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KUALA LUMPUR, July 5 (Bernama) -- The Malaysian rubber market ended lower in quiet trading for the third day this week as Chinese demand dwindled as the country faced rising stocks, dealers said.
They said the market also moved in tandem with the lower Tokyo rubber futures market which succumbed to profit taking.
"Some market players are adopting a wait-and-see attitude ahead of US employment data expected to be released next week," a dealer said.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 gained 5.5 sen to 710 sen a kg and later-in-bulk shed 0.5 sen to 533 sen a kg. The unofficial sellers' closing price for tyre-grade SMR 20 eased 4.5 sen to 706 sen a kg and latex-in-bulk dropped two sen to 532.5 sen a kg.
JSS JSS VMD


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New Delhi: The founder and CEO of electric car maker Tesla, Elon Musk said on Thursday that company is working through a lot of challenges with the government to launch its products in India.
Responding to a tweet on the company’s plans to launch its products in India, Musk tweeted: “Still working through a lot of challenges with the government”.
Last year, Tesla had sought a reduction in import duties on electric vehicles (EVs) in India.
The heavy industries ministry had asked the electric car major to first start manufacturing its iconic electric vehicles in India before any tax concessions can be considered.
The government sources had noted that they were not giving such concessions to any auto firm, and giving duty benefits to Tesla will not send a good signal to other companies that have invested billions of dollars in India.
At present, cars imported as completely built units (CBUs) attract customs duty, ranging from 60 to 100 per cent, depending on the engine size and cost, insurance and freight (CIF) value less or above USD 40,000.
In a letter to the road ministry, the US firm had last year said that the effective import tariff of 110 per cent on vehicles with customs value above USD 40,000 is “prohibitive” to zero-emission vehicles.
The electric car major had requested the government to standardise the tariff on electric cars to 40 per cent, irrespective of the customs value, and withdraw the social welfare surcharge of 10 per cent on such vehicles.
It had said that these changes would boost the development of the Indian EV ecosystem and the company will make significant direct investments in sales, service and charging infrastructure; and significantly increase procurement from India for its global operations.
In January 2021, Tesla registered its Indian arm amid indications that the company is set to enter the country’s automobile market.
According to a regulatory filing, the firm registered Tesla India Motors and Energy Pvt Ltd with RoC (Registrar Of Companies) Bangalore.
The company has been registered as an unlisted private entity with a paid-up capital of Rs 1 lakh.

domain: news


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The countdown to official listing of DhabiCoin (DBC) on six exchanges has begun, three of them already at launch. In nine months of the ICO phase, DhabiCoin has achieved an unprecedented feat in the crypto asset market, overcoming the market's distrust and becoming one of the main bets for this year 2022. Check out the main gains of the project, advances achieved and expectations for after launch. Take advantage that there is still time to purchase your DBC token before launch.
DhabiCoin was created to simplify paths, move the market and bring technology to the sector in an accessible way and with the premise of reaching several countries around the world. The priorities have always been innovation, quality and meeting the needs of commerce with transactions without bureaucracy and waste of time. Blockchain technology shows that it is possible to increase the efficiency of financial transactions with security and high performance, while the market demands more streamlined and profitable processes. In just nine months of the ICO phase, DBC reached more than 30 thousand users present in around 60 countries and distributed in the four corners of the planet.
In March 2021, the first phase of DBC offerings began when the token was offered at US$0.02, an extremely affordable value for a first phase of an active crypto. This is a phase in which more experienced investors study the asset and the team behind the project is receptive to criticism to correct possible gaps and polish it. The big surprise of this phase was the disclosure of the closing of a listing pre-contract with a worldwide exchange, Latoken exchange. This contract was the password the market needed to turn its attention to DhabiCoin. There, the signs of a great success that was to come in the following months were given, bringing with it the completion of another listing pre-contract and, this time DBC surpassed the previous feat by signing with the Chinese exchange, Hotbit, which has a daily volume of around two hundred million dollars.
Four months after the pre-sale began, DBC announced that it would be trading on PancakeSwap, the largest decentralized exchange (DEX) installed on the Binance Smart Chain (BSC) blockchain. At this moment there was the first batch turn and the DBC token started to be sold at US$0.04. That is, those investors who acquired DBC in the first batch had already ensured a 100% appreciation of the amount invested and by this time DhabiCoin was already present in more than 30 countries and reached the mark of 12 thousand registered on its platform.
Not even the usual fluctuations of the cryptocurrency market affected the DBC project, this is because the team behind the venture is composed of experts in the field of blockchain technology, international market, communication and marketing and ended up surrounding itself with the most modern there is in these sectors. In September 2021, keeping warm in the world market, DhabiCoin impressed its users and potential investors by sealing a new pre-listing agreement with one of the strongest exchanges in the global cryptocurrency market, CoinBene. CoinBene is TOP 8 in global trading value according to CoinMarketCap's certified ranking. Also in the month of September 2021, after surpassing all the goals set by the developer team for the second season of its initial coin offering, DBC started its third pre-sale round, selling at US$0.07.
DhabiCoin's expansion plan is consolidated, well-reviewed by experts in the cryptocurrency and blockchain industry. DBC has passed the audit by TechRate , which is an analytical and engineering agency focused on blockchain technology solutions and audits. The project has attracted the attention of the specialized market and expanded its network of countries with each pre-sale round. In the final stretch of the ICO, the management of DhabiCoin was even bolder and signed a pre-listing contract with the Dutch giant BigONE, which has almost two hundred cryptocurrencies in its portfolio and a daily volume of about 650 million dollars. As everything good is always left for the end, DhabiCoin has signed a partnership with LBank exchange which is top 25 on CoinMarketCap and serves thousands of users around the world. LBank has one of the largest portfolios in the market and a daily volume of over 1.2 billion USD.
DhabiCoin can still be purchased both on its official website and on Latoken exchange ( https://latoken.com/ieo/DBC ). In order to guarantee more transparency and security to old and new users, the management of DBC started its IEO (initial coin offering, in English) which in practice is the guarantee that the coin will be released. This is because, while in the ICO phase, the responsibility for launching a coin rests with its developers, in the IEO, the exchange takes on this role. Faced with the IEO, the exchange starts to use its entire infrastructure to launch the asset. There is no greater guarantee in the cryptocurrency market that a token will be released than when that token is in IEO. DBC’s team of developers promises to continue working to ensure DBC’s success after its official listing on exchanges and is still nodding to listing the coin in the near future on Binance exchange, the top one of exchanges. According to sources from the team itself, the company has aligned partnerships with hotel chains in the United Arab Emirates, DhabiCoin's country of origin, as well as partnerships with companies and service providers around the world. To learn more, visit DhabiCoin's social media and official website at www.dhabicoin.ae .
Disclaimer: This article is for informational purposes only and does not constitute investment advice or an offer to invest. The CriptoFácil is not responsible for any content, products or services mentioned in this article.
Also read: Fantom, Cosmos and HUH Token; How do these cryptocurrencies work?
Also read: Winz.io renews the platform and launches two bonus events for all players
Also Read: Elon Musk Forgot Bitcoin? Discover the 'under the radar' cryptocurrencies that caught the attention of the Tesla founder; they have the potential to turn BRL 1,000 into BRL 50,000 in just one year


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Guide Dogs of America and Hawgs for Dogs is proud to announce our 4th Annual Spirit of the Midwest Ride for Guides on July 21-22.
This two-day event includes a Motorcycle and Classic Auto Poker Run on July 21 followed by a Classic Auto and Motorcycle Show on July 22.
The Poker Run will take place in Hazelwood, MO and the show in Bridgeton, MO.
Motorcycle/Classic Auto Poker Run
July 21, 2012
IAM D-837 Machinists Hall
212 Utz Lane
Hazelwood, MO 63042
|Classic Auto and Motorcycle Show
July 22, 2012
IAM D-9 Machinists Hall
12365 Saint Charles Rock Road
Bridgeton, MO 63044
To view the entire run packet, please click here.
Please contact Steve Galloway at (630) 548-2450 or (651) 231-3605
or via email at email@example.com.


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THE arcade dominating Cardiff’s retail heart has beaten off competition from across the globe to be crowned the international shopping centre of the year.
The £675m St David’s saw off shortlist contenders Portugal’s Dolce Vita Tejo and Singapore’s Ion Orchard to scoop the award eight months after opening.
The honour is given to the shopping centre offering the highest levels of customer care and service, the widest choice of shops and cleanest facilities.
The Global Retail Leisure International (RLI) awards are judged by an independent panel of business leaders who judged entries on their merit and positive impact on the market.
St David’s centre director Steven Madeley said the gong recognises the centre “has regenerated Cardiff, boosted the economy, provided jobs and drawn more visitors to the city”.
City centre manager Paul Williams said the centre thoroughly deserved the award for its achievement in redefining Cardiff’s retail and leisure scene.
Although not full when it opened last October, St David’s has attracted a host of new retailers to Cardiff.
The clothing shop Luke 1977 is the latest to announce it is opening its first Cardiff branch in St David’s. Fashion retailer All Saints has also announced sales at its St David’s store have been so good it is expanding into the vacant unit next door.
Further major names are expected to announce they are coming to the centre, which attracted around one million shoppers a week in the run-up to Christmas.
Last month the team behind St David’s won two Purple Apple Awards at the British Council of Shopping Centre’s marketing awards. St David’s was also shortlisted for the Royal Institution of Chartered Surveyors Wales Regeneration Award.
Cardiff council leader Rodney Berman said: “This award is the icing on the cake of a development that is bringing to Cardiff £250m of new annual spending each year and providing a huge economic boost for the city.
Cardiff has a great mix in terms of the retail experience - next page
“With the city centre’s Victorian arcades and the popularity of Queen Street, Cardiff has a great mix in terms of the retail experience. What St David’s has given us is a shopping centre par excellence that is worthy of any European capital and has turned the city into a truly unique retail destination.”
Mr Madeley said: “To receive international recognition for St David’s by winning this award is wonderful news. It is a fantastic endorsement which rewards everything that St David’s has achieved so far and we hope that our shoppers and Cardiff as a whole will be able to celebrate with us.
“The day-to-day running of St David’s aims to please every one of our shoppers, but it takes moments such as this to stand back and realise just what the centre has already accomplished. What makes St David’s completely unique is the mix of top-end brands, high street names and local independents.
“We have also been able to offer retailers the opportunity to bring their brand to Wales for the very first time with new, flagship stores.
“There was a lot of excitement in the build up to the launch of St David’s and we are confident that we have exceeded everyone’s expectations. The consistently high footfall throughout St David’s and the trading experience of our retailers is testament to it. The most exciting thing is that there is more to come throughout the year with new stores opening, existing retailers expanding and great new names being announced.”
Mr Williams said: “I’m delighted that St David’s has won this most prestigious award. It clearly underlines the impact and importance that the new development has had, not only in Cardiff but across Wales.
“The international shopping centre award recognises the many facets of shopping centres across the world. The result for St David’s enhances its profile and that of the city as a UK top six retail destination. The accolades bestowed on St David’s are deserved rewards, for a retail centre of excellence in terms of its branding, management and overall delivery of a multi-choice centre that is attracting a wide audience and one that has redefined Cardiff in terms of its retail and leisure offer.”
Cardiff Council leader Rodney Berman added: “I am delighted at the news that St David’s has won the International Shopping Centre of the Year Award. Since St David’s opened last year its popularity has spread far and wide and it is very satisfying for me to see that Cardiff council and the St David’s Partnership have delivered a world-class development.”


