10 years, every single year broke a sales record. In 2022, the sales began to drop. So what changed?
One dispensary worker attributes some of this sales drop to inflation.
“Having marijuana, as much as it is a need for health and well-being, that’s one of the parts where people will spend less money because they’re having to spend more on gas, they’re having to spend more because of inflation,” PJ Rinker, vice president of The Joint dispensary in Denver, told FOX31 last April.
Others attribute it to changing laws.
“A new law that went into effect at the beginning of the year (2022) is impacting the medical market making it much harder for patients to access life-saving medicine,” the Marijuana Industry Group said in a press release in response to the drop in sales.
The group is likely referencing a Colorado law that went into effect in January 2022, limiting medical card holders over the age of 21 to purchasing 8 grams of concentrated products per day. For medical card holders under 21, the new law sets a daily limit of 2 grams of concentrated products.
While the revenue reached half a billion, that may also be part of the reason for the drop in sales.
Zooming out to look at the entire state, Colorado made more in tax revenue from marijuana in the 2022-23 fiscal year than from either alcohol or cigarettes and nearly as much as the two combined.


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Round Cufflinks With Purple Glass - On Sale
Cats eye glass is made from a large number of fine fiber optic strands which are fused together. This is why an attractive grain-like element is often discernible in this material. These cufflinks use cats eye glass as well as silver in a design which has the simplicity and good taste of a timeless classic. The purple color of these cufflinks is gentle in hue, and will thus not be so striking that it limits the colors of shirt which can be worn with these accessories too much. This economical pair of cufflinks would make an elegant and desirable gift.
ROCHE (ROG.S). “We will continue to monitor the situation closely, assess the impact of the recently reintroduced economic sanctions and continue to work to ensure that patients in Iran can be provided with our innovative medicines, diagnostics and diabetes products,” the Swiss drugs company said. NESTLE (NESN.S). Nestle sees no direct fallout from renewed U.S. sanctions on Iran. Nestle Iran has its headquarters in Tehran and two factories: one in Qazvin that produces infant cereals and infant formula, and a bottled water factory in Polour.
ZURICH (Reuters) - Nestle (NESN.S) sees no direct fallout from renewed U.S, sanctions on Iran, the world’s biggest food company said on Tuesday, “We continue to closely follow political developments regarding sanctions against Iran, There are round cufflinks with purple glass no direct implications for our business at this stage,” it said in response to a query, Nestle Iran has its headquarters in Tehran and two factories: one in Qazvin that produces infant cereals and infant formula, and a bottled water factory in Polour, The company has 818 employees and imports a limited range of Nestle products from abroad, it said..
NEW DELHI/MUMBAI (Reuters) - India doubled the import tax on more than 300 textile products to 20 percent on Tuesday as the world’s biggest producer of cotton tries to curb rising imports from China. It was the second tax hike on textiles in as many months after an increase on other products including fiber and apparels last month. The moves are expected to provide relief to the domestic textile industry, which has been hit by cheaper imports. India’s total textile imports jumped by 16 percent to a record $7 billion in the fiscal year to March 2018. Of this, about $3 billion were from China.
The government did not round cufflinks with purple glass disclose details of the 328 textile products that will be subject to the duty increase announced on Tuesday, Rising imports sent India’s trade deficit with China in textile products to a record high $1.54 billion in 2017/18, alarming industry officials as India had been until recently a net exporter of textile products to China, Sanjay Jain, president of the Confederation of Indian Textile Industry, told Reuters he did not expect China to retaliate to the Indian duty increases as it still has a trade surplus with India..
He said India’s textile product imports could fall to $6 billion in 2018/19 as a result of the tax hike to 20 percent. India’s imports of textile products from Bangladesh, Vietnam and Cambodia also jumped in the last few years as they are not subject to any duty under free trade agreements (FTA) signed by India with these countries. The 20 percent duty will not be applicable to products sourced from those countries due to the FTA, Jain said. Industry officials say in the last few months Chinese fiber has been shipped to Bangladesh and processed and exported to India with zero duty.
“Rules of origin need round cufflinks with purple glass to be implemented for textile products, Otherwise Chinese products will land from other countries,” said a Mumbai-based garment exporter, who declined to be named, Jain said India’s textile and garment exports could rise 8 percent to $40 billion in 2018/19 due to a weak rupee and as the government is expected to introduce incentives to boost overseas sales, India’s trade differences with the United States have also been rising since President Donald Trump took office..
(Reuters) - Rising overseas costs, particularly in Norway, overshadowed an improvement in sales at Domino’s Pizza Group (DOM.L), pushing first-half pre-tax profit down almost 10 percent and sending the company’s shares to an 11-month low. Domino’s has been focusing on its online and overseas businesses but has struggled to control in-store costs, especially in Norway where it has 34 own-brand stores and is converting the Dolly Dimple stores it acquired in 2017. “Whilst our international businesses continue to make good progress with customers and sales, it has taken us some time to refine the operating model and cost base at store level, particularly in Norway,” said Chief Executive Officer David Wild.
Although sales rose more than 180 percent in Norway, losses climbed because of increased labor costs, but Wild indicated that performance would improve in the second half of the year, Statutory pretax profit fell 9.7 percent to 41.7 million pounds from 46.2 million pounds a year ago, Overseas costs also contributed to a rise in net debt to 182.1 million pounds from 61 million pounds last year, along with share repurchases and dividend distributions, Shares were down almost round cufflinks with purple glass 10 pct at 287 pence at 0955 GMT (5.55 a.m, ET)..
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Ramat Gan: This year for the first time the Israeli Diamond Industry will be featured in a national pavilion at the Hong Kong International Jewelry Manufacturers’ Show, to be held November 27 – 30 at the Hong Kong Convention & Exhibition Centre. The pavilion, organized by the Israel Diamond Institute Group of Companies (IDI), will host 26 companies, 17 of them participating in the show for the first time.
Hong Kong is Israel’s second largest market for polished diamonds, accounting for close to 30% of its total exports. Israel’s net polished diamond exports to Hong Kong in 2013 reached $1.7 billion.
The Israeli Diamond Industry has had a major presence for many years at Hong Kong trade shows, with huge pavilions at shows in March, June and September. The shows have been very popular with Israeli diamond companies, and the number of participants in IDI pavilions has grown every year.
IDI will be featuring the “Find Your Diamond” computerized system at the show, which enables buyers to search for exactly the goods they seek among the Israeli exhibitors.
IDI Chairman Moti Ganz said that he was pleased to offer Israeli diamond companies an additional opportunity to exhibit in Hong Kong. “Our participation in trade shows in Hong Kong has proven very successful over time. At these shows we are able to meet buyers not only from Hong Kong, but from all over parts of Asia and even Australia. These are growing markets that appreciate the excellent goods offered by Israeli diamantaires. I’m sure that the November show will become an important part of our trade show calendar,” Ganz said.
IDI Managing Director Eli Avidar expressed optimism concerning the show. “Based on our experience at recent shows in Hong Kong, this show promises to be a good one for our diamond exporters. Some of our diamantaires have been exhibiting here successfully for several years. We have added 17 new companies and our experience has shown that a national pavilion strengthens the participation of all the Israeli exhibitors,” he said.


