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Micropayments, mega angst, and the future of console games
Sony and Microsoft have delivered their next-gen visions, but with this caveat: more microtransactions. Cash grab or survival strategy, it will surely generate controversy as 2014 rolls along.
Nick StattFormer Staff Reporter / News
Nick Statt was a staff reporter for CNET News covering Microsoft, gaming, and technology you sometimes wear. He previously wrote for ReadWrite, was a news associate at the social-news app Flipboard, and his work has appeared in Popular Science and Newsweek. When not complaining about Bay Area bagel quality, he can be found spending a questionable amount of time contemplating his relationship with video games.
It's not the most fearsome name for an ominous, lurking force in video games, but it still has many console gamers up in arms and on the defensive: microtransactions.
With microtransactions, portions of a video game's content are walled behind a system of low-cost purchases or in-game currency, and this is a reality that has long been the lucrative core of Facebook, mobile, and free-to-play PC titles. After some experimentation, the business model has made its way to full-priced console games, from Forza Motorsport 5 to Grand Theft Auto. Depending on your outlook on that gaming bastion, this could be another reason to hold off on an Xbox One or PlayStation 4, or it could be the beginning of the end.
The move toward microtransactions brings to mind some of the more malignant issues lying beneath flashy next-gen launches and the war for the living room. It's no secret that gamers don't particularly like change, not when it's sloppily handled and looks on the surface antithetical to earlier days of cheaper, simpler gaming -- on discs and cartridges -- that involved no further transactions.
"It feels like you're intentionally making a bad game," said Frank Lantz, a game design veteran and director of New York University's Game Center. "You're offering the player, 'OK, well I'm going to make this more tortuous and boring that you'll pay me not to experience it.'"
And in 2013, the behemoth console sector of the gaming industry is grappling with changing up its business models while trying to defend the bottom line. It's a strategy that is amplifying the already adversarial relationship between consumers and microtransaction pioneers like publisher Electronic Arts, named worst company in America two years in a row.
You see, by tacking extra costs onto a $60 product when players have also already spent $500 or more on hardware -- and then an additional $60 for the annual service that lets them play that game online -- microtransactions in console games are being seen not as the industry adapting to the times in a measured manner, but rather as an unwanted gesture driven by the pursuit of profit.
But it hadn't quite reached a boiling point until this fall, when a handful of games -- many for the next-gen PS4 and Xbox One just released in November -- were designed with intrinsic microtransaction models that many gamers feared fundamentally tampered with design processes and a game's core experience.
Xbox One exclusive Forza Motorsport 5 from Turn 10 Studios has become the poster child for this debate, implementing an in-game currency model that players could use to access what some considered to be an inordinate amount of in-game content. Furthermore, the prices for that content were so high -- and the game's progression system for earning credits without paying so slow -- as to slyly entice people to rely on real money instead, the criticism went. Contributing to the outcry was the fact that the game also had a system that allowed players to purchase a booster that would speed up the amount of currency you earned for a brief period of time.
"I just get an uneasy feeling that monetization was firmly in Turn 10's mind when it devised its progression mechanic," wrote Dave Cook at gaming site VG24/7.
Forza's microtransactions became such a pressing issue that developer Turn 10 Studios had to make changes to the game's economy to allow faster earning, as well as offer a brief 50 percent discount on all car purchases and dole out a number of appeasing bonus vehicles.
Neither Turn 10 nor Microsoft, which owns the studio and oversees the Forza series, would comment on the matter of microtransactions. Though Microsoft Studios chief Phil Spencer told Kotaku that the company is "still learning" about microtransactions and looking to adjust their implementation based on player feedback.
Given the PR nightmare Microsoft waded through after unveiling the Xbox One in May and subsequently walking back many of its riskier features, many gamers were placing their hopes in Sony to be the pro-consumer alternative to that caricatured version of Microsoft. But Sony, too, has cozied up to microtransactions, slipping them into the recently released Gran Turismo 6 for the PS3. Though Sony, which owns Gran Turismo developer Polyphony Digital, is adamant in its defense that the microtransactions in no way impose themselves onto players.
"I do want to clarify that microtransactions are not something that is a focus in Gran Turismo 6," said Farm Saechou, a Sony representative. "It is not required -- we do not penalize players for not making transactions (they still have access to everything) and it is completely optional and not prompted in the in-game experience at all."
In Gran Turismo 6, the microtransactions do allow players to purchase in-game currency as a way to bypass the unlocking of content one would have to otherwise earn through game play. For instance, buying the most expensive car in the game -- the Jaguar XJ13 -- would cost an astounding $140, if you were so inclined to access it that way. "We do not require players to purchase or use purchased in-game currency to experience or progress through the complete game," Saechou added.
That distinction is important because "just offering an alternative path to busy people," as Sony President Shuhei Yoshida wrote on Twitter, instead of a system that appears to incentivize the use of real currency is a dividing line between doing microtransactions right and doing them in a way that tarnishes the experience. It's that distinction that players feel Turn 10 Studios did not take into account with Forza, letting the game's progression system and overall design tip into the realm most console players associate with the worst aspects of mobile and free-to-play games.
Still, many gamers abhor the idea of microtransactions in console games at all, seeing it -- no matter how they're implemented -- as a red flag signifying both the decay of the off-the-shelf product that has its upfront costs and nothing else as well as a compromise on good design.
"There's a way in which they [microtransactions] are a kind of intrusion of an unpleasant reminder that you're engaged in a business relationship," Lantz said. "We used to push off all this unpleasant tension...onto another department," he said of traditional clashes between design and marketing departments in game making.
But now, given the rise of new business models, these conversations are being baked right into the design process. "You can't externalize all the negative aspects of making a product because it's right there in the game," Lantz said.
Lantz, whose studio Area/Code -- makers of the popular Drop7 mobile game -- was acquired by Zynga in 2011, is well aware of the ways in which social and mobile monetization strategies intertwined with game design can be detrimental to the creative process. "There was a real imbalance between creative voice and the business person who thought of games as a commodity," he said. "I think we all recognize that plasticity of a social game that doesn't have the feel of something crafted by someone who's passionate about games. There might be someone like that in the process, but their voices do not carry loudly."
It's not all doom and gloom at the moment, as this is just the beginning of a likely protracted conversation the console industry will have with consumers as it maneuvers microtransactions. "I believe that while these companies are providing options for consumers, they must also be executed with care," said Liam Callahan, a game industry analyst at NPD. "Meaning, the way a game offers paid transactions is important as gamers cannot feel that they are being forced into buying things to progress and gamers also despise 'pay-to-win' types of monetization."
But Lantz points out that games like Forza do illustrate that the tide is turning with the onset of the next-gen. "AAA titles still feel like they're made by people who are passionate about games. They still have that culture. They still come out of the culture where the voice of the enthusiast rings loud," Lantz said. "But we're starting to hear this other sound," he added with a pause, "the sound of the cash register."
The stakes for console gaming
DLC, online passes, and now microtransactions are all attempts from the AAA industry to further monetize the smaller slice of the gaming market consoles command. Sony and Microsoft had blockbuster launches of their new consoles after a seven-year lull. However, that doesn't save the space from being bogged down by expensive, controversy-prone hardware and highly priced software that still struggles to make money off multimillion-dollar games that are not designed around an annual release schedule solely because it maximizes profit.
Christofer Sundberg, founder of Sweden-based Avalanche Studios, which is developing the upcoming Mad Max reboot, wrote in a widely circulated tweet, "Micro-Transactions, subscriptions and other biz models will be the next generation of games. It is that simple." He's not alone in expressing that change in the console industry is coming, for better and for worse.
"Why are publishers so eager to implement solutions like that? They're living in a world where the total growth of the install base of the market is of grave concern," said Greg Richardson, CEO and founder of free-to-play developer Rumble Entertainment. Before venturing into the development space, Richardson held stints at EA and Elevation Partners that saw him oversee the publisher's acquisition of BioWare, which would later develop the popular Mass Effect console series that EA would use as one of its primary trial runs for microtransactions in console gaming.
"The cost of building and marketing this product is tremendous," he added. "So they're saying that instead of changing the model, we are going to go even deeper in the wallets of the people who are already passionate about those games."
As for the total growth of the install base Richardson refers to, it's important to note that by the time the PlayStation 2 was retired in early 2013, it had sold 155 million units. Total unit sales of the PlayStation 3 and the Xbox 360 combined were barely able to crest that figure by November of this year, and industry analysts expect the new consoles to fare only slightly better at best.
The unpleasant side effect of this stagnation is that publishers have become heavily reliant on innovation-stifling development strategies to make more money per game. The biggest game makers -- not just EA but Ubisoft, Activision, and the slew of studios Microsoft and Sony oversee -- now repeatedly return to proven successes like Call of Duty and its first-person shooter brethren and double down on a commitment to try to annualize every new series.
This monetization model of milking a franchise rehash for $60 to $100, and now much more with microtransactions, each year is unproven as a long-term model in the face of the ever-rising number of alternatives to hardcore, price-heavy gaming. The approach is also one that is stuck between gaming of the past and newer business models that treat video games not as expensive things you own, but as cheap services you pay for as you see fit.
"It's the erosion of the boxed product," said Lantz. "All the stuff we complain about -- 'sequel-itis,' the fact that every game looks like every other game -- that is partially a result of the influence of a business model."
Now publishers and game makers are experimenting with taking that boxed product down a path toward a fundamentally different business model, all while keeping the initial price tags high. Microtransactions are now present not just in Forza and Gran Turismo, but also in next-gen titles like Ryse: Son of Rome and wildly popular games like Grand Theft Auto V. The experimentation will undoubtedly sprout up in a number of next-gen titles in 2014 as well, though many developers like Destiny-creator Bungie are tight-lipped on the existence of such pay systems.
But contrary to what many console devotees will tell you, microtransactions are not always the embodiment of money-grabbing suits rotting gaming to the core. The model does function properly, in a multitude of genres and platforms, and is blazing a bright future for games outside the bubble of AAA development, one that may even be warmly welcomed on consoles if microtransactions are done right. Killer Instinct, a free game for Xbox One, walks the line of various microtransactions in an experimental display of what more console games may look like down the line.
Most importantly though is that these new business models can bring down initial cost, sometimes to zero, and foster risky and rewarding moves by allowing game makers more leeway to change a formula weeks, even months, after a game's launch thanks to the lower barrier to play. League of Legends and Dota 2, both free-to-play titles that subsist wholly on microtransactions, are now the most played PC games in the world.
A path to microtransactions done right, and hopefully innovation too
One point of agreement is that mixing and mashing fundamentally different business models was never supposed to be easy, and that actively hoping that console game makers and publishers figure it out sooner is better than admonishing them for trying at all.
"I don't think there are any simple solutions. We're better off to try these different things, and when they're not working, complain loudly," Lantz said. "But don't complain in a way that is naive. Recognize good ways of doing this and bad ways of doing this." Lantz also is quick to point out that all consumers, not just gamers, tend to dislike anything that involves spending more money, making microtransactions an easy target for accusations of greed regardless of how they're used.
"I think it's hard when you say, 'Hey, I'm going to go into this contract where I buy a shiny disc that I get to own and keep' -- the old contract -- and now one that has this second, new microtransactions model graphed on to it," Richardson said.
But where microtransactions have a future are in the ways in which they can help transform colossal console gaming ventures into more nimble operations. Ideally, that would allow them to employ the innovative approaches of the larger-than-ever indie game community and the now tried-and-true free-to-play approach of PC titles.
Sundberg of Avalanche Studios conceded to the difficulty in a follow-up tweet to his blunt admission of the future of microtransactions:
Building the game with the community is ultimately the player-first future underneath the bad reputation of mishandled micotransactions. With that model done right, costs can go down and riskier strategies become more viable. Players will be less reluctant to try out original titles knowing they're not spending $60 or more and less reliant on the guaranteed experience of worn-out franchises. And, in turn, game makers may become less inclined to serve up those Call of Duty's and the same round of sequels every year with little more than incremental changes.
"Maybe as annoying as it is now, this new world, new business model, will have some downsides and some crappy games that feel like slot machines, and also good games with a little too much slot machine in them," Lantz said. "But then maybe it will also lead to an environment where there's more experimentation, more innovation."
Lantz points to an often overlooked aspect of the first-person shooter Doom, released by Id Software in December of 1993 and widely recognized as one of the most influential video games of all time. Many can recall its ground-breaking graphics and perhaps most vividly its level of then-unprecedented violence.
But beyond boundary-pushing gore lies a lesson in experimentation: Even 20 years ago, the developers had employed a unique monetization strategy, shareware, that let players experience a healthy chunk of the beginning of the game before prompting them to buy the full version.
"People forget that they were tampering with business models," he said. "Those guys weren't evil. They were trying to make a buck and make a great game at the same time."


