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The tide is turning towards the next phase of financial transaction technology. It now remains to be seen whether this spells the beginning of the end of the trusty plastic credit card, or whether consumers will resist in number.
With the increasing number and popularity of mobile apps, major financial bodies have been looking towards innovative new payment systems for mobile devices.
The launch of these new mobile payment systems could now spell the beginning of the end for the traditional credit card.
Commonwealth Gold, American Silver
Last month, Google launched ‘Google Wallet’, an application designed to make payments easier for consumers while offering retailers more ways to offer loyalty programs. Its system, developed using Near Field Communication technology (NFC), is expected to reach the UK by early 2012.
In terms of development, however, they may be beaten to the chase by Australia’s Commonwealth Bank, which today launched ‘Kaching‘, an app which allows smart phones / iPhones to connect with cash registers and to make payments by email and Facebook. It will be available within two months to iPhone users with operating system iOS4 or above. This would make CommBank the first commercial provider of such a mobile payment system.
How does it work? Payments on Kaching are enabled by adding iCarte to the handset, which allows purchases up to $100 to be made by tapping a phone where MasterCard PayPass facilities are present.
It is estimated that there are 42,000 such readers and more than seven million MasterCard PayPass cards currently in circulation. For its part, CommBank claim to have over six million online banking users and that more than 16 million log-ins took place in August alone. No doubt the roll-out of this payment system will see a huge expansion of these facilities.
Meanwhile, Australian giants Eftpos, which accounts for 85% for all debit payments in Australia, has also reportedly undergone a technological revolution, which will allow customers to conduct transactions with mobile phones and contact-less terminals. It is described as the first major change to eftpos’ functionality in a quarter of a century.
Revolution, then, is, quite literally, on the cards.
Britain Bronze, or Bronze Age?
So, to continue the Olympic motif ahead of the 2012 games, America and Australia are readying themselves for the next phase in transactional technology. But does it spell an end for the credit card? In the UK, political scandal continues to play a defining role in the future of British finance.
A vast majority of Brits surveyed recently were wary about using their phones as makeshift credit cards. Recent phone-hacking political scandals in the UK have unnerved consumer confidence in secure telephony, and a poll of over 1,000 consumers revealed that only 17% would be comfortable using their mobile phones as a card payment device. 44% cited the lack of security software as their main concern.
Of the UK respondents, only 11% were uncomfortable using their credit cards to make online purchases via PC, but levels of doubt more than trebled when it came to the use of phones to make payments. Many felt that a phone was more likely to be stolen than a wallet, and had further oncerns about the robustness of security measures that could feature on a mobile device.
It is unsurprising, perhaps, that CommBank reports security as having been of paramount importance in developing their system. Kaching includes password encryption, and no personal banking information will be stored on a user’s phone.
Will Brits willingly follow the rest of the world’s economy into this new age of transactional technology? Will they be dragged kicking and screaming? Moreover, will Britain’s stubborn resistance extend the life of the trusty plastic credit card?
The demographics of the UK survey revealed that the younger generation were more keen to adapt to new technology. A third hoped to use their mobile phones as a credit card in future, while a quarter of under 18s, without credit cards, are happy to use their phones for payment instead of other means.
Testing the Waters
There could be merits in scepticism. Other economies and major financial institutions will no doubt become interested spectators when commercial mobile payment systems begin operating, eager to see what teething problems and security issues will arise. And the recent UK phone-hacking scandal has highlighted the vulnerability of standard mobile phones to third parties.
Google, who appear to be the first conglomerate wishing to unveil a mobile payment facility to the UK, will need to work hard to convince and reassure a majority of UK consumers that mobile payments feel as secure as the material plastic credit card tucked safely away in the wallet.
Does this foretell the end of the traditional credit card? Do you feel comfortable about this turn to mobile payments? Drop us a comment and let us know!


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Search Results For "RYU"
Chiappetta: RYU lost $10 mil, gross was under $1 mil
"The apparel company RYU that just left the MMA biz reported in their 2012 SEC filings a $9.8 million loss, and only $848,000 in sales," tweeted Mike Chiappetta.
After $2.6 million dollar loss, new CEO taking RYU out of the MMA business
Respect Your Universe (“RYU”) is no longer a Mixed Martial Arts (“MMA”) brand, what they are is still yet to be defined. Lets take a look at the rise and fall of RYU in MMA.
Sumotori Asashoryu considering MMA?
King of the Cage: Toryumon quick results

domain: news


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From Twitter to CNNMoney's reader comments, the Internet was abuzz with everything from jokes to recriminations after Hostess announced it will shut down.
Andre Walker: Twinkies survived the Great Depression. Twinkies survived the Cuban Missile Crisis. Twinkies survived 9/11. But Twinkies couldn't survive the unions.


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Global ice cream chain Baskin-Robbins has announced the signing of 18 new store development agreements in the Greater Toronto Area with with six new and existing franchise groups. There are currently almost 100 Baskin-Robbins stores located in the Greater Toronto Area.
Grant Benson, CFE, vice president of global franchising and business development, Dunkin’ Brands said, “Our secret to continued growth includes passionate franchisees who provide a high-level of customer service to guests every day. We are thrilled that these new and existing franchisees will be expanding our brand in Canada.”
Two of the UK’s most respected businesswomen will be bringing their business experience to the first annual Women in Business Expo, a brand new conference and exhibition that will feature franchise opportunities, plus business and career advice.21 Mar 2019 | Read Article >
New franchises are opening all over the world. Here are just a few of the recent brands which have established new presence at home or overseas21 Feb 2019 | Read Article >
For further information on the Tiger Bills franchise please submit your details below.


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Early this month, the Facebook Messenger application for Android received a new update named 126.96.36.199.13…
Samsung Galaxy Tab 3 from AT&T device has received the new Android 4.4.2 OTA update…
A new version of Clash of Clans game for Android is now available for download..
The Sony Xperia Z2 smartphone and Xperia Z2 Tablet has received a new notification for..
Early today, the Sprint Company officially pushed out a new Android 4.4.2 KitKat update for..
The new KitKat OS version of Android 4.4.4 for Galaxy Note 10.1 is now available..
The Samsung Galaxy S3 (4g LTE) model number I9305 device can now be flashed with..
Adobe Inc. Company has released one new version named Adobe Reader 11.5.0 for Android devices..
A new Android 4.4.4 KitKat Factory Images for Google Nexus 7 LTE tablet is now..
As you may know that Huawei is one of the most popular and biggest Chinese..


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A national real estate investment trust has purchased the Patton Creek shopping center in Hoover for $83.5 million.
American Realty Capital – Retail Centers of America, working with the Lincoln Property Company Southeast real estate services firm, has acquired the 512,871-square-foot shopping center from Patton Creek Holdings LLC, according to a news release put out by Lincoln today.
The 66-acre shopping center sits just west of the Riverchase Galleria between Interstate 459 and John Hawkins Parkway. Tenants include Dick’s Sporting Goods, a Carmike Cinemas with 16 theater screens, Ross Dress for Less, Cost Plus World Market, DSW, Barnes & Noble, Buy Buy Baby and Christmas Tree Shops. Ninety-five percent of the center was leased at the time of the sale, according to Lincoln.
“The property’s enviable location and superior access to I-65 and I-459 establishes it as one of the most convenient shopping centers in Alabama,” said Tony Bartlett, senior vice president of Lincoln, in the news release. “Well-tenanted centers in good locations in secondary and tertiary markets are providing strong returns for investors, and buyers have to be aggressive to secure these opportunities.”


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- Subscribe NowLimited Time Offer
Ping secures $5.8M funding
Denver-based Ping Identity Corp. announced it closed on $5.8 million of first-round financing.
The funding for Ping, a developer of software that helps companies manage security and identity outside of their firewalls, was led by General Catalyst Partners of Cambridge, Mass., and joined by Boston-based Fidelity Ventures and several other private investors.
Ping will use the investment to expand the company's sales, marketing and product development efforts, according to a press release.
"We see a solid opportunity to assist Ping Identity with its go-to-market strategy," Dave Power, partner at Fidelity Ventures, said in a statement. Power also is joining Ping's board of directors.
"Its open source project has created a large and growing base of potential customers for its commercial products and services ... [and] the management team's extraordinary influence on the identity industry continues to expand through their customer and vendor partnerships -- along with their efforts to educate and support standards for the industry," Power said.
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Legislation regulating the turnover of cryptocurrencies and digital assets came into force in Thailand. Violators of the law are threatened with heavy fines or imprisonment, the newspaper Bangkok Post reported on Monday.
The law was published by the official seal of the kingdom on Sunday and entered into force on the same day. According to the document, within 90 days all persons carrying out transactions for the sale of cryptocurrency must receive registration in a special commission on security at the Thai Stock Exchange. Violation of this provision is punishable by imprisonment up to two years, or by the fine of double the amount of the operation. The amount of the fine cannot be less than 500 thousand baht ($ 15.6 thousand).
As the Ministry of Finance of Thailand explained, the adoption of the law is aimed at “providing comprehensive regulation of cryptocurrencies and digital tokens, as well as preventing money laundering and tax evasion,” the newspaper said.
Previously, the police of the kingdom claimed that bitcoin and other cryptocurrencies are gaining popularity among criminal groups in Thailand, actively using them to withdraw funds earned illegally.


