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The 47-day trawl ban that took effect on the midnight of June 14 and rough sea that has restricted fishing activities have pushed up fish prices, which were already high under a spell of shortage in landings in the pre-trawl ban period.
The trawl ban keeps roughly 3,500 vessels off the waters, naturally bringing down the quantum of fish landings. And, rough sea conditions have kept even the traditional boats away, further squeezing fish availability.Visible impact
The most visible impact is on the most common and sought-after sardines, the price of which has more than doubled over a year’s time. Sardine price stood between Rs.150 and Rs.170 a kg on Saturday in the retail market, up from the Rs.60 to Rs.70 a kg range during the same period last year.
Sardine landings in the country stood at six lakh tonnes during the last calendar year, bulk of which was accounted for centres in Kerala.Poor rainfall
This fishing season, however, looks weaker considering the poor rains, which may not help cool the coastal waters immediately. Cooler waters draw sardines closer to the shores, allowing traditional boats to catch them in large quantities.
Matsyafed sources said sardine and mackerel prices showed the true market condition.
Big mackerels were selling between Rs.200 and Rs.220 a kg in the retail market on Saturday.Fish varieties
The arrival of fish from Tamil Nadu and cultured fish varieties such as katla, rohu, mrigal and cat fishes have kept the prices under check but the demand for marine fishes in Ernakulam and the surrounding areas is likely to keep the market heated, sources added.
They said though imported pearlspot (karimeen) has found some favour with local buyers, varieties like tilapia are yet to catch up.
Meanwhile, price of whole seer fish (neimeen) has gone up to more than Rs. 800 a kg in the retail market on Saturday, up from the pre-trawl ban range of 550-600 a kg.


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The Numarine 60 Flybridge is making its world debut this week at the Jan. 17-25 Boot 2015, the Dusseldorf International Boat Show, and the builder said three have been sold.
The first of them is under construction, and Numarine said a hardtop version will follow later this year. The 18.4-meter (60.4-foot) yacht has a 5.15-meter (16.89-foot) beam and the same styling as others in the Turkish yard’s family line.
Flybridge 60 — conceived to have the highest volume in the 60-foot category — is drawn by Numarine designer Can Yalman, who is responsible for the concept, lines and interiors. Umberto Tagliavini is the naval architect and Gurit is in charge of the structural engineering.
The 60 Flybridge uses vacuum infusion composite construction to achieve light weight and strength. With a 35-knot top speed and a 28-knot cruising speed, Numarine said the use of less powerful engines will keep fuel consumption and maintenance costs down and give the 60 Flybridge a competitive price.
“With the Numarine 60 Flybridge, we are using an IPS motorization/transmissions,” Numarine owner and CEO Omer Malaz said in a statement.
“Using IPS is very important in space saving. It allows accommodation space to free up. Their smaller size frees up considerable space in the engine room, which in turn allows us to increase fuel tank capacity, notably increasing the cruising range. Now she can be considered a real long-range cruiser.”

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Given the economic and business impacts of COVID-19, every company is trying to figure out how best to respond and adjust their business. To help startups benchmark and share best practices, we surveyed our portfolio companies to ask about the state of their business and the changes they’re making across their organizations to prepare for both short- and long-term market shifts.
We will share more details from the 66 CEO’s who responded and the full survey in the coming days, but meanwhile, we noticed a few important takeaways about sales and go-to-market that we wanted to share now.
More than 40% of respondents expect bookings for the year to decrease by 26% or more, while 26% of respondents expect bookings to be flat or up this year. When we asked CEOs what kind of concerns they were hearing from their customers, many reported spending freezes, budget cuts, and a lack of visibility into the future.
When asked about hiring, half of the respondents are planning to freeze new hires, while 30% are hiring fewer new people than initially planned, and 16% will need to reduce headcount.
We asked if companies were implementing any payment deferral programs for customers that couldn’t pay due to COVID-19-related economic hardship. Roughly one third said yes; two-thirds said no.
Overall Shift in Sales and GTM Strategy
84% of respondents say they’ve shifted their sales strategies as a result of the COVID-19 crisis. Below are the most frequent changes mentioned:
- Pausing outbound prospecting to conserve resources for lower-risk sales, such as retaining and upselling existing customers, as well as closing near-term opportunities.
- Reducing previous time commitment requirements and pricing minimums to help buyers get to “yes” more easily.
- Building more efficiency into the collections process.
- Focusing sales efforts on industries that are less likely to be negatively impacted by the crisis. The assumptions are that hospitality and travel are unlikely to be spending at this time; respondents mentioned online learning, food and grocery delivery, and governments as potentially safer targets.
In the next few days, we will publish our full report on COVID-19’s impact on enterprise technology startups, including our methodology, more data, and resources that can be helpful during this time. Meanwhile, we hope this post is helpful. Stay well.


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Parlor Pro Tim McClellan was featured in the latest edition of Powder Magazine, stomping his way through this powder bucket on his pro model - The McFellon. This shot was taken by the photographer Brooks Curran on the second day of Stella, which many east coast skiers will remember as the highlight of last year's season.
Stella lasted 3 days and dropped a whopping 58" on parts of Vermont. Tim and Brooks were hanging out with Ski The East at Stowe, and saw a great line with a heavy powder drift. They hiked up into the notch of Mt. Mansfield, and Tim set up to drop in.
"That line was really good for showing what the storm did. In normal conditions you might have passed it over, but for shooting stills it was perfect," says Tim.
We sure are glad they didn't pass it over.


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The newly reopened Foss Waterway Seaport played host to the Tacoma Regional Convention + Visitor's Bureau's unveiling of its new brand identity for Tacoma and Pierce County on Wednesday, with more than 200 guests on hand for the event.
In addition to a new visitor-centric logo (pictured), which now includes the word “travel,” the TRCVB also publicized a new marketing campaign, titled “Fearless Exploration.” This campaign reflects the brand promise — that Pierce County is “a place to fearlessly explore a fusion of natural beauty and an accessible arts culture.”
Over the next few months the TRCVB will gradually roll-out the brand and ensure that people understand what having a brand means.
“We see our brand as who we are,” said Bridget Baeth, TRCVB's director of marketing and communications. “It’s not a logo. It’s not a slogan. It’s the total sum of words, images and associations that form the customer’s perception and helps us distinguish our destination from other cities. We hope that locals will embrace this brand and inspire others by living and sharing the Pierce County story.”
Through a storytelling approach, the TRCVB will promote travel to the region focusing on three iconic images: Mount Rainier National Park, glass art and collector vehicles.
“Brands must be unique to stand out,” said Bennish Brown, TRCVB president and CEO. “We can’t be all things to all people. In order to be memorable, we must focus on a few key messages that will capture the hearts and minds of our customers.”
The main vehicle for the new Tacoma + Pierce County brand is www.traveltacoma.com, redesigned to showcase the new blue, orange and gray color scheme.


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Client: Club Orange
Club Orange's new juicy advert is set to hit Irish screens this summer.
The viral focuses mainly on a series of bikini-clad models, rather than the drink itself - choosing to rely on the age-old adage that sex sells.
Unsurprisingly this has provoked outcry.. Is this ad a harmless tongue-in-cheek play on words? Or could this be a potentially damaging form of sexism?
Susan McKay of the National Women’s Council of Ireland told Newstalk’s Breakfast show that the ad was “tacky” and a “throwback to days we thought we’d left behind”.
Whether the ad will go live this summer still remains to be seen.


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When it comes to digital experiences, consumers value easy-to-use brand websites more than anything else, according to new research.
The poll, from digital experience company Acquia indicates that when asked what they care about most when interacting with a brand online, 65 percent of consumers stated, “a website that’s easy to find what I want” — above “interesting content” and “a brand’s social media presence”.
When pressed further about what makes a good website, the two top priorities for consumers were intuitive and easy navigation (39 percent) and being able to find what they want quickly (28 percent). This compares with less than one in ten consumers who said how a website looks is important to them, and less than one in twenty who said they care about personalised offers. The results are a stark reminder to brands attempting to deliver cutting-edge digital experiences that simplicity is still key in the mind of the consumer. While brands must deliver on key engagement enhancements like personalisation and customer journey mapping, doing so without offering simplicity for the customer is likely to weaken any digital experience.
Sylvia Jensen, VP marketing in EMEA for Acquia, explains, though, that delivering simplicity is not easy for brands: “Most marketers are now sold on the idea that digital experiences are key to success, but when you’re challenged with delivering a world-class digital experience to such a vast audience (often with different needs) on a global level, it’s no wonder brands struggle.
“There is a huge amount of complexity that goes into making a digital experience effective yet simple for a consumer. Brands therefore need all the help they can get from technology experts to marry up effectiveness and simplicity.”


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It's Friday again, folks! Cap off your busy week with the latest and hottest in the worlds of fashion and beauty.
Glossier is on a roll when it comes to releasing new products. Meet their latest offering, Lash Slick. The mascara, which is said to have taken them years to develop, claims to be great for curling — yes, curling! — your lashes and giving them volume.
Lady Gaga is reportedly the latest celebrity to jump on the cosmetics line creation bandwagon. The popstar is said to be working on Haus Cosmetics, whose trademark was filed for in February.


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Taiwan’s SYM scooters and motorcycles have become a common sight on the roads of El Salvador since the country began importing them last year, Taiwan’s embassy in San Salvador has said.
SYM scooters and motorcycles have enjoyed strong sales in Salvadorean company Grupo Humro’s 22 stores since it began importing the bikes in the middle of last year, the embassy said.
SYM products have become increasingly popular among consumers in the Central American country because of their fuel efficiency, high quality, safety and convenience, as well as the launch of successful advertising campaigns, according to the embassy.
Grupo Humro has opened a flagship store in the Santa Tecla municipality exclusively for SYM motorcycles and scooters, and has plans to import a shipping container of SYM’s Vespa models targeted at female consumers, the embassy said.
It added that Grupo Humro imports many products from Taiwan because of the superior quality of the automobiles, motorcycles, scooters and spare parts produced there, compared with those made in China, South Korea and Japan.
In addition, Taiwanese suppliers offer better delivery and other services, the embassy said.
Grupo Humbro has built trade relations with more than 10 Taiwanese suppliers over the past 15 years, according to the embassy.
The Salvadorean firm was established in 1989 and mainly sells imported motorcycles, scooters and spare parts. It posted turnover of US$12.5 million last year.


