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Cheesecake Factory (NASDAQ:CAKE) had its target price reduced by Barclays from $47.00 to $44.00 in a research note released on Thursday morning. They currently have an underweight rating on the restaurant operator’s stock.
A number of other research analysts have also weighed in on CAKE. Wedbush reaffirmed a hold rating and issued a $55.00 price target on shares of Cheesecake Factory in a research note on Wednesday, August 1st. Maxim Group reaffirmed a hold rating and issued a $57.00 price target on shares of Cheesecake Factory in a research note on Wednesday, August 1st. Morgan Stanley cut their price target on shares of Cheesecake Factory from $51.00 to $50.00 and set an equal weight rating on the stock in a research note on Wednesday, August 1st. Jefferies Financial Group reaffirmed a hold rating and issued a $50.00 price target on shares of Cheesecake Factory in a research note on Wednesday, August 1st. Finally, Bank of America cut their price target on shares of Cheesecake Factory from $60.00 to $57.00 and set a neutral rating on the stock in a research note on Wednesday, August 1st. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $52.47.
Shares of CAKE opened at $47.19 on Thursday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.33 and a current ratio of 0.45. Cheesecake Factory has a twelve month low of $43.26 and a twelve month high of $60.19. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 20.00, a P/E/G ratio of 1.34 and a beta of 0.33.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 27th. Stockholders of record on Wednesday, November 14th were issued a $0.33 dividend. The ex-dividend date was Tuesday, November 13th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.80%. Cheesecake Factory’s dividend payout ratio (DPR) is presently 50.77%.
In other news, insider Cheryl Slomann sold 7,500 shares of Cheesecake Factory stock in a transaction that occurred on Tuesday, November 20th. The shares were sold at an average price of $49.21, for a total value of $369,075.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 8.80% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of CAKE. Schroder Investment Management Group raised its holdings in shares of Cheesecake Factory by 96.0% in the second quarter. Schroder Investment Management Group now owns 1,237,553 shares of the restaurant operator’s stock valued at $79,973,000 after purchasing an additional 606,024 shares during the last quarter. BlackRock Inc. increased its holdings in Cheesecake Factory by 8.3% during the second quarter. BlackRock Inc. now owns 5,177,817 shares of the restaurant operator’s stock worth $285,089,000 after buying an additional 398,351 shares during the last quarter. Macquarie Group Ltd. increased its holdings in Cheesecake Factory by 12.8% during the third quarter. Macquarie Group Ltd. now owns 1,940,959 shares of the restaurant operator’s stock worth $103,919,000 after buying an additional 219,751 shares during the last quarter. Toronto Dominion Bank acquired a new position in Cheesecake Factory during the third quarter worth $8,054,000. Finally, Marshall Wace LLP acquired a new position in Cheesecake Factory during the second quarter worth $6,250,000.
Cheesecake Factory Company Profile
The Cheesecake Factory Incorporated operates restaurants in the United States. The company produces cheesecakes and other baked products for own restaurants and international licensees, as well as external foodservice operators, retailers, and distributors. As of August 21, 2018, it operated 215 company-owned restaurants, including 199 restaurants under The Cheesecake Factory brand; 14 restaurants under the Grand Lux Cafe brand; and 2 restaurants under the RockSugar Southeast Asian Kitchen brand, as well as 21 The Cheesecake Factory branded restaurants under licensing agreements internationally.
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Orscheln Moberly locations to be sold, affecting jobs
EDITOR'S NOTE: Some details of this story have been updated based on new information.
MOBERLY, Mo. (KMIZ)
The Orscheln/Tractor Supply Co. corporate offices and distribution center in Moberly will be sold in May, affecting 122 jobs, according to a notice posted on a state website.
The company said most of those affected with retain their jobs, though 32 positions will be eliminated.
The WARN notice about the jobs was posted Monday, according to the Missouri Office of Workforce Development website. The notices are required when companies plan mass layoffs.
The location will be purchased by Bomgaars.
"We are pleased that all of the Team Members at the Orscheln distribution center will transition to employment with Bomgaars, as well as some corporate staff," Tractors spokeswoman Tricia Whittemore said in a statement. "We take these business decisions extremely seriously, and will be providing those departing Team Members with support including severance and job search coaching."
Unemployment has been low in Randolph County. The unemployment rate in Randolph County was 2.8% as of January, according to the U.S. Bureau of Labor Statistics. This is slightly higher than the state rate, which 2.6%.
In February 2021, Tractor Supply Company announced that it planned to buy and merge with Orscheln Farm and Home.
Orscheln Farm and Home was headquartered in Moberly before the merger. Other companies, including Bomgaars, also announced deals to buy part of the Orscheln company.
The official date of the sale is May 21, according to the WARN notice.

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From edutainment app to e-commerce links, how Kinder Joy weathered the pandemic
The company claims that e-commerce accounts for around 10% of Kinder Joy sales.
The past two years have been dedicated to the digital transition, from moving to digital classrooms to moving shopping online. Shoppers bought almost everything online, including chocolates and confectionery. Interestingly, as part of its efforts to go digital, Kinder India, the chocolate brand of the Ferrero Group, has launched Applaydu, an edutainment app for children aged four to nine. The app brings Kinder toys to life through augmented reality by scanning them. In addition, it aims to help children develop their cognitive skills through family games, as well as interactive stories. “Since the learning experience for children went digital during the pandemic, the brand has been aiming to provide a unique gaming experience for children,” Amedeo Aragona, Brand Manager, Kinder Joy India, told BrandWagon Online. . The company says the app has had over two million downloads over the past year.
In addition, the brand has also made a foray into e-commerce by collaborating with platforms such as Amazon, Big Basket, Grofers and Flipkart during the confinement. The company claims that e-commerce accounts for around 10% of Kinder Joy sales. According to Aragona, today, with the market showing a positive response for FMCG and confectionery brands as well as the type of demand generated by e-commerce platforms, the company has started to return to the levels of before covid.
For Kinder Joy, 30% of overall marketing spend went to digital platforms. “Video planning and digital (including social media marketing) have seen increased spend as part of our media spend optimization plan. It holds 30% of our overall marketing spend, which contributes to better penetration and a better connection with our audience, which is mainly made up of mothers,” said Aragona. He further added that e-commerce, OTT and other digital platforms will be of great importance for the brand. and that the company aims to increase the share of digital marketing spend to more than 10% of Kinder’s overall business in India, in the future.
According to a Nielsen report, the confectionery industry saw a 19% decline in sales within the FMCG sector during the first wave of the pandemic. Kinder Joy, in order to reach its consumers at an accessible price, has announced the launch of Kinder Creamy in 2020 at Rs 20. the Indian climate and the Indian palate,” Aragona said. With Kinder Creamy, the company has made a foray into the children’s snack segment as part of the tropical portfolio and aims to make deeper inroads into the chocolate category in India. He claims that in a few years, sales of Kinder Creamy may overtake Kinder Joy due to its accessible pricing, mini-snack intent, stronger penetration in smaller and rural markets, thus reaching the socio-economic scale.
Read also : Why CPG Brands Should Invest in Martech Solutions for Effective Full-Funnel Marketing
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Bvlgari unveils five unique timepieces that bloom with the iridescence of precious coloured stones.
The luxury brand celebrates the 10th anniversary of its Octo family with a trio of special ultra-thin timepieces.
“Time is a jewel” is the theme of the brand’s latest releases at the year’s first major watch event, and its new high-horology and high-jewellery pieces prove that.
Bvlgari’s first participation in the Only Watch auction will be a one-of-a-kind creation using an extremely rare metal with a bluish grey colour called tantalum.
Feast your eyes on the newly redesigned and restored Parisian Bvlgari flagship store at Number 23 of Place Vendôme.
Wether stylishly simple or jaw-droppingly complicated, astronomical timepieces will have you dreaming of reaching for the skies.


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Microsoft announced a flurry of hardware at its Surface event, but there was one very conspicuous omission: a new Surface Pro tablet. For the first time in a long while, a year will come and go without an updated version of Microsoft's most iconic computer. There haven't been any quiet spec bumps either. The Surface Pro 4 still starts at $899 with a Core m3 processor, 4GB of RAM and 128GB of storage, while higher-end models also have the same specs as before. But why did the company pass on the opportunity?
We've asked Microsoft if it can comment on the lack of changes and will let you know if it has something to add. However, it wouldn't be surprising if this is a matter of timing. Intel only just launched its seventh-generation Core processors at the tail end of August. That doesn't leave Microsoft a lot of time to integrate the new chips into shipping products, especially for a popular and highly customized system like the Surface Pro 4. It won't be surprising if there's a sequel in the months ahead. Still, that's not much consolation if you were hoping to buy a Pro with fresh specs before the year was out.
Click here to catch all the latest news from Microsoft's big Surface event.


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By GameFront.com 16 years ago, last updated 5 years ago
This article is really old. Formatting may be broken as a result. If this article is un-readable please report it.
Posted on November 7, 2007, Chris Rumor: 40 GB PlayStation 3 Has High Failure Rate
Gamed.nl is reporting that the new 40 GB PlayStation 3 has a failure rate of 40% – an astonishingly high number. According to the Dutch site, Belgian retailer Games Mania has stated that the new PS3 model is selling well, but 40% of the consoles sold have been returned due to hardware problems. The problems primarily relate to the system being unable to read discs, Blu-ray or otherwise.
I’ve yet to hear of anything else regarding problems with the new hardware, so I’d hesitate to say this is a new another Red Rings of Death scenario. We also can’t confirm the validity of these reports, so this could simply be malicious rumors.
We’ll certainly be keeping an eye on the situation.
There are no comments yet. Be the first!