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Everyone at Oastler joiners is delighted to announce that we were finalists in the Courier Business Awards Manufacturing Business of the Year 2017.
The prestigious event, now in its fifth successful year, celebrates local businesses and entrepreneurs who are striving to achieve commercial success, go the extra mile to serve their customers and place the community at the heart of everything they undertake.
The celebratory award ceremony, which took place at the Apex Hotel in Dundee, was attended by over 700 guests from local businesses across the Tayside and Fife region. It event was hosted by the incredibly talented writer and broadcaster Giles Brandreth.
The key to the award centred on not only the longevity of the over 150-year-old company, but the pride that we place in the quality of our workmanship, with our staff specialising in developing bespoke joinery for a range of clients throughout Scotland and the UK. We were faced with tough competition within the manufacturing category however with much larger local competitors such as Ingenico and Mackie’s at Taypack competing for the prestigious award.
Though we were ultimately unsuccessful in winning the award, the team who attended the night agreed it was not only a fantastic evening, but was a great opportunity to meet and network with other local businesses and entrepreneurs from throughout the Tayside region.
Brian Thompson, MD at Oastler joiners commented, whilst we were ultimately not successful in winning the Manufacturing Business Of The year category, we are incredibly proud to have made it to the final of what was a fantastic evening of entertainment and celebrations. I am incredibly proud of the hard work my team undertake year-round to ensure the continued success of the business, and long may this success continue!


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Wednesday, April 16, 2014
In an effort to expand Taiwan's international bonds market, the Taiwan Depository & Clearing Co. (TDCC, 集保中心) held an account opening signing ceremony yesterday with Clearstream, an international clearing Europe-based counterpart.
Shares in Taiwan closed higher Tuesday as the bellwether electronics sector staged a rebound after high-tech stocks posted gains on markets in the United States overnight, dealers said.
e anticipated launch of larger iPhone models later this year should benefit Taiwan-based Hon Hai Precision Industry Co. (鴻海精密) because many smaller iPhones in circulation will likely be replaced, according to brokerage CLSA Ltd.
The Chung-Hua Institution for Economic Research (CIER) has raised its forecast for Taiwan's GDP growth in 2014 because of signs that the global economy is improving.
The U.S. dollar rose against the Taiwan dollar Tuesday, gaining NT$0.002 to close at NT$30.235 on the back of the local central bank's intervention to reverse the greenback's earlier losses, dealers said.
Singapore consumers love their low-priced China smartphones.
Dim sum bonds, or offshore yuan bonds, will see increasing demand, experts said, thanks to lower financing costs in Hong Kong and tightening liquidity in the mainland.
Tuesday, April 15, 2014
As the European Union strives for an 80-percent reduction in carbon emissions, Taiwan should also promise to cut down on carbon emission by 2050, said Sir David King, special representative to the foreign secretary on climate change in the UK., 1 Comment
Local scholars raised concern in a public hearing yesterday that the government's flagship project Free Economic Pilot Zones (FEPZ) may face public opposition, as the program may induce income disparity as well as land ownership disputes.
Amid the increasing proof of the promising future of wearable devices, Taiwan's high-tech industry has stepped up investments in the area and is likely to see a good start this year.


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“Organizations are wasting money licensing Microsoft Office applications that the majority of employees barely use, a study released this week by application analytics startup SoftWatch has found,” John E. Dunn reports for CIO. “The firm carried out a 3-month analysis of Office suite use in 51 global firms representing 148,500 employees, revealing that seven out of ten employees weren’t using any single application heavily, launching them only for viewing or light editing.”
“The average employee spent only 48 minutes per day using Office, largely the Outlook email client, which consumed about 68 percent of that activity,” Dunn reports. “Excel was in second place with 17 percent, or an average of 8 minutes per day, leaving Word and PowerPoint trailing with only 5 minutes and 2 minutes per day each.”
“What the study seems to be telling us is that the age of the all-purpose Office suite based on monolithic licensing has probably had its day because most users simply don’t use applications often enough to justify the cost,” Dunn reports. “In SoftWatch’s view, the obvious answer is that organisations should start by moving inactive users – 70 percent in the case of Word and 30 percent for Excel – off those applications in favour of cheaper alternatives.”
Read more in the full article here.
MacDailyNews Take: Sleep tight, Satya.
Computerworld’s Evans: ‘For many, iWork is the only productivity solution you’ll ever need’ – April 2, 2014
Apple shows Keynote users more love with significant point update – April 2, 2014
Apple updates iWork for Mac, iOS, and iCloud – April 2, 2014
Associated Press: Don’t overlook Apple’s iWork – March 5, 2014
LAPTOP Magazine reviews Apple’s iWork for OS X: A compelling content creation platform – November 20, 2013
Hands on: Using Apple’s new iWork for iCloud collaboration tools – November 15, 2013
Apple releases next-gen 64-bit iWork and iLife apps for OS X and iOS; free with new Macs and iOS devices – October 22, 2013


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As decided in the most recent poll, and announced on Monday, today we come to the theme “dark tourism and clothing”:
You could be forgiven if you think this is a really exotic theme within the wider subject of dark tourism. But items of clothing do actually come up quite often. And the ones featured below are only a selection.
Perhaps the most predictable case of clothes with a dark association is those iconic and infamous striped


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Shenyang Brilliance Automotive said that it would sell half of its 50 per cent stake in a US$230m truck joint venture with General Motors to three other Chinese companies. GM will retain its 50 per cent stake in the venture and continue to nominate its president. Shenyang Brilliance will hold 25 per cent of the venture and its sales of the remaining 25 per cent will go towards adjusting its business structure. The joint venture based in Liaoning province makes Chevrolet Blazer trucks and S-10 crew crab pick-ups.
Meanwhile, China Brilliance has signed a 20-year licensing deal to produce the famous London black cabs at its Shenyang plant. This will be the first overseas assembly of the black taxis, made by Manganese Bronze of the UK. The deal came about after China Brilliance’s chairman, Yang Rong, took a shine to the vehicle during a business visit to London. The deal was signed just a few weeks after it was announced that Brilliance was holding joint-venture talks with another British motor manufacturer, MG Rover.


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Mr. Bernnett Brako Asiamah, CEO and Creative Director of ‘Bello Couture Gh’, has strongly expressed his discontent about the lack of support for the creative arts industry.
He bitterly complained that the creative arts industry which includes fashion receives no aid from the government to support their production.
“The government has done nothing for Bello Couture and I won’t lie about it, the government has done nothing for my brand as far as I started and it’s been six years. There’s been no benefit with regards to shipping, bringing fabrics to Ghana, production, and I mean everything.” he lashed out.
Asked about ‘what his first policy would be should he be elected as a president for Africa?’ he declared that it will be to focus on the creative arts industry and create avenues for people to exhibit their creativity and gain adequate support.
“Trust me Ghana has a lot of amazing talents but the question is who would hold your hands to whoever will help you develop and bring out your talent” he lamented as he spoke on Daakye Kanea Leadership Podcast.
The young designer compared Ghana to Rwanda saying that the latter is fast developing because much attention is given to the youth and talent development.
He further professed that his vision is to use his brand to propel Africa positively to the outside world. “No African brand has a lot of outlets in big malls and cities globally, in at most 3 years Bello Couture should be able to propel Africa everywhere in the globe.” He asserted.
Mr. Asiamah also discussed that the commonplace of politicians that they are empowering the youth are words that cannot be assessed for results.


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Don’t expect to be competing in any Hogwarts Legacy Quidditch matches when the RPG game arrives around the holidays this year. This week brought the re-reveal of the ambitious Harry Potter RPG prequel, but despite the ability to fly broomsticks, it looks like Golden Snitches will have to remain un-caught for now.
Quidditch is a core part of the Harry Potter universe but hasn’t appeared too often in the various fantasy games based on the “Wizarding World” franchise – other than the 2003 Quidditch World Cup game, of course, which astonished me by actually being on PC.
Hogwarts Legacy may be a massive open-world game set in and around the titular school, with a lot of activities to partake in, but it doesn’t look like the Wizarding World’s premier sport will be one of them. It wasn’t mentioned in the extensive gameplay reveal and the official FAQ pretty much puts the nail in the coffin – broom flight is in, but Quidditch likely won’t be.


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Betting against retailers
Davidowitz has consulted for the retail industry — advising on mergers, among other things — but he also often bets against it.
He says he and his team of four professionals spend most of their time buying and selling retail stocks and bonds with money that includes $500 million from a group of Japanese investors and about $50 million of Davidowitz's own money. Nearly all of the money he made in 2008, however, was shorting retail stocks, Davidowitz says.
Short selling — a bet that a stock price will fall — is legal but has come under fire as a possible source of market abuses. Investors profit through short selling by borrowing a stock from another investor, selling the shares and then buying them back later. The short seller, if successful, buys the stock back at a lower price and returns it, pocketing the difference in price. The Securities and Exchange Commission said last week that it planned to crack down on the practice.
Davidowitz says he never shorts the stocks he disses publicly and has refused to disclose all of the names on his list of troubled retailers in TV and print interviews. Davidowitz says CNBC and Bloomberg TV always ask him before appearances if he "has a position" on any of the stocks he plans to discuss. He says he always says no. CNBC and Bloomberg confirmed that describes their policies.
"Anybody who is commenting on the performance of a company and shorting the stocks has a clear conflict of interest," says NRF's Mullin. "This person really shouldn't be considered a credible source. There are a lot of analysts who bring a lot of knowledge and a deep understanding of the industry … and then there are others who are really in it for themselves."
Investors aren't required to disclose which stocks they short. But public records show retailers are big targets of short sellers.
For his part, Beemer, who has run America's Research Group for the past 30 years, says about 25% to 30% of retailers are likely to be forced into bankruptcy reorganization and have to "shed 30 to 40% of their stores."
Unlike Davidowitz, who focuses more on financial trends, Beemer relies more on his company's regular telephone surveys of consumers to detect shopping trends that are running in favor of or against a certain retailer.
Beemer proudly notes he was among the first to foresee four or five years ago the failure of Linens 'n Things, which liquidated last year, and of Mervyn's, which liquidated last fall in a scenario he had been publicly banking on for about five years. Of one of the first big furniture store liquidations in late 2007, he says: "I predicted Levitz long before they did."
"I'm a consumer guy," says Beemer, who says his clients tend to be smaller regional retailers who are willing to act on his recommendations. "My clients know and respect me for the fact that I'm very frank and blunt."
THE MAN BEHIND MANY RETAIL PROGNOSTICATIONS
"What retailer sells his best stores but Eddie Lampert?" shouts investment banker and retail consultant Howard Davidowitz, referring to the Sears chairman in an interview. "That will put you out of business!"
It will also get you on Davidowitz's list of troubled retailers, a list that helps get him frequent television appearances and mentions in several hundred newspaper and magazine articles a year.


