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VIETNAM BUSINESS NEWS AUGUST 11
Speaking at a seminar on August 9 in HCM City, Dr Nguyen Anh Tuan, director of the Institute for Tourism Development Research, said there was a lack of high-quality staff in the industry.
Vu The Binh, chairman of the Vietnam Tourism Association, said that human resources were a weak point for the industry even before the pandemic. Successful hotel operations are sustained by customer-oriented and hard-working employees who have adequate competencies, he added. A large number of hotels and resorts stopped operation during the two-year pandemic, and coming back could prove challenging, he said.
Dr. Nguyen Quyet Thang, head of HCM City University of Technology’s Faculty of Tourism, Restaurant and Hotel Management, said it was important to focus on vocational training in tourism, which Vietnam lacks. For the longer term, Thang expects better job direction for parents and students before entering school. Hotels should work closely with training institutions to recruit long-term or short-term workers for their operations.
Paul Stoll, CEO of the Imperial Hospitality Group, said to maintain tourism growth, Vietnam needed to address both short- and long-term challenges in developing qualified human resources. To improve the quality of human resources in the industry, he recommended training centres move towards training what is closely connected to the demands of the job and with more focus on practice. The ultimate goal is to meet tourists’ expectations about amenities and services according to international standards.
Nguyen Thi Thanh Thuy, general manager at Silk Path Hotel Hanoi, said many hotels are now rushing to employ staff for their human resources needs.
Cao Thi Tuyet Lan, CEO of travel firm Viettours, said to recover the international tourist market, Vietnam’s tourism industry needs to address the lack of human resources. After two years of pandemic, high demand has severely overloaded the tourism industry’s infrastructure.
Lan said, for example, recently 600 customers in a MICE tour could not check in on time at an international five-star hotel in HCM City. The hotel representative said that the reason for the late check-in is not because the rooms are full, but because there are not enough staff to make up the rooms.
Patrick Basset, board of directors of Cityland Education, said the tourism sector needs around 40,000 labourers each year. But around 70% of workers were laid off or moved to other industries during two years of pandemic restrictions, creating a huge worker shortage.
Bui Thi Ngoc Hieu, deputy director of the Department of Tourism, said the lack of human resources in tourism, especially the hotel industry, is a global issue, and Vietnam is no exception. It has been a longstanding issue in HCM City and was only exacerbated by the pandemic, she added.
PM meets businesses to iron out snags in economic plan
Prime Minister Pham Minh Chinh chaired an online meeting on August 11 with the local business community in order to listen to their opinions and requests aimed at removing any obstacles and ramping up post-pandemic economic recovery efforts.
In his opening speech, PM Chinh reviewed major local and international developments in recent times, saying that despite the global economic downturn, the national economy has successfully maintained its upward trajectory, with GDP witnessing an expansion of 7.72% in the second quarter of the year.
Most notably, the successful control of the COVID-19 pandemic has greatly contributed to supporting the Government’s efforts in maintaining macroeconomic stability, reining in spiraling inflation, and promoting growth, he stressed.
He expressed great appreciation for businesses working hard to combat subsequent COVID-19 outbreaks, undertaking restructuring initiatives, and ensure that production stayed up and running, while sharing difficulties faced by the both the Government and people.
The Government leader went on to warn participants about significant challenges which are still ahead, including potential future epidemics and the ongoing Russia-Ukraine conflict, all of which will likely affect the national economy in the coming months. He added that he would attentively listen to the concerns of local firms and duly make recommendations in order to speed up the process of economic recovery.
The Government stands ready to accompany and support the business community in cushioning the impact of any economic shocks and ensuring that future economic development gets back on track, said the PM.
G2B conference looks to boost economic recovery
A Government to Business (G2B) conference was opened on August 11, providing a platform where the Government can explore the private sector’s opinions and proposals.
Presided over by Prime Minister Pham Minh Chinh, the hybrid event brought together cabinet members, representatives from Party and National Assembly’s committees, local administrations, industry leaders, and businesses.
It is also an opportunity for the two sides to discuss how the global uncertainties are impacting the country’s socio-economic growth, and chalk out ways to boost production for a faster and more sustainable economic recovery and development.
Addressing the event, the PM said thanks to tireless efforts over the last two years, Vietnam has managed to contain the COVID-19 pandemic, with stable macro-economy, inflation under control and positive economic growth, and others.
The conference is held for the Government to learn about private enterprises’ losses and challenges facing them during the two years of the pandemic and honour the business community for having made contributions to the country at the time of hardship, Chinh said.
Urging for the development of an independent, self-reliant and globally-integrated economy with a strong business community, the PM said participants must come together to evaluate the private sector’s two-year performance and put forward recommendations for the business community to develop and mature healthily, contributing to the fast and sustainable socio-economic growth.
Hai Phong introduces investment opportunities to RoK firms
The Hai Phong Economic Zone Authority (HEZA) on August 10 organised an investment promotion with supporting supporting businesses of the Republic of Korea’s multinational conglomerate corporation LG.
The RoK participants expressed their wish to invest or expand their current investment in the northern port city.
Head of the HEZA management board Le Trung Kien introduced to investors Hai Phong’s advantages, including the largest deep-water port in the north, a direct flight route to the RoK’s Incheon international airport, and the education of the Korean language at school.
The local economic zones currently house 102 RoK-funded projects worth 8.53 billion USD, accounting for 88.4% of capital channeled in the city by Korean investors. In the past sevent months, RoK businesses in Hai Phong saw their revenue and number of labourers growing by nearly 20% and 15%, respectively.
LG has so far invested in seven projects worth 7.24 billion USD in the Trang Due industrial park in An Duong district. A network of local satellite projects and auxiliary production for LG has also been formed with more than 50 enterprises, who have injected close to 1 billion USD into the industrial park.
HEZA wished LG to further enhance its investment and production activities, focus on research and development (R&D), technology transfer, and high-quality human resources training.
It suggested the group establish a R&D centre in the city.
It also unveiled the city’s growth orientations for the time to come that highlight circular economy, renewable energy, and a high-quality workforce.
Vietnam Manufacturing Expo gets underway in Hanoi
The Vietnam Manufacturing Expo (VME) 2022 kicked off on August 10 in Hanoi, drawing the participation of approximately 200 brands in the manufacturing and electronics industries from over 10 countries and territories globally.
As part of his opening speech at the event, Vu Trong Tai, general director of RX Tradex, emphasised that the event features effective business networking programmes to help firms in the mechanical and supporting industries seize upon opportunities to further get involved in the global supply chain.
Most notably, this year’s function involved the presence of major customers from North America seeking to purchase mechanical products in the construction, oil and gas, and automobile industries, which is expected to open up a wealth of export opportunities for small and medium-sized enterprises moving forward, Tai added.
Resolution on IPs and EZs management drafted
The Ministry of Planning and Investment (MPI) is drafting a Government resolution on measures to increase the efficiency of IPs and EZs.
It said IPs and EZs account for 50 per cent of the country’s total export value.
However, the ministry pointed to a number of problems related to the IPs and EZs, including their unsustainable development in different aspects. Living conditions of local communities where the zones are located have not seen remarkable improvements.
In the draft resolution, the MPI suggested the building of a Law on IPs and EZs in 2022, and the issuance of a Prime Minister’s decision on the co-ordination mechanism among ministries, sectors and localities in managing IPs and EZs.
The draft also looked to stipulate the maximum acreage of an IP and an EZ, as well as define orientations in investment attraction to match the advantages of each region and locality, and the creation of a cooperation mechanism between the State and the private sector in developing new IPs and EZs for particular sectors and industries.
Over the past 30 years, industrial parks (IP) and economic zones (EZ) across the country have attracted more than US$100 billion of investment, and created jobs for more than four million labourers, according to the ministry.
Supporting industries future looks bright
Foreign companies in Việt Nam are increasingly looking to source components and parts locally, offering local firms a great opportunity to enter global supply chains, a meeting heard in HCM City.
But to do so, they need to transform and make products of higher quality at competitive prices, delegates told at a press conference to introduce Metalex Vietnam and Supporting industry Show which will be held in HCM City early October.
Nobuyuki Matsumoto, chief representative of Japan External Trade Organisation’s HCM City office, said the COVID-19 pandemic has severely affected the global economy.
“In the case of the manufacturing sector, the previously built global supply chains have been disrupted, leading to a halt in production activities, and this underlines the importance of having strong supply chains that do not depend too much on any one country, he said.
The Japanese Ministry of Economy, Trade and Industry has since 2021 run a support programme for Japanese firms to diversify their supply chains abroad, and of 103 projects that received approval, Việt Nam leads with 41, he said.
Vũ Trọng Tài, general manager of RX Tradex Vietnam, said: “Việt Nam has emerged as a new production hub in the global supply chain with the presence of big and famous manufacturing and high-tech corporations such as Samsung, Intel, LG, and Foxconn accompanied by a network of their satellite companies.”
They are also studying the possibility of expanding investment, increasing production capacity, and sourcing high-quality electronic components.
The number of US and European buyers coming to Việt Nam to look for new sources of supply is also increasing, offering great business opportunities to Vietnamese enterprises, he added.
Lê Nguyễn Duy Oanh, deputy director of the HCM City Centre for Supporting Industries Development, said foreign companies in the electronics, mechanical engineering, robotics, and other sectors have been seeking out various types of components in the local market.
There is a great opportunity for local firms to penetrate global supply chains but that would be hard if they do not transform, she said.
Matsumoto said the 2021 survey also found some obstacles to the procurement of components and raw materials in Việt Nam including product quality and poor techniques.
Gasoline products entitled to 10 per cent discount on preferential import tax
The Government has just issued a decree stipulating the import tax rate for gasoline products, with a reduction of 10 per cent on organic unleaded gasoline.
Decree No. 51/2022/ND-CP amends the preferential “Most Favoured Nation” or “MFN” rates for gasoline products, in which the import tax rate for unleaded petrol (under HS code from 2710.12.21 to 2710.12.29) will be adjusted from 20 per cent to 10 per cent.
According to the Ministry of Finance (MoF), compared to other countries, the proportion of tax in the base price of petroleum in Viet Nam is lower. The proportion in many countries was mainly in the range of 40 per cent - 55 per cent for gasoline and 35 per cent - 50 per cent for oil, while it was about 19.39 per cent for E5RON92 gasoline, 21.95 per cent for RON95 gasoline and about 11.05 per cent for diesel in Viet Nam with the environmental protection tax rate reduced.
MoF said gasoline products were imported from countries with FTAs with Viet Nam, so they had to bear import tax rates under the FTA, which was lower than the MFN import tax rate. According to the General Department of Customs, total import turnover with tax on petroleum products was US$475.26 million, of which imports from countries with FTAs accounted for 99.7 per cent in 2021, adding in the first five months of 2022, the total import turnover with tax on gasoline products was $826.53 million, mostly from countries with FTAs.
The portion of imported gasoline under the current MFN import tax rate was low, so the reduction of the MFN rate will not have a significant impact on state budget revenue.
Currently, global crude oil prices and Viet Nam's finished petroleum product prices were still high, negatively affecting the economy. An adjustment decree with the usual order and procedures could not ensure a timely solution amid the currently complicated petroleum market, therefore, the MoF reported to the Prime Minister for permission to separate the adjustment of preferential import tax rates for gasoline to issue a separate decree according to the simplified order and procedures so it can be applied immediately.
Long way to go for Vietnamese durian
Vietnamese durians have made a name for themselves as a great-tasting fruit for overseas consumers but still have a long way to go the maintain their position on the international scene, according to insiders.
Dang Phuc Nguyen, General Secretary of the Viet Nam Fruits and Vegetables Association, reveals that China, the largest importer of fresh Vietnamese durians, has allowed the fruits to be imported via official channels from July 12.
However, these opportunities come with obstacles as the Chinese General Administration of Customs (CGAC) requires that Vietnamese exporting firms and growing areas register with the Vietnamese Ministry of Agriculture and Rural Development (MARD), and the registrations must be sent to CGAC for approval before the fruit can enter the country.
He also notes that registered growing areas must have quality management and a traceability system, meet Good Agricultural Practice standards and strictly comply with sanitary requirements to be eligible for approval.
Regarding other demanding markets such as the US and the EU, the general secretary said those markets insisted on Global GAP compliance and a strict chemical residue threshold for Vietnamese durian. Durians who do not tick all the boxes risk being rejected.
Ta Duc Minh, Trade Counselor of the Viet Nam Trade Office in Japan, underscores Japan as a market with high standards and stringent fruit regulations.
As Vietnamese durian easily entered the country between 2017 and 2020, some Vietnamese exporters took the market for granted and became less strict on quality control.
In 2021, after several batches with excessive pesticide residues were detected, Japan increased the frequency of inspection of Vietnamese durian, making it more difficult for the fruit to reach Japanese consumers.
Nguyen Phu Hoa, Deputy Consul General in Sydney (Australia), underscores Australia as a high-end durian market. Accordingly, for Vietnamese firms, it would make more sense to compete on quality rather than price.
He also calls for a national trademark for Vietnamese durians to add more value to the fruit and ensure the sustainability of its exports.
Ngo Tuong Vy, General Director of the Chanh Thu Import-Export JSC., asserts that it is tough to gain entry into foreign markets and tougher to cause changes to consumer eating habits in favour of Vietnamese durians.
She also remarks that China's low standards on fruit were a thing of the past. The country has set the bar relatively high, and Vietnamese firms have no choice but to adapt to the shifting trade pattern.
Luu Huy, Director of the Viet Thai Agricultural Produce LTD says China has become stricter about its imported fruit.
He suggests four rules Vietnamese firms should follow to boost durian trade with the country.
Food prices ease at HCM City supermarkets
The sharp fall in fuel prices has caused the prices of goods such as vegetables and meats to decrease in HCM City supermarkets.
Petrol prices have fallen four times since June 21 and by a total of 22 per cent, bringing cheer to the public and businesses again by reversing a long period of rise.
Fuel prices have decreased to January levels, with E5 petrol now costing VND24,629 per litre, RON95 costing VND25,608 and diesel costing below VND25,000 per litre.
The prices of a number of fresh food products, including meat, fish, seafood, vegetables, and fruits, have fallen by 10 per cent at Big C supermarket.
Some such as chicken wings and feet, frozen salmon and basa fish are another 5 per cent cheaper if customers buy three kilogrammes or more.
MM Mega Market, Emart, Aeon, Co.opmart, and Satra are offering discounts of up to 60 per cent on some items, and an average of around 10 per cent on food items.
But at traditional markets, the prices of most items have yet to decrease.
Wood exporters urged to prepare for increased trade remedy investigations
Experts have urged wood exporters to diversify markets, standardise supply chains and be well equipped with trade defence knowledge in the face of increasing trade protectionism.
According to the Viet Nam Administration of Forestry, the stronger the wood export, the higher the risk the wood industry faced with trade defence lawsuits.
Ngo Sy Hoai, Deputy President of the Viet Nam Timber and Forest Product Association, said that the wood export of Viet Nam increased sharply in recent years.
Viet Nam was currently the fifth largest wood exporter in the world, Hoai said, adding that together with the trend of trade liberalisation with several free trade agreements (FTAs) Viet Nam signed, other countries were increasing trade defence measures with Viet Nam.
Viet Nam Administration of Forest statistics show that the export of timber and forestry products was estimated at US$S10.4 billion in the first seven months of the year. Last year, wood exports set a record of $16 billion, representing a rise of 20 per cent against 2020.
Nguyen Thi Thu Trang, Director of the WTO and Integration Centre under the Viet Nam Chamber of Commerce and Industry, said that the US was the market where Vietnamese products faced a high risk of trade lawsuits, citing statistics that the US initiated 1,159 out of 7,528 trade remedy investigations globally in 1995-2021.
However, enterprises were not well prepared in terms of knowledge about trade remedies and resources to deal with investigations.
Not only wood but other products with significant increases in exports were exposed to the risk of trade remedy investigations.
The trend for investigation was becoming increasingly intensive and rigorous, Chu Thang Trung, Deputy Director of the Ministry of Industry and Trade Remedies Authority of Viet Nam, said.
People prefer bank deposits amid global uncertainties
Accumulated and idle money of local people is continually flowing into banks in the context of increasing savings interest rates and rising risks of other investment channels amid the global uncertainties.
Though the savings rate in the first half of 2022 increased significantly compared to early this year, the interest rate race did not stop when many banks continually adjusted their rates right in the early days of August.
ACB has announced it will raise savings interest rates by 0.3-0.8 percentage points per year since early August, depending on the deposit packages.
At the end of the last week, VPBank also informed customers about the increase in savings interest rates from 0.1-0.5 percentage points per year. Specifically, for over-the-counter savings, the highest rate is listed at 6.7 per cent per year for deposits worth more than VND50 billion with a term of at least 36 months.
For online savings, customers will be offered higher rates, ranging from about 3.4 per cent to 7 per cent per year, applicable to terms from one month to 36 months.
HDBank raised its over-the-counter savings interest rates by 0.4-0.75 per cent per annum for most terms while increasing its online savings interest rates by 0.15-0.3 percentage points per year.
Vietcombank was the third bank among the Big4 group (four big State-owned commercial banks including Agribank, VietinBank, BIDV and Vietcombank) to raise the savings interest rates by 0.1-0.2 percentage point, making its rates to the same levels as the remaining three banks in the Big4.
Previously, BIDV and Agribank also slightly increased their long-term savings interest rates by 0.1 percentage points per year. The savings interest rates at Vietcombank have been raised to 3.1 per cent per year from one to two months and 5.6 per cent per year on 12 months.
Notably, in this month’s rate adjustment, SCB lost the top position regarding the highest over-the-counter savings interest rates to CBBank. Specifically, on the first day of August 2022, the 12-month and 24-month savings rates at CBBank were raised to 7.45 and 7.5 per cent per year, respectively, while the rates at SCB remained unchanged against the previous month at 7.3 per cent per year.
Monetary stance points to only mildly higher interest rates in Viet Nam: Fitch Ratings
Capital account restrictions largely insulate interest rates in Viet Nam from global monetary tightening and the country’s policy rate is expected to rise 50 basis points to 4.5 per cent by end-2023, according to Fitch Ratings.
Under a report on the impact of rising interest rates on Asia-Pacific (APAC) banks released this week, Fitch said annual credit targeting remains a centrepiece of the State Bank of Vietnam's (SBV) monetary policy framework, and the refinancing rate is not a primary policy lever.
Moreover, strong foreign investment inflows underpin the dong's resilience, which has depreciated by only 2 per cent year-to-date by end-July 2022, making it the second-best performing currency in APAC behind only the Hong Kong dollar.
According to Fitch, Viet Nam’s rates are driven chiefly by economic activity and inflation.
Price pressures have intensified in recent months, but are manageable relative to other regional emerging markets and remain under the government's target of 4 per cent for the year.
According to Fitch, net interest margins (NIMs) are buoyed by new credit demand rather than higher rates. Viet Nam's economic rebound and the SBV's guidance for banks to support the economy has caused loan growth to accelerate in Q1 2022 and the system loan/deposit ratio to race towards 100 per cent.
Under the report, Fitch noted credit reserves of Vietnamese banks improve, but their capitalisation buffers remain thin. The rapid pace of credit expansion during the sharp economic slowdown of the past two years could contain latent impairment risks. Some of these risks may loom as pandemic debt relief has recently expired.
Middlemen to blame for mounting prices
Fuel is the driving force behind mounting overall prices in many countries, but experts believe middlemen are more to blame in Viet Nam.
Economic expert Vu Vinh Phu took the sugar industry as an example. He said 70 per cent of Thailand's industry profits are distributed to farmers, whereas 30 per cent go to middlemen.
Meanwhile, the reverse is true in Viet Nam, with middlemen taking the lion's share of the pie. Their high-profit margins push up prices, outpacing the impact of fuel.
The expert attributed middlemen's high-profit margins to the absence of an official goods exchange. Without such an exchange, middlemen have the higher bargaining power to raise selling prices.
Economic expert Can Van Luc shared this view, saying that middlemen were demanding too many profits to the detriment of consumers.
He also underscored rising prices in transport, food and construction sectors as the major cause of the recent soaring consumer price index (CPI). For this reason, he urged the authorities to keep prices in check.
He also urged the authorities to step up inspection to ensure middlemen comply with ethical standards and do not reap profits at the cost of other economic actors. He also called for favourable policies to lower transaction costs, giving producers room to reduce their product prices.
Securities firms raise capital on recovery of stock prices
Despite poor business results in the second quarter, many securities stocks have rebounded sharply after hitting the bottom on June 20-21.
Accordingly, Viet Dragon Securities JSC (VDS)'s shares gained 84.7 per cent from VND7,200 a share to VND13,300, while shares of Saigon - Hanoi Securities JSC(SHS) also increased by 65 per cent from VND8,904 to VND14,700. Shares of MB Securities JSC (MBS) jumped 61.3 per cent.
Leading securities stocks like SSI Securities Corporation (SSI), Ho Chi Minh City Securities Corporation (HCM) and VNDirect Securities Corporation (VND) to small stocks such as Vietnam Industrial & Commercial Securities Corporation (VIG), Hoa Binh Securities JSC (HBS), and Agribank Securities Corporation (AGR) also surged 30-50 per cent in the last month and a half.
Securities stocks have reported a good recovery as the general stock market picked up significantly from the area of 1,169 points to 1,252 points.
Liquidity on the Ho Chi Minh Stock Exchange (HoSE) also improved. Of which, in the last seven consecutive trading sessions, matching value reached VND12-14 trillion, while previously the average matching value was just VND8-9 trillion, and even fell below VND5.5 trillion (US$235 million).
According to SSI Research, investors' attention switched from the US macroeconomic data to enterprises' profit growth in Q2 and expectations in the second half of the year.
Even though risks from external factors still threatened the local stock market, the monetary policy stance of the State Bank of Vietnam (SBV) and economic support package are expected to lift market sentiment. Public investment is the main growth driver in the second half of 2022, with capital disbursement focusing on site clearance of priority investment projects.


