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I recently had the pleasure of “attending” the LendIt Fintech – Europe 2020 virtual event. Now, much of the content covered banking services for Small and Medium Enterprises (SMEs), an area that personally I’m not particularly familiar with, but one that is gaining more focus in the news of late. One thing that struck me was the potential disruption of traditional business banking brought about by open banking.
This is the third of three blogs about technologies to support contact-free use of public transport.
The radio again – I hear that the Transport Minister for England had just reported that there have been fewer than 400 fines for people failed to wear face covering on public transport. More than 115,000 travellers have been stopped and reminded that face coverings are mandatory, and 9,500 people prevented from travelling.
This is the second of three blogs about technologies to support contact-free use of public transport.
Public transport operators have been making great efforts to make public transport safe during the pandemic. TfL recently launched a new app that makes it easier for passengers to plan their travel and avoid routes where they might come close to large numbers of people. There are claims that the rate of uptake of contactless by passengers has increased significantly since the pandemic and the demand for contact-free transactions on public transport. Visa recently offered a graph relating to global public transport contactless transactions. However, it is not clear what the actual contactless usage is since they are hidden behind month-on-month percentage increases which look enormous when the previous months had fallen off the proverbial cliff.
This is the first of three blogs about technologies to support contact-free use of public transport.
I heard on the radio that, despite ministers encouraging people in England back to work in their offices, most are staying at home. Commuter trains are about one-third full and buses are about 40% full. During the COVID-19 pandemic, demand for public transport fell off a cliff as governments told their people to stay at home. A major part of encouraging travellers to use public transport is the provision of systems that allow social distancing of passengers from staff, ideally eliminating the need to exchange physical tickets, cash and paper receipts.
As Consult Hyperion, and as many other analysts, predicted, Covid-19 has driven the adoption and use of contact-free technology at the point of service. A recent survey funded by the National Retail Foundation, found that no-touch payments have increased for 69 percent of US retailers surveyed, since January 2020. In May, Mastercard reported that 78% of all their transactions across Europe were contactless.
Fraudsters are always looking for ways to take advantage of potential weaknesses or even inexperience in new payment devices. A recent news story promoted a man in the middle attack in which two phones are used to transfer and manipulate the transaction message between a stolen contactless card and the point of sale terminal.
The Use of Contact-free is Accelerating
At Consult Hyperion, we have already seen the pandemic accelerate the adoption of contact-free payments in the face to face environment as customers have become wary of catching COVID by touching shared devices, such as self-service terminals and PIN pads. The use of personal devices for payments is hardly new but the attraction of an in-app/in-store version of mobile payments, whereby the consumer uses an app on their own device to interact with the retailer or service provider and pay for services, has just increased dramatically. Solutions for parking (RingGo) and for restaurants (like the Wahaca app, powered by Judopay) were already demonstrating the benefits of such an approach for customers and businesses before COVID struck.
The pandemic has revised interest in a topic that has surfaced repeatedly in Tomorrow’s Transactions events over the years, and that is the issue of local and complementary currencies. The Bristol Pound, the Brixton Pound, the Lewes Pound and many other experiments have sprung up around the country (indeed, around the world) to try to stimulate and regenerate local and regional trade and prosperity in response the changing economic circumstances. We tend to think of currencies as being instruments of the nation state but that’s actually a recent invention in the great scheme of things. There’s no reason to see optimal currency areas as inviolable laws of nature rather than transitional borders under prevailing monetary and financial arrangements.
I recently presented at the Transport Card Forum 2017 in Birmingham. The subject I was asked to speak about was “How will we pay for transit in the future”. Knowing how slowly things move in the transport industry, the easy answer would have been, exactly as we pay now.
However, I thought it would be more helpful to assume that the answer is not cash, and to survey the categories of payments available and emerging today and put them into the context of paying for transit.
The direction of travel of the transit ticketing industry is to use Account Based Ticketing (ABT) and so I further assumed that ABT lies at the heart of any solution. Next, the travelling customer has a choice of media used to identify them to their payment mechanism. This is ring 1.
These customer media can be categorised as either open- or closed-loop. Open loop means that they can be used to make payments generally, whereas closed loop means they can only be used within the transit ticketing scheme.
Next comes the ‘authority to travel’ and ‘time of payment’ rings. Either the customer pays for authority in advance (e.g. season ticket) or they pay for it at the time of travel (e.g. pay on a bus or train) or they pay later. ‘Authority to travel’ might take the form of a ticket, but increasingly there will be no tickets issued. These are rings 2 and 3.
Finally, the outer rings (4 and 5) were added to show what kind of account might be used and how these relate to existing models such as those from the UKCA for the use of contactless bank cards in transit.
The UKCA models on the left-hand side have been discussed in previous blogs. Models 1 and 2 are what are being used in the UK building on what was achieved in London on TfL between 2008 and 2014. UK buses are now implementing Model 1 (and some are implementing parts of Model 2). Transport for the North (TfN) is implementing Model 2 for the whole of the North of England. Model 3 seems to have been abandoned as too hard to run in parallel with the other models. Perhaps other technologies will continue to dominate, such as bar code and ITSO smartcard ticketing for Pre-purchased authority to travel on national rail. Perhaps there is no need for a third way?
But what about those unable to use, or who do not wish to use, their own contactless bank cards? The right-hand side shows the equivalent models needed for them. As the figure below shows, there are two options for them, Either:
- They fund a pre-paid transit account (a bit like loading value to an Oyster card, but value is loaded to the account instead for ABT. Or …
- They allow payment to be taken directly from their payment account outside of the transit scheme. Payment is claimed from an open-loop account such as a payment card, bank account, online wallet (PayPal, Google Wallet, etc.).
The challenge for the latter option is that the transit scheme will struggle to manage the risk since the cannot tell whether the payment account has funds in it to pay for travel. Therefore, the preference at this stage is likely to be for for pre-paid transit accounts. And, therefore, this is what is likely to be chosen by TfN and other places as their solution for those not using bank cards with ABT schemes.
Thanks are due to my colleague, Alex Lithgow Smith, for developing my original idea of the rings showing aspects of payment in transit.
Well, this is interesting. On the very day of Consult Hyperion’s 20th (yes, 20th) annual Tomorrow’s Transactions Forum to discuss the future of secure electronic transactions and much besides what should fall through the internet tubes but the fifth annual “ING International Survey Mobile Banking 2017 – Cashless Society“, which surveyed nearly 15,000 people across 15 countries, and found that one in five (21%) people in Europe now rarely carries physical notes and coins, and a third (34%) would go completely cashless if given the choice.
Gin and contactless is my second favourite cocktail (after the Moscow Mule).
Like those 34%, I’d like to be given the choice, but there are still places that won’t accept cards (such as the Real Ale bar in Wembley Stadium) which is why I went to the gin bar instead (as shown above). But these are becoming fewer and farther between, and not only in London.
“Dr Michael Collins, assistant professor of Social Policy at the University College of Dublin, tried to live without cash during one month to see if Ireland could become cashless in a near future and follow the example of its Scandinavian neighbour. His investigation demonstrated that almost all transactions can be done without banknotes and coins, except for some small value transactions, such as a coffee in a train.”
Ha! Even on Southwest Trains you can pay using contactless cards or Apple Pay and, when the new Chinese owners take over later this year, I imagine that Alipay and WeChat will be on the menu too. When do we get to wave goodbye to cash in Woking then? Well, sadly no time soon because while the trains have contactless, the ticket machines don’t (and I shouldn’t have to go to ticket machines anyway, but that’s a different point). But in ten years? 20 years?
“Gala Casino used linear regression on cash usage data from 2004 to 2014, which saw a drop from 71% to 53%, and Payments UK predictions for 2024, to arrive at its guesstimate that 2043 will be the year in which the number of cash transactions reaches zero per cent.”
I would imagine the graph turns out to be show cash asymptotic to zero rather than zero, but while I’m not sure that the number of “cash” transactions will ever reach zero, because some people will always want to use some form of immediate and anonymous payment system, I am sure (as I told the BBC’s “Wake up to Money” chap when he called to invite me on this morning) that William Gibson’s words in “Count Zero” are prescient: “He had his cash money, but you couldn’t pay for food with that. It wasn’t actually illegal to have the stuff, it was just that nobody ever did anything legitimate with it”. By 2043? Sure. But rather than just let it happen, we really need to set a national policy about it.
“Reducing cash doesn’t mean big savings, but removing cash does, and without an actual national policy on this, the benefits will go to the middle classes at the expense of the poor. “
Therefore another vision for 2043 might be that cash becomes a class issue, where the middle classes never see cash from one week’s end to the next (except for the purpose of aiding and abetting tax evasion by paying the builder in £50s) but the underclass, trapped in cash, are excluded from the world of bank accounts and cards. This will be a good topic for discussion at this afternoon’s excellent expert panel on inclusion chaired by our CEO Neil McEvoy with Katie Evans (Money and Mental Health), Susie Lonie (who has years of experience in emerging markets), Elizabeth Duke from Carta Worldwide (who build pre-paid schemes for the unbanked) and our very own Paul Makin (the man who did the original feasibility study for M-PESA). Great stuff.
On 25 January 2017, I moderated a panel discussion at Transport Ticketing Global 2017 entitled “which public transport technology solution will be dominating city centres in the next five years”.
On the morning of the event, I get together with the panellists to consider how the discussion might go. I start to think about my experience of the past as a proxy for the future. Past performance is no guarantee of the future, I know, but my mind races:
In the 1990s, things started to move from paper and plastic tokens to smart card-based solutions. ITSO was born. In 2005, we worked with ITSO and the DfT to assess the suitability of ITSO for a national travel e-purse. We were asked by the DfT to help develop Part 11 of the ITSO specification in order that ITSO could be made more suitable to an online world and not require every reader to contain an ISAM.
In 2005, we worked with DfT to help them understand how their planned new smart ID card and driving licence might be used to modernise life for citizens in the UK. In 2007 we worked with DVLA on their planned pilot of smart driving licences to be issued from their new production plan in Swansea. UK gov decided not to issue any smart driving licences.
In 2008 we worked with DfT to determine the benefits and costs of a national smart ticketing infrastructure. In the same year, we ran a trial of how ITSO tickets could be supported on the primitive NFC phones available at the time. Mobile was going to be the next big thing. Also in the same year, we started working with TfL on how Open Loop ticketing could be deployed across the whole of the London Oyster reader estate.
This was nine years ago. We worked with TfL for seven years on that project, from specification of the readers and revenue inspection devices to designing the end-to-end security.
In 2012, TfL launched Open Loop ticketing on buses. In 2017 (approximately five years later) we are seeing the large bus operators outside of London launching their Open Loop ticketing systems, as well as collaborating with Transport for the North on a multi-modal, multi-operator solution.
I’m back into the room. The panellists and I quickly agree that the answer to the panel discussion questions is, pretty much, that the same technology solutions that are dominating now will be dominating in five years’ time, because of the slow speed at which the industry moves. There is a lot of work going on under the surface, but it takes years to emerge. I am sure that Account-based ticketing is coming next and some of that will be Open Loop. Various operators across the globe are talking to us about this at present.
A final example, last year we conducted a study on beacons for Be-In Be-Out (BIBO) style transit ticketing. Our research showed that the industry has been looking at this since around 1997. There are still very few examples of it being successfully used, and yet it is still regularly cited as one of the next big things.
In April this year, Consult Hyperion is celebrating 20 years of annual Tomorrow’s Transactions conferences. I will be chairing a session on Transit ticketing on the second day about what is coming next. Confirmed speakers include:
- Will Judge, MasterCard
- Ben Whitaker, Masabi
- John Henkel, Transport for the North
Come and hear what they think is coming next. I expect we will have to look beyond five years.