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We Aren’t Drinking Like We Used To
Party like it’s 2003! Beer sales were down in 2011, with the industry saying that U.S. shipments were at their lowest levels since 2003.
Nearly all of the major brewers such as Anheuser-Busch and Heineken USA experienced downturns and it doesn’t seem to be a purely American problem either. Worldwide, beer shipments were down 2.9 million barrels, or 1.4 percent, from 2010.
The figures were published in the latest newsletter from trade publication Beer Marketer’s Insights. The group posted on its blog:
“Big brewers need to regain drinking occasions taken by spirits over the last decade, especially among Millennials. Consumers continue to face [a] plethora of new beverage choices.”
So how did your favorite brew fair?
- MillerCoors consumption fell 3 percent to less than 60 million barrels.
- Heineken USA’s shipments were down 3.9 percent
- Diageo/Guinness USA was down 2.4 percent
It was not all doom and gloom. Sales of Pabst Blue Ribbon were up 0.4 percent and brewer D.G. Yuengling & Son from Pottsville, Pa., saw a 16.9 increase. Samuel Adams, who is owned by Boston Beer Co., saw an 8 percent increase.


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Romanian “Short-Change Fraud” Scheme In St. Louis Has Ties To Jefferson County
April 13, 2023 7:34PM CDT
(Jefferson County) Three Romanian citizens have pleaded guilty to federal charges in St. Louis and admitted running a “short-change fraud” in stores across the country. This case has ties to Jefferson County. Griffin Weinberg has the details.


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Apple witnessed a tepid response to the iPhone 8 (& iPhone 8 Plus) across the world, the obvious reason being that devices were not radically different in terms of the design and the internal hardware were incremental in nature.
But, the iPhone X (pronounced iPhone Ten) has intrigued many, especially with the innovative FaceID, which is said to be more accurate and secure compared to TouchID. It is attracting not only Apple fans but also owners of other branded phones.
In India, the demand has reached an all-time high as all major metros in the country witnessed hordes of people lining up at Apple stores to get their hands on the iPhone X.
But, all stores — both brick-and-mortar and online ecommerce sites like Flipkart and Airtel — have sold out their quota of iPhone X units due to low stock.
As per reports, Indian retailers received just 25 percent bookings from distributors. While some retailers are awaiting response from Apple to recommence the pre-order service, others including Reliance Jio — in a bid to gauge the demand — are asking consumers to register their interest on their site.
To cash in on the craze and low supply, some black-market sellers are buying iPhone X units in bulk in Southeast Asian regions, where the Apple device prices are lower than in India. [Check the detailed price list below.]
They are then looking to make a killing by selling these at a premium in India.
The Air Intelligence Unit (AIU) of Mumbai Customs, acting on tip-off, has arrested passenger identified as Bhavesh Ravjibhai Virani at the Chhatrapati Shivaji International Airport and seized 11 Apple iPhone X units.
Official global price details of Apple iPhone X and iPhone 8 series:
|US($)||UK (£)||Dubai (UAE)AED/ Arab Emirates Dirham||India (Rs.)||Singapore (S$)||Australia(A$)|
|Apple iPhone X||64GB||$999||£999||AED4,099||Rs. 89,000||S$1,648||A$1,579|
|Apple iPhone 8 Plus||64GB||$799||£799||AED3249||Rs. 73,000||S$1,308||A$1,229|
|Apple iPhone 8||64GB||$699||£699||AED2849||Rs. 64,000||S$1,148||A$1,079|
Virani, was travelling from Hong Kong to India on Saturday. The 11 mobile phones are said to be worth Rs 10,57,388 in the market, ANI reported.
In a related development, black-marketers are selling the iPhone X 64GB base model, which comes with MRP of Rs 89,000, for exorbitant prices — sometimes up to Rs 1.68 lakh — on eBay.
Since the iPhone X has international warranty, some might be compelled to buy it, but we urge our readers not to buy them as they might be stolen goods and can be bricked remotely by Apple (or a network carrier) if the company fails to get the devices to the rightful owner.
Earlier this week, a UPS truck parked in front of an Apple Store in San Francisco was robbed of 313 iPhone X units worth $370,000.
Follow us @IBTimesIN_Tech on Twitter for the latest news on Apple products and more.
Key specifications of Apple iPhone X:
|Models||Apple iPhone X|
|Display||5.8-inch all-screen OLED Super Retina HD (2436x1125p) multi-touch display with HDR support
|OS||Apple iOS 11 with improved Siri voice assistant (iOS 11.1 update released)|
|Processor||64-bit class Apple A11 Bionic chip with neural engine+ Embedded M11 motion coprocessor|
|RAM (not confirmed)||3GB|
|Security||Face ID, enabled by TrueDepth camera for facial recognition|
[Compatible with AirPower wireless charger]
|Network||4G-LTE Advanced with VoLTE|
|Add-ons||Bluetooth 5.0, Wi-Fi (802.11 b/g/n/ac; MIMO), Wi-Fi calling, NFC (Near Field Communication) with reader mode, GPS/GLONASS/ Galileo & QZSS, support Augmented Reality (AR)|
|Dimensions||143.6 x 70.9 x 7.7 mm|
|Colours||Space Grey and Silver|


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SECURITY issues have been exposed in Australia’s wool supply chain as a sophisticated wool tampering operation has been uncovered in Melbourne.
Victorian Police are investigating after a number of wool brokers reported cases of their wool being tampered with since May this year.
Police allege 16 bales of high quality, Merino fleece had been removed from bales and substituted with crossbred, sweepings and contaminated black wool.
The wool was then exported to China, where buyers discovered the bales had been replaced with inferior wool.
“… From the period of (bales) being loaded onto a truck and taken to the docks – to be loaded into containers and put into a ship to travel to china - the wool has been transferred and replaced with inferior wool,” Detective Inspector Jamie Templeton said.
The thefts were valued at tens of thousands of dollars, with individual bales worth up to $3000.
“It might be two or three people working together that have orchestrated this crime,” Inspector Templeton said.
“I suspect they have some experience in (the industry) to know what they are doing.
“What I believe is the wool stolen has been subsequently sold to another wool broker, potentially re-baled and purported to be from another woolgrower. As far as that person purchasing wouldn’t know any different – just high quality, honestly obtained wool.”
The alleged crime involved six separate companies which handled wool, being wool sellers, brokers and exporters. Inspector Templeton said the investigation aimed to identify some “nexus and commonality” in the four separate transactions.
The scandal has exposed security issues for the Australian wool supply chain during a time of record high prices.
“This is not only due to the total value of the wool stolen but also the potential damage it poses to the Australian export industry,” Inspector Templeton said.
“These thefts are incredibly damaging to the livelihood and reputations of the brokers who export this product.”
China, Australia’s major wool market, purchased 75pc of the national clip sold at auction last season.
The wool tampering scandal follows a crackdown on product labelling issues in China which has seen six Australian companies hit with meat export bans.
Inspector Templeton said suggestions would be made to industry to address security concerns in the wool handling and export system.
“We will make recommendations but from within, they are already learning from what has happened in this situation so far,” he said.
“There are a number of legislative reforms that I would like to work through in terms of when we buy and sell wool to a local broker and how that process works. There is a cash market there.”
However, Australian Council of Wool Exporters and Processors executive director Peter Morgan said the integrity of Australia’s wool handling and export chain was sound.
“When you consider we sell somewhere around 1.9 million bales (per year), it is only a small amount,” Mr Morgan said.
“When prices are at this level, unfortunately unscrupulous things happen from time to time. These people will find they have no future in the industry if they are caught.”
Anyone with information is urged to phone Crime Stoppers on 1800 333 000.