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Managers of several Central Washington farmers markets say the ability to offer beer and wine tasting could boost business.
A bill allowing beer and wine sampling at the markets passed the state Senate last week and is working its way through the House.
For Eric Miller, manager of the Kittitas County Farmers Market, Senate Bill 5674 would provide a new venue for area wine and beer shops to market their products.
“It is a good recognition of the importance of the beer and wine industry in this state,” he said.
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The bill, whose co-sponsors include Sen. Curtis King, R-Yakima, came after a pilot program that allowed 10 farmers markets statewide to offer tasting from September 2011 to October 2012. After the pilot program was completed, the state Liquor Control Board recommended it be made permanent and open to other farmers markets.
Based on recommendations from the Liquor Board, the Senate bill restricts the number of wineries or breweries offering samples at a farmers market to three per day, and limits samples to 2 ounces of wine or beer.
Such restrictions will make the program manageable for the markets, said Don Eastridge, manager of the Yakima Farmers Market. Eastridge said several wineries have already expressed interest in participating in the tastings.
If the measure passes, Eastridge said he’ll send a letter to other wineries to gauge interest.
“Having a winery there for sampling will bring more people to the market and bring more vendors to the market,” he said.
Miller agreed that beer and wine tasting could attract new customers, such as those who attend the annual WinterHop Brewfest in downtown Ellensburg, which also houses the Kittitas County Farmers Market each Saturday from May to October.
“It’s one other avenue to catch a different group of people,” he said.


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Teens research online, buy offline
Online marketers may be missing the boat with the teen set. According to a recent study from the Online Testing eXchange and eCrush, teens aren't buying online.
Researchers found that teens do turn to the Internet for research, or at least the Internet is where they find out about hot new products. However, when it comes time to buy, teens stick with their favorite haunt: the mall. Of the teens studies, 95% said they preferred shopping in malls rather than through catalogs or online venues.
Although teens aren't buying online, they do spend a lot of hours with the Internet. The study found that 65% of the teens surveyed find out about new products first online. About 62% said they found out about new products from friends, 54% found out from television ads 48% credited magazine ads with finding new products.
"People think about teens and the Internet, and get this idea that's where they spend all their waking hours, and it's just not true," says Bruce Friend, president for media and entertainment insights for Online Testing eXchange.
This is the reason marketers need to incorporate all aspects of shopping - catalog/online and in-store - in advertising campaigns. Though teens may not buy online, there is no denying the fact that teens have a lot of expendable cash. Offering them a place online to research a product could help their buying decisions once in the store.
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The old adage, "you get what you pay for" may no longer be true when it comes to traditional paid...