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Seaham Hall Hotel has been shortlisted for the second year running for the prestigious North East England Tourism Awards.
The hotel will be competing in the Small Hotel of the Year category against other nearby successful applicants including Langley Castle Hotel in Hexham and Doxford Hall Hotel and Spa.
Ross Grieve, general manager at Seaham Hall Hotel, said: “We are delighted to be shortlisted in this category.”
The Serenity Spa at the Hotel is already currently in the running for the Good Spa Guide Awards having passed their secondary selection stage, and now, after a recent £100,000 refurbishment, the hotel has been credited again by the North East England Tourism Awards.
The regional awards honour businesses from 15 different categories and the Small Hotel of the Year winner will be announced alongside the rest of the winners at a glamorous “Tourism Oscars” ceremony on November 11 at the Stadium of Light.
Mr Grieve added: “Not only is the hotel, which overlooks the Durham heritage coastline, a popular destination for sophisticated leisure visitors, but its proximity to Durham city and the wider North East makes it an attractive choice for corporate clients and a great base from which to visit all the attractions and venues this incredible region has to offer.”
The winners at this year’s regional awards will also have the opportunity to compete nationally at VisitEngland’s Excellence Awards 2015. Last year seven North East businesses achieved national success.
Sarah Stewart, chief executive of NewcastleGateshead Initiative, which delivers the awards on behalf of the Northern Tourism Alliance, said: “The North East England Tourism Awards are an important platform, recognising the quality and innovation that ensures our tourism offer remains one of the strongest in the country.”


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The conversation regarding Founders Brewing’s popular KBS, has been volatile in the past few years. I’ve read much from folks who say the beer had grown inconsistent, with some calling awful to game-changing.
So, no matter where you stand on this particular beer, it is news that this week Founders has announced that the bourbon barrel-aged imperial stout brewed with coffee and chocolate, will have year-round availability beginning in March 2020.
KBS made its debut in the Grand Rapids taproom in 2003 and developed a cult-following over the years within the craft beer community. As the brewery continued to grow, so did the demand for KBS. Founders has expanded its barrel-aging program to accommodate that demand.
“There are a lot of variables when barrel-aging and moving a beer like KBS from a seasonal release to year-round really makes having a solid blending plan even more important,” said Brewmaster Jeremy Kosmicki.
“KBS has been a large volume brand for a while now, so the days of making the entire batch exactly 12 months before the release date are far behind us. We’ve gotten pretty good at finding the right blend of nine-month-old barrels and 15-month-old barrels to hit the desired profile. We were able to pull off the transition when we moved Backwoods Bastard to a year-round release and we’re confident we can achieve the same consistency and quality with KBS.”
KBS (12% ABV) is an imperial stout brewed with massive amounts of coffee and chocolate before aging in oak bourbon barrels in caves beneath Grand Rapids and at an offsite barrel-aging facility, the Barrel House. 2020 KBS will be available in 4-packs of 12oz bottles and on draft beginning on February 28 in the Grand Rapids and Detroit taprooms. It will ship out to the brewery’s entire distribution network in early March 2020 and will be available year-round. Please note that KBS will not be available on draft in Utah or in any format in Mississippi.
“It’s humbling to look back at what started as a couple of experimental barrels of beer has evolved into such an amazing phenomenon,” said Co-Founder and President Dave Engbers. “To be able to make KBS available year-round, not to mention in all 50 states, so all of our fans can find and enjoy this beer marks a significant step in growth of the brewery. It’s truly a labor of love as our team can attest, but it’s all worth it in the end. Cheers to everyone on our team who makes it a reality.”


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In its intensified crackdown against perpetrators behind dumping of goods in the local market through smuggling of illicit goods, Kenya Revenue Authority in conjunction with other government agencies have arrested and charged two businessmen with being in possession of imported dairy products.
According to KRA, the two traders operating their business at Bondeni in Mombasa as BRITCO shop were allegedly involved in distributing milk powder that was not imported through the proper import channels.
According to KRA, the traders did not have the requisite import documents to allow them import the products, and failed to reveal the source of their suppliers which lead them to be suspected of smuggling the milk leading to the action.
The accused, Yahya Rashid Hassan and Mohamed Abdullahi Nure were arraigned before Mombasa senior resident magistrate Mr Vincent Adet, and charged that on the 10th day of December 2019 at Bondeni area in Mvita sub-county within Mombasa county were found in possession of a total 82 tins of red cow powder milk, anchor powder milk and first powder milk all valued at Ksh109,331 which they knew or ought to have reasonably known to be unaccustomed.
They also faced a second count of contravening regulations for importation of dairy produce. The Court heard on the 10th day of December 2019, at Britco shop situated along Abdinazir road in Bondeni area in Mvita sub-county within Mombasa County, the accused persons failed to comply with a disclosure notice of source of supply for the said Dairy produce which way in contravention with the law.
They pleaded not guilty to the charges and the Senior Resident Magistrate released them on a surety bond of Kshs 100,000 with an alternative Kshs 50,000 cash bail. He fixed the mention of the case on 5th February 2019.
The arrests followed lengthy investigations carried out by KRA’s Investigation and the multi-Agency team, which is comprised of (Directorate of Criminal Investigations and Kenya Dairy board).
The Authority said more raids are on-going in a renewed effort by the government to beat the influx of cheap unaccustomed dairy products in the Kenyan market.


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Apple’s new technology may be able to capture movement of anatomical features in the tissue of the head of the user via light sensors.
Apple is known to bring revolutionary technologies to the world. In quite a few instances throughout the history of not just the company itself, but technology as a whole, Apple has been at the forefront with experimenting with new things, and making them public if they succeed. Most recently, the company has filed a patent that suggests that iPhones might recognise and respond to head gestures if a user is wearing head-wearable device. The US Patent and Trademark Office listing shows the technology as “Monitoring a user of a head-wearable electronic device.”
The listing was first spotted by AppleInsider. The patent suggests that Apple is working on a technology that will let iPhone recognise head gesture like nodding or shaking the head via a head-worn device or Apple Glass, as the report suggests. It proposes that light sensors be placed at different points across or over the head-worn device. These sensors are said to detect the changing light patterns in order to recognise head movements and respond accordingly. The patent says that due to the positioning of the sensors, the device can capture movement of anatomical features inside the tissue of the head of the user wearing the said head-worn device (speculated to be Apple Glass). Apple will use the data from the light sensors to detect those movements.
Wearable devices like eyeglasses (e.g., a pair of augmented reality eyeglasses, reading glasses, sunglasses), VR headsets, hat, helmet, headband, or even masks can contain light sensors. Those sensors can further detect the light reflected by and/or transmitted through a portion of the user’s head (e.g., using Photoplethysmography (“PPG”)). This allows the light sensors to detect head movements, at the most basic. Apple’s patent, however says that “the data from the photobodies can help the sensors capture expansion, contraction, and/or any other suitable movement in the tissue of the user during a head gesture.” This data will allow the sensors to detect certain movements including, but not limited to chewing, blinking, winking, smiling, eyebrow raising, jaw motioning (e.g., jaw protrusion, jaw retrusion, lateral jaw excursion, jaw depression, jaw elevation, etc.), mouth opening, and/or the like.
The patent filed by Apple runs quite long (approximately 35,000 words) to explain in detail, every combination of facial feature or head gesture that might be possible to detect, along with the different kind of ways light sensors can be used to detect those movements. The patent, however, does not detail much as to how an iPhone or any other device being controlled by head gestured will use the information, or the exact use cases for this technology, but being able to control your phone via a wearable device (possibly Apple Glass) seems like something that could be made possible using such technology.
According to the USPTO listing, Apple has listed the inventors as Joel S Amstrong-Muntner, Nicholas P Allec, and James E Stark.
Apple also uses light sensors for its TrueDepth technology that enables FaceID. FaceID, however, detects a person’s face, as against the new technology’s ability to detect movements and facial expressions as well.
It is important to note that Apple does not go ahead with all the patents it files for various technologies. Most recently, the company filed a patent for a MagSafe iPhone battery case with an integrated slot for charging the AirPods.