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Written byGarima Bora
Low-cost carrier SpiceJet is considering entering into major business-partnerships with two American companies, including an international-airline, and diversifying its activities beyond aviation, its chairman and managing director Ajay Singh has said.
Refraining from naming the US partners, Singh said SpiceJet is exploring an alliance with a major international carrier and also another major American company.
He said it is looking at the technology sector.
"We must hedge ourselves from the risk of being in a pure aviation business and find the businesses which are connected to aviation, So, we are looking at some new areas. We will be making announcements at the appropriate time," the airline's chief said.
Singh was addressing reporters on the sidelines of the Annual Leadership Summit of US-India Strategic and Partnership Summit (USISPF) in Washington yesterday.
"We think that that's an important space to be in the digital and technology space. We want to be in the cargo, courier and logistics business. We believe that that's going to be an important part of SpiceJet's business," Singh said.
Expanding SpiceJet to the US is not on the cards right now, Singh said, adding that the company is looking more at the collaboration in terms of improving the operating performance, and finding a new technology to improve consumer experience.
There would be some strategic understanding with US companies in the sphere of cargo and courier, he said.
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The PS5 may be just around the corner (and its support for themes has come into question after the UI reveal), but you can continue to customize your PS4 dashboard and show support for the Black Lives Matter movement with the free Black Lives Matter PS4 theme from Sony, available now.
— PlayStation (@PlayStation) October 19, 2020
The free Black Lives Matter PS4 theme is a static theme featuring the stark and simple yellow on black design seen in the image above. The upper tray changes the image to four vertical gray stripes with the characters “#BLM” across them. The theme also has custom PS4 system icons to match the yellow and black theme, though it does not feature any special sound effects or ambient background music, custom or otherwise.
Sony showed its public support for the Black Lives Matter movement earlier this year following the murder of George Floyd by police. The company postponed the planned June 4th PS5 reveal live stream for a full week, going completely silent on Twitter in order to “stand back and allow more important voices to be heard” in a time when the global conversation had turned to the racial injustices and police brutality faced by Black people. At the time, Sony also issued a statement denouncing systemic racism and violence against the Black community.
The free PS4 theme follows various efforts by other developers to support Black Lives Matter this year, including a pin and Destiny 2 theme from Bungie, in-game loading screens for Call of Duty: Modern Warfare and Warzone (its Season 4 was also delayed by a week), and custom “I Can’t Breathe” and “Black Lives Matter” shirts in NBA 2K20.
The post Free Black Lives Matter PS4 Theme Now Available From Sony appeared first on PlayStation LifeStyle.


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Over $4B in new capital deployed during September. Learn more about some of the ground-breaking rounds that shaped the NYC funding landscape.
20 new startup deals totaling $660M+ in new funding for NYC startups last week. NYC Tech News for the week ending 9/25 featuring news for Broker Genius, Chapter, Dash, and much, much more.
The Weekly Notable Startup Funding Report takes us on a trip across various ecosystems in the US, highlighting some of the notable funding activity in the various markets that we track. The notable startup funding rounds for the week ending 9/25/21 featuring funding details for Iron Ox, FLYR Labs, and seven other rounds that you need to know about.
The latest venture capital, seed, pre-seed, and angel deals for NYC startups for 9/23/2021 featuring funding details for Ocrolus, The Vendry, and much more.
24 fundings; $600M+ invested in NYC startups in the past week. NYC Tech News for the week ending 6/12 featuring news for Clair, Frame.io, and much, much more.
$114M in new capital raised across 8 deals including 5 fundings you will not read about anywhere else. The latest venture capital, seed, pre-seed, and angel deals for NYC startups for 6/11/2021 featuring funding details for Framework, Nirvana Health, and much more.
The latest venture capital, seed, pre-seed, and angel deals for NYC startups for 8/27/2020 featuring funding details for Warby Parker, Ocrolus, and much more.


