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Made In China
As China turns into the worlds factory, Puerto Rico no longer can lure companies with low costs and federal tax incentives
By GEORGIANNE OCASIO TEISSONNIERE
February 3, 2005
The China challenge
Made in China. These three words, synonymous with low prices, are sending developed economies into a tailspin. With a population of 1.3 billion and access to greater markets worldwide, China threatens to become the global economic powerhouse of the 21st century. With the high costs of operating in Puerto Rico, high wages, and the demise of federal economic tax incentives, how does Puerto Rico measure up to this latest challenge?
When China opened up to the world over two decades ago, it was initially heralded for being a vast market of more than a billion consumers, a major growth opportunity for the worlds retailers and manufacturers. While Chinas domestic market is no doubt important and will remain so, China has become a prime location to make products to be sold the world over, a fact that hasnt gone unnoticed by business leaders in Puerto Rico. Everything from a work force that earns pennies per hour, cheaper rates for factory and commercial space to a growing middle class market, has made China a force to be reckoned with.
In the early 1990s, China was seen simply as a low-cost place to make basic, labor-intensive products. Today, China is competitive in many advanced technologies and is challenging the exporting prowess of many other emerging markets around the world, not to mention developed countries such as the U.S., Japan, and Europe. Consider the fact that China produces more than 50% of the worlds cameras, 30% of the air conditioners and televisions, 25% of washing machines, and almost 20% of refrigeratorsand the lists go on. With Chinas entry into the World Trade Organization (WTO), the country is set to become an even more powerful force.
China is the third largest nation in the world in terms of land, and the largest in terms of population with 1.3 billion people. China also has the worlds largest coal reserves, and it is the fourth largest oil producer, so it was only a matter of time before it went from being a modest player in the global market, to being an economic powerhouse. Not only has it succeeded in proving its own strength, but it has reached such economic influence that the state of world economies has become almost vulnerable to Chinas ups and downs.
Chinas real GDP has grown 9.7% a year on average from 1990 to 2003. In 2004, the economy grew by 9.5% and is expected to "slow down" to 8% in 2005. According to the International Monetary Fund (IMF) on the purchasing power parity basis, China is the third largest economy if the euro zone is counted as a single economy. Chinas share of global output has risen from close to 11% in 2000 to over 13% in 2004. That is more than Canada, the UK, Italy, and virtually twice as much as Japan. In 1990, Chinas share of world exports was 1.9%, by 2000 it was 4%, and 6% in 2003. Chinas share of world imports grew from 1.5% in 1990 to 3.6% in 2000 and 5.7% by 2003.
Chinas trade volume was $1.1 trillion in 2004, up from $850 billion the previous year. The record annual trading volume, the sum of Chinas exports and imports, accounted for 12% of the total growth in world trade, according to the Ministry of Commerce (MOC).
The strengthened capacity of Chinas manufacturing industry is a result of economic globalization. It is also a result of the development of multinational companies. According to a Chinese government spokesperson, about 80% of the worlds top-500 companies have invested in China, thanks to its extensive low cost and labor resources.
According to the MOC, there have been over 494,025 foreign funded companies set up in China with a total contracted Foreign Direct Investment (FDI) of more than $1 trillion. The total actual FDI reached has been close to $545 billion, covering about 10% of Chinas total asset investment. The volume of export and import by foreign-funded companies accounted for more than 50% of the nations total, according to the MOC.
The China challenge
Chinas admittance to the WTO in 2001 was accompanied by several regulations for different industries, such as temporary measures that limited to 7.5% any increase in Chinese shipments in affected categories.
However, many of those quotas expired Dec. 31, 2004. The elimination of this limit leaves the doors open for a new source of growth and a new source of fear for other exporting countries that now have to compete with Chinas extra-low prices, which can at times offer products for 30% to 50% less than in the U.S.
Chinas low prices are made possible by the low wages workers are paid. On average, a U.S. manufacturing worker earns $20.32 an hour, including benefits. In Puerto Rico, workers are paid an average of $10 to $12 per hour, including benefits. In China, workers earn about 75 cents an hour, including room and board.
The average hourly wage in Mexico in 2000 was $4 to $5. A standard 40-hour week adds up to $160 to $200, or an average monthly wage of $640 to $800, a figure much higher than the 2000 wage rate of $186.10 in Shanghai, a high-wage region in China.
China represents an unlimited supply of labor (particularly low-wage, low-skilled labor) to U.S. multinationals. China is also a potential source of low-cost engineering and a scientific work force. With its low wages, China can be an important part of a mainland companys global production network strategy and can increase its profits. Products made by U.S. firms in China can be sold in China, exported to other Asian countries, or exported to the U.S. and Europe.
Higher levels of employee productivity also come into play when companies consider China. A worker in a south China factory takes 12.5 minutes to produce a cotton shirt. In Bangladesh or India, it takes 22.2 minutes to make the same shirt; Mexican workers need half an hour. Signs are placed in front of every Chinese factory work station noting how many seconds it takes that worker to complete a task; employees are timed by supervisors standing by with stopwatches and only the fastest survive. According to the U.S. Conference Board, the productivity of private industry in China has grown an astounding 17% annually in five years.
The end of quotas will rock $350 billion worth of global trade. One sector to be most affected will be the clothing and textile industries. The U.S. textile and apparel industry, which has lost 355,000 jobs since 2001, expects to lose tens of thousands more of the remaining 691,000.
Chinas 16% share of the U.S. clothing market is likely to skyrocket to 50%, according to the WTO. An example of the potential power shift is the fact that the U.S. began lifting quotas on some products in 2002. Chinas market share in those items, such as infant wear and socks, soared from a combined 9% to 65%.
U.S. textile makers are asking the Bush administration to implement safeguard measures on several categories of mens and womens clothing, and they arent alone. The U.S.-China Economic & Security Review Commission, a congressionally appointed panel, issued a report echoing the concerns of the textile industry and calling on the U.S. government to take action against the Chinese economic threat.
Without quotas, retailers such as Wal-Mart, will be free to buy as much from China as they like. This is bad news for other exporting countries such as Mexico, which has already been overtaken by China as a major exporter to the U.S. and is likely to lose further market shares in 2005. Between 2001 and 2003 alone, Mexico lost 200,000 jobs in the apparel sector.
In 2003, Wal-Mart purchased $15 billion worth of products produced in China. In 2004, that number is expected to have reached at least $18 billion. Under quota-ruled sales, 70% of the commodities sold in Wal-Mart were made in China; in a postquota market, the number is projected to increase. Over 5,000 Chinese enterprises have forged supply allegiances with Wal-Mart. According to Xu Jun, Wal-Mart Chinas director of external affairs, "If Wal-Mart were an independent economy, it would rank as Chinas eighth biggest trading partner, ahead of Russia, Australia, and Canada."
A matter of trade
The Council of Foreign Affairs estimates exports to the U.S. are about five-and-a-half times imports from the U.S., $16 billion a month in exports compared to $2.8 billion a month in imports. This creates a trade imbalance approaching $200 billion per year, about a third of the entire U.S. trade deficit.
Chinas total trade volume with North America reached $167 billion in 2004, total trade volume with Europe reached $190 billion. Port activity in China became No. 1 in the world during 2004 when it reached 4 billion tons, 21.3% more than in 2003.
Chinas trade with the U.S. and Latin America has led to the countrys growing influence over the worlds most strategic waterways. For example, Hutchinson Whampoa Ltd., a giant Hong Kong-based firm with ties to China, has major investments on both sides of the Panama Canal, gaining control of the Port of Balboa on the Pacific side and the Port of Cristobal on the Atlantic. In 1997, the government of Panama gave Hutchinson a 25-to-50-year contract to operate the two major ports located at the canals entrances.
With trade projected to continue increasing between the U.S., Latin America, and China, ships carrying cargo to and from the Panama Canal going to and from China can present major opportunities for transshipment operations in Puerto Rico, which is located on the Mona Channel, the only crossing through the Western Hemisphere with access to the Panama Canal. Last year, more than 15,000 ships passed through the Panama Canal.
The future of manufacturing
The manufacturing industry in the U.S. has also suffered a huge blow in the past few years. Since 2000, 2.7 million jobs in the U.S. have been lost in the sector. What is even more worrisome for many is the fact that manufacturing in China was previously limited to low-end products, but now has expanded to high-tech production, such as computer software.
In 2003, China exported $130 billion in electronic and information technology goods worldwide, and this production is projected to grow to $207 billion by 2007. Chinas entrance into knowledge-based industries has infringed upon the advantage that the U.S. retained when competing with other developing nations. Research and development operations for numerous companies are opening offices in China. In fact, Beijing and Shanghai have major stem-cell research centers; and overseas patients with life-threatening illnesses are traveling to China for experimental treatments using stem cells.
In terms of high-end manufacturing, Puerto Rico has been left with little to offer foreign companies. During the electronic boom of the 1970s and 80s, companies such as Dell, Information Magnetics, Quantum, Digital, Prime Computers, Data Products, and Wang Computers all had manufacturing plants on the island. However, many have left, and only three remain, Hewlett-Packard, Storage Technology, and Celestica. Not only is cheap labor an issue, but also the price that companies pay for factory space on the island. In Puerto Rico, manufacturing companies have to pay on average $7 per square foot per year. In China, companies pay only $1 on average.
Local manufacturing company Vassallo has also felt, to a huge degree, the Asian impact. According to Eddie Fenollal, Vassallos vice president of sales, Chinas ability to mass-produce exact replicas of different products at lower prices is hurting manufacturers in Puerto Rico and worldwide even though the quality of their products may not be as good.
"Its uphill for manufacturing plants in Puerto Rico. It is no longer attractive for manufacturers to come here because everything is so expensive. The only way it would be attractive would be to create a niche, but we dont have that either," explained Fenollal.
Puerto Rico Manufacturers Association (PRMA) President, Reynaldo Encarnación, offered as an example of the China impact on the island the operations of Dual-Lite, an emergency lights manufacturer whose two factories located in Naguabo recently closed and relocated to China.
More companies such as this one are expected to relocate while others are opting to expand their operations primarily in China, thus limiting the growth of manufacturers on the island. An example of this is Nypro, which operates in Puerto Rico. Currently it has 10 factories in China and is planning to open 10 more over the next 18 to 24 months, in the process doubling its employees in China from 7,000 to 14,000.
The PRMA president is also concerned about the local pharmaceutical industry because of significant cost-effective developments in the sector that have been advancing in China. Puerto Ricos high dependence on this particular sector could eventually be impacted as pharmaceutical companies discover the benefits of operating in China.
Not only is China adding state-of-the-art capacity in everything from cars to specialty steel, petrochemicals, and microchips for the entire world, but it is also aimed at meeting insatiable demand within the country from the 100 million people in the growing middle class, projected to double by the year 2010. Every year China is adding more workers with high income to the work force, including 350,000 engineers a year, young workers who are willing to put in 12-hour days and work weekends.
The growing Chinese middle class is doing its part for the economy by spending. By 2010, the number of Chinese middle-class households with annual income above U.S. $5,000 will rise to 150 million. There are 65 million such households today. MasterCard calls China the worlds largest and most promising market for credit cards, with potential customer growth of 30 million to 60 million annually in the next five years.
The Chinese are keen to spend on travel. There will be 100 million Chinese tourists by 2020, up from 20.2 million in 2003. Latin American and Caribbean nations have been meeting with Chinese government officials in recent months to attract visitors from China.
China has designated 27 European countries as "approved destinations." The countries include Belgium, Denmark, France, Greece, Italy, the Netherlands, Ireland, Spain, and Switzerland. The agreements mean package tours of Chinese visitors will be streaming into Europe.
China opens to foreign investment
The combination of all these factors has presented a "cant refuse" platform for international companies. In the past five years, international companies, including highly visible American companies such as IBM, Hewlett-Packard, Anheuser-Busch, Lucent Technologies, and Eastman Kodak, have begun to make acquisitions of Chinese companies a key element of their business strategies in China. During the first six months of 2004, acquisitions in China reached $7.3 billion.
Foreign acquisitions have targeted several areas, including banking, insurance, beverage, information technology, automotive sectors, and retail, all on the list of recent deals worth more than $100 million per transaction. According to the U.S.-China Business Council, contracted FDI for the first half of 2004 rose 42.7% compared with the same period in 2003, reaching $72.7 billion. These transactions are likely to increase further in 2005 as strict regulations for foreign investment are retired.
On Dec. 11, 2004, China lifted most of the restrictions on foreign retailers. No longer are there limits on the number of stores, rules confining them to large cities, or regulations capping the foreigners stakes in local ventures at 65%. Over the past 20 years, retail sales in China have jumped nearly 15% annually to some $628 billion in 2004 making it the third largest market on earth. In 2003, Wal-Mart sales alone totaled $707 million. Without the restrictions, the prospects for expansion of the megaretailer in China seem endless. Chinas first 7-Eleven store opened in Beijing in April 2004, and other chains are expected to follow.
China investing heavily in other countries
Capital flowing into the Peoples Republic of China from foreign sources, including the U.S., has attracted much attention from academic researchers as well as policymakers. However, Chinas gradual emergence as a major exporter of capital is far less known.
China has made fresh progress in implementing its "go out" strategy, according to the latest news from the Ministry of Commerce. Overseas trade has grown faster with Latin America becoming the largest destination of Chinas overseas investment.
From January to November last year, China invested $889 million in Latin America, or 49.3 % of the total amount. During the same period, Chinas overseas investment in Asia was $515 million, or 28.6%, and $296 million in Europe, or 16.4%.
Statistics from the MOC showed that from January to November 2004 China registered $1.8 billion nonfinancial direct investment on foreign land.
Chinese enterprises invest overseas for reasons similar to those of U.S. corporations that invest in China: to gain more direct access to the U.S. and other markets and to secure needed resources. To acquire additional iron ore, China Metallurgical invested $180 million in the Channar iron mine in Australia. Obtaining advanced technology is also an important goal for a developing economy such as China, and this is facilitated further by investment abroad.