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It has now come to light that one to two million European Yahoo users have been infected by the malware that was distributed via Yahoo’s ad system.
The malware attack seems to focus on several different bugs in Java modules that Yahoo uses in their ad delivery system . There has been quite a bit of criticism against Yahoo in the way they have handled the attack so far. This is mostly because Yahoo waited to make an official statement and also has not helped any of the users infected by the malware attack.
Yahoo this morning stated: “From December 31 to January 3 on our European sites, we served some advertisements that did not meet our editorial guidelines – specifically, they spread malware. Users in North America, Asia Pacific and Latin America weren’t affected”, Yahoo said. “Nor were users of Apple Macs or mobile devices. We will continue to monitor and block any advertisements being used for this activity,” Mayor said. “We will post more information for our users shortly.”
Light Cyber, a security research company had warned Yahoo of the attacks back in December. Yahoo failed to take any measures to counter the attacks that Light Cyber had warned about. The malware forces the users computer to make the necessary calculations that are required to mine bitcoins. This process is very resource intensive and can greatly decrease the speed of an operating system.
Dan Farber from CNET stated that: “At this point, Yahoo hasn’t addressed any of the details, such as how the malware exploit got into its Web pages, how many users are impacted, and what victims of the attack should do. The company may still be gathering data.”

domain: news


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Target data breach takes toll on sales
Tough as the holiday season was for many retailers, Wednesday's fourth quarter earnings report prove that few had it tougher than Target, which was bedeviled during the peak shopping season by one of the largest-ever retail data breaches
The company's long-awaited fourth quarter results tell a tale of woe: Net income fell 46% to $520 million, or 81 cents a share, from $961 million, or $1.47, a year earlier, the Minneapolis-based company reported.
At the same time, the discount retailer said that sales fell 5.3%, it reports, as many customers were leery about shopping at the discount retailer after the breach.
Even then, there was some relief among investors that the news wasn't even worse, and Target shares rose slightly in pre-market trading .4% or about 24-cents.
Target says it earned $520 million, or 81 cents per share, for the three months that ended Feb. 1. That compares with a profit of $961 million, or $1.47 per share, a year earlier. Revenue fell to $21.5 billion from $22.7 billion. Revenue at stores open at least a year fell 2.5%.
Eyes of the nation's retailers remain fixated on Target, with a clear recognition that the potential for massive data breaches are hardly in the rear view mirror. Shortly after the breach, Target tried to quickly lure back holiday shoppers with a weekend of 10% discounts in December. It then offered all affected customers a year of free credit monitoring. Target executives were even called in to testify before Congress on the data breach earlier this year.
It isn't clear when Target will fully recover from the breach, but Avivah Litan, a security analyst at Gartner Inc., a technology firm, puts the costs of the breach from the $400 million to $450 million. That would include the bills associated with fines from credit card companies and services for its customers like free credit card report monitoring.
On Wednesday, Chief Executive Officer Gregg Steinhafel said, in a statement, that the company's efforts to lure back shoppers are starting to pay off. But it hasn't been easy.
"Results softened meaningfully following our December announcement of a data breach," he said, in a statement. "We will continue to work tirelessly to win back the confidence of our guests and deliver irresistible merchandise and offers, and we are encouraged that sales trends have improved in recent weeks."


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Whether it be for weight management, immune health or a number of other motivators, consumers understand the role health and wellness plays in their lives. In New York-based Nielsen’s “Health & Wellness in America,” August 2014 report, the market research firm notes that consumers are seeking information to support a healthy lifestyle and cites a Harris Poll in which three-quarters of Americans report acting on that awareness, including finding the value of fresh food, fiber and whole grains.
The report also cites a longitudinal study by Harleysville, Pa.-based Natural Marketing Institute in which one-third of Americans think that functional foods and beverages can be used to substitute some medicines in an overall health plan.
As consumers look to take control of their health and wellness, certain ingredient segments can benefit, including the exotic fruits market.
“There are several differing trends impacting the use of exotic fruits in the beverage industry, but it is the growing consumer interest in health and wellness that is having the biggest impact,” says Rikka Cornelia, product manager for Long Beach, Calif.-based BI Nutraceuticals. “Fruits, and even more so exotic fruits, have always been looked upon as healthy, nutrient-packed foods.”
Erin Gipe, product development manager for Northwest Naturals, Bothell, Wash., adds that exotic fruits’ associations with energy, weight loss and improved circulation are some of the different health benefits that have helped this ingredient segment appeal to the broader health and wellness trends.
However, health and wellness is not the only trend that is influencing interest in exotic fruits. “You can’t ignore millennials and their foodie lifestyle,” Gipe says. “This generation not only likes to know where its food comes from and how it’s produced, but they’re also on the lookout for new food experiences. Trying new foods and flavors is part of their social fabric and trying exotic fruit plays right into that.”
BI Nutraceuticals’ Cornelia notes that, in addition to consumer curiosity, the rising ethnic population has brought influences from around the globe, and beverages have become a popular vehicle to explore these influences. “Exotic fruits in particular are popular in beverages because individuals are more willing to try unfamiliar ingredients in a beverage format,” Cornelia says. “Plus, it is difficult to find whole exotic fruits. A trip to a multicultural grocery store is usually required; beverages easily deliver those fruits to the consumers.”
A plethora of options
As beverage-makers look to incorporate exotic fruits into their formulations, they are not at a loss of options from which to choose.
Dahlia Reinkopf, senior director of marketing at Pom Wonderful LLC, a subsidiary of Los Angeles-based Roll Global LLC, notes the popularity of pomegranate among the superfruit options for beverage formulations both in the United States and around the world. “According to Innova, a global provider of market research, pomegranate is the most popular superfruit flavor as it was contained in more than 40 percent of beverage launches from June 2008 to May 2013 that featured superfruit flavors,” she says. “Acai, with 12.5 percent, was second.”
BI Nutraceuticals’ Cornelia adds that fruit and fruit juices such as coconut water and pineapple juice have become more mainstream but still appeal to consumers’ interests in exotic fruit varietals. However, acai, guava, kiwi, mango and passion fruit also are garnering attention, she notes.
“All these fruits add an exotic appeal to beverages, but consumers are still familiar with them especially as they are incorporated into more foods and beverages,” Cornelia says. “For those with an ethnic background, these ingredients would especially be familiar to them since they are the traditional fruits in many foreign countries. In addition, the fact that most of these fruits have a nice flavor profile helps. Acai may be a bit of an outlier in this department, but I believe consumers are more willing to give up some taste for health or functionality.”
Although these fruits have become more popular with consumers, Cornelia adds that acerola, baobab, camu camu, dragon fruit, prickly pear and tamarind are emerging as tropical options for beverage formulations. “In addition to their health benefits (i.e. immune health booster) and nutritional value (i.e. vitamin C), these ingredients can make an outdated beverage automatically different and exciting,” she explains. “A successful tactic is utilizing a common flavor profile with an added unique ingredient to entice the consumer without completely removing their familiarity with the product.”
Northwest Naturals’ Gipe adds that sea buckthorn has seen an increase in requests. “Our company has been seeing a lot of play with sea buckthorn,” she says. “Sea buckthorn is high in antioxidants, vitamins, flavonoids and fatty acids.”
As beverage-makers look to explore these ingredients, they remain challenged to formulate a product that allows consumers to try new things but not be intimidated by them. “Exotic fruits tend to be a secondary flavor in a blend. This is for several reasons but most importantly taste,” Gipe says. “While consumers like to try new flavors, they like the familiarity of known flavors. So, for instance, you’ll often see blends of other berries with acai.”
Pom Wonderful exemplified this in its packaged beverage division when it released its Antioxidant Super Teas last year. The new products amalgamate pomegranate with familiar flavors. For example, the development of Pomegranate Lemonade Tea, Pomegranate Sweet Tea, Pomegranate Honey Green Tea and Pomegranate Peach Passion White Tea took into consideration consumer research and popular flavor trends, Reinkopf says.


