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The credit card industry has always been targeted by hackers and thieves, and that is unlikely to change any time soon. Unfortunately, the most common scams have changed right along with technology, which means scammers are always coming up with new tricks that catch the general public off guard.
According to a 2021 identity theft study from Javelin Research, scammers have mostly graduated from counterfeiting credit cards to more significant crimes like identity theft and savings account takeover. In the meantime, criminals have increasingly started targeting consumers directly with scams that aim to get them to reveal personal information that lets the hacker take over their identity.
While nobody knows for sure what the future holds, it’s safe to say financial scams cause headaches and financial losses. Still, you don’t have to be a victim if you’re careful. Read on to learn more about some of the biggest credit card scams to watch out for in 2022, as well as how you can protect yourself.
Identity fraud scams
Where criminals once focused on perpetrating fraud at an institutional level, data collected from Javelin Research shows that hackers are focusing more and more on ensnaring individual consumers with scams. Many times, individuals wind up communicating with criminals via email, text message or phone, which has been easier to accomplish as more people stayed home during the pandemic.
“Criminals follow current events, and unfortunately the pandemic has provided them a host of new storylines to employ online,” said Kathy Stokes, director of the AARP Fraud Watch Network in a press release. “Helping consumers know how to spot the red flags of scams is an important step in stopping fraud before it has a chance to happen.”
According to the experts, identity fraud scams can sometimes be avoided if you know what to look for. For example, you should be wary of any company contacting you via phone, text or email for any reason. Experts at Javelin Research also say to watch out for “misspelled email addresses, suspicious requests for money or random messages through social media from criminals claiming to represent a financial institution.”
Digital payment scams
While the pandemic kept more people at home where they were more vulnerable to identity fraud scams, COVID-19 also resulted in more people using digital payment products than before. Of course, hackers and thieves never miss an opportunity, and they shifted their behavior to keep up with this trend.
According to Javelin Research, losses related to digital wallets and peer-to-peer (P2P) accounts have spiked. “This was particularly notable in the case of economic stimulus payment fraud, unemployment benefits fraud and identity fraud scams,” they write.
Credit card interest rate reduction scams
Credit card interest rate reduction scams take place when a caller implies their company has special relationships with card issuers that can help secure lower interest rates. The Federal Trade Commission (FTC) says consumers who receive a call like this “should listen to them with extreme skepticism, and delete them.”
Why? Because by and large, robocalls promising to lower your interest rates are always fraudulent.
No matter what a company claims, nobody can do anything for your interest rate that you cannot do for yourself. If you want a lower interest rate from your card issuer, the FTC recommends calling your issuer and asking for one.
According to the FTC, individuals who are tricked into paying third-party companies to get them a lower interest rate never see the promised savings and struggle to get refunds. Not only that, but giving one of these companies your credit card information leaves you open to other types of scams, like them using your credit card number to make fraudulent purchases.
According to Chris McHargue, principal financial services industry consultant for fraud at SAS, phishing schemes have been around for a long time and remain a significant problem. While phishing can take on several different forms, it usually occurs when a fraudster contacts the target victim by phone or, increasingly, online via some social engineering scheme in order to extract card, account or banking credentials or other personal details.
The original contact may look like an email from a company you use, or you might get a phone call that sounds legitimate but asks you to give your personal information or credit card details.
McHargue says this information is then used to commit fraud over the internet, using card details for e-commerce transactions or banking credentials to move money via online banking.
“They may even open credit card accounts in the victim’s name,” he says.
These types of schemes often target senior citizens who may be less familiar with technology and thus more vulnerable.
Social Security benefits scams
According to Ahren Tiller, an attorney at The Bankruptcy Law Center, another credit card scam to watch out for involves any Social Security benefits you receive. Tiller says scammers may call pretending to be from the Social Security Administration and say one of two things:
- You were overpaid benefits and you need to pay some of the money back via a credit card.
- You were underpaid benefits and they need your bank account information to deposit more money into your account.
In either case, the scammer is hoping to get their hands on your credit card details or bank account information. However, there are a few red flags to look out for. For example, they might rush you and demand that you provide them with personal information or your Social Security number immediately, and this is never a good sign.
They may also try to trick you by using fake caller IDs or official-sounding names, says Tiller. Additionally, scammers may ask for payment in order to receive your benefits or give you a phony bank routing number to deposit your benefits into.
“If any of these things happen, it’s likely that you’re speaking with a scammer and you should hang up immediately,” says Tiller.
Government imposter scams
Another scam to watch out for takes place when a criminal pretends to be an employee of the Federal Deposit Insurance Corporation (FDIC) or other government agency. In some cases, they might even use real names of government officials in order to seem more legitimate.
The FDIC points out that the agency does not send unsolicited correspondence asking for money or sensitive personal information.
“Also, no government agency will ever demand that you pay by gift card, wiring money or digital currency,” writes the FDIC. “The FDIC would never contact you asking for personal details, such as bank account information, credit and debit card numbers, Social Security numbers or passwords.”
How to protect yourself from credit card scams
While there are numerous credit card scams to watch out for, there are just as many ways to avoid them. These tips can help you avoid being a victim of credit card scams and other types of fraud:
- Sign up for free credit-monitoring services. Credit-monitoring services provide methods to monitor and alert you of any activity on your credit report. And note that AnnualCreditReport.com lets you look at your credit reports from all three credit bureaus for free once a year, which is a good way to stop fraud early on. Additionally, the three bureaus are offering free credit reports on a weekly basis through April 2022 due to the pandemic.
- Routinely check your bank statements. “You may find charges for $0.01 or very low dollar amounts,” says McHargue. “This is a common tactic used by fraudsters to validate your account.” Once scammers confirm the card details work, and that the charge went undisputed, they then use them for larger charges.
- Freeze your credit. When you freeze your credit report with each of the credit bureaus, nobody can open new accounts in your name—not even you. Don’t worry, you can unfreeze your credit reports when you need to.
- Set up alerts on your credit accounts. Setting up alerts means you’ll be notified when a purchase is made on an existing account. If you didn’t make the purchase, you can notify your bank and take steps to cancel it and secure your account right away.
- Be careful using public internet access. Nishank Khanna of Clarify Capital says unsecure internet connections will put you at risk of having your personal information stolen. “Some especially cunning thieves may capture your information by generating a pop up on your screen for you to input your card information or stealing your saved card information off your computer,” he says. If you’re frequently using public internet access, it makes sense to pay for a virtual private network (VPN).
- Set up multi-factor authentication. Credit card accounts and other financial accounts with multi-factor authentication can protect you from fraud. You’ll have an extra step when you log in, such as retrieving a code via text or email, but this makes your accounts more secure.
- Avoid phone solicitations. Tiller says avoiding telephone solicitations completely is not a bad idea. “If you receive a call from an unknown number, don’t answer it,” he says. “Legitimate governmental agencies do not solicit information over the phone unless you have initiated contact with them first.”
What to do if you think you’ve been scammed
The good news about most types of credit card fraud is that consumers are typically not on the hook. Thanks to protections in the Fair Credit Billing Act (FCBA), consumers are limited to $50 in liability for fraudulent charges, although most credit cards come with $0 fraud liability policies.
If you think you’re the victim of a credit card scam or your information has been compromised, however, you’ll want to notify your card issuer as soon as you can. A customer representative has the power to freeze your account or cancel your card entirely. At that point, your lender will typically launch an investigation and reimburse you for any lost funds. However, this is only the case if you spot the fraud and report it within a reasonable timeline, generally 60 days.
Still, just canceling your card may not be enough since your information may have been compromised as well. As a result, you should keep a close eye on your credit reports to ensure nobody is fraudulently claiming your identity and opening up fake accounts.
If you find fraud on your credit reports, the Consumer Financial Protection Bureau (CFPB) recommends placing a fraud alert on your credit reports from all three bureaus. You can also consider freezing your credit reports with Experian, Equifax and TransUnion, which you can do for free.
Finally, you should report any scams you encounter to the FTC since they can use this information to spot trends, build a case against criminals or educate the general public.
“If you were scammed, report it to the FTC at ReportFraud.ftc.gov,” the FTC advises.
The bottom line
You can protect yourself from scams by keeping an eye on your accounts and credit report, being skeptical of phone calls or social media messages from someone asking you about your accounts or pretending to be from your bank and keeping your personal information, including credit card details, secure. If you find that some of your information has been compromised, report it to your issuer immediately to have the account closed, file a report with the FTC and potentially with local law enforcement.


