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It’s caught the interest of regulators and politicians, who’re becoming increasingly worried about just how effortless truly for customers purchasing a lot more than capable pay for utilizing BNPL and probably rack up significant credit. Because much of this market is unregulated, critics state some people are able to take out credit score rating they or else would not be capable get.
Opponents to the strong industry are getting note. The was already stung by a tsunami of settlement reports by visitors exactly who say they were mis-sold loans they may not afford: this led to a collapse of a string of payday lenders including Wonga.
a€?i really hope this new BNPL regulation includes checks on a person’s capacity to repay if they’re using instalment tactics,a€? said Jason Wassell, chief executive associated with the credit rating Trade relationship, which symbolizes short term and payday lenders. a€?we want increasing visibility of the as a type of borrowing on credit records. BNPL need is undetectable and ways other loan providers are making choices without witnessing your whole photo.a€?
Samantha Palmer, controlling movie director of Payl8r, another BNPL firm, asserted that a€?millennials don’t want credit cards plus don’t fancy financial institutions,a€? incorporating that youngsters found it difficult to get funds simply because they hadn’t have an opportunity to create their particular credit score
But regulated finance companies need another concern on the horizon: just how BNPL could be diverting income from other profits channels eg credit cards and conventional debts.
In July the consultancy firm McKinsey mentioned all of us banks was basically slow to reply for the surge popular for BNPL so had destroyed about $8bn to $10bn in annual revenues to fintechs.
a€?For credit cards specifically, discover a significant threat from purchase today, pay after,a€? stated Nick Maynard, lead specialist at Juniper study.
In Summer, Klarna launched an app that enables UNITED KINGDOM consumers to shop at any web store, no matter whether it’s got combined together with the firm, and separate the repayment into three interest-free instalments a€“ getting rid of the requirement to need a credit card.
Laybuy a€“ which allows anyone spend in six once a week instalments a€“ recently launched an electronic digital credit enabling users to buy now, pay later at selected shop with only a faucet of their smart device instead of utilizing their bank vinyl.
McKinsey said the biggest BNPL users comprise gradually design scale together with the goal of becoming shopping and financial a€?super appsa€? that will facilitate them to take charge of each aspect of the a€?purchase journeya€?. There clearly was already proof this developing: Klarna stated not too long ago that following a successful test step, it had been running out present account in Germany so anyone there may a€?experience the complete end-to-end Klarna experiencea€?.
Temporary lenders, including payday loan providers, which have confronted their particular regulating crackdown, are concerned that BNPL makes they much harder to assess how much financial obligation people are really shouldering and complete effective affordability monitors
Inside UK, PayPal is amongst the greatest monetary participants yet to muscle in about this industry. They established a BNPL services in Oct 2020 and also revealed similar services in the usa, Australia and France. PayPal stated the other day that, globally, they got now processed over $3.5bn (A?2.5bn) in money.
In February this present year the us Vermont title loans government revealed that buy today, pay afterwards might be regulated by FCA after they ruled there was clearly a€?a considerable riska€? of injury to buyers. A lot of people didn’t thought BNPL as credit, therefore wouldn’t implement equivalent standard of analysis, and monitors by service providers tended to focus on the risk your company versus how affordable it was when it comes down to buyer, the regulator located.


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A soldier thought to have been captured in Gaza could be a British Israeli, according to reports.
Scotland Yard has launched a major shake-up of protection for the Royal Family, the Evening Standard can reveal.
Personally organised - the best iPad covers
Friday 01 August
CHRISTIAN LOUBOUTIN Cris studded leopard-print calf-hair iPad case, £475 (chosen by Dipal Acharya)

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As a whole, pay TV service providers don't meet customer expectations thanks to ongoing price hikes and reliability issues. And, in a twist of sorts, cable is seen as "an inferior mechanism for delivering television compared to fiber optics and satellite," according to the American Customer Satisfaction Index (ACSI) Information Sector for 2013.
Click here for ACSI's ratings chart.
Good news for pay TV service providers is that the subscription TV space as a whole ended a three-year run of bad customer satisfaction results with a 3 percent gain to climb to a grade of 68. The bad news is that this is the third worst score of 43 industries the ACSI covers. Pay TV service providers were six points lower than fixed line telephone service, which scored 4 percent higher with a 74.
The culprits driving the unsatisfactory results were easy to identify because they were the same ones that crop up every year.
"The pattern of rising costs to consumers (6 percent on average per year industry-wide) and sporadic reliability keeps the subscription TV industry at lower levels of customer satisfaction than other household services," the report stated. "Among the largest subscription TV providers, customers are far more satisfied with their fiber optic and satellite service than those receiving service from cable companies."
Verizon (NYSE: VZ) FiOS topped the list with a score of 73, 1 percent higher than 2012, with DirecTV (Nasdaq: DTV) hard on its heels at 72, up 6 percent over the previous year. AT&T (NYSE: T) U-verse at 71 (up 4 percent) came in third and Dish Network (Nasdaq: DISH) came in fourth with a 70, up 1 percent year-over-year.
No cable operator managed to top the 70 mark. Cox led the way at 65, followed by Charter Communications (Nasdaq: CHTR) at 64, Comcast (Nasdaq: CMCSA) with 63, and Time Warner Cable (NYSE: TWC) at 60. Charter also showed the biggest gain (from 59 to 64) while Comcast and Cox were both up 2 percent and TWC was off 3 percent.
The survey did not yet see a great threat from OTT but ACSI director David VanAmburg said that this is a space worth watching, especially based on the pay TV industry's penchant for annual price increases "coupled with sporadic reliability."
"While nearly 90 percent of households have some form of TV subscription, the industry is facing small but growing competition from Internet video streaming," VanAmburg said in an ACSI press release.
While negatives are pushing subscribers away from pay TV providers, there are positives that are keeping those same subs in the fold, the report noted.
"Picture quality is a bright spot," it said, pointing to industry-level benchmarks of 85 for both HD and basic picture quality.
After that, scores fell off slowly but surely with ease of using remotes, on-screen menus and program guides, TV signal reliability and ease of understanding the bill coming in at 80; premium channels available, ability to keep service interruptions and outages to a minimum and range of available channels following at 79. Things really bottomed out with industrywide website satisfaction hitting 72 and call center satisfaction ranked last at 70.
"Customers who visited their subscription TV provider's website did not like that much (72) compared with the ACSI's overall average for website user satisfaction (78)," the report said.
Overall, subscription TV service providers are just part of an overall industry trend, said Claes Fornell, ACSI founder and chairman in the organization's press release.
"Customer satisfaction with the Information sector is improving but none of these industries score higher than the national average," Fornell said. "Limited competition, combined with high consumer expectations for information services, are a formula for relatively weak buyer satisfaction."
- see this press release
- view detail from the ratings chart
Editor's Corner: Pay TV operators should invest with customer needs in mind
Pay-TV providers flunk consumer satisfaction test
Survey: Only 66% of consumers are happy with their pay-TV subscription


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Teawolf, Premium Ingredients form partnership
July 19, 2010
by Keith Nunes
PINE BROOK, N.J. — Teawolf, a manufacturer of natural and functional ingredients, has entered into a distribution partnership with Premium Ingredients International, Carol Stream, Ill.
“Our new partnership with Premium Ingredients International is a strategic move for both companies,” said Greg Robertson, president of Teawolf. “Premium Ingredients will enhance its natural products platform through our liquid botanical extract, vanilla and tea offerings and these products will be introduced to hundreds of key customers across the Premium Ingredients International network.”
The announcement was made during the Institute of Food Technologists’ Annual Meeting & Food Expo, being held in Chicago through July 20.
“Our experience tells us that there’s no better time to announce a partnership like this than at an event like I.F.T.,” said Don Thorp, president of Premium Ingredients International. “It will prove to be the beginning of a tremendous relationship of great benefit to us, Teawolf and our customers.”


