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With the growing of economy and fast paced developments the banking sector has undergone many changes. As the financial activity gained pace and the market opened for competition, the innovation in the financial sector has increased and so have the revenue and profitability avenues for the banks and financial institutions. The 21st century has been the century of startups. With an unconventional approach to problem solving, an unrelenting zeal to succeed and an open approach to new ideas, startups have truly disrupted the business landscape. India has had umpteen startups in the last few years of whom some have been able to make their mark while the others could not, which in way is understandable as it is in the nature of startups who follow a high risk high return approach.
Banks have now opened up to the possibility that going forward startups would constitute a significant source of revenue and profitability growth for the banks and are keen to seize this opportunity. Earlier the possibility of 9 out of 10 startups failing made the banks weary of advancing finance to them. However considering their potential and the risks involved banks have now opened up avenues of financing to them.
It’s not that startups have just touched one or two segments of the industry, they have instead ventured in all those spheres that had the scope of making things better and improving the processes.
The role and support of Banking Sector:
On 6th January, 2016, ‘Startup India’ initiative was launched by the Government of India to cater to the needs of the budding start-up eco system in the country. In view of the country’s young manpower and with an aim to promote employment opportunities, it has been a commendable step in the right direction. The entrepreneurs in India have received funding from various private institutional and non-institutional investors and also from Banks. When we talk about startups the picture that flashes in our mind is of an untested idea which could disrupt the way the business is done and if successful could be worth millions or billions of dollars and if unsuccessful the investment could go down the drain. They are not the only kind of startups, the loan given by the banks to an entrepreneur is also a startup although with a less level of disruption, none the less such a venture is generates employment and aids the country’s GDP growth. Such ventures until recently were more synonymous by the name of entrepreneurship than startups.
The banking industry in India had and is having a very active role in encouraging the startup culture by promoting and handholding entrepreneurship. This endeavor on part of the banks has now expanded to the funding of new ideas based on their disruption potential. Country’s leading banks have now launched separate schemes to promote the startups in the country and have formulated a well drafted policy for the same. Country’s largest bank State Bank of India has recently opened a branch exclusively for catering to the financial needs of Startups in the silicon valley of India, Bengaluru.
Seed stage startups though risky, provide a business opportunity that has an increased probability of a either a high payoff or no payoff at all. The risks are there and so are the chances of return. There has been a shift in the way startups have been viewed as a business opportunity.
The government has also been very proactive and supportive of startups and has been leading to ensure that the funding requirements of startups are taken care of. Along with that the state governments are going all out to provide these budding entrepreneurs the right infrastructure and administrative support so that the promoters only focus on their project.
Promotion of startups has dual benefits, firstly they provides an impetus to the economy by promoting GDP growth and increasing employment and secondly they provide a solution to the problems faced by the public by transforming the solutions into a business idea. The regulator has also pitched in with a number of awareness and policy initiatives to promote the startup sector along with the government that has undertaken number of steps for ease of doing business.
It is also a fact all the developed economies have a major contribution of entrepreneurs. And as we grow on the path towards being a developed nation the proportion of entrepreneurs and startups is bound to increase exponentially and so will the opportunities for the financial and banking sector.
Some examples of Operational Challenges (Risks) to Funding:
- One of the startups which disrupted the taxi and mobility business across the world, in its quest to grow, became promoter of a toxic work culture leading to complaints and grievance by many employees. The investors had to ultimately intervene and asked the founder to step down. That startup today is a significant contributor to our daily mobility solution.
- Another example is of an Indian Startup which was the first to enter the real estate market with a data and analytics based approach. This startup which was initially very promising, a trend setter of sorts and had the first mover advantage in the industry eventually lost its sheen due to dispute between one of the founders and the investors.
- One of the recent examples is of a financial startup whose founder was accused by the investors of unethical practices and causing loss to the company. This founder also made counter allegations. The investors have since taken control of the company and appointed a different management team to steer the company clear of the controversies and drive it to the next phase of growth.
Disputes between founders and investors / financers is not new, they have happened before and would continue to happen as long new businesses are created. In fact the late founder of a company who was ousted by the other stakeholders, came back after 10 years to make the company one of the most valuable companies in the world. He introduced the world to touch screen mobiles and change the way we carry and listen to music. This is the nature of business and especially businesses engaged in technology. Most of the startups in the recent times have been technology startups who promote on an idea that may or may not work.
Most of the time it’s the difference of perception regarding the future path of the company that leads to dispute. Startups have very little tangible assets and their valuation is solely based on the assumption that the idea would work. This makes the debt financing of startups by banks / financial Institutions a challenging task.
Consensus on Valuation?
What makes the methodology of valuation somewhat disputed is that the revenue generated has a very significant weight in determining whether a startup is a unicorn or not. In the midst of this race for valuation the actual business sometimes takes a backseat. Money is pumped into promotions and discounts to increase the gross merchandise value in the short term. This leads to the companies having high valuations together with high losses. Most of the startups that have even got listed are still running into huge losses however their valuations have shot up multiple times, of course due to metrics other then profitability. Recently the founders of one of the startup had a dispute regarding the future path of business, which has led to various rumours of the startup winding up operations.
This kind of methodology actually runs against the very principle of traditional business which is profitability. No business could survive running in losses, however in the case of startups the profitability is looked deep into the future. Startups are all based on a disruptive idea, something that alters the existing business landscape altogether, the more disruptive the idea the more the risk, more are the chances of the startup scaling billion dollar valuations. One of the major telecom company offering mobile telephony in India today was called a startup by its promoter considering the disruption it made in the market and the scale at which it was launched. Of course no prizes for guessing that it worth a few billion dollars now.
Such valuation metrics often poses problems while considering debt based financing by financial institutions to such startups.
One reason why the unicorn culture fascinates businesses and investors alike is because eventually the higher a company is valued the richer the investors become. This is after all the financial goal of any enterprise and then it works in a loop as more valuable a firm becomes the more investors get attracted to it. This principle of valuation however works in contradiction to the principles of traditional finance largely followed by financial institutions that considers a consolidated picture of a firm’s financials along with profitability and other ratios.
The concept of startups has its own set of critics as well. The critics argue that in the rush of attaining sky high valuations the companies are running short on foundations which are a necessity in case of long term viability. Another section says that this rush for valuations culminates in the company being sold to other growing startups in the merger and consolidation process. Many of the young startups eventually fade away in the process and some of them grow multitude in valuations.
Startup is a high risk business and the promoters are entering an area not much traversed before and thus there is the urgency to grow and outsmart everyone else in the field. This explains the importance of the valuation mathematics. This sometimes is the reason for difference of opinion between founders, investors and financers.
Almost all the sectors have had the impact of startups but the most prominent and disruptive impact has been in the fields of mobility, e-commerce, education and banking and finance and all of these fields have produced one or more unicorns. But are all of these businesses profitable the answer would be vehement ‘no’ at least for the time being but it is also a fact that they do command huge valuations. This valuation game is something that has resisted some of the great investors / financiers of our time in investing in startups. We have even witnessed as to how fragile these valuations could be as was the case with some of the crypto and metaverse startups. The valuations of these companies rose significantly during their boom and when the tide turned against their favour, the companies became much less valuable that what the investors had believed while making an investment. This led to investors losing huge amount of wealth in a very short span of time.
Another reason for this wide variation is that these technologies are relatively unproven and the valuation is all dependent on its success with a certain revenue level. In the event the projections do not work out as envisaged the valuations drop significantly as there are very less or almost nil tangible assets to support their valuation.
The aim of any business is to be profitable and add value to shareholders wealth and startups are no exception to that fact. However startups have an added responsibility they promote growth by disruption, by challenging the status quo. All the big companies today were once a startup and once can just fathom as to what would have been our economy had these companies not been there.
Startups stir up economic activity and promote growth. They have a direct impact on the country’s GDP and have a tremendous indirect impact on job creation and economic activity through vendors and suppliers. The wheels of the economy gets rolling as the banking system gets involved to fund the startups and ancillary units / vendors, also the credit uptick happens as money starts coming into the hands of the employees. It is imperative for us to understand that all aspects of the economy are related and when one aspect is buoyant it automatically pulls up the rest thereby increasing the economic activity.
Having discussed the importance of startups in the financial and economic prosperity of a country it is also important to note that when a startup goes bust it also makes a negative impact on the banking system and the economy as a whole.
Startups provide an alternative source of revenue and there is an increasing potential in startups as they cater to the ‘new economy’.
- Majority of the startups are technology firms with a focus on the bottom of the pyramid and an opportunity to target a mass segment of the population.
- Financial Institutions who start early would be at an advantage as they would become startup compatible early and would have a better chance to participate in rapid growth and expansion.
There is also no denying the fact that startups have been and continue to be a backbone to business development. It is because of the will and vision of the founders that a lot of services and benefits that were unheard of and not thought about in the past are a reality today.
As we progress into the feature, entrepreneurship and startups will gain more importance which would open new opportunities for the banking sector as well. With the banks also entering the game it means more disruption, better opportunities, a healthy competition and a plethora of financing options for the entrepreneurs to convert their ideas into successful business ventures.