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Net Zero Discussion Includes Sustainable Cleaning
The Net Zero (NZ21) Conference is back, and this year, Steve Ashkin, the father of green cleaning and sustainability advocate in the professional cleaning industry, will be one of the conference's prominent presenters.
The NZ21 conference will take place September 13-15, 2021, at Expo Hall, in Los Angeles, California. Presented by Verdical Group, a green building consulting and certification firm, this is the organization's 8th annual conference and expo. Over the years, it has become the largest conference in the world dedicated to net zero, decarbonization, and climate resilience.
Along with Ashkin, there will be more than 100 speakers and panelists, including some of the most well-known and prominent in the green, sustainability and net-zero industries.
"Further, the conference is expanding their focus areas this year so that they can provide learning opportunities across several industry sectors," says Ashkin. "In addition to highlighting sustainability trends in buildings, energy, water, waste and transit, NZ21 will feature content on agriculture, fashion, materials, personal care and technology."
While the conference will be in-person and open to attendees, it will also include a virtual component. The online program will include educational sessions, keynotes, tours, and a virtual Expo Hall.
There will also be a "Party with a Purpose" gala on September 16. The Trailblazer Awards will be given out at the gala, honoring those helping to build a net-zero future through their work in the climate, carbon, energy, water, waste, transit, and policy sectors.
"Something special they are also offering this year is a 15 percent discount on admission," adds Ashkin. "When registering for the event, just use this code for the discount: NZCCFR15."