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Corporate governance is inevitably an area of constant focus for financial leaders and the organisations they serve. Yet over the course of the last 12 months, a series of corporate scandals and organisational collapses of cataclysmic proportion have totally redefined the critical role effective governance has to play within the global business ecosystem. More important still, the major corporate failures that plagued markets in 2018 serve as a terrifyingly real cautionary tale for organisations hoping to escape similar ruin.
In order to draw valuable lessons from corporate scandals gone by and learn how to prevent similar catastrophe, it’s worth first examining three of the biggest collapses that rocked the UK in 2018 – and believe it or not, those three scandals shared a dizzying array of common factors and failings.
Not too big to fail
Last year’s tumultuous series of corporate scandals began with a bang following the collapse of Carillion. The British multinational facilities management and construction giant was the UK’s second largest building and outsourcing provider prior to its fall. At its height, Carillion was listed on the FTSE 250, had been raking in an annual £5bn worth of revenues and employed around 43,000 workers across the globe.
Unfortunately, things looked a lot healthier for the construction giant from the outside looking in.
According to Parliament’s post-mortem, the UK’s Financial Reporting Council (FRC) first raised concerns about Carillion’s future in 2015 while conducting a regular review of the company’s accounts. The FRC highlighted 12 potential problems with Carillion’s books, ranging from a lack of clarity in goodwill assumptions to a non-existent explanation on the major decline in Carillion’s book-to-bill ratio. Banks saw the warning signs, too, and warned investors to expect a profit shortfall because of Carillion’s overreliance on reverse factoring.
Yet for whatever reason, huge tenders continued to go to Carillion, HMRC agreed to defer £22m in tax liabilities and the company’s unqualified accounts continued to be signed off until March 2017 – when its dire financial position finally unravelled. Within the span of just nine months, Carillion issued three profit warnings, disclosed £845m worth of write-downs, had 39% wiped from its shares and lost its CEO. On 15 January 2018, Carillion was pushed into compulsory liquidation – by which time the company had racked up debts of £1.5bn with less than £30m left in the bank.
So, what went wrong? There were several key areas that led to Carillion’s decline, and the first was board performance.
With the gift of hindsight, it’s fair to say Carillion’s board failed to adequately manage the company’s principal risks by allowing it to take on high debts while trading on low margins. It’s also been questioned whether the board had a firm grasp of Carillion’s contract risk management and its razor-thin risk-reward equation. In terms of viability, authorities have since particularly called into question the company’s stress-testing procedures of cash flows to demonstrate viability.
More crucial was the board’s insufficient handling of annual reporting and accounts – including revenue recognition on significant contracts, massive carrying value of goodwill and alternative performance measures.
“There were pretty clear warning signs that the debt levels of the company were increasing, and that operating cash flow was completely used to pay dividends – leaving nothing for future investment,” explains Daniel Bens, Professor of Accounting and Control at INSEAD.
“This was clear to an outsider and therefore should have been evident to the Board who could have pressed management for more information on the sustainability of the situation.”
MPs raised concerns following the wake of Carillion’s demise regarding the repeated clean bill of health handed to the company as part of regular but unqualified audit reports – with the FRC going on to investigate the lack of red flags in subsequent audits concerning Carillion’s revenue recognition and accounting for pensions.
Similarly, internal auditing likely failed to include modelling in relation to capital and liquidity risk, which could have potentially raised the alarm quicker.
Pension woes and black holes
Before delving into the frantic final days of British retail institution British Homes Stores (BHS), it’s worth pointing out the iconic department store chain began its slow and painful demise long before 2018.
Founded by American entrepreneurs in 1928, the UK high street staple enjoyed generations of success and even sat on the FTSE 100 until it was purchased by retail magnate Sir Philip Green in 2000 and taken private. Green subsequently sold the chain to his family-owned Arcadia Group for £200m, and BHS actually enjoyed several years of profit and a pension scheme that was in surplus after the sale. But according to a damning report compiled by Westminster’s Work and Pensions and Business, Innovation and Skills Committees, this seemingly profitable and healthy business was effectively sucked dry by Green’s team.
Following their investigation, MPs asserted the board allowed for abnormally high dividends to be taken out of the business between 2002 and 2004, equating to around £423m off the back of just £208m worth of income. While Green has since argued this wasn’t unprecedented, it’s been pointed out BHS dividends were around twice the proportion of net profits attributable paid out by competitors like Primark or M&S.
While shareholders of the private company were enjoying questionably large dividends, further cash was extracted from BHS through the sale of property. In 2001, Green sold ten BHS stores to a Jersey-based property company owned by his wife as part of a sale-and-leaseback arrangement that saw the company pay more than £153m in rent to Green’s family firm. These buildings were ultimately resold to BHS in 2015 for £70m after Green decided to hand over the floundering and underinvested retail chain to Dominic Chappell for the cost of just £1.
Chappell had no retail experience and took on BHS with a pension scheme in deficit. Chappell’s team had no funding to bring to the deal either, no equity and MPs claimed Chappell took on no personal risk as part of the transition arrangement. As a result, Green was lambasted for agreeing to sell BHS to Chappell in the first place. Meanwhile, subsequent investigations found Chappell then personally removed £2.6m from the failing business alongside a £1.5m family loan.
In the end, BHS lasted just 13 months under Chappell’s leadership before it entered into administration. Against all odds, part of the chain crawled on for another two years after the Al Mana Group scooped up the chain’s digital business – trading online until June 2018. As part of the retail giant’s slow death, 11,000 workers lost their jobs and the future of some 20,000 pensioners was thrown into uncertainty as the result of the company’s flatlining pension scheme.
The BHS pension scheme was ultimately rescued in July 2018 after a specialist insurer agreed to buy out its £800m worth of liabilities. Yet as the media focused on the uncertain future of former BHS employees, the rapid decay of a similarly iconic British high street staple was beginning to spread, too.
Patisserie Valerie opened in Soho in 1926, and over the course of several owners and nine decades swelled to a chain of 192 bakeries across the UK. Patisserie Valerie’s success was totally meteoric, with rapid expansion taking place only in the last decade of its life – but the fast-rising star shattered in October 2018 when it was abruptly announced trading in shares of parent company Patisserie Holdings was to be suspended because of material misstatements in the company’s accounts
The board later conceded there was a £20m blackhole between the chain’s reported position and the company’s actual financial status – and told shareholders without an immediate cash injection, the directors would need to shut Patisserie Valerie down. Within a matter of hours, a rescue plan was agreed in which the company would borrow £20m from chairman Luke Johnson and sell 31m ordinary shares to raise further capital.
Yet after news of accounting fraud continued to surface concerning alleged unreported overdrafts of almost £10m, along with the launch of multiple investigations and a failure to secure a more sustainable lifeline from banks, Patisserie Valerie fell into administration on 22 January 2019 – leading to the immediate closure of more than a quarter of stores and 900 job losses. Mike Ashley’s Sports Direct made a bid for what remained of Patisserie Valerie in February 2019, but administer KPMG rejected the offer as insufficient.
Picking up the pieces
At first glance, the respective corporate scandals at Carillion, BHS and Patisserie Valerie appear fairly disjointed. Each disaster took place in starkly contrasting industries under seemingly unique circumstances. Yet there are actually a number of gaping common factors shared by each collapse – and there are valid lessons financial leaders can draw from those commonalities to escape falling into a similar trap.
First and foremost, it’s fair to say each corporate scandal was facilitated by inadequate auditing – both internally and externally. The FRC launched an investigation in November into the behaviour of Patisserie Valerie’s auditors Grant Thornton, whose whose chief executive appeared before MPs on the Business, Energy and Industrial Strategy (BEIS) Committee in January 2019 and transparently argued it wasn’t actually the role of auditors to look for fraud in the first place.
Just like Carillion and BHS, auditors failed to pick up on what should have been repeated red flags because of their limited remit – and similarly, subsequent work carried out by forensic accountants in the case of Patisserie Valerie demonstrated a clear lack of internal controls in terms of quality assurance. These factors are precisely why UK politicians are now pushing for regulatory changes to create a more active auditing regimen, including the monumental task of potentially breaking up the Big Four accounting firms.
“Misleading audits have been at the heart of corporate failures over recent decades. Recent accounting scandals at BHS, Carillion, and at Patisserie Valerie have shown accounts bearing closer resemblance to works of fiction than an accurate reflection of the true financial performance of the business,” BEIS Committee chair Rachel Reeves said following the launch of the ongoing enquiry.
Yet 2018’s top corporate scandals extended far beyond insufficient audits or quality controls. According to INSEAD’s Professor Bens, passive and weak board management undeniably helped to seal the fate of both BHS and Carillion.
“In the BHS and Carillion case, more active Board of Director management was necessary to link financial outcomes to very competitive environments. That is, when a company is in a highly competitive setting, the Board must review the financials carefully because the margin for error is so small,” he says.
“The board should be asking how the competitive actions management takes will realistically lead to future cash flows. They should not just take the past outcomes as given and be happy if an internal accounting target is met.”
Although it’s hugely unlikely the global business space will ever inhabit a realm of “zero defects”, it’s important to note there are several proactive steps financial directors can take to mitigate many of the ongoing risks that facilitate poor corporate governance – and one of the simplest preventative measures is to combat groupthink and inactivity at the board level by incorporating non-executive directors (NEDs).
“Broadly speaking, there is often a lack of skills at board level,” says Jean-Phillipe Perraud, General Director of NEDonBoard, the professional body for non-executive directors and board members.
“The unfortunate collapse of Carillion has had the merit to raise awareness of directors’ duties and liabilities and has highlighted the importance of non-executive training and professional development.”
According to Perraud, truly independent NEDs paired with more effective corporate governance could possibly have saved BHS, Carillion and Patisserie Valerie from eventual collapse. Effective NEDs ask difficult questions, don’t approve unsustainable dividends and both support and challenge executive teams to create stronger and more informed leadership.
The ripples of 2018’s formidable corporate failures are far-reaching, and will undeniably continue to affect former stakeholders, impact pensioners and motivate lawmakers to create change across 2019 and beyond. As those changes continue to evolve and materialise, it will ultimately fall upon financial leaders and the organisations they serve in order to draw crucial lessons from these scandals and avoid a similar fate.
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DETROIT - General Motors Co. said yesterday that it will keep most of its U.S. factories open through the normal two-week summer shutdown to meet demand for some of its vehicles.
The automaker will keep nine of 11 assembly plants open to make 56,000 more vehicles that are in high demand, such as the Buick LaCrosse luxury sedan and the Chevrolet Traverse large crossover vehicle.
With the assembly plants open, most of the component plants will be too, including two in northwest Ohio. No shutdowns at either Toledo Powertrain, which has 1,400 workers, or Defiance Powertrain, which has 1,350 workers, are planned this summer, a GM spokesman said.
GM said in a statement that the company is trying to reduce waiting time for dealers and customers to get vehicles.
Assembly plants that will stay open from June 28 to July 9 are in Arlington, Texas; Bowling Green, Ky.; Fort Wayne, Ind.; Hamtramck, Mich., Kansas City; Flint, Mich.; Delta Township, Mich.; Lansing, and Wentzville, Mo.
Automakers traditionally shut plants for short periods in the summer - one to two weeks - while switching production of model years and to manage vacation time.
The company has kept some locations open during the shutdown, but spokesman Kimberly Carpenter said GM is keeping far more open this summer than it has during recent years. To help meet the increased demand, GM is also expected to increase the staff of temporary workers, she said.
GM is recovering from a tumultuous 2009, when it filed for bankruptcy and accepted nearly $50 billion in federal aid. Its sales have rebounded in recent months, including a 17 percent rise in May. That was fueled by models such as the Buick LaCrosse, which posted a 212 percent spike in sales last month.
The two GM assembly plants that will have a shutdown are in Lordstown, Ohio, and Shreveport, La. The spokesman said the Lordstown plant needs time to change over from the Chevy Cobalt to the Chevy Cruze models. The Shreveport facility recently lost production when the Hummer brand was discontinued, and it makes a small pickup that is not in high demand.
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If you have been attentive to the recent cracking of the Hacking Team company, then you also know that reference is to the material that has leaked multiple vulnerabilities in Adobe Flash Player. The known plugin, widely used on the network to display multimedia content takes time on everyone’s lips. In fact, some companies are failing to give support due to the inconvenience involved.
Of course, from Adobe they are working on making both performance and security software are maximal. Knowing the last holes that have been discovered, the team has to work in order to launch a new version of the gourd. The numbering 126.96.36.199 is already among us. And we know its goal: Protect users from attacks that are being made. Continue reading Flash Player 188.8.131.52 comes to solve security issues
The race to make the best virtual assistant has begun. Since a few weeks ago we are witnessing a rather particular panorama: the see how several companies are working on such programs, designed to make life easier for users. Google, Apple and the most popular businesses have already been put to work. But, of course, in all of this is missing a name: Facebook.
The company’s social network seemed unwilling to enter this industry, but recent reports have denied a task that is already immersed a good team of programmers. As we have seen recently, Facebook is working on a virtual assistant for mobile phones, Moneypenny, a feature that will be included in Facebook Messenger. Continue reading Moneypenny, the virtual assistant who is working on Facebook
No matter that the launch of Windows 10 is a month away. Microsoft is still working on that and it is considered one of the most interesting versions of Windows market. It will be available next July 29, so the final touches are being put in place. Even the proper characteristics of the package.
Since a few days ago we have available the Build 10158 (are the links to download the 64-bit version at the end of the entry), which can get their hands on the latest operating system features. There are not many surprises. Most of the changes are related to the stability and quality of services offered, plus some GUI related settings. No significant developments. Continue reading Download the new Build 10158 for Windows 10
Download content using P2P networks is increasingly dangerous. A few years ago we could do it with total disregard. However, the law has progressed and some countries do this is punishable by fines of different amounts. It is clear that many users avoid carrying out the activity.
Of course, there are many groups who are working to bring the contents to peer networks. The bad thing is that behind some of these contents lie the popular anti-piracy companies, dedicated to check the IPs that are downloading files, and then proceeding to fine users. Continue reading TorrentTags warns you of the torrents that can be dangerous
As you take your new LG G4 out of its box, two things will run through your mind. First, you’ll feel excitement for all of the things you can do with this amazing mobile phone.
Second, you’ll realize you’ll need to protect your investment. With advanced processing powers, a delicate yet powerful camera, and a 5.5” IPS Quantum display, your LG G4 is a fragile (yet powerful) piece of technology, and it needs all of the protection it can get. In a LG G4 skin, your phone will get all of the protection it needs and more. Continue reading Protect And Stylize Your New LG G4 With An Awesome Skin
Regardless of the type of business you have or you’re just starting out, the use of social networks is vital today. Never before have had companies been able to approach their customers in such a short time, to reach potential buyers in different parts of the world and even to know what others in your industry are doing, all with a click.
Communication with customers is a key factor in any marketing strategy and with the advent of social networking the various barriers between companies and customers have been disappearing gradually. Continue reading 18 Top Networking Sites for Startup Founders
One of the requirements that had Facebook Messenger was obliged account on social networking site Facebook, in case we wanted to use it. This meant a limit quite important for large number of users, and they were forced to have to register on the official website to use the application. In fact, there have been many who have been left out.
However, the Mark Zuckerberg company’s has managed to handle the situation and offer a solution to all users. With the latest update you can use the program with the need for a single active phone number. The difference is considerable. Continue reading Now you can use Facebook Messenger without Facebook account
With the advent of digital, many have been those who have tried to dispense as far as possible from the known physical disks. Take up space, they are limited and not particularly comfortable when storing information or having to move them. It has also caused many problems: for example, to install some programs are forced to use them.
With Windows 10 will get benefits even in the way it is distributed. Although the physical format is interested in the guys from Microsoft, they also want users who don’t have readers from accessing the expected package. For example, the operating system can be downloaded from the official website of the company, giving new possibilities. Continue reading You can buy Windows 10 in a pen drive
Office 2016 has become a highly anticipated office suite. It is currently in a beta version, but it works correctly, it still has some bugs and features to come. People are getting used to their presence, but there is still plenty of work ahead.
It was a few days ago when Microsoft announced that Preview Office version already have one million users between versions of Windows and Mac. A very important figure. In fact, they have released a new update that includes a variety of features, each more interesting. It is better to take a look. Continue reading Office 2016 gets an update with new features
Many small business owners think that mobile apps are only necessary for large brands. However, as an ever-increasing number of people are using their mobile devices to surf the web having a mobile app makes good sense for any business, regardless of its size.
Many small businesses today have their own mobile apps including mom and pop corner stores, coffee shops, beauty salons and even dental practices. All these businesses are one step ahead of the crowd when it comes to marketing so you’d better get on board as well. Here are some compelling reasons why mobile app development is a big deal in the world of small business and why you should have your own dedicated mobile app. Continue reading Why You Need a Mobile App For Your Small Business