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April 29 (Reuters) - Tsingtao Brewery Co Ltd , China’s second-biggest brewer by volume, said first-quarter net profit rose 20 percent on higher sales.
One-fifth owned by Japan’s Asahi Breweries Ltd, Tsingtao said net profit rose to 585.7 million yuan ($93.67 million) in the three-month period which ended March 31 from 488 million a year earlier.
Asia has become the main battleground for the big four global brewers - Anheuser-Busch InBev SA, SABMiller , Heineken and Carlsberg, as they face flagging sales in Europe and the United States. China is also the world’s biggest beer market by volume.
A growing middle class means China’s beer market has huge potential yet the sector suffers from fierce competition, over-supply and low retail prices. Tsingtao reported its worst quarterly losses ever in the fourth quarter of last year.
A positive for the firm is that the market, estimated at 451 billion yuan in 2013 according to Euromonitor, is consolidating, a trend which should support earnings for market leaders such as Tsingtao. The firm said it held around 17.2 percent share of the market last year.
First quarter revenue grew 17.4 percent helped by active marketing, the company said in the statement.
The firm, which competes with SABMiller-backed Snow beer, AB InBev and Beijing Yanjing Brewery Co Ltd, saw first quarter revenues rise to 7.4 billion yuan.
Denmark’s Carlsberg is also mounting a challenge, upping its stake in local brewer Chongqing Brewery last year, while AB InBev bought Chinese brewer Siping Ginsber this year as it looks to expand in more regions of the country.
Tsingtao’s Shanghai-listed shares ended up 2.95 percent on Tuesday, compared to a 1.10 percent rise in the benchmark CSI 300 Index.
Its Hong Kong stock ended up 1.52 percent, outperforming the main Hang Seng Index’s 1.45 percent rise.
1 = 6.2530 Chinese Yuan Reporting by Adam Jourdan and Samuel Shen in Shanghai; editing by Jason Neely

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Botswana’s biggest multinational grocery and general merchandise retailer which focuses on the selling of food- and other fast-moving consumer goods, Choppies Enterprises, will resume trading on the Botswana Stock Exchange(BSE) main board with effect from Monday 27 July 2020.
Choppies released today its 2018 and 2019 financials which have been backlogging for the past two successive financial years.
BSE suspended Choppies in 2018 after the company failed to publish its financial results pending “changes in auditors as well as the legal and forensic investigations” hence a subsequent boardroom fracas played before the media. For the same reason, Choppies shares were also suspended in its secondary market, the Johannesburg Stock Exchange.
According to Choppies after posting its interim group financial results for the six months ended 31 December 2018, these results were published late due to changes in auditors as well as the legal and forensic investigations on some of the matters raised by the auditors which reports were only concluded and released during September 2019.
Choppies said that these events, coupled with the outbreak of COVID 19 and the lockdowns in the countries in which the Group operates, resulted in the delay in publication.
According to the giant retailer the Group revenue increased by 3% from P5 762 million to P5 921 million. Gross profit margin increased from 19.5% to 20.5% owing to a 1.1% improvement in the Botswana segment.
As for profit, it decreased from P68 million to a loss of P60 million, mainly due to reported losses of P100 million (2017: profit of P3 million) from the South Africa segment on the back of dismal trading conditions in the North West province.
Choppies also released its abridged audited group financial results for the year ended 30 June 2019. The Choppies Group revenue decreased by 10.85% from P10 791 Million to P9 620 Million due to a P1.1 Billion decline in turnover from the Zimbabwe segment on the back of a volatile macro-economic situation that led to a 84% currency weakness against the Pula.
For the same results for the year ended 30 June 2019, the gross profit decreased from P2 062 Million to P1 895 Million whilst the gross profit margin remains flat at around 19.71%. Gross profit margin for ongoing operations however increased from 20.3% to 22.6% owing to a 1.2% improvement in the Botswana segment.
The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.
Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.
According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.
The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.
Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.
Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the companyâ€™s market capitalization.
Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana. Â The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.
African heads of state and global CEOs at the World Economic Forum Annual Meeting backed the launch of the first of its kind report on how public-private partnerships can support the implementation of the African Continental Free Trade Area (AfCFTA).
AfCFTA: A New Era for Global Business and Investment in Africa outlines high-potential sectors, initiatives to support business and investment, operational tools to facilitate the AfCFTA, and illustrative examples from successful businesses in Africa to guide businesses in entering and expanding in this area.
The report aims to provide a pathway for global businesses and investors to understand the biggest trends, opportunities and strategies to successfully invest and achieve high returns in Africa, developing local, sub-regional and continental value chains and accelerating industrialization, all of which go hand in hand with the success of the AfCFTA.
The AfCFTA is the largest free trade area in the world, by area and number of participating countries. Once fully implemented, it will be the fifth-largest economy in the world, with the potential to have a combined GDP of more than $3.4 trillion. Conceived in 2018, it now has 54 national economies in Africa, could attract billions in foreign investment, and boost overseas exports by a third, double intra-continental trade, raise incomes by 8% and lift 50 million people out of poverty.
To ease the pain of transition to its new single market, Africa has learned from trade liberalization in North America and Europe. â€śOur wide range of partners and experience can help anticipate and mitigate potential disruptions in business and production dynamics,â€ť said BĂ¸rge Brende, President, and World Economic Forum. â€śThe Forumâ€™s initiatives will help to ease physical, capital and digital flows in Africa through stakeholder collaboration, private-public collaboration and information-sharing.â€ť
Given the continentâ€™s historically low foreign direct investment relative to other regions, the report highlights the sense of excitement as the AfCFTA lowers or removes barriers to trade and competitiveness. â€śThe promising gains from an integrated African market should be a signal to investors around the world that the continent is ripe for business creation, integration and expansion,â€ť said Chido Munyati, Head of Regional Agenda, Africa, World Economic Forum.
The report focuses on four key sectors that have a combined worth of $130 billion and represent high-potential opportunities for companies looking to invest in Africa: automotive; agriculture and agroprocessing; pharmaceuticals; and transport and logistics.
â€śMacro trends in the four key sectors and across Africaâ€™s growth potential reveal tremendous opportunities for business expansion as population, income and connectivity are on the rise,â€ť said Wamkele Mene, Secretary-General, AfCFTA Secretariat.
The Forum is actively working towards implementing trade and investment tools through initiatives, such as Friends of the Africa Continental Free Trade Area, to align with the negotiation process of the AfCFTA. It identifies areas where public-private collaboration can help reduce barriers and facilitate investment from international firms.
About the World Economic Forum Annual Meeting 2023
The World Economic Forum Annual Meeting 2023 convenes the worldâ€™s foremost leaders under the theme, Cooperation in a Fragmented World. It calls on world leaders to address immediate economic, energy and food crises while laying the groundwork for a more sustainable, resilient world. For further information,


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Microsoft’s Windows 10 Mobile OS has now become the latest official entrant in the markets of mobile phone devices, and the company is coming out with some major updates and upgrades for their existing devices.
There has been a lot of hue and cry over Microsoft not releasing this update since a long time, and users have been complaining that their Lumia phones were getting quite monotonous because of an extended run with the Windows Phone 8.1 OS. Microsoft users had been demanding the Windows 10 Mobile OS for their devices since quite some time, and that, Microsoft had promise that they would deliver by the end of the year 2015. However, Microsoft did not manage to do it. Microsoft in fact delayed the release of the OS twice after that, and the Windows 10 Mobile OS finally came out last week.
Only three phones were running on Microsoft’s Windows 10 Mobile OS in the past – Lumia 950 (and 950XL), Lumia 650 and Lumia 550. However, the company has now started rolling out the Windows 10 Mobile OS update for many other older Lumia phones in recent times.
The only devices that have received the Windows 10 Mobile OS update are those of – Lumia 1520, 930, 640, 640XL, 730, 735, 830, 532, 535, 540, 635 1GB, 636 1GB, 638 1GB, 430, 435, BLU Win HD w510u, BLU Win HD LTE x150q, and the MCJ Madosma Q501.
There have been many popular devices such as the Lumia 520, Lumia 1020 and Lumia 1320 which have not received the Windows 10 Mobile OS update, and are still running on the Windows 8.1 Mobile OS, as Microsoft has said that they do not want to compromise with the quality of experience for the users when it comes to Windows 10 Mobile, and hence they have chosen to release it for a select few devices.


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iPhone 6s Internal Details Surface
iPhone is rumored to receive its annual upgrade this fall, after an official press event on September 9. If history is any indication, the upcoming iPhone will be termed the iPhone 6s and 6s Plus. The ‘s’ series phone line has come on the off-year since 2009. Traditionally, the ‘s’ year is one which doesn’t see much change in form factor, instead, opting for internal upgrades. This year is on track to do the same. Current part leaks, and there are many, indicate the device may be indistinguishable without cracking open the case.
Once inside, leaked shells indicate the device will have a more rigid exterior, certainly a response to the “bendgate” issues in 2015. Testing on leaked shells reveal levels of zinc, consistent with the 7000 Series aluminum alloy deployed for Apple Watch. Iron also showed up in high levels during analytical testing, adding more rigidity to the device.
Other internal changes potentially include a new Qualcomm chipset, WTR3925, as seen in part leaks. The chip will eliminate the previous need for two chips to perform the same function, which was the case in iPhone 6 and 6 Plus.
In the above image, the top logic board is from an alleged iPhone 6s, with a blow up in the bottom left. On the bottom right, an iPhone 6 logic board shows the two corresponding chipsets. Being able to reduce these into a single chip allows Apple to further its quest to make a thinner device, or have more room for other internals, like battery size.
A camera update is also potentially in store, with some rumors claiming it is the “biggest camera jump ever” with the inclusion of a dual lens system offering DSLR quality photos. A recent leak of camera lens rims appear to confirm the 6s will also have a protruding camera lens, despite last year’s frustrated consumer opinions.
KGI Security Analyst, Ming-Chi Kuo, believes the new camera system will be 12-megapixel and other rumors possibly include 4K video recording as an option. To somewhat corroborate these claims, Apple recently purchased LinX Imaging, which had a specific background in mobile device cameras.
Hardware between the two devices is expected to be the same. The decision to upgrade will be based on the changes in year-over-year progress, price and size. Like last year, choosing between the smaller 4.7″ and 5.5″ will be the biggest decision for buyers, because a redesign is not a consideration. Small rumblings of a potential 4″ iPhone 6c are very quiet, but active. However, without any part leaks, that model is not currently being produced or being kept very specifically hidden from the supply chain.
With the vast number of product leaks, it is clear mass production is currently underway on 6s and 6s Plus and, presumably, on track for the traditional September launch. Make sure to follow new information as it is released up to September 9. Then, Apple will offer a live stream of the event for those interested in seeing the announcements live.