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Burgers and fries may be iconic fast-food items, but it turns out that Americans are looking for something fresher when they go out to eat these days.
The $228 billion fast-food industry exists to serve the whims of consumers, many of whom grew up hearing slogans like Wendy's "Where's the beef?" and McDonald's "You deserve a break today." Yet today, Americans are more likely to snub the all-beef patty and look for a break from older fast-fast chains.
That may be why some of the country's most storied fast-food restaurants are at or near the bottom of a new ranking from the American Consumer Satisfaction Index, which surveyed 4,786 customers about their experiences at fast-food restaurants. The competition from newer upstarts is pushing older chains like McDonald's (MCD) to up their game with better quality food and new dishes.
"A few years ago, the burger chains seemed a bit tired in the eyes of a lot of consumers," said ACSI director David VanAmburg. "The perceptions were they weren't places. I'm going to get something new and exciting."
While McDonald's has improved its standing with consumers since last year, it still lands at the bottom of ACSI's list. The chain earned an ASCI score of 69, better than last year's 67, but the lowest of the group and far below the industry average of 79. McDonald's appears to be in the midst of a turnaround under CEO Steve Easterbrook, who introduced all-day breakfast last year.
"McDonald's has always been at or near the bottom," VanAmburg said. "This year one would certainly point to adding Egg McMuffins to their all-day menus to providing a little boost."
Likewise, Jack in the Box (JACK), Wendy's (WEN) and Burger King (QSR) also scored below the average.
Read on to learn about America's nine favorite fast-food restaurants.
Decades ago, the chain gained fans for its promise of delivering within 30 minutes or the pizza would be free. Even though that pledge is long gone (it was dropped in 1993 after several payouts to victims of speeding delivery drivers), Domino's (DPZ) continues to win over hungry stomachs and even critics.
The food site Epicurious proclaimed Domino's as having the best pizza among several chains in 2014. While Domino's doesn't score as highly in the survey as some rival pizza chains, it holds its own with an ACSI score of 78.
The Mexican-themed restaurant has had a tough year, reflected in the fact that its ACSI score dropped from 83 points last year to 78 points in 2016. The slide represents a fallout from Chipotle's (CMG) outbreaks of E. coli and norovirus at several of its locations last year.
In order to win back customers, it has expanded its menu and spent more on advertising, even offering free guacamole and chips to get people back in the door. Last year, Chipotle ranked No. 2 on the ACSI survey.
"It's a sizable drop," VanAmburg said. "They started from a fairly high level, and their reputation had been strong, so it it may make it easier for them to come back from this."
Subway represents another chain that had a tough year, although it wasn't tied to its food quality. Last year, the company's pitchman, Jared Fogle, was convicted of child pornography and sex crime charges and sentenced to 15 years in prison.
Despite the scrutiny of its former spokesperson, the sandwich shop actually gained in customer's estimation. Subway earned an ACSI score of 80 this year, compared with 77 in 2015.
After the scandal, Subway hired former Coca-Cola (KO) marketing chief Joseph Tripodi to oversee its marketing efforts. It also vowed to stop using meat raised with antibiotics, which may have won over some consumers.
6. Dunkin’ Donuts
America apparently does like to run on Dunkin' Donuts (DNKN), which saw its ACSI score increase from 78 last year to 80 in 2016.
The company has retooled its offerings to compete with Starbucks (SBUX), offering coffee drinks like iced macchiatos and salted caramel hot chocolate. Starbucks' flub with its loyalty program earlier this year also prompted some consumers to switch their allegiance to Dunkin' Donuts.
Arby's has carved out a niche within the fast-food industry by focusing on slow-cooked meats and curly fries.
It's one of the older chains to score well in the survey, thanks to sandwiches like its smokehouse brisket. Arby's CEO Paul Brown told Business Insider last year that the company had made an effort to stand out from the pack. Arby's score jumped from 74 last year to 80 in this year's ACSI survey.
"We're in a unique position because consumers perceive our food as high-quality, but we are routinely priced below fast-casual competitors," Brown told the publication. "This gives us an expanded base of customers."
4. Panera Bread
Panera Bread (PNRA) has vowed to get rid of "no no" ingredients, and consumers seem to be saying, "Yes, yes."
Last year, the chain promised to eliminate ingredients like artificial smoke flavor and glycerol ester of wood rosin, saying it would be the first national restaurant company to share a list of unacceptable ingredients. Consumers appear to be on board with the changes, pushing up Panera's ACSI score to 81 from 80.
3. Little Caesar’s
The pizza chain may be known for its 1970s-eara "Pizza! Pizza!" catchphrase, but it's keeping up with consumer tastes.
Little Caesars last year grabbed attention with its limited-time "Bacon Wrapped Crust Deep! Deep! Dish" pizza, notable for the 3.5 feet of bacon inside its crust. But the chain gained fans for its "hot-n-ready" pizzas, which don't require preordering. Little Caesars jumped from 74 to 81 ACSI points this year.
2. Papa John’s
Yet another pizza chain scored well on the ACSI survey this year, with Papa John's (PZZA) coming in second place overall. Its score rose from 78 last year to 82 in the 2016 survey.
The improvement comes after the chain said it would spend $100 million a year to eliminate artificial ingredients and other additives. Earlier this year, Papa John's introduced a new guarantee: If a customer doesn't love its pizza, she can tell the chain why and get another one free.
When it comes to customer satisfaction, Chick-fil-A has something to crow about. The restaurant ranks as consumers' favorite, earning an 87 in this year's survey, compared with 86 a year earlier.
"They're doing something fairly limited and doing it extremely well," said VanAmburg. "You'll get chicken in various forms. That's their thing. It's about focusing on a niche, and a certain kind of product."
Aside from the chicken sandwiches, customer rave about the service at Chick-fil-A outlets. Fast Company noted that its servers end their transactions with "My pleasure," which it termed "distinctive and classy."


