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By Johann Benson, Transatlantic Economy Analyst
In December 2005, the European Court of Justice ruled on a case that highlighted some of the problems that arise when firms operating in the EU’s Single Market have to deal with 28 separate tax systems. The Court found that British tax provisions constituted “a restriction on the freedom of establishment” because retailer Marks & Spencer had not been allowed to offset losses incurred by its subsidiaries in Belgium, Germany, and France against profits from its domestic operations. In addition, EU member states are increasingly concerned about tax competition, which helps multinational companies lower their overall EU tax burden.
The European Commission’s proposed Common Consolidated Corporate Tax Base (CCCTB) would help address the concerns of both businesses and governments. The CCCTB “is a single set of rules that companies operating within the EU could use to calculate their taxable profits” and would allow companies to file a single tax return for all of their EU activity. Profits would then be taxed by each member state using individual national rates, but only after a formulary reallocation based on, for example, number of employees, payroll, tangible assets, and sales by destination.
At issue is the fragmented and competitive nature of the European corporate tax system, which still lacks the level of cross-border coordination seen in the setting of VAT rates. While tax competition among EU member states has driven down corporate rates, VAT rates have had a regulated minimum of 15% since 1993. However, competition stems not just from disparate rates, but also from differences in the tax base. The Netherlands, for example, has an official corporate tax rate of 25 percent, but it is selective about how it defines taxable profit, allowing many firms to take advantage of a much lower effective tax rate. This again contrasts with the regulation of VAT rates, for which EU Directives ensure a more uniform application of rules.
Serving to increase the ire of many Europeans, the biggest tax-avoidance stories of recent years tended to involve American companies, such as Amazon, Google, and Starbucks. According to OECD figures, complex profit-shifting strategies allow some multinational companies to pay just 5% in corporate taxes, while smaller businesses pay 30%. In sum, the European Commission estimates that tax evasion and avoidance costs the EU around 1 trillion euros every year, much of it at Germany’s expense. Some fear that without a global agreement on anti-tax-avoidance measures, the CCCTB could drive more profits to non-EU locations. However, it would also give the EU a stronger bargaining position on anti-tax-avoidance measures within the G20 and create a more level playing field in the EU Single Market.
According to Algirdas Šemeta, the European Commissioner for Taxation, Customs, Audit and Anti-fraud, the CCCTB is “an initiative which is awaited by 80% of businesses.” European businesses are particularly frustrated by the aforementioned inability to consolidate EU-wide profits and losses, as well as tax hurdles to cross-border mergers and frequent cases of double taxation, which still occur despite hundreds of bilateral tax treaties. Meanwhile, national governments have other concerns that the CCCTB could help address – tax competition, tax-avoidance schemes, and even cases of double non-taxation. Nonetheless, the CCCTB still faces resistance from national governments – most notably, from Ireland.
Although the European Commission is not currently seeking to harmonize tax rates, France and Germany are already pushing for greater tax convergence to counter tax competition, making Ireland suspicious that the CCCTB is a “trojan horse” for introducing tax harmonization across the EU. The Irish tend to view their 12.5% corporate tax rate as an integral part of their “business model,” pointing out that individual countries can use lower tax rates to offset other disadvantages. In fact, the newest member states of the EU have an effective average tax rate of 16.3%, whereas the EU-15 countries average 24.7 percent. For this reason, complete harmonization of tax rates is probably undesirable, but establishing upper and lower limits for statutory rates would eliminate large distortions in the Single Market. H. Onno Ruding, former Minister of Finance of The Netherlands, supports the creation of a CCCTB with a broad tax base and more closely aligned statutory rates in the range of about 20-25%. He argues that this would create more transparency, with easier national comparisons, and fewer legal disputes.
As for the immediate economic effects, a study commissioned by the Irish Finance Department estimated that a mandatory CCCTB would raise aggregate corporate tax collections by about 2% across the EU. However, a voluntary CCCTB would result in a 0.6% reduction of EU corporation tax revenue, as it is estimated that only 9% of companies would benefit from a consolidated tax return and therefore choose this option. The European Commission’s own impact assessment attributes the “lion’s share” of economic gains to lower compliance costs.
Nonetheless, the importance of the CCCTB would grow in the long-run. Firstly, through the growth and expansion of SMEs beyond their domestic markets, and secondly, by attracting new foreign firms to the Single Market. Philippe de Buck, the Director General of BUSINESSEUROPE, has noted that estimates of tax-related compliance costs in the EU are in the range of 2% to 4% of corporate income, “making the EU a less attractive place to do business compared with other economic blocs, such as the USA, Japan, or China, which are perceived as a single market by businesses.” Notably, tax and customs administrations of EU member states already cooperate and exchange information to detect and reduce tax fraud, and the most recent VAT regulation “establishes the information that Member States must collect, store in their domestic databases and make electronically available to other Member States.” With the worldwide push to fight tax evasion and avoidance gaining steam, increased cooperation among national tax authorities is inevitable, making this an ideal time to introduce the CCCTB and position the EU to better compete in the global economy of tomorrow.


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- Post by Admin on sunday, March 05, 2015
The Nigerian National Petroleum Corporation (NNPC) has stepped up importation of refined petroleum products to address unforeseen short fall in supply following the stoppage of fuel importation by private oil marketers.
The latest product supply data released by the corporation showed that the volume of fuel imported in February 2017 increased to 1.3 billion litres, which is the highest petroleum product import by the corporation since February 2016.
NNPC in the data contained in its February 2017 operations report, indicated that 1.3 billion litres of white products comprising 1.2 billion litres of petrol and 127 million litres of diesel was supplied into the country in February compared to 642.16 million litres of petrol and diesel shipped into the country in January 2017.
Only on two occasions, June 2016 (1.18 billion litres) and November 2016 (1 billion litres) did the volume of fuel import came close to the level seen in February 2017.

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The sweeping new financial regulatory bill was signed into law last Wednesday by President Obama. It will create a huge new government bureaucracy over the next year or so including 13 brand new federal agencies employing thousands of new government workers. The heads of these agencies will be appointed (not elected) by the president. These agencies will have the power to seize any companies that they deem to have 'systemic risk' and liquidate them if they so choose. One specific agency will have the right to demand any and all information from financial companies, including your personal account information, and it will have subpoena power over any firms that don't cooperate.
The vast new reform law does not solve the 'too-big-to-fail' problem; in fact, it institutionalizes it. Likewise, the new law does not at all address Fannie Mae and Freddie Mac, both of which continue to lose billions every month. The reform law will create a new Bureau of Consumer Financial Protection, which will have the authority to write rules for consumer protections governing all financial institutions – banks and nonbanks – that offer consumer financial products or services. While some financial reforms are needed, this giant new bureaucracy will cost taxpayers and financial firms billions every year, and these costs will be passed down to their customers like you and me.
There is probably nothing we can do to stop this new law and replace it with something smaller and more focused, but I wanted you to know the facts about this new bureaucracy. Suffice it to say, Big Brother just got a whole lot bigger!


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As May approaches and Bitcoin’s next halving draws near, hodlers, traders, and investors are all keen to know how this quadrennial event will affect the price of the world’s foremost cryptocurrency.
To delve further into the halving, we talked to traders Michaël van de Poppe and Scott Melker (aka The Wolf of All Streets) on our latest crypto markets show. The discussion also covered short term bullish and bearish scenarios for both Bitcoin and the stock market, why Bitcoin is still a non-correlated asset, and how trust in the U.S. dollar could wane in the coming years.
Bitcoin’s Unlikely Halving Scenario
During a recent livestream, crypto influencer, IvanonTech, analyzed how the halving event will affect the trading behavior of retail investors versus whales. He anticipates that there will be an increase in buying demand from retail investors in the days leading up to the halving, which will push Bitcoin’s price up. He cautions that this will give whales an opportunity to sell large amounts of Bitcoin without much slippage because the buying demand from retail investors will offset the potential price drop caused by a heavy liquidation.
When asked about the possibility of this scenario playing out, Melker was quick to respond:
“I think that’s possible. I think it’s almost equally possible that, you know, aliens come down from Mars and are horny for Bitcoin and hack all of our wallets and steal our Bitcoin in advance of the halving. To be honest, I think that’s one of the stupider things I’ve ever heard.”
Poppe was also quite skeptical of this scenario:
“I don’t really listen to any of these theories. They just don’t make sense. It’s speculation based on nothing, basically. I just want to watch the charts and that’s providing me the data that I need to have to trade.”
How to Trade the Halving
How will the halving actually play out? Poppe laid out his version of the upcoming event:
“So I just read the chart and what I feel like with the halving could…


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Electric Car Network Down Under
The Australian auto industry is set for an eco-overhaul, with Shai Agassi planning to launch his sustainable electric car network down under. Better Place works under 3 ventures: The introduction of charging zones for short distance drivers in the metro area; battery switching stations for long journeys; and software aids to automate the service.
With plans already underway in Denmark and Israel, Agassi has recently partnered with AGL Energy Ltd. and financial advisor Macquarie Capital Group to raise AUD$1 billion for Australia’s own electric car network. All going well, the Better Place should be up and running in Australia by 2012.
Although electric cars are emission free, the idea has met criticism, with some arguing the tiny size of the vehicles won’t suit the greater public or commercial vehicles. Battery life is also an issue, with drivers stopping to recharge every 80 minutes.
On Better Place’s Australian venture, the Victorian Premier John Brumby said,
The Victorian Government supports any initiative that will have positive outcomes in reducing emissions in the transport sector and welcomes this innovative approach to help make broad adoption of EVs in Australia possible.
Agassi defended his venture, stating:
We are investing in Australia’s economy and adding jobs while helping the country take a generational leap forward toward oil independence. With our commitment to build infrastructure and the Federal Government’s $500 million Green Car Innovation Fund, there is a compelling case for automobile manufacturers to jump in and build clean, safe, affordable electric cars for Australasia and Southeast Asia.