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Avalanche Software’s community manager confirms the release date for the soundtracks for the upcoming wizarding game Hogwarts Legacy.
The release dates of Hogwarts LegacyThe soundtracks have just been confirmed. With players returning to the world of Hogwarts soon, the atmosphere and setting must be perfectly recreated. On that note, select the music to set the perfect mood for Hogwarts Legacy who will accompany the game will be important. The track choices should help aspiring wizards immerse themselves and feel like they’re actually part of the wizarding world.
The game will see players assume the role of a college student who holds the key to an ancient secret that could tear the wizarding world apart. Over the weeks, new information has been released regularly, with leaks and changes sometimes slipping through the cracks. With Hogwarts Legacyof the upcoming PC and next-gen release in February, fans have already started speculating about many aspects of the title, including the game’s two soundtracks.
Avalanche Software community manager Chandler Wood announced that the Hogwarts Legacy the soundtracks will be released on February 10. The creation of music Hogwarts Legacy had been featured before so fans already have an idea of what to expect when the full set of music is released. Although no further details were announced, Wood had stated that there would be two soundtracks on that date.
With Hogwarts Legacy projected as one of the best-selling games of the year right now, gamers will want to get the full magical experience. More committed fans will want to take it a step further and get into the zone listening to the music even outside of the actual game. This means that the availability of the soundtracks on the aforementioned date will be a great opportunity for fans to digest the music from the game world of Hogwarts.
Hogwarts Legacy is truly becoming an epic adventure that Avalanche Software, Warner Bros. and Portkey Games have dedicated time and resources to put everything together with the Harry Potter Mark. While older games in the main series have received mixed reactions, they have remained true to the franchise. This latest outing will be the biggest yet, and it’s shaping up to be both very nostalgic and fresh. The music, locations, characters, and other assets may be new, but the development team made sure to draw inspiration from what already exists in the lore of Harry Potter and Hogwarts.
Hogwarts Legacy releases February 10 on PC, PS5, and Xbox Series X/S. The PS4 and Xbox One versions will launch on April 4, and a Switch version will arrive on July 25.
FOLLOWING: Hogwarts Legacy Leak Reveals Game Length
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Halalicious is an all new superfood, which is not only halal but also vegan friendly. Founded by a Utah based American entrepreneur and molecular biology expert Dr. Ali Sharif, this remarkable new superfood is rich in vitamins and takes the concept of whole foods to the next level. Moreover, Ali has recently launched a crowdfunding campaign on Kickstarter to raise funds and support, and he is welcoming everyone for generous backing.
“We are welcoming everyone to help us meet the dietary restrictions of many people worldwide by supporting this halal and vegan superfood,” said Dr. Sharif, while introducing Halalicious to the Kickstarter community. According to Ali, Halalicious contains premium whole food multivitamins with vital minerals, omegas, probiotics and more than 30 natural fruits, herbs and vegetables.
The Kickstarter Campaign is located on the web at:
www.kickstarter.com/projects/1838448024/halalicious-the-newest-supervitamin and supporters from around the world can back this project by making generous pledges and donations. Backers can get a single bottle for a pledge of only $25 and each pledge offers a great reward. Furthermore, all rewards come with worldwide shipping and more details are available on the Kickstarter campaign page of the project.
About This Project
Halalicious is an all-new superfood supplement, which is rich with minerals and is halal as well as vegan friendly. Founded by Dr. Ali Sharif, a Utah based American scientist, who holds a PhD in Neurobiology and Anatomy. Halalicious is emerging as a difference-making multivitamin supplement that is created for both men and women and comes with endless health benefits. Furthermore, Halalicious is currently being crowdfunded on Kickstarter, where supporters from around the world are being welcomed to make generous contributions.
Company Name: Time-1-less LLC
Contact Person: Ali Sharif
Email: Send Email
City: Salt Lake City
Country: United States


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Only 4% of people trust what influencers say online
Most global internet users lack confidence in what they see and read online, with only 8% believing that the bulk of information shared on social media is true, dropping to 4% when it comes from influencers.
Even governments are seen as more trustworthy than most celebrity influencers or bloggers/vloggers
The figures come from media agency UM, which found just a tiny minority of internet users agreed that the 'three-quarters or more' of the insight they gleaned from platforms like Facebook and Instagram was correct.
On the same measurement, even governments were seen as more trustworthy than most celebrity influencers or bloggers/vloggers, with 12% of people globally saying information shared by governments was 'mostly truthful'.
However, people in the UK and US were more cynical, with these numbers falling to 8% and 6% in those regions respectively.
UM tracked more than 56,000 active internet users across 81 countries for its 10th 'Wave' study, evaluating trust in social media.
The global suspicion around influencers comes as consumers and regulators continue to ask questions about the opacity of brand-influencer deals and the veracity of creators' large followings.
In the UK, the government has tightened up the rules around declaring paid-for content online. The Advertising Standards Authority (ASA), meanwhile, also cautioned 'hundreds' of influencers and brands for breaking strict guidelines around paid for posts on the likes of Instagram over the past few years.
The FTC has taken similar action in the US to usher more transparency into the space.
When it comes to fake followers, brands including Unilever have put pressure on Instagram and Twitter to take “urgent action now to rebuild trust before it’s gone forever”. The social networks listened, purging fake followers from their sites using AI technology, but the effectiveness of the measures taken has been questioned.
Despite these efforts, and tools from platforms like Instagram that allow creators to better disclose deals, UM found that less than half (36%) of Brits specifically trust bloggers and vloggers opinions on products and services. Trust for these kinds of recommendations was slightly higher globally, at 42%.
Overall, just 44% of Brits and 47% of global consumers said the were influenced by opinions shared online, a drop from last year's UK figure of 46%, and globally tally of 54% in 2017.
Liz Haas, head of client Insight EMEA for UM said the research highlighted that headlines over the past two years have "made people more aware of issues surrounding credibility and transparency on the internet."
She pointed scandals like Cambridge Analytica as having had a "huge impact" on the extent to which people question what they see and hear online.
“Legislation like the EU’s GDPR is working towards rebuilding that trust, particularly regarding what is done with our personal data, but brands will also have a key role to play over the coming years," she added. "It’s clear that trust is fast becoming the currency of the new internet, and brands able to demonstrate that they’re transparent and responsible in the moments that matter are going to be best placed to succeed."
The study also painted a picture of changing attitudes from people towards their digital lives, with some starting to feel less tied to social media.
The percentage of respondents globally who said they ‘worried about missing out if they didn't visit their social networks’ dropped by 4% compared with the Wave 9 study in 2017, from 50% to 46% globally, and from 41% to 39% in the UK.
And when asked which platforms people worldwide would describe as a ‘great place for someone like me’, non-interactive sites Netflix and YouTube came first and second (with 28% and 27% agreeing, respectively), with Spotify third on 27%.
The ‘traditional’ interactive social platforms like Facebook, Twitter, Instagram and Snapchat all ranked outside the top five.


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WASHINGTON (AP) -- Wholesale companies added to their stockpiles of autos, machinery and computers in June. Inventories rose for the 18th consecutive month and sales rebounded after a May decline.
The Commerce Department says wholesale inventories increased 0.6 percent in June after a 1.7 percent gain in May.
Sales at the wholesale level rose 0.6 percent in June. That followed a 0.3 percent drop in May. Sales have risen in 10 of the past 12 months.
Stockpiles at the wholesale level have risen to $458.7 billion, up 19.6 percent from the low point hit in September 2009. Rising demand could convince businesses to keep restocking their shelves, which could boost growth at a critical time when the economy has slowed.


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WINDERMERE Jerry Bello has found a new use for pasta, thanks to a small restaurant tucked away in the Tuscan countryside. Instead of serving breadsticks, the restaurant served baked pieces of pasta. Curious, Bello asked to see the kitchen.
“They took the scraps and cut them into squares,” the Windermere resident said about seeing their process of creating the appetizer. “(The chef) made a chip out of it.”
As a entrepreneur in the food industry, Bello saw major potential in the idea.
“It was a cool concept,” he said. “It’s a great way to bring new flavors to the U.S. market.”
Today, Bello is the founder and CEO of Pasta Chips. But he wasn’t always in the food creation business. Born and raised in New Jersey, Bello attended school for pharmacy. After graduation, he became involved in work providing care for terminally ill patients.
“We were dealing with the most sickly of the sick,” Bello said. “The emotional side was tough, and we weren’t affecting change.”
After years in the business, he decided to call it quits. Looking for a new career, Bello decided to tap into his chemistry background.
“I was looking for something to do that was similar, and I somehow stumbled on the idea of food and food processing,” he said.
His first foray into the industry was with Mama Says Biscotti, which was biscotti with messages inside them.
“Some were wisdom; some were witty,” Bello said.
After Nonni's Food Company purchased his business in 2005, Bello found himself with an excess of free time on his hands which led to the creation of veggie straws and another new company called Sensible Portions.
“We were making 45 million pounds of food, and 90% of them were veggie straws,” Bello said.
He sold the company in 2010 and became a consultant for companies struggling in the food production industry.
“I like helping entrepreneurs and shepherding them,” Bello said. “If I can help eliminate or minimize mistakes or minefields, that’s what I want to help with.”
While he still helps other businesses, now he is also focused on developing Pasta Chips.
The primary line of Pasta Chips is a flat farfalle shape and is meant to be eaten with dipping sauces, such as marinara sauce or Alfredo sauce. So far, Bello and his team have developed eight different chip flavors, including rosemary, marinara and spinach-broccoli-kale.
“We want products permitted by the uber-healthy community but relatable by mainstream America,” Bello said. “That’s where we try to be.”
With his flat chips a huge success, Bello decided it was time to expand. In August 2016, Pasta Chips unveiled a new line of three-dimensional bow tie chips.
His favorite flavor? Meatball Parm.
“It’s really good,” Bello said. “It just hits the spot and brings me back to my childhood.”
In the midst of his success, Bello never forgot the small restaurant that inspired Pasta Chips. In fact, he travelled back to that same restaurant after launching the business to share his chips with them.
“They loved it,” he said.
Contact Brittany Gaines at [email protected]