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During its press conference today, Square Enix revealed a new gameplay trailer featuring never before seen footage from Kingdom Hearts III including a level based on Disney’s Tangled.
Telltale Game has announced that the newest entry in its Walking Dead series, a three-episode mini-series titled The Walking Dead: Michonne, will be available this fall.
Developed by the teams behind Tekken, SoulCalibur and Gundam Extreme VS, Rise of Incarnates will be released on July 1st, BANDAI NAMCO Entertainment announced.
SEGA has announced Sonic Boom: Fire & Ice, a new entry in the Sonic Boom series coming to the Nintendo 3DS later this year.
2K Games has announced that the turn-based strategy puzzler XCOM 2 will be a PC exclusive and will bring official modding support.
Larian Studios and Focus Home Interactive have confirmed that Divinity: Original Sin – Enhanced Edition will be coming to PS4 and Xbox One at the end of the year.
After announcing the first ten songs last month, Activision has revealed 24 more tracks for Guitar Hero Live consisting of a number of modern and iconic bands, as well as some non-traditional artists.
According to materials released in today’s EA investor call, the latest entries in the Mirror’s Edge, Plants Vs. Zombies & Need for Speed franchise are due for release in 2016.
The single-player expansion for The Last of Us, called Left Behind, will be released as a standalone download on PlayStation 3 and PlayStation 4 this month, Sony and Naughty Dog announced.
Playtonic Games, a studio composed of former Rare staff , revealed its spiritual successor to Banjo-Kazooie today, a 3D platformer called Yooka-Laylee.
At an event in San Francisco today, Marvel Entertainment announced a partnership with Telltale Games for a future console and PC series.
After launching on the Xbox One back in December, Press Play has announced that its challenging side-scrolling platformer Kalimba will receive a stack of new content next week.


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Ubisoft has officially confirmed Watch Dogs 2. They also revealed in the same announcement that Watch Dogs 2 would have full DirectX 12 support.
Ubisoft made the announcement during an AMD event, so it seems safe to assume that it will also receive optimizations on AMD graphics cards. Outside of this, Ubisoft did not share more details on the game, such as platforms and release date.
While we only received the official confirmation today, it has been known for a while that Watch Dogs 2 was in development. They stated plans to expand upon the original game with the sequel on January 2015. Ubisoft also projected a release window from from April 1st, 2016 to March 31st, 2017. There have also been rumors that the game was in development since April 2015, and that it would be replacing what would have been this year’s annual Assassin’s Creed game.
The original Watch Dogs was released on May 27, 2014, on Windows, PlayStation 3, PlayStation 4, Xbox 360 and Xbox One, and on Wii U on November 2014. You played Aiden Pearce, a grey hat hacker who hacks Chicago’s centralized networking systems in his quest for vengeance after a failed hit on him leads to the death of his niece.
While Watch Dogs set sales records, it is also remembered for several launch issues. It faced its largest controversy after players found unused enhanced graphics settings hiding in the PC port. Ubisoft eventually patched the game to bring graphics in line with what fans expected.
The DirectX 12 announcement is a hopeful sign Watch Dogs 2 will not face the same mistakes. Ubisoft’s own developers have talked about how it will make PC and Xbox One development easier and more efficient. Are you looking forward to Watch Dogs 2 ? Share your thoughts with us in the comments.
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If you're developing a growing energy tech venture and want access to venture capitalists, industry leaders and OTC attendees, apply by to present at the Rice Alliance Energy Venture Day at OTC.
13 companies will be selected to give a quick pitch, followed by Q&A from industry leaders to dig deeper into your technology and value proposition. The entire event is virtual, offering an opportunity to easily build awareness for your company.
The following companies were included in office hours with investors and industry experts:
Frontier Deepwater Appraisal Solutions
Katz Water Technologies
Vita Inclinata Technologies
Ten companies were named Most Promising at the Rice Alliance OTC Startup Roundup, May 6, 2019. L-R – Brad Burke, Rice Alliance for Technology and Entrepreneurship; Stephen Robinson, DarkVision; John van Pol, Ingu Solutions; Trevor Best, Syzygy Plasmonics; Jason Waligura, LaserStream; Tory Nudd, TOKU; Mothusi Pahl, Ondaka; Strode Pennebaker, SensorField.


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by Zachary Gould
On September 8th, Benny’s announced that after 93 years of business, it would be closing their 31 stores by the end of the year.
Benny’s owner, Arnold Bromberg, claims that the cause of them going out of business is retail trends. He said, “The landscape of it shifted in a way that makes it almost impossible for a small, family-owned chains like Benny’s to compete with larger companies.”
According to masslive.com, online retailers are a large part of why they are closing. Amazon provides free two-day shipping to their Prime account customers, which makes shopping online relatively fast and more convenient. They also have a wide variety to choose from their website from electronics, to clothing, and from sports equipment to food. This is where Benny’s has it’s trouble competing with Amazon and other online companies.
Since the closing of Benny’s has been announced, a lot of people have vocalized their disappointment. Senior Aidan Harding said, “I went there a bit– I’m sad it’s closing, I bought my fishing pole, bait and my first bike (there). It was super cheap.”
Former NAHS student and Rhode Island College freshman Nick Gould said, “It stinks that they closed. I didn’t go there a lot but when I needed something that was the first store I went to. I got my basketball there and my bait for fishing.”
While speaking with senior Jon Shultz he said, “ I really didn’t go there– I probably went there twice. When I did go I got a football and cheap candy.”
Benny’s has had trouble keeping their customers and this was acknowledge from Arnold Bromberg. According to The Taunton Gazette, Bromberg said that online retailers, “make it nearly impossible for small, family-owned chains like ours to reasonably compete moving forward.”
Amazon and other online sites have been the cause of Benny’s closing, making it hard for them to compete. So after 93 years of business Benny’s will be closing its doors for good.


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Britain’s retailers experienced a sharp slowdown in consumer spending last month, bringing to a close the World Cup-inspired summer spree on the high street.
According to the British Retail Consortium (BRC) and the accountancy firm KPMG, growth in total sales dropped to the weakest level in almost a year.
Total sales grew at an annual rate of 0.7% in September, compared with 2.3% growth during the same month a year ago. The BRC said this was the lowest growth rate since October 2017.
Excluding new store openings, like-for-like sales dropped by 0.2% in the year to September, compared with a 1.9% increase for the same period a year ago.
The latest snapshot for the retail sector comes before the important autumn and winter shopping periods, vital for industry profits, when sales of gifts and electrical goods are lifted by the Black Friday sales event in November and shoppers buying Christmas presents.
Retailers have been hit hard by a combination of problems that have led to job cuts and store closures across Britain. The ongoing shift to online shopping has increased competition, while sluggish wage growth and high levels of inflation have damaged the spending power of British households.
Sales of stationery, footwear and clothing fell last month, while retailers sold more computers, jewellery, furniture, home accessories and food.
Paul Martin, the UK head of retail at KPMG, which helps compile the BRC survey, said the usually reliable back-to-school sales push did not appear to have lifted retailers.
“The final golden quarter of the year marks the ultimate test for many players, but retailers must also successfully navigate the upcoming government budget, Black Friday, Christmas, and of course Brexit,” he added.
The figures were published as data from Barclaycard, which accounts for nearly half of all UK credit and debit card transactions, showed a similar slowdown in consumer spending.
Sales increased by 3.9% in the year to September, continuing a trend of slowing growth from a rate of 4.5% in August, 5% in July and 5.1% in June.
Esme Harwood, a director at Barclaycard, said: “We’ve seen spending return to a more modest level as consumers balance their budgets after a longer than usual summer of spend. Rising prices are having an impact on shoppers’ spending priorities, with more of their household budget devoted to everyday essentials such as petrol.”


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German Chancellor Merkel and Russian President Vladimir Putin paid a visit to the Hannover Messe a leading platform for display of industrial technology in Germany. Both dignitaries were welcomed by Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, and Board Member for Human Resources, Dr. Horst Neumann.
During their visit they were informed about Volkswagen’s activities in Russia. Emphasis was put on vocational training, XL1 1-Liter car and innovative products that are manufactured in Russia. Russia is the partner country for Hannover Messe this year. Russia is the number one market for Volkswagen and is constantly expanding its footprint in the country. VW opened a new engine plant at Kaluga recently, thereby fortifying its position in the Russian market.
During their visit, both distinguished guests paid close notice to the vocational training programs being offered by Volkswagen. Three quarters of its 16,500 apprentices are being trained on the German dual vocational training model. Volkswagen is official automobile partner at the 2014 Winter Olympics Games to be held in Sochi. It has also supported the Russian Biathlons Unions women’s and men’s team since April 1st, 2013.
Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft said, “For the Volkswagen Group, Russia is the number one growth market in Europe. With the Polo Global, we have developed a vehicle especially for the Russian market that is in line with local customers’ requirements and meets mobility needs in the country in the best possible way.” He added, “Volkswagen is consistently expanding its activities in this important market. With our new engine plant in Kaluga, the Volkswagen Group will remain a strong motor for the Russian automobile industry and the Russian economy in the future.”
Volkswagen’s Board Member for Human Resources, Dr. Horst Neumann, said: “Volkswagen already trains three quarters of its 16,500 apprentices throughout the world on the basis of the German dual vocational training model. Together with the Golf, the Audi A4 and the Porsche 911, this training model is one of our Group’s export bestsellers.”


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Ritz Camera & Image LLC has won bankruptcy court approval to liquidate after failing to find a buyer to keep the 94-year-old company going, Bloomberg News reports.
Beltsville-based Ritz Camera, whose origins date back to 1918, filed for Chapter 11 bankruptcy protection in June, its second bankruptcy filing in two years. The company had hoped to find a buyer that would keep its remaining 137 stores open.
An auction Sept. 6 failed to find a buyer to keep the business running, and instead it went to two liquidation companies, Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC, Bloomberg says.
As of Monday, it was unclear when stores would close or when liquidation sales would begin.
Ritz has four Baltimore-area stores in Hunt Valley, Towson, Annapolis and Columbia.