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With markets wobbly off of European debt concerns,  LinkedIn (NYSE:LNKD) also has another reason to worry. The company recently issued a $500 million secondary offering,  which includes $100 million worth of stock, the bulk of which is coming from existing shareholders. While the debate continues on whether or not LinkedIn is over-valued, shareholders selling their stakes doesn’t instill confidence. The company’s shares have slumped about 10% last week.
LinkedIn’s “Expansion” Pitch Might Not be Enough
While LinkedIn continued to expand its reach further in Q3 2011, our own estimates suggest that the company’s fundamental drivers do not support a $7-$8 billion market cap. Refer to our article Why LinkedIn’s Fundamentals Don’t Support the Market Price on why we think the market is getting ahead of itself on the company.
The valuation debate makes the decision of LinkedIn’s existing shareholders to sell-off even riskier, that too just after the lock-in period has expired. Shareholders can perceive this as an implicit acknowledgement that perhaps LinkedIn really is over-valued. The announcement is also a case of bad timing, with the stock already declining as the U.S. indices like the S&P 500 (NYSEARCA:SPY) slide on account of the eurozone crisis.
We currently have a price estimate of $43 for LinkedIn’s stock, which is well below the current market price.
- Bloomberg: U.S. Stocks Extend Slide on Euro Concern
- LinkedIn: Form S-1 Registration Statement
- Google Finance: LinkedIn
Disclosure: No positions


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How Home Depot is driving people back into its stores
Home Depot is installing online order pickup lockers, in-store navigation tools and digital product information screens to drive customers to physical stores.
Ted Decker, the company’s evp of merchandising, told investors Tuesday that 47 percent of online orders are picked up in stores, illustrative of the fusion of digital and physical customer experiences that he called balancing the “art and science” of retail. The retailer reported that for the second quarter of 2018, online-purchase volume grew 26 percent year over year.
The company said customer experience needs to go beyond having physical stores and e-commerce sites; it needs to cater to customers who want to communicate with the retailer in multiple ways as part of one transaction. For example, customers who buy items online may want to pick them up in stores and talk to associates, building relationships that drive repeat visits. It’s part of a three-year customer experience strategy across Home Depot’s e-commerce sites and physical stores, in which it has reportedly invested $5.4 billion.
Other large retailers pursuing similar approaches include Lowe’s and Walmart. By driving customers to stores, Home Depot can ensure that customers are more comfortable buying expensive products, since they can talk to store employees to get additional advice.
Over the past year, Home Depot has rolled out augmented reality and store-wayfinding capabilities within its mobile app. The retailer is adding in-store pickup for items purchased online, and later this year, it plans to roll out electronic shelf labels for its in-store appliance departments. Through iPad-type screens, customers will be able to review comprehensive product descriptions, said Decker. It’s also investing in improving its supply chain and speeding up delivery and fulfillment capabilities. To this end, Home Depot has rolled out small-parcel express-delivery services from stores in nearly all major U.S. markets, and it plans to open additional fulfillment centers later this year.
The in-store pickup option encourages repeat business, adding opportunities for customers to interact with staff. A recent Credit Suisse research note suggested that the “buy online, pick up in store” service was a major driver of sales growth at Home Depot, and 20-40 percent of these transactions drove sales once the customer visited the store.
Options like “buy online, pick up in store,” and “buy online, deliver from store” have outpaced the growth of direct-to-consumer online sales, according to the report.
The advantage Home Depot has over e-commerce retailers is its trusted in-store employees; furniture and appliance purchases are often daunting for consumers, and delivery can be expensive. In-store pickup can offer opportunities to solve other problems relating to home improvement projects through conversations with associates. But despite advances made by retailers in improving customer service, the race is on among companies to become the default platform for home improvement projects, or the one-stop shop for all things related to the home, said Peter Killian, a partner at Vivaldi.
“When a customer has a home improvement project in mind, who do you think can be the end-to-end solution provider? Home Depot is heading in that direction,” he said.
While retailers are concurrently catering to “do it for me” and “do it yourself” customer groups, they’re increasingly reaching out to a large group that falls between those camps, he added. Amazon and other digital retailers can’t be written out of the mix, but he argues their growth in the furniture space will take longer to solidify than other areas of consumer retail.
For larger retailers like Home Depot, “buy online, pick up in-store” also provides consumers quick access to home improvement supplies, an advantage other retailers should look to when trying to lure more customers.
“In-store pickup is an underrated driver of online conversion for a lot of the larger retailers, but it’s especially critical for Home Depot where a lot of their customers are purchasing bigger, higher-ticket items, or are contractors out on a job looking for a specific supply needed right away,” said eMarketer retail and e-commerce analyst Andrew Lipsman.
On Tuesday, Home Depot reported sales of $30.5 billion for the second quarter of this year, an 8.4 percent year-over-year increase. Same-store sales for the second quarter of 2018 were up 8 percent globally, 8.1 percent in the U.S.
Member Exclusive‘It is all DTC now’: VCs are eager to strike deals again
In March, the fundraising environment for direct-to-consumer startups was “downright frozen,” as Michael Duda, managing partner at hybrid accelerator agency and venture capital fund Bullish, put it. Now, March seems like a lifetime ago. Over the past six months, many direct-to-consumer startups in categories ranging from home improvement, health and wellness and food have struck […]
Member ExclusiveDTC brands are rethinking their ‘never-go-on-sale’ rule
DTC startups who have prided themselves on either never offering sales, or only offering them on Black Friday, are throwing their playbooks out the window.
Member ExclusiveAfter record sales, DTC startups are focusing on retention
Retention is an important focus for DTC startups year-round. But, with many customers buying some types products online for the first time during the pandemic, DTC startups have a unique opportunity to convince those first-time customers to stick with e-commerce.
SponsoredB2B events were broken before the pandemic, their online reinvention is creating positive change
Kim Darling, executive producer, Inbound Farewell lanyards, business cards and branded pens — it’ll be some time before people get their hands on these souvenirs of in-person events again. As the COVID-19 pandemic continues to transform the way people work, buy, sell, socialize and entertain themselves, the global events industry is facing its biggest-ever challenge. […]
Member ExclusiveBy being too customer-obsessed, DTC startups are failing their retail employees
Despite their affinity for shirking traditional retail practices, there's one thing that direct-to-consumer brands can't shake off entirely: the belief that the customer is always right.
Member ExclusiveA domino effect: How USPS delays may hurt e-commerce startups
Every e-commerce business, from mom-and-pop shops all the way up to Amazon rely on the USPS in some way, Now, service delays threaten to destroy one of the backbones of e-commerce


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Earlier this month, the NY Times reported that a Russian crime ring has amassed 1.2 billion user name and password combinations and more than 500 million email addresses from the Internet. According to security firm Hold Security, many of the sites from which the credentials were stolen are still vulnerable.
There is a concern among the security community that keeping personal information out of the hands of thieves is increasingly a losing battle. Last December, 40 million credit card numbers and 70 million addresses, phone numbers and additional pieces of personal information were stolen from Target by Eastern European hackers. This latest discovery, however, prompts security experts to call for improved identity protection on the web.
Read the full story online.
As a result of the large amount of usernames and passwords that have fallen into the hands of criminals, one NY Times reporter came up with a two-step plan to prevent hackers from getting into his online accounts. He contacted all of the companies with which he does online financial transactions to find out if they support multi-factor authentication. He writes about his experience here.
If you are concerned about your online accounts and whether they are secure enough, you may want to take some similar steps or be proactive in other ways. One suggestion I would make — until all companies offer multi-factor authentication — is to update your passwords on a regular basis and manage them using a password storage manager, either LastPass, 1Password or KeePass.


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Several weeks ago, I read a headline that made me laugh out loud because I thought it was satire. The headline read “Facebook Changes Its Name to Meta.” But a few days later, Mark Zuckerberg confirmed the rumor that Facebook was changing its name. Then, that strange commercial with the kids walking through an art gallery that comes alive began appearing in between episodes of my HGTV shows. Turned out to be an advertisement for the re-branding of Facebook to Meta.
Why Mark Zuckerberg Wanted to Re-Brand
When I learned that the headline was true, Facebook really was getting a name change, I thought, “Has Zuckerberg finally lost his mind?” Then I began reading about the company’s plans and their reasoning behind the name change.
What started out as a simple social site for college students has grown into a “multinational technology conglomerate” with Facebook acquiring multiple platforms including Instagram over the last several years. It seems that Zuckerberg feels Facebook has outgrown its brand and needed a change that reflects Zuckerberg’s future plans for the company.
What Are Meta’s Future Plans?
Currently, Facebook and all of Meta’s social media platforms operate on someone else’s operating system. Zuckerberg and a number of other companies are aiming to create their own future version of the internet called the metaverse. This internet would be a shared online 3D virtual space.
Creating their own operating system isn’t the only reason for the name change. Facebook has faced a slew of problems and bad press related to the release of the Facebook Papers, documents released by a company whistleblower that highlights issues within the company. Many feel that the re-brand is Facebook’s way of helping their users forget about the Facebook Papers controversies.
Regardless of the reasons behind the re-brand, it’s safe to say we’re going to see some major, hopefully positive, changes in the near future with Meta and all its sister companies.
Right now we wait with bated breath to see if Zuckerberg’s future plans actually come to fruition. To be honest, despite the weird commercial and initial surprise at the name change, Zuckerberg and company’s future plans seem exciting for people like me who work in digital marketing. That is IF these plans work out. Some experts see these new plans as lofty at best and an attempt to conquer the internet in a whole new way. Skeptics cite the outages that often plague the platforms owned by Meta and some worry about what would happen if an outage occurred once the metaverse becomes its own operating system.
Here’s the thing. I don’t think Zuckerberg’s vision is too lofty. I mean, the man literally changed the way we interact with one another and the way we use the internet. I do cringe a bit at Facebook becoming this corporate conglomerate that wants to buy up all its rivals and eliminate the competition. But his plans to launch his own version of the internet don’t surprise me one bit. What else would you expect from an ambitious young man who already has the world as his oyster? He’s going to keep creating and keep aiming higher.
Will the new Metaverse change digital marketing? I like to think of it more as evolving and the answer to the question is yes! But we are ready to go along for the ride.
Do Meta’s future plans make you anxious when it comes to planning your business’s social media marketing strategy? Hand the reins over to the digital marketing experts here at Momentum Consulting and let us navigate these new roads for you. Click here to request your free consultation.