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Xiaomi Redmi K30 With 5G To Be Powered By A MediaTek Chipset
Xiaomi has announced the Redmi K30 5G and 4G models, but the ... the recently announced Qualcomm Snapdragon 765G chipset. ... The fingerprint sensor is integrated with the power button situated next to the volume keys.. Xiaomi's Redmi K30 budget flagship will be powered by an upcoming MediaTek chipset with support for 5G.. MediaTek has confirmed that it will present its first 5G chipset at its annual ... It will be the Mediatek MT6873, one of the first chipsets of its kind. ... on a 5G phone powered by a MediaTek chipset and it may be Redmi K30.. Howmak Slim Liquid Silicone Rubber Shockproof Phone Case Cover for Mi Xiaomi Redmi Note 8 Pro - Midnight Blue, Shockproof and scratch resistant and has.... Redmi was said to launch the Redmi K30 by the end of 2019 but ... In the same Weibo post Redmi GM also said, "In 2020, Redmi is a 5G pioneer. ... The Redmi K20 is powered by Snapdragon 730 processor while the Redmi K20 Pro ... that for the Redmi K30 the company will opt for MediaTek chip while.... Redmi 9 to launch in early 2020 with MediaTek Helio G70 chipset ... new rumor, the Redmi 9 will be unveiled early next year, and it will be powered ... Xiaomi Redmi Note 8 Pro review; Redmi K30 and K30 5G arrive with 6.67"...
Chipset da MediaTek lidera ranking de intermedirios do AnTuTu em fevereiro ... o Vivo X30 e o Redmi K30, ambos tambm na verso 5G. ... Passando para a lista dos topo de linha, temos o Mi 10 Pro liderando logo em sua ... Moto G7 Power Motorola One Moto G6 Plus Moto G6 Play Moto G5S Plus.... Esse chipset deve ser equipado com 5G de banda dupla (SA/NSA). De acordo com a prpria Xiaomi, o uso das duas tecnologias em celulares.... The Xiaomi Redmi K30 will be the next affordable flagship. It has already been confirmed that it is 5G capable, but a new report says it is running a MediaTek.... Xiaomi Redmi K30 with 5G to be powered by a MediaTek chipset.. Two likely candidates are the Xiaomi Redmi K30 Pro and the Realme X50 ... Redmi K30 which is powered by the mid-range 5G Snapdragon 765G chipset, ... At the moment there are no reported benchmarks for the MediaTek.... A Xiaomi j confirmou que o Redmi K30 deve ser o seu primeiro ... do Redmi Note 8 Pro e usar um chipset desenvolvido pela MediaTek.
Back in August this year, Redmi GM Lu Weibing had confirmed that the Redmi K30 would include support for 5G. Now, rumours have started.... Xiaomi's sub-brand Redmi has released the first teaser image for the upcoming ... ET): The Redmi K30 Pro will feature Qualcomm's Snapdragon 865 chip. ... Redmi K30 Pro will feature 5G support, much like the Redmi K30 5G, but the ... has confirmed that the Redmi K30 Pro will be powered by Qualcomm's.... Towards the end of December 2020, Mediatek announced the Dimensity 800. ... The Dimensity 1000L is still the only one of the three 5G processors that ... No manufacturer has announced a phone powered by the Dimensity ... Redmi already has an upper mid-range 5G phone which is the Redmi K30 5G.. Xiaomi recently partnered MediaTek for the Redmi Note 8 Pro which is powered by a Helio G90T gaming chipset. It is likely that Xiaomi will.... Redmi K30 to reportedly come powered by MediaTek 5G chipset ... chipset for its upcoming flagship smartphone given that the Redmi Note 8.... Redmi K30 reportedly powered by MediaTek 5G SoC. By ... It will come with support for both SA and NSA networks and feature a punch-hole ... has hinted that the Redmi K30 with 5G would be powered by a MediaTek chipset.. Redmi is a sub-brand owned by the Chinese electronics company Xiaomi. It was first ... The Redmi 4 has a 5-inch 720x1280 pixels display, is powered by a 1.4 GHz ... the Xiaomi Redmi Note 4x based on Qualcomm Snapdragon 625 Chipset ... previously released Redmi Note 4 based on the MediaTek Helio X20 chipset.. The highly-awaited Redmi K30 Pro 5G is will reportedly be launched sometime in March. ... We show the least amount of ads whenever possible but we ... to ship with a Qualcomm Snapdragon 865 SoC, a chip that natively supports 5G. ... Rumour | The first MediaTek Dimensity 800-powered phone will be... db4b470658
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Discount fashion outlet TK Maxx has joined the race to secure a package of Comet stores, as administrator Deloitte prepares to close another 14 by the end of the week.
TK Maxx is understood to be eyeing 25 of the collapsed electricals retailer’s stores, alongside other retailers Dixons, Maplin, Blockbuster and value chain B&M Bargains, which are all in the running.
“There are a maximum of 100 Comet stores that are viable, which will be cherry picked, with the remainder closing down,” a source told the Sunday Express.
In addition, Deloitte is seeking to sell the website and brand, with white goods etailer Appliances Online and online retailer Shop Direct in talks with them.
Comet has already closed 27 stores and another 14 are earmarked to be shut by the end of the week, putting another 800 jobs at risk on top of the 1,000 jobs already lost. The retailer had 236 stores when it was still operating.
Rival electricals retailer Dixons Retail is understood to be in discussions with Deloitte to employ 200 Comet whitegoods specialists and delivery workers in full-time roles.


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Samsung has adopted the unique tactic of offering customers a “reservation incentive” as a way to sell its products. The company offers customers a deal to save up to $200 on its upcoming Galaxy products with free, no-commitment reservations.
Additionally, Samsung will unveil the Galaxy Z Fold 4, Z Flip 4, Watch 5 Pro, and the next Galaxy wireless earbuds at its Unpacked 2022 event. The virtual event is scheduled for Wednesday, August 10, at 9 AM ET (6 AM PT).
Furthermore, Samsung offering this latest deal is very much welcomed by potential buyers. The reason is that besides possessing new features, the new products might cost more than their predecessors.
Besides, Samsung currently sells the 128GB Z Flip 3 and Z Fold 3 at $949.99 and $1,499.99, respectively. In addition, the Galaxy Watch 4 costs $209.99, and the Galaxy Buds 2 costs $149.99. So, even if the new devices cost the same as their predecessors, buyers would still appreciate any savings. Hence, Samsung intends to do precisely that with the latest offer.
How to get up to $200 off on upcoming Galaxy products
Interestingly, Samsung’s latest offer is in the form of a reservation instead of a preorder. As a result, when customers place a reservation in Samsung’s promotion, the company will give them a $100 credit with a Galaxy smartphone, a $50 credit with a Galaxy Watch, and a $30 credit with a pair of Galaxy Buds. Furthermore, customers can mix and match these items, giving them the following savings –
- Customers can save up to $200 if they reserve a new Galaxy smartphone, Galaxy Watch, and Galaxy Buds
- $150 credit on a new Galaxy phone and Galaxy Watch reservation
- Customers can save $130 if they reserve a new Galaxy smartphone and Galaxy Buds
- $100 credit on a new Galaxy phone reservation
- Customers can save $80 on a new Galaxy Watch and Galaxy Buds reservation
- $50 credit if they reserve only a new Galaxy Watch
- And a $30 credit on a new pair of Galaxy Buds reservation
How to reserve the upcoming Galaxy products
Customers need to go to Samsung’s official reserve offer page to reserve the upcoming Galaxy devices. Then, they must select the product (or products) they wish to reserve. Afterward, they must fill out a form with their first and last names and email addresses. In addition, they can even enter their phone number, but that is not compulsory. Finally, they must hit the “Reserve Now” button to complete the process. When preorders start, customers will receive an email from Samsung to make their purchase and claim their credit.
Customers need to note that these savings are credit, not cash. Thus, they can use the credit for a new purchase. For instance, buying a $1,499.99 phone at $1,399.99. Or, they can use it to purchase another qualifying product from the Samsung store. Additionally, customers can only get the credit if they follow through with a preorder of the applicable devices. Hence, a reservation alone wouldn’t earn them the credit mentioned above.