Chinese computer company Lenovo Group recently announced the takeover of IBMs personal computer business, which represents a giant step in a multibillion-dollar foreign expansion by corporate China. The $1.75 billion IBM deal is one of Chinas biggest foreign acquisitions. It will make Lenovo, already Asias leading computer maker, the worlds third-largest producer of PCs.
The commodities factor
As Chinas economy expands, so does its demand for oil, gas, coal, and electricity. Today, China accounts for 12.1% of the worlds energy consumption. Thats second only to the U.S., at 24%, and up from 9% a decade ago. Chinas whole modernization strategy is based on access to abundant supplies of energy. Its hungry basic industries, such as steel, aluminum, and chemicals, devour electricity and coal. A mushrooming middle class consumes growing quantities of heating oil and gasoline.
By 2010, analysts predict some 56 million cars, minivans, and sport utility vehicles will be rolling on Chinas highways, more than twice the number today. By 2020, the countrys demand for oil will nearly double to 11 million barrels a day, natural gas consumption will more than triple, to 3.6 trillion cubic feet annually, and coal use will grow by 76%, to 2.4 billion tons a year, according to a U.S. Energy Department forecast.
A decade ago, China was a net exporter of oil, but now it imports 40% of its crude as output declines at the big northeastern fields near Daqing and Liaohe. What about developing new sources at home? China is sitting on potentially rich reserves in the high, dry deserts of the far west, but gas and oil there lie much deeper than in the northeast and will cost far more to get out of the ground. In addition, given the countrys primitive pipeline and transportation networks, moving it to the coastal cities that need it will be a challenge. By 2025, China probably will import 75% of its crudenearly twice the percentage todayand consume 10.6% of the worlds oil, the U.S. Energy Department estimates. Although crude has fallen some from its recent $55-a-barrel high, experts expect Chinese demand will help prop up prices for years to come. This is likely to have an impact on the cost of gas and electricity in Puerto Rico unless alternative sources are found.
Chinas oil demand has increased in proportion to its economic expansion and the growth of its middle class. In 2003, newly prosperous professionals snapped up over two million cars, an increase of 70% over 2002. The increased demand for oil by China has had a direct impact on oil prices and consequently all world economies that are vulnerable to oil price volatility. In 2005 economic forecasts, oil prices were one of the factors pointed out as a potential risk for the years outcome.
Steel prices have also skyrocketed in the last year because of increased demand for raw materials in China. UBS estimates that Chinese steel production will climb 22% this year to 268 million tons and grow a further 14% next year to 305 million tons. In recent years, China has added so much new production of some raw materials, such as coal and aluminum, that even minor shifts in its economy could force it to dump unneeded supply onto the marketplace potentially sending prices down as quickly as they have gone up.
The increased demand for raw materials from China has already had a direct hit on Puerto Ricos construction industry. The price of construction materials has recently skyrocketed forcing contractors to give higher estimates for all their projects. The Association of Merchants of Construction Materials in Puerto Rico states that the international standard for the price of construction materials has recently increased between 20% and 60%.
Salvador Muñiz, a professional construction estimator in Puerto Rico, points out that the materials most affected by the Chinese demand are metals and electrical products. He estimates that over the past 18 months metals, such as iron and steel, have increased 55%. Electrical products that use copper have risen 70% during the same period. The price of plumbing materials that use copper and iron is up 40%. Other areas affected to some degree are asphalt derivatives used in roofing systems and in the construction of roads. Muñiz predicts some of these materials could continue rising for an indefinite period. These high prices have an effect on suppliers, contractors, and investors as they multiply along the consumer chain.
Local distributors such as Mocoroa & Castellanos, which works with aqueduct and plumbing materials, must make large investments to stock up on materials in fear of future continued increments. When they prepare estimates for contractors, they can only guarantee prices for pieces such as PVC pipes for 15 days because theyve experienced significant increments in prices every four months. Contractors also have to adjust their estimates to reflect the possibility of future increases, which could potentially hurt their bidding process.
Manufacturer Vassallo estimated the resin they use to make PVC pipes and many other products they sell has increased in price more than 100% in the past year. Consequently, they have had to adjust their entire operation. Their machinery is working below capacity because they arent able to produce the same quantity they did before.
Local and global opportunities
Some experts question just how sustainable Chinas economic growth really is, taking into consideration the fact the growth emanated from a very low economic base. Whatever the eventual outcome, optimistic economists point out that increased demand from China has presented a number of new opportunities for other countries such as Russia, Brazil, and Australia, which have benefited substantially from the China boom.
For exporting countries in Latin America, the extra demand in commodities thus far has translated into extra business. Since 1995, the share of Brazilian exports going to China has more than doubled from 2.6% to 6.2% in 2003. Argentina has seen the share of total exports going to China rise sixfold in the same eight-year period from 1.4% to 8.4% and double since 2001.
Venezuela recently signed a huge energy deal with China. The package signed by Venezuela President Hugo Chavez and Chinese President Hu Jintao included mutual cooperation in the development of mines, railway projects, shared technology, and agriculture. The agreement also accorded shared exploration of an oil site in Venezuela. "We have a very important agenda in China, which has shown the most notable economic growth of all the countries in the world and brought about a strong demand for energy," said Venezuelan Foreign Minister Ali Rodríguez during one of the meetings between both leaders.
The danger is that a downward shift in Chinas economy could just as easily hurt these economies that have exponentially increased production to meet new demand. What the world needs to be vigilant of is the fact the soft or hard landing of Chinas economy will resonate far beyond its borders.
The real challenge lies in striking the balance that will allow China to continue growing enough for its own good, but not so much as to overheat the economy. Last year some of the measures Beijing took toward this end were to slow runaway investment in real estate and related industries like steel and cement by limiting bank lending, slowing the supply of land for construction, and halting approvals for new projects. Similar measures will have to continue in 2005.
In order for the U.S., including Puerto Rico, to remain competitive, professionals and industries in general will have to become more specialized. Greater education will be key in order to produce more engineers, scientists, and high-tech designers. Puerto Rico will also have to attempt to make huge strides in shifting into other areas of the economy such as tourism.
Leonardo Cordero, president of the Chamber of Commerce of Puerto Rico, said that although more "made in China" products will without a doubt be seen in Puerto Rico, the island also can benefit from the China boom.
"I believe it presents a challenge, but also an opportunity to revise our system, promote everything that is competitive and productive. Working with China allows businesses to lower prices, it can make businesses more profitable, and allows you to offer better prices to consumers. So not only can businesses benefit, but consumers as well," Cordero said.
Offering a perfect example of how Puerto Rico can remain in the competitive game, Cordero explained the tactics he is using in his own business, Leonardos. "Up to now, I had been working with wholesalers and a lot of distributors; now I work directly with China. I can cut my distribution chain and try to get a better price. That is an example of what has to happen in Puerto Rico to reposition the way business is done," Cordero explained, adding that in the process he manages to leave more profits in Puerto Rico rather than with a distributor on the U.S. mainland.
The Chamber of Commerce president predicts that a large number of retailers on the island will continue increasing their imports from China, but that fact, he said, doesnt have to be negative for smaller businesses. Those businesses, he explained, will have to become more creative and innovative, they will have to form joint ventures with similar companies so they too can win access to the low Chinese prices. "What we have to understand is that forces like that of China can and will change the way we do business. We have to go along with that force; we cant go against it, because if we fail to take advantage of that force, someone else is going to do if for us," he concluded.
Jorge Galliano, vice president of the Chamber of Commerce & executive president of the Gatsby clothing line, concurs with Cordero, but emphasizes in particular that where Puerto Rico has a vital need to improve is in productivity. "It is the only way that we can have a promising future. In order for us to react fast with efficiency and be productive, we need to make internal changes in government, in business, in all sectors, because we have to come together to facilitate personal initiative, it is fundamental," said Galliano.
Galliano recognizes that although China does create a present challenge for most world economies, Puerto Rico must find the way to specialize and take advantage of education. "Research and development is where we can compete on a higher level and where we have better education. We have to promote the scientific sector, the education and investigation sectors, and it is something we must do with urgency. Puerto Rico needs it," he emphasized.
The positive thing for Puerto Rico and for the rest of the world is that China is making major efforts to make its businesses accessible to foreign business. In fact, this week from Feb. 2 to 5, the China Caribbean Economic & Trade Cooperation Forum is being held in Jamaica. To maximize exchange opportunities for Caribbean and Chinese companies, the forum set up this "Business Opportunity" where Caribbean companies, either participants of the forum, or nonparticipants, are free to publish information on business projects and proposals. Caribbean companies can also browse business information published by Chinese companies in the same system.
The integration of the Chinese and other world economies is a process that will have to gradually redefine itself as the playing fields level out. That will be the only way to prevent the losses for the world economy from overshadowing the benefits of an economically strong China.
Behind the curtain of the Chinese miracle
Chinas history and culture serve as the backbone to the countrys present global standing
The current economic powerhouse that China has become is even more impressive in light of its history of economic and political volatility. During its early dynasties, and for many centuries, China maintained a position as the most powerful country in East Asia. This was all made possible by the countrys high production of grain, trained army, tax system, and ability to trade through accessible southern ports.
However, later on, Chinas early economic might was cut off. Several political and economic experiments failed miserably. Internal political turmoil and foreign intruders managed to leave the country in a fragmented state for many years. All of Chinas economic gains were absorbed by other nations with presence in the region. Britain was one such country. By importing high quantities of opium into the country, it unleashed a catastrophic opium addiction among the population. When Chinese authorities attempted to intervene, it ended up in war from 1839 to 1842, a war that China lost and which left the country more divided than ever.
Years after, Russias internal conflicts with Marxist ideals caught the attention of China. Close relations with the country introduced the idea of communism and, although the relationship with Russia eventually became tense; communism was adopted as the countrys identity and way of life when the Chinese Communist Party came to power in 1949.
Chinese culture had always been built around the concept of work, but the ideals of communism further promoted this mentality, which was work for the common good rather than for personal wealth.
To this day, the Chinese are recognized as high-quality producers, workers who are willing to put in extra hours and who design their lives around their work. In fact, most factory workers in China live in company dormitories they share with other workers. They literally eat, sleep, and live at work. This forces some 114 million workers to abandon their rural hometowns and go to cities in search of employment opportunities, sometimes for years at a time. The Chinese are also well-known for maintaining high savings rates when compared with other countries. A part of the Chinese culture that also has remained true for many centuries is their pride in innovation. They are credited with being the inventors of paper, paper money, gunpowder, printing, and the compass.
As a communist country, the Chinese mentality wasnt one that fostered personal ambition for riches. However, as the Chinese economy has become more open to the capitalist mentality, and younger generations are better educated; the desire for personal wealth also has emerged in the Chinese way of life, no longer carrying with it the stigma of selfishness it once had.
Along with capitalisms entrance into China has come increased U.S. influence on the Chinese culture of younger generations. In everything from music to fashion, American trends are visibly present in the streets of China; but that wasnt always the case.
When China became a communist nation, the U.S.China relationship was profoundly strained. Americans werent allowed to send money to China, and Chinese goods werent permitted to enter the U.S. The U.S. attempted to boycott Chinas entrance into the United Nations but, without much support, they were forced to withdraw their opposition. There was also internal pressure within China to open up to advanced Western technology. After several failed attempts at political reconciliation, in 1971 the Chinese suddenly invited the U.S. table tennis team to visit China. The gesture was accepted and, days after, "ping-pong diplomacy" was born. Afterward, and in a very private manner, U.S. diplomats met privately with Chinese officials to plan for President Nixons visit to the country. The process was aided by the U.S. decision to drop many of the anti-Chinese measures. The meeting between leaders of both countries marked an important milestone for their mutual relationship as a joint communiqué was issued with their stances on international issues. Although there was no reconciliation of these views, all the cards were clearly laid upon the table. The meeting also facilitated several massive deals for China with the U.S., Japan, Britain, West Germany, and France for imports of advanced technology.
At the time, there was still resistance to the dependence of China on external economies as the Chinese culture attempted to be as self-reliant and internal as possible. Still, these advancements and negotiations with the outside world eventually allowed China to be crowned as the economic threat it is today and has many external economies looking toward China in hopes of catching a share of the Chinese miracle.
Chinas Average Monthly Wage By Region
In U.S. $ in 2002
Source: Peoples Republic of China, National Bureau of Labor Statistics, Asian Development Bank
Selected U.S. Direct Investment in China in millions of U.S. $ in 2001
U.S. Corporation / Value of Investment-Revenue / Venture
$ 782.73 / Shanghai Bell Telephone Equipment Mfg. Co.
$ 206.37 / Shanghai Bell Alcart Mobile Communication
$ 178.40 / China Hewlett-Packard Co.
$ 96.89 Packard Electric Shanghai Co.
$ 360.70 / Hewlett-Packard Computer Products (Shanghai)
$ 507.09 / Shanghai Hewlett-Packard Ltd.
$ 143.76 / Compaq (Shanghai) Ltd.
$ 3,769.74 / Motorola (Tianjin) Electronics Ltd.
$ 347.56 / Hangzhou Motorola Mobile Telecom Equipment
$ 292.43 / Lucent Technologies of Shanghai Ltd.
$ 351.62 / Qingdao Lucent Technologies & Communications Equipment
$ 129.42 / Shanghai Lucent Technology International Trade
$ 93.98 / Shanghai Lucent Technological Optical Fiber Co.
Source: Fortune 500
This Caribbean Business article appears courtesy of Casiano Communications.