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Morgan Stanley analysts Gillian Munson and Stirling Levy said in the report that Apple has placed component orders for producing 100,000 15-inch flat-panel iMacs per month, starting in January.
The all-in-one computer virtually revived Apple when it emerged in 1998, but sales have steadily declined in the past year and a half.
"Supply contacts indicate that an all-in-one flat panel iMac might be announced" in early 2002, Munson and Levy said in the report. "As usual, specific product details are shrouded in secrecy."
An Apple representative declined to comment.
A flat-panel iMac has been anticipated for some time. However, predictions of its arrival have so far proved premature.
But with flat-panel prices continuing to drop and the 3-year-old iMac graying, analysts say now is the time for a new machine. Although Apple has changed the processor, features and colors of the iMac several times since its introduction, the basic design has remained the same since the beginning.
Munson and Levy said they "suspect" that Apple CEO Steve Jobs will announce the flat-panel product at Macworld Expo in San Francisco in early January. The twice-yearly trade show is Apple's typical venue for introducing new computers.
David Bailey, who covers Apple for brokerage Gerard Klauer Mattison, predicts that Apple will introduce a new iMac at some point in 2002.
"We expect next year to be the year of the desktop for Apple," Bailey said. "This year they revamped their portable line."
The Morgan Stanley report predicts that production of the flat-panel iMac could reach 500,000 units or more next year.
Sales of the iMac have been dropping in the past year and a half as the machine has had little design change and only modest improvements in performance. In Apple's fiscal fourth quarter, which ended in September, the company shipped 294,000 iMacs, down from 571,000 machines in the same period last year.
Apple last updated the iMac in July, adding faster processors and offering more subdued colors. In February, the company added rewritable CD drives and introduced flamboyant hues such as the polka-dotted Blue Dalmatian and tie-dyed Flower Power. Those two patterns have since faded out.
In the past several months, the company has relied heavily on promotions to bolster sales of the machine. One current deal offers a $150 rebate or free digital camera with the purchase of most iMacs.
Although Apple's financial results and stock price are often driven by new product introductions, the Morgan Stanley report notes that Apple may not get the same boost it got from the original iMac, which drove sales and dramatically improved profit margins.
"Therefore, Apple needs even more of a design home run this time," Munson and Levy said in the report.

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Bicycle Association boss outlines why it's important for trade to get behind Bike Week (video)
Industry doubles its investment in this week's event to plug funding shortfall created by axing of Cycling England
Team Green Britain Bike Week is now in full swing – you can find details of events close to you on its dedicated website – but the demise earlier this year of Cycling England caused a funding gap that has been plugged by the bike industry through Bike Hub, which has doubled its funding of the annual event from £30,000 to £60,000.
Added to the £200,000 provided by sponsor EDF Energy, that gives Bike Week a decent budget to promote the use of bicycles. In this short video filmed at last week’s All Parliamentary Cycling Group ride by Carlton Reid of BikeBiz and Quickrelease.tv, Bicycle Association President Mark Bickerton outlines why the industry feels that is a worthwhile investment, why it’s important to get more people on their bikes, and the impact of the weather on bicycle sales.


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James Russo, Vice President, Marketing, Nielsen
With unemployment reaching 25-year highs, it is no surprise that Americans are nervous about their futures. Over the last twelve months, confidence has nosedived as consumers worry about keeping their jobs, paying their mortgages and other bills, and their retirements.
We are on the verge of a potential fundamental shift in how consumers shop and buy that could have ramifications long past economic recovery. They are shopping less and changing the types of products they purchase, such as shifting to store brands and focusing on necessary items such as food and cutting back on luxuries.
At the same time, however, purchasing power is actually increasing for some Americans. Consider the facts:
- The price of crude oil has declined 71 percent from July 2008 to February 2009 (from $133/bbl to $33/bbl), and retail gas prices have dropped 53 percent. To fulfill annual driving needs in July 2008, consumers were spending an average of $3,045 at $4.06 a gallon; In February 2009, that figure declined to $1,440 at $1.92 a gallon – a savings of $1,605 per year. And with the average American household owning two cars, the potential savings are even higher.
- Food inflation has moderated since July 2008 to current levels of 2 percent.
- While a great deal of attention has been focused on those people who had subprime mortgages and are now experiencing foreclosures on their homes, 30-year fixed mortgage rates have declined 1.30 pts during the same period, also resulting in potential savings.
- Tax credits in the stimulus legislation passed by Congress will put an additional $672 in the average worker’s pocket.
Combine these facts with a growing sense that we may be seeing the first signs of a bottoming out and many Americans will be well-positioned to resume their spending. However, until the fear and uncertainty about the economy dissipates, it is unlikely that they will feel confident enough to exercise their increased purchasing power. And once they do, there is little doubt that how they spend their money is likely to be very different in how they did so in years past. Nielsen will continue to closely monitor consumer confidence, shopping trends and other factors to enable our consumer product manufacturing and retail clients to deliver value in the short term and innovate in the long term to help ensure continued growth.
|June 08||Feb 09||Change|
|* Retail Gas||$4.06||$1.92||-53%|
|* Food Inflation||215.3||219.7||2%|
|Fed Funds Rates||2%||0%||-200 basis points|
|30 yr fixed Mortgage Rates||6.37%||5.07%||-1.30 pts|
|Unemployment||5.80%||8.10%||– 3.6 million jobs|
|Avg Wkly Earnings||$596.50||$608.3||2%|
|Source: EIA, FOMC, Nielsen Strategic Planner, Bureau of Labor Statistics, cpi|


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According to a recently released report from IDTechEx, the amount of EV batteries (or powertrain batteries) that reach the end-of-life stage in 2020 is estimated to total around 100,000 metric tons or 14 gigawatt-hours. By 2040, the annual total of retired EV batteries is forecasted to hit 7.8 million metric tons. Currently, there are two main approaches to dealing with the massive and growing stock of used EV batteries: recycling or finding a second life. The adoption of either approach depends on individual carmakers.
It is worth noting that the lithium-ion (Li-ion) powertrain batteries of the first commercially available EVs are now approaching their 10th year of service. Most of them are expected to be soon replaced on account of their outdated specifications and declining performance. EV manufacturers thus have to quickly come up with a cost-effective and environment-friendly solution to address the upcoming deluge of battery wastes that is squarely facing them.
Unlike the smaller Li-ion batteries used in consumer electronics, EV batteries cannot be recycled simply by having the local sanitation team collect them or dropping them off in a specified location. In some countries, electronic retailers and even chain convenience stores are mandated to help with the recycling of various types of batteries. However, besides their size and structural complexity, EV batteries are subject to highly demanding operational requirement. They are usually ready for decommissioning when they lose just 20% to 30% of their initial capacity because their weakening performance will lead to a corresponding reduction in the range of EVs.
On the other hand, used EV batteries that have been swapped out are in a rather awkward situation. Although they cannot retain full charge like before, they still work fairly well and are not exactly primed to be scrapped for materials. They can be compared to relatively healthy people that are 50 to 60 years of age and in early retirement. These folks are not yet ready to stay put in their homes.
Carmakers including BMW, Nissan, Volkswagen, and BYD are now researching on ways to give used EV batteries a second life. Those EV batteries that no longer meet the range requirement due to capacity loss can still have a role to play in residential, commercial, and utility-scale energy storage applications. They especially have the potential to become low-cost solutions for building microgrids.
In contrast, the leading EV manufacturer Tesla has decided that retired EV batteries should directly enter the recycling process, where their component materials will be recovered and used for making new batteries. Tesla’s approach is rather interesting because direct recycling seems to have a greater environmental impact compared with finding a second life. At the same time, Tesla maintains an image of being at the forefront of environmental consciousness.
Costs of raw materials determine the retirement path for different types of Li-ion batteries
The answer to why carmakers have different strategies for aging EV batteries is that the decision to either recycle or reuse depends on the material composition of batteries. In other words, it is the matter of cost.
The Li-ion batteries used by EV manufacturers vary in terms of design and materials. Carmakers in China, which is currently the world’s largest EV market, mostly adopt lithium iron phosphate batteries (LFP batteries). Compared with other types of Li-ion batteries such as lithium nickel manganese cobalt oxide (NMC) and lithium nickel cobalt aluminum oxides (NCA), LFP batteries have a lower energy density but a longer lifecycle. LFP batteries are also safer performance-wise and cost less to manufacture. Most importantly, LFP batteries do not contain high-value metals like cobalt. This means that there is less incentive to recycle them.
Tesla since the beginning has been using NCA batteries because of their high energy density and impressive performance. However, using more cobalt will raise the manufacturing cost of the whole battery.
The report from IDTechEx states that the recycling value of LFP batteries is currently around US$9 per kilowatt-hour on average, whereas the recycling value of NMC batteries comes to a high of US$25 per kilowatt-hour. Cobalt prices is expected to keep rising in the future as the competition for supply intensifies. Manufacturers of ternary batteries therefore need to improve their cost structures through an efficient battery recycling scheme.
As for the used EV batteries that have found new applications such as utility-scale energy storage systems, they will eventually be broken up and recycled at the end of their second life. Nevertheless, they would have contributed a bit more than the counterparts that enter directly into the recycling process. In 2014, Taiwan’s Chung-Shan Institute of Science and Technology established a demonstration microgrid on the island of Kinmen. The project comprises 50 kilowatts of photovoltaic generation, 4 kilowatts of wind power, and used LFP batteries from electric buses.
The demand for repurposing used EV batteries continues to grow in China, and plans are underway in that country to have second-life batteries power vehicles that meet less demanding transportation needs (e.g., tour buses and low-speed logistic vehicles). Going forward, businesses related to the recycling of batteries and the recovery of battery materials are expected to take off as EV drivers replace aging batteries or older vehicles. IDTechEx currently forecasts that the entire market for Li-ion battery recycling will generate an annual value of US$3.1 billion by 2024. Those who are interested in profiting from these market trends should pay more attention to the related industries.
(News source: TechNews. Photo credit: Shutterstock.)