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Well, here’s something that’s so ridiculous it couldn’t be made up. McDonald’s teamed up with MySpace to create a new jingle for the 40th anniversary of the Big Mac. The original song (two all beef patties, special sauce, lettuce…) was created back in 1974. Over 1,000 user created songs and videos were submitted - the winner’s jingle becomes the official Big Mac song and will be featured in a McDonald’s Big Mac TV commercial.
At Finalist In McDonalds/MySpace Jingle Contest Is Former McDonalds Armed Robber
Jay Brewer - 7/20/2008 01:52:00 PM | Permalink


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Coach - Luxury Retail
Coach unveils series of “Coach Forever” immersive pop-ups
To introduce the house’s Spring 2021 collection, Coach has unveiled “Coach Forever,” a series of immersive, phygital pop-ups inspired by the optimism of beautiful things, crafted to last.
COACH has launched a virtual experience store showcasing the Disney Mickey Mouse x Keith Haring Collection
Coach has also launched four Mickey Mouse x Keith Haring physical pop-ups stores in Japan, Taiwan, Malaysia and Singapore this month.
SUBWAY WINDOW DISPLAY FOR COACH
Created for department stores Kaufhaus des Westens (Berlin) and La Rinascente (Milan), these subway windows had to differ from the brand’s 2016 global rollout, while maintaining the same Coach (New York) aesthetic.


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Published on March 31st, 2017 | by Daniel Sherman Fernandez0
Great Wall Motor to invest USD8.6 billion in EVs, hybrids & fuel cell vehicles
Chinese car manufacturer Great Wall Motor will spend aggressively in green technologies as it works to keep up with rapid changes in consumer tastes in China. Echoing other representatives of major Chinese companies attending the National People’s Congress through Wednesday, Great Wall Motor CEO Wang Fengying stressed the need to keep innovating.
Great Wall Motor CEO Wang Fengying said that her company will bolster research and development in three pillars of new energy vehicles — electric vehicles, plug-in hybrids chargeable at home and fuel cell vehicles. We will roll out a plug-in hybrid sport utility vehicle by the end of this year. We are planning to establish the capacity to produce 600,000 new-energy vehicles a year, and we’ll make core parts as well. We will invest a total of 60 billion yuan (USD8.67 billion) over the next decade in basic technology for new energy vehicles, development of vehicles and core parts and many research and development facilities.


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No, the green bubbles (sadly) won't be going away, but Android users may soon have a way to exchange messages via their web browsers.
Google has been working on their Android Messages features for nearly one and a half year. Nothing official is known at this point, but the Android Messages app code includes promo text about these enhanced chat features and that they are powered by Google.
Back in August, a reliable source of ours told us that Android Messages would gain a web portal, just like Allo's, that you would access via QR code.
"The theme of the new strings is fairly unmistakeable, including common consumer terms like 'checkout and 'order summary.' Another key clue is the activity where these are displayed, which is named messaging.ui.businesspayments.PaymentsSummaryActivity", the report adds.
Google has some interesting features lined-up for its Android Messages application. The feature, codenamed "Ditto", has been spotted by Android Police in the code for the latest version of Android Messages. You open a link on your computer, which shows a QR code. It sounds like the feature would support a wide range of browsers, as XDA found references to Chrome, Safari, Firefox, Internet Explorer, Opera, and Microsoft Edge.
Android SMS will soon work on PC
The code also indicates that users will have a new notification channel and receive a notification when their phone is paired with a desktop.
Or, Google may be creating a messaging app that can do the same as iMessage and WhatsApp and essentially replace SMS.
However, it would be advantageous for Android to introduce such a feature given the operating system's worldwide dominance.
The company, incorporated on July 23, 2015, is a holding company.
On July 8, 2015, Google's stock prices were priced at $541.7.
From July 9, 2015 to January 30, 2018, Alphabet's stock prices rose by 116%. Though the support for sending money to friends was rolled out for Google Wallet in November a year ago, it was not convenient for business purposes.
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- Goodyear Tire & Rubber (NASDAQ:GT) Research Coverage Started at Longbow Research


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Closing the Door on the Decade and Opening a Window to the NextJanuary 13th, 2020 by Kyra Thompson
The new year is officially here and as the door and window industry ramps up for a brand new decade, [DWM] took the time to grab the top stories from the past ten years and learn what those in the industry predict for the next ten. Reflecting on the past and looking to the future, here is the top five most-trafficked stories of the 2010s and the wave of the future according to a few different areas in the door and window industry.
A Blast from the Past
The 2010s proved to be a year of legal cases as several door and window companies battled it out in court and the industry took an interest.
- Pella Settles Lawsuit Over Wood Windows— This class-action lawsuit against Pella was No. 1 on last year’s Top Five Stories and is the most read [DWM] story of the decade. The lawsuit ended after 12 years in February of 2018 when the company agreed to pay $25.75 million to homeowners who claimed the company’s line of aluminum-clad wood casement windows were leaking.
- Class Action Complaint Filed Against MI Windows and Doors— The class action complaint against MI Windows and Doors from July 2012, came in second on the list this decade. The suit filed by Jennifer and Scott McGaffin addressed allegedly leaking tape-glazed windows manufactured by MI and was settled in 2015.
- Jeld-Wen CEO Exits as Company Acquires Two Businesses— Another reappearing contestant from 2018’s “top five” is this story about former Jeld-Wen CEO Mark Beck’s unexpected announcement that he would be leaving the company. The company announced on the same day, that it had acquired two other companies.
- Steves Awarded $58.6 Million in Lawsuit Against Jeld-Wen— Around the same time in February 2018, Jeld-Wen was making news for the recent ruling against the company in the Steves and Sons antitrust lawsuit which initially cost Jeld-Wen $58.6 million. Jeld-Wen was accused of overcharging Steves for molded door skins and found guilty, which company appealed in April 2019 as the battle continues.
- “Consumers Digest” Names Best Buys in Replacement Windows— Amidst all the litigation of the past ten years, readers took an interest in the Consumer Digest’s best buys in replacement windows and the companies that made the list were Andersen, Pella, Ply Gem, ProVia, Quaker and Semco.
Looking to the Future
After everything that has happened in the past ten years, [DWM] is looking to the future for the door and window industry by listening to a few industry professionals to see what they expect for the decade to come.
- Automated Machinery Becoming Widely Incorporated
Erdman Automation Corp. marketing manager Jessica Metz and GED’s vice president of engineering, research and development Tim McGlinchy said they predict the trend toward automation to grow even stronger in the next ten years. McGlinchy also said the future was headed toward more implementation of advanced technology such as robotics, software solutions and augmented reality (AR) as a way to achieve increased efficiency.
- Improved Data Analytics Software
As technology is integrated into construction trades, software provider WoodWare Systems manager of sales and marketing Brad Carter predicted data analytics becoming a significant focus in the future.
“We see the importance of data analytics growing,” said Carter. “The key will be to identify and analyze data in real-time.”
- Increased Focus on Energy Efficient Design
Several companies and Lawrence Berkeley National Laboratory (Berkeley Lab) expert anticipate an increased focus on energy efficiency. ProVia president and CEO Brian Miller said that entry systems will continue to develop to “solve problems related to security, durability, beauty and energy efficiency.” Berkeley Lab building technology and urban systems division expert Stephen Selkowitz said that interest in value-added window products is, “a trend the industry should welcome and promote.” While Quanex Building Products vice president of sales Larry Johnson also said the company sees energy efficiency becoming a significant consideration of the construction industry as a whole in the future.
“Over the next ten years, we expect that energy efficiency and thermal performance will continue growing in importance for homes and buildings all over the world,” Johnson said. “We believe the future is bright, both for the fenestration industry as a whole and for Quanex as we continue to help our customers solve their toughest challenges.”


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MELBOURNE AUSTRALIA, 3 November 2006 – The All Ordinaries may very well be hovering around it’s all time high, but just like the Dow Jones Industrial Average, it is not looking particularly convincing at the moment.
It wasn’t helped by the August retail sales figures coming in at 0.1% compared to the 0.5% as predicted by economists surveyed by Bloomberg News. Add to that a widening trade deficit, a continuing drought and the real possibility that the Reserve Bank of Australia will raise interest rates at its Melbourne Cup Day meeting to combat inflationary pressures. In another survey by Bloomberg, all twenty-give economists they asked believe that interest rates will rise at the meeting.
On the drought, Federal Treasurer and Prime Ministerial wannabe Peter Costello told the Australian Chamber of Commerce & Industry that the drought could take as much as 0.8 percentage points from economic growth in 2006-07.
In addition to that, grumpy Pete also told the ACCI that the resources sector would not be able to provide the same boost to the economy in the future that it has done in the past, mainly due to the levelling in commodity prices in recent months.
According to the report in the Australian Financial Review, Mr Costello said, “During the 2003-03 drought, farm GDP fell by around 25 per cent and the direct impact was a 0.8 percentage point subtraction from GDP growth. Rural exports fell by almost 13 per cent.”
He went on to say, “This year we are expecting farm GDP to fall by around 20 per cent and rural exports to fall by around 9 per cent. You would expect a commensurate detraction from GDP. This year drought will cut economic growth below its long-term average.”
Shane Oliver, chief economist at AMP Capital Investors told Bloomberg that “Today’s figures indicate the economy is slowing and that complicates the Reserve Bank’s decision on interest rates. It’s a risky time to be contemplating a rate hike, but that won’t stop them.”
Well, perhaps the RBA’s decision next week isn’t as clear cut after all. Oliver went on to say, “Drought will slow the economy, consumer spending is slowing in response to interest rate increases, and the global economic outlook is softening.”
On top of the lower agricultural exports, Access Economics predicts a further softening in metals prices, with nickel, tin, aluminium and copper on their list as decliners for next year. In 2008, Access Economics believes iron ore, gold, silver, uranium and zinc will fall. We shall see.
Meanwhile, across the Pacific the Associated Press reports that “The productivity of American workers slowed to a standstill in the summer while wage pressures were rising at the fastest clip in more than two decades, a combination likely to raise inflation concerns at the Federal Reserve.”
The figures released by the US Labour Department showed that productivity for the recent quarter ending September stood dead still while labour costs increased by 3.8% during the same period, taking annual labour costs up to 5.3%.
Can it be any coincidence that both in Australia and the United States, that the respective central banks took their foot off the breaks too early. Both Bernanke at the US Fed and Macfarlane/Stevens at the RBA thought they had inflation licked even though it looked reasonably obvious to many that inflation was still a potential problem.
Unfortunately, the central bankers thought better of it, deciding to focus on their ‘pet’ inflation indicators that discounted or ignored this that and the other, all the while the real cost of goods and services has been rising.
If only they had taken the medicine a few months back things may not be tasting quite so bad now. ###