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Thoughts From the Divide: Attribution
March 1, 2024
“A lack of consumer discipline”
In April of last year, Huw Pill caught flack for saying that Brits “need to accept that they’re worse off”. This was followed by John Authers coming to the defense of the pilloried BoE chief economist. As we wrote.
Authers noted that the comments were taken out of context and explained that the BoE’s Chief Economist was describing how “after a few external shocks, inflation becomes a collective action problem” where “ideally everyone would take a share of the hit, and then they can move on. Human nature isn’t like that, and as a result, economics isn’t like that”.
Now, roughly a year later, the BoE’s Catherine Mann has picked up Mr. Authers’ baton (alternative article, link). It turns out that people who can maintain their standard of living will tend to do just that! Bemoaning the “challenge” of bringing inflation back to target, Mann said there was “a lack of consumer discipline” to rein in businesses’ pricing power,
“Consumers discipline what firms can price – they can’t pay for it… or they choose not to… There is not a lot of consumer discipline on a large enough fraction of categories of services to represent active deceleration in services price inflation”.
As an aside, services appear to also be on a tear stateside, with Core Services PCE printing an eye-watering 0.65% MoM increase, more than 8% annualized.
To our cynical eyes, Mann’s comments are an attempt to shift the blame (“It’s not us, it’s those people who still want a new kitchen!”), a view that is supported by Mann, who also blames the supply side for restricting the Bank’s ability to maneuver. (There’s an argument to be made that the restriction is mutual) However, we’d note that in her discussion of discipline, Mann implies that consumers have to be both willing AND able to pay higher prices. Moving past the willing part (Given the choice between Mardi Gras and a diet of water and bread, few seem to prefer the latter), we’d love to ask Mann her thoughts on the source of the remarkable resilience of UK consumers to “the pressures of higher interest rates”. (Paging Warren Mosler!) While we wouldn’t bet on the Fed starting to reference the “interest income channel” or even a 1984-esque rewriting of their position “We’ve always been at war with the Interest Income Channel”, there’s the chance that someone looking at government interest expenditures might wonder where all that money is going.
Of course, there are two sides to any market, and Bob Elliot has made a strong case that fiscal doesn’t explain all of the remarkable performance of US nominal GDP. In a thought-provoking series of tweets (xeets?) he highlights that the apparent fiscal boost appears to account for only 25% of the increase in nominal GDP. So, what’s driving the rest? Bob suggests it’s labor compensation. We’d note the importance of Bob’s argument without having yet reached a conclusion. He definitely raises an interesting point, but it would inevitably beg the question of what was the catalyst for what Bob describes as “endogenous income growth”?
P.S. While there is a bit of a kerfuffle in Japan at the moment, with BoJ governor Takata discussing the move away from NIRP and QE, our in-house Japan expert warns that the political situation is too turbulent to expect a move any time soon.
P.P.S. Rich Miller quotes Rob Dugger (one of the standout speakers from our conference last fall) in a recent article explaining exactly what the drying up of “Ben Bernanke’s global savings glut” could mean for global macro and markets. An article by Dugger on the topic can be found here.


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In recent times, the most famous doll in the world has had to evolve to adapt to the diversity of today’s society.
Zara, the well-known fashion brand of the Inditex group, has decided to take a step forward and bet on inclusion and diversity in its latest campaign. In a refreshing twist, have decided to show a more realistic and diverse vision of contemporary women, moving away from traditional stereotypes.
In her campaign, we can see models of different sizes, hair colors and physical characteristics, breaking with the stereotypical image of the Barbie doll. This decision has been enthusiastically received as it represents a significant advance in the fashion industry and in the representation of female beauty. It has had the model Ceval Omar, the first plus size model since the participation of the popular Paloma Elsesser in 2021.
Ceval Omar has been able to break barriers and open doors in the fashion industry by becoming the new plus size model for Zara. With 22,000 followers on Instagram, her presence on the platform is a sign of the growing interest and support for inclusivity in the world of fashion. Its measurements, which range between XXL and 5XLreflect the diversity of sizes that exist in reality. With 175 centimeters of height, 114 of chest, waist of 106 and hip of 119, Ceval Omar shows that beauty and elegance are not limited to a single standard.
Along its history, Barbie has had to face criticism and debate about the impact she could have on girls’ self-esteem by presenting an unattainable ideal of beauty.. However, this new Zara campaign demonstrates that fashion and advertising have the power to positively influence society and promote acceptance and diversity.