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We’re more than halfway through the AFL season, but there’s one team that still doesn’t seem to be up the ladder: Queensland Football Club.
Why? Because Queensland Football Club doesn’t exist – at least not in the realm of a football team.
Instead, Queensland Football Club is a recreational sporting brand run by South Yarra resident Ken Sakata. The third article shipment will be released today at 5:30pm AEST.
The third drop follows two successful runs that saw items sell out in just eight minutes and generated profits that allowed Sakata to continue investing in the business.
Chatting with SmartCompanySakata explained how the wrong club came about, his struggles with Mark Zuckerberg and why running Queensland Football Club is a bit like growing a plant.
Many Australians – and Victorians in particular – have found various lockdown hobbies to keep busy and distracted during the pandemic.
As an elective surgeon, Sakata has been working on the front lines of Australia’s response to COVID-19, which has been “a pretty intense time” to say the least.
“Everything had a huge impact on my own health or the health of others,” Sakata said.
“I felt like I was slowly losing my mind.”
Sakata went online to blow off some steam, but was quickly exhausted by the rhetoric Twitter took on regarding case numbers during the pandemic, considering he was so close to the action himself.
“So I was like, ‘Oh, you know what? Wouldn’t it be funny if instead of tweeting about our response to the pandemic, I just talked absolute rubbish on a daily basis,'” Sakata said.
With a fanbase of 400 at the time, Sakata decided to start making posts implying that he was quitting his job and becoming a professional footballer.
The joke grew when Sakata decided to ask his friends – who have their own t-shirt company with AFL legends printed on them – if they could also make a shirt with Sakata’s face on it.
The group thought it would be “pretty funny for about five minutes.”
“What we didn’t realize was that in a week we would be selling $2,000 worth of t-shirts.”
The quick fix turned into a lasting brand
The problem with selling so many of these shirts isn’t just that Sakata felt “a little weird” knowing that people were walking around in shirts with his face on them.
Shortly after the jerseys went live, Sakata received a cease and desist letter from the AFL, telling him he could no longer sell the jersey because it had Gold Coast Suns branding.
“For a few days we remodeled [the t-shirt] so instead of “Gold Coast Suns” it said “Queensland Football Club,” Sakata explains, as a band-aid to avoid further legal problems.
But the quick fix kept mulling in Sakata’s mind, and earlier this year he thought it might be a good idea to take the name and run with it.
Although AFL is arguably the most popular sport in Australia, you never actually see people wearing Team Guernsey’s because it’s “not really acceptable casual wear”.
“So I decided to start my own club and sell tastefully designed merch for it,” he said, aiming for it to be sporty merch that people can “walk the dog” with.
To start the business, Sakata “googled everything” about where to get sweatshirts, what printer to get, how to use Shopify, and so on, and treats the experience as “a bit of an adventure.”
But the “lean and mean” approach has allowed him to build the business that has been “profitable from day one.”
“Everything from drop one funded drop two, and drop two funded drop three and four,” Sakata said.
But profit isn’t the only reason Sakata keeps the joke going. He says the project helped him get in touch with many parts of his brain that “probably haven’t been working for a long time.”
“As you can probably imagine, you don’t want your doctor to say, ‘Oh, let’s try.’
“Whereas [at Queensland Football Club], I can do that. I give everything, but the stakes are very low.”
Unlike surgeries, a sweater that doesn’t sell would have gone wrong for Queensland Football Club, Sakata says.
“And who really cares?” he laughs.
“In a way, it’s good to have that freedom and it’s good to be frivolous.
“I know I’m being interviewed by Clever company, but it’s a stupid business. And I really enjoy running a silly business. It’s very, very fulfilling.”
The Zuckerberg Police
Sakata says he can appreciate that the business would not exist without social media as Queensland Football Club’s Twitter followers grow to more than 1,000 followers.
“It’s just word of mouth,” Sakata said. “I’m amazed people know about this.”
But people are doing it, and like other business owners, Sakata wants to reach even more people.
Despite being a legitimate company based on something completely false, Sakata has found his attempts to buy paid ads online fail after being flagged for misrepresentation.
“Again, Mr. Zuckerberg, selling casual wear for a club that doesn’t exist is odd behavior but not illegal,” Sakata tweeted earlier this month.
— Sakata (@QLDFootballClub) June 15, 2022
“The police of [Facebook and Instagram] Policies are all done algorithmically with bots I suppose,” Sakata said.
“And there’s no customer service to speak of because so many people have problems to deal with and there’s no one to talk to.
“I think it’s really a disaster.”
Sakata says he has “no choice” when it comes to keeping his advertising for Queensland Football Club organic, as his advertising account has not only been flagged as suspicious on Instagram, but has also been disabled.
“I think to myself daily, ‘How do I get more eyes on this thing? This very strange thing?’”
We’re going to the grand finale
Winning the flag this year is no doubt for Queensland Football Club, but Sakata is still optimistic about the future. He admits that the business has to “change fundamentally”.
One such change would be to make things locally instead of buying finished items abroad.
The shift to local branding, locally made, is already underway, with Sakata managing to find someone in Australia to make the products and a pattern maker to design a new cut of items – with Drop Five, the the first locally created publication is expected in a few months.
Amid his optimism and forward planning, Sakata says his ultimate goal is just for Queensland Football Club “not to die”.
“This is the lowest level [of expectations].”
“It’s like having a plant: everyone speculates, ‘Will this seedling be an oak tree or will it grow avocados?’ And it’s nice to speculate.
“But I’m just trying to keep it alive from month to month.”

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16 December 2020
Author: Ron van der Ploeg
LANSINGERLAND, Netherlands: On 22 December, biocontrols supplier Koppert Biological Systems, in cooperation with the Centre for Agriculture and Bioscience International (CABI), will hold a free webinar, designed to explain how plant health and human health are intrinsically intertwined.
Inspiring keynote speakers will shine their light on the various aspects of plant health and human health and discuss their viewpoints with an online audience of young professionals, scientists, entrepreneurs, activists, creatives, chefs, and government reps.
The 22 December webinar will broadcast live at 4pm CET (Central European Time) and marks the first of three webinars from the ‘A healthy plant feeds healthy people’ series.
Stijn Baan, Marketing Director at Koppert Cress and 2020 Dutch Agricultural Entrepreneur of the Year will share his vision on how the perfect marketing strategy for ‘healthy plants, healthy people story’ looks like,
Mark van der Werf, senior consultant plant health at Koppert Biological Systems will discuss curative versus preventive measures in biological crop control and paint a picture of crop control 4.0.
The webinar series, marking the end of the 2020 International Year of Plant Health, is in trusted hands of organiser Jungle Talks.
To attend the webinar series’ kickoff session on 22 December, register at https://bit.ly/PlantsforLifesession1
For information visit www.koppert.com