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Beer and Pizza is the theme for this year’s Harris-Warke Gallery fundraiser.
The ninth annual event invited local artists to donate works to fit inside a Solo beer cup or a 25 cm by 25 cm pizza box. Several provincial, national and international artists were also asked to donate pieces.
Silent auction bids can be placed on the donated works which will be on display in the gallery from Oct. 29 to Nov. 9. The event ends with a grand closing and last-minute bidding session Nov. 9 from 6 to 8 p.m.
Proceeds from the event will assist in gallery operations and upgrades.
More information is available by calling the gallery located at 4924 Ross St. at 403-341-3455 or by emailing


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Friday, January 30, 2015
Watch Out Apple here comes Xiaomi
A China based tech company Xiaomi is fast becoming a pain to Apple. In 2014, Xiaomi sold 61 million smartphones, which has grown more than thrice its 2013 sales total. A few weeks ago, Xiaomi a five-year old company was able to raised $1.1 billion in new funding at a valuation of $45 billion.
Xiaomi smartphone price is significantly lower than iPhone, and it looks like iPhone. With that price it's a big deal for countries like China, India and other developing nation where average income is lower than those in the U.S. and Europe.
Xiaomi has also employed a strategy on selling their products online instead of having a physical store that that takes a big chunk of profit margins. They also use a "pre-order" system, producting the smartphones after an order is made and paid by the buyer. Since smartphone materials are continuously going down, they are reaping profits since the cost to manufacture the smartphone becomes cheaper than when the phone first went on sale.
iPhone 6 4.7-inch display, 64GB unlock version at TMobile is priced at $749 while the Xiaomi Mi 4 64GB is priced at $469.99 excluding tax.


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The World Sustainability Organization, in partnership with GFI's Sustainable Seafood Initiative, announced it will begin certifying plant-based seafood products under their Friend of the Sea certification program.
GFI has awarded a two-year grant to a research project aimed at developing a high-quality, serum-free fish cell culture media—a critical step to bring cultivated seafood to market.
U.S. sales data shows that plant-based meat sales have remained strong amid Covid-19, outperforming both its prior-year growth as well as animal-based meat's growth rates.
There's a lot of research on the cellular and molecular components needed to match conventional seafood's taste, texture, and aroma. We've put together a resource to help alternative seafood researchers and companies navigate it.
Public investment in alternative seafood has the potential to make America a leader in seafood production with vast positive impacts for the economy, workers, human health, and ocean sustainability.
Cultivated meat is poised to make our food system more sustainable, ethical, and delicious, but cell lines are a critical unmet need. That's why GFI is funding research by Kyle Fish of Tufts University to isolate lines from Atlantic salmon. The cells will be available to researchers and companies via Kerafast.
One fish, two fish, redfish, shrimp! By working with a major company and funding a research project at a nonprofit marine research organization, GFI's Sustainable Seafood Initiative is helping researchers develop better ways to feed the world.
To feed a growing global population safe and nutritious seafood for generations to come, we need to think outside of the box. BlueNalu's partnership with legacy seafood industry player Nutreco demonstrates how we can quickly and sustainably advance the plant-based and cultivated seafood industries.
As meat companies like Tyson and Smithfield have been increasingly diving into the plant-based meat space, the Van Cleve Seafood Co. very well may be at the forefront of a similar trend in plant-based seafood.


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Since 1962 when the first strike was held, there have been a total of 11 strikes in which the teachers demanded better working conditions and increased pay. Teachers are a vital cog in the wheel of any society’s development and they need to be well taken care of. Perhaps this is why the grievances of Kenyan teachers have seemed reasonable on many occasions.
However, time is money and wasting it is almost like flushing a precious wad of cash down the toilet. The ongoing stalemate between the Kenya National Union of Teachers (KNUT) and the Government may be justified or unjustified on many grounds, but at the end of the day, as the debates and power play rages on, a lot of time and money is going to waste.
This year’s strike has seen the indefinite closure of primary and secondary schools countrywide. A move which will go down the annals of our history as an insensitive strategy. Many stakeholders have indicated that the closure of schools has dealt an overwhelming blow to various important sectors such as education, publishing, retail and other interrelated sectors with losses amounting to billions.
Primarily, not only has the education sector experienced disruption in this year’s third term schedule which will in turn cause a wave of effects into next year’s plan, but it will also experience poor performance in the scheduled end of year examinations as the students have not been taken through the entire curriculum. Therefore, the Kenya National Examination Council (KNEC) may have to shift the previously selected final exam dates which may require unbudgeted emergency funding to implement.
Mr. David Waweru, the Kenya Publishers Association chairman indicates that the depreciation of the shilling has raised production costs and made their books uncompetitive. This coupled with the effects of the current education sector crisis which has seen fewer parents, schools and book distributors making purchases, has heavily affected the publishing sector which heavily relies on the stability of the education sector for its sustainability.
In addition, the retail sector has also been grossly affected. Suppliers of school equipment for instance will have to wait until schools officially reopen so as to receive payments on already delivered goods such as stationery, furniture, lab equipment, food items (which will most likely go stale if not well stored or consumed before expiry), water and energy.
Other interrelated sectors such as the transport industry will also be affected because the usual number of expected commuters during the school term has drastically reduced on an indefinite basis. Clothing and textiles industry will also experience the pinch as fewer parents purchase uniforms and shoes during this period.
The employment sector will also receive a blow as the many casual laborers and non- teaching staff employed by these schools on a daily or contractual basis will have to be relieved of their duties until further notice, this means that many more households will experience challenges in getting their daily bread and butter no matter how meager.
Lastly, Schools and parents will equally experience some loss of hard earned money as legally binding contracts still need to be honored even though the school is not in session. For example payment terms on workers contracts must be honored, bus and lunch fees already paid cannot be refunded yet this money would be useful in sustaining the idle children.
Even without taking out your calculator and adding up the losses, it is evident to see that there has been a lot of time and resources gone to waste. And unless we rise up and solve this issue as soon as possible as a country, we will pay for this strike for a long time to come.
Mwende Maritim is a budding freelance writer based in Nairobi, Kenya. She has always had a passion for well written content but began writing professionally in 2014. Her writing mainly covers lifestyle issues and anything to inspire people especially the teenagers she mentors.


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Although the main part of earnings season has passed, there are still some major companies reporting, and there have been a few standouts, helping the broad markets despite a rough October. Election Day has come and gone. Hopefully, the uncertainty and selling pressure felt by investors leading up to Tuesday has been alleviated.
It’s worth pointing out that the S&P 500 and Dow Jones industrials are down 4.8% and 3.4% from their respective 52-week and all-time highs. Year to date, the S&P 500 and Dow are positive 3.1% and 3.6%, respectively.
While the broad markets are just barely positive for the year after a devastating October, here 24/7 Wall St. has included 10 stocks that saw the best earnings performance this season.
We have included some of the highlights from these earnings reports, as well as the consensus price target and a recent trading history of the stock.
Netflix Inc. (NASDAQ: NFLX) released its third-quarter earnings report after the markets closed on Tuesday, October 16. The online streaming giant posted $0.89 in earnings per share (EPS) and $4.0 billion in revenue, which compares with consensus estimates from Thomson Reuters calling for $0.68 in EPS and $4.0 billion in revenue.
During the second quarter, global net additions totaled 6.96 million. In the United States, Netflix added 1.09 million memberships. Internationally, the firm added 5.87 million memberships.
At that time, shares of Netflix climbed about 5% on the results. Shares are now trading at $327.58, with a consensus analyst price target of $399.78 and a 52-week trading range of $178.38 to $423.21.
McDonald’s Corp. (NYSE: MCD) released its third-quarter financial results before the markets opened on Tuesday, October 23. The golden arches said that it had $2.10 in EPS and $5.37 billion in revenue, which compares with consensus estimates


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As part of its global rollout, LG is now all geared up to launch the LG V20 with the secondary display in India early next week.
LG has sent out press invites for its upcoming launch event scheduled for December 5. The company plans to unveil the LG V20 at the event. The smartphone is known for its 2.1 inch secondary display above the 5.7 inch Quad HD display. While pricing details are not yet revealed, sources in the know suggest that the handset would be priced at Rs. 54999.
The LG V20 is powered by the Qualcomm Snapdragon 820 processor along with 4 GB of RAM and 64 GB of storage. The handset is equipped with a dual rear camera setup consisting of 16 MP and 8 MP sensors. The smartphone is said to be one of the first Android Nougat smartphone to go on sale in the country. We should know more details on Monday.