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By Dan Strumpf
HONG KONG—ZTE Corp. has named a slate of new top executives, including a new chief executive, a person familiar with the matter said, as the Chinese telecom firm presses ahead with its U.S.-mandated leadership purge.
ZTE’s /zigman2/quotes/205386796/delayed ZTCOY -0.29% new CEO is Xu Ziyang, the former head of the company’s business in Germany, the person said. The company also named a new chief financial officer, as well as a new chief technology officer and a new head of human resources, the person said.
The new leadership comes less than a week after ZTE’s board of directors resigned and shareholders voted to install a new eight-person board. ZTE is required to name a new board and senior executives as conditions for the U.S. government to lift a ban on purchasing American-made parts.
A formal announcement of the leadership changes is expected as soon as late Thursday, the person said. News of the new executives was earlier reported by the South China Morning Post. Xu didn’t immediately respond to a request for comment, and a ZTE spokeswoman declined to comment.
The reversal of the sales ban was announced last month by Commerce Secretary Wilbur Ross. The sales ban was imposed in April after the Commerce Department found that the Chinese company violated the terms of a settlement resolving sanctions-dodging sales of telecom gear to Iran and North Korea.
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September 26, 2023
This year’s edition of the Book World Prague will welcome a record 404 exhibitors from 22 countries, organisers said on Wednesday. The trade fair will run at the city’s Výstaviště from May 10 to 13.
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Korean manufacturer Samsung has replaced the head of its mobile design team and the man who developed its flagship Galaxy series following criticism of its latest smartphone, the Galaxy S5.
The handset, which made its global debut last month, was met with a lukewarm reception predominantly due to its design.
Consequently, the manufacturer’s design head Chang Dong-hoon was forced to resign last week and will be replaced by Lee Min-hyouk, Vice President for Mobile Design, according to a Samsung spokeswoman.
In our review of the Galaxy S5, we were quick to point out that despite being a superior handset it loses points due to its plastic cover – especially when compared to similarly priced, metal-based, high-end devices such as the HTC One M8 and Xperia Z2.
The Galaxy S series solidified Chang Dong Hoon’s, and his employer’s, credentials as a market-leading smartphone manufacturer. Following sales of over 100 million for the S series, Samsung became a global player in the smartphone market – even beating its main competitor Apple in terms of sales.
Still, the good news for Chang – a former professor who studied at the School of the Art Institute of Chicago – is that he will continue to lead Samsung’s design center, which overseas its overall design strategy.


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New Delhi, 5 September Top vehicle maker, Tata Motors said today it does not expect a sales surge during this year’s festive season, and the government said it was ready to help the sector sustain growth.
Leading passenger car manufacturer Maruti Udyog, 54% owned by Suzuki Motor Corp, said it would keep offering sales incentives but did expect demand to pick up in the holiday period, which is now underway and runs until the end of the year.
”Demand in festive season may not improve unless interest rates fall significantly and stay low,” Tata Motors Managing Director Ravi Kant told reporters on the sidelines of an industry conference.
Automobile sales usually surge into the end of the year, when workers are paid bonuses and firms lure buyers with discounts.
This year, higher interest rates have hit domestic demand as most customers take loans to buy cars and trucks, while exports have been hit by the rupee’s appreciation.
“It has been a double whammy for the auto industry,” Kant said.
Tata Motors’ passenger vehicles sales fell 5% in August from a year earlier and commercial vehicle sales fell 1.6%.
Maruti’s sales rose an annual 27% in August, and the company said while it expected demand to improve, it would offer incentives to both dealers and customers for now.
“We will continue to offer something or the other to help boost demand. Demand should pick up in the festive season. Then we will see,” Managing Director Jagdish Khattar told Reuters.
The minister for heavy industries and public enterprises, Sontosh Mohan Dev, told the conference the government was closely watching the sector’s performance, which he said had been below expectations in the fiscal year that began in April.
“We are told that among various factors, availability of credit facility for the first-time buyer is a major constraint, coupled with increase in interest rate,” he said, adding the government would consider incentives to boost exports.
“We are keenly watching the outcome of second quarter. If need be, we will certainly intervene to sustain growth.”
Shares of top automobiles firms have decline sharply this year as domestic sales dropped after the central bank raised interest rates five times between June last year and March.
Shares in Tata Motors have fallen by nearly a quarter this year. Shares in leading motorcycle maker Hero Honda are down about 16% and Maruti shares are down about 5%.


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The IAA mobility show in Munich witnessed an ‘Electric Age Battle’, where European carmakers faced stiff competition from their Asian counterparts.
Talking about the 2023 chapter of the Munich car show, saw Chinese companies like BYD, CATL and XPeng grabbing headlines.
While Mercedes-Benz and Volkswagen launched their new vehicle line-ups during the event, the pressure upon them was clearly evident as the German car industry faced a ‘steep challenge’ from China.
China’s recipe for success
BYD, the largest China-based EV maker by market capitalization, reported a first-half profit of USD 1.50 billion, up from the same period in 2022. The company also achieved a new high when it came to vehicle deliveries. The venture now sets its sights on markets like Europe, Singapore and Australia.
XPeng will spend over USD 740 million to acquire the EV division of ride-hailing service Didi and launch a new brand of vehicles. AVATR Technology, backed by state-run automaker Chongqing Automobile and EV battery giant CATL, has secured funding of 3 billion yuan (USD 411.5 million).
Hozon New Energy Automobile, one of China’s top five electric vehicle start-ups, has now secured 7 billion yuan (USD 961.6 million) funding from the market, as it eyes overseas expansion.
Volkswagen is now partnering with Xpeng and joint venture partner SAIC to build new models. These two new vehicle models, to be rolled out in 2026, will carry the VW logo but feature Xpeng’s expertise in software and autonomous driving.
We also have Italian carmaker Stellantis, which is considering a partnership with a Chinese electric vehicle (EV) manufacturer.
Fearing an ‘invasion’ of cheap Chinese EVs into the region, Renault is now looking to slash production costs for its electric models by 40%, apart from spinning off its EV activities into a unit called Ampere, with Nissan investment, as Chinese ventures are redefining the rulebook by using lower labour costs and local battery suppliers.
In 2022, Chinese automakers had a 9% share of Europe’s EV market, nearly double the 2021 tally, as per the forecasts by automobile consultancy Inovev.
Stellantis CEO Carlos Tavares recently remarked that the competition with Chinese manufacturers would be “extremely brutal”, while advising his Western peers to use “the same weapons” as their Chinese rivals, by sourcing parts in lower-cost countries and striking partnerships with battery suppliers that offer the best combination of energy, cost and weight.
The year 2023 has seen BYD entering the Middle-East markets, as China’s EV players expanded in Thailand, Germany, and Japan. Between 2019 and 2022, China’s auto exports jumped from approximately 1 million to more than 3 million, of which nearly 22% were new energy vehicles.
China also has surpassed Japan as the world’s largest automobile exporter, as of the first quarter of 2023. According to Bill Russo, founder and CEO of the Shanghai-based research firm Automobility, many Chinese carmakers are seeking to sell their excess capacity abroad, after overall car sales peaked in 2017 and as growth in the domestic EV market slowed.
Its Destination Europe
From 2020-22, the number of EVs sold annually in China grew from 1.3 million to a whopping 6.8 million, therefore becoming the world’s largest market for EVs. For comparison, the US only sold about 800,000 EVs in 2022.
The country has been offering generous subsidies, tax breaks, procurement contracts, and other policy incentives for the sector. And yes, the nation has a huge supply chain, along with the necessary manufacturing capabilities.
In 2001, EV technology was introduced as a priority science research project in China’s Five-Year Economic Plan. In 2009, the country began handing out financial subsidies to EV companies.
From 2009 to 2022, the government poured over 200 billion RMB (USD 29 billion) into relevant subsidies and tax breaks. The subsidy policy has now been replaced by a more market-oriented system called “dual credits”.
In cities, car license plate fees have been waived for people purchasing EVs. Local governments are also working closely with the domestic EV players to customize policies.
Also, Chinese companies are perfecting the lithium iron phosphate (LFP) batteries, as opposed to the lithium nickel manganese cobalt (NMC) batteries that are much more popular in the West.
However, with Tesla and the Chinese EV players currently being involved in a ‘Price Cut War’, where apart from launching new models, bringing down prices has been seen as a step to stem slowing growth in the world’s biggest auto market. The competition is eating into car makers’ margins, as the market shrinks due to a slumping domestic economy.
So overseas expansion has emerged as a viable option for automobile ventures.
Europe The New Expansion Ground
According to the global technology intelligence firm ABI Research, in 2030, 1.2 million Chinese-made Battery Electric Vehicles (BEVs) will be imported by the European Union (EU), making up 12% of the bloc’s BEV sales.
While Chinese companies currently hold a significant market share (56%) in battery manufacturing, Dylan Khoo, an Industry Analyst at ABI Research, told Futurecar.com that Chinese BEVs will continue to gain traction in Europe due to the experience and focus of Chinese manufacturers on EVs. These vehicles also come with competitive pricing, making them appealing to budget-conscious European customers.
Since 2018, exports of European cars to China have slightly decreased, while imports of Chinese cars into the European Union have grown nearly fourfold. With 28%, China has become the largest importer of cars into the EU.
Also, as per Bloomberg, production costs for a new battery plant in China will likely come down from USD 60 million/GWh currently to USD 50 million/GWh by 2030, with huge impacts on the prices of battery packs.
In Europe, production costs in Europe will stay around USD 100-120 million/GWh or above partly due to high industrial electricity prices. So expect Chinese EVs to get cheaper as time flows.
Chinese carmakers are expected to capture around 15% of Europe’s EV market by 2025, according to the KPMG.
Renault Chairman Jean-Dominique Senard predicts a ‘Chinese storm’ over Europe’s electric vehicle industry. And numbers too suggest the same.
China is now attracting funds, foreign partners and the brightest engineers in its territory, as the EV industry becomes the new flag-bearer of Beijing’s lofty economic aspirations. While China sees electric vehicles as a means to meet its climate goals, it has also emerged as one of the rare bright spots amid its gloomy economic environment.