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- Deadspin’s Interim Editor-in-Chief Barry Petchesky was fired after he disobeyed an order from the executive director of the site’s parent company, G/O Media.
- Though the site has often been known to post non-sports related stories, the order instructed Deadspin to only post sports-related content moving forward.
- At the same time, employees are embroiled in another dispute with G/O Media after it implemented a new auto-play ad feature on the site.
Editor-in-Chief Doesn’t “Stick to Sports”
Deadspin’s Interim Editor-in-Chief Barry Petchesky announced he had been fired Tuesday morning after disobeying an executive who ordered the site to only publish sports-related stories.
Deadspin, an online sports news website owned by G/O Media, has been known to occasionally break away from sports on its site, so much so that it’s become a running joke, even receiving its own category on the home page and merchandise with the label “Stick to Sports.”
Monday, however, G/O Media’s recently-appointed editorial director Paul Maidment ordered employees to refrain from writing non-sports related stories in the future.
“To create as much great sports journalism as we can requires a 100% focus of our resources on sports,” Maidment said in a statement to employees. “And it will be the sole focus. Deadspin will write only about sports and that which is relevant to sports in some way.”
“Where such subjects touch on sports, they are fair game for Deadspin,” the statement continues. “Where they do not, they are not. We have plenty of other sites that write about politics, pop culture, the arts, and the rest, and they’re the appropriate place for such work.”
Instead of “sticking to sports,” however, Petchesky did the exact opposite by converting the website’s front page into a collection of non-sports related stories. Staff then tagged those stories with the label “Stick to Sports.”
Deadspin became part of G/O Media in April after being bought by the private equity firm Great Hill Partners. Before the acquisition, the site was part of the Gizmodo Media Group owned by Univision. In the deal, G/O Media also acquired sites like Gizmodo, The Onion, Kotaku, and Jezebel.
“The Concourse,” Deadspin’s non-sports category, features everything from political commentary to an annual “Hater’s Guides to the Williams-Sonoma Catalog.” The site has also dipped into video game news, one 2014 article receiving high praise for its deep dive into sexism and harassment in the gamer community.
In fact, according to former editor Timothy Burke, those stories were some of the site’s most-viewed, despite the fact that The New York Times reports the section only made up about one of every 50 posts.
Fallout After Petchesky’s Firing
About thirty minutes after Petcheksy’s firing, the Gizmodo Media Group Union confirmed the termination, adding, “This will not stand.”
The following day, the site’s founder, Will Leitch, addressed Petchesky’s ousting.
“There is also no more Deadspin person than Barry,” Leitch said. “He has been with the site its entire history. He covered the Westminster Dog Show for Deadspin in 2007 WHILE A JOURNALISM STUDENT.”
By Tuesday evening, the site’s main page reverted back to sports stories, though as of Wednesday afternoon, several non-sports stories still remain on the home page, as well. Following the change, GMG Union tweeted again, saying Deadspin staffers did not play any role in the new changes to the front page.
The New York Times then reported that two sources with “full knowledge of the situation” said Maidment was in direct control of Deadspin on Tuesday.
The same day, senior Editor Diana Moskovitz announced that she had given her two-weeks notice the week prior.
“What happened today — and everything that preceded it — are among the reasons I decided to move on,” she said.
The situation follows Deadspin’s former Editor-in-Chief Megan Greenwell leaving the site in August after disagreeing with several top executives, including Maidment.
In response to revolt, Maidment issued another statement.
“I sent a memo to Deadspin staff stating that our sports site should be focused on sports coverage,” he said. “As I made clear in that note, sports touches on nearly every aspect of life — from politics to business to pop culture and more.”
“We believe that Deadspin reporters and editors should go after every conceivable story, as long as it has something to do with sports,” he continued. “We are sorry that some on the Deadspin staff don’t agree with that editorial direction and refuse to work within that incredibly broad mandate.”
Leitch then accused G/O Media executives of potentially attempting to ruin to the website.
“The only way you could buy Deadspin and say, ‘Here are some edicts and now everyone follow them,’ is if you never read Deadspin in the last 10 years,” he said. It feels like they are either trying to kill the site and squeeze whatever money they can out of it or get rid of the entire staff. Or both because there’s no sense they have any plan.”
The Intersection of Sports and Politics
The situation with Deadspin and G/O Media has breached another debate: how sports news outlets cover other topics like politics, especially as the two become increasingly related.
According to Maidment, the staff at Deadspin has full range to talk about sports-related issues like the NCAA saying it will allow student-athletes to profit from their names, images, and likenesses or about the debate around the NBA, China, and Hong Kong.
But there’s also been some concern that the site’s freedom to publish such stories may be stripped away in the future.
“If [the] past year has shown anything, it’s that when a company says ‘stick to sports, except when there’s a connection to politics,’ what they mean is ‘stick to sports,’” Wall Street Journal sports columnist Jason Gay said. “It’s meant to have a chilling effect. This is like buying a hat and wearing it as a shoe.”
Auto-Play Ad Complaints
Deadspin employees and employees from the other sites have also expressed discontent with another decision by G/O Media. Last week, G/O Media landed a seven-figure advertising deal, but employees were reportedly not happy with the move because that deal includes sound-on, auto-play video ads.
Employees claimed to the sites had all received a ton of negative feedback from their readers, which is why, on Monday, they directly addressed these concerns to their audiences.
In a series of identical articles, they said that they were “as upset with the current state of our site’s user experience as you are.” The posts then went on to say that none of the individual sites had any control over those ads.
“Editorial staffers at all levels of this company have made our concerns known in various conversations with members of G/O Media’s senior leadership team,” the article concluded. “We think it would be good for them to hear from you, as well.”
“This isn’t what any of us signed up for,” The Daily Beast quoted one staffer as saying. “It’s amateurish and pushing longtime readers away and making the sites difficult to enjoy.”
Those posts were then deleted shortly after they went up.
“The GMG Union has been informed that posts across our websites asking for reader feedback on an autoplay ad campaign were taken down by management,” GMG Union said in a tweet. “We condemn this action in the strongest possible terms.”
The union followed up Tuesday by claiming that G/O Media executives had disabled the forwarding address to the email provided in those posts.
See what others are saying: (Vice) (Wall Street Journal) (The Wrap)
Apple Raises Worker Pay as Unions Gain Ground
The company’s vice president of people and retail was caught trying to dissuade employees from unionizing in a leaked video.
Labor Squeezes Apple into Submission
Apple announced Wednesday that its U.S. corporate and retail employees will see a pay increase later this year, with starting wages bumped from $20 per hour to $22, though stores in certain regions may get more depending on market conditions.
Starting salaries are also expected to increase.
“Supporting and retaining the best team members in the world enables us to deliver the best, most innovative, products and services for our customers,” an Apple spokesman said in a statement. “This year as part of our annual performance review process, we’re increasing our overall compensation budget.”
Some workers were told their annual reviews would be moved up three months and that their pay increases would take effect in early July, according to a memo reviewed by The Wall Street Journal. Furthermore, they were told the increased compensation budget would be in addition to pay increases and special awards already received within the past year.
Feeling squeezed by low unemployment and high inflation, tech companies like Google, Amazon, and Microsoft have changed their compensation structures in recent weeks to pay workers more, and Apple is the latest to bend to market pressure.
Unions Gaining Traction
On Wednesday, The Verge received a leaked video of Apple’s vice president of people and retail, Deirdre O’Brien, explicitly dissuading employees from unionizing.
“I worry about what it would mean to put another organization in the middle of our relationship,” she said. “An organization that does not have a deep understanding of Apple or our business. And most importantly one that I do not believe shares our commitment to you.”
She vocalized more anti-union talking points, like the idea that the company will not be able to make important decisions as quickly with a collective bargaining agreement.
O’Brien has been personally visiting retail stores over the past few weeks in an apparent bid to combat budding union activity.
Apple stores in three locations — New York, Georgia, and Maryland — are currently pushing to unionize, with the latter two set to vote in elections on June 2 and 15, respectively. In response to these efforts, Apple has hired anti-union lawyers, given managers anti-union scripts, and held anti-union captive audience meetings.
In the United States, unionized workers make about 13.2% more than non-unionized workers in the same sector, according to the Economic Policy Institute.
As of Wednesday, Apple’s shares had fallen 21% since the start of the year, but sales grew 34% last year to almost $300 billion.
See what others are saying: (The Wall Street Journal) (CNBC) (The Verge)
Employees at Activision Blizzard’s Raven Software Form First Union at a Major Gaming Company
Organizers say the decision has the potential to upend labor practices in the gaming industry.
Raven Software QA Testers Win Union Bid
A group of 28 workers at Activision Blizzard subsidiary Raven Software voted to form the first-ever union at a major U.S. gaming company.
While the Game Workers Alliance is a small union, organizers in the space say its formation represents a major shift for the gaming industry and will encourage others in the sector to follow suit.
The newly unionized workers are quality insurance (QA) testers working at the Wisconsin-based studio to develop “Call of Duty.” QA testers work to sort out any glitches in games, and the jobs are notoriously known for extreme crunch periods where staffers work long stretches of hours before a game’s release.
During crunch periods, employees are regularly given 12- to 14-hour shifts with just a few days off each month in order to meet release deadlines.
Many QA testers have said they are treated as second-class to others in the industry. They are paid much lower — often minimum wage or close to it — work on contract cycles and, as a result, feel disposable.
That particular sentiment was underscored for workers at Raven Software in December when the company ended the contracts of about a dozen QA testers. The decision prompted the remaining QA testers to hold a walkout and, shortly after that, they began organizing to form a union, which they dubbed the Game Workers Alliance.
Activision’s Battle Against Unionization Effort
Activision did not support the push for unionization and actively fought against it. The company refused to voluntarily recognize the union, and just days after the group filed a petition with the National Labor Relations Board, it moved QA testers to different departments across its properties.
Activision also announced it would convert over 1,000 temporary QA workers to full-time employees, give them a pay raise to $20 an hour, and provide more benefits. However, management said the move would not apply to the unionizing workers because, under federal law, they could not try to encourage workers from voting against unionization by offering pay hikes or benefits. Union leaders repudiated that argument.
Additionally, Activision fought against the union petition, arguing that any union would need to include all of the studio’s employees, but the Labor Board rejected the claim and let the effort proceed.
According to multiple reports, Activision management continued to push against the union in the weeks leading up to the vote. Some Raven employees told The Washington Post company leaders had suggested at a town hall meeting that unionization could hurt game development and impact promotions and benefits. The following day, the managers allegedly sent an email urging workers to “vote no.”
On Monday, Labor Board prosecutors announced they had determined that Activision illegally threatened workers and enforced a social media policy that violated bargaining rights. Activision denied the new allegations.
The two parties will have until the end of the month to file an objection, and if none are filed, the union becomes official. It is currently unclear how Activision and Raven will respond, but they have signaled that they might not make the transition period easy for the union.
According to internal documents seen by Bloomberg, the company has repeatedly mentioned that it can take a while for a union to negotiate its first contract.
In a statement following the vote, an Activision spokesperson told The Post that the company respects the right of its employees to vote for or against a union, but added: “We believe that an important decision that will impact the entire Raven Software studio of roughly 350 people should not be made by 19 of Raven employees. We’re committed to doing what’s best for the studio and our employees.”
See what others are saying: (The New York Times) (The Washington Post) (Bloomberg)
Uber Forks Over $19 Million in Fine for Misleading Australian Riders
The penalty is just the latest in a string of lawsuits going back years.
Uber Gets Fined
Uber has agreed to pay a $19 million fine after being sued by the Australian Competition and Consumer Commission for making false or misleading statements in its app.
The first offense stems from a company policy that allows users to cancel their ride at no cost up to five minutes after the driver has accepted the trip. Despite the terms, between at least December 2017 and September 2021, over two million Australians who wanted to cancel their ride were nevertheless warned that they may be charged a small fee for doing so.
Uber said in a statement that almost all of those users decided to cancel their trips despite the warnings.
The cancellation message has since been changed to: “You won’t be charged a cancellation fee.”
The second offense, occurring between June 2018 and August 2020, involved the company showing customers in Sydney inflated estimates of taxi fares on the app.
The commission said that Uber did not ensure the algorithm used to calculate the prices was accurate, leading to actual fares almost always being higher than estimated ones.
The taxi fare feature was removed in August 2020.
A Troubled Legal History
Uber has been sued for misleading its users or unfairly charging customers in the past.
In 2016, the company paid California-based prosecutors up to $25 million for misleading riders about the safety of its service.
An investigation at the time found that at least 25 of Uber’s approved drivers had serious criminal convictions including identity theft, burglary, child sex offenses and even one murder charge, despite background checks.
In 2017, the company also settled a lawsuit by the Federal Trade Commission (FTC) for $20 million after it misled drivers about how much money they could earn.
In November 2021, the Justice Department sued the company for allegedly charging disabled customers a wait-time fee even though they needed more time to get in the car, then refused to refund them.
Later the same month, a class-action lawsuit in New York alleged that Uber charged riders a final price higher than the upfront price listed when they ordered the ride.


text: U.S. Extends Olive Branch to China, Easing Trade Tensions May 14, 2018 Gerelyn Terzo Market News Continue Reading? Join Now! Log In Tags:Elon Musk JPMorgan President Trump Tesla Us-china trade relations ZTE Corp Previous Next Author: Gerelyn Terzo Gerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.


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Students across BC can access online coding workshops through Keep Learning BC, the Ministry of Education’s learning platform.
Photo via Wikimedia Commons
Online coding workshops launching for students
Published 10:53 PDT, Mon May 25, 2020
Students across the province can now access coding workshops through Keep Learning BC.
The Education Ministry is offering the free, live workshops to help students aged nine and up learn how to code—creating websites, online games, and art, among other things.
“Students need programs that will lead to 21st-century careers,” said Education Minister Rob Fleming. “With new access to live, weekly workshops from across the country through Canada Learning Code, BC students can expand their coding education, while learning from experts through real-time programs designed for specific age groups that will help engage young minds.”
Canada Learning Code will also host a virtual coding conference this summer.
“We’ve reimagined our popular in-person learning experiences to create live online classes that are optimized for project-based, highly collaborative and interactive learning opportunities,” said CEO Melissa Sariffodeen. “At each workshop, there is a team of instructors to help youth discover the power of technology to solve problems and become builders—not just consumers of technology.”
New coding workshops are added each week and can be accessed through the Keep Learning BC website at: https://www.openschool.bc.ca/keeplearning/ or directly at: https://www.canadalearningcode.ca/live-online/
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Use any of our home staging service and get a second month rental for free!