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The battle of the smartphones has found its way into car infotainment systems over the past few years. As more and more manufacturers are integrating our mobile devices, developers are taking notice and have been updating their platforms to conform with the latest trends and user feedback. Late last month, it was Waze that brought its app into seamless connectivity with Apple CarPlay.
Google also updated its Android Auto application recently, and it aimed at making the interface easier and more efficient to navigate while driving, cutting down on the likelihood that any notifications or on screen elements that are mirrored on your car’s infotainment screen become distracting. These slight changes are also to improve the user experience when playing music and receiving messages.
While music is playing in your car via Android Auto, you can now select new artists, albums, and tracks quickly because of a larger album art design and a slightly tweaked, easier-to-maneuver interface layout. Google Assistant-powered search results when browsing music have also been improved, so you can be more genre or time period specific when utilizing voice commands, getting better categorized results.
For messaging, Google is adding a new feature that will preview a snippet of a new text overlaid over an existing app like the music playback or Google Maps apps, but only when the car has come to a complete stop. When driving or in the event you don’t want to pick up your phone or cycle through a different app manually using the car’s console, you can just see the message pop up without a preview text. For those worried about sensitive messages appearing for everyone in the car to see, Google is making this notification feature optional through the Android Auto settings menu.
It’s cool to see how car manufacturers and app developers have realized the importance of being connected at all times, and factor in a user experience that’s safer and easier to manage.
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While the tough economic times mean businesses are cutting back on all non-essential event spending, the event budgets of professional and industry associations are more likely to hold steady.
The CEO of Adelaide-based Connecting Up Australia has been recognised for his innovative approach to closing the digital and economic divide in Australia.
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New statistics have just been released by NACHA that reveal valuable insights into the growth of ACH transaction volume in the U.S. According to the organization, B2B transactions are the driving force of ACH transaction growth in the third quarter of this year. So much so that NACHA Chief Operating Officer Jane Larimer describes the ACH Network as “thriving”.
The ACH Network is at the center of commerce in the U.S. It enables moving money and information from one bank account to another through Direct Deposit and Direct Payment via ACH transactions. Each year, the ACH Network moves more than $41 trillion and 24 billion electronic financial transactions.
“Governments, financial institutions, businesses and consumers are all reaping the benefits the ACH Network provides,” Larimer said in a statement. “More people than ever are benefitting from Same Day ACH. With the enhancements to Same Day ACH, the ACH Network is delivering the capabilities requested by corporate end users.”
As Same Day ACH functionality continues to expand under the direction of NACHA, it is a little unclear how small and medium-sized businesses (SMBs) are going to embrace the faster payment capability. On the other hand, the major part ACH plays in growing part of businesses’ accounts payable – and other payment operations – is pretty obvious. Industry service providers are also pushing corporates further away from paper checks.
According to experts, ACH is easily the most popular ePayments rail option for B2B transactions in the U.S. today. However, these recent statistics have also shown that they are no the only one. This new data has shed some light on how SMBs are also using other payment rails, like cards and wire transfers.
The following are a few of the key takeaways from this recent research:
- 896 million B2B ACH payments were completed in Q3, according to the new NACHA release. This signifies a 10 percent year-over-year increase in volume of B2B ACH transactions.
- 94 percent of corporates surveyed by The Clearing House shared remittance information included with wire transfer payments is valuable. Nearly two-thirds described this feature as “very valuable”.
- 24 percent of small businesses said they carry a balance on their credit cards from month to month.
Does your small or medium-sized business need more information on the benefits of ACH electronic debit? Consider working with an alternative payment processor that can help your business setup the multiple payment processing options it needs to grow and thrive.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high-risk payment processing company eMerchantBroker. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.


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Mich Ultra debuts fruity beer and Priceline sidelines Shatner (again): Marketer's Brief
AB InBev keeps introducing new varieties of its hottest beer
Welcome to the latest edition of Marketer's Brief, a quick take on marketing news, moves and trends from Ad Age's reporters and editors. Send tips/suggestions to [email protected]
Anything Starbucks does seems to get a lot of attention. So it'll be interesting to see how consumers react to the coffee chain's rewards program changes. Find out more on that below, along with details on who is starring in Priceline's newest campaign. But first, some beer news.
Anheuser-Busch InBev is launching yet another Michelob Ultra line extension as it seeks to leverage its most successful brand.
Hitting stores this month is Michelob Ultra Infusions, a fruity take on the low-cal beer. The first variety is called Lime & Prickly Pear Cactus. It follows last year's debut of Michelob Ultra Pure Gold, which is marketed as containing organic grains. The infusions line will be supported with a campaign hitting later this spring.
And in other beer news …
D.G. Yuengling & Son, which bills itself as America's Oldest Brewery, is out with its first new year-round brew in 17 years. The beer, Yuengling Golden Pilsner, was created by Yuengling's sixth-generation family members: Jen, Debbie, Wendy and Sheryl Yuengling. The brand is backing it with a new campaign from Chicago-based Laughlin Constable called "Make Your Day Golden." Below is one of the spots.
Shatner takes the backseat
It's spring-break season, and the travel agencies are ramping up the marketing. Earlier this month, Orbitz returned to TV for the first time in nearly a decade with a campaign from Havas Chicago. Now, Booking Holdings-owned Priceline is rolling out work, its first with new creative AOR Grip Limited, based in Toronto. The first spot, which stars actress Kaley Cuoco, hits on some familiar joke fodder like family reunions, barbecuing sports fans and romantic pottery sessions.
Priceline had been fronted by William Shatner. The actor has a way of coming back, though. The brand killed off his "Negotiator" character in 2012, but then quickly resurrected him. He was in Priceline ads as recently as last year. "While Kaley Cuoco is now the Priceline spokesperson, we do indeed still have a relationship with Mr. Shatner," Priceline stated.
Schultz-less Starbucks plots new moves
Starbucks is making a slew of announcements this week that show how it's moving on sans Howard Schultz, who's exploring a presidential run. Changes include updates to its 10-year-old rewards program. Starting in mid-April, members can redeem smaller amounts of "stars" (aka points) for goodies like extra espresso shots or brewed coffee. But it will take 150 stars, up from 125, to snag a free handcrafted drink. Savers of stars can redeem 400 of them for certain merchandise or packaged coffee.
The company also announced updates with a focus on "convenience, comfort and connection," hinting at technology and product innovation, and updated store formats. It's also investing $100 million in Valor Siren Ventures I L.P., a new fund for next-gen food-and-retail startup technology companies. Starbucks will look at forging direct commercial arrangements with the startups. It also says the fund will look to raise $300 million more from other strategic partners and institutional investors. Valor Equity Partners, the investment firm managing the fund, has previously invested in companies including goPuff, Fooda and Sizzling Platter.
McDonald's delivery, now available in couch form
McDonald's and La-Z-Boy are giving away a couch meant to promote McDelivery with Uber Eats. It's made for a dedicated McDonald's fan, and features chillers for McFlurrys, phone chargers, light-up cup holders, adjustable seats (it is a La-Z-Boy, after all), stain-resistant white fabric and, if the logos on the couch weren't enough branding, a McDelivery with Uber Eats blanket.
Get those fascinators ready
Quicken Loans is getting in on some Kentucky Derby action. The Detroit-based mortgage lender is running a sweepstakes with Churchill Downs, the Kentucky racetrack, in which it will send 20 winners to the May race. Each attendee will be assigned a horse and if that horse wins the race, the person will get $250,000 that can be used toward a new home.
Would you buy this?
The P'Zone is back at Pizza Hut, with the comeback of the calzone-type item timed to coincide with the chain's NCAA March Madness campaign.
Number of the week
29 percent: The share of all footwear purchased online last year. E-commerce in the category grew faster last year than in-store purchases, according to NPD Group Inc.
Tweet of the Week
Contributing: Jessica Wohl, Adrianne Pasquarelli, E.J. Schultz