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(Bloomberg View) — If you want to understand how inflation will affect the U.S. economy, take a close look at two industries: packaged consumer goods and restaurants.
Markets are focused intently on inflation. Is it picking up, and what will that mean for profit margins, interest rates, and the Federal Reserve’s monetary policy? Investors and economists dutifully track the monthly economic data, but there’s something to be said for seeing how actual companies are experiencing changes in prices and wages. Consumer-goods and food-service businesses are great candidates, because they’re among the most sensitive and they happen to be in the midst of reporting earnings.
Consider Campbell Soup Co., which might be the poster child for cost-pressured food companies. In an earnings call last week, the company reported that higher costs on dairy, meat, steel cans, and aluminum subtracted 330 basis points from gross margins. It also noted higher freight costs, which have been hitting a number of companies amid a nationwide truck driver shortage. On the price side, the company says it’s not able to pass increases on to consumers, because soup is a “price elastic” product. This means that cost inflation, currently running at 3.5 percent, will keep eating into profits. Campbell Soup stock closed Wednesday at a 52-week low, down 27 percent from a year earlier.
Restaurants are interesting, too, because they have so many moving pieces and different approaches to navigating this cost environment. I mentioned last week how Chipotle saw a decline in customer traffic after raising prices by 5 to 7 percent. Texas Roadhouse, which reported earnings this week, raised prices only 1 percent and had strong traffic growth – but mid-single-digit wage growth ate into the bottom line. The company expects more of the same this year, as it holds prices steady in an effort to maintain traffic, even at the expense of margins. Cheesecake Factory offered a creative interpretation of the labor environment: The government is squeezing them by raising minimum wages but giving back some via tax cuts, so it mostly balances out when looking at after-tax profit margins.
Nobody’s saying that they’re planning to aggressively pass on cost increases to protect profit margins, at least not yet. This sends a mixed signal for investors. On one hand, it suggests that for now, consumer inflation will remain somewhat contained, allowing the Fed to stick with its plan of gradual, rather than rapid, interest-rate increases. On the other hand, companies are absorbing major increases in labor, food, energy and transportation costs, to the detriment of profits. At least in some industries, this will undermine the boost to profits that investors have been expecting from tax cuts.
Investors aside, the effect on inequality could be positive. If wages rise faster than prices, workers will be better off – and it’s the lowest-paid workers, such as those in restaurants and trucking, who are getting raises the fastest. Those workers are also the consumers most likely to spend each added dollar of income, a dynamic that will keep boosting growth and reducing inequality until inflationary pressures become too strong.
In the meantime, food and restaurant businesses will have to contend with 3 to 5 percent cost inflation, 1 to 2 percent price increases and falling profit margins.
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
Conor Sen is a Bloomberg View columnist. He is a portfolio manager for New River Investments in Atlanta and has been a contributor to the Atlantic and Business Insider.


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In Portfolioticker today
Today at the stock market
“Wall Street pulled back from record-high territory on Monday, weighed down by a drop in Merck shares and a report that U.S. lawmakers are discussing a gradual phase-in of much-anticipated corporate tax cuts. Market watchers pointed to declines steepening after a Bloomberg report that the House of Representatives was discussing a gradual cut in corporate tax rates over several years.
“A lot of people are looking to that corporate tax cut as a reason for the next leg up in stocks. “We are in a market that has just been on an absolute low-volatility, steady climb for quite a while, so you don’t need much of a reason for it to take a periodic step back, particularly a small step back,said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.
Investors were also digesting the impact to Trump’s agenda from news that his former campaign manager, Paul Manafort, was charged with money laundering in the federal probe into Russian meddling in the 2016 presidential election.
Stocks pared losses late in the day amid signs that Trump was close to picking Federal Reserve Governor Jerome Powell as head of the U.S. central bank.
The New York Times reported Trump was “expected to” name Powell as soon as Thursday to replace Janet Yellen as Fed chair, after Reuters reported earlier that Trump was likely to pick him.
The S&P tech sector rose 0.4%, following big gains on Friday in the wake of a strong batch of earnings.
Apple shares gained 2.3% after analysts pointed to strong demand for the iPhone X.
Merck shares fell 6.1% after a setback to its key cancer medicine. The stock was among the top drags on the S&P 500 and Dow industrials.
In other corporate news, the board of Japan’s SoftBank Group Corp is having doubts about the merger it has been negotiating between its U.S. wireless subsidiary Sprint Corp and T-Mobile US Inc, due to fears of losing control of a combined entity, a source familiar with the matter told Reuters. Sprint shares fell 9.3% and T-Mobile ended off 5.4%.
Market watchers readied for another big week of corporate results. With more than half the S&P 500 reported, third-quarter earnings are expected to have climbed 6.7%, up from an expectation of 5.9% growth at the start of Oct 2017, according to Thomson Reuters I/B/E/S.
The Fed is also due to meet this week, adding to the heavy week of economic and financial news. “No one is expecting a rate hike, but the statement will be important,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. “This market has a confluence of headline-grabbing releases this week.”
The October jobs report is due on Friday.” Bloomberg
^ Market indices today (mouseover for 12 month view) Chart: Google Finance
|Index||Ticker||Today||Change||31 Dec 16||YTD|
|S&P 500||SPX (INX)||2,572.83||-0.32%||2,238.83||+14.91%|
Our USD-denominated index closed at a record 3.009, above 3.0 for the first time.
Our AUD-denominated index closed at a record 3.889.
^ USD and AUD denominated indices over the past 52 weeks Chart: Bunting
|Index||Currency||Today||Change||31 Dec 16||YTD|
Portfolio stock prices
Apple closed on a record high of $166.72, beating its 1 Sep 2017 record of $164.05.
Amazon closed on a record high of $1,110.85, up 0.90% on Friday’s record of $1,100.95.
Facebook closed on a record high of $179.87, up 1.12% on Friday’s record of $177.88.
Visa closed on a record high of $110.04, beating last Thursday’s record of $109.80.
|Stock||Ticker||Today||Change||31 Dec 16||YTD|
^ Bloomberg Dollar Spot Index (DXY) movements today (mouseover for 12 month view) Chart: Bloomberg
^ AUD movements against the USD today (mouseover for 12 month view) Chart: xe.com
Oil and Gas Futures
“U.S. crude exports have boomed since the decades-old ban was lifted less than 2 years ago, with shipments recently hitting a record of 2 million barrels per day (bpd). But shippers and traders fear the rising trend is not sustainable, and if limits are hit, it could pressure the price of U.S. oil.
How much crude the United States can export is a mystery. Most terminal operators and companies will not disclose capacity, and federal agencies like the U.S. Energy Department do not track it. Still, oil export infrastructure will probably need further investment in coming years. Bottlenecks would hit not only storage and loading capacity, but also factors such as pipeline connectivity and shipping traffic.
Analysts believe operators will start to run into bottlenecks if exports rise to 3.5 million to 4 million bpd. RBC Capital analysts put the figure lower, around 3.2 million bpd.
The United States has not come close to that yet. A total of the highest loading days across Houston, Port Arthur, Corpus Christi and St. James/New Orleans – the primary places where crude can be exported – comes to about 3.2 million bpd, according to Kpler, a cargo tracking service.
But with total U.S. crude production currently at 9.5 million bpd and expected to add 800,000 to 1 million bpd annually, export capacity could be tested before long. Over the past 4 weeks, exports averaged 1.7 million bpd, more than triple a year earlier.” Reuters
“Brent oil held above $60 / barrel on Monday, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond Mar 2018 although rising Iraqi exports put a lid on prices.
The Organization of the Petroleum Exporting Countries (OPEC) plus Russia and 9 other producers agreed to cut 1.8 million barrels per day (bpd) from Jan 2016 to clear a supply glut.
The pact, already renewed once, now runs to Mar 2018, but Saudi Arabia and Russia, who are leading the effort, have voiced support to for a further extension.
OPEC Secretary General Mohammad Barkindo said Russian-Saudi backing for an extension cleared the fog before the group’s meeting in Vienna on 30 Nov 2017.
Saudi Crown Prince Mohammad bin Salman repeated the kingdom’s support for extending the deal at the weekend.
However, traders said a 900,000 bpd export capacity increase from Iraq’s southern ports to 4.6 million bpd had prevented Brent rising further.” Reuters
Prices are as at 15:49 EDT
- NYMEX West Texas Intermediate (WTI): $54.16/barrel +0.48% Chart
- ICE (London) Brent North Sea Crude: $60.89/barrel +0.74% Chart
- NYMEX Natural gas futures: $2.98/MMBTU +0.40% Chart
US Personal Income and Outlays. Sep 2017
Press Comment: Bloomberg
“U.S. consumer spending recorded its biggest increase in more than 8 years in Sep 2017, likely as households in Texas and Florida replaced flood-damaged motor vehicles, but underlying inflation remained muted.
The Commerce Department said on Monday consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 1.0% in Sep 2017. The increase, which also included a boost from higher household spending on utilities, was the largest since Aug 2009.
Consumer spending rose by an unrevised 0.1% in Aug 2017. Economists polled by Reuters had forecast consumer spending increasing 0.8% in Sep 2017.
Prices of U.S. Treasuries were higher in early morning trading while the USD was weaker against a basket of currencies. U.S. stock index futures were mixed. The data was included in last Friday’s Q3/2017 GDP report, which showed consumer spending growth slowing to a 2.4% annualized rate after a robust 3.3% pace in Q2/2017.
The moderation in consumption was offset by a rise in inventory investment, business spending on equipment and a drop in imports, which left the economy growing at a 3.0% rate in the third quarter after the April-June period’s brisk 3.1% pace.
The Commerce Department said September data reflected the effects of Hurricanes Harvey and Irma, but said it could not quantify the total impact of the storms on consumer spending and personal income.
Consumer spending in Sep 2017 was buoyed by purchases of motor vehicles, probably as drivers in Texas and Florida replaced automobiles that were destroyed when Harvey and Irma slammed the states in late Aug 2017 and early Sep 2017. Spending on long-lasting goods like autos surged 3.2% in Sep 2017. Outlays on services rose 0.5%.
Core Inflation Benign
Though disruptions to the supply chain as a result of the hurricanes also likely contributed to an uptick in inflation in Sep 2017, underlying price pressures remained benign.
The Federal Reserve’s preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, edged up 0.1% in Sep 2017. The so-called core PCE has now increased by 0.1% for 5 straight months.
The core PCE increased 1.3% in the 12 months through Sep 2017 after a similar gain in Aug 2017. The core PCE has undershot the Fed’s 2% target for nearly 5½ years.
The soft core PCE readings are likely to intensify the inflation debate among Fed officials, who are holding a policy meeting on Tuesday and Wednesday. The FOMC is not likely to raise interest rates this week, but is expected to do so in Dec 2017. It has raised rates twice this year.
When adjusted for inflation, consumer spending increased 0.6% in Sep 2017 after slipping 0.1% in Aug 2017.
While that put consumer spending on a higher growth trajectory heading into Q4/2017, it is unlikely to be sustained as households increasingly rely on dwindling savings to fund purchases.
Personal income rose 0.4% in Sep 2017 after increasing 0.2% in Aug 2017. Wages advanced 0.4%. Savings fell to $441.9 billion in Sep 2017, the lowest level since Aug 2008, from $521.4 billion in the prior month.” Reuters
Press Release Extract [ser_us_pio]
“Personal income increased $66.9 billion (0.4 percent) in September according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $53.0 billion (0.4 percent) and personal consumption expenditures (PCE) increased $136.0 billion (1.0 percent).
Real DPI decreased less than 0.1 percent in September and Real PCE increased 0.6 percent. The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.1 percent.
The increase in personal income in September primarily reflected increases in wages and salaries and nonfarm proprietors’ income.
The $76.0 billion increase in real PCE in September reflected an increase of $59.1 billion in spending for goods and a $21.6 billion increase in spending for services. Within goods, new motor vehicles was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for household utilities.
Personal outlays increased $132.5 billion in September. Personal saving was $441.9 billion in September and the personal saving rate, personal saving as a percentage of disposable personal income, was 3.1 percent.”
US Bureau of Economic Analysis, “Personal Income and Outlays: September 2017“, 30 Oct 2017 (08:30) More
^ JPY movements against the USD over the past month (mouseover for inverse) Chart: xe.com
Stockmarket: Nikkei 225
^ Nikkei N225 movements over the past week Chart: Google Finance
Industrial Profits. First 3 Quarters of 2017
Press Release Extract
“In the first nine months of 2017, the profits made by industrial enterprises above the designated size achieved 5,584.6 billion yuan, a year-on-year increase of 22.8 percent, and the growth rate increased by 1.2 percentage points from the first eight months.
In the first nine months, the profits of state-holding industrial enterprises above the designated size gained 1,257.74 billion yuan, up by 47.6 percent year-on-year; that of collective-owned enterprises reached 32.34 billion yuan, an increase of 4.3 percent; that of joint-stock enterprises stood at 3,909.67 billion yuan, up by 24.6 percent; that of foreign funded enterprises, and enterprises funded from Hong Kong, Macao and Taiwan achieved 1,351.43 billion yuan, increased by 18.5 percent; and that of private enterprises gained 1,828.59 billion yuan, an increase of 14.5 percent.
In the first nine months, the profits of mining and quarrying reached 369.2 billion yuan, up by 4.7 times year-on-year; that of manufacturing was 4,898.43 billion yuan, an increase of 19.6 percent; that of production and distribution of electricity, heat, gas and water reached 316.97 billion yuan, down by 18.3 percent.
In the first nine months, within 41 branches of industrial divisions, the industrial profits of 39 industrial divisions increased year-on-year, and that of 2 decreased. In view of the profit growth of major industries, the profits of mining and washing of coal increased by 7.2 times year-on-year, that of processing of food from agricultural products increased by 6.0 percent year-on-year, that of manufacture of textile up by 3.7 percent, that of processing of petroleum, coking, processing of nucleus fuel increased by 38.4 percent, that of manufacture of chemical raw material and chemical products increased by 37.9 percent, that of manufacture of non-metallic mineral products increased by 24.6 percent, that of manufacture and processing of ferrous metals increased by 1.2 times, that of manufacture and processing of non-ferrous metals increased by 47.1 percent, that of manufacture of general-purpose machinery up by 15.8 percent, that of manufacture of special-purpose machinery up by 24.5 percent, that of manufacture of motor vehicles increased by 10.3 percent, that of manufacture of electrical machinery and equipment increased by 8.8 percent, that of manufacture of computer, communication equipment and other electronic equipment increased by 17.6 percent, extraction of petroleum and natural gas turned losses in the same period into profits, and the profits of production and supply of electric power and heat power down by 23.7 percent.
In the first nine months, the revenue from principal activities of industrial enterprises above the designated size reached 90.5 trillion yuan, increased by 12.5 percent year-on-year. The costs of principal activities were 77.4 trillion yuan, up by 12.2 percent. The profit rate of revenue from principal activities was 6.17 percent, an increase of 0.51 percentage points year-on-year.
By the end of September, the total assets of industrial enterprises above the designated size was 110.5 trillion yuan, increased by 7.9 percent year-on-year; the total liabilities reached 61.6 trillion yuan, increased by 6.7 percent; the total owners’ equity was 48.9 trillion yuan, increased by 9.4 percent. The asset-liability ratio was 55.7 percent, a decrease of 0.6 percentage points year-on-year.
By the end of September, the total volume of receivable accounts for industrial enterprises above designated hit 13.2 trillion yuan, went up by 8.8 percent year-on-year. The total value of finished products for industrial enterprises accounted for 4,099.66 billion yuan, increased by 7.8 percent.
In the first nine months, the costs for per-hundred-yuan turnover of principal activities stood at 85.56 yuan, a decrease of 0.23 yuan year-on-year; the expenses for per-hundred-yuan turnover of principal activities stood at 7.34 yuan, a decrease of 0.27 yuan; the revenue from principal activities brought by per hundred yuan assets was 113.2 yuan, an increase of 4.8 yuan; the revenue from principal activities per capita was 1342 thousand yuan, an increase of 160 thousand yuan; the turnover days of finished goods were 13.7 days, a decrease of 0.6 days; the days sales outstanding hit an average of 37.3 days, a decrease of 1.0 day.
In September, the profits made by industrial enterprises above the designated size achieved 662.18 billion yuan, a year-on-year increase of 27.7 percent, and the growth rate increased by 3.7 percentage points from August.“
National Bureau of Statistics of China, “Industrial Profits Increased in the First Nine Months of 2017“, 30 Oct 2017 More
^ CNY movements against the USD over the past month (mouseover for inverse) Chart: xe.com
^ Shanghai CSI300 movements over the past week Chart: Google Finance