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Janet Yellen takes center stage in the week ahead, chairing her first FOMC meeting amid market skittishness over events in Ukraine.» Read More
China launched its first ever extraterrestrial landing craft into orbit en route for the moon, a major milestone for its space program.
It's the season of giving, and the season of charity scams. Watch out for these crowdfunding and online tricks.
This one report could be make-or-break for the market.
North Korea on Saturday released a video showing detained U.S. citizen Merrill E. Newman reading an apology for "hostile acts."
"The bottom line, healthare.gov is night and day from where it was on Oct 1," said Jeff Zients on Sunday, who is in charge of fixing the web site.
Borrowing at bargain basement interest rates may seem now like a nice way to pad profits and share prices, but it might not be as fun in a few years.
Growth in China's factories held at an 18-month high in November as the official Purchasing Managers' Index (PMI) hovered at 51.4, data showed.
A company that just settled data 'snooping' charges with New Jersey made only $2,500 for selling 400,000 individuals' data—16 cents a person.
India's first mission to Mars left Earth's orbit early on Sunday, clearing a critical hurdle in its journey to the red planet.
A newly developed set of ocean freight data indicates exports are well below previous years. And imports, while starting the year fairly strong, are sputtering.
The post-Thanksgiving shopping rush in the U.S. was marred by violence, with a shopper shot in the leg over a TV and Walmart evacuated.
The U.S. on Friday advised U.S. commercial airlines to notify China of flight plans over the East China Sea.
A look at the early winners and losers from the heavily discounted Thanksgiving Day and Black Friday weekend.
As investors feel emboldened by the seemingly unstoppable stock market rally, they're borrowing money at record levels to keep things going.
The spot gold price took its worst monthly tumble in November for 35 years, continuing the precious metal's steady decline in 2013.
The stakes are huge for the relaunch of HealthCare.gov, former HHS Sec. Michael Leavitt says.
China scrambled jets on Friday in response to two U.S. spy planes and 10 Japanese aircraft entering its new air defense zone over the East China Sea.
States and cities are pushing back against the slow tide of sick pay laws.
Marc Faber told CNBC on Friday he believes a "massive speculative bubble" has encroached on almost all financial markets.
Sales that began Thursday continued through Friday. Many people complained about the early start, but still they went out shopping anyway.


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Apple’s 2017 Worldwide Developers Conference was certainly a whirlwind of new features, software improvements and products. From the a new iMac Pro powerful enough to blow holes in the moon, to the highly anticipated and previously secretive HomePod Siri speaker, Apple managed to pack an entire plethora of updates into a keynote just a couple of hours long. But despite all of the updates, there were still a handful of features and improvements we were looking forward to that we ultimately didn’t get. Here are seven of what we think were the biggest disappointments from WWDC ‘17.
7. Lack of tvOS Updates
Those who watched the WWDC ’17 keynote may have noticed that Apple spent nearly no time describing updates for the new version of tvOS. Sure, the addition of Amazon Prime Video is awesome, and arguably long overdue — but that one addition hardly qualifies as a full-fledged software update. Hopefully, we’ll see more features surface online as developers explore the beta as we closer to the general release in the fall.
Navigate to #6 Using the Right Arrow


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WhatsApp will cease engaged on some older iPhones, the corporate has introduced in a brand new help replace. The moment messaging app firm has mentioned that it’s going to finish help for iOS 10 and iOS 11 gadgets beginning later this 12 months.
In response to a WABetaInfo report, WhatsApp has began warning iPhone customers operating on iOS 10 or iOS 11 that they should replace their iPhones so as to preserve utilizing WhatsApp after October 24. “WhatsApp will cease supporting this model of iOS after 24 Oct 2022. Please go to Settings > Common, then faucet Software program Replace to ge the newest iOS model,” that warning message reads.
There will not be lots of iPhones which might be nonetheless operating on iOS 10 and iOS 11. The one two gadgets within the iPhone lineup are – iPhone 5 and iPhone 5c. For those who personal certainly one of these older iPhones, you won’t be able to make use of WhatsApp in your iPhone from October 24. For individuals who are utilizing the iPhone 5s or the iPhone 6, WhatsApp will preserve working for now, and they are going to be notified if their iPhones cease supporting the Meta-owned immediate messaging app.
On its Assist Middle web page, WhatsApp already says that iPhone customers have to be operating iOS 12 or newer to maintain utilizing the app. Android customers, however, want Android 4.1 or newer to make use of WhatsApp.
Apple is anticipated to disclose iOS 16 through the WWDC 2022 subsequent month, and it is going to be rolled out later this 12 months, probably across the time the corporate launches the iPhone 14 sequence. iOS 16 is claimed to come back with new methods of interacting with the system and a few “contemporary Apple apps,” a latest report had mentioned.


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Shire expands haematology business with virtual company
16.03.2012 - Irish drugmaker Shire plc has agreed to pay US-$100m in upfront for Ferrokin Biosciences Inc., a San Francisco-based specialist for iron chelation therapies. US-$225m could be added if certain milestones are achieved.
FerroKin is a virtual company founded by Hugh Young Rienhoff in 2007. It is working on a once-daily oral capsule to treat chronic blood transfusion patients suffering from iron overload, which increases the risk of heart, liver or other organ failures. Lead candidate FBS-0701 is in Phase II testing. "An important factor for FerroKin BioSciences in agreeing to this transaction was Shire's drive, capability and vision to bring new products to the haematology market that promise to raise the standard of care for patients," Rienhoff said in a press release. "In Shire's hands, FBS-0701 has greater potential to fulfil that promise." FerroKin was financed by Burrill & Co., Clarus Ventures, HealthCap Ventures and MP Venture. The acquisition is a strategic fit for Shire which plans to build up its haematology business unit. Shire already sells Xagrid to treat the overproduction of blood platelets.
20.08.2014 Biopharmaceutical contract manufacturer Fujifilm Diosynth Biotechnologies is expanding its cell culture manufacturing capacity further with a new 2,000l single-use bioreactor at the company’s site in Billingham, UK.
08.08.2014 Boehringer Ingelheim is walking away from Swedish Orexo's prostaglandin inhibition project OX-MPI. Germany's largest researching pharmaceutical company had been responsible for the project's research and development since 2005.


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All articles by BRAIN Staff
MOAB, UT (BRAIN) — Outerbike's fourth edition attracts riders, and retailers.
MADISON, WI (BRAIN) — Former Trek Bicycle executive Mary Burke announced her bid for the Wisconsin governor's mansion on Monday with a three-minute video that featured the bike company her father founded in a Waterloo, Wisconsin, barn.
ALLENTOWN, PA (BRAIN) — Ben Serotta and Bill Watkins — the founder and former CEO, respectively, of Serotta Competition Bicycles — have formed a consulting alliance with Gluskin Townley Group, an existing bike industry consulting group.
BOULDER, CO (BRAIN) — Retail merchandise sales grew 1 percent in August to hit $361 million according to Leisure Trends Group's RetailTrak IBD sales summary.
BLOOMINGTON, MN (BRAIN) — Quality Bicycle Products is co-sponsoring the third annual Global Fat Bike Summit in Ogden, Utah, next January.
MALLABIA, Spain (BRAIN) — Orbea has opened a new North American headquarters in Little Rock, Ark., and has added an Eastern bicycle warehouse in Raleigh, N.C. to accommodate the Spanish bike brand’s increased production for the U.S. market.
SAN MATEO, CA (BRAIN) — GoPro launched its HERO3+ line of cameras that are 20 percent smaller and lighter this week. Battery life is 30 percent better than previous models, the company says. Other improvements include a sharper lens and new video capture modes. GoPro also unveiled new mounting accessories.
PORTLAND, OR (BRAIN) — The Showers Pass Amsterdam jacket is intended for bike commuters who don't want to choose between staying comfortable and dry on the bike and looking presentable off the bike.


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Virtual Reality technologies stole some of the CES limelight this year with exciting appearances by some expected and unexpected players. Here are our highlights:
Oculus VR displayed their newest headset, the Crescent Bay, with a stunning demo collection and tethered motion-tracked walking capabilities.
Intel Corporation introduced their impressive RealSense hand and face tracking technology, and combined with efforts by AltspaceVR the RealSense enabled experience was a compelling social VR demonstration.
Samsung made a big splash with the first ever mobile based VR headset, Samsung Gear VR Innovator Edition. A great tool for content creators and early adopters to get their feet wet with VR experiences on a smartphone.
Sulon unveiled the Sulon Cortex 3D headset fitted with cameras and hand tracking for mixed AR and VR applications.


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Home Tags Fossil
Garmin and Fossil Group make the running with fresh connected timepieces at CES in Las Vegas.
Fossil is tapping into this tech-savvy customer base with the launch of a limited edition smartwatch in partnership with Razer.
With peak season ramping up, Fossil Group is throwing its promotional weight behind the Gen 6 smartwatch technology it has adopted for brands including Michael Kors and Fossil.
Fossil has launched a limited edition gift set with a watch and several straps in classic DC comic book packaging.
Through separate entrances, guests can journey through one store, shopping seamlessly between the two brands.
Fossil Group is getting the hang of the tempo and trends driving consumer electronics and wearable technology.
Limited edition is added to the Archival Series that specializes in bringing historic designs back to life.
Fossil sees huge opportunity in wellness apps being offered in fashion-forward smartwatches.
Chris Cho, a product design intern from a major art college in California, creates $165 sports watch.
In addition to the watch, Fossil has kicked off the month with its ‘Make Time For Good’ initiative.