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Android – The next coolest thing … a name currently making headlines, made boom in the past and now it’s pushing its limit to the hilt.
In a frenzy this month, Android revealed its new OS, the Ice Cream Sandwich also known as Android 4.0 and the Gigantosaurus of its herd, the Samsung Galaxy Prime. But one such shocking revelation comes true, an Android powered Watch! Yes, you heard it, a Watch.
Making its debut in the ARM TechCon is the world’s first “SmartWatch”, I’m Watch, which is basically a watch but with all the goodies of an Android powered smart phone. We have had Sony Ericsson’s Liveview and Moto’s leaked Tracy XL, but this altogether a newer cooler watch for which the Geek community is eagerly waiting.
I’m Watch packs in an ARM IMX233 processor with an amazing 4 gig flash memory and 64-MB RAM within 1.54″ TFT display. Enough for a Android-based Watch to make heads turn in a moment.
Also it comes with Bluetooth 2.1+,microphone, built-in speaker, 3.5 mm headset jack and charging jack. Now that is something to watch out for!!


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In these difficult times for the UK car industry, the team at Car Dealer Magazine and I are trying to do everything we can to support, inform and help our readers.
I wanted to take this opportunity to chat to you about what we will be doing to help support the car retailing industry over the next few weeks and months.
My company, just like yours, is facing desperate times.
We know the industry is suffering and we are suffering too (that picture above was from far happier times). But we are in this together – and by sharing positive news, help, advice and genuine good stories I hope that we can keep the positivity flowing.
I’ve been working with my team – remotely – since the middle of last week, and all weekend, to get a new website rolled out. It’s live, and hopefully you like it.
Our web traffic has rocketed in recent weeks. In fact we’re 2,239 per cent up on last year’s traffic and every day it increases more as we know people are desperate for information.
That’s why we have launched this new website to help showcase the huge amounts of help and advice pieces my team and I are working on. We’ll be constantly refining this in the coming days and weeks.
This week we will launch a webinar which will take place on Wednesday at 12pm for the first time. I’ll be working first with Lawgistics to help share advice for dealers.
Our legal friends are fielding calls from worried dealers and boss Joel Combes and I have agreed that by talking about these in a webinar we could help others.
It will be hosted on this website and will be available to view again after the live event. If all goes well I plan to talk to dealers, suppliers and others over the coming weeks – as often as I can, to help share their stories during these difficult days. I’ve already got a good guest list lined up, if you want to get involved, get in touch.
Please bear with us while we get this new format up and running, but I hope it will give you some entertainment and advice – and if all goes well we’ll run them as often as we can. But for now, put midday Wednesday in your diary.
We have relaunched our weekly news briefing and will attempt, where we can, to publish this as often as possible – we sent one Saturday and one today. With the pace the news agenda is moving currently, and the amount of content piling on to our website, a daily briefing is likely.
The first of these started over the weekend as we summarised the latest changes and will continue this week.
If you want to get a copy, simply click the link below and fill in your details. If you don’t like it you can easily unsubscribe, but we hope the help, advice and news stories will help you during these coming weeks.
Car Dealer Magazine
I have been publishing Car Dealer for 12 years now and have never faced a more difficult time. We know dealers are in dire straits and we know suppliers to the industry are struggling too.
Car Dealer is funded by the generous advertisers who support the magazine – but we know many are cutting back. At this tough time we pledge to keep the magazine going for as long as we can, but we need all your help.
We will continue to publish and deliver the magazine to our subscribers for as long as we can, but you can help us out in a number of ways.
PLEASE pay for a subscription – if you can pay for a subscription it will help us at this very difficult time. Subscriptions are £49.99 a year and can be made by clicking here. This money will help us pay staff, cover postage and print costs and keep the magazine going. If you can help, please, please think about doing so – it will mean a huge amount.
Advertisers – if you can continue to advertise in our magazine or online during this difficult time it will help us keep the lights on. We know you are struggling just as much as we are and we’re trying to share the positive stories and moves many of you are making in this time. If you can help us by spending with us, it would make a monumental difference.
Car Dealer Magazine deliveries
If you are a current subscriber and would like to change your delivery address from work to home during this crisis we are very happy to do that.
- Your current full address where the magazine is being delivered
- The new address you’d like it changed to
- Email it to [email protected]
We’ll action that in time for the next magazine being delivered.
We know that now, more than ever, good quality information about the motor trade is vital and we will continue to provide that for as long as we can in Car Dealer Magazine, but that won’t be possible without the support of you, our readers, and our advertisers.
Please consider supporting us by paying for your subscription during this time, as it will make a huge difference to keeping the wheels turning. As mentioned, a year’s subscription is £49.99 and will help us keep the mag going out and the lights on.
I promise we’ll do all we can during this time to keep you informed, entertained and up to speed with the latest developments in the motor trade – be that online, in print or on social media. Let’s stick together during this difficult time and we will come out the other side.


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The median sales price of new houses sold in July 2020 was US$330,600. The average sales price was US$391,300
Very few new homes sold were under US$150,000 in April 2020. This is down from 30% in 2002. In general, the stock of homes for sale under US$150,000 bracket is going away.
The surge in sales was driven by a nearly +59% increase in the Midwest month-over-month. Sales also increased on a monthly basis in the South and the West, but fell by -23% in the Northeast.
Total housing inventory at the end of July totalled 1.50 million units, down -2.6% from June and -21% from July 2019, according to the association.
US Existing Home Sales: July 2020
The number of existing home sales across the country grew by +25 percent to 5.86 million last month compared to the 4.72 million homes sold in June, according to a new report from the National Association of Realtors. The hike from June represented the highest monthly increase in sales on record, the NAR said.
The median existing-home price was US$304,100 in July, up +8.5% from a year earlier. It’s the 101st month where home prices have increased on the year, and marks the first time ever that national median home prices have exceeded US$300,000.
Inventory was down slightly in July to 1.5 million units from 1.9 million a year ago, representing a 3.1-month supply of houses at the current pace of sales. The July supply number is the lowest on record.
The NAR said higher sales in July continued the upward trajectory from June following a three-month market slump between March and May. June sales rose +21% month over month to an SAAR of 4.72 million units.


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Dubai-based Landmark Group has announced its plans to open 50 new stores across the UAE by the end of 2015. The announcement was made ahead of the launch of three new stores at Dubai Festival City Mall. The creek-side mixed-use destination developed by Dubai-based Al-Futtaim Group Real Estate (AFGRE) has opened doors to Landmark Group’s Centrepoint, Max and Emax — spanning 100,000 sqft of retail space across two floors.
The 50 new stores will take Landmark Group’s consolidated store count in the country to over 550 and total retail area to almost eight million sqft. Landmark Group currently operates over 270 stores in the emirate.
“Growing our presence in Dubai Festival City Mall is an important step in our expansion plans in the UAE. With the nation gearing up to host more than 20 million visitors in 2020, nation’s leadership has a commitment to strengthen infrastructure and upgrade tourist offerings. As a retailer catering to the masses, we also seek to simultaneously growing our presence across destination malls and community centres in strong catchment areas,” says Vipen Sethi, CEO, Landmark Group. “Moreover, Dubai Festival City Mall is a favoured destination for a number of residents in the UAE for its range of retail and hospitality outlets that cater to eclectic tastes. We are confident that the entry of our reputed brands will add a new dimension to the mall’s existing portfolio,” he adds.
“We are extremely pleased to add Landmark Group’s big box store concepts to Dubai Festival City Mall. The Landmark Group is a key strategic partner as we work closely together across our regional portfolio of malls. The opening of Centrepoint, Max and Emax are much anticipated by our shoppers and we welcome these fashion and electronics offering to the mall,” states Murray Bell, managing director (retail) at AFGRE.
How much technology is too much technology? Tech has inevitably become asApril 15, 2021 | By Shruthi Nair
According to a report by the United Nations, the fashion industry accountsFebruary 18, 2021 | By Shruthi Nair
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
World’s largest fully integrated online brand in fresh fish and meat e-commerce
Who isn’t a sucker for discounts? Customers today are spoiled for choice
The various e-commerce and virtual retail stores that cater to different product
A private helicopter carrying the chairman and managing director of Lulu Group,
Tighter restrictions on hotels, restaurants, shopping malls and entertainment venues on account of
All hotels and restaurants have been directed to temporarily hold entertainment activities
The new Dubai Gold Souk is “very much on track”, according to
Gone are the days of traditional brick-and-mortar as well as purely e-commerce
The Dubai Gold & Jewellery Group’s ongoing jewellery campaign, held in association
Retail Abu Dhabi, the retail platform of the Department of Culture and
Gulf Marketing Group (GMG) is gearing up for a continued surge in
UAE-based Emaar Malls have announced the resignation of its CEO, Rajiv Suri
The Lumière Co, a new e-commerce platform, has launched to offer young