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Realme has announced the global launch of its latest Narzo 20 series. Under this series, Narzo 20, Narzo 20 Pro and Narzo 20A smartphones will be launched in the global market on September 21. Talking about the features, users can get Android 11, superb processor and HD display in these three leading smartphones. Apart from this, powerful batteries are expected to be given in all three devices.
Realme Narzo 20 Series Launching Event
The launching program of the upcoming Realme Narzo 20 series will begin on September 21 at 12:30 pm. This event can be seen live on the company’s official YouTube channel and Facebook page.
Realme Narzo 20 Series Price
According to the media report that surfaced, the initial price of the Realme Narzo 20 series can be kept around Rs 13,000. Apart from this, all three smartphones of this series can be launched in the market with different RAM and color options.
Realme Narzo 20 possible specification
According to the leaked report, the Realme Narzo 20 smartphone will have a 6.5-inch IPS LCD display. Apart from this, users can get MediaTek Helio G80 and 4GB RAM support in this smartphone. Talking about the camera, the company can offer a quad-camera setup in Narzo 20, in which the first 64MP primary sensor, second 8MP sensor, third 2MP sensor, and fourth 2MP sensor will be present. Apart from this, a 16MP selfie camera is expected to be found in the front of this phone. At the moment, information about the battery of this phone has not been found.
Let me tell you that Realme launched Narzo 10 in May this year. The initial price of this smartphone has been kept at Rs 11,999. Realme Narzo 10 has a 6.5-inch dot notch or waterdrop notch display feature. The aspect ratio of the display is 20: 9. The phone has a full HD + display, whose screen-to-body ratio is 89.9%. The phone has a 5,000mAh battery and USB Type C reverse charging feature. The phone comes with MediaTek Helio G80 processor. It has a triple card slot. It can be fitted with two SIM cards and an external micro ad card. Talking about the camera feature of the phone, it comes with an AI quad-camera set-up. It has a 48MP primary sensor. Apart from this, the phone has an 8MP ultra-wide sensor that supports the 119-degree field of view. Apart from this, two more sensors of 2MP have been given in it. The phone has a 16MP selfie camera. This phone also works on Realme UI based on Android 10. It has a rear-mounted physical fingerprint sensor for safety.


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WALTHAM — AMAG Pharmaceuticals Inc., a Waltham-based specialty pharmaceuticals company, announced that it has priced its offering of $500 million aggregate principal amount of 7.875 percent senior notes due in 2023.
This represents a $50 million increase from the $450 million aggregate principal amount previously announced on Aug. 5. The notes were priced at an issue price of 100 percent of their face amount. The offering is expected to close on Aug. 17 and is subject to customary closing conditions.
AMAG intends to use the net proceeds from this offering to finance its previously announced acquisition of Cord Blood Registry to refinance certain existing indebtedness, to pay various fees and expenses incurred in connection with the CBR acquisition and related financing transactions and for general corporate purposes.


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- An article published a few weeks ago highlights new details about VeChain’s partnership with BMW.
- VeChain has developed the VerifyCar solution to track possible fraud and manipulation of second hand cars.
The partnership between automotive giant BMW and VeChain continues to bear fruit. Following the successful completion of the BMW program, known as Startup Garage, VeChain appears to be expanding its relationship with the automotive giant. The partnership was already unveiled in April 2019 at the VeChain Summit in San Francisco, when Cihan Albay of BMW Group introduced decentralized app (dapp) VerifyCar, which is based on the VeChainThor blockchain.
Last year’s announcement revealed that VerifyCar is designed to connect important vehicle data to the vehicle in a tamper-proof manner via the VeChainThor blockchain. According to the former announcement, the focus is on protection against manipulation of mileage, repairs (workshop book) and rights to services purchased in addition to the car (e.g. navigation maps, concierge services, etc.)
VeChain’s solution for BMW could be used universally
In a recent post on Reddit, a user has made it his goal to search for updates of the project. He came across an article that was published in July on a German website and highlights the progress of the project. The main purpose of the dApp is still the same, but as the article says, more emphasis is put on the user’s control over his data.
Moreover, the article clarifies that BMW will not store any of the unique data collected from the vehicle in the VeChain public blockchain. Instead, the blockchain will be used to create a “fingerprint” that verifies the authenticity of the data, while all data will remain in the owner’s vehicle. By accessing a dapp, the owner can decide for himself to whom he wants to pass on the data, e.g. to a garage or a potential buyer. However, the digital “fingerprint” gives both parties the certainty that no part of the vehicle has been tampered with:
BMW will not save any clear data about its cars on the public VeChain. The group only wants to reference this via a “digital fingerprint”. The clear data stays with the user in the car. By accessing the app, the user decides who he would like to pass on which data, e.g. a workshop or a potential buyer.
The recipients can compare the data with the “digital fingerprints” or reference stamps on the VeChain blockchain. If clear data and the reference on the blockchain match, the recipient knows that the data is authentic.
BMW estimates that the manipulation of vehicle data in Germany alone costs around 3,000 EUR per unit sold, and that data manipulation allows a salesperson to modify any component to look like a new or less used one.
In addition, it was revealed that VeChain jointly bears the costs of operation and development. Once the dApp is ready for production, it can be marketed to all car manufacturers, including BMW’s competitors, reducing the solution’s unique selling point but creating beneficial network effects for the app’s distribution. Furthermore, the article concludes:
If VerifyCar comes out and is successful, it would be one of the first blockchain-based mass applications from German industry. The potential advantages of this dApp appear promising.


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On Nov. 11, Carbon Credit Capital (“CCC”) was invited to attend the Greentech Investor Forum. Leo Leibovitch, on behalf of the company, talked about low carbon projects and how the projects can help tackle the impacts of climate change at the event as a guest speaker.
As Carbon Credit Capital’s Project Director, Leo has abundant experience on emission reduction project development and carbon credit markets. He pointed out that, while given recent progress on the international front to have governments tackle global climate change issues, these efforts are increasingly seen by the society at large as insufficient to get to a “2-degree world”. Therefore, it is obvious that private sector must do its part to mitigate the negative effects of their carbon footprint impact. The implementation challenge, however, has been the cost of engaging in such climate-friendly activities, which is especially high and sometimes prohibitive for small- and medium size businesses, which constitute the main target audience for CCC services.
CCC proposes a suite of unique and innovative solutions to not only help such businesses that are interested in doing good for the environment but cannot afford to, but also to engage their customer base to make them a part of the solution as well. The secret lies in the price sharing mechanism, where carbon offsets are paid for in part by consumers of given businesses’ goods or services, thus alleviating the burden from the organization budgets while at the same time boosting corporate bottom lines.
Several studies have shown over time that customers are more and more inclined to pay a premium for environmentally-friendly products, so it is up to the businesses to deliver such offering in the innovative ways. CCC helps them reach that goal without straining their wallets. The audience at the event has reacted positively to the demonstration of how this can be achieved by way of an example of a ride-sharing service offering “carbon-neutral” trips and the respective cost breakdown. The attendees have shown a particular interest to how this model can be applied to and scaled up in a variety of business settings and different industries worldwide. Their interest was further substantiated during a lively discussion that followed for about an hour after the event concluded.
Photos are kindly provided by Greentech Investors Forum and Sidley Austin.


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The value of Scottish food and drink exports reached £5.31 billion last year, new figures from Scottish Development International (SDI) suggest.
Exports last year were the second highest on record, but down 1.4 per cent on the record set in 2011.
Food only exports during 2012 were £1.04 billion, while drinks exports – mainly Scotch whisky – were valued at £4.27 billion.
SDI said the slight fall in exports last year is “due in part to a drop off in demand from some European countries, as the Eurozone crisis affected consumer spending, particularly across the southern European countries of Spain, Portugal, Greece and Italy”.
However, exports to other parts of Europe increased, with growth in Germany up 16 per cent, Estonia up 28 per cent, Latvia up 49 per cent and Ukraine up 273 per cent, though from a relatively low base.
The United States took over from France as Scotland’s top export market in 2012, with exports to the US rising 12.5 per cent to £817 million compared with £675 million in exports to France.
SDI's export data also shows Singapore rose to number three destination in export value terms to £340.5 million – the first time an Asian country has occupied a top three spot.
However, more than 99 per cent of exports to Singapore - £339 million – was down to whisky.
Elsewhere, exports to emerging markets across sub-Saharan Africa rose 9.9 per cent last year to £246 million, and in Latin America & the Caribbean exports were up 3.5 per cent to £511 million while Asia & Oceania saw exports grow by 2.2 per cent to £1.09 billion.
SDI said the latest export results “reflect the need for the industry to broaden food exports into new markets, following the success of the whisky model”.
The enterprise body, part of Scottish Enterprise, says it is already working with industry body Scotland Food and Drink and the Scottish Government “to develop a new export strategy to target new and emerging markets”.
SDI chief executive Anne MacColl said: “We’ve enjoyed tremendous growth in food and drink exports from Scotland in recent years; working in collaboration with our partners.
“The intelligence coming from our overseas field teams tells us that the international appetite for Scottish produce remains very strong and we are continuing to see demand from international suppliers.
“Just last month we hosted a delegation of Spanish seafood buyers all looking to increase their stock of Scottish produce.
“Nonetheless, we can’t ignore some of the ongoing global economic issues which have impacted on exports this year, and we are continuing to support companies to identify where the big market opportunities will be in future years.
“To this end, we are in the process of expanding our presence in regions such as Asia, Africa and the Middle East.
“This will allow us to be even more proactive in responding to new international opportunities; particularly in emerging markets where having local staff with in-market expertise is vital to secure new business for Scotland.”
Commenting on the latest export figures, James Withers, chief executive of Scotland Food & Drink, said: “Last year we celebrated food and drink exports passing the £5 billion mark, achieving the industry's growth target six years early.
“This year, we hope that our combined domestic and overseas sales will reach £12.5 billion, the target we had set for 2017.
“This industry remains Scotland's best-performing sector.
“However, latest figures highlight a key area of focus for us.
“Whisky exports have held up in tough economic times, with growth in Asia and other emerging markets making up for the drop in trade with Europe.
“The food industry needs to follow that model. Over 70 per cent of our food exports go to the European Union, so we are focused on developing new customers in high growth markets with dedicated resource and increased activity.
“These markets are looking for premium quality food, with a strong provenance story, so our potential for growth is huge.”