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Time-saving software and hardware expertise that helps 200M users yearly. Guiding you with how-to advice, news and tips to upgrade your tech life.
Let's keep in touch!
This new Snapdragon CPU powers a $300 Windows 10 ARM laptop
Snapdragon 1000 to power HoloLens v2 and Surface Phone
Qualcomm’s new Snapdragon 835 processor increases performance by 27%


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By M&C Report team2010-04-08T08:06:00+01:00
East Coast Concepts, the Manchester-based restaurant and bar group, has been bought out of administration.
BrewDog has confirmed it will be opening a 4,000 sq ft bar at The Barcode, the new leisure and entertainment development, located next to Drake Circus in Plymouth city centre.
Gail’s, the Luke Johnson backed artisan business, is opening a new 50-cover bakery in Blackfriars.
In usual times, an ‘if it ain’t broke, don’t fix it’ approach to operating a business as successful and celebrated as Dishoom makes sense. But 2020 has been anything but usual, and despite its initial reluctance to drift from the carefully curated roll-out program that’s seen the Indian restaurant concept emerge as a well-established industry darling over the last ten years, in March the business announced it would be launching a collection and delivery option, for the very first time. It now boasts seven delivery-only kitchens, opening its latest in Brighton last week, and as co-founder Shamil Thakrar tells MCA, the business doesn’t intend to stop there.
Tomahawk restaurant group will open its debt restaurant in London this week.
M Restaurants, the Rare Restaurants-owned brand, has announced it plans to use robot waiters alongside staff at its two London sites upon reopening. Through December, M Threadneedle Street and M Victoria Street will make use of the robots – named Bailey and Sage – to serve champagne to customers, travelling between the bar and tables delivering flutes and bottles. The bots will also offer seasonal greetings, and have the option to display personalised messages to guests.
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“Industry partnerships are pertinent to uplift capabilities of enterprises. We are very encouraged by TaFF’s efforts to drive sustainability in the textile and fashion sector as trade associations and chambers play a key role in strengthening sector-specific capabilities,” said Alan Yeo, Director of Retail & Design at Enterprise Singapore. “Collaborations with corporate partners such as RGE will also help accelerate this process. This is a good start and we hope to eventually see more companies across all sectors start to integrate sustainability alongside their growth.”
The launch event today was graced by Minister of State for Trade and Industry Low Yen Ling, TaFF’s patron and Senior Minister of State for National Development and Foreign Affairs Sim Ann, CEO of Enterprise Singapore Png Cheong Boon, as well senior representatives from TaFF and RGE.


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Google loves wearables and this time it's getting even closer to your body with a developmental smart contact lens. Through miniaturized electronics, it can apparently measure the levels of glucose in your tears, offering diabetics an easier way to monitor their condition without the needles and the blood -- something we've reported on before. A tiny (really tiny) wireless chip and glucose sensor are wedged between two layers of "biocompatible" contact lens material, and Google is saying that it's already working on embedding tiny LED lights for notifications, too. There's been no shortage of developmental contact lens tech over the last few years, but the clout of Google means this could well be the most realistic mainstream offering, in addition to its very practical use cases. Google is currently angling for partners with more expertise in the medical market to help make it happen and is "in discussions with the FDA" to ensure the tech ticks all the right healthcare boxes before it progresses further.
Recode's got a deep dive on the make-up of the smart contact: we've added their science textbook-grade diagram right after the break.


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CARMEL, IN – ADESA Corp. has teamed with AutoTec, LLC, to provide its dealers with Auction ACCESS.
Auction ACCESS, developed by AutoTec, based in Birmingham, Ala., is the National Dealer Registration System that provides clients with access to information and documents of more than 220,000 dealer representatives. When ADESA has completed transferring all its auctions to Auction ACCESS, more than 85 percent of cars sold at an NAAA-affiliated auction in the U.S. will be covered.
“Basically, our adoption of Auction Access makes the dealership identity card generic. What this means is that the Auction ACCESS card will be the only dealership identity card required at more than 160 auction locations in the U.S. Eventually, Auction ACCESS cards will even be available for use with ADESA LiveBlock," said Doug Shore, ADESA's VP of operations.
“ADESA’s universal card system allows our buyers to buy at all participating auctions with no hassle. Now we can do cross-regional buying without having to re-register at every location," said Alan Neal, senior buyer at DriveTime.
"It's a big time saver and time is money. All my paperwork can be processed before I get to the auction. Dealers can also be much more confident now in approaching new auction opportunities," said Anthony Underwood, of Anthony Underwood Automotive Sales, Birmingham.
According to Chuck Redden, AutoTec's Chief Executive Officer, the idea for a national dealer registration system was first mentioned back in 1995 during a National Auto Auction Association committee meeting. AutoTec understood the potential benefits of a national dealer database and began working on a solution.
"All an authorized dealer needs to do is get an Auction ACCESS card, swipe it, and enter the lanes," Redden said. "And dealers can keep their information current themselves online."
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NEW YORK -- As commodity costs such as corn and wheat fall from summer highs, and the economy continues to decline, U.S. food retailing chains are fighting food manufacturer’s efforts to increase prices further, The Wall Street Journal reported.
U.S. retail grocery-store prices rose 7.6 percent in September from a year earlier, the report stated, citing the Bureau of Labor Statistics. Traditional supermarkets are under growing pressure to compete with low-cost grocers such as Wal-Mart Stores Inc. and Germany-based Aldi Einkauf GmbH. And retailers have suffered as consumers trade down to discount stores and inexpensive private label products, the report stated.
"It's going to be difficult for food companies to maintain price let alone take price," Jim Hertel, managing partner at retail consulting firm Willard Bishop LLC, told the Journal. "The prospect of a prolonged economic slowdown has made retailers' price competitiveness top of mind."
While reluctant to publicly discuss supplier relations, supermarkets have told financial analysts they're taking a tougher stance with vendors, according to the report.
"There isn't a retailer who doesn't tell us that they're going to put more pressure on suppliers," Volker Bosse, a retail analyst with UniCredit Markets & Investment Banking in Munich, told the newspaper. "Retailers face a strong head wind from falling consumer confidence."
Some retailers also are asking for better service, more leeway in discounting and special promotions, Bosse added.
U.K. retailers are "increasingly resistant to accepting price increases as they engage in a price war,” Credit Suisse analyst Robert Moskow said in a recent research note, adding manufacturer vendors such as Heinz have responded with more promotional allowances than ever before.
During a meeting with analysts earlier this week, Eduardo Castro-Wright, chief executive of the Wal-Mart Stores division, said declining oil prices should affect the prices of store items, The Wall Street Journal reported. "We will aggressively look for opportunities" to share cost savings with customers, he said.
Some retailers are using food companies' earnings reports as leverage to reject price increases, industry analysts told the paper.
Kraft Foods Inc. and Kellogg Co. both reported higher-than-expected quarterly earnings last week, due in part to price increases, the report stated. Kraft's revenue rose 19 percent from the year-earlier period, while net income for the third quarter was $1.4 billion, and Kellogg's sales climbed 9.5 percent with a net income of $342 million.
While declining to comment on relations with retailers, Kraft Chief Executive Irene Rosenfeld told the Journal the company might have to slow price increases.
"As we look ahead, we're assuming our margin growth will come from volume growth and higher-margin products in the portfolio and not pricing," she said.
In addition, Kellogg Chief Executive David Mackay told the paper he has yet to see a dramatic shift in how retailers are negotiating pricing and promotions, but "certainly there's a heightened sensibility to the pressure that consumers are under. Naturally that's going to lead to very full discussions on all these topics."
He added the economic slowdown is leading the company to increase its focus on cost controls, according to the report.


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Whilst the delay to “Freedom Day” dealt another blow to leisure and hospitality, forward-thinking brands are taking matters into their own hands to shape a much-loved industry. Entrepreneurs and leaders in the sector look ahead and share their predictions…
Last weekend, British sparkling winemaker Harrow & Hope held its first large-scale event in 18 months in Marlow – a day of free tasting for every customer, as a thank you. “We got into winemaking for a peaceful life,” laughs Henry Laithwaite, co-founder of Harrow & Hope. “Now we have 50 tours to do this summer.” The timed slots may be a “logistical nightmare”, but he’s not really complaining. Henry is characteristically upbeat, a trait honed from years of relying on perfectly balanced weather (on British soil…) for your livelihood.
Having been forced to run reduced-capacity wine tours, Henry made them a permanent fixture (everyone prefers the intimacy of smaller numbers), but tripled the volume – events are sold out for the foreseeable future. He credits the effort the team put into building mailing lists of high-quality customers, who get first dibs – and best prices – on pre-releases, the brand’s biggest driver at the moment. The challenge for the next six months is how to satisfy pent-up demand; Henry reconfigured the winery – a “heavy investment” – to create a terrace. Next year, the focus will turn to stock. “We can’t spread ourselves too thinly,” Henry explains.
Virtual vs IRL
For Third Space, such was the success of its digital service and app functionality during the lockdowns – and its offer of subsided kit to support at-home work-outs – that digital fitness is now entirely built into the London health club’s luxury proposition. “We’ve had requests from ex-members who have left London to purchase digital memberships, along with some large corporates, so this is an obvious next step for us,” says chief marketing officer, Lauren Wilson.
Usage per member at Third Space’s residential clubs (Islington, Tower Bridge and Marylebone) is now higher than pre-pandemic, prompting the business to add such locations to its expansion plans. “From a sales perspective our April and May new joiners are more like a strong January and February, and whilst we have a road to travel to get back up to pre-pandemic membership levels, interest in the brand – traffic to website, enquiry forms – and referrals are all very strong,” Lauren adds. “Since we reopened, we’ve noticed the age of new members has dropped to 30, from the average of 36 – younger people are tired of working out in their bedrooms, in flats they share with friends, and are keen to get out and enjoy life again.”
At Wahaca and DF Tacos, co-owner Mark Selby believes that the role of technology will evolve from a necessity (a lifeline during lockdowns) to an enhancement of the customer experience, without “changing the vibe of the restaurants we all love.” The key is choice: “virtual” waiters and scannable menus for customers who know the restaurants inside out, complemented by real waiters and tactile menus for those who want a more engaged experience. “And I think we’re several years away from robotic chefs…” Mark adds.
Fortune favours the brave (brand)
As the first UK restaurant group to be certified as carbon neutral, Wahaca’s next goal is to achieve net zero emissions. “It will come at a huge cost, but it’s for the long term, and businesses who focus on sustainability will shine through,” says Mark. “During the pandemic, everyone became more aware of, more engaged with, the environment, and it accelerated people’s thoughts on what they can do about it. Being a strong brand enables you to try things – to get feedback and then tweak. It allows you to be bold, nimble and drive agendas – like net zero.”
It’s a sentiment shared by Spencer Craig, founder and CEO of London food-to-go shops Pure, who decided against pivoting the business model during lockdown. Having a strong business to begin with affords you the opportunity to ride out storms like Covid 19. “We built a brand for people on the move – we’re fast, we’re delicious,” says Spencer. “So we spent the time making the business as brilliant as it could possibly be for when things opened again.”
This took the form of menu innovation (more vegetarian and vegan options), staff wellbeing (regular communication, personal support, online social events and team awards) and Pure +more (a membership service launched in March). “We’re forecasting that people will be going into the office three to four days a week – that’s 70%-80% of where we were before the pandemic,” Spencer says, thereby adding that the focus will be on increasing frequency of customer visits, digital services and office delivery.
Eat out to help out – and pay for it
But chef owner Chantelle Nicholson warns that there are “a few more bullets to be dodged”, notably staff retention and the rising cost of food – and the realisation from consumers of the role they play in ensuring the success of great restaurants. “Consumers need to be willing to pay the true cost, and that won’t happen overnight,” she says, echoing a piece by restaurant critic Jay Rayner in this month’s Observer Food Monthly, who said: “If we want a broad range of restaurants, we’ll have to cough up. It’s as simple as that.”
Except it isn’t, in practice. Still, there’s a school of thought that says out of difficult times come moments of genius. “I think we’ve fallen back in love with what’s on our doorstep – we’re valuing community more. And we’ve been given an opportunity for a reset, to become more conscious of what we’re about, rather than be something for everyone,” Chantelle adds. “That leads to more diversity in the sector.”
The common thread running through these predictions is that of behavioural change, from both consumers and businesses, brought about – initially – by force and now by choice. Some people are craving human interaction; others want to retain the innovation of the digital world we all lived through during lockdown. Whichever camp your customer falls into – and it’s likely to be both – brands must consider how much their business models need to adapt to these changing behaviours and to recognise the changes as opportunities. Sure, the brands we spoke to have listened – and will continue to listen – to their customers, but they recognise their roles as leaders in shaping a new landscape. You won’t find any of them waiting around for things to go back to the old days…