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Online matchmaking and marriage services provider Matrimony.com Pvt Ltd has scrapped plans for an initial public offering (IPO) this year, with just days remaining for its regulatory approval to lapse, its founder and CEO Murugavel Janakiraman told VCCircle.
The Chennai-headquartered company, which owns Bharatmatrimony.com among clutch of affiliated websites, joins dozen other companies that failed to launch their IPOs this year despite approval by capital markets regulator Securities and Exchange Board of India (SEBI).
"We have decided to postpone the IPO due to weak market conditions," said Janakiraman. "The board will soon decide when to refile IPO documents. Board meeting is still some time away," he added.
Janakiraman was optimistic on a November launch for the public issue and was looking to keep its date with the IPO as recently as last fortnight.
Merchant bankers, speaking on conditions of anonymity, indicated a touch-and-go situation for launching the IPO as deadline got nearer. The SEBI approval for the IPO is expiring on December 18.
Market volatility arising due to host of domestic and global factors including the government's demonetisation drive led to change in opinion on valuations, they said.
Two IPOs that braved the volatile markets in the last two weeks - Sleepwell mattress maker Sheela Foam Ltd and Laurus Labs Ltd - sailed through after initial jitters. However, the first public issue after Donald Trump won US presidential elections infusing a dose of uncertainty to global economy and the Indian government notified a demonetisation drive creating disruption in economic activity, GreenSignal Bio Pharma Ltd, had to scrap the issue after two attempts to lure investors did not bear fruit.
While investors have braced for a rate hike in the US that would suck out some portfolio investors money from emerging markets like India, the possibility of Indian government missing the 1 April deadline to implement Goods & Service Tax (GST) has added negative sentiments in the bourses.
Benchmark stock indices have lost some 10% in value in last three months with the 30-stock Sensex losing 4% in the past one month alone.
Kotak Investment Banking, Citigroup Global Markets and Deutsche Equities India were the merchant bankers for the proposed issue.
Matrimony.com was founded in 1997 and comprises three segments â€“ matchmaking services, marriage services and related sale of products and other services, such as the mobile-only relationship app Matchify. It started offering online matchmaking services in 2001.
According to its draft prospectus, Matrimony's consolidated net revenues more than doubled in the four years between FY11 and FY15. The company closed the year ended March 31, 2015 with net revenues of Rs 232 crore, up over 16% than the previous year.
Its earnings before finance costs and taxes (EBITDA) or operating profit, grew over four times between 2012 and 2015 and it ended FY15 with EBITDA of Rs 17.8 crore.
The company claims it had 568,000; 571,000 and 647,000 paid subscribers in fiscal years 2013, 2014 and 2015, respectively.
There are no directly comparable firms for BharatMatrimony in the listed space. While Info Edge, which runs Naukri.com besides a host of other internet properties like JeevanSaathi.com, a competitor to BharatMatrimony, is a listed firm, its valuation is dictated more by its job portal and its stake in Zomato.
BharatMatrimony's financials for the year ended 31 March 2016 is not in the public domain, but based on its numbers for the previous year, it was possibly seeking a premium compared to other listed internet firms.
The company was looking at an IPO worth Rs 550 crore of which around Rs 200 crore was to go to its selling shareholders.
Some early venture capital investors in Matrimony.com (earlier Consim Info Pvt Ltd) besides Janakiraman are looking to sell shares in the offer sale. While Bessemer Venture Partners (BVP) was to sell all its shares, Draper Investment and HartenBaum Trust (associated with a founding investor in Skype, Howard Hartenbaum) were looking to offload most of their small holding.
JPMorgan Partners that acquired Canaan Partners stake in Matrimony.com and Mayfield had not offered to sell any shares in the proposed IPO.
Based on the last disclosed shareholding structure, Matrimony.com is looking at a market valuation of around Rs 2,900-3,000 crore, according to VCCircle estimates.
Primary market gets shaky
Calendar year 2016 on the whole has been an encouraging time for primary market with as many as 27 companies raising funds through this route, mobilising more than Rs 26,500 crore, double of what was raised last year and the highest quantum since 2010.
As many as 28 companies filed their IPO proposals with SEBI this year. Twenty received their regulatory clearances, SEBI data showed.
Notwithstanding the success of several companies, many others decided it was not the right time.
While some like SMC Global Securities Ltd turned its eyes towards a US listing, others like AGS Transact Technologies Ltd, Shree Shubham Logistics Ltd, Amar Ujala Publications Ltd, SSIPL Retail Ltd, The Catholic Syrian Bank Ltd, Paranjape Schemes (Constructions) Ltd, Nuziveedu Seeds Ltd, VLCC Healthcare Ltd are some of the companies that decided against an IPO this year.


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President Muhammadu Buhari has confirmed and ratified International Coffee Agreement, 2007, following Federal Executive Council, FEC, approval of Nigeria’s membership of the International Coffee Organisation, ICO.
FEC meeting had drawn a conclusion on the agreement on October 21, 2020, with emphasis on Conclusion 10, which approved the preparation of the Instrument of Ratification of Nigeria’s membership of the International Coffee Organisation and International Coffee Agreement of 2007.
The 2007 Agreement will strengthen the ICO’s role as a forum for inter-governmental consultations, facilitate international trade through increased transparency and access to relevant information
A statement by the Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, says it will also promote a sustainable coffee economy for the benefit of all stakeholders and particularly of small-scale farmers in coffee producing countries.
The agreement is an important instrument for development co-operation and will provide the legal framework for core activities undertaken by the organisation in the future.
BELLO WAKILI, Abuja


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Vietnam’s economy looks grim with ADB’s forecast
In its recent Outlook 2011 report, the Asian Development Bank (ADB) predicts Vietnam’s GDP growth this year will be 5.8 percent and inflation, 18.7 percent.
The government’s Resolution 11 released early this year is a timely response to the double-digit inflation, draining forex reserves and a devaluating local currency, said Tomoyuki Kimura, ADB’s country director in Vietnam.
Kimura said though the resolution, a package of tightening fiscal and monetary policies, has helped stabilize the forex rate, raise forex reserves and reduce month-on-month inflation from June to August, year-on-year inflation has exceeded 20 percent, which is the highest in Asia-Pacific.
Dominic Miller, ADB’s chief economist, said the government must patiently implement Resolution 11 to control inflation so that interest rates can be lowered. As inflation drops, surviving businesses can start to grow again and the public will again turn to the dong as their confidence returns.
Kimura said the consistent implementation of Resolution 11 is more important than stimulating economic growth in the current context as it will restore the confidence of investors.
For Vietnam, restoring macroeconomic stability is the immediate priority, followed by urgently solving the root of inflation – the bottleneck in production, investment and effectiveness of the group of state-owned enterprises (SOEs), he said, adding that Vietnam’s growth may reach 6.5 percent and inflation may cool off to 11 percent next year.
ADB forecasts growth in 2011 in Asia (excluding Japan) would be 7.5 percent, compared to 7.8 percent as previously forecast and the regional inflation rate would be 5.8 percent compared to 5.3 percent as previously forecast. – Tuoitre
- Economic indicators show steady growth
- Vietnam, Japan boost finance, customs cooperation
- 200 billion JPY in ODA pledged for Vietnam in 2014
- Vietnam highly appreciated in TPP negotiations
- Positive economic growth forecast in 2014
- Vietnam targets US$2 bil bilateral trade with Laos
- Prolonged Tet holiday takes toll on national start-up figures
- SOE equitisation to quicken
Tags: Vietnam economic, Vietnam economic growth, Vietnam economy, Vietnam economy 2011