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As Chinese luxury spending soars overseas, along with the introduction of smart watches, can China’s leading high-end watchmaker compete?
Beijing Watch Factory, which was founded in 1958 and became the official watchmaker of the People’s Liberation Army, employs a staff of 700 that utilize Swiss tools and equipment along with state-of-the-art Chinese technology to create the company’s high-end timepieces at its factory in the Changping district of Beijing.
“This factory has manufactured tens of millions of watches and mechanical movements in the past fifty-plus years. The factory is capable of manufacturing mechnical movements. So strictly speaking, it’s a complete manufacturer of wristwatches,” said general manager of Beijing Watch Factory Miao Hongbo.
In 1995, the company developed its own Tourbillon mechanical movement, which is more accurate than traditional movements and puts the watchmaker on par with its Swiss counterparts. According to ECNS, a Beijing Watch Factory Tourbillon-movement watch costs between US$6,000 and $72,200 with the most expensive going for 1.98 million yuan.
“It’s one-of-a-kind and a work of art,” Miao said of the watch.
With the introduction of the Apple Watch in China, Beijing Watch Factory faces a new challenge in the market. A survey by Goldman Sachs found that 11 percent of current iPhone owners are “very likely” to buy the Apple Watch this year. Goldman Sachs expects 13.5 million Apple Watch units to be sold in 2015 and 23.8 million in 2016.
However, Miao is unconcerned, saying “I think Apple Watch is still a high-tech electronic product that’s different from traditional watches, which are enriched by our brands, history and tradition, design and so on. The breakthrough for Apple Watches is mostly in technology and functionality. So I don’t think it will make too much impact to our industry.”
image credit: beijing watch factory


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McDonald's customers queuing up at the drive-thru were stunned to find Eddie Hall was taking their orders.
The former World's Strongest Man was at the Festival Park restaurant for the launch of the new vegan McPlant burger.
And the 6ft 4in Beast, from Clayton, even donned an apron as he worked a busy shift inside the branch.
At one point he popped by the drive-thru counter to greet customers as they ordered their food.
The 34-year-old - who eats around 7,000 calories a day - also met with McDonald’s very own Eddie – franchisee, known locally as ‘The Legs’ – Leligdowicz.
Eddie Leligdowicz - who runs 13 franchises across the area - said: “Eddie is such a local icon and the crew loved having him in the restaurant.
"As soon as we saw him pull up in his trademark BEAST pick-up truck, we knew we were in for a treat.
"Eddie brought a lot of energy and laughs to the restaurant, and customers loved seeing his presence in the drive-thru hatch.
"The local response to McPlant has been so positive from our customers who have tried it. Tasting really is believing.”
The McPlant is the new vegan offering from McDonald’s which launched nationwide in January following a successful trial in October 2021.
The burger, which took over three years to develop, features a patty co-developed with Beyond Meat® and has already proved hugely successful with McDonald’s customers.
It features a vegan sesame bun, mustard, ketchup, vegan sauce, fresh onion, pickles, lettuce, tomato and vegan cheese. It is cooked separately from other McDonald’s burgers and sandwiches using dedicated utensils.


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Skateboarding has taken Ishod Wair around the world, opening the doors for a plethora of sponsorships and affiliations. Although Wair has been a household name amongst skaters for over a decade, the New Jersey-native has expanded his reach with the help of Nike SB in recent memory.
The Nike SB Ishod debuted to much fanfare at the beginning of January 2022. Over the past year and change, the silhouette has won over countless riders and sneaker enthusiasts alike. Recently, Wair and his Nike SB family unveiled what should be the Ishod 2 via a video posted to Instagram. Wair’s presumed second signature model with the Swoosh features a similar low-top trim and sleek shape to its predecessor – some fans have even drawn comparisons to the Nyah Free 2, Nyjah Huston’s second shoe. The Ishod 2 seemingly replaces soft suede for synthetic panels throughout the upper, with a bootie-like component seemingly locking the foot in. The biggest departure from the first Ishod Wair signature skate shoe, however, is the Air Max unit towards the heel.
Enjoy an early look at the pair ahead, as you wait for an official nike.com launch before 2023 ends.
For more from the NIKE, Inc. family, check out the latest Air Jordan release dates.
Reposted from https://sneakernews.com


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Why games are on the move
Sony has high hopes for PlayStation Portable.
Sony has finally announced an Australian release date and price for the highly anticipated PlayStation Portable.
PSP will hit Australian stores on September 1 - six months after initially expected. Sony blames the delay on high demand in Japan and the US. More than three million PSPs have been snapped up worldwide, including half a million consoles in two days following the American launch in March.
PSP will cost $429.95 for a "value pack" which includes a travel pouch, 32MB memory stick, headphones and game demos. Early purchasers who register online will also receive a copy of the film Spider-Man 2.
Sony's hand-held looks set to challenge iPod as the world's most desirable electronics gadget, thanks to its power, versatility and astonishingly bright 11-centimetre widescreen display. The console plays 3-D games on par with PlayStation2, movies at DVD quality, plus digital music and photos. But PSP will cost more than twice as much as the Nintendo DS, which was launched in Australia in February. Nintendo has dominated the hand-held gaming market for more than 15 years, selling more than 170 million Game Boy consoles.
According to market research company GfK, Nintendo has sold more than 43,000 Nintendo DS units and more than 750,000 Game Boy Advances in Australia. The low price enusures its hold on younger fans and innovative features have attracted older players.
PSP could attract new adult gamers just as PlayStation did with home consoles in the mid-1990s.
Michael Ephraim, managing director of Sony Computer Entertainment Australia, says PSP "will revolutionise portable entertainment, giving users the freedom to play full 3-D games, watch movies, listen to music and connect wirelessly wherever and whenever they wish to do so".
More than 100 PSP games are in development and Hollywood is starting to support PSP's UMD format.
Sony is expected to unveil an iTunes-style digital music and video download service for PSP soon.


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When it comes to content, sometimes old school can be a good thing (namely, when it comes to old-school rap or Throwback Thursday on Instagram). But when it comes to your company’s public relations strategy, being old school isn’t advantageous for your business or your brand.
Ten years ago, people still relied on morning papers for news. Today, the vast majority of your company’s customers and prospects scan headlines on Twitter or see what’s trending in their Facebook feed.
People now have control over where, when, and how they consume information. As a result, public relations is no longer about feeding into a traditional news cycle; it’s about providing relevant content when, where, and how your prospects, influencers, and customers will consume it.
Sounds pretty hopeless, right? Wrong. While relationship-building still helps you get into popular publications, we now have the opportunity to quit playing the waiting game and generate our own buzz. By turning your PR strategy into an inbound one, you create opportunities that weren’t there before and carve out a place for your company, building meaningful mindshare with your target audiences in the process.
One of the most crucial updates to make to your PR strategy is to think of opportunities to connect to the audiences you care about — including, but not limited to, reporters. And that starts with press releases. In this post, we’ll discuss:
What Is a Press Release / News Release?
A regular cadence of meaningful news can help a company stand out and build mindshare with journalists over time. That’s where the press release (or news announcement) comes in.
A press release is an official announcement (written or recorded) that an organization issues to the news media and beyond. Whether we call it a “press release,” a “press statement,” a “news release,” or a “media release,” we’re always talking about the same basic thing.
While the heading should contain action verbs, the first paragraph should answer the “who,” “what,” “why,” and “where.” The press release should also contain understandable language and a quote.