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French startup Lynx just launched the Kickstarter campaign for its upcoming standalone AR-VR hybrid headset.
The device is promised for pledges above €425 to non-EU countries, equivalent to around $500.
UPDATE October 6: Lynx initially included EU VAT in all pledges, but now offers a non-EU option, reducing the price by roughly $100.
Lynx R1 was initially announced in February 2020 as a $1500 product focused on businesses and professionals, but in July of this year the company announced a radical strategy shift, removing eye tracking to significantly reduce price and target consumers too.
The headset uses the same Snapdragon XR2 processor found in Oculus Quest 2 & HTC’s Vive Focus 3. But whereas those headsets can only show a low resolution black & white view of the real world, Lynx R1 has two dedicated high resolution color cameras for passthrough AR.
Its unique lens design – a “4-fold catadioptric freeform prism” – enables a more compact form factor than typical VR headsets. In front of the lenses are dual 1600×1600 LCD panels running at 90Hz. That’s lower resolution than Quest 2, but higher than Valve Index.
For better weight balance the battery is located in the rear, and the company says it should last two hours of active use between charges. While AR mode lets you see the real world, you can also flip up the headset without having to take it off or awkwardly balance it on your head.
The package includes a VR facial interface to block out light from the sides when playing virtual reality content.
Two dedicated IR cameras on the front of the headset enable Ultraleap hand tracking, the device’s primary input method. By pledging €99 (around $115) extra you can also get a pair of tracked controllers, produced in a partnership with FinchShift. These controllers don’t actually have LEDs for the headset cameras to follow – instead their accelerometer & gyroscope (IMU) data is fused with hand tracking.
Like Oculus Quests, Lynx R1 runs a modified version of Android and will have a boundary safety system similar to Facebook’s Guardian. Lynx has its own SDK, but also plans to support OpenXR content in Q4 of 2022. The app store on Lynx R1 will offer VR apps, AR apps, and even apps that can switch between each.
At launch Lynx R1 will support SteamVR via USB-C cable to a gaming PC. A future update will add wireless SteamVR streaming. Virtual Desktop developer Guy Godin said he looks forward to supporting other OpenXR headsets.
The estimated shipping month is April, though as with all Kickstarter campaigns this should be treated as an aspiration. UploadVR plans to get hands-on with Lynx R1 in the coming months to bring you our impressions.


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"314 MPG" Volkswagen XL1 Confirmed for Production
February 21, 2013 11:15 AM
comment(s) - last by
The car will make its appearance at the Geneva motor show in March next month
Volkswagen has confirmed
its XL1 hybrid
for production, which will make its appearance at the Geneva motor show next month.
The two-seat Volkswagen XL1 has a plug-in diesel hybrid system that allows it to achieve 314 MPG and 31 miles on electric power alone. The CO2 emissions sits at 21 g/km, and it is considered the most aerodynamic car with a Cd figure of 0.189. It's also very light at just 1,752 pounds.
The XL1 hybrid features a 47 bhp 0.8-litre, two-cylinder diesel engine with a 27 bhp electric motor and 5.5 kWh battery pack. According to VW, the XL1 can go from 0-62 MPH in 12.7 seconds with a top speed of 98 MPH.
The XL1 also has some other interesting features, such as a design that completely covers the rear wheels to reduce drag; a pair of rear-facing mirrors on the side of the car instead of door mirrors; wing doors that swivel upwards and forwards, and slightly offset seats for the most interior space possible.
As mentioned, the XL1 is very light at just
because it is mainly made of carbon monocoque. Aluminum is used on the suspension and dampers as well as ceramic for the brakes and magnesium wheels.
A price has not been confirmed yet, but some reports say the XL1 could cost as much as £70,000 ($107,000 USD). The car will make its appearance at the Geneva motor show in March next month.
This article is over a month old, voting and posting comments is disabled
RE: Wait what?
2/21/2013 5:42:46 PM
It's cameras on the outside of the vehicle with display panels on the inside of the doors to replace the mirrors.
"I'm an Internet expert too. It's all right to wire the industrial zone only, but there are many problems if other regions of the North are wired." -- North Korean Supreme Commander Kim Jong-il
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The UK’s advertising watchdog has cited the crypto exchange promotion of Luno, describing the message on the posters as “misleading.
Advertising posters displayed on London Underground stations and on buses read: "If you see bitcoin on the tube, it's time to buy." It was strategically placed in February with corrections in the cryptocurrency market.
However, the Advertising Standards Authority (ASA) believes that the ads did not display any warnings of the risks associated with investing in digital assets like Bitcoin. She said “We concluded that the announcement irresponsibly suggested that engaging in bitcoin investing through Luno is straightforward and easy, especially given that the audience it addressed, the general public, is likely to be inexperienced in their understanding of cryptocurrencies.”
The move was taken in response to three complaints the ad regulator received against promoting Luno. While all three complaints claimed that the ads were misleading and “failed to explain the risks of the investment,” one went so far as to ask “whether the ad exploited consumers’ inexperience or naivety”.
Although Luno is based in London, a large portion of its users are in overseas markets, especially in Africa. The company revealed in April that only about 200,000 of its 7 million users are from the United Kingdom.
While cryptocurrency investments are not illegal in Britain, the market is unregulated. The local Financial Markets Regulatory Authority has issued multiple warnings about “risky” crypto investments and also a ban on the retail sale of crypto derivatives.
The ASA asked Luno to “ensure that their future marketing materials adequately explain the risks of investing in cryptocurrencies.” The platform responded to the watchdog and said the ads would never appear the same again.


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Ind. distiller to cut jobs
New Seagram plant owner to shed 270 workers in transition
- Dan Monk
- Senior Staff Reporter
The new owner of Seagram Distillery in Lawrenceburg will operate the 160-year-old facility with about 270 fewer employees and reduced wage and benefit packages, union and company officials say.
In February, Pernod Ricard USA announced it would sell the distillery to CL Financial Group of Trinidad and Tobago, a holding company that owns the Angostura bitters brand.
Terms of the sale were not disclosed and company officials could not immediately say how the plant would operate after the sale.
Those details have emerged in recent weeks in talks between unions that represent plant workers and company officials.
Plant Manager Rick Brock said the distillery will operate with 100 factory jobs and 50 management positions. Another 35 employees will stay with Pernod Ricard, which will house some workers in leased space at the 177-acre Lawrenceburg facility, others at an office in Northern Kentucky.
The 270 job cuts are forced by the loss of packaging work, Brock said. About 80 percent of its volume came from Pernod Ricard, which acquired the Lawrenceburg facility in 2001.
Bottling for Seagram's Gin and Wild Turkey will be transferred to a facility in Fort Smith, Ark. Brock is hoping to retain packaging work for Seagram's Seven Crown, a brand that it produces by contract for the British spirits maker, Diageo plc.
"The distillery's still going to produce everything it does now. It's just that it will all be for third-party customers," said Brock. "What we're hoping in packaging is to keep the Seven Crown product. We'll get established, get our feet on the ground and do everything we can to grow it from there."
CL Financial is now extending job offers to the 150 workers who will operate the distillery after the sale's closing, now estimated to be June 29. Workers would assume their new roles in July after the plant shuts down for annual maintenance.
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New Delhi: For the sixth consecutive time in the last 6 months, fuel retailers have once again increased the price of LPG cylinders with effect from today. A 14.2 kg subsidised LPG cylinder is now more expensive by Rs 2.94 while the rate of non-subsidised LPG cylinder has been pushed up by Rs 60. LPG prices are revised at the beginning of every month.
LPG cylinder prices hiked from today. Latest rates in top cities
In Delhi, subsidised LPG cylinder is priced at Rs 505.34, Kolkata Rs 508.7, Delhi Rs 503.11 and Chennai Rs 493.87. LPG prices have gone up by Rs 14.13 per cylinder in the last 6 months.
In the non-subsidised category, an LPG cylinder in Delhi costs Rs 939, Kolkata Rs 939.5, Mumbai Rs 912 and Chennai Rs 958.
The government subsidises 12 LPG cylinders every household in a year under direct benefit transfer (DBT) scheme.
Any rise in international prices of LPG is absorbed as subsidy by the government but a subsequent increase in GST is passed on to the consumers, leading to a rate hike.
“While the price of non-subsidised LPG at Delhi will increase by Rs 60 per cylinder in November 2018, mainly due to change in international price and foreign exchange fluctuations, the actual impact on subsidised domestic LPG customers is only Rs 2.94 per cylinder, which is mainly due to GST,” a statement from Indian Oil said.
The subsidy transfer in customers’ bank account has been increased to Rs 433.66 per cylinder in November 2018 as against Rs 376.60 per cylinder in October 2018.
The balance Rs 57.06 (Rs 60 minus Rs 2.94) is being compensated to the customer by the increase in subsidy transfer to their bank account. Accordingly, the subsidy transfer in the customer’s bank account has been increased to Rs 433.66 in November from Rs 376.60 per cylinder in October.