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Bid for Sydney airport on the runway
A consortium of superannuation-related giants have lobbed in an unsolicited bid to buy Australia’s busiest airport. They want a look at the books before committing, but the $22 billion offer amounts to $8.25 a share. That was 42% higher than the company’s share price at the end of last week but in the range of what it was pre-pandemic. That sent the company’s share price up 33% to $7.78 yesterday. If the bid is successful, it will become one of the country’s biggest company buyouts. For their part, Sydney Airport said the offer was too low and that the impacts of the pandemic will be “short-term”, so investors shouldn’t be dazzled. Sydney Airport is renowned for being one of the most expensive for airlines and travellers in the world. That was an issue when we could travel if you can remember that far back…
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French farmers would vote to leave the EU if given the opportunity
Published 27/07/2016 | 02:30
I was with a group of French farmers a couple of weeks ago when one of them told me that "if they could, French farmers would vote to leave the EU tomorrow."
At the time the comment stunned me. I've always thought that the whole point of the Common Agricultural Policy (CAP) was to support French Farmers.
The comment, however, gave an indication of the level of frustration which has built up over the perceived mis-management of the removal of milk quotas.
The French claim they have taken the 'responsible' route of implementing supply contracts which limit the over-supply of milk to the market. They feel only when Europe's milk supply is 'managed' will prices be sustainable.
The French view, of course, is not universally held. The polarised arguments in putting together the latest €500m support package for farmers are further demonstration of the difficulty which EU Agriculture Commissioner Phil Hogan and his cabinet face in trying to reach a solution.
Faced on one hand by the strong logic of the Irish industry that quotas have held milk production in Ireland at well below the competitive capacity, and on the other hand the French, who are by no means alone, in their wish for a return to the days of a more managed market.
On this basis last Monday's announcement can probably be considered a victory for the Irish in that only €150m of the package will be devoted to limiting supply and that the scheme, when the details are finally announced, will be a voluntary one.
Certainly the market remains over supplied, the Russian embargo will now extend to the end of 2017, low oil prices continue to dampen demand and the Chinese, while returning to the market in 2016, are not likely to repeat the buying spree of 2014.
But production in Europe has continued to grow across the continent with annual production until May up 3.6pc year-on-year and 308,000 tonnes of skimmed milk powder bought into intervention in 2016.
The decision to extend the intervention and public storage aid schemes beyond September is certainly a good one.
Since most of the extra milk causing the oversupply has been produced in Europe, perhaps it is fair that the EU tax payer foots the bill for removing the surplus.
But the GDT Auction in New Zealand and global commodity prices in general closely follow (in US dollar equivalents) the €1,698 level set by the commission for buying skimmed milk powder off the market. It is the world market which the commission is supporting rather than just European milk prices.
That is the flaw in the French argument.
Unless we return to the protectionist approach of building a high tariff barrier around Europe and manage supply tightly we are now part of the world market.
Such an approach will maintain the inefficient and prevent the young farmers from entering and those with the competitive position to supply world markets from doing so.
Without restricting trade, the commission's attempts to manage supply are attempts to manage Europe's supply onto the world market and therefore the world market price.
Although the details have yet to be announced, the word is that the scheme will be targeted at paying farmers who produce less in the fourth quarter of 2016.
By that point the impacts of low milk prices around the world are likely to have dragged further on global production levels while sustained demand from US and European consumers will combine to reduce the surpluses available for export.
Since the Commission by law cannot sell the intervention stocks back onto the market in a market distorting way, it seems likely that the world dairy market will in any case tighten later in the year and prices would have risen in 2017, with or without further measures to reduce supply.
In short the Commission's attempt to manage supply may bring extra cash to some who would probably have reduced supply in any case, will not prevent those who want to from expanding it and may accelerate market tightening that probably would happen anyway. If only they could make the French happy too.
Kevin Bellamy is a dairy analyst with Rabobank


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As global apparel revenues plummeted almost 20 per cent in 2020, e-commerce has emerged as the silver lining of the fashion industry’s challenging year. Digital-first retailers like Asos, Farfetch, and Revolve weathered the storm much better than their competitors. E-commerce fashion sales are expected to grow almost 39 per cent between 2020 and 2023. What can retailers do to make the most of this opportunity?
Fear of the unknown customer can backfire
New customers are a major growth engine for retailers, but many merchants view first-time online shoppers as high-risk due to their unfamiliar behaviour and lack of purchase history. A sudden influx of new customers can mean a bump in revenue – or a wave of fraud or policy abuse.
In a recent report, Riskified looked at the impact of the recent shift to e-commerce on fashion retailers. Our data already shows that across the e-commerce landscape, up to 70 per cent of orders that are declined by merchants are made by legitimate customers. But a closer look at the high-end fashion segment paints an even clearer picture: In the second quarter of 2020, when stay-home orders prompted unprecedented migration online, new customers flooded high-end retailers disproportionately, with some merchants seeing an increase of over 50 per cent. The overall fraud rate, in contrast, rose by less than 1 per cent, meaning that the overwhelming majority of these new customers were good actors.
Retailers who rely on rigid rule-based systems or who use a manual review team that might not be able to handle a big order spike risk leaving a lot of money on the table – not to mention alienating potential loyal buyers who might now go to a competitor instead.
Customers want to pay you. Let them
Online shoppers want variety – and they want it for everything, including their payment options. Offering more payment methods has been shown to increase conversion rates on fashion websites, but many retailers are wary of accepting alternative payment methods as they come with new vulnerabilities and fraud challenges. An eWallet integration can convert a customer with one click, compared to 22 on average for a traditional checkout process – but the increased ease of eWallet checkout comes with an enrollment system that is potentially more vulnerable to fraudsters. Buy-Now, Pay-Later solutions can also bring in new users that were previously unable to finance an entire purchase at once. Although it is the BNPL provider who assumes liability for fraud, customers still tend to blame the merchant when victimised by fraud on their websites, impacting brand reputation and customer lifetime value and satisfaction.
A look at Riskified’s data shows that in the fashion industry, credit cards have the highest fraud attempt level of all payment methods, in addition to being the most popular. The initial e-commerce boom of the second quarter of 2020 was a particularly high-risk period for credit card fraud, as was that year’s holiday season. Ewallets became more popular and less risky during the holiday period, while the risk level of BNPL solutions did not change significantly.
Merchants looking to increase their payment repertoire can mitigate the associated risks with the help of technology. A flexible, scalable fraud solution can identify trends across multiple payment options and adjust to fluctuating risk levels automatically without adding challenges to the customer journey.
The bottom line
The recent acceleration of e-commerce necessitates a reimagining of shopping flows, fulfilment logistics, and supply chain management. To meet rising consumer expectations, brands need to promote smooth customer experiences with automation, 24/7 responsiveness, and minimise friction on the journey to checkout.
Riskified’s E-commerce Fashion Report 2021 explores the dynamics of the post-2020 fashion industry, delving into the new challenges of omnichannel, the benefits of alternative payment methods, and the importance of frictionless customer experiences for engagement and retention. Download your free copy.


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Coronavirus is Earth-shatteringly scary, and social distancing sucks. To distract myself and pull my brain out of the depths of speculative despair, I’ve been drinking a ton of seltzer, mostly from plastic bottles. I know that’s bad because plastic is an environmental nightmare, but seltzer water gives me more pleasure than many other things, so I keep doing it. Well, surprise! My plastic-bottled-seltzer habit may be even worse than previously thought, because of our good friend microplastic pollution.
Microplastics, or pieces of plastic measuring less than 5 millimeters, are so small that they can pass through sewage treatment plants and leech into bodies of water, where they release toxins and pose dangers to marine life. They also drift into the air, where they can be toxic when we breathe them in. They’re generally thought to come from larger plastic items breaking down over time or from manufacturers directly creating them (that’s why those teeny little exfoliating microbeads are so bad).
But a new study, published in the journal Scientific Reports on Thursday, located another major source of these materials—my fucking Perrier bottles. That’s right: Just opening soda bottles, snack packages, or sealed wrapping material can generate microplastic pollution.
Using spectroscopes, chemical tests and microscopes, scientists observed how much of this pollution was created by ripping open chocolate the generation of microplastics while tearing open chocolate packaging, cutting through sealing tape with scissors, and twisting off plastic bottle caps. They found that for every 30 centimeters (about one foot) of plastic torn, 1 to 3 nanograms of microplastic—or 1,400 to 7,500 microplastic pieces—was created. For scale, one bottle of an exfoliating product can contain 300,000 microbeads, so this may not seem like a huge amount of plastic waste. But the scale at play here makes this a huge issue: Eliminating microplastic pollution from opening all kinds of plastic packages would require changing nearly every kind of manufacturing.
The scientists call for more research to determine the specific risks associated with this form of microplastic pollution. “Possible toxicity and how they may be ingested are not yet resolved and further research into human exposure is needed,” they say in a release.
The study is one more sign that we need to move away from using single-use plastic packaging altogether, and there are folks fighting to make that a reality. The entire European Union is planning to ban single-use plastics by 2021, and last month, for instance, Senator Tom Udall(D-New Mexico) and Representative Alan Lowenthal (D-California) put forth a federal bill to ban the production of some kinds of plastics, put a moratorium on permitting new plastic production facilities, and force large, polluting corporations to manage and pay for recycling programs.
But even though folks are hard at work to phase out of plastics, honestly, this is still stressing me out. It’s way too early for beer, so I’m gonna go grab another Perrier, brb.


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The Culver City Planning Commission will propose that businesses that sell liquor and gasoline at the same location be prohibited from expanding.
The city has an ordinance banning such businesses but five convenience stores in the city are exempt because they existed before the ordinance was adopted. They can continue to operate until they are sold or rented to a new operator.
Jay Cunningham, city planner, said the City Council will consider an urgency ordinance that will affect all of those convenience stores, including two ARCO gas stations, that are allowed to sell beer and wine along with gasoline.
City Atty. Joseph W. Pannone said that the matter came to the city's attention when one of the businesses asked for permission to expand. Since the businesses are considered conforming uses, the current law permits their operators to expand through the conditional-use permit process.


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Police are asking any other victims to come forward after they arrested a man accused of exposing himself inside a clothing store at the Plymouth Meeting Mall several times last month.
Francisco Salazar Hernandez is charged with indecent exposure and several other offenses.
Police say Salazar exposed himself at least five times in September at the American Eagle store inside the Plymouth Meeting Mall.
“He would get a pair of pants from one of the sales personnel, walk into the fitting room under the guise of trying them on and then he would come out and say they didn’t fit,” said Plymouth Township Detective Sergeant Tom Longo.
Breaking news and the stories that matter to your neighborhood.
Officials say Salazar would then expose himself after a sales associate brought him new jeans for him to try on. He would then leave the mall.
Sources close to the investigation told NBC10 the women in the store at first thought it was a mistake. Once it happened a third time however they became suspicious and called police, according to investigators. Officials say workers called mall security and police in late September when Salazar was at the store. Salazar was arrested after he was found in the dressing room wearing only a t-shirt, investigators said.
“I don’t know what his objective was,” Detective Sergeant Longo said. “I don’t know what kind of perverse pleasure he was getting out of this. I can’t really speak to that.”
Salazar is currently out on bail but is not allowed to return to the American Eagle store at the Plymouth Meeting Mall as a condition. He is still currently permitted to visit other malls however. Police say they’re unsure if he’s exposed himself anywhere else and are hoping other victims come forward.
“Whenever you have a case that involves something like this there’s always the possibility of additional victims coming forward,” Detective Sergeant Longo said.
Salazar is scheduled to appear in court at the end of the month.