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Major Elevator Manufacturer Will Equip All New Elevators with Contactless Touch Solutions Powered by Neonode Touch Sensor Modules
STOCKHOLM, SWEDEN, November 1, 2021 — Neonode Inc. (NASDAQ: NEON), is pleased to announce that one of the largest global elevator manufacturers has decided to equip all new elevators with contactless touch control panels featuring Neonode’s Touch Sensor Modules. This comes after extensive tests and evaluations of the technology. The rollout will begin 2022 and marks a breakthrough for Neonode and its contactless touch technology in the global elevator new equipment market.
“This is a significant step forward for us and proves the relevance and competitiveness of our technology in the elevator segment. It also confirms that our strategy to address the elevator segment indirectly via partners offering different types of retrofit solutions initially, to introduce our contactless touch technology to end users and elevator manufacturers to increase awareness and drive demand, works. In the next step we will ramp up our efforts to win more businesses with elevator manufacturers and to continue to scale our retrofit business with both elevator manufacturers and other types of customers active in the important aftermarket for elevators,” said Urban Forssell, CEO of Neonode.
For more information, please contact:


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PS4 Version of Dragon Quest X Announced
During a livestreamed presentation from Tokyo, Square Enix announced that the MMORPG Dragon Quest X will be released on PS4.
No further Details were given, including a release window, but we also heard that the 3DS version of the game will get a free demo that will be released in Japan on July 29th
Dragon Quest X is already available for PC, 3DS, Wii and Wii U. I wonder if this will finally push Square Enix to publish the game in the west. It would be about time.


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JAKARTA - The government will continue to monitor the supplies and prices of food ahead of Eid al-Adha (Islamic Day of Sacrifice) which will fall on Tuesday amid the expanded emergency public activity restrictions (PPKM Darurat) period.
As of July 14, Data from the Information Center for Strategic Food Prices (PIHPS) reported a drop in consumer price of some commodities such as beef quality 1 with Rp 1750 price drop, green chili pepper with Rp 150 price drop, and fresh chicken meat with Rp 250 price drop.
Meanwhile, some other commodities such as medium size shallot, cooking oil, sugar, and so forth do not experience any price changes.
Although, indeed, several commodities are experiencing an increase in consumer price with no significant changes. Those with increased prices include egg and red chilli.
"Such an increase in price is quite reasonable. The chili supply, in particular, will increase considering that the harvest season will take place in the next few weeks. In addition, with an increased demand on food ahead of Eid Al-Adha, an increase in price is inevitable and still the price range is relatively acceptable," said Deputy Chief of Staff for Economy of the Executive Office of the President (KSP) Panutan Sulendrakusuma, at the Bina Graha Building, Jakarta, on Wednesday (14/7).
In addition to these factors, operating hours in several markets located in cities impacted by PPKM are changing as well, affecting the distribution of supply and the fulfilment of demand which further fluctuates the market price.
"KSP and related ministerial offices will be actively in coordination to ensure affordable food prices and sufficient food supply during the PPKM," said Panutan.
He went on to say that the central government through the Ministry of Agriculture would continue to work together with local governments in maintaining food security ahead of Eid al-Adha this month. The government also guarantees the availability of staple food for the society.
"In addition, KSP will continuously monitor the National Strategic Programs on Food and relentlessly support the development in the agricultural sector throughout the PPKM periods," he added.
The agricultural sector has shown resilience during the pandemic crisis by showing a steady growth of 2.19 percent year-on-year (yoy) so far. The sector has managed to cushion the Indonesian economy by becoming one of the five main business sectors which contributes around 64.13% of the current country’s economy. National data also revealed that the agricultural export has grown to 13,39 percent and valued up to US$1,62 billion in the first five months of this year. The figure is higher in comparison to last year’s US$1,42 billion of the same period.


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The next evolution in wireless networking holds promises of self-driving cars and movies that download in the blink of an eye. 5G is big at this year's Mobile World Congress, but don't expect it until 2020.
NASA scientists have analysed the water signatures in Mars' atmosphere to determine that the planet once had a primitive ocean bigger than the Arctic Ocean on Earth.
On "Jimmy Kimmel Live," Lauren Cohan tells how a cop pulled her over while she was elbow deep in zombie guts after filming, and actually hit on her.
The Belkin tablet case provides a firm fit and basic protection, but its design conforms better to midsize tablets than 7-inchers.
If you judge this book by its cover, it will refuse to open until you can approach it without prejudice.
New feature will recycle tweets deemed relevant, so users can see mesages they may have missed while away from the service.
The best-selling Shakespearean "Star Wars" parodies continue with "William Shakespeare's The Phantom of Menace." CNET doth reveal an exclusive look at the new book's cover.
The latest supercar to grace the cover of Turn 10's racing sim franchise will be a Ford.
The wireless carrier will focus first on rural and suburban areas. "We've come a long way with this," says CTO Neville Ray.
Don't miss a beat of the action when Apple announces its new products. Here's how you can tune in and watch the event live.


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On Monday, Rob, Ash and Rosie finally reached the fabled Defiled Chalice. They were able to complete layer one, but how much further will they progress? Let's find out!
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Shoppers flocked to Scotland’s high streets on the first day of retail reopening earlier this week.
The Scottish Retail Consortium (SRC) and SensormaticHQ footfall figures show a 167% rise in footfall on the previous Monday - when admittedly most stores were shuttered - and only 0.7% down on the equivalent 2019 figure, despite many restaurants, pubs, offices and leisure facilities being closed.
In comparison, shopper footfall in England was down by 10.8% on its re-opening day, while in Wales there were 8.7% less shoppers, compared to 2019, when they reopened on 12 April.
Scottish shops re-opened two weeks after stores in England and Wales, with some of Scotland’s restrictions more stringent - on click and collect, food-to-go takeaway and on garden centres - which have been open and trading in England these past four months, but closed in Scotland.
SRC director David Lonsdale said: “After 122 days high street shops finally had something to smile about on Monday as customers surged to their favourite stores.
“However, it’s worth sounding a note of caution - elsewhere in the UK we have seen an initial rush of shoppers, but footfall has then fallen back once the initial pent-up demand and need for products subsides.
“Even Monday’s figures are a touch below what would have been expected pre-crisis – a reminder of how long the road back to growth will be, especially with offices and parts of hospitality and leisure still closed.”
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EBRD encourages global competitiveness of Georgia’s SMEs
Friday, September 23A new financial package by European Union (EU) is bringing new opportunities for small Georgian companies and supporting their operations abroad.
The European Bank for Reconstruction and Development (EBRD) allocated $50 million USD equivalent in the Georgian national currency Lari to the country’s national bank, Bank of Georgia.
The EBRD said the financial package will help local SMEs invest in improvements to product quality and modernise their services to meet EU standards. This in turn will create an environment that is beneficial to cross-border trade and economic growth in Georgia.
Georgia’s Economic Minister, Dimitry Kumsishvili, added that this financial package would "support developing our export opportunities and closer ties with Europe”.
Yesterday he addressed about 200 representatives of Georgia’s private sector who gathered at Tbilisi’s Technology Park to learn about the new EBRD support and how local businesses can access this assistance.
The financial package will give SMEs increased access to credit in Lari and will specifically support businesses that are managed or owned by female entrepreneurs for better access to finance, know-how and advice, said EBRD.
The Bank of Georgia will issue loans in Lari, with a tenor of up to five years and with a two-year grace period, while cash-back investment incentives of up to 15 percent will be available for SMEs. The first-loss risk cover will guarantee up to 10 percent of the loan portfolio of eligible SMEs.
International business experts will provide free technical advice for SMEs in Georgia, and the package will also include support for investment in new technologies and equipment.
“The EBRD is ready to help local SMEs become more competitive on regional markets with the provision of long-term local currency financing. We are grateful to the EU, our largest donor, for its continuing support for the implementation of such an important initiative," Bruno Balvanera, EBRD Director for the Caucasus, Moldova and Belarus said.
This action was taken by the EBRD to further support SME development in Georgia within the context of the Georgia-EU Association Agreement (AA) and inclusive Deep and Comprehensive Free Trade Area (DCFTA).
This was the first phase of the planned EBRD-EU program, in which the EBRD is working with local banks to help businesses invest in improving product quality and service standards.
The EBRD planned to establish similar cooperation with other banks in Georgia in the future. (agenda.ge)