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An article in LiveScience reports that more than 100 people in five states have ended up in the hospital or even losing their lives after smoking synthetic marijuana.
No, it’s not the penal code.
The cannabis controversy continues. Though nine states have legalized cannabis for recreational use (i.e. for getting high), and 29 have legalized it for medical purposes, in Washington, Attorney General Jeff Sessions sees it as a sinister threat.
Marijuana is the name given to the dried buds and leaves of varieties of the Cannabis sativa plant, which can grow wild in warm and tropical climates throughout the world and be cultivated commercially. It goes by many names, including pot, grass, cannabis, weed, hemp, hash, marihuana, ganja, and dozens of others.
Scientists are finding that, just as with secondhand smoke from tobacco, inhaling secondhand smoke from marijuana can make it harder for arteries to expand to allow a healthy flow of blood.
In certain states, several independent studies found dangerous levels of pesticides in marijuana products.
Humans have grown and consumed marijuana since the beginning of recorded history.
‘The legalisation and regulation of the cannabis trade could justify considerable spending cuts, as the current black market trade is a huge drain on our resources.
In June, the government made a decision to lift barriers that prevented researchers from exploring the health benefits of marijuana.


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It’s not often that anyone speaks highly of carbon, given the part that element plays in climate change. But a growing number of companies are eagerly promoting carbon in one specific form: It’s called graphene, and it is said to be the strongest, thinnest and most flexible material ever discovered.
First isolated by a British university in 2004, this so-called “wonder product” has sparked a multi-million dollar corporate scramble to exploit the breakthrough.
“This is akin to the invention of silicon or plastics,” says Jon Mabbit of Applied Graphene Materials (AGM), a small start-up in northeast England that has joined the great graphene rush. “This is a disruptive technology. It has the potential to revolutionize countless markets.”
One atom thick, the substance is so thin that it’s regarded as two-dimensional. And it has an impressive list of other properties: 100 times stronger than steel; far more flexible than rubber; the world’s best conductor of heat and electricity; almost totally transparent and yet completely impermeable. Among the uses touted: super-fast computer chips; cellphones you can roll up like a piece of paper and stuff into your pocket; and super-thin condoms.
But the graphene “prospectors” face some major hurdles.
“There’s an enormous leap between what you can do in the laboratory and having a product that is technologically ready,” says Valerie Jamieson of New Scientist magazine. “Graphene’s been stymied by the difficulty of making large sheets of the stuff. A tiny flaw can impair the product’s conductivity, making it useless in electronics.”
Jamieson is also concerned about cost. Graphene sheets cost $60 per square inch to produce but that needs to come down to $1 a square inch for use in computer chips, and 10 cents for touch screen displays. And there’s another, strategic worry: the vast bulk of the graphite from which graphene naturally derives would have to be mined in China.
But Mabbitt of AGM reckons that his company has cracked some of those problems. He and his colleagues have developed a method of synthesizing the substance out of cheap alcohol, so there is no need to dig it out of the ground at great expense. The company claims it can grow a ton of graphene a year with one relatively small piece of equipment. And they’re not turning out sheets for use in consumer electronics, so tiny flaws don’t matter. They aim to use their graphene as an additive to paints and lubricants.
“The impermeability of graphene makes it fantastic for stopping moisture attacking a ship’s hull,” says Mabbitt. “It also prevents sea-life from building up on the hull. So potentially you have a rust and barnacle-free vessel. That gives you a double whammy: low-maintenance and improved efficiency through water, which equates to fuel-saving.”
Graphene-coated aircraft – he says – would be both lighter and lightning proof. He believes the range of industrial applications for graphene is enormous. Not as sexy as roll-up cell phones and ultra-thin condoms, perhaps, but a wonder material nevertheless.
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I must have missed the fact that this is Online Platform 3D Announcement Week – on the same day that media file repository Wikimedia Commons announced that it is allowing users to upload 3D models for the first time, Facebook also introduced “richer 3D posts.” The social media giant recently introduced 3D posts to its platform, so users could see and interact with all sides of a digital object in the News Feed. Now, Facebook has announced that it will support the industry-standard glTF 2.0 file format for Facebook 3D posts.
Facebook has been interested in the 3D space for quite some time – in 2015 it allowed interactive 3D Sketchfab models to be embedded, and filed a patent last summer for a modular electromechanical device with a 3D printable main chassis, just a few weeks before acquiring IP rights management startup Source3.
“People build communities by sharing things they care about — through photos, videos and, increasingly, more immersive media types,” Facebook Product Manager Aykud Gönen wrote in a Facebook for Developers blog post.
Facebook’s 3D posts make responsive content pop right off the screen of your device, and represent a gateway to a future where people will be able to carry their favorite experiences and objects, like museum artifacts and game characters, across the web and mobile, AR, and VR to interactive scenes. But, the announcement that it will now support glTF 2.0 means that creators and 3D artists will be able to share richer 3D content on Facebook more easily and from more sources.glTF is like the “JPEG of 3D,” and Facebook users will now be able to receive support for lighting, realistic rendering, and textures, so detailed 3D art can really pop. This support also means that there are more ways, like platforms and creation tools, to share your 3D content on Facebook. For instance, Facebook has introduced new Graph API endpoints with 3D Post support, which makes it as easy as one click to share interactive scenes or objects to Facebook.
There are four methods to add a 3D asset, which meets Facebook’s asset requirements, into your post:
- Use 3D Posts API to programmatically create a 3D Post.
- Share a link to a page with Facebook’s Open Graph Sharing metadata tags.
- Share local 3D assets on Android devices with its native Sharing action.
- Drag and drop 3D assets into Facebook’s Post composer when using 3D authoring software.
Some of Facebook’s early partners have discovered other ways to share 3D content on Facebook, like using 3D modeling software Modo to generate files that are ready for the social media platform. People can use Sony’s 3D Creator to share the 3D memories they’ve captured on their Xperia XZ1 smartphone, or share objects on the web from the Oculus Medium – and soon Google Poly – web gallery.
Gönen wrote, “We hope these new tools will help more artists, developers and businesses to share their creations, so people can discover and explore rich 3D content right from their News Feed. We’ve already seen some incredible interactive objects uploaded to Facebook today — including a LEGO parrot, a Jurassic World dinosaur, a virtual living room from Wayfair, a handbag scanned with a Sony phone, and the new Magic Archer character in Clash Royale by Supercell. People can enjoy this content in News Feed, or bring it into Facebook Spaces to share with friends in VR.”
Facebook is focused on supporting high-quality 3D models, using augmented reality to bring 3D content into the real world, and enabling interactive animations, all to make the possibility of a “seamless digital world” where people can share immersive objects and experiences a reality.
What do you think of the increasing availability of 3D models and posts? Let us know your thoughts; join the discussion of this and other 3D printing topics at 3DPrintBoard.com.
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Following a week of record highs on the major equity indices, the headline focus has now shifted from Powell to Q2 earnings. As always, we must continue to keep an eye on the economic backdrop. The upcoming week will feature a number of significant economic data releases. Due out this week are: Retail Sales Advance, Industrial Production, Capacity Utilization, NAHB Housing Market Index, Housing Starts, Building Permits, U.S. Federal Reserve Beige Book Release, Philadelphia Fed Business Outlook, Leading Index, and U. of Mich. Sentiment.
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Video conferencing company Zoom has hired former Salesforce and Microsoft security executive Jason Lee as its new CISO.
Lee comes in as Zoom approaches the end of its self-imposed 90-day period to put in place more comprehensive security and privacy policies.
Lee, who spent almost three years with Salesforce as its senior VP of security operations, will start as Zoom's CISO on 29 June. He has over 20-years worth of experience in technology, specialising in information security.
Before joining Salesforce, he was the principal director of security engineering for the Windows and Devices division in Microsoft, responsible for protecting online services of Windows Update, Xbox Live and Microsoft's online store.
He now joins Zoom, where his security credentials will be heavily tested.
"Zoom is on an incredible journey of growth and I am thrilled to bring my experience of running world-class security organisations to the company," Lee said in a statement. "Ensuring that customers trust our products is of the utmost importance and I look forward to working with the team to continue instilling security into the DNA of Zoom."
Trust in Zoom has been in short supply, particularly with big organisations, with repeated security flaws leading to the likes of Microsoft, the FBI and even the country of Taiwan ban use of the video conferencing platform.
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The company has repeatedly pledged to fix the problems, setting itself a three-month time limit in April to get the right protocols in place. Lee is Zoom's latest move, as he will look to implement protocols to stop 'Zoom bombing", as well as improve encryption standards and password security.
"Our customers' security is extremely important and is at the core of everything we do," said Aparna Bawa, Zoom's COO.
"We are excited to welcome Jason, who has deep industry experience, understands the complexity of servicing a wide variety of users, and can lead Zoom's efforts to strengthen the security of our platform during this time of rapid expansion."
Bobby Hellard is ITPro's Reviews Editor and has worked on CloudPro and ChannelPro since 2018. In his time at ITPro, Bobby has covered stories for all the major technology companies, such as Apple, Microsoft, Amazon and Facebook, and regularly attends industry-leading events such as AWS Re:Invent and Google Cloud Next.
Bobby mainly covers hardware reviews, but you will also recognize him as the face of many of our video reviews of laptops and smartphones.