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The Florida Lottery announced that Morris McCarty, 68, of Miami, claimed a $1 million prize from the $5,000,000 LUCK Scratch-Off game.
McCarty used a secured drop box located at the Miami District Office and chose to receive his winnings as a one-time, lump-sum payment of $760,000.00.
McCarty purchased his winning ticket from Total Food, located at 7777 Northwest 17th Avenue in Miami. The retailer will receive a $2,000 bonus commission for selling the winning Scratch-Off ticket.
The $20 game, $5,000,000 LUCK, launched in September 2019 and features more than $329 million in cash prizes, including six top prizes of $5 million. The game’s overall odds of winning are one-in-2.97.
Scratch-Off games are an important part of the Lottery’s portfolio of games, comprising approximately 75 percent of ticket sales and generating more than $1 billion for the Educational Enhancement Trust Fund (EETF) in fiscal year 2019-20.
Florida Lottery offices are currently open to the public by appointment only for players with prizes valued at $600 or more.


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Mid-tier diamond miner Petra Diamonds Ltd said its first-quarter revenue sank sharply as sales and prices fell, despite production increasing slightly compared to the same period the prior year. For Q1 FY 2020, covering production and sales from 1 July 2019 to 30 September 2019, diamond production rose 1% to 1.08 million carats from 1.07 million carats a year prior.
Diamond sales, however, fell 4% to 603,626 carats from 626,541 in Q1 FY 2019 and prices were 4% lower on the three months prior, a decline the miner said was "compounded by a poorer product mix at Finsch, Williamson and Koffiefontein," three of its mines in South Africa. As a result of lower volumes and prices of goods sold, revenue declined 23% to $61.6 million from $80.2 million a year before. Petra added that prices at their second tender in Antwerp "indicate some stabilisation with early signs of modest improvement towards year end," which may be due to the efforts of price setters De Beers and Alrosa to limit output and sales into the midstream. Revenues do not yet reflect the sale of a 20.08 carat Type IIb exceptional blue diamond that was recovered at the Cullinan mine in September and will be sold via special tender in Johannesburg in November 2019. Early estimates are that this single stone could earn as much as $15 million.
"We have reported another quarter of solid operational performance putting us on track to achieve our full year production target of circa 3.8 million carats," Petra Chief Executive Officer Richard Duffy said. "The diamond market remains challenging, however we will benefit from the sale of the exceptional 20.08 carat Type II blue diamond from Cullinan recovered at the end of the quarter," Duffy added. "The implementation of Project 2022 is now under way, targeting $150 million to $200 million free cashflow over the next three years. We are expecting benefits to be realised from the second half of 2020 and will provide regular updates on our progress." They also noted that the weak South African rand compared the the US dollar provided "favorable hedging opportunities ... partially offsetting the impact of weaker diamond prices."
Net debt on 30 September 2019 stood at $592.8 million (30 June 2019: $564.8 million), but the miner says the increase is due to only one tender in Q1 and takes into account an increase in diamond inventories, valued at $92.4 million at period end (30 June 2019: US$57.5 million).
Image source: Petra Diamonds


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KUALA LUMPUR, Feb 18 (Bernama) -- Public Gold Group has launched its first gold dispensing automated teller machine (ATM), known as Malaysia Gold ATM, at Menara Public Gold here to enable consumers to purchase physical gold bars conveniently.
Founder and executive chairman Datuk Louis Ng said the company is eyeing to have 50 ATMs this year to encourage the general public, particularly Malaysians, to keep physical gold for long-term wealth preservation.
He said the Malaysia Gold ATM enabled consumers to purchase physical gold bars with 999.9 purity, which ranges up to five grams per bar, at great convenience.
“This machine operates 24 hours a day, seven days a week to cater to ad-hoc demands at anytime of the day with just a push of a button.
“We will put it in high traffic areas such as airports and theme park where they can buy the physical gold bars, which ranges up to five grams per bar, at great convenience,” he told reporters after the Malaysia Gold Conference 2023 here today.
Ng said the ATM would feature astonishing designs from, amongst others, Disney, Marvel Studios, Warner Bros, Juventus, Garfield, Ejen Ali and Monsta, which are perfect not only for personal collection and physical gold trading purposes but also as gifts to family and friends.
Besides that, he said keeping physical gold is an excellent way to hedge against inflation and with the current economic situation in Malaysia, more locals should consider keeping physical gold to safeguard their existing wealth.
Meanwhile, Ng, who is also the Malaysia Gold Association (MGA) president said the inaugural one-day Malaysia Gold Conference 2023 is set to bring the local gold industry to greater heights.
“MGA is honoured to host this gold conference as its annual event to promote the Malaysian gold industry to the community and international players.
“We shall make this a major industry event in this region with the government agencies such as the Malaysia External Trade Development Corporation, International Trade and Industry Ministry and Malaysian Investment Development Authority,” he added.
Established in 2014, MGA is the Malaysian association able to represent the precious metal industries, such as gold, silver and platinum, from upstream to downstream activities, including refining, manufacturing and minting, trading, jewellery smiths, pawnbroking, assaying and logistics.
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 IFLIX channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
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Some of you may not know that they're making a Puss in Boots movie, and a coinciding video game will release alongside it. THQ has announced that they're working on the licensed title, and it will be a motion-controlled title. That means we'll be seeing it hit the 360 using Kinect, the PS3 with Move, as well as versions for the Wii and DS.
Key features are going to include being able to wiggle around to escape enemies with the Kinect version, dance battle mini-games on the DS, or swashbuckling sword fights via Move. That last one actually sounds decent, but the rest of the features are thoroughly silly. Puss in Boots will release at the same time as the film.
|3:30 PM on 04.24.2013|
Nintendo promises to continue selling the DS
In its fiscal year report released earlier today, Nintendo withheld a forecast for DS unit sales through March 31, 2014. Considering that even the Wii received a new yearly target, the logical assumption would be that Nintend...more
|1:00 PM on 04.24.2013|
Nintendo missed fiscal year targets for 3DS, Wii U
Nintendo's fiscal year 2013 report was just released today, and the details are... well... umm... they're certainly something alright. Neither hot nor cold. Just... there. For the year ending on March 31, 2013, Nintendo poste...more
|10:30 AM on 04.09.2013|
Pachter: Nintendo should leave the console business
In the latest episode of Michael "Frisky Buns" Pachter Says Things About Nintendo And Everybody Gets Angry, the industry analyst was asked if he hated Nintendo. The slick-tongued gentleman said he didn't actively dislike the ...more