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OLIVETTE, Mo. (KMOX) – Police in the St. Louis suburb of Olivette are searching for smash-and-grab thieves who drove into a jewelry store, next to the Olivette Police station, took some items, then left.
The crime happened about 5 a.m. Monday at Timekeepers jewelry store. An officer nearby heard the alarm sound and a chase began. Police gave up the pursuit after about six miles on Interstate 170 out of safety concerns. The search for the thieves continues.
It wasn’t immediately clear how much merchandise was taken from the store, which sells jewelry, coins and antiques.
The thieves left behind the truck they used to drive through the front windows, it had been stolen in St.Louis five days ago.
(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)


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Lucid Motors, the electric vehicle startup backed by Saudi Arabia, has slashed the price of its entry-level sedan, the Lucid Air Pure, by more than $8,000. The move comes after a disappointing year of sales for the company, which faced production delays, regulatory hurdles, and fierce competition from Tesla and other rivals.
Lucid Air Pure Now Starts at $69,900
The Lucid Air Pure, the rear-wheel drive version of the base model of the Lucid Air sedan, will now start at $69,900, down from the previous price of $77,400. The price cut was announced on February 15, and applies to both existing and new reservations. Customers who have already placed an order for the Lucid Air Pure will receive a refund of the difference, or they can choose to upgrade to a higher trim level.
The Lucid Air Pure is the most affordable variant of the Lucid Air, which also includes the Touring, the Grand Touring, and the Dream Edition. The Lucid Air Pure offers a range of 406 miles, a power output of 480 horsepower, and a top speed of 155 mph. It also features a 34-inch curved glass cockpit, a 19-speaker sound system, and a suite of advanced driver assistance systems.
The price cut makes the Lucid Air Pure more competitive with the Tesla Model S, which starts at $79,990 for the Long Range version, and offers a range of 412 miles, a power output of 670 horsepower, and a top speed of 155 mph. The Tesla Model S also features a 17-inch touchscreen, a 22-speaker sound system, and a full self-driving capability.
Lucid Motors Struggles to Meet Sales Targets
The price cut is part of Lucid Motors’ strategy to boost its sales and market share, after a disappointing year of deliveries in 2023. The company reported that it delivered only 6,001 vehicles in 2023, far below its initial target of 20,000 vehicles. The company blamed the low sales on production delays, supply chain disruptions, and regulatory challenges.
Lucid Motors started production of the Lucid Air in late 2020, after receiving a $1 billion investment from the Public Investment Fund of Saudi Arabia, which owns a 67% stake in the company. The company initially planned to deliver the first batch of vehicles in the spring of 2021, but had to postpone the launch several times due to the COVID-19 pandemic, the global chip shortage, and the certification process by the Environmental Protection Agency (EPA).
The company finally delivered the first Lucid Air vehicles to customers in October 2021, starting with the Dream Edition, which costs $169,000 and offers a range of 503 miles, a power output of 1,080 horsepower, and a top speed of 168 mph. The company then delivered the Grand Touring and the Touring models, which cost $110,900 and $85,900 respectively, and offer a range of 517 miles and 406 miles, a power output of 800 horsepower and 620 horsepower, and a top speed of 168 mph and 155 mph respectively.
The company has not yet delivered the Lucid Air Pure, which was supposed to be available in early 2022, but has been pushed back to the second half of 2022. The company has also not yet delivered any vehicles to Saudi Arabia, which has agreed to buy up to 100,000 vehicles from Lucid Motors over the next 10 years, as part of its Vision 2030 plan to diversify its economy and reduce its dependence on oil.
Lucid Motors Aims to Recover in 2024
Lucid Motors hopes that the price cut and the additional benefits will attract more customers to the Lucid Air Pure, and help the company recover from its sales slump. The company is also working on expanding its production capacity, improving its customer service, and launching new models and markets.
The company is building a second factory in Saudi Arabia, which is expected to be operational by 2024, and will produce up to 50,000 vehicles per year for the Middle East and Africa markets. The company is also planning to build a third factory in Europe, which will serve the European market.
The company is also developing a new electric SUV, called the Lucid Gravity, which will compete with the Tesla Model X, the Rivian R1S, and the Ford Mustang Mach-E. The Lucid Gravity is expected to debut in late 2022, and will offer a range of over 400 miles, a power output of over 1,000 horsepower, and a spacious and luxurious interior.
The company is also exploring other applications of its electric vehicle technology, such as battery storage, aviation, and mobility services. The company has partnered with Formula E, the electric racing series, to provide batteries for the race cars. The company has also partnered with ZeroAvia, a startup that is developing hydrogen-powered electric aircraft, to provide batteries for the planes. The company has also partnered with Uber, the ride-hailing giant, to offer Lucid Air vehicles as part of its premium service.


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Latest Autos News
- Massachusetts Gas Prices Increase For 8th Straight Week Massachusetts gasoline prices have jumped 4 cents in the past week to an average of $2.12 for a gallon of self-serve regular.
- Mothers Against Drunk Driving Aren't Against Driverless Cars The head of Mothers Against Drunk Driving has come out in favor of driverless car technology.
- 2 Investigators: Pastor Says Chicago Cops Beat Her During Road Rage Incident Catherine Brown claims Chicago police officers rammed her car and roughed her up, endangering her children. CBS 2's Dave Savini looks at dashcam video.
- Illinois Drivers Could Be Taxed By The Mile Senate president John Cullerton (D-Chicago) says revenue would be used for road work.
- Demand For Tesla's New Model 3 Is Wild, But Limited To Tech Fans Demand for Tesla's new Model 3 has been eye-popping, with consumers pre-ordering about $13.7 billion worth of the electric sedans nearly two years before they go on sale.
- 6-Year-Olds Take Pickup Truck For A Joyride Police say two 6-year-old boys took a joyride in a pickup truck through a central Kansas town, damaging five other vehicles and two mailboxes along the way.
- You Can Buy A Supercar Cheap, But Should You? I'm a bargain hunter and love shopping!! One of my favorite hobbies is searching Ebay, Craigslist, Bring-a-Trailer and other various websites where one can buy and sell cars.
- Taxi Managers: Make It Easier For Uber Drivers To Become Yellow Cabs A group of New York City taxi medallion managers are advocating to make it easier for Uber drivers to become yellow cab drivers.
- Experts Say Self-Driving Cars Not Ready For Roads Engineers and safety advocates are telling the government that self-driving cars are more likely to be a threat than a boon to public safety because of unresolved technical issues.
- Orders For Tesla's Lower-Price Car Reach 325,000 Tesla Motors said that worldwide orders for its new lower-priced Model 3 electric car have hit 325,000. CEO Elon Musk on Thursday added on Twitter that the number is still rising.


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At the Unpacked launch a month and a half ago, Samsung launched a wireless Bluetooth headset, Galaxy Buds Live, in addition to the Galaxy Note 20 Series, Galaxy Z Flip 5G and Galaxy Z Fold 2. According to the newly approved trademark, Samsung is expected to launch a new headset between the Galaxy S21 and the Galaxy Buds Sound.
The following images are from https://nl.letsgodigital.org/headsets/samsung-galaxy-buds-sound/
It is understood that the Samsung Buds Sound trademark was approved by UKIP on 6 October 2020 and the application was classified as Class 9, as specified below.
Wireless headphones for smartphones; wireless headphones for tablets; headphones; wearable wireless headphones/earbuds consisting mainly of MP3 players; wireless headphones/earbuds for sensors that detect if the headset is turned on; wireless headphones/earbuds for software that provides fitness guides; wireless headphones/earbuds for software that measures distance, speed, time, heart rate changes, activity levels, calories burned.
As can be seen from the description, Buds Sound will be a wireless headset that can also be used for fitness. The headset will be equipped with fitness guides and software to measure distance, time, heart rate changes and calories burned. The “Galaxy” brand does not appear in the trademark, but in accordance with Samsung’s past practice, the trademark has been applied for, but has not yet been made public.
There are currently three headsets in the Galaxy Buds, Galaxy Buds Plus and Galaxy Buds Live, and the new headsets are expected to be synced with the Galaxy S21.