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Young Brothers sees 5.2% gain in interisland cargo shipments
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Interisland cargo shipments between Honolulu and the Neighbor Islands increased by 5.2 percent during the third quarter, Hawaii shipper Young Brothers Ltd. said Friday.
Year-to-date overall volume for the first nine months of the year was 1.8 percent more than the same period a year ago, according to Young Brothers.
Yet the 2013 volume is about 20 percent less than the peak-volume year of 2007, the company said.
“We believe this is another indicator that the broader local economy is continuing to gain strength, and we’re hopeful it’s the beginning of a trend that will sustain itself,” Young Brothers President Glenn Hong said in a statement. “We still have some ground to make up to get back to levels seen six and seven years ago.”
Each Neighbor Island port increased shipments during the third quarter, with Maui’s Kahului, the largest single port in terms of volume, rising 5.5 percent. Kaumalapu on Lanai, the smallest port in terms of volume, saw shipments jump 21.6 percent during the quarter. In between were Kawaihae on the Big Island with a 6 percent increase, Hilo, with a 4.2 percent increase, Nawiliwili on Kauai saw a 5.3 percent increase and Kaunakakai on Molokai saw volume increase by 4.9 percent.
While most industry segments saw increases in volume during the quarter, shipments of construction materials and biofuels saw the largest increases. Automobile rental fleets, beverages and tourism-related shippers also recorded increases, Young Brothers said.
“After six months, volume was basically flat, but the strong quarter moved our year-to-date results into positive territory,” Hong said. “It’s good to have this momentum going into the fourth quarter.”
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Who knew software tweaking could have such a huge effect on battery life? Microsoft has just shown it's possible with an update for Windows 8.1 on the Surface Pro 2 which extends battery life by a huge 25 per cent.
Battery tests by Anandtech show the tablet can now last more than 8 hours while browsing the web over Wi-Fi. That's a jump up from 6.6 hours before the latest software update was released. It's also a 16 per cent video over Wi-Fi playback boost up to 7.75 hours from 6.65.
Compared to the competition the Surface Pro 2 is still a bit behind, with it scoring 8.330 and the iPad Air scoring 9.480 and the Google Nexus 7 (2013) hitting 12.230. Microsoft told Anandtech that the tablet's various sensors, its higher resolution display, its active digitiser, and its capacitive touch screen all increase the amount of battery power required.


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Berkeley Digital Media Conference to Explore the Digital Lifestyle
October 14, 2008
Ute S. Frey
UC Berkeley Haas School of Business
>play, the Berkeley Digital Media Conference at the University of California, Berkeley's Haas School of Business, brings together creative professionals, industry leaders, and students to discuss the emergence and implications of the digital lifestyle. The theme for the 2008 >play conference is “Disruption: Changes in the Media Economy.” The 2008 Expo will feature demonstrations of digital media innovations and new products.
This fourth annual conference is organized by Berkeley MBA students and is hosted by the Berkeley Digital Media and Entertainment Club at UC Berkeley’s Haas School of Business.
8:30 a.m. to 7:00 p.m. Saturday, November 15, 2008
Haas School of Business, University of California, Berkeley
* Biz Stone
Co-founder and Creative Director
* Shane Kim
Corporate Vice President of Strategy and Business Development, Interactive Entertainment Business,
Panel discussions will include:
- The Hundred Year Storm: Disruption in telecom caused by revolutionary services and bold startups
- Brands that Break Through: The transition to digital media advertising from the perspective of agencies and brands
- Digital Sports Age: The deeper engagement between fans, athletes, and sports teams through digital media
- Feed the Starving Artist!: The impact of the Internet on how artists create, distribute, and monetize their art
- New Perspectives on TV: Changes in the customer experience with the consumption of streaming and downloadable media
For more information, please go to www.playconference.org.
Representatives from the media are welcome to attend free of charge. To RSVP or for more information, please contact Ute S. Frey at the Haas School of Business at 510-642-0342 or at email@example.com.


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Hogan Lovells comments on European parliament’s PRIPs hearings
Hogan Lovells has commented on the European parliament’s recent plenary session that considered the European Commission’s proposal for a regulation on ‘key investor information documents’ (KIIDs) for packaged retail investment products (PRIPs).
The law firm’s financial institutions partner, Jeffrey Greenbaum, said: ‘The PRIPs hearings have been a step forward in creating a more level playing field among investment products. The compromise text is a recognition that one size does not fit all for disclosure purposes.
‘In any case, the impact of PRIPs may vary from member state to member state. PRIPs is likely to have the greatest effect in jurisdictions where investors are more active in the buying of investment product.’
Greenbaum added that additional, clearer disclosure helps the consumers where clients rely more on the documents, rather than the advice provided to them by salespeople. ‘In countries such as Italy, where the process is more sales driven, MIFID 2 and IMD 2 are likely to have a far greater influence for investors,’ he said.
News from Hogan Lovells
Briefings from Hogan Lovells
Those who have had any involvement with Telephone Consumer Protection Act (TCPA) litigation in the last year will be unsurprised to learn that TCPA lawsuits are on the rise.
The UK government supports the European Commission’s decision not to impose mandatory quotas; it favours a self-regulatory national level approach.
Analysis from The Lawyer
When a firm shouts loudly about a landmark merger, as SJ Berwin did when it joined forces with King & Wood Mallesons, departures are always likely to come under the spotlight.
The Lawyer’s latest Top 50 litigation firms list shows that business for dispute specialists is roaring along while new in-depth detail reveals the winning strategies


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Kelley Automotive Group Closed for Labor Day Holiday
For Immediate Release:
September 2, 2020
Polk County, Fla. – The Kelley Automotive Group has announced that they will be closed for Labor Day on Monday, September 7, 2020. This closure will affect all of their Polk County dealerships, which includes Kelley Buick GMC in Bartow, Kelley Used Truck Store in Lakeland, Kelley’s Used Cars in Auburndale, and Kelley of Winter Haven. The service center at Kelley Buick GMC in Bartow will also be closed.
While the automotive group has opted to be open for many recent holidays in light of the current pandemic, they have chosen to be closed this Labor Day in order to give their employees a day off to spend with their loved ones. As a family-owned and operated group of dealerships, they wanted to make sure to give their employees that time since they’ve been so flexible for their customers during the COVID-19 pandemic.
The Kelley family is proud to say they’ve been serving Polk County’s automotive needs for 50 years this year, and they’re proud to support the local community through sponsoring the Twenty Buck Truck to give back to youth involved in agriculture, sponsoring the Cheep Jeep at Jeepin’ with Judd, sponsoring Bustin’ Clays with Grady Judd, and various other initiatives. They were able to give $100,000 to the Polk County Youth Fair in 2020 due to the support of the local community. They are proud to not only be able to say they live and work in Polk County, but to also actively strive to give back to the community!
Their Bartow new car and truck store–Kelley Buick GMC–was named Florida’s only GMC Dealer of the Year by General Motors earlier this year, and multiple dealerships in the group won 2020 Top-Rated Dealer Awards from CarGurus. Kelley Buick GMC was also recently award a Buick Mark of Excellence award by General Motors, and the entire automotive group has been nominated in The Ledger’s annual Best of Central Florida awards. Voting for the Best of Central Florida awards begins September 6, 2020.
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Antiques dealer opens second shop
Not long after re-opening Red Barn Antiques in Hillsboro, Shirley Krause got a chance to open another store in Marion.
She decided to take the chance for a couple of reasons. She had always wanted to have a store in Marion, because that’s where she started dealing in antiques at T.C.’s What-Not Shop, and she had more merchandise than would fit in Red Barn Antiques.
Now she operates Sunflower Antiques in Marion and her husband, David, operates Red Barn Antiques in Hillsboro.
“It’s easier for one to do one,” rather than splitting time at the two stores, she said.
Krause said Sunflower Antiques at 329 E. Main St., Marion, has a little more of everything than Red Barn Antiques, simply because it is much larger.
“It’s twice the square footage as the Barn,” she said.
With the extra space, she has more room for antique and vintage furniture than in Hillsboro. It also gives her more wall space to display signs and artwork.
Other people’s antiques also are for sale. One such vendor has a variety of decorative duck decoys.
The two shops also have different customer bases, Krause said.
“I get a lot more lake people here than in Hillsboro,” she said.
She said she wasn’t sure why that was. She said she suspected it was because Sunflower Antiques is in downtown Marion, while Red Barn Antiques is just a little out of the main shopping area in Hillsboro.
Sunflower Antiques is open 10 a.m. to 5:30 p.m. Tuesday through Saturday and 1 to 5 p.m. Sunday. For more information, call (620) 382-2822.


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China ' s CATL reported on work on new materials for electric motor batteries that would increase the capacity by 10-20% compared to existing lithium-iron-phosphate .
The new technology, called M3P, will provide electric vehicles with a range of 700 km with a full battery charge, declared the company's top manager in his speech at the World New Energy Vehicle Congress in Beijing. He added that new materials would reduce the cost of power elements compared to nickel and cobalt batteries. Unfortunately, Mr. Zeng did not specify which metals were used in M3P batteries and when mass production started.
CATL, which includes Volkswagen, BMW and Ford, is the world ' s largest producer of traction batteries, occupying more than one third of the world ' s power supply market for electric vehicles. Further prospects for its growth and the possibility of increasing the distance from competitors through LG Energy Solution and BYD are seen in the expansion of battery production and new technologies.
The Chinese giant recently announced the Qilin technology, which will provide a 13 per cent increase in energy storage density compared to the Tesla 4680 standard elements. The first customer of a new type of battery will be Geely's electric vehicle brand Zeekr, which will be available on the market in early 2023.