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We are pleased to advise some exciting changes at Homeloans.
Following the merger between Homeloans Ltd and RESIMAC Ltd in 2016, the two corporate brands are to be unified under a new incarnation of the Resimac brand. The Homeloans Ltd parent company will also be renamed as Resimac Group Limited (subject to shareholder approval on 26 November 2018).
Our new brand is scheduled for launch on 3 December 2018.
Despite the consolidation of brands, it’s business as usual:
- The same product range previously available
- The same BDM team
- The same way of doing business with us
We are supporting this launch with significant investment in operational efficiencies and digital capability.
A Q&A for mortgage brokers is available here.


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Ever had to take a day off from work to sit in a doctor’s office or wait weeks for an appointment just to get some antibiotics?
Thanks to Wal-Mart and Broward Health, those days are coming to an end.
With the ever-increasing cost of gas, one-stop shopping at the Lauderdale Lakes and Coral Springs Wal-Mart Supercenters can generate groceries, household items and even a check-up, saving shoppers from an additional trip to the doctor’s office.
The two ExpressAid locations, which opened earlier this year, are the first walk-in clinics in Florida Wal-Mart stores that are owned and operated by a hospital system.
When Angela Harding, 54, a life and health insurance agent, saw a flyer about ExpressAid, she decided to check it out. Harding was intrigued by the low cost of health screenings there, and decided to check her EKG, cholesterol, thyroid, hemoglobin and urine all at the same time–something Harding said would have cost her over $700 at her primary physician.
At ExpressAid, however, she only paid $240 for all the tests, including a basic physical exam.
“I was surprised when I got the results the next day. I’m very impressed. I hope they won’t raise the prices any time soon,” said Harding, a Coconut Creek resident.
Right at the front of the Wal-Mart store, in a tiny space where the video arcade used to be, is the ExpressAid clinic, where shoppers can get treatment for common ailments such as colds and allergies, as well as screenings, physicals, immunizations and flu shots.
Also, patients can get their prescriptions filled for $4 each, all under the same roof.
In addition to the $4 prescription plan, Wal-Mart executives say the store’s latest mission is to help find a solution to the nation’s growing healthcare crisis.
The company began opening in-store clinics in 2005, and currently has more than 70 clinics in 12 states.
In its effort to provide low-cost, quality medical services, the $285-billion-dollar retail company teamed up with local healthcare providers from Broward
Health to open walk-in clinics in the two stores in Coral Springs and Lauderdale Lakes.
The move may change the way many residents get their basic healthcare.
“We don’t want to compete with primary-care physicians. It’s an addition of a service,’’ said Christian Rodrigue, who is in charge of the ExpressAid clinics.
“The purpose is to provide an extra layer of service or another option such as the after-hours and weekends or if someone is new in the area and doesn’t have a doctor—at an affordable cost.’’
The clinics currently do not accept any insurance or Medicaid. They target people who work but do not have insurance to cover the escalating cost of medical attention.
With prices displayed openly so patients can see them in advance, the clinics allow customers to catch potential serious conditions in their early stages.
With test and screening prices that are lower than the cost of an emergency room visit, the uninsured have an affordable way to visit the doctor.
ExpressAid charges $55 for a doctor’s exam, $75 for a consultation plus one diagnostic test, and $95 if more than one test is needed.
With little to no wait time, board-certified nurse practitioners diagnose, treat and prescribe medications, as physicians provide oversight by giving guidelines and reviewing patients’ charts.
Urgent care that isn’t life-threatening—a broken leg or a small laceration—is provided, also.
Patients who need serious care or have abnormal test results are sent to a hospital emergency room or a Broward Health primary care physician.
In this way, the clinics also serve as an entry-point to Broward Health, which is formerly known as the North Broward Hospital District.
The healthcare system encompass 30 healthcare facilities, including Broward General Medical Center, North Broward Medical Center, Imperial Point Medical Center, Coral Springs Medical Center, Broward Health Center and the Chris Evert Children’s Hospital at Broward General.
“We are working within strict guidelines. We want to practice within what we can offer. We don’t want to start playing the small emergency room,” Rodrigue said.
One other benefit that the ExpressAid clinics provide is that they are open longer than a regular doctor’s office, so patients can go there after work.
“I’m going to be telling everybody that they should go to Express because it’s affordable,’’ said Harding, the Coconut Creek resident who recently visited one of the clinics. “I walked in not using my insurance and the tests cost less than my co-pay.’’
Photo by Sumner Hutcheson III. Nurse practitioner Tracey Tordella, left, checks the heartbeat of patient Angela Harding, right, at an ExpressAid Clinic.
IF YOU GO:
WHAT: ExpressAid clinics at Wal-Mart.
WHERE: In Wal-Mart stores at 3001 N. State Road 7 in Lauderdale Lakes and 3801 Turtle Creek Drive in Coral Springs.
WHEN: The hours of operation are Monday through Friday, 9 a.m. to 8 p.m., and 9 a.m. to 5 p.m. on weekends.
CONTACT: For more information, email: firstname.lastname@example.org, or log onto www.expressaid.org.


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Android 7.0 Nougat Update for Samsung Galaxy Note 5 and Galaxy S7
Google releases Android 7.0 Nougat in various devices. But it is not clear whether the OS will land on the Samsung Galaxy S7, S7 Edge, and Galaxy Note 5.
Samsung smartphone owners are very happy and excited to the news about the OS update. However, not all smartphones the run on Androids will have the update. Fortunately, Samsung Company confirms that their devices will make sure to have an update on the Android 7. Nougat.
The Samsung Galaxy S7, Galaxy S7 Edge, Samsung Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge Plus, Galaxy S7, Galaxy S7 edge, and Samsung Galaxy Note 5 will reportedly be first in line to the Android Nougat update as soon as possible.
Samsung is rumored to be pushing Android 7.0 Nougat into the S7, S7 Edge, S6 and Note 5 in the fourth quarter of 2016. Hence, those who own the devices might see an "update notification" by the end of the year, according to HNGN.
T-Mobile's confirmed Nougat updates for the Galaxy S7, Galaxy S7 Edge, Galaxy Note 5, Galaxy S6, and Galaxy S6 Edge Plus. All of these updates are currently in the "Manufacturer Development" which means they still have a long way to go before they are released to the public.
Android 7.1 Nougat
In the Nougat announcement made last August, Google noted that it is "already started work on the first Nougat maintenance release. Google Company also told all the Android users that it would definitely bring "continued refinements and polish" and that would release a beta ahead of the official release.
Google’s update is Android 7.1 Nougat and it’s now available as a beta for some smartphones. Some Nexus devices are mostly ahead of its public release in December.
Samsung hasn’t confirmed anything yet but there’s a chance Android 7.1, or another version of the Nougat update, will roll out to Samsung’s stable of Galaxy smartphones and tablets down the road.
Samsung Galaxy S8 Alternatives For The Cheapskate In You
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How To Use A Physical Keyboard Cover On Samsung Galaxy S8 Plus
Underneath the physical keys is a capacitive layer. When you press each button, it will activate the on-screen keyboard underneath. Using the capacitive layer makes this a passive accessory.
OnePlus 5 Vertical Dual Camera & Other Specs Confirmed
Aside from the vertical dual camera feature of OnePlus 5, the smartphone is also expected to feature the latest Snapdragon 835 processor which could be coupled with 6GB RAM and 6GB/128GB internal memory.
Samsung Galaxy S8 Alternatives: OnePlus 5, Google Pixel And Other Current And Upcoming Flagships To Consider
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Samsung Galaxy S8 Review: A Beautiful Yet Fragile Smartphone
With 2 thumbs up, Samsung, indeed, has delivered a device that legitimately stands out from the rest. The Galaxy S8 is good enough that Samsung can likely leave the Note 7 fiasco.
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How Do Personal Emergency Response Systems Work?
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The modern world tries to drown us in the sea of choices. One can’t simply buy a laptop - there are hundreds of laptops around and sometimes our budget becomes the only real limitation we can rely on. But how to choose other parameters to get the best laptop possible?