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It's not easy to take down UFC as the reigning champ of MMA games. So, what is 505 Games and developer Kung Fu Factory adding to Supremacy to make it unique? The female touch. Two female fighters have been confirmed in the Supremacy roster: Felice "Lil Dog" Herrig and Michele "Diablita" Gutier...
Posted on Jan 27th 2015 8:15AM
Posted on Jan 26th 2015 11:00AM
Posted on Jan 26th 2015 10:00AM


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Albertsons Merges With America’s Second Largest Grocery ChainPosted: March 9, 2014
LAS VEGAS (Vegas Valley) — Albertsons announced this week it has confirmed merger agreements with Safeway, American’s second largest food marketing group. Albertsons website details the complete merger plan which insiders have told me will mean lower prices and many advantages such as company-owed dairies and other retailing advantages over competition.
Many Vegas Valley folks things Albertsons is too pricy, but the fact to the matter is if one uses the Albertsons fliers and shop only the products on sale they beat many of their competition including Walmart.
In a time when food prices are skyrocketing, the Albertsons-Safeway merger may be a blessing in disguise.


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The US internet radio service Pandora Media rose sharply on its debut on the New York Stock Exchange, before falling back.
The firm, which has yet to make a profit, had an offering price of $16 (£9.76) a share.
It rose as high as $26 a share on Wednesday before settling down to around $18.75.
The share price values the company at about $3bn, which is well above the current value of AOL, for example.
Pandora is the latest in a series of high-profile internet share sales, with LinkedIn already having floated and Groupon planning a listing.
LinkedIn has a market capitalisation of about $7bn.
Facebook is also expected to launch on the stock market in the next year.
Pandora started out as a music recommendation service called Savage Beast Technologies in 2000.
It changed its name in 2005 when it launched an internet radio service, which allows users to create custom radio stations by specifying which artists and genres they want to hear.
It has 94 million registered users and makes most of its money through advertising.


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By PRINCESS FRIEL LONTOC and ZYSA MEI ELLORAN
MANILA – As a stall owner in one of Manila’s Altura market, Erlinda Dreo said selling fish has been her family’s main source of income for nearly two decades. The market sits near the busy Nagtahan Bridge, where car honks and the smell of fresh produce fills the air.
The busy market is dim, lit only with small bulbs in the stalls as buyers, mostly coming from poor and workers communities nearby, haggle their way to buying fresh produce. Dreo would have gladly given in to their offer but the harsh reality is that the recent months have also become harder for her and fellow market vendors with the increasing prices of everything.
“It has really affected us. You have to scrimp because our daily profit has decreased from P500 to P300. We have to make do with that,” Dreo told Bulatlat in Filipino.
The Philippines has recently reached an all-time high of 7.7 inflation rate, which independent thinktank Ibon Foundation described as the “fastest” in the past 14 years. So far, the Philippine government said tempering the increasing prices is its top priority and has offered to raise interest rates.
Ibon Foundation, however, said this can be double-edged and is a “mechanical, conventional and inappropriate approach to current conditions.”
A recent survey revealed that nearly half of Filipinos disapproved of how the Marcos Jr. administration is handling the inflation rate.
“It’s harder to earn money nowadays. The consumers are also running out of money, not unlike before the pandemic. Back then, we had great sales, but now, there are days when we cannot even sell much,” said Dreo.
Dreo, a fish vendor for the past 18 years, said she has fish transported to her every day all the way from the Bicol region. After picking up the supply in the wee hours of the morning, she would then rush to the market to open her stall at 5:00 or 6:00 a.m.
“We want to have a good stall where we can sell fish. These come all the way from Bicol. We live by the sea and these are transported daily and we pick them up at the bus station,” Dreo said.
Other fish vendors like Evelyn Eleazar, 55, get their supply from either Navotas port or in Farmers Market in Cubao, Quezon City. Both said that the prices have increased wherever they get their supply.
Eleazar said they usually add only a dollar or so per kilo to cover the costs of freight and ice fees.
“We add only P50 for freight and ice fees, rather than usually pricing it at P20. That will lessen our profits and cause us to come up short,” she says.
Their plight as fish vendors worsened following the aftermath of Typhoon Paeng, which hit many parts of the country and brought destruction and flooding to many coastal communities. Prices of fish have increased further, which, Eleazar said, happens everytime there is a typhoon.
Wendell Hernandez, a store owner who sells rice, said most of his customers usually opt for cheaper options that cost P36 to P39 per kilo. Meanwhile, nearby eateries buy imported Thailand rice that ranges from P45 to P48 per kilo.
Hernandez said that with the increasing prices of basic commodities, he tries to provide discounts whenever they can, particularly by providing a P30 discount for every 25 kilos of rice, for resellers who wish to buy in bulk. “It is not that much but that can still help small store owners.”
He has been selling rice for the past four years now, with their supply often coming from the provinces of Isabela and Bulacan. They take into account the transportation cost in determining their prices, which have also soared in the past months.
“Our capital has also increased. Instead of using our money to buy other goods to sell, we spend it all on buying rice to sell,” Hernandez told Bulatlat in Filipino.
Like Hernandez, a 23-year-old college student and a part-time vegetable vendor, Stephen, not his real name, said they also try to keep the prices low for their frequent customers, even if that means lesser income for them. He said they usually add only about P10 or P13 per kilo, especially for the prices of staples like onion, tomatoes, chilies, and ginger.
Stephen began working as a vendor when he was only 11 years old. Along with his now employer, they would purchase vegetables in bulk in Divisoria, Manila, which they would resell in the Altura market. Prices, he said, depend on both the weather and supply.
Meanwhile, fruit vendor Ellyace is banking on the upcoming holidays to be able to sell more. But the higher prices also meant that they would have to buy less produce because of limited capital. “We used to be able to buy mangoes by the sacks. But now, we just buy (a few kilos) because of the high prices.”
Instead of getting help, Ellyace decried that there are police officers and village officials who would ask for protection money in case raids happen. This, she said, amounts to about a dollar a day. This, he said, adds to their daily expenses.
“We no longer have a stall inside the market. It is difficult to get one so we have to settle here,” she told Bulatlat, referring to their spot by the road.
Their sales have also been reduced after the government demolished a community of urban poor dwellers to give way to the ongoing construction.
“Those families used to be our regular customers,” said meat vendor Arlo.
‘We saw it coming’
In a statement, farmers group Kilusang Magbubukid ng Pilipinas said that they “saw it coming” with the current administration’s lack of decisive efforts to bring down the prices of staples.
“This is a continuing failure of Bongbongnomics,” the group said, urging the government to veer away with its “importation obsession” and instead focus on investing in local food production.
Fisherfolk group Pamalakaya, on the other hand, said there are doable solutions that the government can do to strengthen the fish industry and the local food production.
Pamalakaya chairperson Fernando Hicap said, “this drastic shift in economic policies only takes the current administration’s political will to strengthen our local economy and productive forces.” (JJE, RVO)


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Another delay in $1.6bn merger decision
The Australian Competition and Consumer Commission (ACCC) has again pushed back the date for its ruling on the proposed merger between outdoor media companies oOh!media and APN Outdoor Group.
The decision, expected on 9 March then on 16 March, has now been rescheduled for 4 May, with the corporate regulator saying it needs more information before it can reach ‘a final decision or release a Statement of Issues.’
The move comes amid reports that industry competitors have raised concerns in submissions to the ACCC that the $1.6 billion merger could create a monopoly-like hold on some markets.
In a joint statement to the ASX, the two outdoor companies said they did not think the extension would have an impact on the approval of the proposed merger, which would create Australia’s largest out-of-home advertising company.
APO and OML remain confident in their position that the merger does not result in substantial lessening of competition in a rapidly changing media landscape.
Both parties continue to believe strongly in the long-term growth and value creation opportunities the merger would offer to a broad range of stakeholders including the benefits of the talented teams within both businesses.
APO and OML continue to work closely with the ACCC and the extension will enable further information to be provided to, and considered by, the Commission is assessing the merger.
oOh!media last month posted a 17.4 per cent increase in net profit to $21.6 million for the 12 months to December 31, with revenue jumping 20.1 per cent to $336 million.
A week later, APN Outdoor delivered a 20 per cent rise in net profit for the full year, with revenue rising 10 per cent to $330.9 million.
The proposed merger is still subject to a vote by oOh!media shareholders:
OML now expects to dispatch its Scheme Booklet to shareholders in late May 2017, with a vote to be held in late June 2017 and implementation in July 2017.