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Despite a strong run-up in Class 8 sales this year, accompanied by a still-significant backlog of orders, fleets remain largely focused on only using newly purchased units to replace older equipment – not to expand their operations with additional capacity.
“What we’ve really seen this year is the ‘perfect storm’ if your will for the Class 8 market,” Eric Starks, president of FTR Associates, told Fleet Owner. “The age of the U.S. trucking fleet is the oldest it’s ever been, a lot of large carriers had cash on hand, decent freight volumes combined with tight capacity pushed up rates, and the ability to depreciate new assets 100% this year combined to drive up orders and sales.”
But Starks stressed that the heightened order rate this year only reflects the desire by fleets to replace older trucks, not add capacity. The softening U.S. economy combined with high fuel prices this year, “has created a lot of edginess throughout the freight system,” he said. “Many carriers are sticking with a wait-and-see approach before committing to expand their fleets.”
Data from the Second Quarter Business Expectation Survey compiled by Transport Capital Partners (TCP) backs up that view, with many carriers pointing to “inadequate returns on investment” as a major factor stifling reinvestment in new equipment.
Only 53% of carriers overall surveyed by TCP responded that they are getting a rate of return on their investment adequate enough to justify reinvesting in equipment, with only 45% of smaller carriers (defined as generating under $25 million in revenues) believing they are receiving adequate returns compared to 57% of their larger counterparts.
“The recent large increases in Class 8 orders is truly pent-up demand for replacements to mitigate maintenance costs and potential down time,” Richard Mikes, TCP partner and the survey’s founder. That’s why he believes over the last few years there’s been a significant drop in truly “new equipment” purchasing.
“Even though 86% of the carriers in this quarter’s survey said they have access to reasonable credit, the concern over inadequate returns on capital is a choke point in adding capacity and unless rates adjust to cover rising costs, capacity will be restrained,” added Lana Batts, another TCP partner.
Steven Dutro, another of TCP’s principles, said that the firm’s survey also indicates more interest among carriers in reviewing trade cycles, new equipment economics and strategically addressing alternative financing structures and leverage issues.
As an example of lengthening trade cycles, FTR’s Starks pointed to the significant increase in average Class 8 age over the last two decades. In 2000, the firm’s research indicated average the Class 8 truck hovered around 8.12 years old; by 2010, it had jumped to over 9.43 years and is expected to pass the 9.5 mark by the end of 2011.
The age factor alone is what’s driving much of the surge in new truck orders and sales. As a result, FTR expects total North American Class 8 factory shipments to top 259,000 units this year and surpass 299,000 units in 2012 – a significant increase over the 153,969 units shipped in 2010.
Indeed, the backlog in Class 5 through 8 orders for the North American market remains strong, despite a 1% drop during June, according to data collected by ACT Research Co. This “easing” represents the second straight month of slower order activity, as net orders came in at 21,266 units during June, a 9% drop from May.
“Despite the slowing in new-order activity over the last couple of months, it is important to note that the industry backlog continues to be very solid,” noted Kenny Vieth, ACT’s president and senior analyst. “Cancellations continue to be very low, an indication of the quality of the orders currently booked with truck manufacturers.”


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Could have a range of nearly 500 km.
A news report coming out of Japan suggests that the next-generation Nissan Leaf is expected to house a 60 kWh battery. The car is expected to be launched in 2018, says a report on dailykanban.
Nissan at the 2015 Frankfurt Motor Show displayed a new variant of its successful electric hatchback with a 30kWh battery pack. Simply upgrading the battery pack from the existing 24kWh to 30kWh, claimed Nissan, would improve the car's range by a hefty 25 percent to around 155 miles (250 km) in total range. The report states that Nissan didn't officially release any figures related to range or charge time for the new battery.
Given, however, how the battery produces double the power, it'd be safe to assume close to a 475-500 km range for the next-generation Leaf, presuming a substantial increase in weight. The bump from 24kWh to 30kWh in the present-generation Leaf came at a cost of 21 kg increase in weight. However, Nissan has been working with carbon fiber reinforced plastic, including a new, thin, zero-blindspot A-pillar.
The 2018 second-generation Nissan Leaf is also expected to host an upgraded system of autonomous driving, including radar-guided driving systems with 360 degree laser scanning.


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In Case You Missed It
ICYMI: More Women Entrepreneurs Optimistic About Their Business
WASHINGTON – According to a new study by Bank of America, women entrepreneurs are optimistic about their future. More specifically, 58 percent of women surveyed believe their revenues will increase next year, up from 44 percent last year. Meanwhile, more than half of women business owners plan to grow their company in the next five years, while 21 percent plan on hiring more workers.
“Every week it seems there is a new survey showing that small business owners are optimistic about their company, the economy, and their future. Almost 85 percent of the women surveyed said improvements in access to capital increased their optimism. I am confident that the Small Business Administration (SBA) lending process will be even stronger after the legislation I introduced, the Small Business 7(a) Lending Oversight Reform Act, became law in June. The new law provides greater certainty for entrepreneurs as they work to obtain a SBA loan, while also strengthening oversight over the SBA’s most popular loan program,” said Chairman Steve Chabot (R-OH).
According to the SBA Office of Advocacy, women own more than 11 million businesses in the United States and employ almost 9 million workers.


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"As is well known, Lagerwey has been experiencing financial difficulties lately and as a result we have had to reduce our workforce and concentrate our efforts on producing and selling our 750 kW model," he says. "We have reduced our staff to around 40 from 70 of a few years ago and we are currently looking to breathe new life into our operations in Europe and the rest of the world. We are very pleased with the performance of the 750 kW and we hope to finalise a licensing agreement for North America and Mexico in the near future."
The Barneveld-based company has already sold its 45% share in the Zephyros 2 MW turbine development group to fellow group member Triodos Ventures, one of its major creditors. It is now in the process of selling the intellectual property rights to all its sub-600 kW models to start-up venture Wind Energy Solutions, based in Zijdewind, Holland.
Production of the Zephyros direct drive, permanent magnet turbine will go ahead under the management of the two remaining investors, Triodos Ventures and BVT Energie und Umwelttechnik, a German wind farm developer. They will work in partnership with ABB, the supplier of the generator and inverter, and the Mammoet engineering concern.
"Triodos decided to buy out Lagerwey last year after the company's problems effectively halted Zephyros development," says Sjef Peeraer, Zephyros BV's new commercial director. "The performance of the machine -- now renamed the Z 72 -- has far exceeded our expectations and the local power company, Eneco, was so impressed by the quality of power supply from the Maasvlakte prototype that it has bought it outright."
A contract has also been signed for five Zero series models for a pier on the Distridam, also on the Maasvlakte area of reclaimed land, which are planned for commissioning in March 2004. The client for this first commercial project is a large Dutch wind developer which has some 350 MW of installed capacity in development in the Netherlands with a further 450 MW in planning, says Peeraer. A further seven turbines from the Zero series will be produced for a project using the "smart tower" concept being developed by the Kema institute (Windpower Monthly, May 2000).
Orders for 2 MW unit
Zephyros holds letters of intent and memorandums of understanding for some 250 turbines, says Peeraer. "These were made over the past two years, so we are talking leads rather than anything more definite." The group is wary of taking prototypes into foreign markets before all the teething problems have been resolved. "Initially we want to fine tune the value chain -- production, selling and service -- in our home market which we define as the Benelux, France and the UK," he says. We will be looking to conclude exclusive franchise deals for other regions." The company is also seeking a strategic partner to provide working capital to finance expansion. "We are currently talking to a number of big players in the sector," he adds.
Production of the Zephyros is distributed, with ABB making the generator in Helsinki and the standard ACS 1000 inverter in Switzerland. The blades come from LM Glasfiber in Denmark, with the nacelle, tower and other components coming from other suppliers.
Rights to Lagerwey's smaller machines including the LW 250, which is popular in India; and the almost legendary LW 18/80, a familiar sight on farms throughout the Netherlands and Germany, looks set to be sold to Wind Energy Solutions (WES), a start-up concern based on personnel from Dutch blade manufacturer Polymarin, developing market specialist Teamwork Technology, and Lagerwey.
WES is looking to take what it terms Lagerwey's "robust and proven technology" into rural and developing country markets. Expansion will be through licensees and partners who will be responsible for sales, service and even manufacture, says WES's Bart Roorda, who joins the company from Polymarin.
WES has already forged a partnership with the North America AWE group, who will be taking the LW 18/80 into Canada's rural electrification market with anticipated sales of 40 to 100 turbines. "We will be focusing on Asia, India and Indonesia, and details of a twenty turbine project in Timor will be announced soon," says Roorda.


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Online car sales platform Auto Trader has launched a new car fragrance. But it’s not for your car – it’s for you.
The inspiration comes after Auto Trader’s research found that the scent of a new car was most-associated with success, with 25 percent of respondents claiming as much. It also found that an association with success commanded respect in the workplace. Success is also reported to increase someone’s attractiveness.
Success equals attractiveness and respect, and the smell of new cars implies success. Which brings us to the new Auto Trader scent: Eau de New Car. It’s designed to give you the smell of a new car and, by extension, success.
The so-called ‘purifying fragrance’ will set you back £175 for a 50ml bottle, and yes, you can buy it now on Auto Trader. The scent blends smells of quality leathers and leather wax, with quality automotive carpeting, that you’d get when climbing into a new car.
“When our research found that the scent of a new car is the one which people are most likely to associate with success, we couldn’t resist creating a bespoke fragrance which brings this to life,” said Auto Trader’s Rory Reid.
“Let’s face it – the feeling you get when getting into a brand-new car is unforgettable. There’s little wonder that this is the scent we most associate with success. Why shouldn’t we be able to smell that scent and feel that way all the time?
“Eau de New Car is a scent like no other. It is your own personal spritz of success, to provide an instant, refreshing lift.”
The former Top Gear presenter has channelled his inner Jonny Depp, sans Dodge Challenger, modelling the fragrance for the video advertisement. The limited-edition fragrance is available while stocks last. We expect Auto Trader’s entry into the world of fragrances is more a dalliance than a lasting presence.