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A score of U.S.-based trade organizations have retained Capitol Hill representation in recent weeks amid ongoing attempts by the Trump administration to renegotiate terms of the North American Free Trade Agreement.
The American Petroleum Institute, the Toy Industry Association, the American Feed Industry Association, the Consumer Technology Association, candy group the National Confectioners Association, and the national organization of American wineries, WineAmerica, are some of the associations representing the U.S. private sector that have hired lobbying counsel to advocate in D.C. on their behalf in response to Trump's insistence of a renegotiated NAFTA agreement, according to lobbying registration documents obtained by O’Dwyer’s.
The move comes as leaders from the United States, Canada and Mexico host a series of meetings throughout the year in a bid to address concerns and resolve issues related to the historic 1994 trade accord.
Lobbying firms listed in these pacts include The Garrison Group, SLK Strategies and Capitol Legislative Strategies, among others.
President Trump, who has long seen NAFTA as deleterious to U.S. manufacturing jobs — once referring to the agreement as “the worst trade deal maybe ever signed anywhere” — has vowed to rework some of the accord’s terms, even threatening at times to remove the U.S. from the agreement altogether.
The possibility of a NAFTA pullout has some U.S. business leaders panicked, with several U.S. corporations following trade groups’ lead and retaining lobbying representation to represent them on Capitol Hill.
Starbucks in September signed a pact with McGuireWoods public affairs unit McGuireWoods Consulting on NAFTA-related tax and trade matters. The Seattle-based coffee giant, which maintains more than 600 locations throughout Mexico, now acquires a large amount of its coffee from Mexican producers, and even established a production support center in the southern Mexican state of Chiapas last year.
Whirlpool Corporation is another U.S. company in recent weeks to appoint lobbying counsel in response to the development, inking an agreement with Akin Gump Strauss Hauer & Feld to advocate in Washington on behalf of NAFTA-related issues.
The Benton Harbor, MI-based home appliance manufacturer, which markets Whirlpool, Maytag, KitchenAid, Jenn-Air and other household brands, drew criticism in 2009 when it shuttered a plant in Evansville, Indiana and moved production of some of its refrigerators to Mexico.
The Fortune 500 company, which maintains manufacturing facilities in the Mexican cities of Monterrey, Ramos Arizpe and Celaya, in 2014 moved production of some of its commercial front-load washing machines from Mexico to a plant in Clyde, Ohio, allegedly in a bid to save on shipping costs to U.S. consumers, who comprise an overwhelming majority of that product’s audience.
In July, the Trump administration said it wanted to reduce the United States’ trade deficit and bolster domestic manufacturing by increasing NAFTA’s rules of origin percentages, removing provisions that prevent the U.S. from imposing import restrictions on Canadian and Mexican goods. Trump has also pushed for improved patent and copyright protections, as well as raising Mexico’s labor and environmental standards. Trump has said that he wants a renewed agreement completed by the end of the year.
Trade between the United States, Canada and Mexico was more than $1.1 trillion in 2016, according to Council on Foreign Relations estimates.


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Here’s What The Controversial New Attack On Obama Might Look Like
A conservative billionaire is considering spending $10 million on a slashing ad campaign tying Barack Obama to Rev. Jeremiah Wright and depicting him as a “metrosexual, black Abe Lincoln. An obscure GOP group actually tried something like this at the end of the 2008 campaign, spending more than $7 million on this ad.
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Here's What The Controversial New Attack On Obama Might Look Like
http://www.buzzfeed.com/buzzfeedpolitics/heres-...A conservative billionaire is considering spending $10 million on a slashing ad campaign tying Ba...


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Deer goes shopping early
CORALVILLE, IA (NBC) – There was an usual customer at an Iowa department store Monday morning.
A security camera inside a Kohl's store in Coralville, captured a deer entering the store.
As you can see in the video, the doe simply walked in through the store's automatic doors.
Store workers were able to persuade the doe to leave through a back door.
Neither the deer nor anyone inside the store was hurt in the incident.


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Tech-savvy millennials are more likely to be targeted by internet scams than any other generation, report finds
- Data shows millennials are more likely to be scammed online than those over 40
- They are twice as likely to report falling victim to shopping fraud
- This group also reported getting bested by business and debt relief scams
Millennials may have grown up on the internet, but this ever-online generation may be uniquely positioned as targets of internet scams.
According to an October 2019 report by the Federal Trade Commission, this group is 25 percent more likely to report losing money to fraud than those over 40.
This generation was also 77 percent more likely than older consumers to report losing money to a scam that started over email.
The report also found that millennials were twice as likely to report falling victim to shopping fraud and reported getting bested by business and debt relief scams in greater numbers.
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Millennials may have grown up on the internet, but this ever-online generation may be uniquely positioned as targets of internet scams. According to an October 2019 report by the Federal Trade Commission, this group is 25 percent more likely to report losing money to fraud than those over 40
While millennials are more likely to report this kind of fraud, the tools to prevent and recover from such scams apply to consumers of any age.
It´s become a meme of its own: ‘What it looks like online versus what you get when it arrives.’
That dress or pair of sneakers may look good online, but when it arrives, you find that the dress looks like a dishrag and the sneakers are held together with hot glue.
This all-too-common occurrence might seem like the cost of doing business online, but it´s actually a form of online shopping fraud.
The report also found that millennials were twice as likely to report falling victim to shopping fraud and reported getting bested by business and debt relief scams in greater numbers
Misleading ads in social media feeds and for online-only stores may be to blame for more frequent reports of shopping fraud, says Charity Lacey, vice president of communications at Identity Theft Resource Center, a nonprofit organization that helps consumers recover from identity theft.
HOW TO STAY SAFE
- Vet companies before you buy online
- Use a credit card anytime you are making online purchases
- Report the fraud to your credit card company and file a complaint with the FTC
- Request a new credit card after falling victim to a scam
- If you are working for a company, never pay upfront fees for training
Lacey warns consumers to exercise caution before purchasing items from any unfamiliar company they encounter online, especially if it seems like they´re selling only one or a handful of products, since that can be a warning sign of a scam company.
‘I would liken this to the guy with the trench coat selling watches and gold chains,’ says Lacey.
What you can do: Vet any company before you buy from it online.
Proceed with caution if the company doesn’t have an address listed online, has no clear return policy and sells only the one item you saw advertised.
Use a credit card when shopping online, advises Lisa Schifferle, staff attorney at the FTC.
That way, if you encounter fraud, you can take advantage of protections under the Fair Credit Billing Act, which can help you get reimbursed.
Report the fraud to your credit card company and file a complaint with the FTC as soon as you think there´s a problem, Schifferle says.
Gather information about the transaction, including purchase amount, vendor name and transaction date, before contacting your card issuer.
This information should be on your billing statement.
You may also want to request a new credit card number to protect yourself.
The saying ‘you have to spend money to make money’ shouldn´t apply to a job offer, but that´s exactly the trick of some employment scammers.
The fake company offers a business opportunity of some sort, such as a work-at-home job, but says you´ll have to pay a fee upfront for training or other work-related materials. Then the job never materializes, and your money is gone.
What you can do: Be wary of any organization that asks you to pay for training or a job opportunity that seems too good to be true. Report scams to the FTC.
Millennials are notoriously debt-saddled, so it might not be surprising that this generation also reports more instances of falling victim to debt relief scams.
In fact, millennials were 86 percent more likely to report losing money to debt relief scams compared to those over 40.
Some scams work by having you pay an upfront fee for their services – and then never deliver on their promise. Know that it´s illegal for a company to charge upfront fees in this way.
Be wary of companies that offer debt help that seems too good to be true. ‘If (the company) promises to get rid of all your debt, or if they tell you don´t talk to your creditors, those are red flags,’ says Schifferle.
What you can do: Report any incidents of debt relief fraud to your state´s attorney general.
Talk with a nonprofit credit counseling agency for debt help. These organizations offer free financial advice and can help you find legitimate ways to make your debt more manageable.
What is ‘phishing’ and how do you avoid getting scammed?
Phishing involves cyber-criminals attempting to steal personal information such as online passwords, bank details or money from an unsuspecting victim.
Very often, the criminal will use an email, phone call or even a fake website pretending to be from a reputable company.
The criminals can use personal details to complete profiles on a victim which can be sold on the dark web.
Cyber criminals will use emails in an effort to elicit personal information from victims in order to commit fraud or infect the user’s computer for nefarious purposes
Some phishing attempts involve criminals sending out infected files in emails in order to take control of a victim’s computer.
Any from of social media or electronic communication can form part of a phishing attempt.
Action Fraud warn that you should never assume an incoming message is from a genuine company – especially if it asks for a payment or wants you to log on to an online account.
Banks and other financial institutions will never email looking for passwords or other sensitive information.
An effected spam filter should protect from most of the malicious messages, although the user should never call the number at the bottom of a suspicious email or follow their link.
Experts advise that customers should call the organisation directly to see if the attempted communication was genuine.
According to Action Fraud: ‘Phishing emails encourage you to visit the bogus websites.
‘They usually come with an important-sounding excuse for you to act on the email, such as telling you your bank details have been compromised, or claim they’re from a business or agency and you’re entitled to a refund, rebate, reward or discount.
‘The email tells you to follow a link to enter crucial information such as login details, personal information, bank account details or anything else that can be used to defraud you.
‘Alternatively, the phishing email may try to encourage you to download an attachment. The email claims it’s something useful, such as a coupon to be used for a discount, a form to fill in to claim a tax rebate, or a piece of software to add security to your phone or computer.
‘In reality, it’s a virus that infects your phone or computer with malware, which is designed to steal any personal or banking details you’ve saved or hold your device to ransom to get you to pay a fee.’
Source: Action Fraud
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E-invoicing is about to get easier as Arden and Morrison move on a $28 billion opportunity
Tuesday, February 26, 2019/
While not always agreeable, the meeting between Prime Minister Scott Morrison and his Kiwi counterpart Jacinda Ardern last Friday delivered an e-invoicing win for small businesses.
The respective leaders established an electronic invoicing board called ANZEIB to oversee the rollout of e-invoicing technology in both countries, slated to save businesses about “$30 billion” in transaction costs by 2029.
E-invoicing has been championed by government and small-business advocates such as Australian small business and family enterprise ombudsman Kate Carnell in recent years for its potential to improve payment times, and thus, cash flow.
The board will be responsible for ‘setting the direction’ of e-invoicing in Australia and will be comprised of soon-to-be-appointed members, with initial meetings slated for March.
Both Australia and New Zealand will adopt the Pan-European Public Procurement Online interoperability framework (PEPPOL), which is a lot of words for regulation governing cross-border supply chains.
Basically, the framework provides a common language for various e-invoicing software systems to communicate with one another.
Businesses will be able to access that framework by the end of the year, assuming Australia signs up by mid-2019.
Assistant Treasurer Stuart Robert’s media release on the subject said e-invoicing will be good.
“E-Invoicing will help business save time and money by allowing the direct exchange of invoices between suppliers’ and buyers’ financial systems.
“Interoperable e-Invoicing will significantly improve productivity for businesses large and small, and reduce the costs of doing business for both government and industry,” Robert said in a statement.
Previous Australian Small Business and Family Enterprise Ombudsman (ASBFEO) estimates have placed the potential benefit of e-invoicing at $28 billion over 10 years.
About 1.2 billion invoices change hands annually in Australia, the ASBFEO research found, at a cost of about $30.80 for processing a paper invoice, or $27.97 for a PDF invoice.
In contrast, e-invoices cost an average of $9.18, Carnell told estimates last year.
“If federal government picks up e-invoicing across the whole of government and undertakes to pay small business really quickly, within five days or less, then there will be a real incentive for business to pick it up,” Carnell said at the time.
Forget marketing, the secret to business success is being well-liked Ian Whitworth Scene Change co-founder
Why brick-and-mortar will drive e-commerce by turning stores into distribution centres Brenton Gill Radaro managing director
Play, refine and grow: How I started a successful shoe business with just $100 Sarah Nally Sienna Baby founder
How we created an engaging online course with a 91% completion rate Emma Green Your CEO Mentor co-founder
Flexible working is all the rage, so here are six tips to help you get started Alison Michalk Quiip founder
Four tips for playing the long game in business, from Victoria's Small Business Woman of the Year Fiona White Own Body founder