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BERLIN -- As Germany tries to exert more authority over the widening auto industry emissions scandal that began with Volkswagen Group, it's finding not all carmakers are so keen to cooperate.
Fiat Chrysler Automobiles snubbed the German Transport Ministry's efforts to question the automaker and in doing so won the backing of Italian authorities.
The dispute came to a head Thursday when Fiat refused to attend a meeting with German Transport Minister Alexander Dobrindt to discuss emissions and his Italian counterpart told Dobrindt to essentially leave Fiat alone.
The Italian transport ministry said Fiat is cooperating with them.
"Fiat, whose models are all certified in Italy, is fully available to give to our authority all the information needed about its emission testing policy," Italian Transport Minister Graziano Delrio wrote in a letter to Dobrint. "We should start an official dialog between our authorities on emissions as required by European rules, rather than continuing to discuss directly with the manufacturer."
Dobrindt criticized Fiat for not showing up for Thursday's meeting. "This uncooperative behavior of Fiat is completely incomprehensible," the minister said, adding there were concrete allegations about irregular emissions of Fiat cars.
An investigating committee of the ministry has doubts on whether Fiat is meeting all requirements of type-approval legislation for its vehicles, he said. "It would be appropriate if Fiat would take a stand on this in front of the investigating committee," Dobrindt said.
The German KBA motor transport authority will now send documentation with measurement results to its Italian counterpart. "The Italian authorities must consider whether the rules have been respected," Dobrindt said.
European Union rules give national governments responsibility for type-approving new vehicles before they can go on sale. A type approval in one EU country is valid throughout the 28-nation bloc.
Opel 'shut-off' device
Fiat is among several carmakers that are currently under scrutiny for emission levels. The German environmental lobby group DUH claims that the Fiat 500X 2.0-liter diesel variant has NOx emissions far above legal norms.
On Wednesday, Dobrindt said that General Motors' Opel division admitted that its Zafira minivan includes engine software that switches off exhaust treatment systems under certain circumstances.
A German investigating committee that met Opel officials asked them to provide it with more information to help with their investigations into emissions.
Opel issued a further statement today saying that its engine control systems comply with regulations and it does not use "defeat" software. Opel said concerns raised by politicians and green groups are based on "misleading oversimplifications and misinterpretations" of how emissions control systems work.
The auto industry’s credibility has been strained following Volkswagen's September admission that it rigged diesel-engine software to pass official tests, prompting Germany to set up the commission.
However, the allegations against Fiat and Opel are distinct from the scandal involving Volkswagen, which concerned the rigging of exhaust emissions tests as opposed to exhaust treatment systems being shut down under certain conditions.
Dobrindt said he wants to change European rules that "allow carmakers to hide behind the argument they are protecting their engines" instead of forcing them to upgrade them to comply with state-of-the-art technology.
The Brussels-based lobby group Transport & Environment has called for the EU to set up a single, independent authority to test vehicles in the bloc similar to the U.S. government's Environmental Protection Agency, funded by a levy from vehicle sales.
The current spat between Italy and Germany is the latest in a number of public disputes between Fiat Chrysler CEO Sergio Marchionne and the German auto industry.
Marchionne had a showdown four years ago with then-VW CEO Martin Winterkorn -- who had to resign in 2015 over the emissions scandal -- during the Paris auto show.
The two were feuding over Marchionne's leadership of a regional industry group, prompting both automakers to threaten to resign from the organization. They eventually patched things up on that matter but continued to jab one another about VW's interest in buying the Alfa Romeo brand from Fiat, something Marchionne repeatedly said will never happen
Bloomberg and Reuters contributed to this report


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The 2021 Chevrolet Tahoe brings a complete overhaul for the full-size SUV nameplate, dropping in as a fifth-generation vehicle. Production has been ongoing for the past few weeks, and now, GM Authority has learned that roughly 8,300 units of the vehicle have been shipped to dealers as of the end of last week.
The all-new Tahoe debuted back in December, and features a new architecture, an independent multilink rear suspension, fresh styling, a redesigned cabin, and a long list of technology features. The latest Tahoe also offers a new engine lineup with the addition of the turbodiesel 3.0L I6 LM2 Duramax, which has late availability. Check out our intel page (linked in first paragraph) for a complete list of changes, updates, and features.
Production kicked off June 26th at the GM Arlington Assembly facility in Texas. Production of the next-gen 2021 Chevrolet Suburban kicked off at the same facility yesterday, July 13th. GM started retooling efforts began in early May following the end of production of GM’s previous-generation full-size SUVs.
As we covered earlier in the month, units of the 2021 Chevrolet Tahoe started rolling into dealers in July. Both the 2021 Chevrolet Tahoe and 2021 Chevrolet Suburban offer Adaptive Air Ride Suspension as an available extra for the off-road-oriented Z71 trim and range-topping High Country. Magnetic Ride Control is automatically added on both trims when opting for Air Ride suspension. However, on the Premier trim, Magnetic Ride control is standard, while Air Ride Adaptive Suspension is not offered.
The all-new 2021 Tahoe starts at $50,295 for the base-model LS, the same price as the previous model year. Above the LS trim is the LT starting at $55,095, followed by the Z71 (only offered with 4WD) at $60,495. The RST is $61,065, the Premier trim is $63,895, and the High Country is $70,895.
Which 2021 Chevrolet Tahoe catches your eye? Let us know in the comments, and make sure to subscribe to GM Authority for more Chevrolet Tahoe news, Chevrolet news, and around-the-clock GM news coverage.


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Apple announced watchOS 7 during its 2020 WWDC keynote and released it to the public in the fall. Updates included improved dictation and translation features through Siri, custom cycling directions, and the ability to share watch faces with others.
● Released in Fall 2020
● New watch faces
● Shareable complication configurations
● Sleep monitoring
● Supports Series 3 and higher
● Handwashing timer
● Mobility metrics available to app developers
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The updates featured in watchOS 7 focused on health and social updates. Significant changes include handwashing timers, sleep tracking, and mobility metrics. Apple Watch Series 3 and newer can migrate to the update.
watchOS 7 Features
Apple tends to add only a few features to watchOS each year, which are usually dependent on new hardware. Since the Apple Watch Series 6 added Blood Oxygen detection and better processing power, the operating system took that into account.
In the new update, users track their sleep with Apple Watch. Apple has chosen to take a holistic approach to sleep health, giving users the tools to set up healthy sleep routines, meet their sleep goals, and get better sleep.
The Apple Watch tracks users' micro-movements via the accelerometer to monitor sleep. In the morning, users see a chart of their sleep habits on both their iPhone and Apple Watch.
A new feature, dubbed Wind Down, allows Apple Watch and iPhone users to create customized bedtime routines. These routines may include dimming the lights, listening to soundscapes, and activating a favorite meditation app.
With the ongoing coronavirus pandemic, good hygiene is more important than ever. New to watchOS, Apple Watch automatically detects when you're washing your hands and encourages you to wash them for at least 20 seconds.
The Health app on the iPhone will show the frequency and duration of the user's handwashing and provide helpful tips for limiting the spread of disease.
watchOS 6 saw the introduction of the Noise app, which aimed to protect users' hearing by monitoring ambient noise and alerting users when hearing damage could occur. Apple is now expanding its dedication to hearing health by alerting users when audio played through headphones is too loud.
If a user reaches the weekly limit for safe listening — about 40 hours of audio played at 80 decibels — they will receive an alert on their Apple Watch, and the sound will be turned down. Users will also be able to see how long they've been exposed to high decibel levels for the week and set maximum volume levels for safe listening.
The Apple Watch has always been a health-forward device, and with the latest OS change, users are getting a new way to close their rings. Apple Watch can track dance workouts, core training, functional strength training, and cooldowns. Apple Watch will combine data from the heart rate sensor and accelerometer to track calories burned while dancing accurately.
watchOS 7 also supports the upcoming Fitness+ service, which streams prerecorded workouts that integrate Apple Watch data.
The new update also brings new mobility metrics to the Health app, including low-range cardio fitness, walking speed, stair speed, walk distance, step length, and gait asymmetry. While Apple does not appear to have a first-party app in the works for the mobility metrics, developers will be able to use them for their own app projects.
Apple Maps has been expanded in the update, with the ability to receive turn-by-turn directions that prioritize cycling paths. Cycling directions are large, easy to read, and prompt users when they encounter steep inclines or stairs. Users can even choose to avoid stairs altogether.
New complications and Watch Face Sharing
The update brought several new features and faces to the Apple Watch. The new Chronograph Pro watch face includes a tachymeter to calculate speed based on the time it takes to travel a fixed distance.
Developers can allow more than one complication per app on a single watch face, too. Apple gave the example of Glow Baby, which allows parents to track multiple things, such as breastfeeding, bottle-feeding, diaper changes, and nap times all from a single watch face.
Users can share their Apple Watch faces the same way they share Shortcuts. If you see an Apple Watch layout you like, the creator has the option to share it via a URL or Messages. If you wish to share your watch faces, you'll be able to long-press it to bring up an option to share it with others.
Apple has also announced that its editorial team will be curating Apple Watch faces for interested users. Curated faces are available in the Apple Watch App Store.
Force Touch Discontinued
Following Apple's removal of 3D Touch on iPhone, Force Touch did not migrate to Apple Watch in watchOS 7. Not only do the latest Apple Watches not support it, anyone who updates their watch to the next operating system will lose support for Force Touch as well.
Force Touch allowed wearers to press on the Apple Watch display to access additional controls, such as swapping out watch faces.
Choosing to drop the support for Force Touch across all Apple Watch models ensures that all wearers have a consistent experience regardless of hardware. Support is removed after updating to watchOS 7.


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Focused on giving its clients and partners a great and applaudable experience, world-known digital payments giant, Visa, recently launched an innovation studio in Kenya.
The hub is the first Visa Innovation Hub in Africa and the sixth globally, with others stationed in countries such as Dubai, London, Miami, San Francisco and Singapore.
The goal is to bring developers, Visa’s internal and external clients, and other partners together, to jointly build innovative payment and commerce solutions
“Sub-Saharan Africa is a fast-growing region with a tech-savvy population. As we continue to grow digital payments adoption in the region, our aspiration is to deepen our collaboration with clients and partners in developing solutions that are designed around the unique needs of Africa,” said Aida Diarra, senior vice president & head of Visa in sub-Saharan Africa.
“As a brand built on technology, Visa has driven the major technology advancements that make electronic payments what they are today. We are confident that the innovation studio will continue that legacy and cement sub-Saharan Africa’s position as a leader in creating out of the box solutions to deal with our most pressing challenges as a region,” Diarra pointed out.
Visa has previously used its existing innovation hubs to design products for the African market, including a collaboration with Nigerian Fintech Paga to develop new merchant acceptance solutions involving QR codes and NFC technology.
Also fostered in Visa’s other innovation labs was a recent partnership with Kenya’s Safaricom allowing the telco’s 150,000 mobile money (M-Pesa) merchants to accept card payments.
Across Africa, both local and multinational corporations, as well as governments, are taking cue to launch such innovation centers as a means to developing new products through collaborations and to remain globally competitive.
Organizations such as Cisco and Philips also run similar labs in Nairobi, while the Kenyan government is building a technology city, Konza City, to drive innovation in the country.
Meanwhile, numerous innovation hubs have opened up in Africa’s startup capital, Nigeria, with concentration around Lagos, the country’s cultural and commercial center, and home to the continent’s greats like tech-jobs network Andela, payments company Flutterwave and e-commerce platform Jumia.