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Speaking on The Asaase Breakfast Show on Tuesday (16 November), the public relations officer of GUTA, Joseph Paddy, said the plethora of taxes in Ghana is making it difficult for some of its members to clear their goods in the country.
“Taxes are expensive here. Recently my brother here [Johnny Mantey, the chairman of the Ghana Institute of Freight Forwarders] cleared my goods for me, and for a 40-foot container, the service fee alone between the Ghana Ports and Harbours Authority (GPHA) and the shipping line [was] about GHC9,000,” Paddy told Kojo Mensah, the host of ABS.
“When we did the research, in the sub-region, [we found that] the cost of doing business [in Ghana] is extremely high compared to other countries … Just the service charge, without the duty and freight, you are paying GHC9,000 for a 40-foot container for service fee. Over GHC4,000 goes to GHAPOHA [the Ghana Ports and Harbours Authority] and over GHC4,000 goes to the shipping line …
“We think it’s an extortion, after you have paid your freight out there and then you come here and the shipping line is taking another fee here, astronomically.”
He added, “And we have been complaining to government all this while and nothing has been done … when we went to the neighbouring countries, it wasn’t so.
“So we don’t want to see another layer of cost of doing business … because when you look at the tax component it is on the higher side.”
Asaase Radio 99.5 – tune in or log on to broadcasts online
99.5 in Accra, 90.7 in Ho, 98.5 in Kumasi, 99.7 in Tamale, 89.5 in Tarkwa, and 106.9 in Walewale
Follow us on Twitter: @asaaseradio995


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Apple launches countdown to 50B app downloadsApple on Thursday posted a countdown to 50 billion app download from the App Store, promising to give away a $10,000 App Store Gift Card to the person who downloads the landmark app.
First spotted by Macstories, the official countdown ticker is viewable within iTunes under the App Store section.
From the countdown page:
Apps have revolutionized the way we play video games, consume news, do business, education, communicate, create art, and so much more.
The performance of the App Store has been overwhelming, steadily growing in size and revenues since its launch in 2008. As an example of the store's explosive growth, Apple launched a similar countdown to 1 billion app downloads in April 2009, which was followed by a promotion for the 10 billionth app download in January 2011. Most recently, Apple started a countdown ticker to 25 billion downloads in February 2012, meaning download rates roughly doubled over the past year.
In addition to the $10,000 gift card for the 50 billionth app download, Apple will also award a $500 App Store Gift Card to the next 50 customers following the momentous download.
The iTunes page also has an updated list of the top all-time paid and free apps, with respective number ones being Angry Birds and Facebook.
As with any sweepstakes and giveaway in the U.S., no purchase is necessary, and Apple has setup an alternate entry webpage for those who don't wish to buy an app or download a free title. At the time of this writing, the page was still under construction.
On Topic: App Store
- Twitter for iOS gets 'Peek and Pop' 3D Touch gesture support, Google adds AMP integration
- Apple TV nets Bravo, E! and Syfy content with new tvOS apps
- Control your Bentley's seat massagers from your wrist with new Apple Watch app
- I/O 2016: Google Allo smart messenger and Duo video calling coming to iOS, Android this summer
- Adobe adds automatic pattern generation tool to Capture CC for iOS