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Australian Information Industry Association
Tackling the mounting e-waste problem
Monday, 03 Jul 2017
This article has been provided courtesy of the Australia Business Review
Australians are among the biggest users of technology in the world, buying millions of items a year. We love our gadgets and regularly update our devices, but the flip side of all this consumption is that electronic waste is one of the fastest growing types of waste.
As more and more outdated electronic equipment - like computers, photocopiers, printers, faxes, monitors, batteries and mobile phones - ends up in landfill, the negative impacts of e-waste on the environment and society will increase.
These electronics can contain small amounts of hazardous pollutants such as lead, arsenic and mercury. Through recycling, we can help prevent these pollutants from ending up in landfill and recover some of the valuable materials in various components.
However, this process can be expensive and has led to unscrupulous operators in many countries, including Australia, to illegally ship e-waste to less developed economies where dangerous and environmentally harmful recycling methods persist. When the ABC reported that computer monitors from an Australian bank, destined for recycling in Australia, were found on a toxic e-waste dump in west Africa, it highlighted failures in current e-waste disposal supply chains.
So how do we go about solving the mounting global problem of e-waste?
The solution to the global e-waste problem starts at home – think globally and act locally. The AIIA’s Environment Special Interest Group (ESIG) has already made a significant impact on Australia’s environmental landscape by being strong advocates for better regulation on the dangerous impacts of e-waste for which our industry is responsible.
The National Television and Computer Recycling Scheme (NTCRS) provides a good example of the kind of collaboration with governments, green groups, industry and recyclers necessary to drive responsible programs. It was established in 2011 to provide Australian households and small business with access to industry-funded collection and recycling services for televisions and computers.
A legislative review of the NTCRS is due to commence this year. The AIIA’s ESIG is arguing for expansion of the scheme to include everything with a plug and battery. This will enable economies of scale for industry and increase the amount of recycling at no extra cost to consumers.
To date, more than 1,800 collection services have been made available to the public and more than 130,000 tonnes of TV and computer e-waste has been collected and recycled. This has diverted hazardous materials away from landfill and enabled the reuse of valuable resources.
Under the scheme, brands have agreed to recycle 80 per cent of waste by 2020. It’s a shared responsibility approach between industry and government – with industry ultimately taking on the lion’s share of the responsibility and cost.
Cartridges 4 Planet Ark Program
AIIA member Canon has a long history of involvement in recycling schemes and started the world’s first global printer toner recycling program over 25 years ago. In recognition of its outstanding environmental achievement and leadership, Canon received the NSW Sustainability Advantage Gold Partner Award in April.
The ‘Cartridges 4 Planet Ark’ program provides Australians with a free, convenient and environmentallyaccredited way to recycle their used printer cartridges. The voluntary program, which began in 2002, is a collaboration between industry manufacturers that promote and pay for the program, Planet Ark (an Australian not-for-profit environmental foundation), Close the Loop (recycler and program manager), and retail partners (who provide collection points for consumers).
Participating manufacturers include Canon, Brother, Epson, HP, Konica Minolta and Kyocera.
The unique aspect of the program is that businesses can place collection boxes in their offices and cartridges are then returned for remanufacturing and recycling.
There are cartridge collection bins in over 2500 businesses throughout Australia, as well as in retailers such as Officeworks and Australia Post. The program comes with a zero waste to landfill guarantee and this is verified every year by an independent auditor. Where possible, materials are recycled into pure commodity streams such as metals and plastics.
However, because the recycled materials contain a mix of plastics, Close theLoop has also invested heavily in developing products that can be made from these mixed waste streams. Two of the most successful products are eWood®, a functional and sustainable material which can be used to replace timber, and TonerPave®, a high-performance asphalt.
2016-17 has been the best year for the Cartridges 4 Planet Ark program yet. Approximately 13,500 cartridges have been returned every working day for the past 12 months. Also, nearly 8 million Canon cartridges alone have been recycled through the program since it started in 2003.
Recycling is one approach to reducing e-waste. However, roughly 80 per cent of the carbon dioxide emitted by the ICT industry is emitted in the manufacturing process, so reuse of products is by far the best outcome in terms of environmental sustainability. The industry supports the export model where products and parts are broken down in Australia, and then components are sold overseas into international commodity markets to be reused.
The reuse market is growing in developing countries but the export of e-waste must be effectively tracked and policed to prevent illegal dumping.
The Australian Government is actively involved in deterring this activity and there’s some good work being done already through the Basel Convention on movement of hazardous waste,but more needs to be done.
Recyclers should be incentivised to provide tracking of e-waste as a normal business offering. This step, along with ongoing regular scrutiny from external auditors will help reduce illegal dumping.
Next steps forward
The local ICT Industry has led the development of product stewardship in Australia and plays an active role through the industry-for-industry co-regulatory arrangement known as the Australia New Zealand Recycling Platform (ANZRP).
Formed by members of the AIIA’s ESIG and CESA (Consumer Electronics Society of Australia), ANZRP collects and recycles end of life TVs and computers from consumers and small businesses around Australia for free. Not resting on their laurels, ESIG and ANZRP are both advocating for a broader range of electronic products to be included under the NTCRS as part of its recommendations for the current regulatory review. Sustainable ICT initiatives in Australia should be recognised by the wider community and grown throughout the global economy as they offer workable models that can be emulated by businesses worldwide.
To encourage more innovation the AIIA’s iAwards recognises outstanding contributions to environmental sustainability as part of the Community service award category.
We will continue to work with our members to identify and resource key programs which can reduce e-waste and carbon emissions. This will have an impact locally in Australia, as well as make a significant contribution to solving the e-waste problem globally