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A German supermarket removed all international products from its shelves for a day.
The Edeka store in Hamburg said it wanted to confront racism and highlight how reliant people are on other countries for everyday products.
The supermarket places signs around the store reading 'This shelf is quite boring without variety', 'Our selection knows borders today', and 'So empty is a shelf without foreigners'.
Surprised customers entered the store to find most of their regular selection had disappeared.
An Edeka spokesperson said "Edeka stands for diversity and we produce a wide range of food in our assortment, which is produced in the different regions of Germany. But it is together with products from other countries that we create the unique diversity that our customers value."
Edeka is Germany's largest supermarket chain, and is well known for their viral advertising campaigns.
It is expected that this move will be followed by a larger campaign.


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Copper prices on Wednesday were set for their weakest quarterly gain since March 2020 on pressure from a firmer dollar and top consumer China’s efforts to tame a red-hot metals rally.
Three-month copper on the London Metal Exchange CMCU3 was almost unchanged at $9,332.50 a tonne, as of 0620 GMT, but gained 6.2% for the quarter. The metal lost 9% in June, on track for its first monthly fall in three.
The most-traded August copper contract on the Shanghai Futures Exchange SCFcv1 dipped 0.3% to 68,050 yuan a tonne, also set for the weakest quarterly gain since March 2020 when China’s recovery from the COVID-19 pandemic aided prices of metals.
Copper prices have pulled back in recent weeks after hitting a record high in May on the back of a global economic recovery, rising investments into renewable energy and electric vehicles, as well as a tight supply outlook.
Some of the pressure has come from China, with the world’s second-largest economy releasing state reserves of copper, aluminium, and zinc as part of its pledge to control a recent surge in commodities prices.
Strength in the dollar .DXY on expectations of sooner-than-anticipated policy tightening in the United States has also made greenback-priced metals more expensive and less appealing to holders of other currencies. FRX/
“For the next quarter, it will be all about how much demand from the rest of the world will be able to offset a slowing China. Most of that will depend on the success of finally getting the virus under control and seeing supply chains recover,” commodities broker Anna Stablum of Marex Spectron said.
“Aluminum has got a chance to outperform as the environmental restrictions in China will continue to weigh on supply and it seems like the nickel market looks pretty tight,” she added.
* Global demand of nickel used in batteries is expected to rise 18% this year from 2020, backed by strong sales of electric-vehicles in China, Sumitomo Metal Mining 5713.T, Japan’s biggest nickel smelter, said.
* LME nickel CMNI3 fell 0.5% to $18,270 a tonne, while lead CMPB3 rose 0.6% to $2,319.50 a tonne. ShFE lead SPBcv1 jumped 3.4% to 15,915 yuan a tonne while ShFE aluminium SAFcv1 declined 0.6% to 18,740 yuan a tonne.
Source: Reuters (Reporting by Mai Nguyen; Editing by Aditya Soni and Sherry Jacob-Phillips)


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Oracle CEO Mark Hurd says enterprises need to wake up in the cloud era
Oracle showcased the self-driving autonomous cloud database this week that fixes cyber-threats and computes data faster for an organisation going digital
The mood at Oracle Inc’s OpenWorld event was one of excitement about the changes that AI and Machine Learning would bring, thanks to the cloud.
The cloud is central to technologies that enable mass personalisation, and machine learning is seen leading the next industrial revolution, while sensors will monitor healthcare and manage autonomous cars. For companies such as GE and AT&T that use the Oracle Cloud, the future is in data. Microsoft, Cisco, Google, AliBaba, Amazon and Facebook portray a similar narrative.
“Global macroeconomics are not necessarily great,” says Mark. The global GDP growth rate is at 2 percent, and every company needs to grow faster than GDP, and only technology can allow that. “B2B businesses are slowing. Consumer IT is growing at 20 percent and growing faster than B2B IT, which is growing at only 1 percent,” says Mark.
So what does this mean? Mark says IT needs to be agile and must be deployed rapidly for customers to stay close to their consumers and businesses. "Only the power of the cloud and databases that are autonomous will allow you to stay ahead in the future."
Companies today are thus trying to squeeze out efficiency out of IT, and grow revenues. This is only possible with the cloud. Going digital today also means there is rapid data sharing on the network, which needs to be secure. "Business is changing from a traditional market share argument to using data to add value to customer experience," says Mark.
Traditionally, companies had to focus on higher revenue with lower spends, improved cash flow and risk management. They had to create new products, services and customer service. However, risk management is increasingly now the most important narrative, thanks to data theft. “Companies have to manage security attacks. Today, you have to run a business and simultaneously manage risk of attacks in the digital world,” says Mark.
He adds pressures to build a business are enormous today. “The tenure of a CEO today is only 18 quarters because they are not able to grow their companies because their customers are going digital and expect quick turnaround time in services,” says Mark. The tenure is falling as IT is beating businesses, and clients want faster and better results.
To illustrate the modern CEO's dilemma, one could look at a retail store. The store can no longer expect IT to capture sales - it needs to integrate customisation of customer experience and change supply chain to meet orders on demand in-store, and enable products to be picked up by the customer in other stores too. Oracle wants to power that journey from customer experience, to sales, to inventory management to managing employees in a seamless manner with data.
"Therefore, IT today is about performance and not maintenance, yet 80 percent of an IT budget is spent on maintenance and infrastructure management as organisations often manage twenty-year-old applications on ten-year-old infrastructure," says Mark. However modern companies have shown the way with disruptive IT and are using the cloud to deliver faster services. These companies, like Bloom Energy, Stripe, Warby Parker, and Houzz are disrupting their respective industries as they do not have legacy IT, and are able to use data efficiently to focus on customers.
“This will be more serious and companies cannot be dependent on humans to fix patches in different operating systems and databases during an attack,” says Mark. He says one needs to be ready now to have systems that can fight anomalies on the go. No wonder Oracle launched its autonomous driving database this week to free organisations from human intervention.
Oracle's customers spoke to YourStory on the sidelines, and said cloud was central to their transformation because technology allowed data to be crunched faster and business could decentralise strategic decisions on a day-to-day basis.
Power of the cloud and digital transformation
The cloud allows scale, security and optimises solutions, and Oracle today is positioning itself as one platform, one operating system, one database. “We fight seasoned and mature hackers every day. All the technology and capability has to make things more secure. All the analytics have to be built into these applications. All apps need AI and data need not be exported from one solution to another in our cloud,” says Mark.
The company’s R&D budget is $5.2 billion, allowing it to build on the platform and infrastructure level, he adds. Oracle aims to have a complete suite of SaaS applications, be a suite of PaaS Services, and next generation of infrastructure as a service.
"We are, in fact, playing to the prediction of Cisco and IDC, which say that by 2025, around 80 percent of production apps will be in the cloud. Only two SaaS companies will dominate the market, and corporate-owned data centres will decrease by 80 percent," says Mark.
According to IDC, already, the data centres have already declined by 15 percent from 4575 to 3873. Also, by 2025, app development and testing, and all enterprise data will be in the cloud, as will 80 percent of production apps.
Mark is not off with his comments; already, Caesars Entertainment has moved to the Oracle Cloud, and more are looking to follow. “It's good for business and security. We have a competitive advantage because we have moved to a cloud-based financial system. We saved millions of dollars thanks to the Oracle Cloud,” says Keith Ausey SVP of Caesar's Entertainment.
Randy Fur, CFO of Bloom Energy, says the company uses Oracle for all forms of data analytics to make their processes efficient. “Our tech enables customers to save on power bills by 20 percent.”
What has the cloud done for Caesars and Bloom? They have been able to crunch data faster to understand their business on a day to day basis. In the day of business intelligence tools, data would be available a week later and systems, to crunch data, would then run queries separately. This old system required huge IT resources to get information compiled. Today companies like Oracle, Zoho, and Microsoft are offering one unified platform to build apps and manage infrastructure with data analytics built in to the service.
Digital transformation, however, requires dedication as Paul Chapman, CIO of GAP, explains how he used scale to his advantage. Gap Inc is a 3,300-store, 400-franchises company operating in 90 countries. “We can design, oversee sourcing and plan logistics better than any other retailer around the world. Our ability to share knowledge across brands is great, from Athleta, Old Navy, GAP, Banana Republic, Intermix happens because we have data on one platform,” says Chapman.
The company uses mobile check outs and mobile commerce to redefine buyer experience. “We are a company that depends on the store business and we have to leverage mobile check out and also engage with customers on mobile to stay ahead in the digital world,” he adds.
All retailers look to delight customers, and GAP is no different. In India, Arvind Internet and Shoppers Stop are pushing this trend across more than 1,700 stores.
Today, from Oracle to Microsoft, everyone is betting on data and digital is the centre of everything. As IT budgets are cut, businesses are asking IT to focus on results rather than maintenance and application development.
Mark ends by saying the cloud is here to stay, and that business transformation will be led by the consumerisation of IT. In India, there are the likes of Swiggy that have disrupted food delivery, and Zoho making it easy for small business to scale up apps.
What is certain is that thanks to the autonomous self driving database of Oracle that uses machine learning to correct anomalies in data, the CTO and CIO's IT resources will be freed up. They can focus on using IT to build better services to customers by using a unified cloud platform that allows one to build applications, customise services and manage infrastructure, all under one dashboard.