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China’s Second-Quarter Rebound Already Losing Steam, Data Show
China’s nascent rebound from the historic contraction in the first quarter is already losing pace in April.
China’s nascent rebound from the historic contraction in the first quarter is already losing pace in April, amid signs of a global recession and still weak domestic demand.
While March data showed a pickup from the slump in the first two months of the year, the earliest indicators for this month show domestic demand as still very weak and companies remaining cautious.
The aggregate index combining eight indicators tracked by Bloomberg was therefore broadly unchanged this month. While the fact that it didn’t deteriorate signals a possible bottoming-out of the economy as the nation re-opens factories and encourages the public to return to shopping and dining out, the overall picture is still downbeat.
Small business confidence rose slightly after March’s strong rebound, but the pace of increase slowed, and a gauge of expectations dropped after gaining the previous month.
“Despite an improvement in real activity, uncertainty about the recovery has increased on growing headwinds from a likely global recession” in the current quarter, according to a report from Standard Chartered economists Shen Lan and Ding Shuang, who survey smaller firms. “Sales remain sluggish, largely dragged down by a drop in export orders due to a rapid deterioration in external demand.”
The indicator for new orders rose to 49.4, while that for new export orders began contracting again, dropping sharply to 41 from 50.8. A number under 50 indicates contraction.
Data from Japan and South Korea indicates how weak that demand is. South Korean exports in the first 20 days of April plummeted the most since 2009, when the world was mired in the financial crisis. Its economy contracted in the first quarter and the outlook for global trade means that weakness may continue.
And Japan, another major trading parter for China, is in an even worse position. Its economy was already shrinking late last year and that’s forecast to continue all year, with the slump in global demand compounding domestic weakness.
The problem facing China now is that it’s mostly back in business, but the global shutdown has caused clients and orders to disappear, according to a survey of sales managers by World Economics.
In the first quarter, there were orders but not production capacity, and now there’s capacity but no orders, one sales manager was reported as saying.
That weak demand and plummeting oil prices is dragging factory prices deeper into deflation, with Bloomberg’s producer price tracker at the lowest level since mid-2016. That slump will hurt the profits of many companies and thus damage investment and hiring.
The central bank and government have stepped up support for financial markets in the past month, cutting interest rates and releasing funding to banks to lend more. However, the stock market has lost momentum, with the 3% rise in the CSI index of 300 companies listed in Shanghai and Shenzhen well below major U.S. benchmarks.
Iron ore futures in China fell more than 2% this week, paring a rebound in April amid caution around demand prospects this year. Any demand boost from infrastructure will be offset by weaker growth in the property sector, top steelmaker Hesteel Co. said. Copper also wavered, with the metal dropping for the first week in four in Shanghai.
Note on Early Indicator construction
Bloomberg Economics generates the overall activity reading by aggregating the three-month weighted average of the monthly changes of eight indicators, which are based on business surveys or market prices.
- Major onshore stocks - CSI 300 index of A-share stocks listed in Shanghai or Shenzhen
- Key property stocks - All the constituents of CSI 300 Index that are in the real estate industry
- Iron ore prices - Spot price of iron ore for shipment to Qingdao port (dollar/metric tonne)
- Copper prices - Spot price for refined copper in Shanghai market (yuan/metric tonne)
- South Korean exports - South Korean exports in the first 20 days of each month
- Factory inflation tracker - Bloomberg Economics created tracker for Chinese producer prices
- Small and medium-sized business confidence - Survey of companies conducted by Standard Chartered Bank
- Sales manager sentiment - Survey of sales managers in Chinese companies by World Economics Ltd.
©2020 Bloomberg L.P.
With assistance from Bloomberg


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The Blockchain Game Alliance is happy to invite its members to participate to the upcoming CGC (Cutting-Edge Games Conference) LIVE, Livestreamed on Sept. 22–26
Exclusively for BGA members — up to 5x Companies can speak (in a a panel or solo talk) — please submit a talk proposal below. Also all participants can receive 20% promo code!
On September 22–26, the online edition of Cutting-edge Games Conference (AKA #CGCLIVE) will take place at the PINE events platform. This will be a fully digital event with all features of an offline show, combining everything you are used to in one dedicated web and mobile app. The expected attendance will be over 1500 delegates from more than 50 countries. CGC | LIVE will make it possible to participate for people from all over the globe without the need to travel and book accommodation!
Submission for CGC Showcase and CGC Pitch is now OPEN!
Don’t miss this invaluable opportunity to talk about modern trends in the games industry, evaluate and enjoy the newest tech and products, listen to talks and debates by the gaming world’s thought leaders, participate in activities at exhibitors’ booths and get inspired for new accomplishments and partnerships!
All the best
President — Blockchain Game Alliance
Created in 2018, Cutting-edge Games Conference is an international summit and exhibition for gamers and industry professionals excited about technologies and games. The past four conferences, held in Ukraine and Belarus, have brought together more than 3000 delegates from 50 countries, creating hundreds of new partnerships and opportunities. Designed as a global knowledge center, a showcase of innovations and a platform for networking, CGC’s objective has been and remains the dissemination and mass adoption of disruptive technologies set to change the video games industry. More information at www.cgc.one
CGC | LIVE attracts rockstar developers, investors, media companies and platforms for five days of networking, sharing of knowledge and doing business. Five days raining with bold ideas, breakthrough approaches, win-win collaboration, and possibilities. Mingle and brainstorm with the like-minded crowd ranging from indies to C-levels in a unique friendly atmosphere only available at CGC events.
If the previous paragraph isn’t convincing enough on its own, #CGCLIVE has got some of the best presentations from stellar speakers to educate, share insights and inspire. Combined with fiery panel discussions and fireside chats these talks are set to change your mind about the future of gaming and what disruptive changes are coming. Be among the first ones to learn and harness the wisdom and capitalize on paradigm-shifting tech! Well-known and beloved speakers, as well as CGC newcomers, flaming with bright ideas, ready to share them with the whole world. Over 100 speakers will cover 10 most wanted tracks you cannot miss:
● Game Design
● Blockchain and NFTs
● Console and PC
● VR, AR, MR
● Indie Games
About the Blockchain Game Alliance
The Blockchain Game Alliance is an organization committed to promoting blockchain within the game industry.
Our goal is to spread awareness about blockchain technologies and encourage adoption by highlighting their potential to foster new ways to create, publish, play, and build strong communities around games.


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If you don’t have time to read Instapaper creator Marco Arment’s excellent essay about Apple’s profitable-but-strained relationship with iPhone developers, we’d like to highlight one part.
Apple (AAPL) appears to be so scared about how its iPhone developers will behave in an open forum that it completely ditched the Q&A portion after a session on iPhone app publishing at last week’s Worldwide Developer’s Conference.
Arment: The session itself blew through its lightweight examples quickly, ending 45 minutes early. The majority of the audience was clearly there for the Q&A. As people lined up at the microphones around the room, the presenter abruptly showed a simple slide with only “WWDC” in plain lettering, thanked us for coming, and bolted off the stage. The Apple engineers, usually staying around the stage for one-on-one questions, were gone. The lights came up instantly, and it was the only session that didn’t end in music. The audience was stunned.
It was a giant middle finger to iPhone developers. And that’s the closing impression that Apple gave us for WWDC. Clearly, they had absolutely no interest in fielding even a single question from the topic that we have the most questions about.
This went far beyond reluctant tolerance. It’s hard to interpret it as anything else except blatant hostility. We could probably have a more open discussion with Kim Jong-il about North Korea’s nuclear policy.
Daring Fireball writer John Gruber seems to support Arment’s sense of surprise, noting that the only other times he’s seen Apple skip the Q&A at WWDC is when time ran out after a session. But this particular session ended very early. “The App Store team simply knew what the questions were going to be like and were unwilling to face them,” Gruber writes.
As we’ve said all along, this is Apple’s app store, and it can do whatever it wants with it. Further, it’s Apple’s developers conference, so it can do whatever it wants there, too. The App Store is a huge hit for Apple and for developers, a lot of people are making a lot of money, etc.
But it’s a shame to see that the relationship between Apple and its iPhone developers — now more than a year after many started writing apps for the iPhone — is still so uniquely screwed. For a company that puts so much pride in its gadgets, it’s unfortunate that it’s so neglectful toward the people who help make Apple products unique.
Apple is still soundly atop the smartphone industry, platform-wise, so it doesn’t have an immediate need to fear that turned-off developers will run for greener pastures. But the competition is getting closer, and now would be high time for Steve Jobs to prioritise his company’s relationship with iPhone developers.
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The increase in insolvencies in the retail sector over the last 5 years shows no sign of slowing down. Research carried out by The Insolvency Service found that 17,243 companies entered insolvency last year, rising 4.2 per cent year-on-year.
Rising business rates and the increased staff costs following the introduction of the National Living Wage have resulted in retailers having to increase prices or lower profit margins to meet these costs. Accountancy firm Moore Stephens found that 19% of UK clothing retailers are currently exhibiting early warning signs that they are at risk of becoming insolvent. On top of this, the cost of the store itself with rising rents and maintenance of the building are adding to retailers’ woes.
Online retailers are largely sheltered from these costs. With more manageable bills for business rates, lower payroll and less rent to pay it is not surprising that sales at the UK’s top 20 online-only retailers increased by 23% last year to £8.4billion, whilst footfall on the high street fell by 6% in March 2018 (according to recent research from RPC LLP).
With increased competition and developments in technology it is becoming more common for consumers to shop online for the best deals. The need for physical shops on the high street is decreasing. It is simply not worth retailers bearing the costs of a store when many of their sales have shifted to online purchases.
With many companies facing financial difficulties due to the costs of running a store and the shift to online retailing, it is not surprising to hear that even the larger of the traditional high street shops are looking to their landlords to help ease the pain by reducing rents or seeking to re-negotiate the terms of their existing lease in a bid to reduce their costs. Unfortunately, many commercial leases restrict the Tenant’s ability to end the lease early or assign or sublet any expensive excess space which makes it increasingly difficult for the company to stay above water. The best known and most recent example is House of Fraser who recently announced that they were looking for a Company Voluntary Arrangement to try and restructure its portfolio in an attempt to reduce their costs.
Retail companies who are just starting out need to bear in mind the cost that will be incurred in running a business on the high-street before they tie themselves into a lease for a term of years which is too long or too restrictive on the ability to sub-let or assign the premises should the business not develop as anticipated.
Entering into a lease, in particular a retail shop, can be a very complex matter which should not be undertaken without professional advice. If you are seeking advice on taking out a new commercial lease or have found that the terms of your current lease are making it hard for your business to remain solvent following the current retail trend of online shopping then do not hesitate to contact us. Call 0845 287 0939 or submit your enquiry online.
Contact Us TodayWe're here to help.
Call us on 0845 050 1958