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Deputies arrested a Rochester woman following a larceny investigation at Eastview Mall.
According to a news release, Elisa Ciarico, 37, of Rochester was charged with one count of petit larceny after taking over $500 worth of merchandise and leaving the Dick’s Sporting Goods store there.
The larceny happened around 6 p.m. on Wednesday.
She was issued an appearance ticket and will answer the charges at a later date.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].


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Since its launch in January 2023, the arrangement There is a huge demand and many platforms are trying to control it. Such is the case of Magic Eden, a non-fungible token (NFT) marketplace, which announced the launch of a creation platform for Ordinals.
Platform for creating hierarchies on the bitcoin blockchain
This platform aims to help creators register their collections of based on NFTs bitcoin. It should be noted that Magic Eden already has all the necessary infrastructure that allows creators to list and sell ordinal offers.
However, this new platform It will facilitate the creation of tokens on the Bitcoin network. Thus, thanks to it, it will be much easier for those who are not familiar with the intricacies of Taproot and the logging system to create their own code.
Magic Eden is stepping up its efforts in favor of developing Ordinals on Bitcoin
The launch of this platform is part of a larger market growth for the assets available on the Bitcoin network. Zhuoxun Yin, COO and Co-Founder of Inc Magic Edenin a press release that Bitcoin is the “grandfather of all block chains” and can serve as a home for pure digital artifacts.
According to Mr. Yin, by preserving content through Ordinals, it is possible to preserve it forever. On April 7, Magic Eden A.J Partnership with Godjira, a collection of NFTs based on Ethereum. Thanks to this agreement, Godjira will be able to launch the (dead) Bitcoin-based Jira pool.
At the same time, creators Genopets, Lazy Lions, Humanoids, and Rapper Lil Durk Bitcoin listings on the new platform are expected to hit within the next week.
These latest Magic Eden ads come as The Ordinals’ popularity has soared since January. On this occasion, Magic Eden seeks to meet the needs of a growing community. This is the reason for launching this platform and signing these agreements.
To that end, Magic Eden’s offering has extended beyond the Solana platform, a layer-one blockchain that has brought the market to center stage. In addition, Magic Eden has launched a marketplace Bitcoin NFTwhose support is integrated with two Bitcoin wallets, allowing collectors to purchase Ordinals on the secondary market.
In addition, Magic Eden was created web3 gaming platform, where the major funds and publishers of blockchain-based games are located. The goal of this platform is to encourage the adoption of these games in the space. In early March, Magic Eden launched “Mint Madness”, allowing users to mint NFTs for more than a dozen Web3 games for free.
We can expect other platforms to follow in Magic Eden’s footsteps and pay more attention to it Bitcoin order. In the meantime, it will be interesting to see how this new tool works and how its creators will welcome it.


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New Study Indicates That PS4 Remains A Consumer Favorite
The next generation is upon us, and Sony still has the edge.
A new study from Integri Entertainment has revealed that significantly more gamers are interested in purchasing a PlayStation 4 than an Xbox One this holiday season.
Over 5,000 people participated in the study, and 58 percent said they wanted to buy the PS4, while only 39 percent said they would pick up the Xbox One. The Wii U, by the way, tallied 1 percent. The PS4 actually beat out the Xbox One in every category of the study:
62 percent of gamers said Sony's design was the most aesthetically pleasing, as opposed to 36 percent for the Xbox One and 1 percent for the Wii U, and 51 percent said the Dual Shock 4's touch pad was more innovative than the Xbox One's trigger rumble feature (35 percent) and the Wii U's GamePad second-screen feature (14 percent).
The launch lineup of software was the closest, with 50 percent saying the PS4 had the best games, while 48 percent voted for the Xbox One and 2 percent stuck with the Wii U. That's not really surprising, considering the lower-than-expected review scores for the PS4's two biggest launch titles, Killzone: Shadow Fall and Knack. Xbox One will have Ryse, Dead Rising 3 and Forza 5. The PS4 really needed inFamous: Second Son, damnit.
11/13/2013 1:15:45 PM Ben Dutka


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SAN FRANCISCO — HotHouse.com has announced the debut of the first scene from "Pushing Limits."
The new update featuring A-Team exclusives Sebastian Kross and Tegan Zayne was directed by Nick Foxx and went live on HotHouse.com on Thursday, Feb. 18.
Additional updates from the production will appear on the membership site in the coming weeks and the DVD and scene downloads will be made available on the Falcon Studios Group store on May 27, 2016.
“Sebastian and Tegan were on fire in this scene," Foxx said. "Sebastian knows just how to satisfy an expert bottom, and Tegan does great at taking everything that Sebastian puts in his hole."
HotHouse.com has more than 650 scenes, including the world premiere of "Pushing Limits," available for promotion through the Buddy Profits affiliate program.
Affiliates can choose between $35 pay-per-signup or 50 percent revshare for all memberships they refer, including trials. Affiliates are encouraged to visit BuddyProfits.com for promotional material. For more information about the Buddy Profits affiliate program, contact Affiliate Manager Ewan French at email@example.com.


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DISEQUILIBRIUM: We must stimulate demand for our economy to grow
German statistician Ernst Engel as far back as 1857 created what is known as Engel’s Law which states the percentage of income allocated for food purchases decreases as income rises.
Essentially, this translates into – as household income rises, the percentage of income devoted to food decreases while proportion of income on other goods (clothing, housing, automobiles, leisure etc) spikes.
While the change in consumption patterns may be because of income, price, taste or preference; ironically 80 per cent of malnourished children come from countries which have an agricultural surplus, in India’s specific case mountains of buffer stock.
India has to play to its strength which is to stimulate demand in the local economy, says Sandeep Bamzai
Given that India is a consumption economy, consuming 67 per cent of its $1.86 trillion GDP – $325billion is merchandise exports and $110billion is software export earnings – $435bn ($70bn in NRI remittances) it is imperative that demand stimulation begins in right earnest to set the wheels in motion.
That consumerism has taken root in urban agglomerates and is driving the changing paradigm is a given, but it is also leading to disparity.
Though the chasm is growing, the trajectory of incomes is rising in rural Bharat also. A function of higher minimum support pricing for crops during the 10-year-rule of the UPA.
The most recent National Sample Survey Office data for 2011-12 released sometime in June this year is revelatory.
Household Consumption of various goods and services report based on information collected during 2011-12 from 10,1651 households in 7,469 villages and 5,268 urban blocks spread over the entire country offers a wealth of data for marketers.
I have picked out some of the more revealing data which offers empirical and corroborative evidence to how Engel’s Law has taken effect in the real Indian economy. It is understood that with rapid urbanisation, the country’s income pyramid will alter.
And as incomes rise, the share of wallet of consumer spending will also go up. Right now Indian households have a preponderance.
To spend on what is called FB&T (food beverages and tobacco) but as lifestyle change communication, transport and healthcare will assume enormous significance.
A McKinsey study details the change in spend over the next few years reflecting Engel’s wisdom.
India has to play to its strength which is to stimulate demand in the local economy. Look at an old economic theorem – economic activity moves on wheels – and one will understand why this is our strongest suite.
India is a consumption economy, consuming 67 per cent of its $1.86 trillion GDP
Two of our top home grown automobile manufacturers – Maruti (now owned by Suzuki but still very much Indian) and Mahindra – have slowed down due to a stagnant economy.
I was looking at their first quarter results – M&M posted net sales of Rs 10,096 crore in the quarter ending June 2014 against Rs 10,837 crore in the March 2014 quarter while net profit also was down from Rs 896 crore to Rs 881 crore sequentially in June 2014.
Ditto for Maruti Suzuki, net sales down from Rs 11,073 crore in June, down from Rs 11818 crore in March and net profit down from Rs 800 crore to Rs 762 in June sequentially.
Let me add Tata Motors which has been blown away domestically (propped up thanks to Jaguar Landrover internationally).
Stand alone net sales are down from Rs 8,436 crore in March 2014 to Rs 7,612 crore in June 2014 while it has registered a net profit of Rs 393 crore in June against a Rs 816 crore loss in the March 2014 quarter.
Manufacturing of more cars means more consumption in the domestic market spurring overall consumption and generating economic activity.
India is changing rapidly, a new dispensation is brimming with ideas, commerce and economics is the only axis and the centrifuge of an emerging economy’s discourse. We shouldn’t be caught out as the ground is shifting beneath our feet. Prepping for the change is paramount.