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Philippines based start-up Tonik Financial has secured US$ 21M in its Series A round in order to kick start its digital bank services next quarter in the Philippines where it estimates to incorporate a USD 140 billion retail savings market.
The latest funding round of the start-up was led by VC firms Sequoia India and Point72 Ventures. Its previous investors Insignia and Credence also participated.
It had secured a bank licence in Philippines in January 2020. The bank licence would enable the start-up to deliver retail banking services, focused mainly on retail deposits and consumer loans.
Tonik Financial is a digital bank that offers retail financial products, savings deposits, current accounts, payments, loans and cards. Being the first digital-only bank in Southeast Asia, the start-up was founded in 2018 by Greg Krasnov and has offices in Singapore and Chennai, India, which houses its support and research teams.
Its CEO Greg Krasnov said, “COVID-19 is causing consumers all around the world to save more for emergencies, to care more about the safety of their money as well as about earning a fair interest rate on their deposits while having access to their funds for easy withdrawal and transfer.” The company is expecting a brisk jump in consumer demand for digital banking and digital transfers.
Tonik Financial’s ability to secure a bank licence as a digital-only bank is indeed unique and would allow them to supply innovative products while tapping the benefit of bank economics.


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Saavn has announced a new subscription-based package for users streaming on iOS devices. Starting from March 1, iOS users can subscribe to the Saavn Pro service for an enhanced unlimited music service.
For a charge of $3.99 per month, Saavn Pro will give access to over 1.1 million tracks sans advertisements, will allow offline listening and even upgrade the audio quality of each song to 320kbps.
Saavn says the service will be available on iOS first and will gradually roll out for Android and other platforms.
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There’s a new contender for buy-side strategies, and this time retailers are honing in on the Hispanic demographic. According to one analyst, Walmart is quickly becoming a top choice for Hispanic shoppers in Texas in the face of innovative consumer-focused plans of action.
“The foreign-born shopper is looking for a different shopping environment than the native-born shopper. They want special meat cuts and fresh produce,” stated Edward T. Rincón, President of Dallas-based research firm Rincón & Associates, according to Dallas News.
Performed every five years, Rincón’s latest survey installation of Dallas-Forth Worth Hispanic shoppers shows that consumers are flocking to the giant retailer. Whereas Walmart was not previously the top choice of non-U.S. born Hispanic shoppers, both U.S. and non-U.S. born consumers are putting Walmart at the top of their preferential lists.
Specific strategies to engage Hispanic consumers have helped Walmart secure its stature amongst shoppers. According to the Dallas News, the retailer has moved further than its placement from 2011 due in part to carrying a mix of both nationally branded items and traditionally Hispanic items.
Walmart Store Manager Robert Rhoden asserted that his location in the Dallas-Forth Worth area listens to what its Hispanic consumers wants, carries the items that are requested, and features Hispanic items up front.
For instance, Rhoden’s store decorates the bakery with piñatas, and features staple Hispanic bakery items such as bolillo rolls and flan. Other Walmart bakeries are also adding Cortadillo cakes and pastries, including conchas pan dulce and empanadas, to further localize its stores to consumers.
Walmart isn’t the only retailer that’s looking to hone in on the Hispanic consumer, with H-E-B, Kroger, Albertsons, Fiesta Mart, and El Rancho Supermercado also showing as consumer favorites in Rincón’s survey.
Could Walmart soon expand its Hispanic market strategies past Texas and into other demographics and regions? Deli Market News will have the latest as buy-side competition ramps up.