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In the summer of 2015, telecom giant AT&T closed its acquisition of satellite powerhouse DirecTV, touting its new role as “the largest pay TV provider” in the world. Price tag: $67 billion, including debt. AT&T ended that year with 25.4 million U.S. pay TV subscribers.
Fast-forward to this Feb. 25, when AT&T sold a 30 percent stake in DirecTV and its other video services, U-Verse and AT&T TV, to private equity firm TPG Capital. The deal valued the new entity, known as DirecTV, at $16.25 billion, “down considerably,” as Moody’s analyst Neil Begley noted — 76 percent to be precise. AT&T had ended 2020 with 17.2 million U.S. video subscribers, a third lower than in 2015.
“AT&T’s DirecTV is inarguably one of the worst acquisitions of all time,” MoffettNathanson analyst Craig Moffett wrote to his clients after the deal was unveiled. “Most put the ‘real’ valuation of the deal at closer to $12 billion.” The driving factor: cord-cutting and the rise of streaming.
“The anemic valuation shows just how dire things have gotten in the pay-TV ecosystem,” says Wells Fargo analyst Steven Cahall. Even AT&T CEO John Stankey, who in 2015 had been tapped to oversee DirecTV, had to admit on Feb. 25: “We certainly didn’t expect this outcome.”
For TPG, whose media investments also include CAA and Spotify, the complex deal allows the firm to get a 30 percent stake in the video business for just $1.8 billion in cash. It is betting on buying in at a low price and leveraging its experience in taking stakes in businesses and working with existing owners to improve their performance. Said TPG partner David Trujillo: “TPG looks forward to partnering with AT&T and new DirecTV leadership to bring the right focus, attention and execution in support of new DirecTV’s position as a competitive video provider.”
Debt analyst Begley expects AT&T to use the money from the sale “to help offset” the higher-than-expected more than $23 billion it recently agreed to spend on 5G wireless spectrum. But stock analysts described the immediate financial impact of the transaction as limited and their view on AT&T’s shares unchanged. “What they’ve really done is buy the right to lock DirecTV in the basement in the hope that no one remembers it’s down there,” Moffett argued.
Some hope though another deal step will follow down the line, as Cowen analyst Colby Synesael wrote: “We’d note a potential merger with Dish is likely the most compelling opportunity.” Bernstein’s Peter Supino echoed that, saying AT&T “retains plenty of exposure to the potential synergies of a merger with Dish.” But Moffett noted that antitrust concerns about such a deal remain: “Eventually, they’ll be allowed to merge, but by the time it happens, the combined valuation might still be less than the standalone valuation of DirecTV today.”
Some wonder if AT&T could down the line decide to also undo another big acquisition: the 2018 purchase of WarnerMedia for $85 billion. Several analysts have suggested Comcast’s NBCUniversal as a deal partner. Said Supino: “Without a major deleveraging transaction (WarnerMedia to NBCU?), we see AT&T … beginning down a very slow deleveraging path that should hamper AT&T’s ability to invest in its connectivity and media businesses as well as the stock’s potential for capital appreciation.”
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The World’s First Plantable Coffee Cups Will Offset Your Takeout Latte Habit with Trees
Disposable coffee cups continue to be a huge source of waste in the US. Coffee drinkers use billions and billions of coffee cups each year. And while we love reusable and recycled cups, a new company has come up with a more interesting solution: plantable cups. Cal Poly student Alex Henige has developed a line of paper cups with seeds implanted in them. When you are done with your morning cup of coffee, simply soak the empty cup in water for five minutes and plant it in your garden or anywhere else that could use more greenery. Henige has outfitted his cups with a variety of wildflowers and tree species that he says can help reforest areas that have suffered from either fire or over-forestation. Interestingly, he claims that while recycling cups is wonderful, most of them ultimately end up in landfills anyway. The fibers in the paper can only go through the recycling process three times before they are no longer soft enough to use, and no matter how well-intentioned we might be, we have to throw them away.
Henige has already made a plantable prototype and is currently running a Kickstarter to fund the first round of cups in Marin County, California, and Boulder, Colorado. He will hopefully partner with local coffee shops there to carry the cups and get them into the hands of their customers. As of this writing, Henige has raised more than $8,800 of the $10,000 he needs with almost two weeks remaining. To contribute, head over to his website here.
If the rest of the country drinks as much coffee as we do, these cups could create a whole new ecosystem.


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Barclays, Britain's biggest retail bank, is set to offer customers the ability to use mobile video technology to have face-to-face consultations with staff at any time of day. In what Barclays is calling...
But iPhone sales dipped nearly 7 per cent from a year ago
Q3 2020 profit of $10.75 billion is up 22 per cent from the same period last year
Some sectors are experiencing 11 times the number of incidents they were before the pandemic
Zoom's popularity has exploded in recent weeks because of the coronavirus pandemic, but doubts remain over its security
Season One: Empowering the remote working revolution


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What you need to know
- Apple Stores in the US will begin to reopen next week.
- Idaho, South Carolina, Alabama, and Alaska will be first.
- Temperature checks, social distancing, and face coverings will be required.
Apple's retail stores have been closed in the United States since March, but the company is about to begin reopening a small number of stores starting next week.
Reported by 9to5Mac, the first stores to reopen will be in Idaho, South Carolina, Alabama, and Alaska.
"Apple will focus its initial reopening efforts on regions less impacted by infection. The first Apple Stores in the U.S. to begin welcoming customers again are located in Idaho, South Carolina, Alabama, and Alaska. Apple operates six stores across the four states."
In order to ensure the safety of employees and customers, Apple Stores will have many new policies in place such as temperature checks, social distancing, and face coverings.
"We're excited to begin reopening stores in the US next week, starting with some stores in Idaho, South Carolina, Alabama and Alaska. Our team is constantly monitoring local health data and government guidance, and as soon as we can safely open our stores, we will.
We've missed our customers and look forward to offering our support. With many working and learning from home, our primary focus will be providing service and support at the Genius Bar. We'll open initially with additional safety procedures including temperature checks, social distancing, and face coverings to ensure customers and employees continue to stay healthy. Our new social distance protocol allows for a limited number of visitors in the store at one time so there may be a delay for walk-in customers. We recommend, where possible, customers buy online for contactless delivery or in-store pickup.
As local guidance varies around the US there may be slight modifications to our procedures. As always, our thoughts are with everyone affected by COVID-19 and those working around the clock to treat, study and contain its spread."
If you can get away with shopping online and do not need to visit a physical store, Apple has launched a new online hub to bring what you need most from the Apple Store to the company's website.


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(NNPA) — Special to the NNPA from The Miami Times
With the low-income levels of Black women living in Miami’s Upper East Side and the rise of the Black natural hair movement, some question the viability of the new, luxury hair extension boutique Indique that opened in the Miami Modern district last month.
Indique’s grand opening is April 11 and will have consultants available to talk about its high-end hair extensions.
Over the past five years, Black women in Miami have joined a national trend in wearing their hair free of chemicals and have reverted to afros, twists and braids.
But proponents of hair extensions say customers love the flexibility and versatility. For the Indique customer, it is a little more.
The Miami store will be the retailer’s 15th, where hair extensions are priced from $99 to $330 per four-ounce tube. To get a full head of hair extensions sewn in, a client would need to purchase two to three tubes, says Brooklyn, N.Y. boutique manager Laura Policastro.
“We tell our clients to consider it an investment. You might spend up to $800 on hair and you may say ‘That’s my rent’ but we guarantee that our hair lasts for up to one year if you take care of it,” said Policastro.
Sybil Jarrett has operated a hair salon in Miami Shores for the past 25 years and says the majority of her clients are Black women.
“My clients buy their weave from local beauty supply stores for between $10 and $20 a bundle,” said Jarrett, owner of D&D Unisex Salon, 8955 NE Sixth Ave. “Even though the more expensive brands last longer, a lot of my clients are looking for cheaper prices.”
She recalls her higher-end clients visiting Lugo’s Hair Center at 920 NW 119th St. where their hair color and texture would be matched and their custom extensions created on the spot. The location is now closed and these clients have resorted to ordering online.
While MiMo – the district between Northeast 50th and 77th streets – has experienced vast expansion since 2007, with a plethora of swanky restaurants, modern commercial buildings and a collection of renovated motels cropping up, the income levels of Black residents living nearby may not allow for such an investment.
But Indique is banking on these customers since, according to publicist for Indique’s Miami launch Tina-Gaye Bernard, Black women make up 95 percent of Indique’s clientele.
In the bordering Little River neighborhood, the median income is $19,344, according to Realtor.com. The average rental rate for a one-bedroom apartment within the store’s 33138 zip code ranges from $700 to $1,451. Lemon City, which houses Little Haiti, has an income lower than 94.3 percent of U.S. neighborhoods, according to NeighborhoodScout.com. Both Little River and Lemon City are heavily populated by Black residents.
Nevertheless, there are some affluent neighborhoods close to the district such as Belle Meade to the east, Bayside to the south and its stone’s throw neighbor to the north – Miami Shores. Miami Shores, which as of the 2010 U.S. Census had a Black population of 23.8 percent, has a median household income of $81,696.
Indique strategically chose to open a new location in the area because of Miami-Dade county’s large Black population and chose the MiMo district for its trendy feel.


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Majorie van Duursen and Jacob de Boer in Radar
The AIMMS researchers comment on the chemicals PFAS
10/05/2020 | 2:47 PM
Several products contain PFAS, chemicals that are harmful to your health and the environment. There are about 5,000 of them: chemicals that never disappear. In the Dutch TV program Radar, the effect of these toxins was discussed, what politicians do and what you can do to protect yourself. VU professor of toxicology Majorie van Duursen explained to Radar that these chemicals are already found to a large extent in the blood of babies, which has an effect on their immune system. Watch the broadcast.
Moreover, Van Duursen commented on this topic as well in the Dutch Radio program Stax&Toine.