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You are here
EDMONTON, Alberta, Canada -- Natural and organic foods retailer/distributor Planet Organic Health Corp. here said sales increased 26.1 percent for the 13-week quarter ended March 31, a result of the company's aggressive expansion among its manufacturing, retail, and distribution divisions.
The Planet Organic Markets division -- consisting of the company's retail food stores, showed a 34.7 percent increase in same-store sales growth for the period. Revenues increased to $7.2 million, compared to $5.4 million in the same period last year. Planet Organic plans to open a second store in Calgary, Alberta and its first Ontario market store located in Port Credit. Both locations will open early fall.
"I am very pleased by the same store sales," said Mark Craft, Planet Organic president and co-founder. "It shows that we are delivering to customers what they expect of us -- fresh organic and natural foods, healthy living products, plus great customer service."
Sales overall for the quarter were $10.1 million compared to $8 million for the same period last year. Sales for the 9-month period were $27.7 million compared to $18.7 million, an increase of 48.2 percent.
Sangster's Health Centers, a division of Planet Organic that focuses on vitamins and health products, saw a sales increase of 54.4 percent to $4.1 million, compared to $2.7 million in the same period last year. This gain was driven by the acquisition of the Newfound Health chain. Same-store sales growth increased 0.30 percent compared to the last year.
Revenues not including corporate stores were $1.0 million, up 2.86 percent for the period while revenues including corporate stores were down 0.68 percent. This decrease in revenues with corporate stores is due to the conversion of a corporate store into a franchised store whereby the net revenues are replaced by franchise fees and distribution income. System sales are net sales from all corporate and franchised stores. Revenues include franchise fees and distribution income from all Sangster locations.
"The acquisition of Newfound Health continues to be a great addition to our division," said Roy Sangster, president of Sangster's.
Trophic Canada, the company's nutritional supplements manufacturing division, increased its net sales by 22.2 percent to $1.8 million, compared to last year's $1.4 million.


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Research Shows 68 Percent of Families will be Getting Involved in Halloween this Year
…29 percent of UK shoppers are leaving planning for the occasion until the last few days & 11 percent until the very last minute…
London, UK – 29th October 2015 – New research investigating UK household shoppers’ plans for Halloween 2015 has been launched today by leading retail and shopper marketing agency, Savvy. The survey reveals how shoppers plan to celebrate, how much they expect to spend and what they expect to see from retailers.
Speaking about the research Alastair Lockhart, Insight Director at Savvy comments: “Valued by Savvy’s research at £284m, Halloween is a major trading event for UK retailers. Underpinning the event’s success is its increasingly broad appeal and this year 42 percent of UK shoppers plan to get involved and, among families with children, this figure rises to a remarkable 68 percent.”
“Our research however indicates and growth in the market is relatively low this year – almost unchanged since 2014 and we put this down to aggressive price competition across the market, and the expansion of discounters and pound stores which is encouraging many shoppers to buy Halloween products on impulse – often at a lower value than they would have spent last year. Spending on costumes and fancy dress is an area of growth however and it is benefiting from the growing number of Halloween parties for adults – a category where many shoppers are prepared to trade-up.”
Key research findings:
Who plans to get involved?
- 42 percent of all UK shoppers plan to get involved in Halloween celebrations this year.
- Families have a higher propensity to get involved (68 percent of families with children – an increase of eight percent on 2014).
- Women get more involved in the event than men – 46 compared with 35 percent.
- 25-34 year olds will celebrate the event the most with 63 percent getting involved.
How do shoppers expect to celebrate?
- Of those planning to get involved, the majority (63 percent) plan to buy sweets, chocolates or other small treats.
- The second most popular activity for shoppers with 33 percent is buying fancy dress items and in third place (with 32 percent) is decorating their homes.
- Making cakes or sweets is on the agenda for 25 percent of shoppers.
- 24 percent are planning to buy party food, whilst just 13 percent are going to make a special themed dinner for the family.
- 14 percent will be going to attend a Halloween party, with around 12 percent planning to host a party of their own.
- 23 percent will be heading out to go trick or treating this year.
Broadening commercial opportunity (By weighting shoppers’ reported spending intentions to all UK households, the research estimates the following):
- Costumes and sweets are worth £71m and £54m to the market respectively.
- Shoppers are planning to spend £114m on food and drink for parties and other get-togethers – down from £117m last year.
- Shoppers plan to spend £46m on home decorations for this occasion – again down compared to 2014 (£49m).
Expectations of retailers:
- Shoppers want to be inspired instore, with 48 percent of those planning to celebrate Halloween expecting to see a dedicated aisle at their supermarket.
- Bargain trick or treat packs is of interest to 42 percent of shoppers.
- 40 percent want to see retailers provide special Halloween related products.
- 37 percent expect retailers to have special offers and coupons relating to the event.
- Activities handed out instore for children to do at home is of interest to 30 percent of shoppers and activities instore such as free face painting appeals to 27 percent of shoppers.
- Themed meal deals for dinners are desired by 19 percent.
- The majority of UK shoppers start their Halloween planning at least a week in advance (29 percent) or a few days before – also 29 percent.
- 21 percent will have planned ahead – around two weeks out and 10 percent will have prepared even further in advance.
- 11 percent will be leaving it to the very last minute.
Where are shoppers looking for inspiration for things to do and buy for Halloween?
- Shopper expectations are highest for supermarkets – with 74 percent looking to them for inspiration.
- In second place with 34 percent of shoppers is Google.
- Social media came in third place and is being used by 26 percent of shoppers for ideas.
Lockhart concludes: “For a lot shoppers Halloween purchasing is quite opportunistic, with many shoppers’ leaving purchasing until the last few days. We expect retailers will be busy today and tomorrow, as shoppers stock up on treats and decorations.”


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These strategic appointments come as the beauty maker continues to expand and plans for even stronger growth. They play a key role in supporting the company’s expanding portfolio.
Rick Hough, Chairman of the Board of Cosway Beauty Brands, said: “We are delighted to welcome Rick Kornbluth to our team. His expertise in growing the consumer personal care business and multi-industry experience combined with strong brand relationships will bring us the He is ideally suited to accelerate our consumer base.”
Kornbluth will oversee a brand portfolio that includes Neuma, Number 4 and ColorProof. Known for his relationship and leadership skills, he recently served as CEO of Kevin Murphy, an international manufacturer of professional hair care and hair color products. Previously, he was president and CEO of Wella Corporation, a division of Procter & Gamble. Wella Corporation retained Cornblues after leading the sale of Graham Webb in 2001.
“I am honored to become president and CEO of this amazing and innovative company, joining a talented and passionate workforce dedicated to serving the beauty community,” said Cohn. Bruce said. “I look forward to becoming a full-time member of the team and working closely with Rick Hough to build the success of Cosway Beauty Brand and seize the opportunities ahead.”
Maureen Saenz joins from Kevin Murphy, who until recently served as Vice President of Global Marketing. With a keen understanding of the importance of her consumer experience, she has spent her career building successful teams by fostering a collaborative culture. Having made her career in professional hair care, she has also worked with Pureology, Joico, Sebastian International, and has been her marketing consultant for several major beauty brands.
As ColorProof’s Vice President of Marketing, he is responsible for the vision, direction and execution of strategies focused on brand growth.