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By Francine McKenna, MarketWatch
U.S. Attorney for District of Maryland
Three men indicted this week for allegedly running a complex half-fake, half-real Ponzi scheme used the promise of high returns from buying, selling and collecting collateralized subprime and defaulted consumer loan portfolios to defraud doctors, lawyers, accountants and small business owners of more than $364 million, according to indictments filed by the U.S. Attorney for Maryland district.
At a joint news conference held by the Securities and Exchange Commission and the Department of Justice, FBI special agent in charge Gordon Johnson said the fraud was uncovered based on a tip.
“Most of these investors are just learning that they have been victimized,” U.S. Attorney Robert Hur said at the conference. “The effects of this kind of fraud can be devastating. We urge anyone who thinks they may be a victim to contact the FBI.”
A collateralized loan obligation purchases pools of bank loans made to individuals and businesses. CLOs raise funds received by issuing of debt and equity to acquire diverse portfolios of loans.
From at least 2013, Kevin Merrill, Jay Ledford and Cameron Jezierski, along with six affiliated companies also named as defendants, allegedly peddled the CLO scheme to investor groups, investment funds and special purpose vehicles organized by investors in Dallas, Chicago, Maryland, and Colorado, as well as from individuals. More than $90 million was invested by over 200 individual investors, approximately $52 million by family offices, and nearly $203 million by feeder funds, largely made up of groups of individuals.
The SEC alleged Merrill and Ledford spent more than $10.2 million on at least 25 high-end cars, $330,000 for a 7-carat diamond ring, $168,000 for a 23-carat diamond bracelet, millions of dollars on luxury homes, and $100,000 to a private fitness club.
Lance Wade, who represents Kevin Merrill, did not respond to a request for comment. Attorneys for the other two men were not listed in court filings.
The defendants offered and sold various forms of securities to the investors with the promise of significant investment returns from a mix of real and fake buying and selling of consumer dept portfolios— generally auto, credit card, and student loan debt—that is often sold in portfolios made up of thousands of individual debtors’ accounts.
Daniel M. Portnov, counsel at the Law Office of Sara Kropf PLLC, told MarketWatch, “Consumer debt has replaced residential mortgages (RMBS) as this decade’s hot securitized investment vehicle and certainly caught the notice of feeder fund and family office investors trying to outpace the market.”
During the time they were allegedly operating the fraud, they did sometimes actually purchase, service, and sell a limited amount of real consumer debt. They also made payments to investors of approximately $197 million, but most of that money was just money received from other investors, according to the SEC’s complaint.
The actual business and the payments were used to support the fabrication of much more fake activity that could deceive investors into believing that their investments were generating a return. As a result, the SEC’s complaint says, “many unsuspecting investors were victimized repeatedly and referred other prospective investors” to the defendants.
The trio’s securities offerings included $1.5 million raised by Ledford beginning in 2014 using one of the indicted companies, Riverwalk Financial Corporation, which he controlled. Ledford filed a Form D with the SEC, a form of securities offering which is exempt from typical registration requirements.
An SEC spokeswoman declined comment on any further actions regarding the equity raised by Riverwalk using the SEC’s Form D.
Targets of Riverwalk Financial’s debt collection business have filed 330 complaints about its tactics, according to the Consumer Financial Protection Bureau’s consumer complaint database. Two complaints filed in 2018 are still pending. A CFPB spokesman did not respond to a request for comment on Riverwalk Financial.
The SEC’s complaint says that the offerings contained numerous misrepresentations, lists of fake debt and debtors, forged signatures, and fake wire transfer documentation. The defendants allegedly offered and sold investments in the same and often fake debt and debt portfolios to multiple victims.
The documentation fraud was made easier because Ledford, who lives in Westlake, Texas and Las Vegas, Nevada, also operated an accounting firm, Ledford & Associates, PLLC, and a credit repair business. Ledford is a certified public accountant licensed by the Texas State Board of Public Accountancy and is a member of its trade association, the AICPA.


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EatStreet gets another $6 million in funding
The State of Wisconsin Investment Board and 4490 Ventures recently invested $6 million in EatStreet, the Madison startup company that lets consumers order food online or through mobile devices. The company will use the money to add features to its platform and to beef up marketing in major college towns across the country. The company has raised $10 million this year and plans to add another 50 employees as a result. EatStreet currently has 55 full-time and 30 part-time employees.


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Ford Ranger's baby brother pickup could launch next year
Ford teased a new model for 2021 in a recent financial presentation.
It all started with Gran Turismo. From those early PlayStation days, Sean was drawn to anything with four wheels. Prior to joining the Roadshow team, he was a freelance contributor for Motor Authority, The Car Connection and Green Car Reports. As for what's in the garage, Sean owns a 2016 Chevrolet SS, and yes, it has Holden badges.
If current information rings true, the Maverick will share a platform with the recently revealed Ford Bronco Sport. That's the automaker's C2 platform, which underpins everything from the current
sold in Europe, the latest Escape and the Bronco Sport. A modified version also underpins the Mustang Mach-E. With the unibody architecture, it won't be nearly as rugged as a Ranger or F-150, but if the Bronco Sport is any indication, Ford will still outfit it will plenty of "Built Ford Tough" attitude.
More info to suggest we're in for a small pickup? Dealers also said Ford plans to come out of the gate strong and build the truck alongside the Bronco Sport at its plant in Hermosillo, Mexico with an annual production rate of 100,000. If you're wondering why the large number, it's rumored Ford will consider the Maverick a new entry-level vehicle that will exist alongside an
replacement. With the
and Focus dead in the US, Ford still knows it needs to capture budget-minded buyers. We could see the Maverick start at a price under $20,000 to accomplish such a goal.
With Americans largely shunning small cars and
, Ford's bet on an affordable pickup could be a smart plan.
Watch this: 2021 Ford Bronco Sport is an awesome basecamp


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BRUNSWICK Although they are marketed under the benign term “bath salts,” a potentially deadly — and completely legal — drug is making its way onto the streets of the city.
“We did have a case last week of someone who overdosed at least partly on bath salts,” said Brunswick Police Lt. Brian Ohlin. “And there were discussions about it at the most recent Medway (Medina/Wayne County Drug Enforcement Agency) board meeting. I know some of the effects on people can be significant — including hallucinations — and I’m sure we’ll start to see more of it.”
According to a report from Fox News, the Federal Drug Enforcement Administration does not regulate these substances, but they are under federal scrutiny, as the effects of these salts are comparable to methamphetamine abuse, according to poison control centers and other law enforcement agencies.
The term bath salts itself refers to a range of water-soluble, usually inorganic solid products designed to be added to a bath. But the bath salts raising concerns both locally and nationwide are stimulants marketed frequently through convenience stores web sites.
At least two nearby communities, the cities of Rittman and Barberton, have passed local ordinances prohibiting the sale of the salts.
Although Brunswick has not gone that far, Ohlin said police are keeping the same eye on bath salts that they do other legally manufactured intoxicants.
“Although the product has a legal use, the fact that people are using it to get intoxicated puts them and the community in jeopardy,” Ohlin said. “From how people react to it to crimes that can occur when someone is abusing it.”
Law enforcement’s hands are not entirely tied when it comes to bath salts, however.
“We do have a law against abusing intoxicants, whether its bath salts or putting paint in a bag and huffing the fumes,” Ohlin said. “So there is a legal avenue to address it if we can prove they were using it for that purpose. But simply purchasing it is not illegal.”
See more Brunswick news at cleveland.com/brunswicksun


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The upcoming Panasonic Lumix S1 and S1R will be officially announced Tomorrow, January 31st, 2019. Above is the official launch teaser. We finally see full specs, price, release date, pre-order options tomorrow.
The upcoming Panasonic Lumix S1 and S1R and S L-mount lenses will be officially announced next week, we will finally see the full features & specs & price & pre-order options and release date on that day. Panasonic may also announce more details about the S Line lens roadmap. Here are all specs for Panasonic S1 & S1R & S lenses we are known so far:
A reader just told us something about next announcement for Panasonic S1 and S1R full frame mirrorless cameras. We already know that Panasonic has officially announced the S1 & S1R will be released in late March, 2019. So when will Panasonic announce the price and pre-order info about S1 & S1R ? This source told us there will be a major press event at the end of this month, around January 30th, 2019. Panasonic will announce the full specs, US price, pre-order options, and detail release date for S1 & S1R.
At CES 2019, Panasonic has announced new features (HLG photo mode and multi-shot high-resolution mode) for upcoming Panasonic S1 and S1R, and also announced release date for late March release. Here are some videos of Panasonic S1 & S1R at CES 2019.
Ahead of CES 2019, Panasonic has officially announced more info about upcoming S1 and S1R full frame mirrorless camera. According to Panasonic USA, S1 & S1R will have HLG photo mode and multi-shot high-resolution mode. The release date for both cameras and lenses will be in late March, 2019. Pre-orders will be open soon in next several weeks.