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21 health industry groups address FDA on proposed changes to generic drug label rules
WASHINGTON — In anticipation of the March 13 deadline for comments on the FDA’s proposed rule on prescription generic drug labeling, 21 health industry groups submitted a new letter to the agency on Thursday, raising concerns about the proposed regulation.
“Groups from every part of the healthcare supply chain agree that the Proposed Rule raises serious questions about patient safety, cost and access," said Ralph Neas, president and CEO of the Generic Pharmaceutical Association. "That is why pharmacists, chain drug stores, distributors, pharmacy benefit managers, suppliers, healthcare advocacy groups and others are joining us and saying, ‘We can do better,’” he said. “They recognize that by changing the FDA’s long-standing commitment to consistent labeling, this rule could have serious unintended consequences. We are most concerned about the dangerous confusion multiple labels would cause and the increased costs of and reduced access to generic medicines for patients who need them most.”
The letter was signed by the Academy of Managed Care Pharmacy, American Association of Colleges of Pharmacy, American Pharmacists Association, American Society of Health-System Pharmacists, Amerinet, AmerisourceBergen, Cardinal Health, Cardiovascular Research Foundation, CVS Caremark, Express Scripts, H. D. Smith, Healthcare Distribution Management Association, Healthcare Supply Chain Association, Mckesson, MedAssets, National Association of Chain Drug Stores, National Coalition on Health Care, Novation, Pharmaceutical Care Management Association, Premier Healthcare Alliance and Walgreens.
“Especially noteworthy are the associations representing more than 100,000 pharmacists and more than 40,000 pharmacies who signed on to the letter,” Neas noted. “No one understands better than pharmacists the potential harm this proposed rule could engender. They are the ‘on the ground’ trusted experts who dispense more than three billion generic medicines that Americans use every year. The FDA should listen carefully to their concerns.”
The signatories call for FDA to consider the public health impact of the draft rule. The letter reads: “The FDA and others need to fully explore the potential unintended consequences that the rule may have on patient access and national health care costs. Permitting labeling changes for generic drugs without FDA approval counters 30 years of law requiring generic and brand medicines to have the same labels.”
The letter, addressed to FDA Commissioner Margaret Hamburg, also points out the issue of potential liability for healthcare practitioners, stating: “The Proposed Rule also may expose pharmacists, physicians, generic drug manufacturers and others in the healthcare system to substantial new tort liability costs; these, in turn, would require generic manufacturers to adjust prices to stay in business, withdraw products or decline to launch new affordable versions of brand medicines. This would have a chilling effect on the ability of generic manufacturers and others in the pharmaceutical supply chain to provide affordable medicines to millions of Americans and people across the globe. This is the opposite effect that was intended with the advent of generic medications.”
The letter also pointed to the impact of the Proposed Rule on healthcare system costs, citing a recent study by Matrix Global Advisors. It showed that spending on generic drugs would increase by $4 billion per year (or 5.4% of generic retail prescription drug spending in 2012). Of this, government health programs would pay $1.5 billion, and private health insurance, $2.5 billion.
The letter recognizes the need for a streamlined, efficient process for updating safety information regarding the use of pharmaceutical products for healthcare practitioners and the public, and ends on a positive note, stating, “We believe that simple changes to the proposed rule can achieve all of FDA’s objectives related to efficient communication of important safety information. At this critical juncture, we look forward to working with you and all stakeholders to identify a course of action that does not put patient safety or patient savings at risk.”
Reports: Administration budget seeking $4.7 billion for the Food and Drug Administration
WASHINGTON — The administration is seeking $4.7 billion for the Food and Drug Administration, representing a 6.8% increase, according to a report published Tuesday by the Washington Post.
According to the report, the budget includes $25 million to register and inspect large-scale compounding pharmacies.
“This is really quite a positive outcome for the FDA in this tight budget environment,” said FDA Commissioner Margaret A. Hamburg the Post reported. “I consider the additional funding for the agency to be a tribute to the important work the FDA performs on behalf of the American people, the hard work and dedication of FDA employees, and our ability to meaningfully demonstrate the value of our work to stakeholders.”
Low flu incidence a drag on February sales at Rite Aid, but comparable sales still up 1.5%
CAMP HILL, Pa. — Rite Aid on Thursday posted a 1.5% increase in same-store sales for the five weeks ended March 1. February front-end same-store sales decreased 1.8%, of which 0.5% was attributable to a decrease in sales of flu-related over-the-counter products. Pharmacy same-store sales, which included an approximate 138 basis points negative impact from new generic introductions, increased 3.1%.
For the 13-week quarter, Rite Aid recorded a same-store sales increase of 2.1%. Front-end same-store sales decreased 0.7% while pharmacy same-store sales increased 3.5%. Prescription count at comparable stores decreased 1.8% over the prior-year period.
For the five-week period prescription count at comparable stores decreased 1.4% over the prior-year period, of which 1.3% was attributable to a decrease in flu-related prescriptions.
Total drug store sales for the five-week period increased 2.4% to $2.5 billion. Prescription sales accounted for 69.1% of drug store sales, and third party prescription sales represented 97.3% of pharmacy sales.
Total drug store sales for the 13 weeks ended March 1, 2014 increased 2.2% with sales of $6.6 billion. Prescription sales represented 67.5% of total drug store sales, and third party prescription sales represented 97.1% of pharmacy sales.
Year-to-date Rite Aid has generated $25.4 billion in sales, representing a 0.5% increase.


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It’s pretty normal for people to cheat in online video games. People would normally bring up cheat engine back in the day to manually add money or credits to their online game accounts, and you’d expect to get suspended or banned. But Genshin Impact developer, HoYoverse, decided to make an example out of three cheaters by taking legal action against the group. It’s official. The cheaters are going to jail.
HoYoverse Sends Genshin Impact Cheaters to Jail
You’d think HoYoverse would take legal action against a giant operation, but the operation was being run by a mere three people! The team of individuals who were creating cheats for Genshin Impact has been sentenced to some jail time after HoYoverse went ahead and filed a district police report back in 2021.
The three cheaters were allegedly selling these cheats to other players of the videogame, and this pretty much prompted HoYoverse to take the matters into a court of law. This seems to be the first time that cheaters on Genshin Impact are getting jail time for committing an otherwise innocent crime.
But in this scenario, the cheaters were selling the cheats to other players, which complicates the situation quite a bit. The cheaters were apparently developing cheats through their own software, and this enabled other people to cheat as well for a price.
A report issued by GameRes states that the cheating software created by the group back in 2020 allowed users to obtain an infinite amount of Primogems along with other valuable in-game items for practically nothing.
So, a bit of cheat software selling, nothing bad, right? Well, the players sold a total of 40,000 keys for the cheating software to players. The keys were sold from October of 2020 all the way to May 2021. This provided the cheat developers with nearly 300,000 dollars in profit. Now that is a felony worth suing for!
All of the three cheaters pled guilty to the accusations made by HoYoverse during the trial. The leader of the group was given a sentence of four years along with a 50,000 RMB fine, which is the official currency of China. The second member was sentenced similarly, to around 3 years and 10 months in jail along with another 50,000 RMB fine.
The final member of the trio was handed a lighter sentence of just one year and six months of jail time with a measly 10,000 RMB fine. Just for reference, 50,000 RMB is equivalent to 7,436 Dollars.
The players, although being convicted for their crime, got off relatively scot-free as they still made a 300,000 dollar profit from the whole ordeal.
This isn’t the first time HoYoverse has gone up against Genshin Impact-related offenses. It was earlier this year that the developer fined a leaker a whopping 78,000 U.S. Dollars for leaking early footage and data regarding the upcoming 2.5 beta for Genshin Impact.
The sentence came about just a mere few weeks before the 3.0 version of Genshin Impact was released. It should serve as a warning for those looking to exploit Genshin Impact when the new region, Sumeru, and new characters are added to the expanding map of Teyvat.
Players should grind and earn items and in-game currency the legal way or pay HoYoverse legally to purchase in-game items because risking your life for a few dollars and a few in-game items is not the way to go.
So, what do you think? Did HoYoverse do the right thing, or should they have banned the cheaters and let them off with a warning? Let us know in the comments below. We got more content coming up on Appuals. Till then, see you later and goodbye!


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The oldest millennials are turning 40 this year. Close to five million turned 30 last year, and 4.8 million are turning 30 each year in 2021, 2022, 2023, and 2024. This puts the millennial generation in the prime of their spending years for home buying, with the older segment “buying up” to larger homes, and the younger segment buying first homes.
The pandemic has created an interesting trickle-down effect - more people working remotely enables workers to move out of urban areas to the suburbs; and lower mortgage rates have enabled buyers to afford more house than they previously could have. According to a Realtor.com housing forecast, millennials currently account for the largest number of residential real estate transactions, and they are often purchasing in the high-end housing market.
This boom in suburban housing purchases is bringing an increase in consumer purchasing related to home ownership, from lawn care to home goods to pet food. One company, Tractor Supply Co., a chain of nearly 2,000 small format stores in 49 states, has seen sales growth of almost 43% over the last year due to this rural migration, according to CNN Business. The article states that company CEO Hal Lawton attributes much of the growth to millennials, based on customer survey data. This data also showed 25% of their customers recently adopted new pets, which Lawton calls “an annuity” for the business as owners continue to care for their pets over the years. To keep up with this growth the company will open 80 new stores this year.
According to the Wall Street Journal, sales at Lowe’s rose 24% last year, the fastest pace in two decades, although the company is forecasting a decline in revenue in 2021.
|Read more about trends impacting retailers, consumers and product manufacturers.|


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JACKSONVILLE, Fla. – A long-awaited Publix opened its doors in East San Marco Thursday morning after being in the works for 20 years.
Dozens were through the doors in the first hour Thursday with balloons set up at the main entrance to welcome them in after the 7 a.m. ribbon cutting.
“Honestly, it is a huge deal for down here. It is their first shopping plaza that is really nearby. It is super clean. It actually felt like a wedding reception. They had so many people greeting you, the managers and everything,” customer Amy Lorenz said, adding that she was second in line for a “Pub-Sub” Thursday morning.
Related | Video: Thunderstorms create standing water in brand new San Marco Publix parking garage
Lorenz was among those in line being pumped up by music before they were the first to walk through the aisles of the new grocery store.
The new 60,000-square-foot Publix at the corner of Atlantic Boulevard and Hendricks Avenue near San Marco Square has a traditional grocery store on the second floor along with indoor and outdoor seating near the deli.
“There is a really cute seating area. So it’s a little bit different. It’s a little bit of what you would expect because of the vibe of San Marco. Period. It is more homey, it is very welcoming,” Lorenz said.
A liquor store and covered parking are on the ground level. Elevators and a stairwell provide access to the main store from the covered parking below.
The grocery store itself is 39,000 square feet.
“We are excited to open our much-anticipated newest location in Jacksonville,” said Hannah Herring, Publix media relations manager. “We look forward to providing a premier customer shopping experience along with the products and services our Jacksonville customers know and love.”
Lass Lassiter said he no longer has to drive a few miles out of the way for groceries anymore. Now he can walk.
“But this one is very close. I could just get up and walk. Leave the truck over there and just walk,” Lassiter said. “I personally come down to this area every morning. It is awesome to be able to go and pick up a couple of items. I have a nice size bag and everything. It’s a good thing.”
But what’s a grand opening without a few hiccups? A few hours after the store opened, heavy rain and wind blew through Jacksonville Thursday afternoon -- creating standing water in the parking garage below the store.
The water receded after only a few minutes. Click here to read more.
The first talks of adding this store to the San Marco area began in 2002, then The Regency Center announced the project four years later, but it ran into significant delays, including the recession from 2007 to 2009, and a residential developer pulling out of the deal in 2017, according to our news partners at the Jacksonville Daily Record.
Finally, plans for the new supermarket were then revealed in 2019 with the lease being signed a year later. The $9.7 million project was finally completed this year.
Hours for the new Publix will be 7 a.m. - 10 p.m.
Publix, the largest employee-owned company in the U.S. with more than 230,000 associates, currently operates 1,301 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.