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The Justice Department is Investigating the Purchase of Dean Foods
Officials and people in the industry said the Justice Department is consulting with farmers and retailers about the possible repercussions of the acquisition of Dean Foods Co. by Dairy Farmers of America. They are concerned with the effect the deal will have on milk prices and the very high competition in the dairy business. The consumption of milk has fallen about 10% a decade over the last 40 years as demand for milk has waned over that time. This has put a lot of pressure on the industry.
“We are investigating Dairy Farmers of America’s potential acquisition of Dean Foods and the potential loss of competition for selling raw milk,” an antitrust attorney at the Justice Department wrote in a message to a dairy farmer that was reviewed by The Wall Street Journal.
Dean is exploring an asset sale after filing for Chapter 11 protection. Dean, by sales, is the United States largest milk processing company. They are still in deal discussions as some farm groups have rung an alarm and the deal may create to large a concentration of milk buyers in certain parts of the country.
According to the U.S. Department of Agriculture data in 2018, there were 459 plants each producing an average of 103.9 million pounds of milk as compared to 1980 when there were 1,066 plants across the U.S. produced around 50 million annually. The plant closures and consolidation have tested dairy farmers, requiring them to find new buyers and others to close their milking parlors.
Overall the dairy consumption is growing due to other uses of milk products such as yogurt and cheese, however, the low milk prices have affected the farmers greatly since they are paid a higher price for raw milk.
Dominant retailers like Walmart Inc. and Kroger Co. have added cheaper in-store brands, in some cases even building their own bottling plants, pressuring prices downward and in some cases reducing business for processors like Dean which would maybe show that they have no antitrust issues.


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- Nestlé is forming a business that combines its Freshly business, a provider of fresh-prepared meal delivery services in the U.S., with Kettle Cuisine, a manufacturer of fresh artisanal foods for retail and foodservice customers. Kettle Cuisine currently is owned by private equity firm L Catterton. The financial terms of the deal were not disclosed.
- Nestlé will hold a 41% stake in the partnership and L Catterton will actively lead and manage the business.
- Nestlé purchased Freshly in October 2020 in a deal valuing the company at $950 million as part of a broader overhaul by the global food giant to add healthier options in fast-growing segments to its portfolio. Nestlé said the business has fallen short of its expectations.
Just two years after buying Freshly, Nestlé is scaling back its presence in the prepared foods delivery market.
“There have been dramatic shifts in the external business environment, including direct-to-consumer cost models” since the acquisition, a Nestlé spokesperson told Food Dive. “With these shifts, Freshly has not driven the scale or performance we had hoped for. This partnership opens the opportunity to bring fresh prepared foods to a broader group of customers and geographies.”
Freshly has a menu of fresh, chef-cooked meals for customers, breaking down barriers to healthy eating by delivering nutrition and convenience. It has worked to separate itself from other prepared meal brands by selling foods that are gluten-free and have fewer processed ingredients, more nutrients and less sugar.
Nestlé purchased a roughly 16% stake in Freshly in 2017 to evaluate and test the market. When it purchased the rest of the company three years later, the world’s largest food manufacturer said the acquisition combined its deep understanding of eating at home and research and development capabilities with Freshly’s highly specialized consumer analytics platform and distribution network.
The approach of how the combined company will move the businesses forward as one entity is still being determined. For now, the partnership will focus on offering an assortment of fresh food products to customers across geographies and a variety of channels.
The new partnership could give Freshly access to Kettle Cuisine’s small-batch, all-natural soups, sauces and side dishes that are sold at retail and foodservice establishments. Kettle Cuisine’s use of natural ingredients and classical artisan cooking techniques to produce clean-label products from scratch should blend seamlessly with Freshly’s current products.
“The aim of the partnership is to deliver convenience and accessibility to people looking for fresh prepared foods, ultimately driving long-term business growth,” the Nestlé spokesperson said. “The fresh prepared foods market continues to grow, offering an attractive opportunity for the partnership.”
Nestlé has been rapidly overhauling its portfolio in recent years to include healthier and faster-growing options. The company has been jettisoning those in which revenue is not rising as quickly, as well as segments in which the Switzerland-based company is not one of the largest players. The Freshly deal fits squarely within that business strategy. In the past few years, Nestlé also sold its U.S. chocolate business and the majority of its struggling North American Waters business.
Nestlé sold brands such as Edy’s, Haagen-Dazs, Outshine and Drumstick in December 2019 to Froneri, a joint venture the Swiss company created six years ago with PAI Partners, in a deal valuing the ice cream business at $4 billion. While Nestlé no longer oversees the business, it remains a majority shareholder and has three people on Froneri’s eight-person board.
The transaction with L Catterton and its Kettle Cuisine business is similar to the way Nestlé structured the ice cream deal. Nestlé remains a large player and positions itself to benefit from any upside in business.


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40 million health masks have been ordered by LVMH, the world’s biggest luxury goods group, from a Chinese supplier, to help France cope with the coronavirus outbreak.
The first part of the order, a total of 10 million masks, will be delivered in coming days, the conglomerate announced in a statement on Saturday. This initial batch will be given to the French health service for distribution to those in need early next week.
The rest of the order, on which LVMH cooperated with the French government, will be funded by the state and should be delivered in coming weeks. LVMH, owner of brands such as Christian Dior and Louis Vuitton and owned by France’s richest man Bernard Arnault, is already producing and delivering free-of-charge hand sanitiser to French hospitals.
“In order to secure this (mask) order during an extremely tense period and to ensure that the production begins today, Bernard Arnault arranged for LVMH to finance the whole of the first week of deliveries, amounting to 5m euros ($5.4m),” the group said.