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Jeffrey Straubel, chief technical officer and co-founder of Tesla Motors Inc., heart, speaks as billionaire Elon Musk, chief govt officer of Tesla Motors Inc., left, and Yoshihiko Yamada, advisor at Panasonic Corp., look on throughout a press occasion at Tesla’s new Gigafactory in Sparks, Nevada, U.S., on Tuesday, July 26, 2016.
Troy Harvey | Bloomberg | Getty Images
Tesla’s Chief Technology Officer JB Straubel is leaving his submit to turn out to be an advisor to the carmaker, CEO Elon Musk mentioned on the corporate’s second-quarter earnings name on Thursday.
Straubel, one of many firm’s co-founders, is finest identified for serving to to create Tesla’s signature battery expertise. He additionally oversaw energy electronics, motors, software program, firmware and controls, amongst different obligations at Tesla over the course of his tenure there.
“I’m excited to stay involved in some of our core technologies and all that and help where I can,” Straubel mentioned on the decision. He mentioned it is “not an executive type role.”
His place can be stuffed by Drew Baglino, who had been a vice chairman of expertise.
Straubel is the newest high-profile departure from Tesla’s govt ranks. Steve McManus, who was a vice chairman answerable for engineering for automotive interiors and exteriors at Tesla, this week joined Apple. The iPhone maker additionally lured former Tesla vice chairman Michael Schwekutsch, who oversaw electrical powertrains engineering, to be part of its Special Projects Group earlier this yr. In June, Felicia Mayo, the vice chairman of human sources and head of variety, left Tesla. That month the corporate additionally misplaced Peter Hochholdinger, who ran manufacturing on the manufacturing facility in Fremont, California, to Lucid Motors.
The introduced departure follows Tesla’s disappointing earnings report. The firm introduced weaker-than-expected income and a wider-than-expected loss, sending the shares down 10% in prolonged buying and selling.
Straubel is additionally the founding father of a recycling firm referred to as Redwood Materials with places of work close to Tesla’s Gigafactory in Nevada and automotive plant in Fremont.
According to cargo data shared with CNBC by Import Genius, Redwood Materials has, since May 2018, bought gear used for “electroplating, electrolysis or electrophoresis,” which could possibly be used to extract and recycle among the costly uncooked supplies used to make shopper electronics and electrical autos.
WATCH: The one factor to search for on Tesla’s earnings name


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SEGA of America is gearing up to celebrate three decades of its iconic Blue Blur.
The company revealed the first wave of licensing partnerships for the 30th Anniversary of Sonic the Hedgehog, the popular character that first debuted on the SEGA Genesis on June 23, 1991.
“Over the past 30 years spanning multiple generations, Sonic fans have created memories with their speedy Blue Blur,” says Ivo Gerscovich, chief brand officer, Sonic the Hedgehog and senior vice president SEGA of America. “In order to commemorate the most iconic elements of the Sonic universe, we have partnered with some of the top licensees in the industry to produce collectible Sonic the Hedgehog merchandise that our enthusiastic and loyal fans can cherish for years to come.”
Jakks Pacific will continue releasing its range of Sonic action figures and plush while Funko will issue a new assortment of Pop! Vinyl Figures, including Classic Sonic, Tails, Silver, and more. Dark Horse Comics will issue the Sonic Encyclo-Speed-Ia, a hardcover historical retrospective encyclopedia that covers the entire franchise while IDW will publish its first Classic Sonic adventure, launch a new miniseries, and will continue its existing series in both English and Spanish.
Additional items include jewelry from King Ice, apparel from Graph Gaming, enamel pins by FiGPiN Inc., and a new Peach Rings flavor from G Fuel.
The initial assortment of products is expected to hit retail as early as December. Additional products and partnerships will be revealed in the months ahead.


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EV Cargo Global Forwarding, delivered by Allport Cargo Services (ACS), says current shipping challenges imposed by COVID-19 could lead to congestion at ports as it looks to deliver storage solutions for customers.
Containers shipped by sea from Asia usually have a four-week transit time, however, many retailers have cancelled factory purchase orders destined for UK and European ports amid the retail crisis caused by the COVID-19 outbreak.
Affected shipping containers already on the water and arriving into ports within the next few weeks will require storage and ACS has been handling significant requests for in-container storage and also emptying and warehousing of product.
The company says there is a real concern in the industry that the in-bound movement of essential supplies may be compromised if ports become congested by unwanted containers of stock.
With the retail sector significantly impacted by the current situation, ACS has deployed significant assets into the increased demand for grocery products and time-critical medical supplies. A large proportion of its domestic distribution fleet is now assisting with retail and grocery primary transport, while ACS air freight is handling a huge upsurge in medical supplies from around the world, most notably a wide range of PPE for frontline key workers.
The company has also directed warehousing resources across other EV Cargo divisions and is assisting with picking fresh food orders for EV Cargo Logistics in the grocery sector.
Clyde Buntrock, chief executive of EV Cargo Global Forwarding and ACS, said: “Working across a diverse range of logistics sectors, we’ve been fielding many requests for shipping container storage and also emptying and warehousing product from containers. A key concern for customers is that, without storage solutions releasing pressure, their live supply chain orders in transit will hit the brick wall of closed or poorly manned warehouses and of course shuttered stores.
“As part of EV Cargo, there is a resilience through diversity of industry sectors, customer offering and the ability to share resources across the wider company. Investment in our air freight infrastructure is providing capacity in this urgent time of need – the roller bed system at our Heathrow facility allows us to unpack an entire 747 freighter equivalent load in one go, fast-tracking dispatch of goods.”


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My fellow Americans,
On Monday, I signed a Presidential Proclamation declaring this to be “Made in America Week.”
We believe that our country is stronger, safer, and more prosperous when we make more of our goods and our products right here in the USA. When we purchase products Made in America, the wealth, revenue and jobs all stay in our country – to be enjoyed by our people.
Since we first won our Independence, our Founders and many of our greatest leaders have promoted that we should afford a special level of protection to the products and goods manufactured within our borders. They understood that as a nation, we have common bonds with our fellow citizens and common obligations to each other. Making and buying made in America products brings us closer, and strengthens the ties that link us all together.
For too long, our government’s policies have punished production in America while rewarding and encouraging the movement of production overseas, which is totally ridiculous. The result has been the loss of numerous industries, the decimation of entire communities, and years of sluggish growth and flat wages.
Throughout American history, our nation’s best leaders have believed in the importance of protecting our domestic industry. This includes every President on Mount Rushmore.
George Washington encouraged Americans to produce their own goods so that our young nation could become truly independent.
Thomas Jefferson wrote that Americans should choose products made in America whenever possible – and by the way, I’m asking you to do that.
Abraham Lincoln warned that abandoning the policies that protect American industry would “produce want and ruin among our people.”
Theodore Roosevelt stated in his First message to Congress that “Reciprocity must be treated as the handmaiden of protection.”
James Monroe called on our nation to “cherish and sustain our manufacturers.”
James Garfield said of our nation’s manufacturers: “To them the country owes the splendor of the position it holds before the world.”
William McKinley believed that when America protects our workers and industries, we “open up a higher and better destiny for our people.”
And Calvin Coolidge stated that protecting American industry “enables our people to live according to a better standard… and receive a better rate of compensation than any people, anytime, anywhere on earth, ever enjoyed.”
We are now, under the Trump Administration, reclaiming our heritage as a manufacturing nation. We are fighting to provide a level playing field for American Workers and Industries. Other countries will cease taking advantage of us, believe me.
We are going to build works of beauty and wonder – with American hands, American grit, and American iron, aluminum, and steel.
No longer will we allow other countries to break the rules, steal our jobs, and drain our wealth. Instead, we will follow two simple but very crucial rules: We will buy American and we will hire American.
Already, we have created over a million new jobs this year – and doing even better than anticipated. We are just getting started – believe me, we are just getting started.
For every job that comes back to this country, and every factory that reopens, and every town that is revitalized, we aren’t just restoring American wealth, we are restoring American pride. We are restoring America’s future – a future where millions will be lifted from welfare to work, where children will grow up in safe and vibrant communities, and where our nation will stand stronger than ever before.
And most importantly, it will be a future in which you – our citizens – always come first.
Thank you, God bless you, and God bless America – we are truly making it great again.


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A New York City Councilman suggested that President Donald Trump should revoke benefits, given out during the coronavirus, to suspected looters arrested during riots around the country following the death of George Floyd.
New York City Councilman Joseph “Joe” Borelli (R-South Shore) recently had a conversation with Trump, suggesting that stricter punitive measures need to occur to stop looters from destroying the city, SI Live reported.
“Witnessing looters emptying Apple stores and exiting the store only to be violently assaulted and robbed by other criminals has shaken the confidence of everyday New Yorkers who are afraid to travel to work, hospitals, and shop for necessities,” Borelli said.
Borelli is specifically calling for Trump to “revoke” the $600 federal supplemental unemployment insurance benefit for rioters arrested for looting.
“It is unfair and unacceptable that people who are furloughed from retail stores are receiving the same supplemental benefit as those who are smashing and looting retail stores, and I hope this can be addressed immediately,” he said.
Protests began in New York City and across the country over the weekend following the death of George Floyd, an unarmed black man in police custody, after a policeman spent nearly ten minutes pinning his knee on Floyd’s neck.
As protesters confronted the police, looters and rioters took advantage of the situation to destroy and vandalize buildings.
The New York Police Department (NYPD) said Wednesday that they arrested 290 people for looting and protesting overnight.


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Some of the best upcoming and highly anticipated mobile MMORPG games expected to launch in 2020 you definitely need to keep an eye on.
Some of the best top-grossing mobile MMORPG games with an active community currently out right now that you can download for free in free in the Google Play Store and iOS app stores.
Riot Games' 10 year anniversary came with game announcements of epic proportions! The creators of League of Legends released a massive shockwave...
Auto-battler List: Popular and best Auto Chess inspired games you can play right now on your mobile device.
E3 2019 included game announcements not only for the PC and consoles, but for the mobile platform as well. Here’s the list of all the mobile games announced at E3 2019.
More PC MMORPGs are getting a mobile version this year. Is your favorite one of them? Find out which ones are getting mobile adaptations in our latest list.