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Today’s Indie news: Thimbleweed Park headed to the Nintendo Switch, but also…
- Ittle Dew 2
- Kid Tripp
- Runbow Pocket
- Yoku’s Island Express
If you’re a fan of (classic) adventure games, Ron Gilbert is a name you should definitely be familiar with: he’s the creator of the Monkey Island series, after all! He’s currently working on a new game called Thimbleweed Park, which happens to be headed to the Nintendo Switch.
Well, it hasn’t been announced yet, but the following video (shared by Ron Gilbert himself) is pretty straightforward:
As you can see, Thimbleweed Park on Nintendo Switch will use buttons for controls, but also the touch screen. According to Ron Gilbert, the port is done internally. For more details about the game, look forward to the announcement, coming next week!
Thimbleweed Park (Switch – eShop) does not have a release date yet, but it has already been added to the Upcoming Releases page!
Source: Ron Gilbert
Celeste was among the very first indie games to be announced for the Nintendo Switch, but it’s still nowhere to be seen. In fact, players will not be able to see it running on their own console before January 2018 (at the earliest). Matt Thorson, the creator, announced it earlier this week in a blog post on Medium.
In this blog post, he explains that the team originally planned to release the game sometime in April 2017, which was definitely an optimistic (to say the least) forecast. He also talks about how important it is to launch your game during the launch period of a new platform, and why they chose to delay the game in the first place. Click here to read it!
Celeste (Switch – eShop) will be released in January 2018 in Europe and North America.
Ittle Dew 2
Here’s the boxart for Ittle Dew 2, which is getting a retail release:
Here’s the very first trailer for Kid Tripp on Nintendo 3DS, releasing in Q3 2017 worldwide:
The Upcoming Releases page has been updated!
Here’s the launch trailer for Runbow Pocket, now available on New Nintendo 3DS (retail is North America-only):
Yoku’s Island Express
Here’s the latest video clip for Yoku’s Island Express, releasing on Nintendo Switch next year:
— Yoku's Island Express (@YokuGame) July 7, 2017