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Businesses have been warned “time’s up” under a labour-hire sector overhaul by the federal government aimed at protecting the pay and conditions of workers.
The changes to workplace law, introduced to parliament on Monday, have been labelled as “radical” and “unworkable” by industry groups.
The government says the reforms are focused on closing loopholes, including the use of labour-hire workers to undercut the rate of pay agreed for employees.
The reforms also seek to criminalise wage theft, bolster protections for gig workers and create a pathway for casuals to become permanent.
Workplace Relations Minister Tony Burke said the changes will apply to a fairly small group of firms doing the wrong thing, with the majority of workers and businesses unaffected.
“Anyone who has been underpaid, today’s a good day for them,” he told Nine’s Today program on Tuesday.
“Wage theft will be a crime. We’ll get some minimum standards in the gig economy, and businesses that have been using the labour-hire loophole to undercut rates … they know time’s up.
“For a limited number of businesses in areas that have been posting pretty healthy profits, their workers will earn a little bit more.”
Mr. Burke said he has been having “good engagement” with the crossbench.
“The Senate crossbench, we’re having good conversations. We’ll talk to them in good faith,” he said.
But business groups, which have been campaigning against the changes for several months, are wary of the scope of the reform.
Master Builders Australia, which represents the building and construction industry, challenged the notion the reforms would have a minimal impact.
“There is nothing simple about adding hundreds of pages to the Fair Work Act and expecting businesses of all sizes and independent contractors to try and navigate it,” chief executive officer Denita Wawn said.
The Australian Retailers Association raised concerns about the changes for casual workers.
“We see the benefits of a more permanent retail workforce, but our members say there are currently very low levels of casual conversion,” ARA CEO Paul Zahra said.
He was worried the bill would add administrative hassle without making any material change to casual conversion rates.
Mr. Burke challenged anyone opposing the changes to defend the loopholes directly.
“If someone thinks it’s reasonable that wage theft should not be a crime, defend it,” he said while introducing the new laws to parliament on Monday.


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With the launch of Apple's iCloud system in October, many consumers got their first clear glimpse of the future of computing. Giving users the ability to store their music, photos, and data online and call it up on any of their computers or mobile devices, iCloud has all the benefits of a hard drive without any of the bulk. In recent years, more and more businesses have been embracing so-called cloud computing, and many market analysts and technophiles forecast that the concept will revolutionize the way companies and consumers use technology (and make a lot of money for some firms and investors along the way).
[For more tips and advice, get your copy of 50 Smart Money Moves today.]
In essence, cloud computing means doing business over the Web rather than keeping it on location. That might mean that one company pays another for use of its servers, or to store digital information at an off-site data center, or to control and maintain its software instead of having the expense of an in-house IT department. The idea is that computing "be made available to people anywhere, anytime, like electricity or utilities," says Venky Ganesan, managing director of Globespan Capital Partners, a venture capital firm that invests in a range of technologies.
Google's shareable Google Docs is one early example of a cloud service useful to consumers, for instance. Some less familiar companies that have made a name for themselves in this market: Citrix Systems, which gives access to computer systems from a remote location or a mobile device, and Salesforce.com, which develops customizable programs businesses can use to automate sales to their customers.
Some companies have been resistant to storing their valuable data off-site; others see danger in effectively outsourcing their IT departments. But the cloud will become a growing part of company business models, predicts Ken Allen, manager of the T. Rowe Price Science and Technology Fund.
IBM offers software and consulting services to help businesses move in this direction, for example. Amazon has introduced a number of services for businesses, including programs for databasing, messaging, and tracking Web traffic, as well as its consumer-oriented Cloud Drive, which lets people store data online for a fee (5 giga¬bytes of storage are free). For now, buying shares of a few well-known tech companies like these "that you would want to own anyway" might be the way to benefit from the trend without taking on too much risk, says Doug Kinsey, a financial adviser based in Oakwood, Ohio. There is money to be made in specialized tech start-ups, experts say, but the challenge is choosing which ones will find long-term success rather than flame out. "It's difficult to really pick who the winners will be," says Ryan Issakainen, an investment strategist with First Trust Advisors.
[See U.S. News's top-ranked Technology Funds.]
You also might consider a mutual fund like Allen's, whose top holdings include Google, Cisco Systems, and education tech company Blackboard and which, as of late November, had returned an annualized 27 percent over the past three years. Other tech funds that give investors access to the cloud are the Berkshire Focus Fund, which has returned 37 percent annually over the past three years, and the First Trust ISE Cloud Computing Index Fund, an exchange-traded fund unveiled in July that is invested in 40 companies with a strong stake in a cloudy future.


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Hero Electric has introduced the Cruz, its latest offering in the segment of economical electric scooters. Here’s a comprehensive lowdown on what the Cruz has to offer
The Photon is Hero Electric's flagship model - what it calls its 'high speed E-bike'. We take the Photon for a spin to find out if it justifies its price tag...
The Flash is a great way to welcome new customers into the world of electric vehicles with its low upfront cost
The official launch of the Hero Electric NYX will be held on June 5 which will be coinciding with World Environment Day
Hero electric had launched its Optima and Photon scooters back in 2014 to provide a zero emission solution to urban mobility. Today they have unveiled their lithium ion versions
March 9, 2016
One time verification process


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New York Attorney General Andrew Cuomo has sued several major suppliers of liquid crystal display screens used in computers, televisions and cell phones, claiming consumers paid extra because of price fixing.
Some of the companies settled earlier, similar federal charges.
The New York suit filed Friday in state court in Manhattan seeks damages and restitution to state and local governments along with penalties for actions from 1996 to 2006 by companies in Japan, Korea, and Taiwan and their U.S. divisions.
It claims the cartel’s scheme cost New Yorkers hundreds of millions of dollars.
Defendants are Samsung Electronics Co. Ltd., Sharp Corp., Toshiba Corp., Hitachi Displays Ltd., LG Display Co. Ltd., AU Optronics Corp., Chi Mei Corp., CMO Japan Co. Ltd., and U.S. affiliates.
- Samsung supplier allegedly tried to steal company’s flexible display tech
- Some major Facebook investors want to oust Zuckerberg after scandals
- Passengers can set their own fares with international rideshare company
- 5G’s arrival is transforming tech. Here’s everything you need to know to keep up
- Honor View 20: Here’s everything we know


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Sci-Fi & Gaming News Archive - July 22, 2005
An unprecedented move by major stores to stop selling the blockbuster video game "Grand Theft Auto: San Andreas" over a hidden sex scene will cost its maker millions of dollars in lost sales and ignited a political firestorm by U.S. critics who want a government crackdown.
- To play, gamble.
- To impose upon; delude; trick; humbug; also, to joke; chaff.
- A deceitful game or trick; trickery; humbug; nonsense.


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In five years, the amount of products sold abroad has remained the same but the revenue collected has jumped 28 percent: the reasons behind this difference.
By now, the estimates are precise, Italian agri-food exports will rise from 52 billion in 2021 to 60 billion in 2022, breaking through a historic ceiling. But in terms of volume, little or nothing has changed in five years: the amount of Made in Italy products sold abroad is still the same. On the contrary, in the same five-year period, the turnover collected from our exports has decreased by 28 percent.
What does this mean? Part of this increase in value is undoubtedly due to the ability of Italian supply chains to increase the added value of individual products. But there is no doubt that such a leap is also due to the paw of inflation. The data come from the Divulga Study Center, coordinated by Riccardo Fargione.
Italian agricultural and food exports
Top 10 export products first 10 months of 2022. Volumes, tons.
So what foods have our country managed to increase sales abroad from the point of view of quantity? In the first place, Divulga's elaborations tell us, is wheat: Italy, in the first ten months of 2022, sold 98 percent more of it. However, it could be better than this cereal represents only a tiny part of Italy's agri-food trade balance: wheat does not appear in the upper parts of the grain ranking.
Compounded by the shortage of raw materials in the international marketplace and the conflict in Ukraine, foreign wheat sales have grown 211 percent. The most exported product does not even appear. Incidentally, its selling price has increased much more than its quantities, which is a clear sign of inflation.
Among the champions of quantitative increases, in second place after wheat, are sheep and goat meats, whose sales abroad in volume in the first ten months of 2022 grew by 28 percent. But even these certainly do not represent the emblem of the most exported food made in Italy.
Pasta, on the other hand, represents the fourth most significant item of our exports in terms of volume sold abroad - 1.7 million tons in the first ten months of 2022 - but also the fifth largest item in terms of exported turnover - 2.34 billion - and exported packages last year increased by 7.9 percent in volume. In value, however, the increase was as much as 40 percent. Again, the price increase was higher than the increase in quantity.
Italian milk (800 thousand tons exported in the first ten months of 2022) saw volumes sold on international markets increase by 4.7 percent while producers' receipts jumped 31 percent. It is hard not to think it is the responsibility of inflation. And again, olive oil: its increase in volume was 5.6 percent, and its value growth was 22 percent. Finally, cheeses: were sold 6.9% more and grossed 18.6% more.
Who are the primary buyers of made-in-Italy agri-food products abroad? According to Coldiretti's data, Germany remains the primary outlet market for food, up 13 percent, ahead of the United States, up 20 percent, while France takes third place and puts up a growth rate of 17 percent. Positive results in 2022 also came from the United Kingdom, up 18 percent, highlighting how tricolor exports proved more decisive than Brexit. A double-digit leap also came from Turkey (+23%), while negative figures came from China, with a 20% drop, and Russia struggling with sanctions, with -5%.
Source: Il Sole 24 ore


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You might remember that a few months back, Microsoft announced a deal with Nintendo to bring the Call of Duty franchise to Nintendo fans, be it on Switch or whatever system follows after. That included Call of Duty games with feature parity as compared to other platforms. Now the FTC is saying they want to know more.
As part of the FTC’s antitrust lawsuit against the Microsoft-Activision merger, the FTC is looking to gain more information on all the wheelings and dealings going on at Microsoft. This includes more insight into their deal with Nintendo, which is why the FTC has subpoenaed Steve Singer, Nintendo of America’s vice president of publisher and developer relations.
Should this subpoena go through, we could end up seeing Singer take the stand to deliver up to 7 hours of testimony on the topic. What exactly the FTC is looking to hear remains to be seen, but it’s clear the information they glean will be used to make a final decision on Microsoft’s attempt to acquire Activision Blizzard.