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PHOENIX, AZ – 13 Jul, 2017 – The new, Phoenix-based Lumen Fixture Company is on tap with a health-conscious, eco-friendly product giving homeowners an edge in maintaining clean, safe water – the 100% stainless steel Silicone Arc™ faucet. Produced with affordability, durability, and elegance in mind, consumers and businesses alike will have a chance to see a live demo and meet the company owner at the Maricopa County Home Show.
“No homeowner should ever have to wonder whether lead or other harmful materials are coming into their water through the kitchen faucet,” said Wolfe Van, local aerospace engineering executive and founder of the Lumen Fixture Company. “What you have with the Silicone Arc™ is a faucet composed entirely of stainless steel, inside and out. Homeowners can now be assured that they are one step closer in eliminating the dangerous bacteria and pathogens that we know many traditional faucets can leach into their water supply.”
According to the United States Environmental Protection Agency (EPA), drinking water constitutes at least 20 percent of the average person’s exposure to lead. Prolonged exposure can lead to harmful health effects, particularly in children. The agency goes on to report that among the most common household appliances by which lead and other dangerous particles can enter water are brass and chrome-plated brass faucets with lead solder. Though regulatory measures such as the Safe Drinking Water Act and the Reduction of Lead in Drinking Water Act limit lead-content in everyday faucets, Wolfe believes there’s an even better solution – a completely lead-free faucet.
“The Silicone Arc™ is truly the solution to common health and environmental problems – yet so few people know about it,” said Van. “We know that both the EPA and the Centers for Disease Control and Prevention agree that there is no known safe level of lead in a child’s blood. I knew it was time to bring this product to America and give homeowners the chance to take ownership of their water in an easy and practical way.”
It was during a February 2017 factory tours in Asia and Europe that Van initially discovered what would become the Lumen Silicone Arc™ Faucet. Made of 100% surgical grade stainless steel, the Silicone Arc is a rarity among kitchen appliances. It’s not only lead-free, but it’s also non-corrosive and oxidation proof. Additionally, where the production of brass and chrome plating can harm the environment, Lumen’s faucets are composed of eco-friendly materials. In fact, the faucet is currently at the center of a thriving, multi-million-dollar industry in Europe that has yet to be realized in North America – until now. Van established the Lumen Fixture Company, LLC earlier this year, with exclusive rights to sell the faucet in the United States, Canada and Mexico.
As an added aesthetic touch, the Lumen faucet is fitted with a stylish silicone hose available in three colors – red, black or white.
Wolfe and other Lumen Fixture Company reps will be at the Maricopa County Home and Garden Show in its entirety – Friday and Saturday, July 14 and 15 from 10 a.m. to 6 p.m., and Sunday, July 16 from 10 a.m. to 5 p.m. at the University of Phoenix Stadium (1 Cardinals Drive, Glendale, Ariz., 85305). The Lumen Fixture Company will be located in booth 1803 & 1904.
About the Lumen Fixture Company, LLC
The Lumen Fixture Company is based in Phoenix, Arizona and has exclusive rights to sell the revolutionary, new Silicone Arc™ faucet in North America. The premium, 100% stainless steel faucet is manufactured with health-conscious materials that are lead-free, non-corrosive and eco-friendly.
To learn more, visit http://lumenvibe.com.
Company Name: Lumen Fixture Company
Contact Person: Wolfe Van
Country: United States


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Facebook reaches 500 million users
Social media website Facebook will be celebrating its 500 millionth user this week with the announcement of a new online promotion.
According to All Things Digital's Kara Swisher, the soon-to-be-announced Facebook Stories will invite members of the portal to share their experiences of using the site, which has become one of the most-visited on the internet since its inception in 2004.
Randi Zuckerberg, Facebook's director of marketing, told Swisher that the campaign will concentrate on the way Facebook has impacted on people's lives. She said:
As we anticipated our 500-million milestone, we wanted to find a different way to announce and celebrate it.
"In the past, it's been all about the numbers and milestones and we realized we had never taken the opportunity to celebrate users."
Swisher claims that the stories Facebook will consider from users will be short


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This week at IAA Commercial Vehicles 2014, Ford Motor Co. and Telogis highlighted its Ford Telematics powered by Telogis. The partnership provides actionable information from Ford commercial vehicles that helps customers reduce fuel costs up to 20%, reduce their environmental impact and increase driver safety, the two companies explained, announcing the extension of the platform into the Europe Market.
“The launch of Ford Telematics powered by Telogis in Europe is an extension of what has become the industry-standard in OEM telematics in North America,” said Greg Dziewit, vice president, OEM business at Telogis. “Making this offering available to Ford’s European customers will help them run more efficient, cost-effective and safer fleets and transform the way they do business.”
Based on the real-time data, the Ford Telematics powered by Telogis software platform delivers a range of actionable business information that enables fleet managers to operate their vehicles in the most efficient way and to help ensure drivers are following safe and economical driving practices.
“Telogis is our trusted partner, and the success we’ve had with Ford customers in North America made them the only choice for Ford’s European platform offering,” said Bill Frykman, manager, business and product development at Ford Motor Co.
Since 2011, Telogis has been the exclusive technology provider to power Ford Crew Chief in North America, a comprehensive and scalable telematics solution for commercial customers.


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It won't take long until 2019 is nothing but a forgotten memory, but the past year has given us plenty of tidbits to chew on.
One such example is our monthly sales reports, which, if we're quite honest, give a very good indication on the condition of the economy.
While vehicles like the Toyota Hilux and Volkswagen Polo Vivo obliterated the overall market in 2019, their automakers are (still) been riding a sales wave that seems to have end.
Over the last 12 months, according to Naamsa, Toyota South Africa sold more than 130 000 new vehicles. The Hilux ensured 40 934 of those units. VW sold 89 352 units in 2019, of which 29 618 were Vivo's.
Below are some very interesting figures that will, no doubt, give another indication of what's to come in 2020.