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Hovis seeks new marketing chief as Matt Hunt quits for digital agency
Hovis has lost marketing chief Matt Hunt to its own digital agency and is on the hunt for his successor.
Hovis: searches for a marketing chief
Hunt will leave the brand for digital agency Futureproof at the end of August. The agency was behind Hovis’ 'Loaf Changing' social media campaign. Hovis said a new marketing director would be announced "in due course".
Hunt leaves seven months after the bakery brand’s owner, Premier Foods, sold a 51% controlling stake to US investment firm The Gores Group for £30m.
The deal means Hovis now sits with other bakery brands, such as Mothers Pride, in a joint venture called Hovis Limited.
The venture is set to receive millions of pounds in investment from both companies to rejuvenate the Hovis brand, which trails rival Warburtons, the UK's biggest-selling bread brand.
The Gores Group and Premier Foods have pledged to invest £200m in the joint venture over the next five years, kicking off with an initial £30m. A further £15m will follow after an improvement in performance.
This article was first published on marketingmagazine.co.uk
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Dolce & Gabbana Launches Limited Edition Pasta For Christmas
Italian luxury fashion brand Dolce & Gabbana has launched a limited edition branded pasta range for the Christmas season.
The product launch is the result of a partnership with renowned Italian pasta manufacturer Pastificio di Martino, which produces PGI Gragnano Pasta in Sicily by mixing Italian durum wheat semolina with spring water from the Lattari Mountains.
Those that cannot afford the brand’s expensive fashion items now have the opportunity of purchasing, for a not-insignificant sum of €110, a metal box that includes several types of pasta, including spaghetti, penne and paccheri, as well as a D&G apron.
A limited run of 5,000 metal boxes have been produced. Each features a Mediterranean design by D&G, that celebrates Italian heritage through a combination of colours, symbols and monuments.
A promotional video to commemorate the launch has also been developed by the fashion brand.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine


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The new video game franchise Destiny has already smashed analysts' expectations for first-week sales with a $500 million launch.
Destiny, by developer Bungie and video game publisher Activision Blizzard, was released on Tuesday, and the companies have already made back their $500 million investment in the game, selling 10 million copies in the first day.
Michael Pachter, an analyst at Wedbush Securities, told CNET that sales exceeded even his bullish expectations. Earlier, he had said he expected the game could sell as many as 10 million units this year if it got good reviews. He now expects sales to reach as high as 18 million units. "Destiny appears well-positioned to become Activision Publishing's third billion-dollar franchise," he told CNET.
This is not the biggest video game launch in history, but the biggest for a new franchise. Rockstar's Grand Theft Auto V sold more units on its first day, and reached $1 billion in sales in three days, making it the fastest video game to gross $1 billion.
Destiny rolls several different types of video games into one, making it a massively multiplayer online, role-playing, first-person shooter. Players take on the role of a character with other-worldly powers called a "guardian" to help protect humanity.
Destiny's creator, Bungie, was also behind Halo, one of the most successful video game franchises ever made. Halo launched in 2001 and became Microsoft Xbox's most popular game franchise with several later installments. That game also became a cultural phenomenon, with "Halo Night" featured in an episode of CBS's hit comedy "The Big Bang Theory."
Microsoft owned both Xbox and Bungie when they released Halo, but the Bungie creative team left behind that franchise to independently produce Destiny. Activision publishes other blockbuster video game franchises including Call of Duty, Skylanders and World of Warcraft. This is the first Bungie game to be published by Activision.
for more features.


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Walgreen Co (WAG.N) posted a higher quarterly net profit on Monday, helped by prescription sales and cost controls.
Net profit rose nearly 12 percent to $443 million, or 45 cents per share, in the quarter that ended August 31, compared to $396.5 million, or 40 cents a share a year ago.
The reported quarter's profit included a $79 million benefit tied to a vacation accrual adjustment, Walgreen said.
In the year-ago quarter, Walgreen unexpectedly posted its first quarterly profit decline in almost 10 years due to lower reimbursements for some generic drugs and higher salary and other expenses.
Sales rose 8.8 percent to $14.6 billion.
Sales at stores open at least a year rose 2.6 percent. The company said prescription sales rose 7.9 percent and made up 66 percent of sales in the quarter.
Walgreen said it filled 0.6 percent more prescriptions in stores open at least a year than it did in the year-earlier quarter. It said overall U.S. retail prescription volume fell 1.9 percent in the same period, excluding Walgreen.
"Tough times are forcing people to make tough choices -- delaying doctor visits and prescription use," Walgreen Chief Executive Jeffrey Rein said.
Walgreen has made an unsolicited bid for Longs Drug Stores Corp (LDG.N) to gain more stores, particularly in California and Hawaii. Longs, which has cited possible regulatory hurdles in the Walgreen offer, has already agreed to be bought by CVS Caremark Corp (CVS.N) for $71.50 per share.
Walgreen has said it may go directly to shareholders with its $75-per-share offer if Longs refuses to negotiate.
The company said it expects to open 495 net new stores in fiscal 2009. It operated 6,443 stores as of August 31.
(Reporting by Aarthi Sivaraman in New York and Jessica Wohl in Chicago, editing by Dave Zimmerman)
Sterling was on course for its biggest one-day percentage loss against the dollar since mid-1993 on Monday, due to financial sector stress after UK lender Bradford & Bingley (BB.L) was nationalized.
Deepening banking sector and money market woes against a backdrop of slowing growth also dimmed the pound's yield appeal as speculation grew that the Bank of England would need to cut rates soon.
"Sterling continues to be hit by financial sector stress," ING senior currency strategist Chris Turner said in London.
"But that is not all. The BoE may finally have to acknowledge sharply higher credit conditions and that weak growth will show substantially below-trend demand that will open the possibility for rate cuts."
"So the pound will likely continue to be an underperformer."
At 1100 GMT, sterling was down 2.3 percent at $1.8025 after hitting a 10-day low of $1.7962, according to Reuters data, on track for its biggest one-day fall since June 1993.
In a widely anticipated move, the UK government said lender Bradford & Bingley's branch network will be sold to Spanish bank Santander (
But the news raised concerns of further fallout from a banking crisis that was spreading beyond U.S. borders.
The pound also lost ground against euro, but the single currency was also reeling from banking sector woes.
Belgian-Dutch financial group Fortis (
Separately, the German government and a consortium of banks decided to provide 35 billion euros ($51.21 billion) in credit guarantees to Hypo Real Estate (
European shares fell heavily as the financial storm hit home and as investors pondered the impact of a long-awaited U.S. government plan to shore up its banking sector.
U.S. lawmakers on Sunday finally reached an accord on package which will provide the U.S. government with up to $700 billion to buy toxic assets from banks. They will vote on the bill later on Monday.
Sentiment was pessimistic about whether European authorities would come together for a similar plan to fix the banking system.
"There is a worry whether there is the ability or the willingness within Europe for a U.S.-style response," said Daragh Maher, deputy head of global FX strategy at Calyon.
Data on Monday showed British mortgage approvals fell to a series low of 32,000 in August while net mortgage lending slowed to a standstill.
Earlier, a survey by property consultants Hometrack showed British house prices fell for a 12th month running in September to stand 6.2 percent lower than they were a year ago.
The BoE will hold its next rate-setting meeting on October 8-9. Traders expect the central bank to cut benchmark interest rates from the current 5 percent as early as November.
(Reporting by Tamawa Kadoya)
As the economic downturn gains momentum and credit crunch casualties continue to increase, it's more important than ever for consumers to take out some form of income protection, so they can pay their monthly bills should they lose their jobs, warns Payment Protection Insurance sector lobbyist Sara-Ann Burgess from Burgesses.
Braintree, Essex (
She comments: "Only this week we've seen the collapse of the fourth largest investment bank, Lehman Brothers and witnessed on the news, employees packing up their belongings in boxes, facing an uncertain future. XL Airways employees were equally devastated to find they were out of a job last week and there's a general nervousness about the stability of HBOS.
"Now is not the time to turn your back on income protection, it's vital that during these difficult times, everyone has a financial safety net to help meet monthly commitments should something happen. Even if you have savings to fall back on, how long will these last given the current food, fuel and utility prices? Income protection provides a monthly replacement income for up to a year, paying those all important bills and giving much-needed financial breathing space to those who either need to find a new job or recover from an accident or sickness."
The reputation of the PPI sector has been tarnished over the years - it's currently under close scrutiny from the Competition Commission, following allegations of mis-selling, high pressure sales tactics, over-priced products and vast numbers of claims rejections, due to policies being sold to the wrong people.
Consumers have subsequently turned their back on providers. This, suggests Sara-Ann, is leaving millions of people exposed to financial hardship should they be made redundant, have an accident or become sick.
She continues: "Over-priced PPI products have been marketed by High Street banks and building societies for years and people now take the view they would rather save their money and take a chance. In this current climate, it's a very risky strategy and one I do not recommend.
"However, there are many more-ethical independent
Sara-Ann concludes: "Over the last week we've seen people in despair, wondering how to pay their bills, feed their children and keep a roof over their head when there are no wages coming in. Whilst the redundancy could not have been avoided, the financial hardship that will inevitably follow can."