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The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Jones Day employment partner" />City firm Speechly Bircham has hired a new employment partner. Richard Martin (left) joins from New York-based Jones Day, where he has been a partner for four years, originally with the pre-merger Gouldens.
He has experience of handling claims for breach of contract, unfair dismissal and discrimination, particularly for financial services institutions. Martin is Speechley's third new partner this year. The firm now has 53 partners. Jon Parker


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The Federal Bureau of Investigation is ending its legal grapple with Apple. The law enforcement agency has found a "mystery" solution to break into the iPhone 5C belonging to a suspected killer in the San Bernardino shooting that left 14 dead, according to the Associated Press.
That means it no longer needs Apple to create software to disable certain security functions in iOS 9.
FBI's court case with the iPhone maker is effectively over. Federal officials are likely to withdraw the case, USA Today has reported, citing government officials.
The announcement comes after much debate around privacy, computer law and how much ready access government officials should have to personal devices, where many tech notables weighed in. At an Apple event last week, Tim Cook gave what may be a final word on the issue, at least for now: "We need to decide as a nation how much power the government should have over our data and over our privacy."


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Legal tech startup SingleFile raised an additional $3.2 million to fuel growth of its technology that acts as a registered agent and helps companies file their annual reports with states.
“Government compliance is unavoidable and therefore recession-proof,” said CEO Aaron Finn. He said the Seattle-based company has grown revenue by 3X in the past 18 months.
Law firms such as Wilson Sonsini, Fenwick and Gunderson Dettmer use SingleFile to file formation documents with secretary of state offices. For example, when a new business is created, a Certificate of Incorporation (also known as a charter) is filed. Once the document has been accepted and processed, the legal entity is created.
Companies also use SingleFile to file annual reports in each jurisdiction where it is registered. Failure to file in a timely manner can result in the company falling out of good standing with the state and, if not corrected, the company can lose its authority to conduct business or become dissolved altogether.
SingleFile also works with other verticals such as venture capital, private equity and real estate. Customers include Techstars, AngelList, High Alpha Innovation and Pacific Current Partners.
Finn, the founder and former CEO of AdReady, joined as CEO in 2021. The company was founded by former ProQuest exec Sean Flynn, who is currently chief growth officer.
SingleFile is a technology partner for Wilson Sonsini Goodrich & Rosati’s startup platform, Neuron. The national law firm is also an investor and has backed other Seattle legal tech startups including Tangibly, which helps companies protect their intellectual property, and Lexion, which helps lawyers digest contracts using artificial intelligence.
SingleFile, which has 10 full-time employees, spun out of Seattle startup studio Pioneer Square Labs. It raised $3.3 million in August 2019, then tacked on an additional $2.1 million in August 2021. Total funding to date is $8.6 million.
The latest round was led by its existing investors Foundry and PSL Ventures, the venture arm of Pioneer Square Labs. SingleFile’s largest law firm clients also participated.


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The IMF trims its economic growth forecast again as the U.S.-China trade war continues, Brexit worries linger and inflation remains muted.Economyread more
Citigroup thinks Tesla investors hoping for a post-earnings rally later this week should scrutinize a pair of related financial metrics.Investingread more
Olive branches were extended from both China and the U.S. as the two nations are set to restart face-to-face trade negotiations after a monthlong truce.Marketsread more
Coca-Cola topped Wall Street's expectations for earnings and revenue.Food & Beverageread more
New disclosures show Facebook and Amazon each spent more than $4 million on lobbying activity in the second quarter of 2019.Technologyread more
Boris Johnson, one of the biggest voices in the Brexit movement, wins the Conservative Party leadership race by a 2-1 margin.Europe Politicsread more
Disney can nearly double its earnings by 2024, Morgan Stanley said in a note to clients on Tuesday.Investingread more
Amazon is expected to report its second-quarter earnings on Thursday.Investingread more
The largest residential brokerage company in the U.S. is partnering with the largest online retailer in a strategy to boost sales for both.Real Estateread more
Here are the biggest calls on Wall Street on TuesdayInvestingread more
Canaccord Genuity's Tony Dwyer believes stocks are about to fall as much as 5% from their all-time highs.Trading Nationread more
South Korea'smanufacturing activity shrank in June for a fourth consecutive month and by the fastest pace innearly three years, a private survey showed on Wednesday, adding urgency toSeoul's efforts to pump-prime a sputtering economy with fresh stimulus.
The Nikkei/Markit purchasing managers' index(PMI) on South Korea'smanufacturing sector slid to a seasonally adjusted 46.1 in June -the lowestsince 45.7 in September 2012 - from 47.8 in May, Markit Economicssaid in astatement.
It was the fourth consecutive month in which theindex was below the 50 markthat separates expansion and contraction.
A sub-index for new export orders during the month edged down to 47.6 in June from 47.9 in May, also the fourth straight month of contraction that underlined the impact of weak global demand as growth slows in Korea's main market China.
The growing pressure on the economy was highlighted in job losses in the manufacturing sector, which shed workers at the fastest pace in 7 months
Another sub-index for new orders received both from the local and overseas clients fell to 43.7 in June from 47.2 in May, marking the lowest since September 2012 as domestic demand decreased
South Korea's domestic consumption has been hit hard by the spread since late May of the deadly Middle East Respiratory Syndrome (MERS), prompting the central bank to cut interest rates to a record low in early June and the government to draw up a stimulus package worth over $13 billion.


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Free cash dropped at another local site
Clues sent out on Twitter
Free cash may be waiting for you somewhere in Mississippi.
Someone apparently claimed the first cash drop, but Free Cash MS said Monday that there was more money another out there waiting to be found.
A picture was tweeted out about 2 p.m. from outside Bass Pro Shops in Pearl. That followed another picture that said, "Someone doesn't know how this works... Envelope is gone. Next drop coming soon w/instructions."
Several weeks ago, a millionaire gave away cash in California by dropping envelopes of money and then sending clues out on Twitter.


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WXYZ, Fox 47: Jeff Stoltman on Walgreens' plan to shutter 200 stores in US
Walgreens has announced that it will shutter 200 hundred stores after reporting a weak profit outlook for 2019. Experts aren't exactly surprised. That includes Wayne State University business school professor Jeff Stoltman, who says the site saturation model of drug stores at every corner is long gone. The online competition for brick and mortar chains is real and stronger than ever. But Amazon isn't single-handedly creating the tough headwinds. "People will combine shopping trips at say Target or Kroger...and their prescriptions will get filled there. It’s not just online. It’s the advent of all these other channels of competition," said Stoltman. Walgreens hasn’t revealed which stores will close, and says it doesn’t plan to. Stoltman thinks that could just mean they may not have agreed on which stores will shut down.


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After posting the best first-half performance in company history, Kia Motors America’s (KMA) momentum continued with record third quarter sales, including 40,628 units in September, up 6.9-percent over the same period last year. As Kia celebrates its 20th anniversary in the U.S., the fast-moving brand continues to grow and mature with year-to-date sales up 6.9 percent and its aggressive new product cadence continues with two important new products – the all-new 2015 Sedona and the company’s first all-electric, zero-emissions vehicle in the U.S., the Soul EV – now beginning to arrive in dealerships.
“September capped off the strongest summer selling season for Kia in its 20-year history, and with the launch of two all-new vehicles now underway, we continue to introduce the brand and our outstanding products to new customers who turn to Kia for our world-class quality and design, advanced technology and tremendous value,” said Michael Sprague, executive vice president of sales and marketing, KMA.
About Kia Motors America
Kia Motors America (KMA) is the marketing and distribution arm of Kia Motors Corporation based in Seoul, South Korea. KMA proudly serves as the "Official Automotive Partner" of the NBA and LPGA and surpassed the 500,000 annual sales mark for the second consecutive year in 2013 following the launch of seven all-new or significantly redesigned vehicles. KMA offers a complete line of vehicles, including the rear-drive K900** flagship sedan, Cadenza premium sedan, Sorento CUV, Soul urban passenger vehicle, Sportage compact CUV, Optima midsize sedan, Optima Hybrid, the Forte compact sedan, Forte5 and Forte Koup, Rio and Rio 5-door subcompacts and the Sedona midsize multi-purpose vehicle, through a network of more than 765 dealers across the United States. Kia’s U.S. manufacturing plant in West Point, Georgia, builds the Optima* and Sorento* and is responsible for the creation of more than 14,000 plant and supplier jobs.
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Assemblyman Josh Jensen (R,C,I-Greece) is calling for greater oversight of New York’s new cannabis industry, including mandatory guidelines regarding product tracking and elimination of ambiguity around who is responsible for the inspections of cannabis facilities and products. As marijuana is now legal in New York, Jensen believes it’s critical the state ensures that no cannabis produced by license holders is being sold on the black market and that there is greater clarity in place on who is responsible for the safety of products and facilities.
Jensen is planning to introduce legislation that will require local municipalities and county boards of health to be responsible for inspections related to cannabis facilities, with costs to be reimbursed by the state Office of Cannabis Management. The bill would make “seed to sale” tracking mandatory, in order to assist state and local governments with collecting taxes, enforcing regulations and verifying sales and distributions to ensure legal sale of all cannabis products.
“Now that the use and sale of marijuana is set to be legal and the state has begun issuing licenses, we have to handle it responsibly and safely,” said Jensen. “Without set guidelines in place on who will be responsible for the inspections of marijuana facilities and food-grade products, as well as the assurance that every aspect of the industry is operating in the legal marketplace, we risk the continued sale of marijuana through the black market, inappropriate community uses and inconsistent oversight by New York State.”