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EDIT: False alarm! Unlike the source reported, there was nothing on Final Fantasy X|X-2 HD Remasters in the latest issue of V-Jump. This was confirmed by a Japanese Final Fantasy news site owner, Aibo, who got his hands on the magazine. My deepest apologize. We will be analyzing our sources […]
That’s right! Final Fantasy XV and Kingdom Hearts III will be at Tokyo Games Show. At least according to the official TGS website, that posted a listing of games that are expected to be there. Alongside FFXV and KHIII, Lightning Returns: Final Fantasy XIII, Drakengard 3, Final Fantasy […]
Last week at Gamescom, Square Enix released a brand new trailer for Final Fantasy X|X-2 HD Remasters, showing glorious HD gameplay for the very first time and making a comparison between original and HD release. Release date for the game is scheduled for 2013.
Square Enix has shared a big bunch of new screenshots and revealed a limited edition as pre-order bonus. Ask your retailers more information on the limited edition.


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Who doesn't like it when Sony drops a new PS5 firmware update? It just released a 902.4MB update for the PlayStation 5 one month after the previous patch. It now brings the PS5 up to version 21.01-03.21.00.
If you're curious to see what the latest PS5 system update brings, we've got you covered.
What's new in version 21.01-03.21.00 for the PS5?
"Better system performance".
That's what version 21.01-03.21.00 adds to the PlayStation 5 as soon as you download and install it.
The patch notes are not long, nor are they glamorous. The patch doesn't even add a firmware update for the DualSense controllers. It's just for the PS5, which isn't a lot.
However, as is the case with Sony, this might not be all the changes that were made and added. Sony tends to quietly fix issues, like what it did back in April, to address the disc spinning issue on some PS5 consoles.
Last month, Sony added the version 21.01-03.20.00 update to the PS5, fixing the battery indicator bug that made the battery icon blink constantly as if it were low in battery, even though it was on a full charge.
Speaking of the April PS5 update, that was Sony's first major system software update for the PlayStation 5. Now, players can finally store their PS5 games on external USB drives. At the same time, the April PS5 update added cross-gen Share Play that allowed PS5 users to let PS4 owners play PS5 games remotely.
What's next for Sony?
Sony's latest system software update for the PS5 came with little fanfare. You can't exactly blame owners for not paying attention to what is essentially an inconsequential update for the PS5. Not to mention, the PS5 update came roughly on the same day as the July 2021 State of Play showcase.
Speaking of State of Play, Sony just dropped more information about Death Stranding Director's Cut and Deathloop at the said event.
It certainly seems like this is Sony's plan going forward.
In previous months, we've seen Sony host State of Plays that revolved around one particular game while also revealing more information about other "smaller" titles. For example, before Deathloop, the last State of Play centered around Horizon Forbidden West. Before that, Sony hosted a State of Play showcase specifically to show off Ratchet & Clank: Rift Apart.
If we were to hazard a guess, the next State of Play should drop more details about the unnamed God of War sequel.


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As housebound consumers change their media consumption, brands are rethinking their marketing spend
This summer looked set to be a marketer’s dream. It included two massive sporting events: the Olympics and Euro 2020. But in one fell swoop, the coronavirus has derailed all that. Elaborate, experiential, marketing, advertising and sponsorship plans have gone out the window - along with countless other parties and festivals and activities - as the nation is cooped up, and with no place to run. So how are brands changing their approach? And who is managing to successfully target locked-down consumers?
Since lockdown, the industry response has largely fallen into two camps. Some, like Coca-Cola, have taken the decision to suspend advertising altogether. In March, the brand’s GB division announced it would not be “appropriate, or consistent with the current challenges and uncertainty for our consumers, to continue with the planned marketing of our brands” - a decision adopted globally.
Others have taken the view that marketing is more important than ever. P&G has actually ramped up its marketing amid the pandemic, with a 1.9% increase on year-on-year spend in the latest quarter. “This is not a time to retrench,” says chief financial officer Jon Moeller. Birds Eye has taken a similar view. UK & Ireland marketing director Sarah Koppens argues the brand has a “responsibility to consumers” to offer reassurance at this time.
That’s requiring some creative thinking. Summer events are obviously out. And social distancing is providing challenges in developing new campaigns too. On the other hand, brands have a captive audience. While mediums such as out-of-home marketing have clearly been disadvantaged, overall consumption of media has soared. TV viewing is up around 24% since lockdown began, to an average of three hours and 40 minutes a day per viewer, according to commercial TV marketing body ThinkBox.
Kantar figures show that since lockdown, 48% of consumers are using social media more; 46% are spending more time on the internet; and 38% have increased their consumption of online videos.
Capturing those audiences requires a significant change in approach, however. And there’s no getting around the fact that ad spend is declining. It’s set to fall 16.7% - equating to £4.23bn less than 2019 - over the course of this year, according to forecasts from last week’s Advertising Association/WARC Expenditure Report. No form of media appears to be safe. It is expecting TV spend to fall 19.8%, while online display loses 12.7% and even video on demand falls 6.3%.
It’s a picture that Rob Metcalfe, chairman at Richmond & Towers, recognises well. “Many brands seem to have cut spending rather than shifting it into other media,” he says. “Obviously, nobody wants an outdoor campaign at the moment, but brands also seem to be cutting print and broadcast spend and shifting budgets online.”
“We’re seeing many fmcg brands don’t want to start creating an artificial spike in demand that can’t be fulfilled”
For food and drink brands, stockpiling may have been one motivation. “We’re seeing many fmcg brands don’t want to start creating an artificial spike in demand that can’t be fulfilled,” reports Jonathan Lewis-Jones, MD of Publicis Commerce. Phil Smith, director general of advertising representative body ISBA acknowledges “marketers across sectors have needed much greater flexibility in media planning and buying at a time when businesses cannot commit into the mid-term”. But he’s already seen some “great examples of media owners working with brands to bring about benefits for both”.
While so much has changed due to coronavirus, the importance of social media has never been a more powerful tool. “For obvious reasons, people’s spheres of movement have narrowed so brands are investing across the social and digital mix,” says Jemima Bird, founder of marketing agency Hello Finch.
The numbers back up her point. According to Kantar figures, 37% of Brits are using Facebook more than they did before the outbreak, and 24% say the same for Instagram. Tellingly, Facebook reported that ad revenue was stable despite the global upheaval. “Grocers, retailers and brands are using our platforms to keep the public updated in real time as they react to changing government guidance and take proactive steps to keep their shoppers and staff safe,” says Facebook.
Snapchat has also reported a 20% increase in users for the first quarter of 2020 (though it’s worth noting that Snapchat doesn’t see itself strictly as social media, as users only communicate with their contacts). “At a time of social distancing, consumers are relying on us to stay connected and stay informed and entertained,” says Adrian King, head of CPG at Snap Inc.
Brands are responding in kind. Campaigns range from the useful - see Barilla’s #AtHomeWithBarilla activity providing recipe ideas and tips - to big bang creatives. Take Budweiser, which revamped its famous ‘Whassup’ campaign for the digital age. “We adapted it to be relevant with an important message in the current climate - encouraging friends (Buds) to check in on each other,” says Rowan Chidgey, marketing director, Budweiser Brewing Group UK&I. “It’s been one of our most successful social media campaigns ever, reaching over seven million people and has been shared more than 15,000 times on Facebook alone.”
“A lot of brands and marketers are thinking differently and adopting a challenger mindset,” says Callum Saunders, head of planning at Zeal Creative. “You might have a brand planning process and typically do things in the same way but when the landscape shifts, you have to be more agile.”
A prime example of this is Lynx. For the 25th anniversary of its Africa range, the Unilever brand didn’t just go with the standard TV ad. Instead, it also used media that would resonate with the locked-down consumer, including an AR Snapchat experience and interactive game.
That is playing into a key marketing trend, according to Venatus, an advertising platform that focuses on gaming and entertainment. Since the outbreak, it has seen a 74.4% increase in active users across its desktop and mobile publishers, a 22.4% increase in PC sessions and a 76.6% increase in mobile sessions.
“Gaming is on everyone’s radar because at home, the choice of entertainment is limited,” says Jermaine Abel, sales director at Venatus.
“You can’t go outside and gaming provides that escapism; you’re able to disconnect from reality. As soon as lockdown hit, straight away I went on to the marketplace and saw what games I could download.” That is leading to plenty of interest in gaming among “brands we wouldn’t normally see interest from” he adds.
Even if they aren’t putting their brands into gameplay, which can require long lead times, there are other ways of getting in on the gaming upsurge. Many are running ‘rewarded videos’ - ads that users can choose to watch in return for in-game rewards - as part of Facebook ads. DTC brand Pact Coffee has gone down this route, for example.
“A lot of brands and marketers are thinking differently and adopting a challenger mindset”
Others are creating their own immersive experiences to take consumers away from the reality of the pandemic. Oatly, which has temporarily renamed its Department of Mind Control as the Department of Distraction Services with a site that offers a host of distracting activities - users can download brand-related colouring-in sheets or even describe their dreams to Oatly creative Lisa Vaccino, who will draw her interpretations.’
As the name suggests, it’s a site that offers a host of distracting activities - users can download brand-related colouring-in sheets or even describe their dreams to Oatly’s creative Lisa Vaccino, who will draw her interpretations.
“All of us in the creative department, we didn’t feel like selling oat drink products to people now. It felt wrong,” explains Michael Lee, creative director at Oatly. “So we thought, what can we do to help society get through this?” The answer was to create materials to alleviate the boredom of being stuck at home - a tactic that has elicited a “really positive response”. The site has already had over 170,000 visits.
The same principle has inspired such activity as Teapigs’ live ‘taste-alongs’ - the brand sent out kits ahead of its four virtual events, which have attracted 700 views each - and virtual retreats from tempeh brand Better Nature. The latter includes a live 40-minute HIIT workout, followed by a yoga and breath work session. Marketing manager Elin Roberts says these retreats, coupled with the launch of free ‘care packages’ containing tempeh, have “generated a lot of hype” in the absence of its usual trade show activity.
It’s certainly a different approach to the typical comms plan. At the same time, you don’t have to stray too far from traditional media to make an impact. Perhaps the biggest constraint on creativity has been social distancing, so brands are getting around that by incorporating mobile video into their campaigns.
The latest phase of the PG Tips Cuppas Together campaign is a prime example. It used user-generated content filmed on phones for its TV ad, which ran alongside social media activity. “This TVC was made completely remotely during lockdown, and we’re really proud we were able to quickly create an ad that reflects the reality of what we are all going through,” says Fiachra Moloney, tea director at Unilever.
Similarly, Birds Eye’s ‘What’s for Tea’ TV campaign looked to show the new reality with pictures and video calls. At the same time, it adapted its separate ‘Birds Eye Butties’ social media campaign to fit with this creative. Within days, agency Elvis had to shift the focus from simple butties to recipes and tips that were designed to inspire families at tea-time, in line with the TV ad.
Even outdoor media, which obviously doesn’t lend itself to life in lockdown, can be made a virtue of. Emily Snacks won acclaim for its first out-of-home campaign, which poked fun at the terrible timing with the slogans: ‘Our first ever poster, seen by a runner and one pigeon. Typical.’ Consumer insight agency Canvas8 praises the push as an antidote to “the same tired tropes” of “soft piano music paired with phrases like ‘in times like these’.”
In essence, whatever media brands choose, they need to make it relevant to this current backdrop. That strategy could prove far more beneficial than going quiet. As creative agency Elvis says: “Now is not the time for brands to go dark.”
Five brands using new media during lockdown
Here’s a blast from the past - with a digital twist. Lynx has celebrated the 25th anniversary of its Africa range with a 1990s-inspired TV ad, alongside a suite of digital tools.
That includes a Snapchat face lens and augmented reality experience. “Through the Snapchat camera you can walk into this psychedelic world and have a very similar experience as the TVC,” says Adrian King, head of CPG at Snap Inc. Plus Lynx has created a mini ‘Spray-ce Invaders’ branded game for the ultimate interactive experience.
Following a break last year, Iceland has resumed its partnership with Channel Mum during the lockdown. Recent content on the social site includes a step-by-step video on how to make the ‘Ultimate Chicken Tower Burger’ with Iceland produce, hosted by mum Kerry Whelpdale.
That’s only part of its new strategy. “We’ve certainly made changes to our media and creative strategy to reflect the ‘new normal’,” says Caspar Nelson, head of brand communications at Iceland, with more emphasis on digital and social, he adds.
Reaching locked-down consumers doesn’t need a big budget, as this Yorkshire Tea initiative proves. It played to the growth of video calls with the creation of its own Zoom backgrounds, free to download on social media.
“With so many people video calling from home offices, kitchens and bedrooms,” says Lucy Jordan, brand manager at Yorkshire Tea, it’s aiming to photobomb all those calls with a humorous reminder of the importance of “a proper brew” - a bit like Chancellor Rishi Sunak then.
The reimagining of the famous ‘Whassup’ TV ad has proved a huge hit on social media. It didn’t take much work, either. The audio was simply updated to reflect the new lockdown reality, while the visuals remained the same. So far, the ad has been shared more than 15,000 times on Facebook alone.
The ad is part of a suite of digital activity undertaken by Budweiser during the pandemic. It has invested in its ‘Save Pub Life’ campaign (above) and this weekend Bud Light will host the “biggest ever virtual pub quiz in the UK”.
For Pringles, the lockdown presented an opportunity to do something fun with the brand. It introduced the #PlayWithPringles campaign, encouraging people to ‘Have fun together, even when you’re not together!”
The activity included an expansion of its partnership with Xbox with a social media competition offering the chance for consumers to win game passes. That came alongside a Pringles 3D Snapchat filter that could also be used on Skype and Zoom, as well as a range of branded digital ‘stickers’.
Emma won the PPA New Talent Award for New Section Editor of the Year in 2016. Prior to joining The Grocer in 2016, Emma was deputy and features editor at Chemist+Druggist, a weekly magazine and website for UK pharmacists.
Follow Emma on Twitter: @EmmaWeinbren