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As Nissan LEAF reached 20,000 sales in the UK, owners of the best-selling electric vehicle have expressed their praises on the model in the 2017 Driver Power Survey powered by Auto Express.
Graham Hope – Editor of Auto Express, commented: “The Nissan LEAF’s results in the 2017 survey indicates that the hard work that the Nissan team has put in developing the vehicle and educating the market about the benefits of Electric Vehicles has paid off.” He further commented: “Leading the way in EVs is important. People are becoming more conscious of green vehicles (Hybrids and Electric Vehicles) and this year we have seen a 375% increase in the number of green vehicle owners.”
The Driver Power results were announced as Nissan GB confirmed it had sold its 20,000th Nissan LEAF in the UK to a couple replacing a two year-old 24kWh Nissan LEAF.
The 20,000th Nissan LEAF owner in the UK – Diane, said: “I love the LEAF. It does everything I want from a car and is beautiful to drive. When the time came to replace mine I didn’t look at anything else. I only wanted another LEAF but this time with the bigger battery.” She added: “It was a real surprise to find out I was the 20,000th LEAF customer but it’s so encouraging to see more and more people switching to all-electric cars and exciting to know I’m a part of that story.”
EV Manager at Nissan Motor GB Ltd – Edward Jones, said: “The 2017 Driver Power results are a fantastic recognition of the strengths of the Nissan LEAF. What’s really important is these results are based on honest feedback of the public, it’s a true indication of the positive ownership experience of living with a LEAF.”Find out more information on the New Nissan LEAF now available at Glyn Hopkin.


text: Comicbook.com and other outlets are reporting how MoviePass subscribers have had trouble lately. The movie subscription service suffered a massive outage late last week, as many know. Today users found many listings are no longer shown on the app, making the service useless. MoviePass’s Twitter as well as the one for its official customer support has been very quiet. Last week’s tweet apologized for issues users were having checking in at theaters.


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Getting your iPhone screen fixed by a third-party repairer no longer voids its warranty entirely.
An internal memo distributed among Apple employees confirms stores and authorized service providers can now accept handsets for repair following a third-party display replacement as long as the issue is not related to the screen.
Getting your display repaired by Apple can be a costly affair. It’s much cheaper to take your device to a third-party repairer, or to just buy new a display off of eBay and fit it yourself. The problem with this is that you often end up with unofficial parts.
Sometimes, they can be just as good as the real thing, and it’s hard to tell the difference. But until now, as soon as Apple realized you had a third-party display, it would refuse any repairs under warranty — whether your issue was display-related or not.
Now that’s no longer the case, according to MacRumors:
iPhones that have undergone any third-party screen repair now qualify for warranty coverage, as long as the issue being fixed does not relate to the display itself, according to an internal memo distributed by Apple today. MacRumors confirmed the memo’s authenticity with multiple sources.
Even if you have an unofficial display, then, Apple will still repair or replace your iPhone under warranty if you have an issue with another component. You handset must still be covered by the 1-year manufacturer’s warranty or extended AppleCare coverage (obviously).
If your device is out of warranty, or the issue is related to a third-party display, then Apple will offer to fix or replace it under its flat out-of-warranty pricing. This varies depending on the model you have, and whether you need a repair or a new device.
If the presence of any third-party part causes the repair to be unsuccessful or breaks the iPhone, Apple said customers will be required to pay the out-of-warranty cost to replace the third-party part, or the entire device if necessary, in order to resolve the issue that the iPhone was initially brought in for.
If you get a third-party display fitted and it works, but it’s not as good as an official Apple display, then Apple stores and authorized service providers can now offer a replacement screen under out-of-warranty pricing.


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Was a secrets for youalready advanced in the latest generations of Apple Watch, but it seems to be confirmed that the Always on screen will arrive at new generation of Apple phonesabout which, by the way, we have already told you about what to do if windows does not recognize them. It should be remembered that this functionality, which is only possible in these screens with technology LTPO which enable change refresh rateis used to continue showing true on-screen information of the device, but with the consequent energy savings of not having to turn the screen on and off to consult the information displayed on it. Some Twitter userslike the one we show you below, they confirmed that the permanent display is a reality on iOS16.
Looks like Xcode 14 beta 4 is leaking Always on Display in SwiftUI preview.
This is a widget (lock screen accessory) with a colorful image. #iOS16 #beta @MacRumors @next5mac pic.twitter.com/h5SdCUHYmO
— rhogelleim 𓃵 (@rhogelleim) August 1, 2022
A step closer to the always-on display, a novelty that has been present in the Android ecosystem for years
It is normal to say that a multitude of iOS features are acquired from androidthe opposite case is also common and offers curiosities such as have iPhone emojis on Android to use them on WhatsApp and other social networks, and this seems to be one of them. The culprit of this leak was the Xcode 14 betain information collected by MacRumorswhich showed how this Apple development environment adds a new feature. this feature remove some widget details from the lock screen, as you can see in the Tweeter that we show you under these lines.
A look at the rumored iPhone 14 Pro “Always on Display” feature may have been leaked by Xcode 14 beta 4 Simulator. Attached are the first two images of a SIM card wake up video. The first image (Always on Display mode) removes the texture from the whale image in the widget 🧵 https://t.co/YDsTmuHotb pic.twitter.com/jPYDGh7m6k
—Steve Moser (@SteveMoser) August 1, 2022
It seems that the new Featurewhich was also observed in the code of the latest iOS 16 betawill include a state called sleep and what would cause the wallpaper that we have selected change when the always-on display is working. The background would become darker and the bright colors would fadein what could be a measure to reduce battery consumption.
Rumors also claim that this Feature of the screen would be exclusive new models iPhone 14 Pro y iPhone 14 Pro Maxsince these terminals would integrate the type of screen necessary to make this energy saving effective, with soda prices which would vary between skipthe minimum possible for widgets, notifications, date and time to be visible, and the 120Hz. There are a few weeks left to see the next generation of iPhone, but it seems that we know more and more clearly what Apple devices will offer us.
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Australian actress Cate Blanchett has reportedly just signed a $10 million dollar deal as the new face of Giorgio Armani fragrances.
Givenchy releases a new fragrance for men named Gentlemen Only. The campaign stars Simon Baker alongside Cameron Russell lensed by Patrick Demarchelier.
Wes Anderson and Roman Coppola have directed a new short for Prada’s Candy L’Eau fragrance.
Nina Ricci’s L’Air du Temps fragrance was launched in 1948 and its bottle design has since been reworked by major artists.
Van Cleef & Arpels is launching another fragrance from the Feerie collection.
Discover ‘La vie en rose,’ the new Miss Dior film, directed by Sofia Coppola and starring Natalie Portman.
Sahara Noir by Tom Ford will launch at select locations in the Middle East this March before rolling out to Europe in early summer.
Paco Rabanne has a new fragrance on the way. The brand will offer a sensual variation of its iconic men’s fragrance 1 Million from March 1.
Luxury fragrance brand Kilian has released a line named In the Garden of Good and Evil, the perfect fragrances for celebrating the Year of the Snake.
Dior tapped French artist Jean-Michel Othoniel to redesign the bottle of J’adore Dior, an iconic fragrance from fashion house Christian Dior.
Stock up on your favourite perfume at this refill station; this eco-friendly Thierry Mugler initative lets you refill your perfume bottle at a lower cost.
French perfume brand Guerlain is set to launch of the latest version of its famous Shalimar fragrance, Parfum Initial L’Eau Si Sensuelle.
A cryptic image released by Stefano Gabbana on Instagram has set speculation going that the Italian label could be releasing an alcohol-free children’s scent.
Actress Kristen Stewart stars as the face of Balenciaga’s Florabotanica fragrance campaign, photographed by Steven Meisel.
Dior sheds light on the successive stages in the production of its flagship J’adore fragrance in a 20-min film, from the flower harvest to the bottle’s design.
The European Commission said Friday it had no intention for the moment to ban or impose limits on perfumes or cosmetics found to cause an allergic reaction.
The Tree Of Life” actress Jessica Chastain has been named as the face of Yves Saint Laurent fragrance, Manifesto
Giorgio Armani is launching a limited edition of its “Rose d’Arabie” fragrance, from its Armani/Privé line of high-end perfumes.
The commercial for Gucci Première starring Blake Lively has been unveiled, with the actress smoldering in the film inspired by timeless Hollywood glamour.
Tom Ford is returning to the men’s fragrance world with a third signature scent, Tom Ford Noir, which will be released in early October.