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Shenzhen is the new mecca of aerial vehicles
With a variety of unmanned aerial vehicles flying over the company on a recent visit, DJI’s headquarters was not difficult to find.
As the hub of the firm’s development, most areas in the building were restricted. “About 70 percent of 1,500 workers at the headquarters are engineers and researchers,” Moon Tae-hyun, a manager at DJI’s Korea Department said.
There is a sign in front of the CEO’s office located in 21st floor saying “Only the brain can enter, keep out the emotion.” The sign reflects DJI CEO Wang Tao’s principles. “Technology is what is most important.”
DJI has developed the best technology in certain drone technical parts such as the flight controller, the brain of the drone.
Wang founded the company in 2006 while doing a school project researching helicopter controlling systems as a student at Hong Kong University of Science and Technology.
Wang and the company went through hard times at first and some of the DJI’s co-founders left the company. However, as its drone named “Phantom” gained popularity, DJI started to get more attention from abroad. There were more than 400,000 Phantom drones sold globally in 2014.
DJI’s sales rose from $4.2 million in 2011 to $500 million in 2014. Last year’s sales are estimated at about $1 billion.
In 2011, there were only 90 employees at DJI, and that number has risen to 4,000.
Accel Partners, the United States based venture capital firm, invested $75 million last year in DJI. Even though it hasn’t become a listed enterprise on Chinese stock market, DJI’s company value is estimated at $10 billion.
The world’s largest electronic mall, Huaqiangbei, is located in Shenzhen. There are about 70 buildings clustered at the mall, and some locals joke they can easily make a satellite from parts bought at the mall.
On a recent visit to the mall, there were numerous parts and products available and also numerous stores that sell drones at bargain prices ranging from about 200 yuan ($30). Huaqiangbei is known as the mecca of drones.
The Chinese government has also played a key role in the country’s drone industry. The government has put no limits on where drones can operate. As a result, drones are used in various ways.
Alibaba, online retail giant, is currently operating a pilot program that delivers items through drones in nine cities including Beijing and Shanghai. The government also uses drones to spray certain chemical products in the air to reduce smog.
Drones were also used to track prohibited electronic devices such as cell phones that were being used while college entrance exams were being taken.
The Chinese drone market is expected to increase to $300 million in 2022 from $50 million in 2013.
BY KWAK JAE-MIN [email@example.com]


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Today, Xiaomi trolls the OnePlus consumers by giving away calculators to the people lining for the OnePlus 6T launch in New Delhi, India. Well, the consumers had to do a simple math. And, calculate that how much cheaper the Poco F1 is compared to the new OnePlus flagship.
Also, Poco India tweets on its Twitter account. And, explains that how Poco is providing a similar specification to its customers at a low price. Well, this is not the correct way of pulling out sales, but the truth is that Poco provides similar hardware on the OnePlus at a low price. The Pocophone F1 costs us around 20,999 in India, rather than the INR37,999 price tag on the OnePlus 6T.
— POCO India (@IndiaPOCO) October 30, 2018
While the price on the Poco F1 is lower, the OnePlus 6T feels more premium than the Pocophone. The OnePlus 6T has a small notch, an AMOLED display, and HDR 10 compatibility. Also, the storage on the OnePlus 6T is more, with a better global availability and quicker purchase options.


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BMW Reports July 2010 Sales
The 1 Series and X5 led an overall upswing in BMW sales for July 2010 over the previous year. The small coupe and convertible posted a 53.3% increase, while the recently updated Sport Activity Vehicle saw gains of 50.5%. The stalwart 3 Series showed a more than eleven percent improvement.
Deliveries of the all-new 5 Series have been hampered by a recent recall for the fuel gauge sensor, a problem that is being remedied as new vehicles arrive in the States prior to shipment to dealers. Nevertheless, deliveries of the mid-size sedan totaled 2724 vehicles, outselling last year's model by nearly ten percent.
Perhaps the biggest sales surprises last month were the X3, which is in ints final year of production in its current form, and the 6 Series, which is also in its twilight years. The small SAV posted an 18.4% increase, but sales of the luxury coupe and convertible shot through the roof with a 292% gain.
Losers for the month were the Z4 (off 61.6%) with just 236 units sold, the X6 (down 13.2%) with 550 units, and the 7 Series (lower by 21.5%) with 904 sales.
Overall, BMW gained 16.4% in new vehicle sales compared to July 2010, with just over 19,000 vehicles reported sold for the month, continuing a growth trend for the year. So far 119,696 new BMW cars and SAVs have rolled out of dealerships, marking an 8.9% improvement for the year to date.
No photos, news stories, graphics, or mwerks logos may be used or reproduced without written permission.


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A Swiss father and his son who gained millions of Facebook followers through their Ferrari fan pages sued the social-media company and the carmaker claiming they teamed up to illegally seize control of the websites.
The lawsuit filed in California state court follows earlier legal spats in Europe between Olivier and Sammy Wasem and the sports-car company over their “Ferrari Fan Page” and a separate “Formula 1 Vision” page.
“Ferrari wanted it,” the Wasems said in a complaint filed Oct. 14 in San Mateo County Superior Court. “So, with Facebook’s knowledge and substantial assistance, Ferrari took it.”
The Wasems claim that after their page debuted in June 2008, Ferrari created its own page that wasn’t as popular, prompting the company to ask Facebook to give it administrative control over the Ferrari Fan Page. In March 2009, the sports-car company contacted the Wasems and said “legal issues” had forced it to take over administration of their page, they said.
After the Ferrari co-administrator was added without permission from the Wasems, the company began to negotiate with them about a partnership to manage the fan page and create a Formula One page, according to the complaint. In 2012, the Wasems said, Facebook notified them that they had been downgraded to content creators, and the social-networking company cut off their access entirely to both fan pages last year.
When their attorney complained in a letter to Facebook Chief Executive Officer Mark Zuckerberg and demanded that the Wasems be reinstated, they were told by a company attorney that the Formula One page had been taken over by hackers and their rights were restored. After Ferrari complained to Facebook that the F1 page violated its intellectual property rights, Facebook deactivated the page and migrated all its fans to a similar page under Ferrari’s control, according to the complaint.
The Wasems, who live in Geneva and say they “spent countless hours adding content” and managing the fan sites, seek at least half the value of the two pages they created, which they say have attracted more than 16 million fans and may be worth anywhere from $174 to more than $1,000 per fan in advertising.
Facebook’s rules state that users can make fan pages about brands as long as they don’t claim to speak for the company and “make clear that the page is not the official page of the brand.” Official brand pages must be administered by an authorized representative of the company.
Sammy Wasem, an amateur race-car driver, and his father previously filed a criminal complaint against Ferrari in Switzerland, claiming copyright infringement as they lost control of their site. Ferrari has sued the Wasems, arguing they misused the company’s trademark to advertise non-Ferrari merchandise and for personal messages such as invitations for Sammy Wasem’s 18th birthday.
Representatives of Menlo Park, Calif.-based Facebook and Slough, England-based Fiat Chrysler Automobiles NV (FCA), Ferrari’s owner, didn’t immediately respond to emails seeking comment on the new lawsuit.
The case is Wasem v. Facebook Inc., CIV530869, California Superior Court, San Mateo County.


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Reinvigorating the trade policy agenda: Think supply chain!
Bernard Hoekman, Selina Jackson 23 January 2013
The revolution in manufacturing – increasingly known as ‘global value chains‘ – has changed the world of trade policy as much as it has changed the global industrial landscape. This column discusses new research suggesting that border management and transport and telecommunications infrastructure services matter far more than trade tariffs. Improving infrastructure and management would increase global GDP far more than the complete elimination of tariffs. However, it won’t be easy. Tackling supply chain barriers will require dynamic and responsive national and international trade policymaking procedures that are more in step with industrial practices.
International supply chains have become a fundamental feature of global commerce, with goods being processed – and value being added – in the multiple countries that are part of the chain.
Global governance International trade
barriers to trade, SMEs, global supply chain, small and medium-sized enterprises


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The slowdown in the Chinese economy as it ‘rebalances’ itself may not have a heavy impact on the Philippines’ economy but a focus on the investment side is needed to strengthen domestic growth, an International Monetary Fund official said.
Speaking at The Manila Times 3rd Business Forum, IMF Resident Representative Dr. Shanaka Jayanath Peiris said the Philippines would not be greatly affected by the slowdown in China as its exposure to demand from the country was lower compared to other nations.
One of the factors supporting the domestic economy is strong remittances from overseas Filipino workers (OFWs) and a robust services sector driven by the business process outsourcing (BPO) industry.
However, Peiris noted that OFW remittances and the BPO sector were only two legs of the economy, with the third, specifically the investment sector, needing attention,
“The investment leg needs to be improved,” Peiris said.