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WASHINGTON, DC.- The smart guns Personalized data, which can only be triggered by verified users, could finally be available to American consumers after two decades of doubts about their reliability and concerns that they will give way to a new wave of government regulations, according to a Reuters report. .
The LodeStar Works company presented its smart gun 9mm to shareholders and investors in Boise, Idaho. And a Kansas company, SmartGunz, says agents are testing their product, a similar but simpler model.
Both companies hope to have a product commercially available this year.
LodeStar co-founder Gareth Glaser said he was inspired by stories of children being shot while playing with their relative’s gun. The smart guns They could prevent these tragedies thanks to the technology that allows authenticating the identity of the user and deactivating the weapon in case another person tries to shoot it.
They could also reduce suicides, render lost or stolen weapons useless, and provide security for police officers and prison guards who fear gun assaults.
But attempts to develop weapons smart they have stalled. Smith & Wesson was boycotted; the product of a German company was hacked, and a New Jersey law aimed at promoting guns smart it has aroused the ire of Second Amendment advocates.


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As reported by Stephen Hardy atCablinginstall.com's sister site, Lightwave: On May 1, JDSU (NASDAQ: JDSU) revealed that it will stop selling test instruments for certain low-speed wireline applications. However, the company hasn't yet said specifically which products are facing the ax.
The company revealed the move as it announced results of the third quarter of fiscal 2013, which ended March 30. Rex Jackson, CFO and executive vice president at JDSU, said to analysts on a conference call May 1 that the discontinued products contributed about $1 million of what he termed “low margin” revenue during the quarter.
Exactly which products JDSU has dropped from its test portfolio remains something of a mystery. Asked for details, JDSU's corporate media relations spokesman Jim Monroe wrote to Lightwave's Hardy in an email, "These are wireline-based test instruments that are no longer aligned with our customer’s priorities. As you know, we continue to focus our investment on mobility and software-based network visibility and control solutions like PacketPortal."
Monroe wrote in a subsequent email that he could not provide additional details, said Hardy.
During the aformentioned conference call, JDSU revealed that it had incurred a $2.2 million charge for accelerated amortization of related intangibles during the quarter in light of its decision. The company also incurred $11.3 million in inventory related charges included in its cost of sales due to the action. For the quarter, JDSU reported GAAP net revenue of $405.3 million and a net loss of $28.0 million ($0.12 per share). The revenue total was about $2 million higher than the same quarter of the previous fiscal year, but down $24.1 million from the prior quarter.
“The March quarter experienced delayed carrier capex budget releases resulting in lower revenue than expected in our Communications Test and Measurement and Optical Communications businesses,” stated Tom Waechter, JDSU's president and CEO, via a press release.
The company expects its performance to improve, however. It forecasted non-GAAP net revenue of between $420 million and $440 million for the fourth quarter of fiscal 2013, which ends June 29, 2013.
More News: Former JDSU exec joins PCN senior management


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Many people like the idea of getting around on a bicycle, but not having to do so on the same roads as cars. To deal with that issue, Paris has decided to create a 28-mile highway that is exclusively for bicycles, banning all motorized vehicles on them and, as a result, making a safe space for cyclists to get around more quickly. The highway is called Reseau express velo, REVe for short, and it was first voted upon last year.
Paris has officially opened the first section of that highway, and it plans to have the rest of it open by the year 2020. This is just one part of the city’s larger changes intended to make cycling safer and less of a hassle. Other changes have been as simple as adjusting biking regulations, like permitting turns at some intersections without a greenlight.
Paris also plans to introduce smart traffic lights that will prioritize bicycle traffic instead of vehicular traffic, new bicycle stands, and two-way bicycle lanes on what are currently one-way streets. The changes will be rolled out gradually in coming months and years.
Cycling has many benefits for cities and people alike, including increased exercise for those who may otherwise spend hours sitting at a desk. Pollution rates decrease as more people use a bicycle instead of a car, and congestion levels decrease…two things that are also positively affected by carpooling instead of single-occupant car trips as well.


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A saleswoman displays a gold necklace inside a jewellery showroom in Kolkata. File/Reuters
Physical gold demand in second-biggest bullion consumer India was negligible this week with most jewellery stores still shut by COVID-19 lockdowns, forcing dealers to offer steep discounts.
“Lockdowns are badly hitting the industry. Jewellers have stopped buying since retail demand is almost zero,” said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji.
Most states have imposed curbs as infections crossed 27 million, with over 3,000 people dying every day.
Dealers offered discounts of up to $10 an ounce, the highest since mid-September 2020, over official domestic prices - inclusive of 10.75% import and 3% sales levies - unchanged from last week.
A few states are considering easing restrictions from June 1 and that could help attract retail consumers, said a Mumbai-based bullion dealer with a gold importing bank.
On Friday, local gold futures traded around 48,400 rupees per 10 grams, having scaled a peak since Feb. 1 at 49,067 rupees earlier this week.
Chinese premiums were little changed at $7-$10 an ounce over benchmark spot gold prices.
Net gold imports into the country via Hong Kong jumped in April to a nearly three-year high, while Swiss exports to China also soared.
Imports could increase further with Beijing having given banks permission to import large amounts of gold.
Singapore premiums were little changed at $1.2-$1.7.
Brian Lan, managing director at dealer GoldSilver Central said the first few days of the week saw more selling due to higher prices although some high net worth individuals looked to buy up before prices move even higher.
Japanese dealers sold gold at anywhere between flat to an $0.30 premium.
Meanwhile, the Bangladesh Jewellers Association raised local prices this week, with the best quality gold priced at 73,483 taka ($871.89) per Bhori, or 11.664 grams.
The association said there was a supply shortage due to tax-related complexities on imports and a shutdown of international flights.
Gold challenges $1,900 again: Gold reversed course and turned positive on Friday, briefly tshowed US consumer prices surged in April and boosted bullion’s appeal as an inflation hedge.
Spot gold rose 0.2% to $1,898.86 per ounce by 10:14am, having earlier dipped as much as 0.8%. It is on course for its fourth straight weekly gain, up 1%.
US gold futures gained 0.2% to $1,901.60.
US consumer prices accelerated in the year to April, with a measure of underlying inflation blowing past the Federal Reserve’s 2% target.
“We saw slight uptick in the personal consumption data... All these things continue to support an underlying inflationary environment that is very favourable towards gold,” said David Meger, director of metals trading at High Ridge Futures.
The refusal of the Federal Reserve to reduce the pace of their bond buying programme or move higher on rates is also supportive for gold, although some psychological resistance at the $1,900 level and a stronger dollar is acting as a headwind, he added.
The dollar index was up 0.3%, making gold expensive for other currency holders, while US yields edged lower, translating into reduced opportunity cost of holding bullion.
Investors now eye the release of US President Joe Biden’s first full budget since taking office, with reports that he will seek $6 trillion in federal spending for the 2022 fiscal year.
The technicals are supportive, so any weakness in the prices will be looked as a buying opportunity, Eli Tesfaye, senior market strategist at RJO Futures said.
If the US economy recovers quickly and inflation continues to heat up, gold will be in ample demand, he added.
Elsewhere, silver fell 0.3% to $27.79 per ounce, platinum slipped 0.5%, to $1,174.09, while palladium rose 0.5% to $2,820.16.
Separately, Copper prices dipped on Friday as investors worried about demand from China and its authorities’ action to curb commodity prices, but losses were capped by the prospect of US spending.
Three-month copper on the London Metal Exchange slipped 0.2% to $10,201 a tonne by 1355 GMT, having surged by 31% so far this year and touched a record peak of $10,747.50 on May 10.
“It’s very confusing for the market because we have mixed messages. Investors are not chasing prices higher at current levels,” said Gianclaudio Torlizzi, partner at consultancy T-Commodity in Milan.
“On one hand, we have downside pressure on the market from China, but on the other hand, there’s a fixation by the market that the new Biden spending plan will be very big.”
Gold prices have historically inched higher during the times of Akshaya Tritiya, but this time amidst the rising anticipation of the Fed’s aggressive policy stance,
Government’s efforts to reverse the slowdown on the back of a sluggish GDP growth is expected to induce volatility in the Indian equity markets during the coming week.
Retail consumers in India continued to buy up physical gold this week as prices retreated to a near one-year low, while lower rates also injected fresh activity in other hubs, especially Singapore.
Global stocks rallied on Tuesday and the dollar dipped as weak US data sparked hopes the Federal Reserve could ease its interest-rate hiking plans.
The Lord Mayor of the City of London, Vincent Keaveny, has expressed his hope to strengthen the ties between the UAE and the United Kingdom, particularly in the financial and professional services sector.
Dubai property prices continue to increase across various affordable and luxury segments as key areas record high numbers. Sales trends in the first half of the year indicate