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People are eating soup and Goldfish crackers during quarantine
During the coronavirus pandemic, people are enjoying their comfort food, especially soups, snacks, and pasta. New Jersey’s own Campbell Soup Company is reporting increased demand for some of its products while people are staying home.
According to NBC News, Campbell reported that demand for its soups was up almost 60% over the last four weeks, and there was greater demand for its Prego pasta sauce (up 52%) and for Goldfish snack crackers (up 23%).
The Pepperidge Farm plant in Utah made over 2 million pounds of Goldfish and cookies in a week. NBC News reports the “Meals and Beverages” segment of the company sold more cases in one week than it did in the entire month of March last year, a jump of 366%.
The information was released in an SEC filing which also detailed the Camden company’s plan to increase pay for employees working through the crisis; the premium payments will go to about 11,000 workers.
More from New Jersey 101.5


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UAE and KSA are the fastest-growing markets in EMEA, IAB MENA reveals in its latest study.
The study revealed that MENA’s digital advertising spend reached $5.5bn in 2022, showcasing a growth of 20.1 per cent increase from the previous year.
With KSA alone accounting for 58 per cent of total MENA growth, the country joins the top 10 EMEA markets by size for the first time. Individually, UAE and KSA are in the top three fastest-growing markets in EMEA.
The growth also places the MENA region among the fastest-growing regions in EMEA.
“The fact that MENA growth continues to outpace the rest of EMEA, despite its significant size, is real evidence of the region’s vibrancy,” says Ian Manning, IAB MENA Executive Director.
The spend has added more than $900m to the market, ranking the market in the top four EMEA markets by size.
Michel Malkoun, Chair of the IAB MENA Board adds, “The growth is not only driven by cyclical or short term factors, but also by some structural market conditions and thus we believe we will see the strong growth trend continue.”
Social video at the top
The report also looks at advertising spend by media in the market with social video accounting for 51 per cent of the total growth.
Vice-Chair of the IAB MENA Board, Mohamad Itani said that the market is still a video-first market and social still takes the “largest share of the pie”.
However, he also mentions the “growth potential” for the CTV, DOOH and Retail Media and how they will be a “pivotal part” of the market’s future growth.
As in previous years, the methodology of the report includes a mix of the actual advertising spends, team estimates, mathematical modelling and comparative benchmarks to reach agreed figures and growth rates.
“With increased participation we were able to continue to improve the detail in the report and provide a more insightful picture of the market,” Manning adds.
The full report, available only to IAB MENA members, includes detailed breakdowns and regional granularity, and estimates on the size of programmatic buy types and social video.


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The Point – tipping the balance for reusable cups.
November 18, 2007
A new website, The Point, allows anyone to start a boycott or similar campaign against a company or organization. One of the more popular one’s is against Starbuck’s use of unsustainable disposable to-go cups. P. Zelchenko, who started this action, is hoping it “will embarrass Starbucks into truly embracing the environmental ideals that it claims to espouse.”
The idea starts with 102,950 people joining this campaign after which time they will begin writing their names on each paper cup they are served for “in store” use. If Starbucks does not comply they will “insist that they remain on a shelf, to be reused the next time we return to the store.”
Another campaign of interest involves Pepsi’s use of unsustainable plastic in bottling their Aquafina Brand water. “When we reach our goal of recruiting 50,000 Aquafina drinkers, we will stop drinking Aquafina water, causing PepsiCo an abrupt drop in profits, amounting to approximately $20 million annually in gross profit.” They demand they find a bio-plastic alternative to existing bottles or suffer the consequences of a sizable boycott and likely a lot of bad press. Cheers to the campaign organizers and everyone at The Point for an interesting approach to social change.


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Twitter Fined $150 Million By FTC For Alleged User-Privacy Violations
The Federal Trade Commission levied a $150 million fine on Twitter, alleging that the social network let advertisers use private data to target specific users — without informing users of the practice.
According to the agency, Twitter violated a 2011 FTC order that “explicitly prohibited” the company from misrepresenting its privacy and security practices. In addition to the $150 million fine, Twitter is banned from “profiting from its deceptively collected data,” the FTC said.
In August 2020, Twitter disclosed that it expected to face an FTC fine of $150 million to $250 million related to the allegations.
In a blog post, Twitter chief privacy officer Damien Kieran wrote, “Keeping data secure and respecting privacy is something we take extremely seriously, and we have cooperated with the FTC every step of the way. In reaching this settlement, we have paid a $150M USD penalty, and we have aligned with the agency on operational updates and program enhancements to ensure that people’s personal data remains secure and their privacy protected.”
In a statement about the FTC’s fine against Twitter, FTC Chair Lina Khan said, “Twitter obtained data from users on the pretext of harnessing it for security purposes but then ended up also using the data to target users with ads. This practice affected more than 140 million Twitter users, while boosting Twitter’s primary source of revenue.”
According to a complaint filed by the Department of Justice on behalf of the FTC, Twitter in 2013 began asking users to provide either a phone number or email address to enable two-factor authentication, an enhanced form of security (beyond just a password).
From 2014 to 2019, more than 140 million Twitter users provided their phone numbers or email addresses after the company asked for the info, according to the complaint. Twitter, however, “failed to mention that it also would be used for targeted advertising,” allowing marketers to target specific ads to users by matching the information with data they already possessed or obtained from third-party data brokers, the FTC alleged.


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Another twist in the hunt for Christopher Jordan Dorner as his pickup truck is discovered, burned out and still smoking.
Desert Nemesis is a short film that follows Lucas Ordonez, Nissan’s GT Academy winner as he ventures to Dubai to take on some of the world’s most infamous supercars. Bring it on.
The 2012 NY International Auto Show opened to the press this morning and we got past the guards to give you a sneak peek of the 25 cars you won’t want to miss. Some new, some old, but all remarkable.
Nissan has announced their partnership with the DeltaWing project, which sees the most innovative race car for (several) generations compete in this year’s Le Mans 24 hours. Take a closer look at the future of racing with these photos of what could pass for a Batmobile.
Nissan reveals what they’re calling the most ground-breaking motorsport innovation of its time, the Nissan DeltaWing. It’s an ultra-light experimental vehicle, powered by a 1.6L turbo-charged Nissan engine. It’s so light and slippery that Nissan says they can race it at Le Mans and only use half the fuel of their competitors.
Visit racing legend Steve Millen’s STILLEN in Costa Mesa, CA to see what happens when he gets his hands on the Nissan 370Z. Already a potent machine, what happens when STILLEN upgrades pretty much everything? Fortunately, it doesn’t suck.
2011 permanently raised the bar in the world of Moto. We drove faster, jumped farther and all around, went bigger. Here are our selections for the Best Moto Videos of 2011.
While the contemporary iteration of the Nissan Skyline, the GT-R, has gained massive praise for its engineering, let’s not forget the past and where it all started.
Does skill in a driving video game translate to the track? We’ll find out in Gran Turismo Academy where 16 Gran Turismo 5 gamers are given a chance to become a professional race car driver. The premiere is tonight on Speed.
With an empty airstrip and eleven of the best drivers cars in the world, Motor Trend puts on the world’s greatest drag race.
Trying to keep up with all the nice merch that your neighbors are flashing around is exhausting, but it can also be lethal.


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Sharing A Smile
'Barbie in a Wheelchair' Request Spurs Quest
Published: Saturday, January 28, 2006 at 12:01 a.m.
Last Modified: Saturday, January 28, 2006 at 7:55 a.m.
Morgan Kelly wasn't looking for special treatment or a handout. She simply wanted an answer to the question: "Why can't there be a Barbie in a wheelchair?"
That innocent query prompted Morgan's mother to confront a multinational corporation, and, in the end, the 8-year-old Lakeland girl wound up with what she considers an 11 1/2-inch-long, plastic version of herself.
The episode began one evening in December, when Morgan gazed among the dozens of dolls owned by her younger sister Elizabeth and realized none had a physical disability.
"She said, `Mommy, don't they think other little girls would love to have a Barbie in a wheelchair when they're getting their first wheelchair?' " says Angela Floyd, the girl's mother.
Morgan has spinal muscular atrophy, a muscle-weakening disease, and as a result uses a wheelchair. Despite her physical limitations, the second-grader at Medulla Elementary was a cheerleader last fall for the Lakeland Gators, a youth football organization.
Mattel, the maker of Barbie dolls, produces specialized varieties of the plastic figurine, including a Florida Gators cheerleader, part of its University Barbie line. Morgan owns that one, but the doll doesn't resemble her as much as she would like.
"The biggest clincher was when she said, `Aren't handicapped people pretty enough to be Barbie dolls?' " Floyd says.
Floyd thought it would be easy enough to find the doll her daughter envisioned. But several calls to local toy stores yielded the same answer: There is no such doll on the toy market.
Floyd searched the Internet and learned Mattel made a doll in a wheelchair, a companion to Barbie called Share a Smile Becky, in 1997. That's the same year Morgan was born. But Mattel no longer offers the doll.
Wanting to know why, Floyd took her question directly to Mattel. She expected an impersonal brushoff when she called the company's corporate headquarters in El Segundo, Calif., and indeed she was passed from one official to another. But Floyd was pleased the employees all seemed to take her query seriously.
Floyd finally connected by e-mail with Valerie Rodgers, an official in the company's consumer-relations department. Floyd never learned why Mattel stopped making the wheelchair-using doll, but Rodgers promised to search the company's archives for a Becky.
Earlier this month, Floyd received a package from Mattel. It contained a Share a Smile Becky with an attached tag reading, "Toy Library." The doll was a surprise to Morgan when she arrived home from school.
"When I showed her, she just smiled from ear to ear," Floyd says. "She was smiling from inside out. She goes, `Mommy, it looks like me. It's me, Mommy!' "
"I thought she looked pretty, and I thought it was cool," says Morgan, the subject of an October Ledger article about her cheerleading. "She has straight hair like me, except lighter. She has glasses like me. She's got a school yearbook like me."
The Becky doll, described as a photographer for her high school yearbook staff, wears jeans, a white T-shirt, a plaid overshirt, red high-top sneakers and sunglasses, and carries a backpack and a camera. She sits in a shiny red wheelchair.
"Luckily, after a very extensive search by our customer service team, we were able to find a Share A Smile Becky doll," said Sara Rosales, vice president of communications for Mattel Brands.
Rosales said Mattel planned the Becky doll as a temporary part of its 1997 line and has not produced it since then. She said the company might create another wheelchair-using doll in the future but has no definite plans to do so.
The Becky doll now occupies a curio in the family's living room, and Morgan handles Becky with great care when she takes her out. Her mother is grateful someone at a faceless corporate entity showed the same concern for Morgan's psyche.
"They really went far beyond the call of duty, doing something like this," Floyd says. "I told them, `You restored my faith in your company.' "
Gary White can be reached at email@example.com or at 863-802-7518.
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Charlie Bit My Finger Is Being Taken Offline to Become an NFT
The viral video had been on YouTube for 14 years.
"Charlie Bit My Finger," one of the most viral YouTube videos of all time, has been auctioned off as an NFT (non-fungible token), and will now be taken offline.
According to Insider, the family behind the home video sold the original clip as an NFT (an asset that uses blockchain technology to allow definitive ownership of digital commodities) at an auction over the weekend, where the bids steadily escalated until the auctioneer's hammer eventually landed on the winning price of $760,999. The official auction page confirms that the original video, originally posted on May 22, 2007, will soon be deleted from YouTube.
"Bid to own the soon-to-be-deleted YouTube phenomenon, Charlie Bit My Finger, leaving you as the sole owner of this lovable piece of internet history (while also getting the chance to say Charlie bit your finger, if you want to see what all the hype is about)," reads the auction listing, which also offers the winner an opportunity to "create their own parody of the video featuring the original stars."
The original 55-second clip featured Harry and Charlie, two brothers, sat on a chair together as Harry, who was three at the time, playfully puts his finger into his sibling's mouth after Charlie, aged one, grabbed his hand and raised it up to his chops. After biting down, Harry utters his famous line, "Charlie bit my finger," while Charlie breaks out into a mischevious giggle. Altogether, the video amassed over 882 million views on YouTube.
NFTs are on the rise, with more and more people wanting to gain ownership of digital assets. A JPG file made by the digital artist known as Beeple sold for a record $69.3 million earlier this year. As a result, it became the third most expensive piece of artwork to be sold by a living artist at auction. "I believe we are witnessing the beginning of the next chapter in art history, digital art," Beeple noted after the sale.
If you would like to part of this exciting new digital world, check out our beginner's guide on how to create and sell your own NFTs.
Adele Ankers is a Freelance Entertainment Journalist. You can reach her on Twitter.