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That’s the prediction of tech veteran Philippe Kahn, (who founded Borland in the 80s) now CEO of FullPower Technologies, a company with motion sensing expertise. We don’t know if this prediction is based on more than a personal feeling, but given his position in the industry, it is certainly worth listening at what he has to say.
Ever since the iPhone was announced, we thought that a “nano phone” would be the real killer (although the actual iPhone is doing very well)
On motion sensors, he said: “… the Wii and iPhone are just the beginning. Sensors will soon enable all kinds of functions, such as shaking your cell phone to pick up a call. No buttons, no fingers, just simple, natural gestures”. Well, Samsung has phones that react to gestures, but at this point it doesn’t look likegestures can be used to convince customers to drop the money.


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Let’s put that in context: a discounter, with its tight margins, requiring super-efficient store operations, more consistently achieving a maximum five-star hygiene rating than any of the big four, not to mention the likes of M&S and Waitrose.
But there’s another context to the analysis published on Monday by Property Inspect: all the supermarkets are doing well. Co-op, at the bottom of the table, was credited with a five-star rating for 88.6% of its stores. It’s a figure many consumers may find reassuring, even if it’s several percentage points off Aldi’s near perfect 99.7%.
“Most supermarkets do well,” says Paul Hiscoe, MD of Scores on the Doors, which publishes ratings of outlets across the country. “They have national standards and regular independent audit checks.”
It might have been more interesting for consumers if the analysis had focused on some other types of outlets.
According to Scores on the Doors, the average percentage of all supermarkets and hypermarkets achieving a five-star rating is 84%. For ‘restaurants, cafés and canteens’, which would include takeaways, it’s 65%. For ‘other retailers’, which would include anything from c-stores to local independent butchers, it’s 51%.
All are areas in which lockdowns, especially last year, have provided a tailwind for sales. According to Lumina Intelligence, the foodservice delivery market grew 48% to £11.4bn in 2020.
At the same time, a huge backlog in local authority inspections began building in lockdown last spring, leading to 60,000 being overdue by July. According to Hiscoe, 58% of ratings are now out of date as a result.
Then there is the upheaval in the industry itself, with the rise of businesses delivering from homes, or changing an existing model.
“Since the pandemic, every man and his dog has been offering takeaway,” says Hiscoe. “There are a lot of business that have changed their use, added takeaway and delivery, and haven’t been inspected since the start of the pandemic.
“It’s all fallen apart a bit.”
Even where a business’s food hygiene rating is up to date, consumers in England may have no idea what it is, because there remains no requirement for it to be displayed.
The FSA has been seeking to establish the requirement in England for years, which would bring it into line with Wales and Northern Ireland, which the agency also covers. “We remain fully committed to mandatory display of hygiene ratings at food business premises and when ordering food online in England, which will give consumers more informed choice about where to eat or buy food,” says an FSA spokesman.
Consumers overwhelmingly want it too, according to Hiscoe. “Consumers have been asking for compulsory display in England for 10 years now. It’s the biggest thing we get asked for. FSA’s own data shows 87% want it.”
Yet any such move remains at least five years away, thanks to the parliamentary process and consultation that would be necessary, along with the likely phased introduction, Hiscoe says.
Meanwhile, as a result of the pandemic “obviously the public has a very heightened awareness of the need for good hygiene standards”, he adds.
There may be much to worry about when it comes to food hygiene ratings, but supermarkets need not be the focus.


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OLDIES BUT GOODIES
To fete its new focus, Oxfam has produced a lookbook that should dispel any lingering misconceptions about secondhand garb. Not in the least bit fusty, all pieces used in the shoot, including accessories, were sourced exclusively from Oxfam outlets and the Oxfam online store.
Oxfam’s Spring 2012 lookbook should dispel any lingering misconceptions about secondhand garb.
Proceeds benefit the nonprofit’s humanitarian work in 98 countries, including emergency aid, economic development, human rights, gender equality, and climate change. To pull up a list of locations near you, plug your postal code into Oxfam’s shop finder. Let’s hope the Salvation Army and Goodwill are paying attention.