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The cannabis industry is quickly emerging. Driven by regulatory changes around the world, the industry is expected to grow to be worth tens of billions of dollars annually over the next few years. The biggest of these opportunities lies in the United States. In fact, by 2025, experts expect that the legal cannabis market in the United States will grow to be worth $26 billion annually.
In the United States, more than 12 states have legalized cannabis completely. 35 states in the union have legalized the medicinal use of cannabis. All in all, there are more states that have legalized cannabis in one form or another than there are that have decided to keep it completely illegal.
Moreover, there’s a strong debate going on surrounding the idea that the Federal Government in the United States may completely legalize cannabis nationwide. In fact, Kevin Murphy, the CEO of one of the largest cannabis producers in the United States, Acreage Holdings (OTCQX:ACRGF), has openly stated that he expects cannabis to become federally legal.
Pointing to the idea of economic benefit and reduced scrutiny of the cannabis plant, Murphy said that legalization is “not a matter of if, it’s a matter of when.”
As regulations continue to change in the United States, new markets are opening, creating compelling opportunities for early cannabis companies to carve out a leadership brand. Of course, this means strong opportunities for investors involved in these companies. With that said, here are some of the cannabis companies that will likely see a strong benefit as regulatory reform takes place across the United States.
Canopy Growth Corporation: A Sure Win in the Legal US Market
Should the United States legalize cannabis nationwide, there is one company that stands to immediately become a leader in the space. That company is Canopy Growth Corporation (TSX:WEED) (NYSE:CGC).
Canopy Growth Corporation is a Canadian cannabis producer, and if you’ve followed the industry, this isn’t the first time that you’ve heard the name. One of the largest companies in the industry by market cap, Canopy has grabbed the attention of investors for some time.
However, about 90% of the company’s revenue comes from sales in Canada. Compared to others in the space like Cronos (NASDAQ:CRON) or Tilray (NASDAQ:TLRY), the company’s international footprint is relatively small. However, should the United States fully legalize adult-use cannabis, this will change in a big way.
Canopy Growth recently signed a deal with Acreage Holdings, one of the largest producers in the United States. Under the terms of the agreement, once cannabis becomes legal for adult use in the United States, Canopy has the option to buy Acreage in a cash and stock transaction valued at about $3.4 billion.
Should this acquisition take place, Canopy Growth Corporation would become the world’s largest producer of cannabis, combining its capacity with that of Acreage Holdings. Moreover, because Acreage is a United States-based company, it would give Canopy access to the highly valuable United States market.
All in all, if there’s one company that stands to gain the most from the legalization of cannabis in the United States, it’s Canopy Growth, making this a compelling stock to pay close attention to.
Vapen MJ: If You Want to Be a Leader in Cannabis Culture, Get Cardi B and Wiz Khalida on the Team
Vapen MJ (CSE:VAPN) (OTCQX:VAPNF) is a relatively small cannabis company. Nonetheless, dynamite is pretty small too, and like dynamite, Vapen MJ has the potential to produce a serious bang!
Vapen MJ is a full-service cannabis company, offering products that range from flower to pre-filled vape pen cartridges, cannabis extracts like dabs and waxes, edibles, and much more. The company is involved in every step of the process, from the time the seed is planted to the time its products hit the shelves, giving it complete control over quality!
Perhaps that’s why leaders in the hip-hop industry seem to be latching on to this company’s products. In fact, the company’s vape pen products and logo are prominently featured in the official music videos for Wiz Khalifa’s Chico (video available here) and Pardison Fontain’s Backin’ it Up featuring Cardi B (video available here).
Let’s face it—if you want your brand to get picked up in cannabis culture, get hip-hop thought leaders talking about it. After all, the two cultures are known to cross paths.
Interestingly, the company boasts more than 65,000 followers on Instagram, more than 50 of whom are considered to be hip-hop stars and other thought leaders in the space.
The publicity received from these celebrity endorsements is likely a big part of why the Vapen MJ brand has taken the Arizona market by storm. Now, with the company’s plans to expand into multiple new markets across the United States and continued support from thought leaders in hip-hop culture, this company has the potential to propel through the ranks in the cannabis sector.
Acreage Holdings: The Deal with Canopy Says it All
We can’t mention the benefit of the United States legalizing cannabis to Canopy Growth Corporation without mentioning the benefit that investors in Acreage Holdings will enjoy.
First and foremost, let’s not forget the deal between Canopy Growth and Acreage Holdings. Should the United States legalize cannabis for adult use, Canopy will purchase Acreage, shelling out $3.4 billion in cash and shares. That’s an incredible premium to Acreage investors, considering that the stock currently trades with a market cap around $1 billion.
So, should the United States decide to legalize adult-use cannabis, Acreage Holdings will immediately realize a 340% growth in value. Nonetheless, that’s not where it ends.
Due to the shares that will be issued as part of the transaction, investors in Acreage Holdings will have the ability to enjoy the fruits of Canopy Growth’s labor as the company enters into the United States market, likely quickly becoming the biggest player in the space.
So, at the end of the day, should the United States legalize cannabis, Acreage Holdings investors will be smiling from ear to ear.
GW Pharmaceuticals: A Cannabis Drug that will Likely Shape the CBD Market
GW Pharmaceuticals (NASDAQ:GWPH) hit it big in June of 2018 when the United States Food and Drug Administration handed down a regulatory approval for the company’s drug, Epidiolex. This is important, as this is the first-ever cannabis-derived drug that has been approved by the FDA.
The treatment, approved for severe forms of epilepsy, is expected to quickly become a blockbuster drug, generating incredible amounts of revenue for GW Pharmaceuticals. Interestingly, the drug will also likely shape how the FDA deals with the legalization of CBD.
With the passing of the 2018 Farm Bill in the United States, hemp and hemp derivatives were legalized. Now, it’s up to the FDA to decide how it is going to handle the legalities of CBD-related products.
One big topic in this discussion is the protection of investments made by biotechnology companies in the study of cannabis and hemp-derived treatments. In particular, the recent approval of Epidiolex sets the stage for the FDA to ban the sale of CBD-infused food and beverages and limit the sale of these compounds to topical uses.
This ultimately gives GW Pharmaceuticals the monopoly on edible CBD. While it is only indicated for severe forms of epilepsy at the moment, the potential future label expansions are endless, and the potential of Epidiolex is incredible. So, this is a stock that is well worth your attention.
Tilray: The Proud Owner of Manitoba Harvest
Finally, we have Tilray (NASDAQ:TLRY). Like Canopy Growth Corporation, the company is a leader in the Canadian cannabis space. Tilray has also aggressively expanded into multiple markets around the globe, one of which is the United States.
In February of 2019, Tilray made its largest acquisition to date, shelling out more than $300 million to acquire a United States company by the name of Manitoba Harvest. Manitoba Harvest is currently the world’s largest hemp food manufacturer.
In the short term, that may actually be bad news for Tilray. After all, should the final decision from the FDA banning the inclusion of CBD in food and beverages come down the line, well, Manitoba Harvest could take a hit. However, there’s a silver lining here and it all hinges on the potential legalization of cannabis.
While CBD edibles and beverages are not likely to be allowed to be sold in the United States, THC-infused food and beverages for adult recreational use would not likely be included in this ban. As such, if the United States were to legalize cannabis for adult use, the investment in Manitoba Harvest may become more fruitful than originally expected.
All in all, if the push for full legalization in the United States ends with the desired result, Tilray could see tremendous growth due to THC-infused edible sales throughout the region.
The Bottom Line
It’s important to keep in mind that cannabis is not legal in the United States yet, and there is no way to guarantee that it will be. Nonetheless, if the push to legalize cannabis does lead to the legalization of the plant for adult use, the companies listed above have the potential to see serious growth in value. It’s also worth mentioning that even if the United States does not legalize cannabis in the near future, each stock listed above represents the potential for compelling growth.
This article was curated through PotStockNews’ Contributor Program. If you would like to write for us, send us your submission!
Featured image: DepositPhotos © Fotofabrika