domain: news


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According to LAW360, the maker of Elfbar vape products was ordered by a Florida federal judge on Feb. 23 to stop marketing Elfbar e-cigarettes anywhere in the U.S. The judge found that VPR Brands LP, which makes and sells “Elf” brand vapes, is likely to succeed on its claims that the Elfbar vapes infringe its trademark.
In the order, U.S. District Judge Aileen Cannon found that VPR has shown there is a likelihood of confusion, and the company stands to suffer harm if Shenzhen Weiboli Technology Co. Ltd. is allowed to keep selling the Elfbar vapes, given the similarities between the products and how they are marketed.
In Judge Cannon’s order Thursday, she wrote that VPR’s registration of the trademark grants it priority, and in addition, the company has shown there is a likelihood of confusion because “Elf” is not something linked to vaping products specifically, while the “bar” suffix is commonly used for vapes that have a bar shape — so consumers familiar with vaping could see Elfbar and believe it is from the Elf brand.
However, in November, VPR asked for an injunction blocking Shenzhen Weiboli from continuing to use the Elfbar mark, arguing the alleged infringement is costing VPR about $100 million because of the effect on future sales.
Shenzhen Weiboli had argued VPR’s trademark is not enforceable under the unlawful use doctrine, saying VPR’s products are a “new tobacco product” but don’t have U.S. Food and Drug Administration (FDA) approval. Judge Cannon, however, wrote that the Eleventh Circuit tends to hold that doctrine as an administrative tool for the U.S. Trademark Trial and Appeal Board (TTAB) in trademark disputes.
According to the order, neither the FDA nor the TTAB has any open cases about the Elf mark, and the court would not effectively strip VPR of its valid trademark without any finding from those agencies that it is invalid.
Judge Cannon also ordered VPR to pay a $500,000 bond as a condition for the injunction, saying she wouldn’t impose the “extraordinary” $200 million that Shenzhen Weiboli had argued was necessary to make up for its potential losses.
Finally, the judge denied Shenzhen Weiboli’s bid to reopen the evidentiary hearing about the injunction, saying the court has already held two hearings over nine hours and received a lot of evidence, plus post-hearing briefs.
“VPR is pleased that the court found Elf is a strong trademark and granted the injunction,” Joel Rothman, representing VPR, said Thursday. “The injunction will allow VPR to move quickly against infringers and counterfeiters in the marketplace.”


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The campaign started last summer, but it has been escalating to involve more than 84 countries and 1,000 Facebook profiles now, according to Group-IB.
A large-scale scam campaign targeting Fb Messenger users all over the world has been detected by a threat hunting group.
There is evidence to suggest that users in over 80 countries in Europe, Asia, the Middle East and Africa region, North and South America may have been affected.
The alleged scam involves cybercriminals distributing ads promoting an allegedly updated version of Fb Messenger to harvest users’ login credentials.
This was disclosed by Group-IB’s analysts who recently discovered nearly 1,000 fake Facebook profiles employed in the scheme. Upon the discovery of this type of fraud, Group-IB had informed the social network, which has nothing to do with the fake posts, of the ongoing campaign.
Scam mechanics disclosed
By April this year, the number of such fraudulent Facebook posts inviting users to install “the latest Messenger update” has reached 5,700. To draw users’ attention, fraudsters had registered accounts with the names mimicking the real app — Messanger, Meseenger, Masssengar, etc., and used the official Facebook Messenger logo as their profile picture.
Furthermore, to facilitate the moderation process in Facebook and bypass its scam filters, scammers used shortened links created with the help of such services as linktr.ee, bit.ly, cutt.us, cutt.ly, and rb.gy. After clicking on the link that is supposed to lead to the download of the app’s updated version, the user finds themselves on a fake Facebook Messenger website with a login form, where they are asked to enter their credentials. Scammers used such platforms as blogspot.com, sites.google.com, github.io, and godaddysites.com to register fake Facebook Messenger login pages.
In order to excite users and make them follow the link, scammers endowed the app with some non-existent features like the possibility to find out who visited one’s profile and see the messages that were deleted; or the scam offered victims the shift to ‘Gold Messenger’. Scammers even used blackmailing to force users into downloading the app and pressured the latter with threats that if they did not sign up on the fake page, their account would be banned forever.
Group-IB’s analysts have found the scam ads targeted at users of at least 84 countries worldwide. In
Asia specifically, nearly 20 countries, including Indonesia, Malaysia, Singapore and Thailand have been affected. Victims risk having their personal data leaked and their FB messenger account hijacked. Scammers, in turn, are likely to use the compromised accounts to either blackmail victims, push them to pay a ransom to have access to their account restored, or further scale up the scheme using their stolen Facebook profile to distribute scam ads.
Group-IB’s head of Digital Risk Protection in Europe, Dmitriy Tiunkin, commented: “Living in the era of instant-everything, clicking on an attractive ad, proposal, or headline has become a natural human reflex. This didn’t come unnoticed by fraudsters who have been relentlessly feeding on users’ carelessness. It is up to brands to set things straight in this endless stand-off by ensuring that their name isn’t used to trick unsuspecting customers into a scam, with digital risk protection services serving as a silver bullet in this case.”
The firm advises social media users to stay vigilant and follow some basic cyber hygiene rules for avoiding cybercriminals’ traps.


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The wireless revolution sweeping consumer electronics has manufacturers of devices that need long life from a small battery struggling to find a complementary wireless technology. Makers of sensors for sports, health and fitness are in this camp, whi...
Apple reversed course this week and confirmed it would open the iPhone and iPod Touch to outside developers.
Mobile printing has never been easier. For a busy office, reliable and easy-to-use tools are essential. Samsung's latest smart printers are equipped for wireless printing from mobile devices. Find out more about what is all about.
AppleWednesday confirmed rumors that it will release a mobile software development kit (SDK) for developers in February so that third parties can create applications for the iPhone and the iPod touch.
Symbian is adding a new graphics architecture as well as enhanced networking capabilities to its mobile OS, the company's CEO said this week.
With femtocells gaining more attention as a potential money-saving technology, several companies are racing to claim space in the emerging femtocell market, said members of a recent panel hosted by MassNetComms.
Nine months after its official launch, Australian developers have already extended the capabilities of the world's first non-proprietary Linux powered mobile phone.
Motorola took a 50 percent stake in UIQ, a move that is likely a reaction to stepped up competition from the iPhone.
Greenpeace International, which has clashed with Apple over toxic chemicals in its products and post-sales electronics recycling, has slammed the company's iPhone, saying it includes hazardous materials that other mobile phone makers have eliminated.
High-Speed Packet Access (HSPA) wireless technology is here today in some markets and getting faster, and may end up being more popular than WiMax and other emerging broadband wireless technologies.
Hackers have come up with at least one way to "unbrick" iPhones disabled by a firmware update Apple issued two weeks ago, developers of both paid and free unlock software said this week.
Mozilla's mobile Firefox browser, which the company said earlier this week is in the works, will likely be available for phones running Symbian, Windows Mobile and Linux operating systems, a developer working on the project said.
A class-action lawsuit targeting Apple and AT&T, filed last week in a US federal court, accuses the companies of illegally conspiring to tie iPhone customers to the telecom company's wireless network.
By developing a version of its open source desktop Firefox Web browser to run on mobile devices, Mozilla hopes to break the hold some handset makers and carriers have on what mobile applications consumers can use, an executive of the company says.
Nokia is planning to bundle software from Devicescape on devices in its E and N series, that will log in automatically to Wi-Fi hotspots.
After a couple of experiences dipping a toe into the mobile market, Mozilla said it plans to get serious about developing a mobile browser.
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Coinbase has released its shareholder letter for the third quarter of 2023, ending September 30th. Total revenue was $674 million, down 5% from last quarter. Net revenue was $623 million, down 6% sequentially. The company posted a small net loss of $2 million and generated positive Adjusted EBITDA of $181 million for the third consecutive quarter.
The crypto market continued to see low volatility and trading volumes in Q3. Bitcoin prices declined 12% from the end of last quarter, and crypto asset volatility hit multi-year lows. As a result, Coinbase’s transaction revenue fell 12% to $289 million. Consumer transaction revenue declined 11% to $275 million as trading volumes decreased 21%. Institutional transaction revenue dropped 18% to $14 million due to a 17% decline in trading volumes.
Subscription and services revenue was $334 million, largely flat from last quarter. Stablecoin revenue grew 14% to $172 million due to higher interest rates. However, blockchain rewards revenue fell 15% to $74 million driven by lower rewards rates and crypto prices.
Coinbase maintained a strong balance sheet ending Q3 with over $5.5 billion in cash, cash equivalents, USDC and custodial account overfunding. The company continued buying back debt at a discount, repurchasing $263 million of its 2031 Senior Notes for $177 million in cash during the quarter.
On the product side, Coinbase made advancements across its three pillar strategy. For crypto as an asset class, it added new assets, unified USD and USDC order books, and expanded internationally. For crypto updating the financial system, Coinbase entered an updated arrangement with Circle around USDC. And for crypto powering the Internet, it launched its Layer 2 scaling solution Base which saw over 10 million NFTs minted during its launch.
Regulatory clarity remains a top priority. Coinbase believes most G20 nations are adopting crypto regulations. It sees the EU’s MiCA regulation as a model framework and picked Ireland as its MiCA hub. In the US, the SEC case is proceeding on schedule with oral arguments set for early 2024.
For Q4, Coinbase expects subscription revenue to be flat sequentially. It anticipates lower stock-based compensation will drive expenses lower by $100-150 million versus Q3. The company believes it will generate meaningful positive Adjusted EBITDA for the full year 2023, an improvement from its prior goal. Despite ongoing volatility, Coinbase remains confident in the long-term potential of crypto.
The post Coinbase Q3 revenue falls 5% to $674 million, but still beats expectations appeared first on CryptoSlate.