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Toshiba have taken the tiny wraps off of its first 16GB microSDHC card. The SD-C16G will go into mass production in January 2009, and be ideal for storing masses of music and video on cellphones and other mobile devices. The company also announced a number of new Class 6 SDHC cards for high-speed digital camera use.
The SD-F08G is an 8GB card, while the SD-F16G stores 16GB. The former is scheduled to go into mass production in December this year, while the 16GB card won’t start churning out of factories until April 2009.
No prices or specific availability details have been given for any of the new cards. However given that SanDisk recently announced their own 16GB microSDHC card for $99.99 we’d expect to see Toshiba’s fall in around that mark too.


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GEORGE TOWN (Bernama): Although cinemas have delayed their reopening following Prime Minister Datuk Seri Ismail Sabri Yaakob’s recent announcement, cinema operators have given an assurance that they are ready to welcome moviegoers back.
On Sept 7, Ismail Sabri announced that cinemas would be allowed to operate at 50% capacity for fully vaccinated individuals effective Sept 9.
Golden Screen Cinemas (GSC) PR and branding manager Sharmine Ishak said on Sunday (Sept 12) that its staff have been maintaining the cinemas throughout the closure, and this included cleaning the seats, halls and facilities such as e-kiosks, and the equipment like projectors.
He said before reopening, cinemas will be thoroughly disinfected to ensure that they are all ready to accommodate moviegoers.
“As of now, cinema operators are currently awaiting detailed standard operating procedures (SOPs).
“Additionally, the studios and distributors have only just been able to submit films to the Film Censorship Board of Malaysia for review, as it was not possible to get this done during the lockdown,” he said.
He added that any updates regarding the reopening of cinemas as well as the screening of movies would be announced via social media.
Meanwhile, TGV Cinemas general manager of sales & marketing Mohit Bhargava said they would also be training their frontline staff to comply with new SOPs outlined by the government, coupled with the exhibitor's own enhanced safety procedures.
He said among these enhanced SOPs included restricting entry only to fully-vaccinated staff and guests aged 18 and above, enhanced food safety management, operating contactless ticket sales, as well as active monitoring of safety satisfaction scores.
“Furthermore, we will also be preparing a range of 'welcome back' deals and offers for our MovieClub members and guests to greet them at our reopening,” he said.
He hoped that the reopening of cinemas would offer Malaysians a safe environment to reduce stress and anxiety levels amid the Covid-19 pandemic at an affordable price.
“As an industry, we are responsible for creating around 20,000 jobs, all of which have been impacted due to cinemas' closure. We hope to rebuild our business and help our staff and their families return to normalcy,” he said. – Bernama


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Here are a number of stocks the Yahoo Finance team will be watching for you today.
First up, Sears Holdings (SHLD). Sears just announced it has filed to spin off its Land's End business. This has become a continuing trend for Sears, where the billionaire hedge fund manager that controls the company, Edward Lampert, has been shedding assets, spinning off businesses, and has closed more than 300 stores since 2010. This news comes as Lampert is reportedly struggling to stem heavy losses at Sears Holdings, facing an exodus of money from his hedge fund. Sears shares are down over 20% this week.
Next, American Eagle Outfitters (AEO). The retailer released earnings this morning and hit on estimates of $0.19 a share huge drop from last year's $0.41. The company reported revenue of $857.3 million that beats estimates of 844.76 million. Shares dipped this morning after the report was released on news of their projected forth earnings of $0.26 to $0.30 per share which is far lower than analysts expected at $0.39 share. The teen retail space has hit some hard times recently with rival Aeropostale (ARO) failing to meet earnings expectations and Abercrombie (ANF) struggling too. American Eagle has recovered somewhat since its 52-week low back in October. It is still down over 18% year to date.
Now, J.C. Penney (JCP). JC Penney shares have taken a turn for the worse just after things were starting to look up for the struggling retailer. Shares pushed the $10 mark this week for the first time in over two months thanks to strong November sales. But the stock fell yesterday after the company revealed it received a letter of inquiry from the SEC, regarding its finances including its liquidity and details of a stock sale that happened in September. JC Penney stock is currently down over 57% year-to-date.
Finally, Big Lots (BIG), which says unchanged because it trades on the NYSE, slumped 12% in after-hours trading yesterday. This drop came in response to a disappointing earnings report. Big Lots reported a loss of $9.5 million compared to last year's loss of $6 million. The company also reported that it will begin to implement a plan to exit the Canadian Market. This comes at a time when rivals like Target (TGT) and Wal-Mart (WMT) are trying to expand growth in Canada. Shares for Big Lots are up over 31% so far this year.


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Most major companies would take a massive financial hit if they closed almost all of their stores around the world for a few weeks. Not so for Apple. In response to the COVID-19 pandemic, the company has turned over the closed sign until March 27 for all its retail stores outside of mainland China, but experts Fortune spoke to didn’t seem concerned for the company’s health.
Apple generates between 20% and 30% of its revenue from its brick-and-mortar stores, experts say. But the company relies more on its retail stores for educating its shoppers on the company’s hardware and software than it does selling them gear. The stores also serve as the epicenter of the Apple’s repair activities, facilitated by its Genius Bar.
“Closing the stores will obviously have a short-term impact on retail revenue,” eMarketer retail analyst Andrew Lipsman says. But at least a portion of lost revenue will shift online as buyers get their Apple gear over the Internet instead, he adds.
A year ago, during the fiscal quarter ended in March, Apple generated $58 billion in revenue, making its share from the retail stores between $11 billion and $17 billion.
Trying to approximate those figures for this year, when coronavirus is wreaking havoc, will be difficult. Wedbush analyst Dan Ives believes the store closures will reduce Apple’s revenue this quarter by just about 5%.
Loup Ventures analyst Gene Munster thinks a large share of Apple’s anticipated retail store sales will shift online, and the net effect will be a 1% drop in revenue because of the closures. Under that scenario, Apple might only take a $100 million bite.
Most importantly, the experts say, the iPhone-maker won’t need to dip into its massive cash reserves to blunt its revenue shortfall. “They will be profitable and continue to generate cash” during the closure, Ives says.
Munster agrees, but even if the store closures don’t affect Apple’s business, it could affect shareholders.
“This will likely temper any increases to the company’s annual increase to its dividend,” Munster says. Ives believes Apple may use its cash to buy shares from investors to buoy its stock, which is down to $242 a share—a significant drop from its $319 share price just a month ago.
Ultimately, the experts say Apple closed its stores to protect its employees and customers, not to blunt slowdowns in its supply chain.
“I think the decision to close stores was an act of leadership on Apple’s part,” Lipsman says. “When companies like Apple and Nike make this decision, others will follow suit.”
Ives says he “loudly applauds” Apple’s decision, and sees it as the company “putting their employees and customers ahead of selling iPhones.”
Looking ahead, analysts agree Apple will move past the impact COVID-19 is having on its business. They say Apple’s profitability and cash reserves help it weather disruptions better than many other companies.
And when COVID-19 becomes a less disruptive force in daily life, they expect Apple to get back to business as usual.
“In short,” Lipsman says, “[Apple will] be fine.”
More must-read stories from Fortune:
—Inside Xerox’s audacious quest to buy much bigger rival HP
—How A.I. is aiding the coronavirus fight
—How early GPS gadget maker Garmin mapped out success against big tech
—Dormant PayPal Credit accounts are coming back to hurt credit scores
—WATCH: Best earbuds in 2020: Apple AirPods Pro Vs. Sony WF-1000XM3
Catch up with Data Sheet, Fortune’s daily digest on the business of tech.


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Walmart has two very different holiday messages for consumers and employees: They want shoppers to jump-start their Christmas shopping even earlier this year; but in the same breath, Walmart wants many of its employees to cancel any family plans for Thanksgiving evening.
Not satisfied with the madness that is Black Friday, Walmart announced Nov. 10 that the store will have its earliest holiday shopping start ever as it swings its doors open on Thanksgiving Day at 8 p.m.
In fact, Walmart has already announced which items will be on sale on Thanksgiving evening. At 8 p.m., Nintendo Wiis will sell for $89 and 12-cup coffee makers will sell for $9.99. At 10 p.m., 32-inch televisions will sell for $148 and at 5 a.m., recliners will sell for $199.
Now that Walmart has put a major crimp in its workers' family plans, other retailers quickly followed suit, with Sears and K-Mart also announcing they would open at 8 p.m. on Thanksgiving. Best Buy, Kohl's and Macy's will open at midnight on Black Friday.
"We're really excited about the 8 o'clock start date," Duncan MacNoughton, Walmart executive vice president, said Nov. 10.
Meanwhile, other retailers are taking a dramatically different tactic. In particular, Nordstrom officials have decided not to deck the halls too early.
In a unique advertisement, Nordstrom wrote, "we won't be decking our halls until Friday, Nov. 23."
"We just like the idea of celebrating one holiday at a time," wrote Nordstrom officials. "Happy Thanksgiving."