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How a Halifax-based natural skin care company is expanding across the country, smoothing skin and debunking myths about the cost of natural products
Sticker shock (or should we say sticker assumption) about natural skin care was the catalyst for Duckish. Carolyn Crewe and Josh Beitelnstarted the Halifax-based natural skin care line after Crewe’s “spirited” debate with her sister about the cost of all-natural products when her nephew was born in 2013. While Crewe faced her own skin care challenges, it was her nephew’s diaper rash that propelled her to look into the ingredients of diaper creams and to develop a line of natural products that was cost-effective for new parents.
“It just snowballed into a bunch of research about diaper creams. What goes into diaper cream? What did people use before?” says Crewe, who became accustomed to tinkering in her kitchen testing out recipes and giving out samples. “Our friends were very generous with their babies,” jokes Beitel. The pair—partners in love as well as in skincare—met in Montreal in 2010 while completing MBAs at Concordia University and had been cooking up recipes for diaper creams for a few years before making the move to Halifax to set up shop in 2015.
“We wanted to change things up and when we started investigating, Halifax seemed to have a lot of the things we were looking for. Lifestyle wise and working wise,” says Crewe, appreciative of the network of school friends from her undergraduate NSCAD days. Nova Scotia is also the midpoint between Beitel’s family in Montreal and Crewe’s in Corner Brook, N.L.
But it’s not all smooth butts and bubble baths: growing a natural skin care business is not without challenges. Balancing the production of skin care—ranging from bath salts and lip balm to rash sticks and deodorant—and selling it at affordable prices can be slippery as shipping costs are higher on the East Coast, but they are offset with lower rent for their production space on Herring Cove Road and Halifax’s lower cost of living compared to Montreal. As a result, they are able to sell their diaper rash cream stick for a reasonable $15.99 plus tax.
“One of the big challenges for a small company like us is not just getting products on shelves, but then having people walk into the store and recognize them,” says Beitel, highlighting the importance of Duckish packaging. They decisively opted-out of the trendy apothecary look or natural-looking beiges and greens, and decided to add a splash of (many) colours to stand out. Beitel and Crewe don’t want to look like luxury brand, intent on changing the perception that all-natural means inaccessible. “We feel that people shouldn’t have to have a lot of disposable income to have products that aren’t filled with junk,” says Crewe.
The pair hope Duckish will hit the U.S. online market eventually, but for now building sales on their website and across Canada are top priority. The past year has seen major expansion for Duckish with their brightly coloured products available in more than 70 stores nationwide, and counting.


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The retail workers union in New Zealand advised workers at the fashion group “to check their pay is correct” after discovering over $35,000 worth of underpayments at the company’s distribution centre.
First Union transport and logistics secretary, Jared Abbott, said approximately 30 distribution centre staff had their annual leave miscalculated as well as other breaches to the collective agreement.
“This isn’t the first time underpayments have happened,” he said.
“Last year the company was forced to pay out $80,000 after miscalculating leave entitlements.”
Abbott said it’s possible that the underpayments applies to all employees of Cotton On.
“We thought that would be the end of it, but this year we said over and over again to Cotton On that they were still miscalculating leave entitlements.
“On Friday the company finally acknowledged we were right,” he said. “This isn’t just a one-off mistake, it’s been an ongoing issue. It’s essentially wage theft.”
In a statement to Inside Retail, Cotton On’s New Zealand country manager, Mark Singleton, said the fashion chain uncovered an error in the interpretation of First Union’s Collective Employment Agreement, which affected the payments of a select group of team members, including 41 who were underpaid and 10 who were overpaid.
Singleton said upon completion of the audit, the error was immediately rectified and the individuals were reimbursed as a “matter of priority.”
“We have worked closely with all of our internal departments to ensure moving forward that the payments to our team members are accurate,” he said.
“As a business, we’re incredibly proud of the strong and loyal team we have in New Zealand, and are deeply apologetic for this error.”
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.


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CARSON, Calif., Jul 20, 2006 (BUSINESS WIRE) -- Leiner Health Products Inc. today announced the appointment of Kevin McDonnell to the position of Executive Vice President, Chief Financial Officer.
"Kevin brings more than 22 years of high-level corporate finance experience in a variety of industries, ranging from consumer products to technology, and will be a key member of Leiner's senior management team," said Robert Reynolds, Chief Operating Officer. "His in-depth experience with both public and private companies will enable him to provide additional leadership and direction in the development and execution of our strategic plan."
Before joining Leiner, McDonnell served as Chief Financial Officer of Memorex Corporation, a global leader in the sale of blank CD and DVD media. Memorex was sold to Imation Corporation, headquartered in Minneapolis, in April of this year.
Prior to that, McDonnell was Chief Financial Officer and Senior Vice President of Catalytic Solutions Inc., Chief Financial Officer and Senior Vice President of Digital Insight Corporation, and Executive Vice President and Chief Financial Officer of Rockford Industries. In addition, he previously held CFO positions with Printrak International and Mobile Technology Inc.
McDonnell earned a degree in Finance (cum laude) from Loyola Marymount University and a J.D. from Loyola Law School.
About Leiner Health
Founded in 1973, Leiner Health Products, headquartered in Carson, Calif., is America's leading manufacturer of store brand vitamins, minerals, and nutritional supplements and its second largest supplier of over-the-counter pharmaceuticals in the food, drug, mass merchant and warehouse club (FDMC) retail market, as measured by retail sales. Leiner provides nearly 50 FDMC retailers with over 3,000 products to help its customers create and market high quality store brands at low prices. It also is the largest supplier of vitamins, minerals and nutritional supplements to the US military. Leiner markets its own brand of vitamins under YourLife(R) and sells over-the-counter pharmaceuticals under the Pharmacist's Formula(R) name. Last year, Leiner distributed over 28 billion doses that help offer consumers high quality, affordable choices to improve their health and wellness.