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If you want your favorite restaurant to stay open after coronavirus, read on.
First things first. I don’t want to write this article. As a food and travel writer, my entire world has been canceled, as has the livelihood of all my fellow freelancers who bring you the best photos, the most interesting articles, and who continue to discover the most amazing places. But I need to write this article and you need to read it.
I’m going to talk about restaurants in the age of coronavirus. At this very moment, every restaurant you’ve ever eaten at is hurting. Every waiter that you’re friends with is thinking about how they’re going to pay their rent. Every chef is trying to educate the public on what you can do.
So, what can you do?
Let’s start with the information. What are restaurants doing to protect you and make you feel safe? “What we’re doing is not so different than what we normally do on a regular basis. And definitely not anything different than what we would do during a regular flu season. We’re always promoting wiping down surfaces with sanitation water–bleach water that kills viruses and bacteria–and handwashing is, of course, a super high priority,” says David Nayfeld of San Francisco restaurant Che Fico.
Nayfeld is in the minority of people who agreed to go on the record, because he distinctly understands what’s happening to small businesses and why they need your help during this insane moment.
Recommended Fodor’s Video
If you want your favorite places to be around in a few months when all of this passes by, there are things you can do.
It’s chaos out there for restaurants and they’re rapidly responding to health and safety concerns. MGM Resorts has temporarily closed all of its buffet restaurants. The Michael Mina Restaurant Group has issued enhanced guidelines for handwashing and glove usage, and is forcing workers to stay home when sick. The Sushi Nozawa Group (SUGARFISH, KazuNori, Nozawa Bar) is enacting additional sanitation practices of highly touchable areas (doorknobs, handles, faucets, etc.) and is providing additional hand sanitizer for guests. The salad-obsessed chain of Sweetgreen restaurants is doing “rigorous food safety audits” and has dedicated a hospitality position to be responsible for cleaning all communal surfaces. Chick-fil-A has “heightened their cleansing and disinfecting procedures.” Souvla restaurants in San Francisco has provided added sick leave benefits for its employees. Starbucks is “pausing the use of personal cups.” And Olive Garden is FINALLY offering paid sick leave. On top of that, GrubHub has announced that its forgoing commission fees to help small businesses and multiple chains have started offering free delivery as well.
One restaurant in Los Angeles, Sichuan Impression, is going to even greater lengths to ensure safety by literally taking the temperature of every guest who enters the door. Sadly, Chinese restaurants have been particularly affected due to misinformation, xenophobia, and racism.
Samuel Wang from teahouse Steep LA in downtown Los Angeles’s Chinatown told Fodor’s, “We are seeing a slowdown in our business but everyone who is still coming in seems to be calm. We haven’t taken some of the approaches other Chinese restaurants have been taking, which is to address it directly. We have, however, taken extra precautions with hand sanitizers and additional sanitization of our surfaces.”
And it’s not just Asian restaurants feeling the brunt of the virus (though it’s truly crushing them). More than 40 Seattle restaurants have announced both temporary and permanent closures. In Las Vegas, some restaurants are seeing 40-50% dips in profits. In Washington D.C., restaurants are reporting drops in sales between 25-40%. Celebrity chef David Chang has temporarily closed all his restaurants in New York, D.C., and L.A., and José Andrés has done the same. And the director of the National Institute of Allergy and Infectious Disease, Dr. Anthony Fauci, is now leaning towards a shutdown of ALL bars and restaurants.
These are the people who feed you every single day and are practicing the highest levels of sanitation to make you feel safe.
On Sunday, March 15th, the governors of California, Ohio, Illinois, and Massachusetts closed all bars and clubs and shut down dine-in restaurants or forced them to go to half capacity or takeout only. Late on Sunday night, Los Angeles mayor Eric Garcetti shut all restaurants down except for takeout and drive-through only, this has since expanded throughout all of Los Angeles County’s 88 cities. While in San Francisco, and surrounding cities, all residents have been ordered to shelter in place, except for essential needs like medical purposes.
Additionally, guidance from the Centers for Disease Control (CDC), the World Health Organization (WHO), and state and local governments have begun to advise against going to any function with large groups of people. The CDC officially announced on March 15th to avoid all gatherings of 50 or more people for the next eight weeks. And President Donald Trump issued official guidelines that recommend avoiding groups of more than 10 people.
The city of San Francisco requires restaurants to have sick time off, so employees don’t have to feel pressure to come in and make money. Unfortunately, that’s not the case in most cities around the country.
Let’s talk about what you can do. Of course, it’s important to stay and feel safe no matter what. And the idea of going to a restaurant may seem anathema to you right now. But if you want your favorite places to be around in a few months when all of this passes by, there are things you can do.
“If you like a restaurant, right now is a great time to order to-go food from there. If you’re the type of person who likes to tip big, now is the time to tip big. But besides that, spending money is super important. Support local small businesses. Guests should also do some thoughtful things like wiping down your credit cards or ATM cards or your phone,” said Nayfeld.
Other tips you should be thinking about right now include:
- Buying gift cards to your favorite restaurants. You can use them when this craziness passes, and it gives the restaurants a short-term lifeline.
- Use delivery services like Caviar, DoorDash, Postmates, and GrubHub. Restaurants have the highest standards of cleanliness and this is an easy way to support them.
- If possible in your community, go to farmers markets and support local entrepreneurs, but make sure to keep social distancing.
- Check with your favorite restaurants to see if they’re doing take-out orders.
- And for god’s sake–stay home if you have ANY signs of sickness or are within an at-risk group. And, of course, follow any advice by local, state, and federal health officials.
We’re all hurting out here, but please keep small businesses and hourly wage employees at top of mind. These are the people who feed you every single day and are practicing the highest levels of sanitation to make you feel safe. “The restaurant industry has typically done something, where it’s almost like a badge of honor to work through while you’re sick. But we’ve done everything we can to reverse that notion,” said Nayfeld.
Since speaking with Nayfeld, he and his team have decided to shut down their dine-in restaurant and are converting Che Fico Alimentari to a delivery/pickup model.
Additionally, with every restaurateur and chef I’ve spoken to, they’ve made sick leave a large point of interest. They are not having anyone near their restaurant that has the faintest symptoms whatsoever and most are doing the best they can to pay their workers who are home on sick leave.
So, please, please, please support your local restaurants in any way you can so they will survive this and continue to offer those unforgettable moments once this f——- virus has faded away.


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Taping the Top 40 is something many of a certain age will fondly remember.
And now you can relive your youth - with a range of outlets selling this year's trendy Father's Day gift : a cassette player.
It seems that vinyl has had its time in the sun and that cassettes are now set to make a comeback, with the Official Charts Company recently revealing sales of cassettes increased 90% year on year with 50,000 cassette tapes being bought in the UK in 2018.
Arctic Monkeys, The 1975 and Ariana Grande are some of the big name artists who have taken to tape.
Aldi is one of the retailers that's had its 'Boombox' for sale at £29.99 - and can make your very own mixtape too, with the built-in recording function able to record straight from the radio.
Argos is amongst other retailers with cassette players for sale including a Bush version for £29.99 and Sony version for £59.99.
Julie Ashfield, managing director of buying at Aldi, said: “In a society obsessed with the latest tech, it’s great to see cassette tapes experiencing a revival.
"There’s definitely a growing trend for nostalgia and we’re pleased that we can make these types of items accessible and affordable for all.
"We expect the Boombox to be snapped up in record time, especially as retro tech is so high on customer’s wish lists right now.”
“We’ve already seen a massive surge in vinyl sales and it looks as if cassettes are experiencing something similar," said Martin Talbot, chief executive of the Official Charts Company."
The 1975 had last year's bestselling cassette with their album A Brief Inquiry Into Online Relationships.
Kylie Minogue was also a big seller in the retro format, selling 6,262 tapes of her album Golden.


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Utawarerumono PC Prices Revealed
DMM Games has revealed the pricing for the upcoming PC releases of Utawarerumono: Mask of Deception and Utawarerumono: Mask of Truth. The games — launching on Steam on January 23, 2020 — will cost $39.99 each, with a 15 percent launch discount available for a limited time. Four character DLC packs will also be available for $2.99 apiece. Two bundles will be available as well. The Series Bundle will feature both games at a 10 percent discount while the Complete Bundle will contain both games and all DLC at a 20 percent discount. A new trailer has been released on the game’s Steam page.
Utawarerumono: Mask of Deception and Utawarerumono: Mask of Truth are tactical RPG visual novels that follow an amnesiac who awakens in the snow. Originally released in Japan in 2015 and 2016, respectively, the games found their way to North America and Europe in 2017 for the PlayStation 4 and PlayStation Vita. A remake of the original game in the series, Utawarerumono: Prelude to the Fallen, is set to release later this year.
Seems high, guess they have to make it worth their while though. Will probably buy despite thinking $30 would be a better starting point.
I’ll be working on the game for review, but I have heard good things about the PS4 versions… so I’m thinking it could very well be worth it with the launch discount if the port is done well.


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Ogilvy India scoops VIP luggage creative biz
Close on the heels of bagging the Amul Macho creative business it is now learned that Ogilvy India has bagged the VIP luggage creative mandate as well. The win follows in the wake of a multi-agency pitch. The incumbent agency on the business was Publicis Ambience.
Close on the heels of bagging the Amul Macho creative business, it is now learned that Ogilvy India has bagged the VIP luggage creative mandate as well. The win follows in the wake of a multi-agency pitch. The incumbent agency on the business was Publicis Ambience.
No official confirmation was available at the time of filing the report. The account size also could not be ascertained, however, industry sources have pegged the ad spend in the region of Rs 20-25 Crores for the entire range of brands under the VIP umbrella.
One may recall that in May 2010, VIP, which recently launched its range of light strolleys under the brand name Superlite, had unveiled a campaign to support the launch. Publicis Ambience had then created an animation-based TVC for Superlite.
To give a backgrounder, prior to appointing Publicis Ambience, Lowe Lintas was the agency on the business. In 2008, VIP brought on actor Shahid Kapoor as its brand ambassador and released two commercials – one each for brands Coupe and Nuovo.
Over the years, VIP has been tagged as a brand for the older age group, with its ‘Kal Bhi Aaj Bhi’ films that ran for years – advertising that lent maturity to the brand imagery. However, a few years ago, the brand revamped its products and tried to grow younger with reference to its target group, with the ‘Bye Bye’ and ‘Happy Journey’ commercials.
There is no change in its media agency and Maxus India continues to handle the media mandate.
WhatsApp, Instagram, LinkedIn, Twitter, Facebook & Youtube


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© Reuters. FILE PHOTO: Paytm app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
By Siddhi Nayak
MUMBAI (Reuters) -Shares of Indian digital payments firm Paytm slumped their daily limit for a third day in a row on Monday and have shed $2.5 billion in market value since a regulatory crackdown last week cast doubt over its business.
The Reserve Bank of India (RBI) told Paytm Payments Bank on Wednesday of last week to stop accepting fresh deposits in its accounts or its popular digital wallets from March.
The action against Paytm Payments Bank followed years of non-compliance with central bank rules, including on customer due diligence, use of funds and technology infrastructure, a source familiar with the situation said. The RBI did not respond to requests for comment on the matter.
“Paytm’s entire brand is hit, credit operations are ceased and there is a potential collapse of its earnings stream which will take a while to get back on track,” said Vinit Bolinjkar, head of research at Ventura Securities.
“With the regulatory crackdown, news flow surrounding investigative agencies, there is no visibility to the fortune of the stock and we will need a white knight to save its fortunes.”
Sources familiar with the matter said the RBI had found hundreds of thousands of accounts at Paytm Payments Bank, one of India’s most popular digital payment apps, that were created without proper identification. The RBI is concerned that some of the accounts could have been used for money laundering, according to the sources.
The central bank has passed the information on to the Enforcement Directorate, India’s financial crime-fighting agency, they added.
One 97 Communications, also known as Paytm and the parent of Paytm Payments Bank, denied any connection to money laundering and said the companies have never been probed by the Enforcement Directorate.
India’s Revenue Secretary Sanjay Malhotra told Reuters on Saturday that the directorate would probe Paytm Payments Bank if any fresh charges are made regarding improper siphoning of funds.
Paytm’s stock fell its 10% daily limit on the Bombay Stock Exchange on Monday to a record low of 438.35 rupees, after falling by a 20% daily limit the previous two sessions. The stock was also near a record low on India’s National Stock Exchange.
India’s stock exchanges narrowed Paytm’s daily trading limit to 10% on Monday from 20%, after the stock crashed on Thursday and Friday.
Two sources directly familiar with the matter said last week that Paytm Payments Bank’s digital wallet business may not be able to operate after Feb. 29 unless the RBI, India’s central bank, approves a transfer of its licence to parent group One 97 Communications.
The RBI’s regulatory clampdown could be a precursor to its licence being cancelled, a source familiar with the matter said.
The company powers most features of the popular digital payments app, which competes with the likes of Walmart (NYSE:)’s PhonePe and Google (NASDAQ:). Paytm has 330 million digital wallet accounts, which many people in India use to transfer funds, pay bills and make retail payments.
State Bank of India (SBI), the country’s largest lender, said on Saturday that it was extending services to merchants and retailers through its payments subsidiary, SBI Payments Services, in response to the uncertainty around Paytm.
“We are ready for them,” SBI Chairman Dinesh Kumar Khara said. “We are quite open in terms of coming to the support of the merchant community and we will be more than happy to provide them PoS machines.”
The Hindu Business Line newspaper reported on Monday that Paytm is in exploratory talks with HDFC Bank and Jio Financial Services to sell the digital wallets business housed under Paytm Payments Bank.
Paytm said it does not comment on market speculation while HDFC Bank and Jio Financial did not immediately respond to requests for comment on the report.
Shares of Jio Financial rose 14.2% on Monday following the report.
($1 = 83.0325 Indian rupees)