text: Just last night a new version of Android started rolling out for Sprint users of the Nexus 5. Strangely, a previously unmentioned version of Android, version 4.4.4 just pushed out OTA to the Sprint Nexus 5 (and possibly other brands of Nexus products). We haven't seen hide nor hair of this update before it actually started hitting phones, so we don't even know what it fixes. After doing some digging, we found the details on the ParanoidAndroid Google+ page. Here's a quote, Sound off if your Nexus device started getting the 4.4.4 update and share your experience here.


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A city in Texas has taken a stand against saggy pants, prohibiting those who refuse to pull them up from riding the bus.
But just how low is too low? Anyone whose underwear or buttocks is exposed can no longer ride the bus in Fort Worth.
“Riders don’t want to see a person dressed like that on a public bus,” Joan Hunter, communications manager for the Ft. Worth Transportation Authority, told Reuters. “Our customers think it's disrespectful.”
Signs have now gone up in city buses, reading, “Pull ’em up or find another ride.”
About 50 people were kicked off the first day the policy went in to place. (It is at the bus driver’s discretion to decide which pants need hiking up.)
Although some passengers have complained, Ms. Hunter said the new rules are simply an extension of the dress code that has been in place at the transit authority for years, which requires shoes and shirts.
She added that the new pants rule is actually much easier on riders than any of the other of the authority’s clothing policies.
“All you need to do is pull your pants up before you get on the bus. You don’t have to go home and get a shirt or get a pair of shoes. Then, after you get off the buss you can dress however you want,” she said.
Should saggy pants be banned from public transit? Or the streets in general?Report Typo/Error


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22 Apr Metavante introduces new consumer eBanking application
MILWAUKEE – Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced the availability of its new Account Open technology allowing customers to activate new deposit accounts within Metavante’s Consumer eBanking (CeB) solution. This latest technology allows Metavante CeB clients’ banking customers to activate new deposit accounts in real-time and without the need to complete lengthy applications for new customer acquisition.
Metavante’s new Account Open feature provides financial institutions using CeB technology with the ability to directly market, sell and fulfill additional deposit accounts to customers who regularly use their online banking platform. Once existing customers complete the CeB secure sign on process, they can open additional deposit accounts and fund them through online transfers from a bank or held-away account. The account is opened in real-time and viewable in the customer’s account. The full process can be completed in less than 30 seconds. Deposit products supported include checking, savings, Money Market and Certificate of Deposit accounts. The Account Open technology is part of a set of integrated deposit gathering capabilities offered through Metavante’s eBanking Solutions that also include online account creation services and multi-channel servicing applications.
Seacoast National Bank, the principal subsidiary of the banking holding company Seacoast Banking Corporation of Florida (Nasdaq: SBCF), is using the technology in pilot as part of its CeB relationship with Metavante to deliver significantly increased online banking functionalities. Since introducing Consumer eBanking Account Open to its customers, Seacoast National Bank has experienced a marked increase in the total number of new deposit accounts created, resulting in augmented deposit growth for its organization. With assets in excess of $2.3 billion, Seacoast Banking Corporation of Florida is headquartered in Stuart, Fla.
“We are using Metavante’s enhanced eBanking solution in order to retain existing customers, attract additional ones and grow deposits,” said Matthew Kennedy, alternative delivery manager, Seacoast National Bank. “Because of our success with the CeB platform, we decided to participate in the Account Open pilot. In the first month alone, we experienced a 243 percent increase in new deposit accounts that are opened online. This new technology from Metavante has enabled us to more than double our deposit growth while increasing customer satisfaction and reducing overall costs.”
In a recent study, Celent Communications recognized Metavante as one of the top two providers of retail Internet banking technology out of 10 participants that were evaluated. “Metavante’s investments in the Internet banking channel are evident in its products and services directed at the Internet channel; their Consumer eBanking solution is a model for the industry,” said Jacob Jegher, senior analyst, banking group, Celent. “Banks must focus on improving the quality of their interaction with customers at the point of acquisition across all channels or risk losing deposits to more nimble players. Ultimately, the goal is to implement a paperless and customer-friendly account opening process that takes place in minutes, rather than days or weeks.”
“Metavante now offers financial institutions an additional way to significantly increase new deposit accounts from within our industry-leading Consumer eBanking solution,” said Susan Hawkins, division president, Metavante eBanking Solutions. “With the new CeB Account Open technology, financial institutions can leverage their existing customer relationships to make activation of new accounts rapid and easy. We believe this is a key differentiator for the Metavante eBanking solution and gives our clients a clear advantage over their competitors.”
Metavante eBanking Solutions is an extensive suite of retail and business electronic commerce services that enhance financial institutions’ abilities to sell and service through a variety of channels and provide consumers and businesses with real-time self-service banking and payments. Metavante eBanking solutions support approximately 500 financial institutions and their customers. Metavante’s industry-recognized Consumer Electronic Banking solutions provide end-consumers with the ability to open and fund accounts online and manage their financial relationships through the Internet, mobile devices, personal financial management software and telephone.
About Seacoast National Bank
The operating arm of Seacoast Banking Corporation of Florida (NASDAQ: SBCF) Seacoast National Bank has 43 offices in Florida and approximately $2.3 billion in assets, and is one of the largest independent banks headquartered in Stuart, Florida.
Metavante Technologies, Inc. (NYSE:MV) is the parent company of Metavante Corporation. Metavante Corporation delivers banking and payments technologies to approximately 8,000 financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, electronic presentment and payment, outsourcing, and payment network solutions including the NYCE Network, a leading ATM/PIN debit network. Metavante (www.metavante.com) is headquartered in Milwaukee.


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by Amy Domini, Founder and Chair of Domini Impact Investments (Amy is widely recognized as the leading voice for socially responsible investing.)
Globally, socially responsible investing is flourishing. Almost as importantly, it means the same thing around the world. I begin with some recent quotes, which I noted over the past few weeks:
• Datuk Muhamad Umar Swift, CEO of Bursa Malaysia, “As a frontline regulator and market operator, we want to provide an environment that encourages sustainable practices among our market participants.”
Increases to Fair Trade Minimum Price and Premium aim to address extreme poverty and its consequences in cocoa-producing communities
OAKLAND, Calif., June 11, 2019 /3BL Media/ – Fair Trade USA, the leading third-party certifier of fair trade products in North America, announced today that it will increase its minimum price and premium for cocoa by 20 percent as of October 1, 2019 to move farmers closer to a living income and reduce the extreme poverty and child labor that is prevalent in West Africa’s cocoa fields.
Investors are beginning to understand the importance of recognizing the potential risks posed by climate change to companies they look to put their money into, according to Mary Schapiro, former chair of the U.S. Securities and Exchange Commission and current special adviser to the Group of 20’s Task Force on Climate-Related Financial Disclosures.
New GRI Sustainability Reporting Standards Will Enhance Corporate Transparency Worldwide
Amsterdam, October 19, 2016 /3BL Media/ -- Today, GRI launched the world’s first global standards for sustainability reporting, giving companies a common language for disclosing non-financial information. The GRI Sustainability Reporting Standards will enable companies around the world to be more transparent about their impacts on the economy, the environment and society. They will also help organizations make better decisions and contribute to the United Nations Sustainable Development Goals (SDGs).
The GSSB was established by GRI in 2014 as an independent governance body, to develop and approve GRI Sustainability Reporting Standards (GRI Standards). By following procedures set out in the GSSB Due Process Protocol, the GSSB ensures that GRI Standards are developed in an objective and independent manner.
SEATTLE, Wash., March 9, 2016 /3BL Media/ – For the fifth consecutive year, Holland America Line was named among the “World’s Most Ethical Companies” by Ethisphere Institute, a leading business ethics think tank. The company secured its spot on the list by implementing and promoting the highest ethical business standards and practices both internally and in the community.