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The first-ever Ligna Conference will make its debut at the Hannover Exhibition Center’s Robotation Academy, May 3 and 4.
The conference theme will be “Integrated production in woodworking—the way towards Industry 4.0,” and the event is being organized by Deutsche Messe and the German Woodworking Machinery Manufacturers’ Association. The conference is specifically targeted at decision makers from the woodworking trades and the furniture, building products, interior finishing and timber construction sectors, according to organizers.
“The Industry 4.0 theme we chose for this year’s show resonated very strongly among all the stakeholders, and this encouraged us to launch this new conference for the non-Ligna years,” said Christian Pfeiffer, director of Ligna at Deutsche Messe.
According to Pfeiffer, the two-day conference will explore the intelligent integration of production and logistics processes and the practical benefits of Industry 4.0 technologies for users of woodworking machines. It will also feature real-life case studies that illustrate the wider benefits to the timber and furniture industries of integrated production systems—the ability to manufacture customized products at competitive prices, for instance.
Digitalization not only impacts companies’ production processes, it can also profoundly change their long-term strategies, according to Pfeiffer. That’s why next year’s conference will also take an in-depth look at future business models. In addition, at a range of exhibits at the conference venue, attendees will be able to discuss their individual situation with integrated manufacturing experts.
For more information, visit ligna.de/home.


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All seafood exports from Vietnam to Canada and Japan will not be taxed starting 14 January, when the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) takes effect for Vietnam… Read More
Tom Mazzetta is the founder and CEO of Highland Park, Illinois, U.S.A-based Mazzetta Company, which is one of the largest importers and producers of shrimp, mussels, lobsters, crab, and finfish in the United States, producing more than 100 million pounds of finished seafood products annually. Mazzetta spoke with SeafoodSource about the story behind Oishii, Mazzetta’s newly-launched line of premium shrimp.
SeafoodSource: How did Oishii… Read More
Vietnam saw the value of its shrimp exports slide down in October as demand from its major markets continued to decline, according to Vietnam Association of Seafood Exporters and Producers (VASEP)… Read More
Weighed down by historic low totals reported by Louisiana and Alabama, shrimpers in the Gulf of Mexico produced a record low harvest for October, according to data released last week by NOAA Fisheries Southeast Fisheries Science Center… Read More
Tunisia is looking for Chinese investment in its fisheries sector, according to the country’s top fishery official, who is meeting with Chinese envoys this week in Tunis, the country’s capital… Read More