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Millions of people, from celebrities to international business leaders, have taken Duolingo up on its offer to learn a new language in less than five minutes a day, free.
The online language learning app has over 103 courses in 40 different languages and is now the most popular way to learn a language. Duolingo boasts 42 million monthly active users.
So what is the secret to the company’s success? And can it succeed on the balance sheet as well as it has with online customers?
Luis von Ahn, co-founder and CEO of Duolingo (DUOL) - Get Free Report, told Jim Cramer on a recent episode of "Mad Money" that it was important that Duolingo be universally available, which is why there's a free, ad-supported version of their courses. However, most users opt to subscribe to the service and remove the ads.
Find out what Real Money columnists are saying about stocks like Duolingo here.
CEO von Ahn described Duolingo as a product-driven technology company that also happens to be the most popular way to learn new languages. He said their app is for more than just travel and is popular with people of all ages. The company has done very little marketing and relies on word of mouth to spread its story, von Ahn told Cramer.
Duolingo’s IPO was launched in July, beating estimates. It shot to record highs in late September, before declining in November back to where it began trading.
The secret of Duolingo's success is its data, von Ahn told Cramer. The company closely monitors customers' progress and knows every question they get wrong and why. Duolingo personalizes future lessons to improve success.


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This article is more than 1 year old
Three is voted the best UK network
Roaming reliability squeezes Orange
Mobile operator Three has been rated as the UK's best mobile broadband network for the second year in a row.
Three, who recently proclaimed itself to be the biggest network, came out top in 8 out of 15 categories following the 2010 YouGov DongleTracker survey in which over 4,000 mobile broadband customers were questioned.
UK consumers said Three had the fastest connection speeds and were number one in reliability, ease of use and value for money.
Joe Parker, Three’s director of mobile broadband, said:
"We’re thrilled that our customers have rated us the number one mobile broadband provider in the UK for the second time running, but also that smartphone users, including iPhone customers, are seeing the value of our strong 3G network. It’s a huge accolade and we can’t thank our customers enough".
In a separate survey, iPhone owners rated Three as the best network for speed and value, while Orange was voted worst for user satisfaction and came bottom in 10 of the 14 criteria.
15 per cent of iPhone users on Orange are unhappy with their service and according to YouGov,
60 per cent reckon they could get better network coverage elsewhere
58 per cent said they're disappointed with Orange’s network
39 per cent said they can get a more reliable service elsewhere and
29 per cent say Orange is expensive
T-Mobile, who recently merged with Orange into Everything Everywhere, didn't fare much better in the survey either and finished bottom in two categories, one of which was the lowest recommendation rating.
However, although Three received the most accolades and was least likely to lose customers, the survey suggests that Vodafone is still the preferred destination for those with plans to switch. Ring ring. ®


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Western Digital (NASDAQ:WDC) was downgraded by research analysts at Goldman Sachs Group to a “hold” rating in a report issued on Wednesday, September 12th. They currently have a $63.00 price target on the data storage provider’s stock. Goldman Sachs Group’s target price points to a potential upside of 12.20% from the stock’s previous close.
Other research analysts have also issued reports about the company. TheStreet upgraded Western Digital from a “c+” rating to a “b” rating in a report on Thursday, July 26th. Bank of America cut their price target on Western Digital from $120.00 to $110.00 and set a “buy” rating for the company in a report on Friday, July 27th. Stifel Nicolaus lowered their price objective on Western Digital from $114.00 to $93.00 and set a “buy” rating on the stock in a research report on Friday, July 27th. Maxim Group restated a “buy” rating and set a $126.00 price objective on shares of Western Digital in a research report on Friday, July 27th. Finally, Mizuho restated a “buy” rating on shares of Western Digital in a research report on Wednesday, May 16th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seventeen have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $100.83.
NASDAQ:WDC traded down $0.46 on Wednesday, hitting $56.15. 3,959,460 shares of the company’s stock traded hands, compared to its average volume of 4,134,831. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.39 and a quick ratio of 1.73. Western Digital has a 1 year low of $53.61 and a 1 year high of $106.96. The stock has a market cap of $17.06 billion, a PE ratio of 4.16, a price-to-earnings-growth ratio of 0.29 and a beta of 0.90.
Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, July 26th. The data storage provider reported $3.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.20 by $0.41. The company had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $5.07 billion. Western Digital had a return on equity of 36.35% and a net margin of 3.27%. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.93 EPS. On average, equities research analysts anticipate that Western Digital will post 10.71 earnings per share for the current year.
Western Digital announced that its Board of Directors has initiated a stock repurchase program on Thursday, July 26th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the data storage provider to purchase up to 22.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, CFO Mark P. Long sold 2,233 shares of the stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $68.74, for a total transaction of $153,496.42. Following the completion of the transaction, the chief financial officer now directly owns 191,154 shares in the company, valued at $13,139,925.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark P. Long sold 24,938 shares of the stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $70.83, for a total value of $1,766,358.54. Following the transaction, the insider now owns 215,963 shares of the company’s stock, valued at $15,296,659.29. The disclosure for this sale can be found here. Insiders sold 32,772 shares of company stock valued at $2,298,763 over the last 90 days. Corporate insiders own 0.31% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Sound Income Strategies LLC grew its stake in Western Digital by 48.7% in the third quarter. Sound Income Strategies LLC now owns 15,366 shares of the data storage provider’s stock valued at $900,000 after purchasing an additional 5,030 shares in the last quarter. Royal London Asset Management Ltd. bought a new position in Western Digital in the second quarter valued at approximately $14,360,000. FMR LLC grew its stake in Western Digital by 0.8% in the second quarter. FMR LLC now owns 1,093,275 shares of the data storage provider’s stock valued at $84,630,000 after purchasing an additional 8,946 shares in the last quarter. Exane Asset Management bought a new position in Western Digital in the second quarter valued at approximately $222,000. Finally, HRT Financial LLC bought a new position in Western Digital in the second quarter valued at approximately $426,000. Institutional investors and hedge funds own 83.12% of the company’s stock.
Western Digital Company Profile
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
Further Reading: What is a Stop Order?
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In a time when shippers are sandwiched between rising freight rates and consumer demands for more affordable shipping, rising costs are at the top of every supply chain manager’s mind. Rising carrier rates are rampant across the country, and although shipments are down – the Cass Freight Index in Q3 showed them decreasing from a high in May – freight expenditures are way up. Expenditures in Q3 of this year were 16.7% higher than they were last year, and have continued to increase for the past 23 months, meaning shippers are spending more with each successive month.
These rising rates are a major headache for businesses, but the tonic for rate issues is not necessarily convincing carriers to lower their rates. Understanding why both spot and contract rates are rising comes down to one major issue in the industry: capacity.
Driver shortages + capacity issues = rising rates
While we wish the capacity crunch was just a breakfast cereal, the harsh reality is that rates are rising, and shippers are struggling to budget properly for them. The major rate issue boils down to supply and demand; there are fewer carriers on the road, creating a shortage of those willing to take certain loads, which inevitably increases prices for shippers. The American Trucker Association estimates that the industry will need 900,000 new commercial drivers within the next ten years, and 252,000 will be needed to handle the ongoing freight growth.
The issue of driver shortages isn’t going anywhere soon. Carrier companies are not expected to add enough drivers to counteract the effects of the capacity crunch, and additional pressures from ELD mandates and other compliance and safety regulations are threatening to take more drivers off the road. On top of regulations pushing drivers off the road, carriers are also struggling to retain drivers, and turnover rates continue to increase. This is clearly demonstrated by the major increase in driver pay, a clear sign that carriers are doing whatever they can to retain the necessary drivers needed to haul the available freight.
Solving the equation
While shippers can do very little about helping carriers increase their driver numbers, they can skirt the issue of capacity with better logistics management, particularly in the areas of partial truckload (PTL) consolidation and less than truckload shipping (LTL). PTL and LTL shipping help with one major area of the capacity crisis: reducing the number of shipments on the road as well as the stops carriers have to make. By consolidating carrier trailer space with freight from other businesses, shippers are sharing costs by sharing the (literal) load.
At King Solutions, we specialize in helping shippers with their PTL and LTL shipping. Our partial load optimization results in fewer shipments, less handling of freight, quicker times to market. When you work with our supply chain specialists, we handle everything from load to consolidation to route planning, carrier selection, rate negotiation and so much more.
Ready to talk solutions for your business? So are we. Give us call or send an email our way. Contact our team today.