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US-based DreamWorks Animation is to launch a tablet that will offer in-house content and programming from rivals such as Disney and Nickelodeon.
The DreamTab is the result of a DreamWorks partnership with manufacturer Fuhu and will be an eight-inch device aimed at children costing under US$300, according to The New York Times. A 12-inch device is also in the works.
It is expected to launch in spring, with a exclusive content line up that the studio “will be able to programme much like a cable channel”, the Times reported. Users will also be able to stream programmes from Nick, Disney and Cartoon Network.
The tablet will use DreamWorks characters including Shrek and the penguins from the Madagascar franchise in what DreamWorks is describing as “character moments” – when the device is switched on, for example.
There will also be educational and DreamWorks-branded accessories such as headphones and carrying cases.
DreamWorks has been seeking more ways to distribute its content since moving into the TV business in a major way, and its founder Jeffrey Katzenberg has spoken of a desire to launch a direct-to-consumer service such as a cable channel.
Less than two weeks left to enter the Content Innovation Awards. Have you decided which category is right for you?a https://t.co/QbxcfSClR3
19 June 2018 @ 08:00:00 UTC
HBO greenlights doc about murdered teenager Yusuf Hawkinshhttps://t.co/ckkST1PfOy
18 June 2018 @ 12:30:00 UTC
Turner's John Martin to depart as AT&T merger advances https://t.co/5V2nDPIwbQ
18 June 2018 @ 11:08:55 UTC


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A tobacco giant estimates regular cigarettes could begin to vanish from markets in Japan and South Korea within five years, replaced by a new technology that greatly reduces health risks.
Philip Morris International (PMI) is shaking up global tobacco markets with a device that heats tobacco instead of burning it, producing a more powerful buzz than e-cigarettes while eliminating much of the harms of smoking. PMI’s iQOS product is proving a smash hit in Japan, where it debuted nationwide in April 2016, already eating up a large share of the total market in the country, reports Vaping Post.
Sales are outperforming PMI’s expectations, accounting for 7.1 percent of Japan’s overall tobacco sales as of the first quarter of 2017. At this rate, PMI executives estimate traditional cigarettes could be on the chopping block in Japan and South Korea within a few years.
“If you extrapolate the figures, then logically we could reach the tipping point in five years,” Andre Calantzopoulos, CEO of Philip Morris International, told Nikkei Asian Review in a recent interview. “That is when we could start talking to governments about phasing out combustible cigarettes entirely. They are [both] countries which are open to innovation and trying new products, and have a culture of considering people around them.”
Unlike a traditional e-cigarette, which vaporizes nicotine fluid, the iQOS heats tobacco leaves. Tobacco sticks branded HEETS, which resemble small cigarettes, are inserted into the heating device for use.
Evidence suggests that because the majority of cancer-causing chemicals are inhaled through smoke, e-cigarettes eliminate up to 95 percent of the risk. Recent research evaluating the impact of heat-not-burn devices on overall health are bolstering their image as a harm reduction product that can help move smokers away from traditional cigarettes.
“Heating tobacco at lower temperatures than combustible cigarettes allows nicotine to be delivered in ways that retain much of the ritual and experience of smoking,” Dr. Edward Anselm, a senior fellow of the R Street Institute, told The Daily Caller News Foundation. “Comprehensive scientific programs have demonstrated these products present significantly reduced risk when compared to traditional cigarettes. Collectively, they represent a new set of tools to reduce the harm of combustible tobacco.”
The U.S. Food and Drug Administration began reviewing PMI’s product application this year for the iQOS, which will determine if the product can be sold in the U.S. The FDA also started reviewing PMI’s Modified Risk Tobacco Product application May 25, which will determine if the iQOS can be marketed as a safer alternative to smoking.
There is no deadline for the review and PMI expects it could take up to a year.
All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact firstname.lastname@example.org.


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tony was out for his second day of shopping at the supermarket when he came across the fresh market, tucked away in his front yard.
He said he was surprised when he saw the stalls, which sell fresh fruits and vegetables and also produce milk, cheese and butter, for under $10 a pound.
“I thought it was a lot more than that, but it was like a miracle that they had them open and stocked,” he said.
The market was packed, with about 50 people in line, and the atmosphere was festive.
“There was a bit of a vibe in the store, it was really lively, it made you feel like you were there,” he added.
“You could see how much the local community were helping the farmers and the dairy farmers and their families.”
Mr Dyer said he had been shopping with his wife and kids and would continue to do so, even though he is unable to go into the market anymore.
“It’s just a really great experience, you know, it’s nice to be out in the community and get out and enjoy the sun,” he joked.
“We’ve got plenty of food there and a lot of fresh produce, so I think I’ll probably go back there again.”
Read more about Tasmania’s dairy industry:


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Assembly Bill 114 and Senate Bill 9 jointly propose several important changes to the current law, some of which have sparked some controversy.
Some of the key changes to Nevada’s Online Gaming Bill include:
– A provision that would allow Nevada to move forward with online gaming licenses and interstate compacts, so that Nevada gaming operators would have access to a larger customer base.
– A doubling of online gaming license fees from $500,000 to $1,000,000 and the renewal fees from $250,000 to $500,000 annually.
– A “bad actor” clause that would prohibit companies that illegally operated online gambling establishments in the United States prior to 2006 from obtaining a Nevada license for 10 years.
As for justifying the $1 million price tag for a license, Bill 114 presenter Assemblyman William C. Horne said “We don’t want some average American Joe Six-Pack with a server in his garage starting an online gaming operation, we want to have serious entrepreneurs entering this arena.”
“We would still be competitive,” Horne said. “We are constantly espousing ourselves to the world as the gold standard in gaming. But I also believe we are selling ourselves cheap. We have this Lexus product and we’re putting this Saturn price tag on it.”
The new “bad actor” clause that makes gambling businesses and assets that accepted US customers after December 31, 2006 ineligible to receive a license for 10 years would explicitly block companies or brands such as PokerStars or Full Tilt from receiving an online gambling license in the State of Nevada. They are not alone there, other online operators and software companies would be exposed.
Such a bad actor clause was originally part of New Jersey’s online gaming bill but was later removed, opening the door for PokerStars to make a move into the state.
With the support of the Nevada gaming community largely made up of the world’s largest land based casino resort who can afford to shell out the hefty license fee which they would more than make up ten-fold from their increased share prices and who would stand to benefit from the “bad actor” clause as it serves to weed out potential rival PokerStars, it is likely that such provisions will not see resistance from them.
However, a spokesperson for Nevada Governor Sandoval’s indicated that the governor will oppose the fee hike which would require a two thirds majority vote to pass.


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As we enter into a new decade, more companies are coming to recognize that organizational and process transformation has become just as important as a breakthrough product.
James Hartling, Chief Architect of Cognizant Softvision was recently featured in Total Retail discussing the need for organizations to become a more product-focused culture. In the article, James highlights the transformation and transitioning process and the three essential things to consider when initiating a successful corporate transformation.
Total Retail is the go-to source for executives looking for the latest news and analysis on the retail industry. Through various forms of content and community-building events, Total Retail serves its mission to provide retail executives with the information they need to do their jobs more effectively.
To read more and view the full article, click here.


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Shell Pakistan Limited has announced its financial performance for the first half of 2019, incurring losses of Rs. 1.44 billion. The company had booked a profit of Rs. 1.60 billion in the same period last year.
During the 2nd quarter, the company posted a loss of Rs. 1.70 billion as compared with a profit of Rs. 247 million in the same quarter last year.
However, the net sales of the company grew by 12.50% to Rs. 101.14 billion as compared with Rs. 89.90 billion in the corresponding period. The cost of sales was Rs. 92.72 billion, up by 13.61%, which took the gross profit to Rs. 8.41 billion.
Even though Shell Pakistan was able to maintain and grow its market share in a declining industry, its overall financial results were impacted by some of the macro-economic challenges being faced by the country, primarily due to the devaluation of the rupee and volatility in international oil prices.
In this industry, a large percentage of costs and payables are denominated in foreign currency, thus rupee devaluation had an impact on the cost base and, in turn, on financial performance.
Currency depreciation wreaked havoc on the company’s earnings which were dragged down by a major increase in exchange losses (part of the other expenses)
The company’s other expenses increased by 71%, to Rs. 3.2 billion from Rs. 1.8 billion due to the exchange losses and admin expenses were increased by 17.30% which resulted in an operating loss of Rs. 259.1 million. The rise in finance cost and increase in non-core expenses made a huge dent in the earnings of the company.
The finances of the company have been continuously affected by the overdue receivables from the Government of Pakistan and the increase in State Bank of Pakistan (SBP) policy rate. The State Bank of Pakistan announced its monetary policy during the period and increased the policy rate to 13.25%.
There was a 6.8X increase in finance cost that typically consists of bank charges and mark-up on short term borrowings, which also decreased the earnings. It was posted at Rs. 726.84 million compared to Rs. 93.24 million for the same period last year.
The company posted a loss per share of Rs. 13.53 compared to earnings per share of Rs. 14.98. Shell’s script at the PSX was closed at Rs. 152.27, down by Rs. 4.60 or -2.93% with a turnover of 19,800 shares on Wednesday.
|Profit and loss account for the half-year ended June 30, 2019 (Amounts in thousands except for earnings per share)|
|Cost of products sold||(92,728,582)||(81,619,815)||13.61%|
|Distribution and marketing expenses||(3,448,858)||(2,840,859)||21.40%|
|Operating (loss) / profit||(259,189)||1,803,864|
|Share of profit of associate – net of tax||460,094||487,224||-5.57%|
|(Loss) / Profit before taxation||(525,941)||2,197,839|
|Net (loss) / profit for the period||(1,447,458)||1,603,376|
|(Loss) / Earnings per share- basic and diluted (Rupees)||(13.53)||14.98|