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Using Google’s API for its breakthrough new wearable computer technology, Google Glass, Trulia is building an app for the device that will give consumers a new way to shop for a home using the cutting-edge technology.
The app, Trulia for Glass, will prompt Glass to notify users when they’re near a home that meets their search criteria, let them see listing details and images by sliding their finger along the Glass headset, or listen to the device “read” out a property description. The app will also allow a user to call or email an agent right from the device.
Jeff McConathy demos Trulia Glass.
“The Trulia team is continuing to tweak and improve the app, and we hope that sometime soon it will be available for Google Glass wearers to download,” Jeff McConathy said in a post on the Trulia company blog.


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On Saturday, Trump said he would impose additional sanctions against Iran in a bid to prevent the country obtaining nuclear weapons.World Politicsread more
The major indexes have stretched to all-time highs and are riding one of their best first halves in decades.Trading Nationread more
Tensions between the U.S. and Iran will likely escalate in the near future, a former adviser to the Iranian government said on Monday.Energyread more
Millennial stocks are looking fly this month, and one name could be on the verge of exploding in the next year.Trading Nationread more
Chinese vice commerce minister said Monday that Beijing would like the U.S. to cancel "inappropriate" actions against Chinese companies.China Economyread more
Eldorado Resorts has agreed to merge with Caesars Entertainment in a cash and stock deal that values its peer at about $17.3 billion including debt.Casinos and Gamingread more
A decisive win for Turkey's main opposition party in a re-run of a mayoral election in Istanbul this weekend has prompted hopes for economic and political change.Europe Politicsread more
Sixteen Asia Pacific countries have been negotiating the Regional Comprehensive Economic Partnership since 2013, with India's reluctance to open up its markets a major...Asia Economyread more
The secretary of State said he was traveling to Saudi Arabia and the United Arab Emirates to make sure that the U.S. is "strategically aligned" with its allies.Politicsread more
FedEx heads into earnings this week well off its highs, but one technical analyst says the worst could be over for the delivery company.Trading Nationread more
Experts say Facebook's cryptocurrency project Libra has been a catalyst for the price of bitcoin going higher.Technologyread more
Check out the companies making headlines before the bell:
Johnson & Johnson – Johnson & Johnson earned an adjusted $1.97 per share for the fourth quarter, 2 cents a share above estimates. Revenue also topped forecasts, helped by stronger sales of cancer and psoriasis treatments.
Travelers – The insurance company reported adjusted quarterly profit of $2.13 per share for the fourth quarter, compared to the consensus estimate of $2.05 a share. Traveler's net written premiums were below forecasts, although its full-year total for that metric was its most eve.
Stanley Black & Decker – The tool maker earned an adjusted $2.11 per share for the fourth quarter, a penny a share above estimates. Revenue also beat forecasts. The company predicted adjusted 2019 earnings of $8.45 to $8.65 per share versus consensus estimates of $8.80 a share, as it navigates through "multiple external headwinds."
Apple – Apple supplier Foxconn said it trying to hire more than 50,000 people for the January through March quarter. That's in contrast to reports that the contract manufacturer was in the midst of mass layoffs due to slowing iPhone sales. The Wall Street Journal is also reporting that Foxconn is considering producing iPhones in India to reduce its dependence on China for manufacturing and sales.
Nike – Cowen upgraded Nike to "outperform" from "market perform," saying the athletic footwear and apparel maker will see multiyear increases in gross margins on a favorable product cycle.
Under Armour – Goldman Sachs upgraded the athletic apparel maker's shares to "buy" from "neutral" and added the stock to its "Conviction Buy" list. Goldman said it believes a material expansion of gross margins is ahead thanks to Under Armour's sales initiatives.
Anheuser-Busch InBev – RBC Capital upgraded the beer brewer to "top pick" from "outperform," saying the dangers of the company's debt levels have been overstated.
Take-Two Interactive – Deutsche Bank began coverage of the videogame maker with a "buy" rating, saying it foresees a higher growth rate for Take-Two than it does for rivals Activision Blizzard and Electronic Arts.
Toyota – The automaker announced it would launch a joint venture with Panasonic in 2020 to make electric vehicle batteries. Toyota will own 51 percent of the joint venture.
Amazon.com – Amazon launched direct sales of merchandise in Brazil after months of delays as it worked around a variety of logistical issues.
Logitech – Logitech raised its full-year outlook, after the maker of computer mice and other peripherals beat analysts' estimates with its latest quarterly earnings. The quarter was driven by strong sales of gaming-related products.
Tesla – Tesla's Model 3 has been approved by European regulators, clearing the way for the expected European introduction of the electric vehicle next month.
FedEx – Fedex will take a charge of as much as $575 million for voluntary buyouts, as it trims its employee ranks to reduce expenses.
Alphabet – Alphabet's Google unit was fined about $57 million, the biggest so far under a new European privacy law. Google was accused of not going far enough in gathering user consent for data use.
Apollo Global Management – The private-equity firm is close to a deal to acquire European packaging company RPC Group for more than $3.8 billion, according to The Wall Street Journal.


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10 Oct 2018 --- A formulation containing AstaReal natural astaxanthin can provide a 40 percent increase in endurance and significantly improves muscle function in sarcopenia sufferers. This is according to a study by AstaMed investigating muscle loss and functional decline in older adults with the disease. Sarcopenia affects nearly a quarter of adults older than 60. Researchers published the findings in The Journal of Cachexia, Sarcopenia and Muscle on the effectiveness of a new medical protocol to improve muscular function.
28 Sep 2018 --- Keurig Dr Pepper (KDP) has entered into a definitive agreement to acquire enhanced beverage company Core Nutrition LLC at a value of US$525 million, or approximately US$435 million net of anticipated tax benefits. The acquisition represents KDP's latest move in the evolution of its allied brands portfolio.
14 Aug 2018 --- NSF International and the NSF/ANSI 173 Joint Committee have updated the pesticide testing requirements included in NSF/ANSI 173, the only American National Standard for dietary supplements. A recent NSF study established chemical-specific pesticide limits for 185 pesticides that might be present in botanical ingredients used in dietary supplement ingredients.
09 Aug 2018 --- Albertsons Companies, one of the US’ largest grocery retailers, and leading drugstore chain Rite Aid Corporation have mutually agreed to terminate their previously announced merger agreement. The US$24 billion deal including debt, announced in February, has faced push-back from a number of retail investors as well as top ten shareholder Highfields Capital Management. The retailers said late Wednesday that they mutually agreed to remain separate. They canceled a shareholder meeting on the deal planned for Thursday.
08 Aug 2018 --- Raisio is targeting renewed growth for its “star” international brand Benecol, with an increased focus on marketing products featuring the cholesterol-lowering plant stanol esters. The strategy includes a €2 million (US$2.3 million) marketing investment in the brand during Q2 and the opening of a new entity to serve the strong Irish market, as well as the launch of product innovations, including a new cereal bar line which uses the ingredient.
07 Aug 2018 --- PLT Health Solutions, Inc. has revealed the results of a clinical study the company helped develop has been published in the highly-regarded scientific journal, Diabetes, Obesity and Metabolism. Entitled “Efficacy of a novel herbal formulation for weight loss demonstrated in a 16‐week randomized, double‐blind, placebo‐controlled clinical trial with healthy overweight adults” (Dixit, et al. 2018), the publication describes clinical evaluation of Slendacor Weight Management Complex, which was introduced to the market in 2017.
01 Aug 2018 --- Specialty chemicals company DSM has reported a second-quarter core profit of €508 million (US$593.2 million), up 35 percent compared to Q2 2017, boosted by an “exceptional vitamin pricing environment” and cost cuts. The company has further confirmed its outlook for the full year, based on expectations of an Adjusted EBITDA growth towards 25 percent and a related higher ROCE growth.
22 Jun 2018 --- German dairy cooperative and company, the DMK Group has gone through some significant changes that have given rise to a €5.8 billion turnover, paying above-average milk prices to dairy farmers and becoming Europe’s largest supplier of milk produced without genetic modification.
21 Jun 2018 --- General Mills' venture arm, 301 Inc., is leading a US$12 million round in funding in NextFoods the parent company of GoodBelly Probiotics. Additional capital is coming from existing investors, including Emil Capital Partners. NextFoods was founded in 2007 by Todd Beckman and Steve Demos, who founded WhiteWave Foods, the owner of Silk plant-based milk.
02 May 2018 --- Nexira, a global leader in natural and organic ingredients for the food, health and nutrition industries, has announced a strategic partnership agreement with Omega Pharma NV, one of the largest OTC healthcare companies in Europe and Inqpharm Group (a Zaluvida company), a specialty pharmaceutical company.
12 Apr 2018 --- DSM has pre-announced better-than-expected earnings for the first quarter and raised its 2018 outlook on upbeat sales, with an additional boost from high prices in vitamins. The first quarter benefited from an additional Adjusted EBITDA contribution estimated at €165 million from an exceptional vitamin pricing environment. DSM raised its 2018 adjusted EBITDA forecast to "toward" 25 percent from earlier guidance for a rise of at least high single-digit growth.
16 Mar 2018 --- A US$70 million investment in a new nutrition bar manufacturing plant in Ontario, California has been announced by Nellson Nutraceutical (Nellson), a North American formulator and manufacturer of branded and private label nutritional bars and functional powders.
12 Mar 2018 --- Ancient Nutrition, a bone broth protein and collagen supplement maker, has secured $103 million in funding through strategic minority investment led by VMG Partners. The company, which is the breakthrough pioneer in Bone Broth Protein supplementation that delivers the benefits of “homemade bone broth in a convenient, easy-to-mix form,” revealed a minority investment from VMG Partners, Hillhouse Capital, ICONIQ Capital, and over 100 members of a co-investor network.
02 Mar 2018 --- A new study has observed a link between certain personality traits and the way that the daily challenges that accompany food allergies are experienced by individuals. The personality trait most in conflict with the challenges is “higher openness to experience”. It is hoped that this research may help people who experience allergies – as well as parents and support groups - understand and manage them.
26 Feb 2018 --- Peruvian company Colpex International has attained Friend of the Sea's certification for fish oil sourced from anchoveta (Engraulis ringens) fished in the South East Pacific Ocean (FAO Area 87). Colpex is a producer of semi-refined, fully refined and concentrated fish oils and among the top 10 Peruvian fish oil exporters. Friend of the Sea's standard for sustainable fish feed, fish meal, fish oil and omega 3 certifies that the oil originates only from fisheries that are compliant with Friend of the Sea’s sustainable fishing requirements (including good fishery management, selective fishing gears and social responsibility) and that a full chain of custody is in place throughout the supply and production chain.
23 Feb 2018 --- Consumers across EMEA want the food and beverage industry to focus on developing healthier, more nutritious food, according to new research commissioned by Ingredion. In fact, 60 percent of respondents said they feel this should be manufacturers’ top priority. However, consumers made it clear that the food industry must ensure that food quality and freshness is not sacrificed as a result.
21 Feb 2018 --- Swiss multinational, chemicals and biotechnology company, the Lonza Group is planning to expand its late-stage clinical and commercial encapsulation capabilities for solid oral and inhaled dosage forms in North America. The company will install a new Harro Hӧfliger Modu-C MS encapsulation unit (Harro unit) at its integrated product development and manufacturing facility in Tampa, Florida, to strengthen production and bring its products to market faster.
21 Feb 2018 --- Albertsons Companies, one of the US’ largest grocery retailers, and leading drugstore chain Rite Aid Corporation have announced a definitive merger agreement, creating a retail behemoth with US$83 billion in annual revenue. The move is thought to give the integrated company more weight to compete with bigger chains in an industry anxious about the reported entry of Amazon.com.
09 Feb 2018 --- Nestlé and biotech company Nuritas have entered into a collaboration aiming to uncover bioactive peptide networks within “specific target areas of significant value.” The precise areas of investigation are not yet being shared, with Nuritas Commercial Manager Neil Foster telling NutritionInsight that these details and the expected launch date are “at this early stage understandably confidential.” As part of the collaboration, Nuritas is to deploy its novel technology platform, which uses Artificial Intelligence and DNA analysis to predict, unlock and validate highly efficacious peptides, exclusively from natural food sources. Nestlé will use their considerable scientific know-how and applications expertise to validate the efficacy of these discoveries within the target applications.
22 Jan 2018 --- The World Health Organization (WHO) has deemed antibiotic resistance to be one of the three greatest threats to human health today, as bacteria become increasingly resistant and too few treatments are being developed to combat them. The research project DRIVE-AB, a consortium managed by the University of Geneva (UNIGE) and AstraZeneca, has determined that a market entry reward of $1 billion per antibiotic globally could significantly increase the number of new antibiotics coming to the market in the next 30 years.