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Footfall across the UK rose by 19% in June against the month prior, but was still down by 62.6% year-on-year, according to the latest figures from the BRC.
High street footfall was down by 64.5% year-on-year in June, but the final three weeks of the period again saw an improvement, with the average decline lying at 58.4%, against the 74.5% recorded in the first two weeks of the month
Meanwhile, footfall in retail parks was down by only 33.8% year-on-year. The average decline in the first two weeks was 45.1%, easing to 26.3% in the final three weeks of the period.
According to the BRC, their wider, open spaces, higher proportion of supermarkets and large stores, which reopened sooner than other retailers, helped to “shelter” retail parks from a steeper decline
Shopping centres were the worst hit in the period, with footfall down by 68.3% year-on-year. The footfall average decline in the first two weeks was 81.4%, improving to 59.6% in the remaining three weeks.
Helen Dickinson OBE, CEO of the BRC, said: “Footfall levels are still well below pre-coronavirus levels; however, the decline was softer than it was in May thanks to the reopening of non-essential retail stores on 15 June.
“UK recovery has been sluggish, especially compared with European standards, but retailers with stores remain hopeful that the reopening of hospitality will provide a welcome boost.”
She added: “The chancellor’s economic update earlier this week provided critical interventions to protect jobs and incomes for households across the UK.
“However, unless footfall returns to UK streets, the Government must be prepared to step in and take further action to boost demand, such as widening the VAT cut to include retail goods.”
Andy Sumpter, retail consultant at EMEA of ShopperTrak, said: “It really was a month of two halves with footfall down 80% at the start of June before rising significantly post re-opening, though still far down on last year.
“It’s too early to say if the re-opening of pubs and restaurants will help significantly boost retail footfall, but the UK was the last amongst its European peers to re-open doors and is also seeing the slowest rate of recovery.”


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Reintroducing the London Lorry Control Scheme and raising the London Congestion Charge is a “sucker punch” to the logistics sector, FTA said today. The association is calling for freight to be exempt from schemes such as the Congestion Charge as the sector strives to recover from the impact of the pandemic. Natalie Chapman, FTA head of urban policy, accused local and national politicians of abandoning the sector. “It appears that politicians at a national and local level have all forgotten […]
The Scottish Government has launched a national low-emission strategy consultation, which could pave the way for London-style low emission zones within two years.
Canute has launched a new cycle safety scheme in conjunction with its supply chain client Wilko’s.
Transport for London (TfL) is keen to find out about logistics operators’ awareness and preparation levels in advance of both the Olympic and Paralympic Games. It is conducting an online survey focusing on the preparations you and your organisation have undertaken ahead of London 2012. TfL hopes the feedback will enable it to continue to provide useful information to enable businesses to effectively manage the demand for delivery and servicing activity in London during the Games, while allowing London to […]


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Ahmedabad, Jan 28 (IANS) Adani Ports and Special Economic Zone (APSEZ) Monday said the company's board of directors has in principle approved divestment of stake in the Australian venture Abbot Point Coal Terminal in Queensland to the Adani family.
"To focus on the high-growth Indian ports and logistics sector and maintain its leadership position in India, the board of Adani Ports and Special Economic Zone Limited (APSEZ) has in-principle decided to divest its significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia to the Adani family, subject to requisite approvals, formalities and clearances, at a valuation determined by an independent valuer," B Ravi, chief financial officer, APSEZ, said in a statement issued here after the board meeting.
"This divestment will further enhance the financial strength of APSEZ in order to pursue its plans to acquire or set up new ports and logistics assets in India," Ravi added.
APSEZ had acquired Abbot Point terminal in 2011 for around AUS $1.8 billion.
APSEZ Monday also declared a 34 percent rise in net profit on standalone basis at Rs.415 crore for the third quarter ended December 2012, up from Rs.311 crore in the corresponding period of the previous year.
On consolidated basis, APSEZ registered net profit of Rs.361 crore for the quarter under review, a rise of 12.5 percent over Rs.321 crore.
The company's total income of Rs.1,350 crore on consolidated basis was up from Rs.907 crore in the same period last year.


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2020 Smart ForTwo facelift sketched out
A sketch previewing the updated electric-only Smart ForTwo has been unveiled ahead of the car's debut at 2019 Frankfurt motor show, which kicks off in the middle of September.
To mark the transition to an all-electric lineup the Smart ForTwo and ForFour models will be given a facelift.
While the sketch indicates the updated ForTwo will have a wider body and more aggressive stance, spy photos show the car's body panels will be untouched.
It will gain a large honeycomb-style element at the front, and a redesigned bumper. From pictures snapped of various prototypes we know the ForTwo and ForFour will also receive a new tail-light design.
It's not known if Smart will upgrade the drivetrain of the ForTwo and ForFour as part of the update.
Currently the ForTwo hatch has a 60kW/160Nm electric motor powering the rear wheels for a leisurely 0-100km/h time of 11.5s, and a top speed of 129km/h. With its 17.6kWh lithium-ion battery range is said to 69km using the WLTP standard.
The Smart brand is in a period of transition. It has left unprofitable markets, such as North America this year and Australia in 2015, and has ended production of versions powered by internal combustion engines.
In March Daimler sold half of the Smart brand to Geely. As part of the deal Geely will engineer and Daimler will style the next-generation Smart range, which will be produced in China for sale across the world.
Daimler will continue producing Smart vehicles in France until 2022, after which the factory will be converted to produce electric Mercedes-Benz cars.


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Our colleague Leila Roberts, Director of North Coast Small Business Development Center, recently penned the following thought-provoking article that was published in the February 28, 2021 edition of Eurekaâ€™s Times Standard newspaper. Thanks Leila!
Before the pandemic arrived, did you ever wonder what was going to happen to your favorite local business when the owners retire? What about the workers in those businesses? Have you lost a favorite neighborhood place? One year into a pandemic-fueled recession, are you wondering what our main streets are going to look like when this crisis is past?
We were already in a business succession crisis before the pandemic. Half of all employers nationwide are small businesses owned by â€œBaby Boomersâ€ approaching or past retirement age. In communities like ours (the rural county thatâ€™s home to Bellingham, Washington) small businesses founded more than 20 years ago account for 63% of revenue and 40% of jobs. In 2004, the Small Business Administration reported that only 15% of family businesses were going to the next generation, and only 20% were getting sold to a new owner at all. The rest were just getting liquidated.
A year into a global pandemic, the situation seems dire. Itâ€™s tough to confirm exact numbers yet but it looks like, â€œAs of early November, more than 30% of Californiaâ€™s small businesses remained closed. Thousands of small businesses have shut-down permanently.â€ (From â€œFirst Steps toward Recovery: Saving Small Businessesâ€ December 2020 report #254 from Californiaâ€™s Little Hoover Commission.)
At the same time, economic recessions can actually be a boom time for start-ups. More than half of Fortune 500 companies were launched during a downturn. At the North Coast Small Business Development Center, we targeted most of our 2020 efforts to help established businesses trying to survive the pandemic, and yet still also saw only a 12% drop in start-up help requests compared to 2019.
So: Many owners are struggling to exit, new entrepreneurs are eager to start, and employees are working hard to keep their jobs or find new ones. What sits squarely in the middle of all that activity? Worker ownership.
Two years ago we learned three things:
Congress passed the bipartisan 2018 Main Street Employee Ownership Act. It instructed federally-funded small business support agencies like ours to help owners start and convert to employee-owned enterprises.
Employee-owned enterprises report 8.5% higher profit margins and 2.5% higher growth year after year. Employee-stock owners engage more, report twice as much household net worth, and stay 50% longer.
Of six dozen seasoned Humboldt business owners, 20% said in a survey that â€œselling or transferring business to a group of worker-ownersâ€ was their top or only exit preference, and an additional 42% said they were considering this option and wanted more information. These survey respondents represented local enterprises worth at least $14 million whose owners were looking for expert guidance for their exit strategy.
Since then, 10 local businesses have worked on converting to employee ownership in the past two years. Another eight potential new worker-owned cooperatives have begun their path to start-up in the past month alone. Our national partner Project Equityâ€™s Employee Ownership Conversion Program and local partner Cooperation Humboldtâ€™s Worker-Owned Cooperative Program have provided 270+ hours of business consulting and training on worker ownership alone in the past couple of years. This is a building wave, and itâ€™s good for us.
What can you do?
Ask your city or county to support employee ownership conversion the way the cities of Bellingham, Washington; Santa Clara; Berkeley; Long Beach, California; New York City and others are doing.
Join the next Introduction to Worker Ownership event to learn if this is right for you. northcoastsbdc.org/worker-owned.
Ask me to set up a no-cost feasibility consultation for you to see if selling your business to your employees is a good option for your exit.
Two years ago, David Hincapie of the Small Business Administration said, â€œDemocratic ownership is good for small businesses; the businesses are more resilient, the jobs are better, and the workers are more committed. If we can grow this sector, we can build an economy that is more equitable and stronger â€” one that is not so vulnerable as we were when the Great Recession hit in 2008.â€