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The ZEISS Group ended fiscal year 2020/21 (end of reporting period: 30 September 2021) on an excellent note: its revenue rose by 20 percent to 7.529 billion euros (previous year: 6.297 billion euros). Over 90 percent of this sum was generated in markets outside Germany. Earnings before interest and tax (EBIT) also achieved a new high, reaching 1.479 billion euros (prior year: 922 million euros). The EBIT margin was 20 percent. Incoming orders increased to 8.974 billion euros (prior year: 6.814 billion euros).
“2021 is a very special year for ZEISS. 175 years ago, Carl Zeiss laid the foundations for a company that has grown into a technology leader and proves time and again that it can push the limits of what is technically feasible. We are of course particularly delighted to have achieved record results once again in our anniversary year,” said Dr. Karl Lamprecht, ZEISS President and CEO. “While there is certainly room to improve in a number of areas, double-digit growth across all four ZEISS segments demonstrates that we are on the right path thanks to our balanced portfolio and our ZEISS Agenda. Upwards of 35,000 employees, a high capacity for innovation, as well as excellently aligned segments and all regions contribute to this growth.”


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SAN FRANCISCO (CBS.MW) -- New Internet access subscribers are opting for high-speed access, but unlike the early days of the Internet, competition for those precious customers can be costly.
Internet access provider EarthLink ELNK, which announced its second-quarter results early Tuesday, said it added 72,000 new subscribers in the quarter for a total of 604,000 high-speed customers. This exceeded management's goal to add between 55,000 and 60,000.
The number of new subscribers is also up 14 percent from the first quarter. This compares to a 13-percent sequential increase in the first quarter.
The average cost per broadband subscriber, however, continued to decline due to promotional pricing discounts, said Fred Moran, an analyst at Jefferies & Co. Together with "hefty" marketing expenditures, Moran believes EarthLink's cash flow could be limited.
Moran pointed out that while EarthLink reiterated its subscriber growth for the year, it does expect cash flow to come in between $60 million and $70 million. This is slightly below EarthLink's prior goal of between $60 million and $75 million.
Accordingly, Moran lowered his price target to $6 from $9. EarthLink, which went public in March 1996 at a split-adjusted price of $1.33, closed at $4.75, up 2 cents a share.
EarthLink posted a second-quarter loss that was narrower-than-expected, while reporting a revenue increase of 10 percent to $335 million. Those sales were boosted by a 43 percent increase in high-speed sales. EarthLink's dial-up subscribers fell 6.6 percent from a year ago.
EarthLink shares have been under pressure all year, partly due to the overall market swoon and partly due to concerns that providing narrowband and high-speed access would require significant spending on marketing given the maturity in the dial-up business and the competitive environment in the broadband-access business.
AOL Time Warner
To be fair, EarthLink appears to be adding more high-speed subscribers than the companies that just reported, according to Mark Kersey, an analyst at ARS, Inc.
AT&T Broadband, which is being acquired by Comcast, grew its high-speed customer base by 8 percent, or 137,000, from the previous quarter. SBC Communications
AOL Time Warner has additional high-speed customers through its AOL unit, which offers high-speed cable and DSL service. This number is not available, however. Additionally, Microsoft's MSN service doesn't break out its broadband subscriber base.
"EarthLink is probably spending more to acquire new customers, but at some point there won't be dial-up service left," said Kersey. "In the long term, it's a smart decision to sacrifice short-term profits to establish itself in the broadband arena."
What about the smaller pure-play Internet access providers?
NetZero, which changed its name to United Online UNTD when it bought its rival Juno Online, went public in September 1999. It has a $356 million market cap and is expected to generate $228 million in sales in 2002. By comparison, EarthLink told analysts Tuesday that it expected to generate sales of $1.4 billion this year.
United Online signed a deal with Comcast to offer high-speed service on the cable company's network. PeoplePC PEOP, a San-Francisco based company that offers bundled computers and Internet services to corporations, is being sold to EarthLink for roughly $45 million in cash and assumed liabilities.


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Samsung, the Korean smartphone maker, is beating Apple in global smartphone sales, even as Chinese makers like Huawei, Xiaomi and Oppo are closing in. When it comes to the market share, Samsung leads Apple by almost 10%.
This shift in the sales figures is because Samsung has shifted their emphasis to budget phones while Apple has stuck to targeting only the premium customers.
This year, the month of June alone saw 3.6 billion active smartphones users globally out of which 893 million active devices were Samsung. Apple has slumped to the second position followed by Oppo, Xiomi, Huawei, and Vivo respectively. These four Chinese makers make up a third of the World’s active market, as they mine on the bottom of the pyramid which holds trillions in disposable income. The costs of these phones are negotiated to fit


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(UPDATED COVERAGE, Oct. 4) Public school teachers can win cash for their classrooms and fruit coupons for their students thanks to a Del Monte Fresh Produce NA Inc. online contest.
âTeacher Monday: Cash for Classroomsâ rewards the top 10 vote-getters among educators in kindergarten through grade 12 for each of five weeks. It runs Oct. 4 through Nov. 8.
Fifty winners in the U.S. and Canada will get $750 in cash for school supplies and $250 in Del Monte fresh fruit coupons for classroom snacks or use in educational activities. Each winning classroom will be linked to a school in Guatemala or Costa Rica that will receive $1,000 for school supplies.
To participate, go towww.fruits.com/teachermonday. Teachers can register and students, friends and families can vote multiple times. Vote totals carry over from week to week, but each teacher can win only once.
Dennis Christou, vice president of North American marketing for Coral Gables, Fla.-based Del Monte, said the contest is part of an overall strategy to fight obesity, as is a September deal with Vistar Corp. to distribute Del Monte fresh produce in its vending machines.
âDel Monte wants to get schools and teachers the right tools and much needed help to get children motivated about eating fruits and vegetables,â Christou said, âand the Teacher Monday promotion is one great way to do it.â
In September, Vistar inked a deal to distribute Del Monte grapes, whole bananas, pineapple chunks, apple slices, baby carrots, celery sticks and grape tomatoes in vending machines.
Del Monte plans to promote Teacher Monday with stickers on fresh produce. Posters and other materials will be displayed in stores.
Each week of the promotion, Del Monte will distribute $25 gift certificate booklets for fresh produce in major markets across the U.S. and Canada. Consumers will be notified about the giveaways via Twitter, Facebook and radio promotions.


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The first edition of the Plastics Recycling Show Middle East and Africa, opened this morning to a crowd. As a showcase for the latest solutions and technologies in plastics recycling for the MEA market, this inagural edition of the event has attracted just under 100 exhibitors. Some of the top players at the exhibition include Schneider Electric, Bariq, Astra Polymers, FIMIC Srl, Rebound Plastic Exchange, Krones AG, and many more.
PRS Middle East and Africa now officially open, in Dubai
H.E. Eng. Dawoud Al Hajri, Director General of Dubai Municipality inaugurates 1st edition of PRS ME&A
The trade show was inaugurated this morning by H.E. Eng. Dawoud Al Hajri, Director General of Dubai Municipality along with Ton Emans, PRE; Matthew Barber, Global Events Director, Crain Communications; and Taher Patrawala, Managing Director, Media Fusion, at Dubai World Trade Centre.
The first Plastics Recycling Conference will run concurrently with the event. Top speakers include representatives from Unilever Middle East & Turkey, Plastics Recyclers Europe, PepsiCo, Rebound Plastic Exchange, Veolia, Tetra Pak, Nestlé, IFFCO Group, Dow Chemical IMEA and many others. Discussion on topics ranging from “The state of collection and sorting in MEA,” and “Chemical recycling: Meeting the new demands for recyclable materials,” to “A deep dive into ocean plastics: Exploring the ambitious commitments and targets to advance circularity” are scheduled for the coming three days of the show.
The Plastics Recycling Show Middle East & Africa 2023 is the ideal opportunity for industry players from the Middle East and African region to build their profiles in plastics recycling and work towards a green, circular and more sustainable economy.
PRS ME&A is open from September 5-7, 2023 at Hall 8, Dubai World Trade Centre.


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EBM gets US OK for UniWeb PACS
This article was originally published in Clinica
EBM Technologies has received US 510(k) clearance for its UniWeb PACS system. The product is a web-based mammography picture archiving and communications system that serves as a single point of deployment for physicians. Using UniWeb, doctors can review multi-modalities and multi-vendors on a single interface, said the Honolulu, Hawaii company. The UniWeb system also supports all CAD vendor markings and is able to distinguish CAD marks from different vendors to enhance diagnosis. The product is already CE marked for sale in Europe.
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AFL Aussie rules football club Port Adelaide has made further inroads into the Chinese market by forming a business to consumer platform that will look to drive opportunities for Australian businesses in China.


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Finland-based company Stora Enso and convenience store chain Pressbyrån have partnered with Swedish startup &Repeat to launch a pilot project to test reusable coffee cups.
Stora Enso said that the latest pilot marks the beginning of the first reuse project in an ‘open environment’ in Sweden.
As part of the pilot effort, Stora Enso, Reitan Convenience in Sweden and &Repeat will allow their customers to choose a reusable cup when they are purchasing a hot beverage from Pressbyrån convenience stores. Customers can get these cups in two different sizes of 200ml and 400ml.
If the customer opts to use a reusable cup, they will need to register the usage of the cup in a mobile app using their contact number.
Once the customer finishes their drink, they will be eligible for returning the cup at one of Pressbyrån’s stores by re-registering their usage of that cup and scanning a QR code to drop it in a container.
All the collected cups are then cleaned and reused for the same purpose again in a circular system.
This pilot programme, which started in April, is initially being implemented across 19 Pressbyrån stores in Southern Sweden and will continue until the end of June.
Stora Enso Circular Products & Services business development manager Nathalie Kalivas Jönsson said: “We are doing this to learn. How hard is it to get a circular system in place in an open environment? Will customers be excited or not? Which are the big challenges, and will this be the most sustainable way of handling takeaway food? We don’t know but are eager to find out!”
This project has been launched to prepare the Swedish chain for a new national law that will reduce single-use packaging and will come into effect from January 2024.
The law states that establishments, including restaurants and stores that sell more than 150 units of takeaway food or drinks in disposable packaging per day in Sweden, are required to offer reusable packaging as an alternative to their consumers.