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LG and Motorola recently showed off their upcoming Android Wear devices, and Google has confirmed that companies like Asus, HTC and Samsung are also on board with its new wearable platform. Notice a major manufacturer missing from that group? Yeah, Sony.
Turns out that that’s not a mistake, as Sony has confirmed that it doesn’t plan on using Android Wear on its devices. Instead, the company will continue to utilize its own Android-based SmartWatch platform, which has powered both the original SmartWatch and SmartWatch 2. Sony Mobile Communications USA President Ravi Nookala explained that his company has already invested time and resources into building up its own platform, and so it would like to continue to use it.
It’s understandable that Sony doesn’t want to suddenly drop its SmartWatch platform after pouring efforts into building it up, but it also seems that shunning Android Wear may not be the most awesome idea that Sony has ever had. The fact that Android Wear is backed by Google and several major manufacturers means that it’s likely to get quite a bit of attention from consumers, and while Sony SmartWatches may continue to sell after Android Wear products hit the market, the number of Android Wear devices will likely be much greater than the number of SmartWatches. That’s not exactly good news for Sony and its potential SmartWatch adoption rate.
After touching a bit on wearables, Nookala talked about smartphones. The exec revealed that sales of the T-Mobile-exclusive Xperia Z1S are “20 percent to 25 percent” higher than the number of Xperia Z units that T-Mobile moved during the same timeframe. When asked if Sony had any plans to launch Xperia phones on U.S. carriers other than T-Mobile, Nookala would only tease that his firm is in talks with all of the major operators.


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Despite id Software’s promising otherwise, this week it has confirmed that Doom Eternal will not deliver a true 4K experience on Google Stadia.
In a blog post, Doom Eternal developer id Software confirmed that the Stadia port of the first-person shooter will run at 1080p and 60 fps on HD displays, and will up-sample to 2160p from 1800p at 60 frames per second on 4K displays.
It’s worth noting that the Xbox One X and PlayStation 4 Pro versions of Doom Eternal will also be upsampled to 4K, but the PC version's highest "Ultra-Nightmare" setting will support true 4K performance.
- Here's everything you need to know about GeForce Now
- Here's what you need to run Doom Eternal in 4K on PC
- Nvidia GeForce Now is bleeding games, is it still worth your time and money?
News of the game’s Stadia performance will likely come as a surprise to many. At the launch of its cloud gaming service at last year’s GDC, Google touted Doom Eternal as one of the leading titles for Stadia, with id Software taking to the stage to boast that the game would run in “true 4K”, prompting whoops and cheers from the audience.
"If you're gonna prove to the world that you can stream games from the cloud, what better proof than Doom?" said Doom Eternal’s co-creator Marty Stratton. "And if you're gonna prove to a developer that you're serious about building a robust platform, what better team than iD, where we push every platform to its limit?
"We couldn't be happier to be bringing Doom Eternal to Stadia, and are thrilled to announce that the game will be capable of running at true 4K resolution, with HDR colour at an unrelenting 60 frames per second."
DOOM Eternal is coming to #Stadia.4K with HDR ✅60fps ✅#GoogleGDC19 https://t.co/6YBdOhHhNVMarch 19, 2019
Another blow for Stadia
The news, which comes after it was revealed at launch that neither Destiny 2 nor Red Dead Redemption 2 are supporting true 4K on Google’s streaming platform, unsurprisingly hasn’t gone down well with Stadia owners on Reddit.
“Damnit, this blows. With Vulkan and the power of the cloud, this was supposed to be a sure thing,” one disgruntled Redditor writes. “I'm not upset about the resolution itself for my own reasons, but I am upset it isn't hitting true 4k @60fps because now I'm starting to truly doubt Stadia's tech is actually capable of achieving this. Stadia's huge selling point was the best power with the best convenience… not console power with more convenience.”
Another moans: “Majorly disappointing. This was supposed to be the showpiece but all it shows is stadia is barely on par with old-gen consoles.
“Stadia is going to look like a joke come PS5/XBSX and I doubt [Google] is planning any upgrades any time soon.”
If you’re not as disappointed, Doom Eternal will arrive on PC, PS4, Xbox One, and Google Stadia on March 20, with a Nintendo Switch version to follow later in the year.