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Smart has built itself a little speedster for its 20th birthday, and, dare we say, it’s kind of handsome.
The tiny-car division of Daimler calls it the Forease, and it’s a fully-electric two-door rear-engined rear-wheel-drive speedster—it’s basically a tiny EV Porsche!
Okay, so maybe it isn’t a Porsche, but we can imagine the little smart will be a great summer city car, which is exactly what the company developed it to be.
The windshield is a lot shorter than the ForTwo, and because it’s a true speedster, there is no roof. The door handles have been recessed into the door, and the interior central air vents have been taken out, with two screens taking their place.
Two fairings behind the rear seat, shaped like traditional speedster roll bars, increase safety for driver and passenger, and the speakers are built into the rear panel. The whole thing is finished in metallic white with contrasting “stream green” accents.
Smart has built the concept on a standard production EQ ForTwo Cabrio, which means it can be driven.
The Forease references the openness and minimalism found on previous concepts by Smart, such as the 2001 Crossblade, and the 2011 Forspeed. Forease will be on display at the Paris Motor Show on October 2nd.


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CHICAGO – Young adults have a reputation for being connected to one another and disconnected from the news. But a survey has found that mobile devices and social networking are keeping them more engaged with the broader world than previously thought.
They want news, they say, though they don’t always aggressively seek it out — perhaps simply happening upon it on a friend’s online feed. And they want it daily.
The survey of Americans ages 18 to 34, sometimes called the millennial generation, found that two-thirds of respondents said they consume news online regularly, often on a social networking site. Of those, 40 per cent do so several times a day, according to the poll, conducted by The Associated Press-NORC Center for Public Affairs Research and the American Press Institute.
It’s been a slowly building trend in news consumption that experts say is trickling up to older generations — and…
View original post 830 more words


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The E46 model M3 won after a first-ever unanimous decision by the judges.
It is the second time an M3 has won the award, the E36 having come out on top in 1997.
For this year's award, the judges chose the M3 from six finalists selected from a field of 21 cars.
Motor's judges were high in their praise, saying, among other things, that "The M3 leaves so little room for criticism it is eerie."
The magazine's editor, and PCOTY judge, Ged Bulmer said: "The engine is a spine-tingling piece of hi-tech hardware, the chassis pure brilliance, and the overall package something that leaves no doubt about who builds the world's best super-quick cars, without stinting on safety, luxury or refinement."
The award comes just as BMW M GmbH, the performance division which builds the M3, announced that last year was its most successful year in its 30-year history, with more than 23,000 M cars sold worldwide.
The E46 M3 was released in Australia mid last year and, according to BMW, it has been an instant sell out.
You don't get any change from $141,500.


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The second international exhibition of new energy and smart cars was held at the Hainan International Exhibition Center in Haikou. It is reported that at a motor show with a total exhibition area of about 50,000 square meters, about 260 new energy and smart cars were demonstrated.
The theme of this car dealership is “Cars make the world a better place,” with special support from the Chinese Federation of Mechanical Engineering and the Haikou Municipal People’s Government, the China Automotive Trade Facilitation Branch, the China International Automobile Industry Chamber of Commerce, the Chamber of Commerce, and China Corporation International Exhibition Center Group Corporation .
About 260 new energy and smart vehicles were presented at the exhibition, including 147 new energy cars, the world premiere of Auchan X7EV, at the booth of which there are two concept vehicles FAW Pentium NAT and C105.
Well-known domestic and foreign electric car manufacturers, such as BAIC, Changan, BMW, Mercedes-Benz, FAW-Volkswagen Audi, Tesla, Weilai, Weimar and others, appeared at this car show. At the same time, the reporter also learned that this year’s exhibition - The most complete and largest professional exhibition of new energy vehicles in China. Among the local major automobile exhibitions, the number of new energy vehicles is in the top three of the year, as well as luxury brands such as Porsche, Bentley, Rolls Royce, Maserati, Aston Martin, Lotus, Alfa Romeo and many others. E
Polestar2 was one of the highlights of this exhibition, the model is equipped with two engines on the front and rear axles: acceleration 0-100 km / h takes only 4.7 seconds, the maximum power is 300 kW / 408 hp, and the maximum torque is 660 Nm. In terms of battery life, it is equipped with 27 batteries with a capacity of 72 kW · h, and its comprehensive range in NEDC conditions can reach 500 kilometers.
It is reported that during the same period the exhibition will also hold about 20 summits, salons, seminars, technical exchanges and awards with various topics and forms. These include the award ceremony of the Chinese automobile Internet + 2020 innovations, a new conference on the release of vehicles.
The organizers of this event did not provide an opportunity for HAINANWEL.COM representatives to attend this event for free, and for our own money we are not able to buy tickets and give more details about this event, post photos and videos.
You can watch hundreds of videos of excursions on the island of Hainan here: https://vk.com/videos-51202698


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Fight for stops. Although the French advertising company JCDecaux terminated its contract for the operation of Prague furniture last year, under some of its shelters, Praguers will continue to wait for public transport. This is despite the fact that the municipality described the mentioned contract from the 1990s as unfavorable and decided to purchase new furniture at its own expense, which will be owned by the city. However, JCDecaux, which was convicted of manipulating public contracts in this connection, agreed with some Prague city halls instead of the municipality. The agreement is non-standard. JCDecaux will continue to make money by selling advertising at these stops, but it will not pay a crown of rent to city districts.
JCDecaux operates advertising spaces with millions of revenues at stops, but city districts do not even have a crown
19. 08. 2021


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Rejoice, Apple fans! The new iPhone is here.
The iPhone 6S and iPhone 6S Plus hit stores Friday, with Apple fans around the world camping out in line to become some of the first owners of the new devices.
In Hong Kong, fans were out in force at Apple's massive store in Causeway Bay, one of the city's prime shopping districts.
At the head of the line was Black Chan, who shelled out for two 6S phones: one with 64GB of storage, and a second with 128GB.
"I am a big Apple fan, super Apple fan," he said. "I feel so happy and so excited."
Chan said he would keep one phone for himself, and try to resell the second for a profit of around $250. The most likely buyer is one of the iPhone "flippers" who brazenly selling their wares outside official Apple stores in Hong Kong for 20% to 30% more than the official retail price.
The new iPhone 6S and iPhone 6S Plus feature a different kind of touch screen that can sense how long and hard someone is pressing, a stronger aluminum body, faster and more efficient processor, higher resolution cameras, and a new GIF-like photo function.
There is more pressure on Apple with each new iPhone iteration. Newer products and features like the Apple Watch and Apple Music just aren't big enough to move its financial needle.
Still, customers are eager to get their hands on the latest. Apple says that pre-order numbers have been "very strong around the world."
"We are on pace to beat last year's 10 million unit first-weekend record when the new iPhones go on sale September 25," the company said earlier this month.


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The chief financial officer of Bundaberg Sugar's parent company Finasucre, Jérôme Lippens, met Bundaberg Region Mayor Jack Dempsey today. Mr Lippens is based in Belgium. The company operates in five continents, employing 2630 people...
The new #lovebundy shopping app is now available for download from the Apple and Google stores with lots of terrific discounts and specials.
Carinbundi client Mitch Fergus was given the opportunity to ride and sit in a truck thanks to the generosity of Learn Ezy Driving School.


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It may be months away, but cities and towns across Connecticut are already gearing up for winter expenses.
Many towns craft budgets based on historical averages rather than hoarding money away for "the big one" when it comes to a harsh winter.
"What we do with budgeting is we try to trend," said Scott Shanley, who has served as Manchester's town manager since 2006. "You can’t budget for an unusually big winter because it’s just asking for too much money."
The town has also taken steps to ensure everything town officials plan to spend money on will be ready when the snow hits.
"We’ve ordered all of the equipment that we need. We have a plow that has arrived. We’ve talked to our contractors to make sure that we are getting the right agreements together for the winter," Shanley said.
Last year, the town of Manchester, like many cities and towns and the state of Connecticut, went over budget for snow removal. Municipalities have contingency plans to take funds from other accounts in order to ensure public safety.
At least one retailer in Manchester has already started stocking its shelves for the impending winter.
"We’ve also got in four pallets of ice melt already just because we’ve got to start stocking that stuff early," said Tim Duell, a sales associate at Manchester Hardware. "We’ve got customers who want it as soon as they can get their hands on it."
He said he expects to get more shovels into the store earlier than last year, considering the demand last winter.
"We couldn’t keep them on the shelves last year. That and roof rakes. They went like hot cakes," he said. "If we could have gotten another hundred, we would have sold another hundred, but they weren’t making them."
He said he thinks people are used to the fact that a harsh winter is likely a reality.
"It should be a pretty intense winter from what the farmer’s almanac is telling us, so who knows what’s going to happen in New England?" he said.