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SAN FRANCISCO (CN) - The Ninth Circuit gave garlic exporter Harmoni International Spice another chance to prove it lost sales and suffered damage to its reputation in a sham public-filing scheme perpetrated by its Chinese competitors.
Harmoni International Spice, in the City of Industry, is the U.S. branch of co-plaintiff Zhengzhou Harmoni Spice, of Henan Province in China. In its 2016 lawsuit, Harmoni claimed its competitors’ scheme grew out of the U.S. government’s protectionist tariffs on fresh garlic imported from China to prevent below fair-market-value pricing, also known as “anti-dumping” duties. Most Chinese garlic remains subject to these tariffs – but Harmoni can bypass them due to a previous agreement with the government, allowing it an advantage over its competitors.
“Harmoni has been successful in the U.S. marketplace and these other competitors against Harmoni have not had success with the same inroads,” Harmoni’s attorney, George Mastoris, said in a phone interview Wednesday. “A lot of it is due to their own conduct. They have to pay high tariffs because of how they run their businesses.”
Competitors include lead defendant Wenxuan Bai, who owns and controls, directly or through family members, a number of co-defendant companies, including Qingdao Tiantaixing Co., Qingdao Lianghe International Trading Co., and Qingdao Xiantianfeng Foods Co. Bai also is “actively involved” in defendant Heibei Golden Bird Trading Co., whose business is “intertwined” with his companies, Harmoni says.
According to its lawsuit, the defendants conspired to defraud the United States, through false statements and forged documents, to obtain favorable duties for themselves and other companies under their control, “and to flood the U.S. market with garlic sold at less than fair value while severely eroding plaintiffs’ market share.”
They also sought to defame Harmoni with the United States by inundating the Department of Commerce with fraudulent complaints against Harmoni to try to force it to pay millions of dollars in anti-dumping duties it did not owe, Harmoni claims.
On Wednesday, a three-judge panel of the Ninth Circuit found Harmoni’s claims that the alleged fraudulent funneling of imported garlic hurt its market share too weak to advance. However, the company did succeed in showing its competitors’ phony reports damaged it.
“If Harmoni’s allegations are true, all of the costs it incurred responding to the administrative review are attributable to the defendants’ unlawful conduct, for without the sham filings no administrative review would have occurred at all,” U.S. Circuit Judge Paul Watford wrote for the panel, noting that the Department of Commerce did not initiate an investigation of Harmoni on its own.
But the alleged scheme doesn’t end there. Harmoni also claims the defendants damaged its reputation by enlisting American lawyers and hobby farmers to defame Harmoni on behalf of the Chinese Garlic Association. Harmoni says its Chinese rivals recruited American growers like artisanal garlic farmer Stanley Crawford -- who doesn’t compete with Harmoni -- to file bogus complaints to regulators.
“The Department of Commerce found the review requests and allegations against Harmoni were baseless and that American farmers were being used as cat’s-paws to do their bidding,” Mastoris said.
The lawsuit also claims defendant fresh garlic reseller C. Agricultural Group Corp., run by defendants Jin Xia Wen and Mingju Xu and closely tied to Bai, sent one of Harmoni’s largest U.S. buyers Christopher Ranch a letter claiming it had colluded with Harmoni to import garlic prepared using Chinese prison labor. C. Agricultural group demanded $32 million to avoid a public lawsuit.
“C. Agriculture knew it had no basis to claim that Harmoni used prison labor in the garlic it imported,” Harmoni claimed in its complaint. “C. Agriculture also knew that the threat to include such claims in a public lawsuit was for the purpose of threatening to further defame Harmoni.”
But Watford said Harmoni needs to prove its lost sales and business reputation directly resulted from its competitors’ conduct.
“With respect to the second category of damages—lost sales attributable to the defendants’ false accusations about Harmoni’s business practices—Harmoni may be able to allege proximate cause as well,” Watford wrote in the 12-page opinion. “If Harmoni can prove that it lost sales as a direct result of the defendants’ predicate acts of mail and wire fraud, the proximate cause element of its RICO claim will be satisfied.”
The panel found that the district court should have given Harmoni a chance to amend its complaint before dismissing it.
“Harmoni just has to come back and provide a little bit more detail about those lost sales and how they were caused,” Mastoris said. “We think we should have no problem making those allegations and fleshing out the complaint.”
Only Harmoni’s claims against the American defendants will proceed, as the other defendants have been “hiding out in China,” Mastoris said.
“We haven’t been able to serve them yet, but we expect those efforts will continue and the claims have equal weight against the members of the Chinese growers association as their American helpers,” he added.
U.S. Circuit Judge John B. Owens, and U.S. District Judge Jennifer G. Zipps, sitting by designation from the District of Arizona, rounded out the panel.
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Brenda and Vance Szot were just two among the steady parade of tourists that paused to admire and photograph the 45-foot Christmas tree that towers above Bellagio's conservatory.
"It's simple yet spectacular," said Brenda, who was visiting with her husband from Wenatchee, Wash. "We have come every year for the last 10 years, but it's sad that Vegas doesn't celebrate Christmas."
"We expect to see more Christmas trees here next year," added Vance.
Don't count on it.
The city that has grabbed international prominence by building scaled-down versions of prominent skylines, dancing fountains and shopping malls styled after Venice and ancient Rome has never figured out what to do with Santa and friends and shown little interest in trying.
A couple of headliners, such as ventriloquist Terry Fator, adopt Christmas themes for shows. A few hotel-casinos, including Bellagio, The Venetian, Wynn Las Vegas and The Cosmopolitan of Las Vegas, have incorporated holiday touches.
Highway traffic suggests the holiday season starts with a bang for Las Vegas, or at least its merchants. Black Friday is one of the year's busiest days at California's agricultural inspection station on Interstate 15 as people head home from shopping safaris, especially at outlet malls, station manager Greg Du Bose said.
But during December, finding signs of holiday momentum or any other holiday trappings, has been tough. Outdoors, the Strip looks no different than in July, except for The Venetian's Winter in Venice tree-shaped lights, skating rink and snowflakes projected on to walls. Even inside, many hotel-casinos remain oblivious to the time of year. They hardly hang wreaths, much less mimic Bellagio's horticultural and decorative opulence.
As a result, December remains at or near the bottom of every monthly benchmark tracked by the Las Vegas Convention and Visitors Authority, including hotel occupancy, room rates, visitor count and gaming revenues. As convention traffic falls off, leisure visitors only partially fill the gap.
AVOIDING DECEMBER DOLDRUMS
By contrast, the month starting with Black Friday is one of the busiest in New York with room rates and occupancy running well above annual averages. People come not only to load up on presents, said Chris Heywood, the spokesman for NYC & Co., the city's tourism marketing agency, but to take in the outdoor lights, the tree at Rockefeller Center, the elaborate department store window displays, the outdoor markets and holiday-themed shows on and off Broadway.
"It's just a given that we are the number one tourist destination and people want to come here during the holidays," Heywood said.
Las Vegas has signed or created a growing lineup of special events, headed by the National Finals Rodeo and the Rock 'n' Roll Las Vegas Marathon, to make Decembers brighter than in past decades. Longtime residents remember theaters, restaurants and entire wings of hotels going into hibernation during the month.
Still, Treasure Island Vice President of Marketing Don Voss said, "I would agree that postrodeo demand definitely needs some help."
Once people send their wrapping paper to the nearest Dumpster, the Strip comes back to life.
"As a mostly secular destination, I'm actually surprised how well we do from Christmas leading up to New Year's Eve, compared to the 10 days before Christmas," Voss said.
However, tourism executives are split on whether pouring extra time or money into holiday touches such as decorating the pedestrian bridges over the Strip or offering holiday shows would pay off.
"I absolutely think we should do more," said Farid Matraki, senior vice president and general manager of the Crystals shopping center. "Why not? We are trying to create an atmosphere and decorating puts people in a holiday mood. They like it."
Further, he said, something out of the ordinary draws locals who otherwise avoid the Strip.
Crystals, part of the CityCenter complex managed and half-owned by MGM Resorts International, brought in lighted trees and poinsettias and hung red and silver spirals from the ceiling.
But other MGM properties, such as the neighboring New York-New York and Monte Carlo, have remained calendar-neutral.
A YULETIDE STRATEGY
Sarah Tanford, a marketing professor at the University of Nevada, Las Vegas' William F. Harrah College of Hotel Administration, said the city could launch a menu of holiday events that could combine with relatively low hotel prices and crisp-but-usually-sunny weather to help Las Vegas overcome its image as a low-priority December destination.
"I think a lot could be done," she said. "Instead of hotels undercutting each other on price and not accomplishing much, they could work together in a coordinated effort."
The Fremont Street Experience has turned one of its stages over to a Christmas act, stage menorah and tree lighting ceremonies, but is not inclined to go farther.
"This is just a time of year when people engage in activities with family and not come to Las Vegas," Fremont Street Experience marketing director Thomas Bruny said. "Are we going to be able to change people's travel patterns and get them to come before Christmas? Probably not."
In the 1990s, Las Vegas conducted an ill-fated experiment in family marketing that segued into the "What happens here, stays here" era. Yet many of the people strolling through the Bellagio on a recent day had toddlers in tow and took their pictures in front of polar bears, the tree or a Happy Holidays sign made of flowers.
Even venues that have moved toward holiday themes aren't sure how far the trend can spread.
The Golden Nugget set up new, more elaborate decorations this year and installed three reindeer outside that resemble sculpted hedges.
"We have been pleasantly surprised by the response," said Vice President of Marketing Amy Chasey, who added that guests have posted dozens of photos on social media.
Nevertheless, she does not expect create a winter wonderland.
"The days leading up to Christmas are tough. You can't fight Santa," she said. "It probably wouldn't be worth it to throw too much money or effort into Christmas."
The early year crush of proven winners including New Year's Eve, the Super Bowl and a heavy convention schedule take precedence over Christmas, several industry insiders say.
To get use out of a pool deck that would otherwise sit empty in the winter, The Cosmopolitan installed an ice rink with fire pits for toasting marshmallows faintly reminiscent of a Currier & Ives drawing.
Although the hotel's decor isn't specifically tied to Christmas - there are no garlands, wreaths or twinkling lights - Cosmopolitan Chief Marketing Officer Lisa Marchese said it is a setting people associate with the holidays.
"We decided to create our own version of a ski lodge," she said. "We have truly been surprised by the interest and response."
William Copsey and Johanna Grosso of Summerlin are typical locals in that they normally avoid the Strip unless they're escorting visitors. But they tried the rink.
"I think it's a cool concept," Copsey said. "I definitely think they should do it again and make the rink bigger."
If decor is one Christmas season hallmark, shopping is another. Las Vegas frequently promotes itself as a "world-class" shopping mecca. That would seemingly make it easier to draw Christmas shoppers.
But the distinction has a drawback.
"For some reason," Marchese said, "Las Vegas is perceived as a place you shop for yourself and not for others."
Monday, January 22, 2024


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China Tech has matured in the ecommerce space with the likes of Alibaba and JD.com as capable as anything in America. Amazon is shutting down its 3rd-party marketplace business in China along with the fulfillment centers, after years of massive spending and nothing to show for it. The fact is this: China has since gone post-ecommerce to azcommerce (for anywhere commerce), ahead of whatever new any U.S. firm can provide for competitive advantage. Simply, “Ker Zheng, marketing specialist at Shenzhen-based e-commerce consultancy Azoya, said Amazon had no major competitive advantage in China over its domestic rivals.”
Amazon.com Inc said it will shut its China online store by July 18, as the U.S. e-commerce giant focuses on the lucrative businesses of selling overseas goods and cloud services in the world’s most populous nation.
The move underscores how entrenched, home-grown e-commerce rivals have made it difficult for Amazon’s marketplace to gain traction in China. Consumer research firm iResearch Global said Alibaba Group Holding’s Tmall marketplace and JD.com controlled 82 percent of the Chinese e-commerce market last year.
An Amazon spokeswoman told Reuters on Thursday that it is notifying sellers that it will no longer operate a marketplace, nor provide seller services on Amazon.cn.
Sources familiar with its plans had told Reuters a day before that the company had planned to make such a move.
Nonetheless, consumers will still be able to buy Amazon Web Services cloud services, Amazon devices, and goods from merchants in Amazon’s storefronts in the US and other markets.
It is called first mover advantage and category-king market positioning. Once a digital company has assumed those, all the money from amazon cannot easily change the trajectory. Yes, Amazon, the ecommerce firm, exits Chinese marketplace because no one will miss it as JD and Alibaba are in command.
I think it goes beyond first movers advantage – there’s more to doing business in China than first movers advantage – It isn’t that straightforward. The political terrain is complex and Chinese people generally prefer to buy Chinese, even while overseas
My Response: Good point but those things work because the local players have Min Viable Alternatives. Buying Chinese works when there are Chinese alternatives. In Baby food today, foreign brands still rule in most Chinese homes because the local alternatives are not overly trusted. The reason govt plans work is because there are local alternatives. Obasanjo did same on laptop with Omatek and Zinox, MDAS followed until quality issues crashed the party. Simply, give China tech credit
Some markets are owned, to come later and stand any chance: there must be serious flaw or friction you are coming in to fix, else your entrance is nothing other than ceremonial. Being that Amazon has a lot of money to play around with, it gives it the margins to test these markets, and after some sizable spending spree, you simply shake your head and exit… As for Amazon coming to Africa, the incentives or motivations may not be strong at the moment, but since it has perfected the art of losing money while remaining competitive; it will come in – and then sell other products or services that could shake things up across Africa.
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Sentaler x SickKids at Toronto Fashion Week | Bojana Sentaler, Molly Fitzpatrick and Donna Bishop
Fashion Week recently wrapped up in Toronto and we recorded a special episode of the Brand is Female at an event held by Canadian outerwear brand Sentaler in honour of their partnership with SickKids, The Hospital for Sick Children in Toronto.
The Brand is Female’s Eva Hartling hosted a panel with the brand’s founder, Bojana Sentaler, Molly Fitzpatrick, chair of the Scrubs event held every year for Sick Kids, and Donna Bishop, host of FashionTalks podcast and fashion reporter for CBC.
Bojana, Molly, Donna and Eva discussed corporate responsibility and the best way of aligning a brand’s fundraising efforts with its DNA, what personal and brand philanthropy should be about, they talked about what women should do more of… and the always hot topic of finding balance (hint: Donna Bishop called it “the worst word to have ever been put on women”).
Learn more about Bojana Sentaler’s commitment to sustainability and social responsibility as the brand gets ready to celebrate its 10th anniversary!