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March 30, 2009,
Meadowcraft, Inc., the nation’s largest manufacturer of outdoor wrought iron furniture, faces a Chapter 11 involuntary bankruptcy petition, filed March 20 in Delaware by a core group of New York banking creditors.
Meadowcraft had been negotiating with Wells Fargo, RZB Finance Limited and Burdale Financial Limited for some time and believed resolution was imminent before the petition was filed.
“The banks have really been squeezing us for about four weeks now,” CEO and Chairman Sam Blount said. Despite that, he said he reached an agreement with the banking groups on March 26.
Blount assured employees of his personal commitment to the Birmingham, Ala.-based company. “Our future is bright with pre-sales commitments for 2010 at an all-time high, the addition of the Tommy Bahama line and new cutting-edge designs and programs at both our iron and cushion facilities,” Blount said. “We are positioned to meet the production and shipping needs for the remainder of the 2009 season and beyond.”
In a March 11 memo to Meadowcraft employees, vendor partners, customers, sales reps and lending institutions, Blount announced that Jerry Camp, former president, and Larry Maynor, chief financial officer, were no longer with the company. Accounting irregularities were reported to the U.S. Attorney General’s office, according to Blount’s memo.
On the same day the bankruptcy was filed, about 30-40 Meadowcraft workers gathered outside the entrance to its Selma, Ala. plant, seeking their pay checks, according to a report in The Selma Times-Journal. Workers told reporters they were uncertain they would receive checks. Later, a representative from management arrived at the gate and told the workers there “the bank has funded your checks, come and get them.”
Workers also received a letter, which said the company plans to continue to operate and provide employment. The letter also provided an information hotline to workers about paycheck availability and work schedules.
“As you are aware, Meadowcraft has struggled during the current economic turmoil that is affecting virtually every company throughout the world,” the letter said.
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Don't miss the October digital edition of Casual Living! In this month’s Market Issue, we’ll bring you all the highlights of Casual Market Chicago, from innovative new products and hot trends to this year’s award winners and a taste of the party scene. Plus, you’ll get a sneak peek of all the product debuts at High Point Market.
In this issue:
- Consumer Survey: Did you know three out of four consumers read online reviews before purchasing outdoor furniture? That’s just one of the shopping insights shared in our exclusive report on consumer buying habits.
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- Focus On: Patterns punch up the style quotient of outdoor accessories.


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May 1, according to foreign media reports,Twitter first-quarter results released thursday local time showed a sharp increase in traffic last quarter to get timely information about the new crown, the company's main source of revenue advertising business was hit hard by the epidemic.Dragged down by the adverse information, twitter fell 7.75%, its biggest one-day decline since March 18.
At the New York Stock Exchange on Thursday, Twitter shares fell $2.41 to $28.68, or 7.75 percent. The shares fell another $0.58, or 2.02 percent, to $28.10 in after-hours trading.
Twitter's first quarter revenue was $808 million, up 3% from a year earlier, the company's smallest quarterly revenue increase in more than two years, as its advertising business declined due to the outbreak.
From March 11 to the end of the first quarter, sales fell 27% year-on-year, the company said, and April showed a similar trend. This decline is particularly evident in the US, Twitter's main market.
Like other social platforms such as snap and Facebook, Twitter's numbers challenge the long held view that the growth of users is directly proportional to the growth of advertising revenue.
Twitter now has 166 million users a day, a 24% increase over the same period last year, and 152 million users at the end of 2019. This is the largest quarter of year-on-year growth since the company began reporting user numbers in 2016. Twitter attributed the growth to "typical seasonal forces, ongoing product improvements, and global interactions related to the covid-19 epidemic."
Facebook also warned on Wednesday that it "could see a more serious contraction in the advertising industry."
Twitter said Thursday that improving its advertising products is now the company's "top priority.". In a letter to shareholders, the company said improving its advertising products could generate more advertising demand in a downturn.
Twitter attracts brand marketing ads that are easier to measure, grow faster, and are more resilient during a crisis.
Twitter posted a net loss of $8 million in the first quarter, its first quarterly loss in more than two years. The company had previously announced a downgrade of its full year performance forecast and expected an operating loss in the first quarter. On Thursday, the company did not release its forecast for future performance.
Twitter plans to cut costs by slowing hiring and reducing travel and marketing activities. In fact, the epidemic caused employees to work from home and has stopped company related activities. But the company still plans to build a new data center by 2020, which it announced earlier.
Earlier this year, activist shareholders tried to oust Jack Dorsey from his job as chief executive. However, the efforts of radical shareholders have not been successful. Both sides reached consensus on performance goals such as twitter revenue growth. However, some analysts believe that the outbreak has had a serious impact on twitter, and the stability of Dorsey's CEO position may be affected. (Tianmen Mountain)


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Beyoncé is the cover star for Elle's May issue. Surprise! JK. You probably knew that given Elle's 24-hour Beyonce countdown yesterday. The real news here is the superstar's new activewear line, Ivy Park—which Topshop promised the world what feels like years ago. And also, B gives an interview.
Not even Vogue got an interview when Bey appeared on its cover (nor did the New York Times), but for Elle the singer talks about "about freedom, feminism, how her new fashion line, Ivy Park, helps women love their bodies, and more."
Elle is savvy, and thus making the most out of B. On Monday, it will release a sneak peek of the cover story. The next day, April 5th, subscribers will have the opportunity to see a digital issue of the magazine. It will officially hit newsstands the next day, April 6th.
There are at least two covers. Beyoncé shared the other on her Instagram.
Racked Video: Sexy legwear designed for Beyoncé


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A dramatic turn Thursday in the nearly two-week-old strike by Cami workers ended in suspense, their union waiting to hear how its appeal to top brass at General Motors in Detroit goes down.
Unifor national president Jerry Dias and executives from the union’s Local 88, representing 2,800 workers at the Ingersoll assembly plant, took their fight straight to GM’s headquarters after they said talks with GM Canada were going nowhere and an industry analyst warned the company is running out of “wiggle room” to settle the standoff at the plant.
Unifor officials left the two-hour meeting in Detroit with the giant automaker saying it would get back to them within a day, meaning sometime Friday.
“We had a constructive meeting with the company and we are now waiting to hear back from them in the next 24 hours — that’s how we have left it,” said Unifor plant chairperson Mike Van Boekel as he drove home from Detroit Thursday night.
The union delegation, including Dias, sat down with the company’s heads of North American manufacturing and finance after talks Tuesday and Wednesday with GM Canada stalled.
After Thursday’s meeting, the union expressed optimism the strike could soon end.
“If we hear back from them in the way that we hope to, we believe we could wrap everything up in the next three or four days,” said Van Boekel.
Just in time, warned one observer, noting as the strike drags on, the clock is ticking with little flexibility for GM as inventories of the popular, Cami-built Chevrolet Equinox SUV dwindle.
“We’re heading for crunch time, because GM only had a 53-day supply of vehicles when the strike began,” said the University of Windsor’s Tony Faria, who specializes in automotive research.
Cami workers walked out Sept. 17 to fight for job security, with the ripple effect idling many more in the wider auto industry, including Southwestern Ontario parts and trucking firms supplying the GM-owned plant.
On the picket line in Ingersoll Thursday, workers were uncharacteristically quiet, referring questions about the standoff to Unifor Local 88, which represents the plant’s hourly employees.
Dan Borthwick, president of Local 88, said two days of renewed bargaining this week were fruitless, despite a new offer from the union this week.
“We had some discussions on Tuesday and Wednesday that went nowhere,” Borthwick said.
Borthwick said Unifor requested the meeting, hoping that dealing with more senior GM executives would bring a breakthrough.
“We are trying anything and everything to get this resolved. The current process is not working here in Ingersoll,” he said.
The outcome of the meeting wasn’t immediately apparent.
Ingersoll Mayor Ted Comiskey said the mood in the town is “nervous.”
Comiskey voiced support for the union’s play to take talks to Detroit. “I won’t even question that,” he said. “I know what they’re after, they’re after security.”
With nearly one-quarter of Cami’s workers living in Ingersoll, the strike affects nearly every part of the community, from parts suppliers to restaurants, Comiskey said.
“We’re doing our best to be supportive in any way possible,” he said.
While two plants in Mexico also build the Equinox, GM’s ability to boost production there may be limited. Those Mexican factories set the stage earlier this year for the labour showdown in Ingersoll.
Faria said he believes the battle loomed as soon as GM moved production of another popular vehicle, the GMC Terrain, from Cami to Mexico. Workers in Ingersoll now want GM to guarantee it always will build more Equinoxes here than in Mexico, the issue at the heart of the strike.
Faria said he’s not surprised recent talks haven’t solved things, saying the union’s new proposal didn’t budge on its demand for future production guarantees.
“It doesn’t leave a lot of room for negotiations. I’m disappointed Unifor isn’t giving GM much wiggle room.”
Faria noted the North American market peaked last year at about 21.5 million vehicles sold, with sales of 17 million to 18 million forecast for this year.
He said GM will be reluctant to make long-term production commitments, especially with Canada and the U.S. renegotiating the North American Free Trade Agreement.
With that fundamental issue wedged between the two sides, the strike could last a while, Faria said.
“If Unifor is going to take a stand, this is the right time,” he said. “Mostly, this is a matter of how many Equinox sales GM is willing to forgo and how determined Unifor is.”
The strike, the first at Cami in 25 years, has had rapid fallout in Southwestern Ontario’s wider auto industry, where suppliers are tightly integrated with automakers under a just-in-time delivery system that means once the assembly lines stop, so does the need for parts. That quickly triggers layoffs at Cami’s suppliers.
— With files by Dale Carruthers, the London Free Press, and Bruce Chessell, Woodstock Sentinel-Review.
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Cami and the strike
General Motors-owned Ingersoll plant opened in 1989.
Employs 2,800 unionized workers, 300 salaried staff.
Builds the popular Equinox crossover vehicle, work the employees want preserved in Ingersoll.
Workers began strike Sept. 17 over job security and monetary issues.
Last strike, 25 years ago, lasted five weeks.
GM Canada concluded talks with its other Unifor plants last year, with workers getting wage increases, a higher starting wage for new hires and a signing bonus.
Company also pledged a new vehicle for its Oshawa plant.