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PARIS/VANCOUVER — June 4, 2021 — LVMH is celebrating European Green Week by announcing its partnership with award-winning environmental not-for-profit Canopy. Canopy has a 20-year track record of harnessing the purchasing influence of large brands to advance environmental protection and transform supply chains.
More than 3.2 billion trees are cut down every year, many of which from the world’s most integral forests, to produce paper packaging or to make fabrics like viscose and rayon for clothing. Canopy’s Pack4Good (packaging) and CanopyStyle (fashion) initiatives to work in partnership with brands to change supply chains, save forests, and bring alternative NextGen Solutions from the margins of the marketplace to the mainstream. LVMH’s Pack4Good and CanopyStyle commitments continue this growing trend, set ambitious targets, prioritize innovation, and apply to all of its iconic 75 Maisons.
LVMH’s commitments include:
- Ensuring its supply chains for paper, paper packaging and fabrics are free of fibre from the world’s Ancient and Endangered Forests by the end of 2022; and
- Influencing its supply chains to protect the world’s remaining forests and endangered species habitat and forward the Free, Prior and Informed Consent of communities and Indigenous rights and title.
“LVMH’s Initiatives For the Environment Program (LIFE 360) recognizes and celebrates the importance of the world’s Ancient and Endangered Forests as key to the world’s biodiversity and our ability to address climate change. We are pleased to be a CanopyStyle and Pack4Good partner, an integral step as we continue to ensure the highest environmental performance for our products and supply chain,” said Hélène Valade, Environment Development Group director, LVMH.
In addition to ensuring its paper, packaging, and fabric supply chains are free of fiber from the world’s most vital forests, LVMH and its Maisons will also support the development of Next Generation Solutions. These circular economy alternatives include smart design as well as game-changing innovations, such as the use of agricultural residues, recycled textiles, and microbial cellulose to manufacture paper, packaging, and textiles instead of endangered forest fiber.
“Nearly five billion years of evolution has delivered us all an extraordinary natural inheritance that no one can afford to waste. We are thrilled that LVMH and all of their iconic Maisons are now working with Canopy to add conservation of the world’s priceless forests and climate to their legacy,” said Nicole Rycroft, executive director, Canopy.
LVMH’s commitments buoy efforts to protect forests’ irreplaceable ecosystems and will contribute significantly to the transformation of unsustainable supply chains and the development of life-affirming value chains.
Posted June 4, 2021
Source: LVMH / Canopy


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As expected, today Honor, subbrand of Huawei has announced a new smartphone, the Honor 9 Lite. Nowadays every other manufacturer is launching a selfie-focused smartphone, and we have seen some smartphones with boosted megapixel in front camera, we have also seen some smartphones with dual front-facing cameras as well. Now Honor has gone a step ahead and launched a smartphone with a quad-camera setup.
In terms of look, it has the metal body which is sandwiched between two 2.5D curved glass on both sides, in front and at back as well, and this gives a premium look to the device, but front and back are fingerprints magnet.
When it comes to specs, at the front of Honor 9 Lite, you will find a 5.65-inch IPS display with 18:9 aspect ratio, which seems a new trend nowadays, under the hood, it is powered by Kirin 659 Octa-core processor, which is a 16-nanometer processor, and it comes with 32GB of onboard storage which can be further expandable up to 256 GB via Micro SD card.
When it comes to the photographic front, as told earlier, it has the quad-camera, on both sides, it has the primary 13MP camera which is supplemented by a 2MP camera which allows you to capture the depth of information. Rear camera supports Phase-Detection AutoFocus (PDAF) and advanced wide aperture mode
As front is mostly taken by the display, there is no room for the fingerprint scanner, that’s why it is the back of the device which very easily accessible, and it can unlock the device in just 0.25 seconds.
When it comes to the connectivity, you have support for dual-SIM (Hybrid) slot to expand storage, 4G/LTE, VoLTE, WiFi, Bluetooth, GPS and Micro USB. Honor 9 Lite houses a 3,000mAh battery and company claims it can deliver 86 hours offline music listening or 13 hours offline video watching.
When it comes to software front, Honor 9 Lite runs on Android 8.0 Oreo which is wrapped under companies own topped latest EMUI 8.0.


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- Former Hacking Team developer reportedly in contact with a terrorist group
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- Neiman Marcus case a reminder to check your cyber coverage
One Laptop Per Child Project - News, Features, and Slideshows
One Laptop Per Child is back in the tablet race, announcing a new 7-inch tablet with the Android OS that will be sold commercially and include its learning software.
One Laptop Per Child has cancelled plans to release its XO-3 tablet, although technology from that project could still be used in other products, OLPC Chairman Nicholas Negroponte said.
One Laptop Per Child is developing new functionality and protection features for its upcoming XO-3 tablet with the hope to attract more interest in the device.
One Laptop Per Child (OLPC) showed off the next version of its famous laptops on Thursday at the International Consumer Electronics Show in Las Vegas, saying the new price-per laptop has been reduced to US$165 each and power consumption has been slashed by half compared to the previous version.
Nicholas Negroponte, chairman of One Laptop Per Child said that the XO-3 tablet computer will debut sometime in February 2011, about 45 days later than originally planned.
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- How Australia Post’s IT and marketing chiefs lead digital change - together


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Why merchants still require signatures for credit card buys when it’s not needed
Many small business owners think — incorrectly in most cases — that there would be additional costs involved and have therefore chosen to ignore the new signature rule
Are you still signing for credit card purchases? In most cases, you don't have to.
More than seven months ago, the four major credit card issuers — MasterCard, Visa, American Express, and Discover – separately announced that they no longer required customers to sign for their purchases on any transaction, regardless of size.
The decision was a long time coming. Back in the day, validating a signature was the primary way a merchant could protect against a fraudulent transaction. Today, billions of transactions take place online and the ones that do occur in a store or restaurant use EMV chips and other methods like contactless devices, biometric readers, and PINs that provide a much stronger deterrent against fraud. So much so that, according to Visa, merchants who have been accepting EMV chip-enabled cards have seen a 75 percent drop in counterfeit transactions since they were introduced back in 2015.
"You don't have to sign for your purchases unless the merchant requires it," Linda Kirpatrick, who is the executive vice president in charge of Merchants and Acceptance in the U.S. for Mastercard told me. "It doesn't matter to us either way."
Kirpatrick said that when the announcement to not require signatures was first made, many merchants were "incredibly thrilled" because it gave them the ability to increase the speed and efficiency of a sale and save on paperwork. MasterCard is even going so far as to eliminate the little signature strip on the back of its most recently issued cards as well.
Unfortunately, it seems that not all merchants have gotten the memo. In an unscientific survey that I conducted over the past week, almost all of the Center City merchants I visited — from the Rittenhouse-area bakery to the neighborhood grocery store — still required me to sign for my purchases as part of the payment process. It's annoying, and it prolongs the transaction. Why are these merchants still making me and others do this? There are two explanations.
The first is that some merchants — particularly restaurants — want us to keep signing for our purchases. Unlike most restaurants in Europe, when you eat out in Philly you're not given a point of sale device at the table where you can insert your card, enter a tip, and approve the transaction. You're still left with a paper receipt where you're expected to manually add a tip and sign-off. That's the process and it's unlikely to change anytime soon.
Other shops — like a pharmacy, hotel, jewelry store, or rental car agency — may have your signature built into the overall approval process for the products or services you're buying.
But that still doesn't explain the grocery store or the bakery. Which brings me to reason number two: most merchants, particularly small business owners like them, are just being cheap … and a little lazy. All they would need to do to eliminate the annoying signature process would be to change their point-of-sale systems. But they don't because it would potentially require software upgrades, potential hardware replacements, disruptions, and other possible headaches.
Many of my clients think — incorrectly in most cases — that there would be additional costs involved and have therefore chosen to ignore the new signature rule. If it ain't broke, why fix it? Even Kirpatrick admits that it's going to take some time for the ten million merchants in this country to come around.
So, here's my advice. If you're a merchant just know that you don't have to require a signature and you may be irritating your customers by doing so. If you're a consumer it doesn't make a difference whether you sign that receipt or not — there's no added fraud protection other than what your credit card company already provides. You can raise a fuss or just politely mention it to the store manager. Or better yet just move on and add it to that list of little annoyances that will eventually go away over time.


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Founded in 2004, Ashtavinayaka Technocrafts manufactures and supplies stainless steel process machinery and equipment for the food processing, dairy, pharma and various other industries and plants. The entity has the vision to manufacture the highest quality equipment at competitive prices and by maintaining delivery schedules, thus ensuring 100% customer satisfaction. The company has a state-of-the-art facility in Ahmedabad, Gujarat, spanning about 4000 sq. ft with all the equipment.
Ashtavinayaka Technocrafts offers end-to-end solutions and turnkey projects for the dairy industry, including Milk, Ice cream, Yogurt ghee etc which makes them extremely relevant in the India International Dairy Expo. The company has a global presence across Canada, Kenya, UAE, Malaysia, Sri Lanka and more. Renowned clients such as Amul, Mother Dairy, Milma, Punjab Sind, and NIC have dealt with them for their crucial equipment.
Speaking about the India International Dairy Expo, Jitendra K Patil, director, Ashtavinayaka Technocrafts, said, “India International Dairy Expo gave us opportunities to meet customers we haven’t met in the past three years owing to the lack of such events. The exhibition went very smoothly. It felt like a get-together with many of our clients. Currently, the food industry, especially the packed food industry, has seen serious growth in demand. Especially during and post the pandemic, the requirements for packed food went up. People no longer want unpacked food items. While many industries came to a halt, there was nothing that could stop these dairy and food industries. It makes sense to further invest in these industries as the food processing industries will always keep growing.”
Ashtavinayaka Technocrafts has been a part of IIDE multiple times in the past, and it appears that they will continue to be present in these events in the coming years.