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Rocket Licensing has now secured 17 licensees for The Elf on the Shelf property across the apparel, publishing, home textiles, food gifting and social stationery categories, among others.
Other Elf on the Shelf deals this year include a partnership with Kellogg’s, who featured the character on six million cereal boxes. The partnership also included a competition to win one of nearly 1,000 prizes as well as the top prize of an exclusive The Elf on the Shelf prize package. The campaign has had more than half a million entries and is 60,000 entries past last year’s grand total.
The Elf on the Shelf Day at Winter Wonderland also returned this year in London’s Hyde Park. On Dec. 1, families had the opportunity to participate in activities such as scavenger hunts, crafts, giveaways, movie time, costume characters and more, as well as the chanceto adopt their own Scout Elf at the official Scout Elf Adoption Center. Attendees redeemed hundreds of scavenger hunt prizes and children took photos with The Elf on the Shelf and Elf Pets mascots. The goody bags given out on the media day featured activity pages from Hachette and balloons from Amscan.
In total, Elf on the Shelf saw a 63 percent lift from last year on its traditional Christmas box set. Confectionary, health and beauty deals are also in the pipeline.
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For the second time this season, the Boston Red Sox won’t be playing on any conventional TV channels. That’s because Boston’s game against the Baltimore Orioles on May 27 will be part of another Friday Night Baseball on Apple TV+. Friday Night Baseball is a weekly feature...
Friday night’s game between the Blue Jays and Angels -- a matchup featuring Los Angeles' Shohei Ohtani and Toronto's Vladimir Guerrero Jr., the top two finishers in 2021 AL MVP voting -- will air exclusively on Apple TV+. It will not be available on your local cable provider or MLB.TV.
The MLB announced in March that several games in the 2022 season would be broadcast on Apple TV+ on the streaming platform’s “Friday Night Baseball” show. Fans can watch the game via a subscription to Apple TV+. HOW TO SUBSCRIBE TO APPLE TV+. The first half of...
How to watch Prehistoric Planet free on Apple TV Plus – new David Attenborough dinosaur documentary out now, all episodes available
How to watch Prehistoric Planet, Sir David Attenborough's new five-part dinosaur documentary, free online with a 7-day Apple TV+ trial subscription.
Microsoft’s Xbox is certainly one of the most popular gaming consoles in the world. With Xbox Series S, which was introduced in 2020, customers have an even more affordable option for playing console games. Now Microsoft wants to bring the Xbox experience to even more people as the company has been working on a new streaming device to compete with Apple TV.
One week after releasing tvOS 15.5 to the public, Apple has a new bug fix update available to Apple TV, HomePod, and HomePod mini users. The company is now rolling out tvOS 15.5.1, which is a small update and addresses some issues Apple TV and HomePod users have been experiencing since the release of tvOS 15.5.
Though it’s only been 14 years since the last live-action adaptation of Speed Racer from a Western production studio, Apple and J. J. Abrams are stepping up to the plate to make another. Variety reports that Apple and Warner Bros. Television Studios are teaming up to produce a new Speed Racer with J. J. Abrams executive producing and Ron Fitzgerald (Westworld) and Hiram Martinez (Snowfall) attached to co-showrun.
Apple has given the green light to a live-action Speed Racer series for Apple TV+, both Variety and Deadline are reporting. J.J. Abrams is set to executive produce the show, and it'll be made under his Bad Robot production company, the outlets claim. While the show hasn't been officially announced yet, the dual scoops are a reliable indicator that something is definitely happening with the classic anime property. The new series will be co-written by Ron Fitzgerald (Westworld, Friday Night Lights) and Hiram Martinez (Snowpiercer, Get Shorty), who've both worked on genre shows before.
A new live-action reboot of Speed Racer is on the way from Apple TV Plus. According to Variety (opens in new tab), Apple (opens in new tab) is teaming up with JJ Abrams to produce the new show, which has reportedly been in development for some time. Speed Racer began...
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Apple TV+ is working on a new live-action series based on the popular manga show, Speed Racer. J.J. Abrams’ Bad Robot Productions will produce this series. According to The Hollywood Reporter, Hiram Martinez of Snowpiercer and Get Shorty will co-write and serve as showrunner. Sources say his “exciting take” on the project’s material has impressed Apple, Bad Robot, and Warner Brothers. There’s been no formal announcement on who will take the second co-writing position on Speed Racer.


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They’re calling it the world’s largest combined digital radio network—and for sure, AOL and XM Satellite Radio have created themselves an online Goliath. The two have joined forces to launch a new online radio service—as-of-yet unnamed—that will bring 70 XM channels and AOL’s already streamed 130 channels, free to subscribers of AOL.com. There will also be a premium, for-pay service available to Web consumers that are not AOL members.
Smart for both parties. But especially for XM, since this is a priceless means of creating the one thing that Radio has in spades but XM has only if you pay the piper for it: Distribution.
And if you are an AOL subscriber, it’s FREE distribution.
And that translates to an opportunity to try XM for free among a base of potential subscribers 20 million strong.
And that will translate to more subscriptions.
The question you really need to ask, of course, is this:
Why didn’t Clear Channel do this deal with AOL? Or Infinity?
We can create “premium” content as good as XM. In fact, we’re the ones creating it for XM in some cases.
And “premium” means “paid.”
Think about it.


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updated 07:50 am EST, Thu December 31, 2009
ASUS may be disappointed in tech lines
ASUS is considering closing the groups that produce its Eee Stick Wii-like controller as well as its desktop and TV LCDs, a rumor insists today. Industry contacts for DigiTimes allege that ASUS isn't satisfied with either the shipment numbers or the profits associated with any of the three divisions and that the Eee Stick group is particularly hard hit, having lost 80 percent of its staff to include just 20 workers. The LCD groups still have orders but are facing tough outside competition.
The cutbacks would even have gone as far as the Eee PC line, according to the tip, but the company thought twice after realizing it would need to develop Pine Trail-based Eee PCs to fend off Acer and Samsung in order to preserve its large share of netbooks. Various leaks have pointed to ASUS having at least three models using the new 1.66GHz Atom N450, most of which could launch as soon as next week.
ASUS has officially denied the rumors but has stopped short of addressing specific details or reaffirming the future of the groups.
The Eee Stick has proven to be one of ASUS' more controversial products as it closely imitates Nintendo's main remote for its console and is meant to bring that experience to computers. However, it hasn't had broad support as most PC games are still built on the assumption the user will need a keyboard, mouse or a conventional gamepad.


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The online giant plans to fight the charges in court.
Amazon should have done more to prevent kids from racking up huge bills on mobile apps, according to a federal lawsuit filed Thursday.
The Federal Trade Commission is seeking millions of dollars in refunds for parents whose children made unauthorized purchases for in-app items in Amazon's store.
For example, the app "Ice Age Village" allows users to buy additional "coins" and "acorns" using real money, the FTC said. The largest possible in-game purchase would be $99.99, according to the agency.
Some parents received bills for hundreds of dollars for their children's spending sprees, the FTC said.
Amazon keeps 30 percent of all in-app purchases, according to the complaint. The store offers apps for the Kindle Fire and other devices that use the Android operating system.
"Amazon's in-app system allowed children to incur unlimited charges on their parents' accounts without permission," FTC Chairwoman Edith Ramirez said in a statement. "Even Amazon's own employees recognized the serious problem its process created."
The case is similar to one the FTC brought against Apple earlier this year. But Apple quickly agreed to a $32.5 million settlement and promised to change its practices to ensure that children have their parents' permission for purchases. Amazon is expected to fight the case in court.
The company sent a letter to the FTC last week, claiming that it has always refunded purchases that customers didn't want. Andrew DeVore, an Amazon associate general counsel, said that even at launch, the store included "prominent notice of in-app purchasing, effective parental controls and real-time notice of every in-app purchase."
But Jessica Rich, the director of the FTC's Bureau of Competition, told reporters on a conference call that Amazon imposed "obstacles" that prevented many consumers from getting refunds.
According to the complaint, Amazon didn't even require passwords when it first introduced in-app purchases in November 2011. The court document highlights an internal communication in which an Amazon employee said the policy was "clearly causing problems for a large percentage of our customers" and the problem was "near house on fire."
In March 2012, Amazon updated its system to require passwords for charges over $20, the FTC found. In 2013, Amazon required a password for more situations, but only in June 2014 did the company begin requiring passwords for all in-app purchases, according to the court document.
Amazon is the second company to face a major FTC lawsuit this month, following T-Mobile, which allegedly placed bogus charges on consumers' bills.
Rich said both cases show the FTC is committed to cracking down on companies that fail to obtain "informed consent" before billing customers.
The FTC voted 4-1 to file the lawsuit, with Republican Commissioner Joshua Wright dissenting.