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European lotteries launch joint venture for prolonged term innovation that is digital. Genting Malaysia Berhad begins $1 billion suit
Four belonging to the premier state-owned accident affiliates in nortern part European countries enjoy said the institution from a three way partnership may perhaps be for them to share unique finances to be able to deliver players that have an enlarged selection of online digital events.
As reported by an official Tuesday website prepared by American gambling material and competitions, Finland’s Veikkaus Oy has already partnered with Danske Lotteri Spil AS from Denmark, Norway’s Norsk Tipping that and walker lottery firm Francaise des Jeux to launch the Lotteries fun development confederation (LEIA) AS priority.
‘Liquidity casino games’ aim:
The four celebrations specified they ‘share the exact same values and consumer concentration aims’ and are also to currently communicate via LEIA AS ‘to build a better and valuable computer video gaming product or service.’ People additionally asserted that this can make them to ‘foster unsealed excogitation’ and ‘address many of the basic most valuable questions around the digital products amorphous shape’ in hopes of knowing how to develop a variety of ‘liquidity video games.’
The four lotteries clarified that an healthy organization presents beenset on as a general limited liability agency that boasts of businesses in to Norwegian town of Hamar and is especially and will headed within your role of Chief Executive Officer by Morten Eriksen, application and Digitilization professional Vice-President for Norsk Tipping being.online-casinos-vip.com Then they detailed that an new to chief gives ‘more than 2 decades of expertise’ on the telecommunications sector and it’s getting ably aided by Olli Sarekoski, Chief Executive Officer for Veikkaus Oy, to the standing of president.
Sarekoski’s expression studied…
“Consumer lifestyle when looking at the lotto industry is growing rapidly, which will require speedier design and adaption from both drivers and distributors. We all able to mention this unique venture that is joint i feel we will be sturdier completely long term in giving you sound advantage concepts to every market.”
Asian site operator, Genting Malaysia Berhad, would have supposedly recorded a case in idaho against The Walt Disney industry as well as its Twenty that is new First trick Incorporated accessory looking at a minimum $1 billion in damage with an alleged rupture of contract.
Capturing idaho fighting:
Using a study inside the related crush intelligence function, the legit proceeding from the Kuala Lumpur-listed organization became recorded on thursday by using an u.s. territory Court to the middle section of Ca and as well descriptions Twenty firstly Century trick Incorporated subordinates spot theater ensemble LLC, Twentieth Century canine Film agency and FoxNext LLC as defendants.
Malaysian amusement park left:
Mentioning the state run Tuesday decree from Genting Malaysia Berhad, what is the news specialist revealed made by the lawsuit was going to be deposit after last 100 years Fox certification and Merchandising, which is known as a split of Fox enjoyment Group LLC, proceeded to draw the put using a 2013 certification plan that led to to find out about the 20th Century spot domain look steer constructed inside of the Malaysian firm’s sprawling areas area Genting casino resort that is integrated.
The relevant force stated that Genting Malaysia Berhad just lately ranked that this image attained right now contributed some $180 million on preparing the floor to the resulting appeal within your Malaysian report of Pahang and had hoped to start the coming growing right beside the 12,000-acre property’s soon-to-debut Skytropolis in-house feel store sometime premature year that is next.
Negation observed acquisition:
Good news serving reported that The Hãng Pixar workplace, which has prolonged run a plan of rather than pairing with manufacturers involved in gambling, now inherited Twenty First Century trick integrated by way of a financial transaction importance around $71 billion and ultimately directed our subordinate that is new to the relationship with Genting Malaysia Berhad.
Businessman keen to ‘fully enforce his or her privileges’:
Inside the suit, Genting Malaysia Berhad reportedly suggests that trick activities association LLC didn’t come with dregs to cease the previously agreed business while her movement likewise claims make fish an Los Angeles-headquartered business acquired transgressed ‘the indicated plight of good faith and considerable transaction.’
Examine an announcement from Genting Malaysia Berhad…
“Genting Malaysia Berhad has pursued cause for fun about The Walt Disney Company and Twenty First Century canine integrated for inducing infringement of arrangement and with noise on your offer. Genting Malaysia Berhad intends to thoroughly enforce his or her legal rights it is in the memorandum of deal and call for those who are worth of its very own purchases and consequential and damages that are punitive in all will go beyond $1 billion and the like additional reliefs on being influenced by the court.”
Respected internett-casino video games creator, NetEnt AB, includes said the signing with a come across iGaming agent, Miss party that comes with discovered their good case of live-dealer advancements made available to members in Denmarkfor the time that is first.
Roulette and black jack:
According to authentic tuesday press release created by European Council playing Movie and Events, the Stockholm-headquartered company placed that his live-dealer video games putting average and common-draw blackjack tiels with the l laminator tl901 as well as its hot Roulette creation are actually priced at Danish gamblers to play with by way of the locally-licensed province at MrGreen.dk.
Lead Beyond Alive coming:
NetEnt explained that this snapshot intends to publish its Beyond that is live Live with MrGreen.dk to make certain that athletes in Denmark can take advantage of an entirely created and ‘multi-table gaming website climate.’
Henrik Fagerlund from NetEnt, said that its firm tried February’s cool Totally playing 2018 extravaganza in US to premiere its very own personalized exclusive Casino (EVC) design, that gives iGaming operators to be able to provide branded practical casino site including features like many game playing poker table.
Fagerlund’s proclamation digested…
“We may be proud to provide set in motion every online casino games on the market that is danish MrGreen.dk is the perfect girlfriend in which get it done. MrGreen.dk consists of a strong reputation in Denmark and I’m certain that our participants will relish the matches since the features and functions users bring.”
In order to constitute ‘a percentage above the rest’:
The thrill to supply punters ‘with exclusive real-time gambling working experience that is clearly a break above the rest. for his new thing, Antoine Bonello from Malta-based Mrs Ecologically Friendly and Company AB, stated the approaching lively Beyond real time support from NetEnt stomach may give MrGreen.dk’
Bonello’s sentence heard…
“We have witnessed capital pull in areas so where living Beyond Live will be granted plus it’s an all-natural detail to increase this to the market that is danish. That can also go along with their previously sturdy förslag in this country, any consolidating our very own visit nearly per year after MrGreen.dk smooth in November of 2017.”


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China overtook America in sales of personal computers last year
CHINA overtook America in sales of personal computers (PCs) last year, to become the world’s biggest PC market. According to IHS, a research firm, shipments to China amounted to 69m units, against 66m to America. But the global total is in decline. Earlier this month IDC, another research firm, said that in the first quarter of 2013 worldwide PC sales fell by 13.9% to 76.3m units, their steepest decline since 1994, when records began. People have been slow to buy PCs with Windows 8, Microsoft’s latest operating system, and they are eager to get their hands on tablets or smartphones. In China, not only are PC sales still rising; they are evenly split between desktops and portable notebooks, which globally make up 64% of the market. China’s huge rural population prefers desktops, at least for now: IHS believes that the Chinese market will come to resemble the rest of the world’s. The firm also thinks the market will grow by only 3-4% this year. That may disappoint Lenovo, a Chinese PC manufacturer that has profited from rising demand in its home country.
Just look at Chile’s
Even a wet rainy season might not save the harvest
This year is on course to be one of the bloodiest on record


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Rachel Askinasi is Insider’s resident Food Reporter. She holds a bachelor's degree in multiplatform journalism from the University of Maryland.
Rachel has been eating and talking about food for a quarter of a century, cooking for more than a decade, and reviewing restaurants and comparing foods professionally since 2017.
Please send any and all food inquiries to firstname.lastname@example.org including questions about what brands you should be buying, the best ways to make certain foods, and all those foodie thoughts keeping you up at night (or just out of the kitchen).
Follow her on Instagram at @raskinasi or Twitter @rachel_askinasi.
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Petrochemical Industry Petrochemical Industry has Projects Worth 162 Billion in the Pipeline: Iran, China and US to Become Petro-Hotspots
The worldwide petrochemical industry will experience significant growths within the next five years, recent figures indicate – Yet, this growth is not equally distributed: While markets in China, the US or Iran are thriving…
These major investments will see global petrochemical production capacity to reach 1,708 million tons per year in 2020 (from 1,464 million tons in 2015). Large capacity additions with more than 640 planned projects are expected to come online primarily in China, US and Iran within the next five years.
Also the top players in this field stem from Asia: China Petroleum & Chemical Corporation, Petronas (Malaysia) and Shenhua are the top three companies by capacity additions expected to come on-stream by 2019. In total, the industry is expected to invest around US $162.3 billion by 2020 in new plants and capacity expansions, mostly in the US, China and Russia.
Iran has Considerable Increased its Production Capacity
Also Iran has considerable need for investments after the end of numerous international sanctions against the country: The petrochemical industry in Iran was extended considerably in the past years. In 2015, total capacity of methanol, ethylene, propylene, butadiene / butylene, aromates and the respective derivates amounted to 31 million tonnes. Thereof, the production plants of ethylene accounted for more than 23%.
Ethylene derivates, such as ethylene dichloride (EDC) and ethylene glycol, accounted for almost 17% of capacity. Iranian factories are also able to produce, for example, 4.8 million tonnes of the three most important types of polyethylene plastics, namely LDPE, LLDPE, and HDPE. Additional petrochemical plants are already under construction. Until 2023, at least 36 million tonnes of capacity are supposed to be added.
Growing Export to Europe
Although the oil rich country is one of the largest domestic markets for petrochemical products in the Middle East, the focus of many Iranian companies is on export. In 2015, around 6.8 million tonnes of petrochemical products were exported. Ceresana expects this volume to almost double until 2023.
At present, Iranian producers export mainly methanol - in the past years, an amount of 3.4 million tonnes. The second most important export product was polyethylene HDPE.
The major part has been delivered to China so far. Analysts of Ceresana do not expect demand for imports in China to remain at the present level. However, new possibilities for exports for Iran are revealed, especially to Europe and to other Asian countries. Therefore, Iran is trying to complete numerous constructions of petrochemical plants with the support of foreign investors at present.