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Fri, 14 Oct 2016 19:25:06 GMT
Upcoming Earnings Report: Office Depot, Inc. (NASDAQ:ODP)
- The Voice RegistrarOffice Depot
, Inc. (NASDAQ:ODP) got slumped by -3.83 per cent through the trading floor to reach at $3.26 as its next quarterly earnings report date is November 01, 2016. ODP stock is keeping its price in the $3.26 to $3.36 range before earnings are ...
Fri, 14 Oct 2016 18:58:00 GMT
Fri, 14 Oct 2016 18:39:00 GMT
Boca-based Office Depot to close stores for Thanksgiving
- Cosumnes Connection (subscription)
United States of America based company, Office Depot
, Inc.'s (ODP)'s latest closing price was -28.14% from the average-price of 200 days while it maintained a distance from the 50 Day Moving Average at -9.36% and -8.49% compared with the 20 Day ...
Fri, 14 Oct 2016 17:59:12 GMT
Fri, 14 Oct 2016 17:54:36 GMT
Havens Advisors Exits Position in Office Depot Inc (ODP)
- Trade CallsOffice Depot
Inc (ODP) : Havens Advisors has sold out all of its stake in Office Depot
Inc during the most recent quarter, according to the disclosure filed by the company on Oct 13, 2016 with the SEC. The investment management company has sold out ...
Fri, 14 Oct 2016 17:21:13 GMT
Office Depot To Close For Thanksgiving
- Opposing Views
After three years of being open on Thanksgiving, Office Depot
Inc. has reported that they will be closing all of their stores on Nov. 24. Office Depot
is only one of many stores and malls closing its doors on Thanksgiving day. In the past few years ...
Fri, 14 Oct 2016 16:39:00 GMT
Office Depot, Inc. (NASDAQ:ODP) Sale Analysis
- The Newburgh PressOffice Depot
, Inc. (NASDAQ:ODP) reported sales (ttm) of 13.93 Billion, whereas, 9 number of analysts estimated the mean sale of 3438.38 million. The analysts estimated sales for the higher end at 3578 million and lower end at 3276.21 million while the ...
Fri, 14 Oct 2016 16:24:16 GMT
Fri, 14 Oct 2016 16:11:28 GMT
Fri, 14 Oct 2016 15:55:00 GMT
Office Depot Stores Will Close On Thanksgiving This Year
- CBS Local
NEW YORK (CBS/AP) — Office Depot
Inc. says it will close its stores for Thanksgiving, after three years of being open on the turkey feast. The Boca Raton, Florida-based office supplies chain said Thursday it reached the decision after weighing both ...


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September 03, 2020
If you're over summer and looking forward to the change of seasons, then great news! Fall is coming early to Philly.
The Made in Philadelphia Fall Market will set up at Dilworth Park outside City Hall starting Thursday, Sept. 10. Last year, shoppers had to wait until mid-October to stock up on locally-made goods from the pop-up, outdoor market.
Support a variety of local small businesses by browsing and buying handmade crafts, confections, artwork and more. A rotating selection of vendors will pop up every week, so there will always be new things to check out.
The market will be open from noon to 7 p.m. on Thursdays and Fridays from Sept. 10 through Oct. 2.
In addition, Harvest Weekend, presented by Maker's Mark, will pop up at Dilworth Park this fall. It will take place the weekend of Friday, Oct. 9.
The Center City park will be festively decorated with pumpkins, hay and other autumn staples. Kids can enjoy pumpkin painting and adults can relax at the beer garden. There will be fall beverages made with Maker's Mark Bourbon and SQRRL Peanut Butter Whiskey, craft beer from Goose Island and Tröegs and a selection of fall foods. Cocktails will be available to-go, too.
Entertainment will include live music, pumpkin-carving demonstrations, circus arts and other surprises. The Made in Philadelphia Fall Market also will reopen for the weekend.
Harvest Fest will run from noon to 8 p.m. on Friday, Oct. 9, and Saturday, Oct. 10. The festivities will end early at 6 p.m. on Sunday, Oct. 11.
Masks are required for everyone over the age of 2, and social distancing is encouraged.


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The Call of Duty: Mobile developers have come out to calm fears that the release of Warzone Mobile would spell the end of the game.
The team behind Call of Duty: Mobile has made it clear that the game will continue to get new content after the release of Call of Duty: Warzone Mobile.
The reveal left many in the COD: Mobile community openly questioning the future of a game that is nearing its third birthday and whether the development would continue on the title after the release of Warzone Mobile.
Understanding the concerns, the developers have looked to bring clarity to the situation, stating that both games are "meant to coexist."
Call of Duty: Mobile Will "Coexist" With Warzone Mobile
"There has been a lot of news around Activision's next mobile title along with lots of chatter in the community about it," said the developers on September 16.
"We can assure you that the two games are meant to coexist and thrive in the same mobile ecosystem."
This will be music to the ears of those that have spent time grinding battle passes, ranked mode, and purchasing premium cosmetics, all of which could be for nothing if, on release, Warzone Mobile effectively replaced COD: Mobile.
But clearly, the developers feel that Warzone Mobile is not Call of Duty: Mobile 2 and, to be fair to them, there are good reasons for believing that.
Warzone Mobile has only confirmed a battle royale mode, and interestingly the 'multiplayer' tag was taken off the game's Google Play Store page after some had taken it meaning there would be other game modes besides the BR available.
Done! Also they removed "Multiplayer". pic.twitter.com/QO8wZclLLt— Danny (@DannyINTEL) September 14, 2022
And while Call of Duty: Mobile has a BR mode, it also has standard multiplayer and its various game modes, ranked, and the soon-to-return Zombies for players to get their teeth into.
So, two distinct offerings. One is a full-fat 120-player battle royale on the iconic Verdansk map, the other offering up that more traditional COD experience. At least that's the plan.
Warzone Mobile is not getting a global release until 2023, with many suggesting it won't be available until the summer.
It will be an interesting time, will there be a mass migration to the new title? Will COD: Mobile development, in fact, wind down? At this moment in time, we will just have to wait and see.
You can be sure of one thing though, until the COD: Mobile's future is certain, I won't be throwing quite so much cash at lucky draws.
For more COD: Mobile news and guides, check out:


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Microsoft Releases Public Beta of Live Messenger
Microsoft has launched a public beta of its Windows Live Messenger, the next-generation of its instant messenger software with a number of new communications features.
The software has been in testing since December but only by invitation. This is the first public beta, which can be downloaded from the Windows Live Ideas Web site.
One of the major features of Live Messenger is support for Internet telephony, allowing you to call someone via the Internet with the Windows Live Call feature. With the public beta, six new international destinations have been added ?Â¢â€šÃ‡Â¨â€šÃ„Ãº Austria, Belgium, Finland, Ireland, Italy and the Netherlands. Live Call already supported calls with the U.S. plus England, Germany, France and Spain.
The international calling is done in partnership with Verizon Communications. Both Royal Philips Electronics and Uniden will offer cordless phones designed exclusively for Windows Live Messenger, although they will work on both Internet and traditional land-based phones. The Uniden phone will be sold through Best Buy, according to Karin Muskopf, MSN Product Manager.
Live Messenger sports a number of improvements over previous versions as well as some new features. One of the new features, Sharing Folders, is the Nocturnal technology developed at Microsoft Research.
Full article: internetnews.com