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Mitchell James Salon owner opens clothing store to benefit charity
The owner of Mitchell James Salon in Richmond Heights is expanding with a new clothing resale boutique.
Phoenix Project Resale, at 5421 Hampton Ave., opened in December and will donate between 20 percent and 40 percent of sales to charity, owner James Mitchell said.
The store is the third business in his portfolio, which also includes the salon as well as Schon, a beauty boutique that donates a portion of its proceeds to the St. Louis art community.
“Part of the culture of our salon is to be part of the community,” Mitchell said. The salon, located at the Boulevard retail center, generates nearly $1.2 million a year, including product sales.
Phoenix Project occupies 1,000 square feet, and carries clothing for women, teens and girls. Proceeds go to charity; people who donate their clothes get to pick the charitable recipient. In exchange, Mitchell also gives gift certificates to the salon to those who donate.
In the first two months, Mitchell has hosted clothing drives in conjunction with cocktail parties and trivia events benefitting local non-profits, including Angel Arms and Mother to Mother, among others.
By offering gift certificates, Mitchell is able to bring new customers to the salon. But that’s an added benefit, he said. “I know it’s the right thing to do.”
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One of them told HSI the canines ‘were likely one of the last truckloads of dogs’ entering Yulin before the festival, which began yesterday.
Despite pressure both in and outside of China – which has seen the number of dogs killed from around 15,000 to 3,000 – hundreds of hounds will still be butchered during the core festival days. HSI campaigner Wendy Higgins told Metro.co.uk: ‘The event is about commerce not culture, but Yulin is just a drop in the ocean compared to the suffering of millions of dogs and cats who suffer for the meat trade across China all year round.’
She added: ‘Most people in China don’t eat dogs and cats, but this unspeakably cruel trade affects thousands of Chinese citizens who endure the heartache of having their canine companions stolen from them by gangs of ruthless thieves.Iran executes ex-defence ministry employee on charges of spying for US
Most animals are creatures of habit. It will be important to develop a consistent schedule to follow with your new pet. Potty breaks at regular intervals, feeding at the same time(s) every day, playtime, walks – everything needs to be scheduled. At first, this can seem overwhelming but soon enough, you and your new pet will be on the same schedule.
‘Such is the thieves’ confidence that they will evade the authorities, they often grab dogs and cats from the streets and backyards in broad daylight, including using poison darts and rope nooses.
‘They even drag pets over garden fences or from outside shops while they wait for their owners.
‘There have been many violent clashes between frustrated pet owners and dog thieves.
‘From the criminals who steal the animals, the slaughter truck drivers who defy health and safety laws by driving the animals across provincial borders, to the slaughterhouse workers who discard piles of pet collars, surely knowing they have just killed someone’s best friend, China’s dog meat trade is fuelled by criminal activity that goes largely unpunished.’Dog meat is eaten by a fraction of the Chinese population yet it it endangers everyone because of how easily it can spread rabies, cholera and other diseases, Ms Higgins said.
‘We and our Chinese partner groups want to see a ban on the dog meat trade to emulate bans we already have in places like Hong Kong and Taiwan.
Keep Dry Dog Food Fresh in a Sealed Container. Dog food can start to loose it’s freshness after it’s open. If you buy bags of dog food use an airtight sealed container to store it, the food will stay fresh for much longer inside a tightly sealed container.
‘But the truth is that the Chinese government could clamp down on the dog meat trade almost immediately simply by enforcing existing laws that the dog thieves and traders routinely breach,’ she added.The campaigner branded the Yulin Festival ‘a brutal event entirely invented by dog meat traders’ who saw the opportunity amid flagging sales to ‘make a profit by artificially imposing the idea of a dog meat tradition in an area that previously had no history of mass dog eating’.
When it first started, the festival would see around 15,000 dogs beaten to death, but dedicated campaigning has seen that figure reduced to between 3,000 and 5,000.
‘A few years ago we were alarmed to see the event start to increase again, with Chinese activists warning this was because so many well-meaning westerners flooded Yulin to buy dogs from slaughterhouses, creating a spectacle that locals came to observe,’ Ms Higgins explained.
‘But thankfully that has subsided and this year local activists are reporting that business appears subdued again.
INTERESTING FACT ABOUT YOUR PET: Former Michael Vick dogs, Sox and Hector, are certified therapy dogs. They now spend their days cheering up people at hospitals, nursing homes, and schools.
‘Many street vendors that sell dog meat are being shut down by the police.‘It’s important to raise awareness about Yulin but it’s also important to not lose sight of the fact that for 10-20 million dogs in China, it’s Yulin every day.’
She praised the ‘expertise, discretion and professionalism’ of the 35 animal groups, shelters and vets across China that the charity works alongside.
One activist ended up in hospital yesterday after being attacked by a gang of dog meat traders when she attempted to rescue 300 dogs earmarked for the slaughterhouse.