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With Engadget's new tools, you can track price drops on thousands of devices every day, and once a week we feature some of the best deals right here. But act fast! Many of these are limited-time offers, and won't last long.
The holiday season usually means an increase in family portraits -- wheth
1 year ago
Looks like Olympus won't be waiting long to follow up on its 2012 Tough camera updates: Best Buy accidentally posted details of the TG-1 iHS Tough. Although it's since been taken down, the store listing showed that Olympus will be bringing a 3-inch, 610,000-pixel OLED display to the mix, making a
2 years ago


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After the dust has settled from the new development involved with a decade old DMCA law, we can take a closer look at what the ending of the unlock exemption means for everyone with a new or used cell phone. Upon it’s announcement people cried foul of the DMCA’s over broad definition of what is protected under copyright law. That any circumventing of factory installed software to get media is considered a breach of copyright. This is overly broad because you may just jailbreak a device to test your own programs, or unlock because you travel abroad often. But because you COULD use these processes to get to media that you typically wouldn’t, it is illegal under the DMCA. So why did this happen and how?
DMCA is Bad Because it’s Vague
The DMCA’s original intent, if the politicians involved are to be fully trusted, was to protect media from copyright infringement in a growing internet age. The internet, when the DMCA was first brought into the spotlight, was still rather new and unregulated. The internet is still rather unregulated, and almost impossible to do so, but back then they figured writing a law made it so… Anyway, the DMCA’s definition of copyright was vague, probably just as vague as the politicians ideas on what the internet was. Having vague definitions in bills can create chaos in the public. For instance, lets say I made a law that said “polluting public air is illegal”, now this sounds good on the surface, but lets say I don’t define what “polluting” is. Is it from cigarette smoke? Someone exhaling carbon dioxide? Because of it’s overall vague definition of what pollution is, it is very easy for someone to abuse and take advantage of the law.
DMCA and Your Used Cell Phone
This is the case with the DMCA. Because Rooting, jail breaking and unlocking your used cell phone COULD lead to getting to media that is locked/controlled digitally, it is considered illegal simply for it being a possibility. What about the customer? How does this effect an individual? Well, it is highly unlikely individuals will be sued Napster style by big businesses. But smaller businesses that sell used and refurbished cell phones will most likely be easy targets by bigger cell businesses. Lets say you sell your iPhone to us, TheBlueDot.net, and it’s a Verizon device. We know that an unlocked phone is more useful to customers, and will most likely want to unlock the device so more people could be interested in buying the device. This would be illegal, and by doing this our company, and many others like us, could be sued.
The DMCA was originally intended to protect creative works, but because of it’s overly vague and undefined language, it is abused constantly by bigger businesses to stifle competition in the used cell business. Why would bigger business do this? Because the fewer buying options a customer has, the more likely they will buy new product from them, instead of getting a used or refurbished device at a much cheaper price. Yes, this would hurt our, and many other businesses like us, but this can also cause an environmental problem in that, with the lack of a used cell phone market, more phones will end up in landfills. I have said it time and a again in past articles, competition is always a good things, but the DMCA is a threat to competition… Which can lead down a bad road.


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In response to the rising danger of Amazon and its annual Prime membership program, eBay this morning announced a model new program that may present web consumers assured three-day provide on 20 million eligible merchandise — “millions” of which that can even embrace free transport. “Guaranteed Delivery,” as this initiative is named, will roll out inside the U.S. starting this summer season.
Already, 67 p.c of eBay’s transactions ship for free of charge and 63 p.c are delivered inside three days. The switch, then, is additional about formalizing these perks in a dedication to web consumers. Ebay says that if the assured merchandise arrives late, eBay will refund the transport worth, or, if it shipped for free of charge, the client will acquire a coupon in the direction of their subsequent purchase. Ebay moreover will present free returns on these late-to-arrive objects, it says.
“While the majority of items on eBay already ship within 3 days or less, as well as for free, Guaranteed Delivery will give shoppers even faster delivery options and the confidence that their items will arrive on time,” said Hal Lawton, Senior Vice President of North America at eBay, in a press launch regarding the new program.
It’s laborious to not see Amazon’s have an effect on at work proper right here — significantly as eBay notes that prospects will even have the flexibility to go looking its web site and filter for objects by 1- and 2-day deliveries, too.
Consumers’ want for additional instantaneous gratification on their on-line orders has set a model new precedent inside the e-commerce market. It’s not acceptable for deliveries to take weeks, or for web sites to not inform prospects about when — exactly — their orders will arrive. The need for this type of enhanced transparency and communication is fueling new firms that perform as a layer in-between the store and consumer, the reality is. The availability administration platform Bringg, as an example, just pulled in another $10 million to help companies sort out Amazon via expanded choices like these.
The reality is, eBay itself says a assured provide date is now the second most crucial criterion for web consumers after free transport.
For comparability’s sake, Amazon Prime free, 2-day transport is on the market for larger than 50 million objects. It moreover presents more than a million items for one-day or same-day shipping, and 25,000+ for Prime Now two-hour provide. Ebay, by comparability, is starting with 20 million objects for Three-day provide.
As part of eBay’s program, sellers are moreover being provided new transport devices that may help them current additional right ship cases and costs to shoppers by space, along with the pliability to customize the instances they work, and the cut-off cases for same-day coping with.
That means sellers can set the actual schedules they work in an effort to account for his or her very personal staffing variables, like weekends and holidays. They’ll moreover have the flexibility to specify how late inside the day they may take care of a same-day provide.
Furthermore, sellers can now create as a lot as 20 shipping-rate tables and specify transport costs based totally on larger than a 100 areas, the proximity of the warehouse to the client’s location and quite a lot of shipper suppliers.
The devices will probably be provided at no additional worth, nonetheless eBay says the sellers ought to meet a required set of transport necessities in an effort to participate inside the new program. For many who do, however, there’s a chance to increase their product sales, fulfill prospects and entice repeat enterprise.
The model new provide program is rolling out later this summer season, nonetheless the agency may also be relaunching its home internet web page at current in an effort to larger personalize the procuring experience to prospects.
That’s one factor eBay has been engaged on for years. In early 2013, as an example, it tried a Pinterest-like home internet web page experience; the subsequent yr, it rolled out personalized mobile apps. And in 2015, it debuted a new app platform the company said would allow it to focus far more on personalization going forward.
Proper this second, the model new web site will take the burden off prospects to “follow” the merchandise and sellers they like, eBay says. In its place, it will possibly attribute horizontal image carousels stacked on excessive of one another. The rows will probably be organized by objects consumers have simply recently seen, added to look at lists and folks which may be actually useful to you based totally on eBay’s algorithms — which the company as compared with these utilized by Netflix.
The thought is that eBay wants consumers to happen upon new merchandise they’ll like, in its place of requiring them to manually search them out, then observe them. Ebay will merely observe prospects’ on-site train, and be taught what they like that method.
Further home internet web page choices, along with totally different commerce experiences, will probably be launched in time, eBay says.


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New Delhi. A massive restructuring of debt in India’s ailing textile sector will likely provide relief to thousands of mills struggling with losses and revive demand for cotton in the world’s second-largest producer, industry officials said Wednesday.
The government late Tuesday asked state-run banks to restructure INR350 billion ($6.24 billion) worth of debt on the books of textile companies and also asked the central bank in consultation with the finance ministry to consider a two-year moratorium on term loans and other measures to help cash-strapped companies improve their working capital positions. This way, they would avoid the need for immediate repayment and would also likely get more time to repay their debts under the measures that banks would consider.
The decision provides hope to local cotton producers for a pickup in demand in the coming months, as it will likely inject greater liquidity into cash-strapped mills just when overseas demand has dried up from major buyers such as China, Pakistan and Bangladesh.
“It will help mills pull through the crisis they are going through because they don’t have working capital to buy raw material,” D.K. Nair, secretary-general of the Confederation of Indian Textile Industry, told Dow Jones Newswires.
Mills incurred huge losses after buying cotton when prices had hit record highs in March-April last year and subsequently collapsed globally in the next two to three months as output in countries such as Pakistan picked up.
Since then, mills in India–the world’s second-largest producer of cotton yarn–have found it difficult to offload their products and repay debts.
India’s textile industry contributes about 11% to industrial production, 14% to the manufacturing sector, 4% to GDP and 12% to the country’s total export earnings, according to the Confederation of Indian Textile Industry.
India ships cotton yarn to key garment exporters such as China, Pakistan and Bangladesh.
A. Ramani, secretary of the Indian Cotton Federation, said the mills’ capacity utilization should improve to 90%-95% from 70%-80% in the next three to nine months following easier capital availability.
“That means a minimum 10% improvement in the production of cotton yarn, and to that extent, demand for cotton,” he said.
Faced with slow buying by mills, the government had lifted all restrictions on export volumes last August to enable farmers to sell their cotton.
Mills are currently buying between 1.7 million and 1.8 million bales monthly, according to industry officials.
Farmers and traders are estimated to be saddled with around 4 million to 5 million bales of cotton stocks from the current season’s crop due to low overseas demand and a lack of domestic buying.
“This will get absorbed very fast because of the government’s decision,” Ramani said, adding that the bulk of the demand pickup would become evident when the new season crop arrives in October.
India is estimated to have produced a record 34.7 million bales of cotton, weighing 170 kilograms each, during the marketing year ending Sept. 30.


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Latest Shape Magazine Stories
Buddy Fruits, the leader in all-natural fruit pouches and snacks, has won the 2014 Shape Magazine Editor’s Choice Award.
Shape Magazine’s recent article, “16 Fitness Experts Who Used to Be Overweight,” features Michelle Steinke, Founder of the One Fit Widow Foundation and 1FW Training. (PRWEB)
- An uxorious, effeminate, or spiritless man.
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