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IIT graduates come up a with a solution to India's crop residue burning problem
It's trying times for both the government and people. Despite appeals, fines, a Supreme Court order and a central government scheme that offers stubble management machines at subsidised rates, crop residue burning continues across Punjab and Haryana, choking Delhi and enveloping the entire northern India with dense toxic smog. In fact, instances of stubble burning are also increasing in parts of central and southern India (see ‘Fields on fire’, Down To Earth, 16-31 May, 2017). Farmers say they set fire to the farm-land after harvest as it is cheaper than clearing the crop residue manually or by using machines. The practice is rampant across rice-growing belts as paddy straw is neither considered a suitable fuel nor cattle feed.
Now three graduates from the Indian Institute of Technology, New Delhi, have developed a machine that can incentivise farmers to uproot stubble. The machine, developed by Ankur Kumar, Kanika Prajatat and Pracheer Dutta, converts the hardy straw of paddy into a fibrous raw material that can be used by pulp moulding factories to prepare dispo sable cutlery. Paddy straw is rich in silica, which slows down its rate of degradation. “Our machine uses an eco-friendly chemical that can strip the straw of silica, making it supple and usable,” says Kumar. He refuses to divulge details of the chemical, saying their start-up Kriya Lab is still in the experimental stage. However, they claim the machine can convert one tonne of paddy straw into 500 kg of pulp, which can then be sold at Rs 45 per kg.
A back-of-the-envelope calculation shows that farmers can earn about Rs 5,000 by selling the pulp made from an acre (0.4 ha) of straw. The trio are confident the machine can be used to start commercially viable ventures as following government restrictions and bans on the ubiquitous plastic, there is a growing demand for eco-friendly cutlery and packaging materials, particularly the ones made from biomass waste.
Riding on bagasse and millets
The growing market for sustainable home goods in India had caught the attention of Rhea Singhal, a young graduate in pharmacology, when she relocated to Delhi from the UK after her stint as a senior sales executive at pharmaceutical major Pfizer.
“India does not have a culture of waste management. Plastic is cheap and therefore the most used material for disposable cutlery. So in 2009, when I started Ecoware, my aim was to also challenge people’s mindset and plastic’s monopoly,” says Singhal, whose start-up uses farm waste to prepare disposable tableware. With 27 distributors across the country, Ecoware’s annual turnover has now touched about Rs 25 crore.
In Mumbai, PAPPCO Greenware manufactures disposable tableware using a variety of biomass waste, which include sugarcane bagasse, bamboo fibre and wheat straw. “We source the raw materials from across India as well as from Thailand,” says Abhishek Aga rwal, founder of PAPPCO Greenware. “Within the country, our products are regularly bought by food chains and restaurants like Burger King, Starbucks, McDonald’s and five star hotels like Marriott and Hilton. We also export our products to Dubai, Portugal, Sri Lanka and parts of West Africa,” he says, adding that the company has grown 10 folds since it was established seven years ago.
Taking the concept of eco-friendly cutlery to another level, Hyderabad-based Bakeys Foods Private Limited sells “edible cutlery”. “We make our cutlery with dough made from a mixture of sorghum, rice and wheat flours, kneaded with hot water and baked in moulds,” says Narayana Peesapaty, a former researcher with the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), who started the company in 2010. “We make spoons of three varieties—savoury, sweet and plain,” he adds. Bakeys’ website claims the company plans to expand its product portfolio by introducing edible forks, soup, dessert and yogurt spoons and even crockery.
But not everybody is getting carried away by the concept. “Eco-friendly glass costs upwards of Rs 10 while I can buy a plastic one just for Rs 2,” says Akankshya Padhi, a college student in Delhi. “Though I am against plastic pollution, the cost of green products is is prohibitive for students who operate on a meagre budget of less than Rs 100 per day,” she says. Singhal admits that the immediate cost of eco-friendly disposable cutlery is higher when compared with plastic. But people must consider the health and environ mental benefits of such products while buying them, she says.
A change is in the air, and it’s only a matter of time before eco-friendly cutleries stop being the alternative and become the default choice instead. The trend beame evident in June this year when Maharashtra enforced a ban on plastic. Soon, food delivery companies Swiggy and Zomato added an option to their database which allows users to refuse disposable plastic cutlery. Swiggy has, in fact, launched an initiative that connects restaurants with makers of eco-friendly cutlery and packaging materials. As a major impetus to the change, the Indian Railway Catering and Tourism Corporation has embarked on a project to replace its plastic cutlery with cups and plates made of biodegradable material in all premium trains.
(With inputs from Tanushree Dutta)
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Last Wednesday, Donald Trump decided that China critic Peter Navarro should oversee American trade and industrial policy.
The Harvard-trained Navarro is the director of “Death by China,” a documentary you can now
suffer through watch for free on YouTube if you’re too cheap to pay for Netflix. I’ve embedded it below for posterity’s sake.
Navarro isn’t what you might call a universally respected academic. He’s had a rather peculiar career that’s seen him try everything from running for elected office to penning books on how to get rich with macro analysis to tilting at Chinese windmills. He seems to have found his niche with the latter thanks in no small part to Donald Trump, who apparently believes he has found a kindred spirit in the University of California, Irvine professor.
Whether or not Navarro knows what he’s talking about is debatable (see here for instance). As The New Yorker’s Adam Davidson wrote back in October, “Navarro’s views on trade and China are so radical that, even with his assistance, I was unable to find another economist who fully agrees with them.”
Similarly, Davidson says “Navarro is the only Ph.D. economist I was able to find who enthusiastically supports Trump.”
It’s a match made in heaven (or hell).
More than one observer has even gone so far as to suggest that Navarro’s understanding of economics is on par with that of a college freshman. But to Trump, he’s a “visionary economist.”
In any event, you don’t have to have a doctorate in econ to understand why Trump’s policy proposals for dealing with the Chinese “threat” are borderline delusional. At the most basic level, the new President is essentially proposing that we begin to dismantle global trade altogether in favor of a kind of inward-looking, neo-isolationist regime. Obviously this represents a step backwards for society and should thus be cast aside without further consideration.
But alas, it wasn’t cast aside and now we’ve got what amounts to a trade Czar -in Navarro -that actually believes in Trump’s ravings. And why shouldn’t he believe in them? After all, he inspired them!
Here are some other rather obvious obstacles to adopting a Trumpian stance on trade with China (again via The New Yorker):
Navarro’s view is not just simplistic, it is wrong and dangerous. There’s no reason to think China would acquiesce to Trump’s threats; doing so would all but guarantee that China would face an unending series of similar threats from America and others. Instead, it would most likely respond with tariffs of its own, shutting down American imports.
Navarro and Trump also assume a manufacturing universe that no longer exists. American manufacturers have shifted away from making lower-cost commodity goods and focus, instead, on more expensive, complex products, like medical devices, automobiles, and airplanes. All of those goods require a steady input of smaller, commodity components like screws and circuit boards that are made in China and other countries.
Trump and Navarro focus on America’s manufacturing-trade deficit. But the global economy has also brought the U.S. a tremendous investment surplus. Foreign governments, companies, and citizens spend much of their savings on U.S. government bonds and the stock of American companies. While this investment has not always led to benign outcomes (the financial crisis of the previous decade was, in part, caused by all that cash from all over the world seeking returns in the U.S.), shutting down global trade would, necessarily, also shut down this investment. Interest rates would skyrocket, and the U.S. would enter a painful recession, possibly a depression.
It has been an awful few decades for manufacturing workers and for many others, especially those with less education. While a good chunk of the blame should fall on our dramatic increase in trade with China, other onslaughts have contributed greatly. Workers have been displaced by technology and discouraged from getting more education because of the rising cost of public universities.
Right. These are all things that Trump either hasn’t thought about or if has thought about them, he just doesn’t care. And why would he? It just sounds so much better to shriek “China is killing us!” from the campaign bully pulpit than it does to try and explain to angry, jobless manufacturing workers why starting a trade war with Beijing is a horrible idea. The New York Times puts it quite succinctly:
A wide range of economists have warned that curtailing trade with China would damage the American economy, forcing consumers to pay higher prices for goods and services. Experts on manufacturing also doubt that the government can significantly increase factory employment, noting that mechanization is the major reason fewer people are working in factories.
Now with all of that in mind, consider the following from Citi, who explains, in four short bullet points, why a trade war would “lead to significant losses for both sides”…
- If high trade tariffs were to be slapped on Chinese exports to the US, China’s economy would slow further in the short run and the unemployment rate in export industries could rise sharply, potentially leading to social instability. As a response, China could retaliate by repatriating its US treasury holdings, sending shock waves into global financial markets.
- In addition, China’s capital controls could be tightened and even re-imposed. This would affect many US MNCs operating in China. Such disruptions would hamper consumer and business confidence through lower stock market valuations and a negative wealth effect in the US.
- Given China’s GDP size and its growing importance for US MNCs, US growth would also be affected (Figure 26).
- In the medium term, China could rely on the EU or even Japan for its technology upgrades, possibly shutting US technology firms out of China and leading to large job losses in services and the high-tech sector in the US, defeating the intention of the Trump administration to create millions of local jobs.
And Citi’s conclusion: “In a nutshell, both economies would suffer significantly in a trade-war scenario. As China still contributes 25% to one-third of global economic growth, a trade war between the largest and second-largest economies could potentially send the world economy into a recession.”
So much for making things “great again.”
Watch Navarro’s documentary below to see if you agree with one reviewer who called the film “the documentary equivalent of a raving street-corner derelict.”


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Campgrounds across the country will soon get a little more electric vehicle-friendly because Tesla is donating chargers to multiple Parks Canada locations.
A Parks Canada tweet mentions that the charging stations, which aren’t Superchargers, are going to be installed at 50 locations across the country.
The wording of the tweet makes it unclear if this means there are more than 50 parks getting chargers or 50 locations within parks. Parks Canada also runs historic sites in Canada, so it’s possible some of these locations could get chargers as well.
Tesla says that it will donate more than 50 chargers as there will be more than one charger per location. MobileSyrup has reached out to Parks Canada for more information.
While these chargers aren’t Tesla Superchargers for fast charging, they are going to be capable of charging both Tesla vehicles and electric cars that support the J1772 charging standard.
Source: Parks Canada


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As outlined in our Medium post last week the MENA region is beginning to make a significant impact on the blockchain space, and Luxcore intends to stay ahead of the curve. “Middle East and North Africa (MENA) IT spending is projected to reach $160 billion in 2019, a 1.8 percent increase from 2018,” according to the latest forecast by Gartner, Inc. MENA is also increasing its budget for blockchain spending and not surprisingly almost doubling it every year until 2021.
Looking further ahead (and including all of the African continent), the International Data Corporation (IDC) forecasts: “blockchain spending in MEA to reach $307 million in 2021, which represents a compound annual growth rate (CAGR) of 77.4% for the 2016–2021 period.” IDC goes on to indicate that the most popular blockchain use cases in 2021 will be cross-border payments and settlements, assets/goods management and identity management. These three areas alone will account for a third of MEA’s overall blockchain expenditures in 2021.
Exciting times ahead
Q2 has begun with a flurry of exciting Luxcore launches, including the stunning POS mobile wallet, integration with ivendPay and the addition of token monitoring to the Luxcore blockchain explorer. The partnership with TEQNOBLOC marks both the continuation of this progress and the start of Luxcore’s expansion into the MENA region.
Luxcore COO Guillaume Huot commented: “We are delighted to have secured a mutually beneficial strategic partnership with TEQNOBLOC. We feel their in-depth knowledge of the MENA market and experience in delivering emerging technologies dovetails perfectly with Luxcore’s plans to secure a market leading position in the region, with our enterprise-ready services and solutions. Respected market analysts suggest MENA will make a significant investment in blockchain technology over the coming years, and Luxcore fully intends to be at the forefront of that revolution”.
Hamad Sayed, CEO/Founder at TEQNOBLOC, commented:
“TEQNOBLOC’s Emerging Technology and Digital Transformation business unit is going through a phase of exponential growth especially in Bahrain, UAE, Saudi Arabia and other parts of the MENA region. We have been on the lookout for a strategic solution partner to develop and further enhance our business capabilities and service offerings in the field of blockchain technology.
Luxcore is a perfect fit for our ambitions in MENA as we continue to build our Emerging Technologies Centre of Excellence (CoE) in Bahrain. Our experience in the region combined with Luxcore’s technical expertise in building blockchain solutions ground up and blockchain-fintech products, we are confident that this partnership will solidify our stance as a premier solution provider in this region.”
You can find out more about our new partners and TEQNOBLOC here: www.teqnobloc.com
Bitcointalk — https://bitcointalk.org/index.php?topic=2422372
Please feel free to leave us your feedback as we always welcome it!
– The Luxcore Team