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2014: the year the crossover crossed over
December 15, 2014
and crossovers have never been in higher demand and the trend looks like it's here to stay. But what is it about ca ...
Audi launches convertible version of A3 at Rs. 44.75 L
December 11, 2014
Having consolidated its position at the top of the Indian luxury car market, German premium car maker Audi on Thursday l ...
SCOOP! Mahindra developing new compact SUV
March 13, 2013
We were the first to tell you about Mahindra developing a range of new
, including sub-compact models, and now here ...
SCOOP! Mahindra to develop all-new engine family
March 14, 2013
Mahindra is developing an all-new engine family that will power its future range of compact
and passenger cars. It ...
Third party motor insurance to cost more
March 25, 2013
Third party motor insurance is all set to get more expensive soon with the Insurance Regulatory and Development Authorit ...
New Range Rover Sport revealed
March 27, 2013
The all-new Range Rover Sport, revealed at the New York motor show, is a model described by Land Rover design boss Gerry ...
M&M may modify some SUVs to duck duty
May 3, 2013
Mahindra & Mahindra may consider modifying some of its products owing to the 3 percent additional excise duty impose ...
SUVs rake in the money
May 27, 2013
The SUV segment in India is fast emerging as one of the greatest drivers of the automobile industry. The increasing popu ...
Volvo launches V40 Cross Country at Rs. 28.5 lakh
May 28, 2013
Swedish luxury carmaker Volvo today launched its compact crossover vehicle V40 'Cross Country' priced at Rs. 28.5 lakh ( ...
BMW organises X Drive event at Delhi
June 17, 2013
BMW India organised its xDrive driving event at the DLF Emporio Mall in Delhi over the past weekend to showcase the abil ...
Mahindra ‘lowers’ XUV500 to ditch SUV tax
July 8, 2013
A taller ground clearance is one of the reasons
are so popular in India. Even if you look past the aesthetic advant ...
Mitsubishi reveals Tokyo motor show line-up
November 1, 2013
Following teaser pictures released last month of its three concept vehicles, Mitsubishi has revealed the pictures of the ...
Volkswagen issues global recall of 800,000 Tiguan SUVs
November 16, 2013
The Volkswagen Tiguan compact SUV has been recalled in the UK over concerns that one of its lighting circuits could fail ...
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BMW will take the wraps off two new
this year, followed by two more high-performance
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April 9, 2014
Mahindra has had the Scorpio in our market for quite some time now and it continues to be one of the most popular
In pics: Cold wave continues in north India
PK review: It's a signature Rajkumar Hirani creation
India vs Australia: Aussies win by 4 wickets after Indian batting collapse
Seven men took turns raping me, threatened to kill: Gurdaspur rape survivor
Rajasthan: Youth dies as mobile phone explodes during charging
Pakistan in mourning as parents bury children killed by Taliban
132 children killed as Taliban gunmen storm Peshawar school
Bigg Boss 8: Upen Patel threatens to kill Gautam Gulati
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Won't differentiate between ‘good’ and ‘bad’ Taliban: Pak PM Sharif vows to fight terror
Taliban video identifies Peshawar attack mastermind as Umar Mansoor, father of 3
Devyani Khobragade stripped of duties, says she hasn't broken rules.
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Monday 19th June 2017
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A host of US Federal Reserve policy makers set to speak in the coming days will be closely watched for fresh hints about the pace and timing of interest rate hikes as some investors questioned the latest increase.
The Federal Open Market Committee announced a rate increase last week, as had been widely anticipated, and suggested it remains on target for a third lift this year. However, some weak data including on inflation has prompted some concern.
Last Friday, the University of Michigan said its preliminary June reading of US consumer sentiment fell to 94.5, down from 97.1 in May and the lowest level since November.
“The recent erosion of confidence was due to more negative perceptions of the proposed economic policies among Democrats and the reduced likelihood of passage of these policies among Republicans,” Richard Curtin, director of the University of Michigan consumer survey, said in a statement.
“Fortunately, a strong job market, improved household income and wealth have provided a financial buffer against rising uncertainties,” Curtin noted. “Nonetheless, consumers have become less optimistic about the future course of the domestic economy.”
Fed officials speaking this week include William Dudley and Charles Evans today, followed by Stanley Fischer, Eric Rosengren and Robert Kaplan on Tuesday, as well as James Bullard, Loretta Mester and Jerome Powell on Friday.
“The data [last] week has not been encouraging,” Mariann Montagne, a portfolio manager at Gradient Investments, told Bloomberg. “We need to see consumer spending pick up and more confidence across the board before we can get going again. We’re in a weird limbo, coupled with the summer doldrums. But if we had great numbers coming out, there would be decisions made.”
The latest US economic data will include reports on the current account, due Tuesday; existing home sales on Wednesday; weekly jobless claims, FHFA house price index, leading indicators, and Kansas City Fed manufacturing index, due Thursday; PMI composite, and new home sales, due Friday.
For the week, the Dow Jones Industrial Average rose 0.5 percent while the Standard & Poor’s 500 Index eked out a 0.1 percent gain. However, the Nasdaq Composite Index retreated 0.9 percent.
Even so, the Dow rose 0.1 percent to close at a record high on Friday, led by a rally in energy stocks. Chevron climbed 1.9 percent, while Exxon Mobil ended the day with a 1.6 percent gain.
Shares of Wal-Mart, however, slid 4.7 percent on Friday, posting the largest percentage drop in the Dow.
Retailers dropped after Amazon said it agreed to buy Whole Foods Market in a deal valued at about US$13.7 billion in a move that signals the increased potential for a price war. Shares of Supervalu plunged 14.4 percent, while those of Kroger sank 9.2 percent. Shares of Costco slid 7.2 percent, while those of Target sank 5.1 percent.
“This is a game changer,” Zachary Fadem, an analyst at Wells Fargo & Co, told Bloomberg. “It’s a warning shot for the food retail industry that competition likely heightens on top of an already challenging backdrop.”
Whole Foods shares closed 29.1 percent higher at U$42.68 on Friday, above the US$42 a share Amazon agreed to pay, while shares of Amazon climbed 2.4 percent.
“The ramifications for all of retail are seismic — not just retailers that sell grocery, but for everyone,” Gordon Haskett analyst Chuck Grom told Reuters.
Investors will also eye the start of talks about the UK’s exit from the European Union, scheduled to begin today.
Europe’s Stoxx 600 Index climbed 0.7 percent last Friday, narrowing its decline for the week to 0.5 percent. Retailers including Tesco slumped.
The latest regional economic reports slated for release this week include Germany's producer price index and eurozone current account, due Tuesday; eurozone consumer confidence, due Thursday; as well as eurozone manufacturing and services PMIs, due Friday.
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They have been neighbours so far, with their Indian corporate headquarters in Mumbai next to each other. Now, they will become business partners.
In a suprise move, Ajay Piramal's Piramal Healthcare has made its telecom debut by picking up a 5.5 per cent stake in Vodafone Essar for $640 million (Rs 2,856 crore).
The deal values the equity of the second-largest telecom company in the country, Vodafone Essar, at $11.6 billion (nearly Rs 52,000 crore). The company has 16 per cent market share in India and a subscriber base of 141 million.
The value of the deal indicates the sale has been done at a slight premium to the price at which Vodafone bought back shares from Essar. Earlier this year, as part of pre-agreed negotiations, Vodafone had agreed to buy out the entire 33 per cent stake of its earlier JV partner in India, the Ruias of Essar.
Vodafone is now selling half the 10.97 per cent stake it bought from one of the Essar group companies, ETHL Communications Holdings, to Piramal Healthcare. Vodafone had agreed to buy the 10.97 per cent stake at $1.26 billion, thereby valuing 5.5 per cent stake at $640 million.
During that time, Vodafone had said it would transfer 1.35 per cent stake to an Indian investor to remain compliant with the existing FDI norms in the telecom sector. Analjit Singh and IDFC are the other shareholders in Vodafone Essar.
Essar, which is yet to transfer this stake to Vodafone, has already agreed it will transfer back the shares either to Vodafone Plc or any company it nominates. The payment for this deal is expected to be done by February 2012. "Half of the money is already paid for," said Simon Gordon, a spokesperson for Vodafone Plc.
Piramal will have the option of exiting the company when Vodafone lists its India operations, or sell it back to Vodafone. Sources said if the IPO did not materialise within two years, Piramal could sell its stake back to Vodafone for around $900 million - a cool 40 per cent return on investment.
For a cash-rich pharma company, which sold its solutions business for $3.7 billion to US giant Abbott, an investment in Vodafone Essar seems strategic. "All the money Piramal Healthcare made from selling its solutions business to Abbott has been locked in for the last one-and-a-half year.
This is a good opportunity to invest at the right time," said Ranjit Kapadia, senior vice-president, Centrum Broking. The deal has also dispelled the myth that telecom valuations have taken a huge beating since the deal between Vodafone and Essar in 2007. Back then, Vodafone acquired Hutchison's stake at 16 times its Ebitda, and has only started making profits from its India investment in the last quarter.
"The price seems to be okay. Clearly, it looks like there is some premium involved but I don't think it is anything out of the line," said Mahesh Uppal, director, ComFirst.
This move would mean the parent company of Vodafone Essar might not have to go for an initial public offering immediately, in order not to breach Indian FDI regulations. Under these regulations, after Vodafone acquires the stake of its joint venture partner Essar, it would breach the 74 per cent ownership limit in the telecom sector.
Vodafone has a direct holding of 42.3 per cent in Vodafone Essar. After it legally acquires 33 per cent in Essar, its stake would be 75.3 per cent.
The company told Business Standard that the deal would give them flexibility to structure their business differently, and headroom to go for an IPO at a different date. It would be able to take into consideration stock market conditions, which are very volatile now.
Vodafone hopes its Rs 11,000 crore (Rs 110 billion) tax dispute would be cleared by the end of the year or early next year. "We would look at an IPO then, though it is not necessary we would go for it then," said Gordon.


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Music is over for retailer
HMV has called in administrators from Deloitte, putting 4350 jobs and 238 stores at risk as it becomes the latest retail casualty on Britain's high street.
The 92-year-old music chain has seen its sales eroded by fierce competition from online retailers, digital downloads and supermarkets. It has also been saddled with £220 million ($A335 million) of bank debt.
HMV said talks to try to avert a breach of its banking covenants had been unsuccessful. Its shares were suspended with immediate effect. Administrators intend "to continue to trade while they seek a purchaser for the business", HMV said.
The company had been expected to issue a crucial Christmas trading update this week. Ian Kenyon, its chief financial officer, said Christmas trading had been "slightly behind expectations". He said the chain's suppliers had been "amazingly supportive" and were "working hard" to try to find a future for HMV.
Music and film suppliers, who want to see HMV survive as internet retailers erode their margins, have been crucial to keeping HMV afloat. It is understood they provided about £40 million of pre-Christmas support, but it is thought they were not prepared to offer the help needed to save it from administration.
Private equity firm Apollo Global Management had been seen as a possible buyer for HMV after buying some of its debt, but was said not to be planning a takeover.
HMV warned last month that its future was in "material uncertainty". Half-year sales had fallen 10.2 per cent and the group posted a loss of £36 million.
At the weekend it began a massive "Blue Cross" sale in an attempt to boost revenues, but it would appear that it failed to stem its haemorrhaging finances.
HMV raised cash last year by selling off book store Waterstones and the Hammersmith Apollo music venue in London. It has also shifted its emphasis from the CD and DVD market to new technology products.
The demise of HMV is the latest blow to the high street, which has seen other store collapses in recent months. HMV's chief executive, Trevor Moore, previously led British camera chain Jessops, which fell into administration last week.
The first HMV (His Master's Voice) store was opened in 1921 by Edward Elgar. It floated on the London Stock Exchange in 2002, valued at £1 billion and shares hit an all-time high of 274p in 2005. On Monday they closed at 1.1p, valuing it at just £4.7 million.