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Home > News > Automobile News
Posted on Oct 30, 09:28PM | IANS
Maruti Suzuki Tuesday reported a 5.41 percent decline in net profit in the second quarter of fiscal 2012-13 at Rs.227.45 crore -- the fifth such fall in as many months.
The company had reported a net profit of Rs.240.45 crore for the quarter ended Sep 30, 2011.
The total income grew 7.85 percent in the quarter under review and stood at Rs.8,461.75 crore from Rs.7,845.70 crore for the quarter ended Sep 30, 2011.
The company's domestic sales during the period declined 5.9 percent at 2,09,954 units from 2,22,406 units sold during the like quarter of 2011-12.
Exports fell 32 percent at 20,422 units from 29,901 units shipped out during second quarter of last fiscal.
However, net sales for the quarter under review grew 8.5 percent to Rs.8,070 crore from Rs.7,436 crore in the corresponding period of last fiscal.
"The market showed a marked preference for diesel cars, while demand for petrol cars dropped sharply. Despite scaling up production for diesel cars, the company had a wait list of 1.25 lakh diesel car customers during the quarter," the company said in a statement.
it said the bottom line had been impacted by lower non-operating income during the quarter. "While EBITDA (earnings before interest, taxes, depreciation and amortization) has grown 15.4 percent over the second quarter of last year, 30.4 percent higher depreciation resulted into reduced profits."


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Snehesh Alex Philip/ PTI
New Delhi: Young and old, women in India, are no longer dipping into their grandmas jewellery box to get inspired for buying gold. Platinum, diamonds and rubies for them apparently shine more.
According to legend, Akshya Tritiya, which falls on April is an auspicious occasion especially for Hindus to buy gold, real estate or start a new venture as the belief states that anything initiated or bought on this day brings prosperity.
One thing which is now synonymous with Akshya Tritiya is packed jewellery shops especially those selling gold, which make a killing with overall sales figures running into crores. But it seems the demand for gold jewellery is now limited only to this auspicious occasion as more and more people now prefer stones.
According to the latest report released by London-based precious metal consultancy GFMS, India saw a 90 tonne drop in demand for gold jewellery in 2006. The fall in gold demand was not limited just to India. The report states that World jewellery fabrication demand fell 16% to a 15 year low of 2,280 tonnes in 2006.
GFMS report further adds that the demand for gold jewellery worldwide in 2007 is expected to to decline further with India been no exception.
Fall in demand for gold jewellery is due to fluctuating gold prices. Added to this is the increased attraction especially among the youngsters for stones. “Globally, gold demand was affected due to a shift toward lower gold weights and more gem-set ornaments. This led to the fall in jewellery segment,” says Philip Klapwijk, executive chairman, GFMS.
Though jewellery houses refuse to accept that the demand for gold jwellery is coming down, they do agree that the demand for stone-based jewellery is on the rise. “I don’t see a fall in demand for gold jwellery but yes, demand for diamonds has increased year on year,” says G. R. Anathapadbanabham, managing director of GRT jewellers.
In South India, a huge market for gold in the country, the trend is also slowly changing as Ananthapadbanabham says,“ We continue to be the strongest market for gold though there is a trend for light jewellery,” meaning the gold-studded wedding culture seem to be changing.
Gold experts say the younger generation now prefers diamonds and other stones over gold. “Yes, now the youngsters want to go in for more of style and glitter. They want designer jewellery studded with stones,” says Adarsh, director at MMTC, which is currently organising a festival of gold in the capital. He says it is only the rich who opt for stones while majority of the people still prefer to buy gold.
Even the young and trendy section of the society seem to agree. “Gold signifies my mother’s era. Stones are now what makes a woman feel comfortable. Even the effect of a small diamond is equal to the heavy gold jewellery that people use to wear earlier,” says Shubhra Sharma, trainer, Future Group.
“I think they are modern, funky and they go well with all kinds of clothes and I can say that they are my grandmom’s and everyone would believe it. It is trendy and timeless,” says Raka Chakrawarti, PR manager, Taj Connemara, Chennai.
Even though the demand for gold jwellery is coming down, people are not shying away from investing in gold. “People invest in gold because gold has always been safe investment. Rising prices of gold is one factor,” says Kewal K Duggal, regional director, North India Gem and Jewellery Export Council.
The recently launched fund based on gold, UTI Asset Management Company’s Gold Exchange Traded fund collected Rs250 crore during the new fund offer period last month. The company had received a better response as compared to Benchmark Asset Management’s company’s collection for its maiden GETF offer, which was also India’s first gold based fund.
Even investment gurus seemed to stress on significance of gold investment. “The price of the gold might deter people from going in for gold jewellery as a consumer but gold as an investment is still an exciting and a safe option,” adds an executive working with Kotak securities.
So with diamonds dazzling in front of almost every girl, gold is sure to take a beating.