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Retail sales up 8.4 per cent over EasterPUBLISHED: 22 Apr 2014 17:08:32 | UPDATED: 23 Apr 2014 07:28:36PUBLISHED: 23 Apr 2014 PRINT EDITION: 23 Apr 2014
Retail sales rose 8.4 per cent over Easter, according to a new retail sales index that will enable retailers to benchmark their performance with competitors on a weekly or daily, rather than monthly basis.
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Social media has spawned a culture of relentless sharing, and Perth company Kitchenware Direct hopes to harness its power by involving customers' friends in the process of buying homewares online.
The online vendor is making a play for the upper end of the home accessories market with avago.com.au, intended as an online department store, minus the fashion and cosmetics.
The homewares sector was worth $1.4 billion in 2011 and is expected to grow at 2.5 per cent per year until 2017, according to Ibisworld research.
Launched last Friday, Avago offers a range of more than 5000 ornaments, accessories, homewares, travel goods, gifts and children's products, from more than 200 suppliers.
The site is integrated with major social media platforms Google +, Facebook and Pinterest, enabling shoppers to "socialise" their buying decisions by pinning and posting potential purchases for friends and associates to comment about. Loyalty programs reward customers for buying, recommending and reviewing products.
Avago also features a Twitter feed to allow customers to see what's trending globally, and editorial pages with advice on design trends compiled and written by the company's in-house creative team.
Kitchenware Direct managing director Peter Macaulay said social media would be the backbone of the site's marketing strategy.
He said while online shoppers were unlikely to want to opinions about their purchase of everyday items, such as nappies, the social shopping model worked well for discretionary purchases in which "taste" plays a role.
“It's based on the concept of enabling users as they browse the site to make an expression of, 'I want it, I like it, I own it',” Macaulay said.
Online retail stores based in Facebook had failed to take off, he said, but a social shopping model that simply links to Facebook, and other social sites, allows retailers to tap into their user base to boost sales.
“We don't have hundreds and thousands (of dollars) to blow on traditional marketing,” Macaulay said. “It's about leveraging online traffic.”
The company has spent almost $1 million getting the Avago venture off the ground and hopes to achieve sales of $10 million in the first year and 300,000 unique views a month.
Parent company Kitchenware Direct morphed from a traditional retailer of pots, pans and kitchen appliances to a web-based business in 2008 and has annual sales of $20 million.
Macaulay said online retailers had traditionally focused on competitive pricing ahead of quality or the provision of "interesting and different" offerings.
Avago's only online competitors in Australia in the upmarket homewares market were smaller and had narrow products ranges, he said.
Online shopping has become big business in Australia, generating profit of $401.1 million on revenue of $10 billion in 2011-12, according to Ibisworld.
The market has enjoyed annual growth of 8.6 per cent since 2007, with more than 33,000 businesses operating in the sector.
Many of the country's largest retailers, including Myer, David Jones, Big W and Harvey Norman have belatedly entered the fray, after losing ground to "pure play" merchants such as the high-profile discount television vendor Kogan.
Avago is one of the first companies in Australia to deploy a forthcoming version of NetSuite SuiteCommerce; an ecommerce platform used by 2800 companies worldwide.
NetSuite chief executive Zach Nelson said merchants like Avago were finding common ground between the innate sociability of the bricks-and-mortar shopping experience and online shopping, which has been its polar opposite, historically.
“Consumers are forcing businesses to re-architect how they interact with them,” Nelson said.
“Consumers are expecting a very different shopping experience.”
The social media-linked shopping model would replace email-driven marketing models for many online businesses, Nelson added.


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C) Dan Gladden's homer helped the Twins overpower the Cardinals, 10-1, in the first World Series game played indoors. Steve Lombardozzi also homered and Frank Viola picked up his first World Series victory.
Man whose body was found in riot wreckage officially ID'd 5 months on
Oscar Lee Stewart's body was found in the wreckage of a pawn shop in July. The shop was destroyed in the May 28 riots.


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Cruises may be shorter than ever in 2021, but trips are being booked now.
After an intense year of confinement, going out and seeing the world is on most people’s minds. Many cruise itineraries will last a week or less.
Carnival Cruise Line threatened to pull its ships from US waters on Tuesday after canceling all additional cruises leaving US ports through June 30.
“While we have made no plans to move Carnival Cruise Line ships out of our home ports in the US, we may have no choice but to do so to resume our operations that have been on ‘pause’ for more than one year, “Christine Duffy, president of Carnival Cruise Line, said in a statement provided by spokesman Vance Gulliksen.
Carnival has 14 homeports along the east and west coasts and the Gulf of Mexico in the United States, Gulliksen said.
“We remain committed to working with the Administration and CDC to find a viable solution that best serves the interests of public health,” Duffy said in the statement, adding that Carnival calls for “the cruise industry to be treated on par. “with other sectors of the travel industry” as well as American society in general. “
The threat comes on the heels of new guidance released by the Centers for Disease Control and Prevention on Friday detailing the second phase of its Conditional Shipping Order, which the cruise industry had lobbied the agency to lift the last week.
Although there was new information on the benchmarks that cruise lines must reach before transporting paying passengers again, it was not reported when the cruise will be able to restart in US waters.
One year without a cruise: There is no ‘crystal ball’ to say when navigation could be restarted amid COVID-19
The cruise industry has been closed in US waters since March last year, while other sectors have been allowed to continue operating or reopen with health and safety modifications, including airlines and theme parks.
But more than a year later, there is no “crystal ball” that can tell when navigation might restart, he said. Kelly Craighead, President and CEO of Cruise Lines International Association, the industry’s leading trade group.
“I couldn’t begin to speculate as to why the cruise industry is holding back in a way that other industries are not,” Craighead told USA TODAY in February.
Other cruise lines have already taken steps to move their ships to other parts of the world in order to resume operations.
On Tuesday, Norwegian Cruise Line announced that its official return to service would begin in July in Europe and the Caribbean. And last month, Royal Caribbean International announced travel in Israel, Bermuda and the Bahamas and its sister line, Celebrity Cruises, added itineraries to St. Maarten, all with specific vaccine requirements.
Carnival said it is notifying guests whose cruises have been canceled and is providing options for a future cruise credit with additional onboard credits or a full refund.
Plan B: Norwegian Cruise Line to resume sailing in Europe and the Caribbean in late summer


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Hello & Welcome to 2014,
Despite the cold and the snowiest Pre-Christmas weather and warnings that Toronto’s housing market is overpriced, the 2013 surprised us with strong results in terms of volume of sales and price growth.
Total home sales were up 2 per cent last year over 2012 and house prices ended the year up 5.2 per cent.
The average selling price was $523,036 across the GTA vs $477,130 in 2012. Even the resale condo sector ended the year on a high, despite widespread warnings in 2012 around oversupply and dwindling demand.
Resale condo transactions, especially in the more affordable 905 regions, saw the biggest increase of any sector of the housing market: Sales were up 27.8 per cent in December year over year — 46.1 per cent in the 905 regions (accounting for just 374 transactions) and 20.7 per cent in the 416 region.
The one thing that could take heat the market — an increase in interest rates — that is expected by the end of the year.
My clients may enjoy the exclusive interest rates booked especially for them:
– 3.39% for 5 year fixed
– 2.6% variable
Well, real estate across GTA will remain affordable throughout 2014 as per Toronto Real Estate Board.
The average selling price will be up again in 2014 and by more than the rate of inflation.
Neighbourhoods with low-rise homes like townhouses, semis and singles will continue to have a limited 1-2 month inventory.
Whether you are looking to invest, sell or buy real estate in Toronto and surrounding areas and need a hassle-free experience , feel free to give me a call at 647-833-3287
Nikolay Klyushkin ‘Your Toronto Real Estate Guide’
FIND OUT HOW MUCH YOUR HOME IS WORTH


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Photo Credit: Channel NewsAsia - Ten complaints were made against contractor Reka Bina Pte Ltd by consumers who said that their renovation works were delayed or unfinished. (Image: Google Street View) Ten complaints were made against interior design company Reka Bina between Mar 17 and Wednesday (May 23) after the firm's closure left consumers with unfinished renovations, said the Consumers Association of Singapore (CASE) on Thursday. Some consumers complained that their renovation works were not completed while others said theirs had been delayed for several months, and that the contractor had become uncontactable. The majority of the complaints were made in May, CASE said.
The customers later found out that the contractor had "ceased operations due to financial difficulties", said CASE on Thursday.
Consumers also said that they had paid deposits or made full payment upfront amounting to about $101,000 in total.
Affected consumers with unresolved disputes against the company may approach CASE for further assistance, said the consumer watchdog.
CASE urged customers to negotiate for progressive payment for their renovation works, instead of paying the full amount upfront to protect themselves.


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Published on : Thursday, November 2, 2017
Tom McAlpin, chief executive of Virgin Voyages and Richard Branson who is the founder of the Virgin Group mentioned at a press event for the fleet’s first vessel in Genoa, Italy this week that the ship would be gifting an ‘experience’ that would be enriched with an ‘Adult Design’ theme implying that nobody under the age of 18 would be permitted on board the cruise ship.
A press release stated that the decision of the company was actually motivated by feedback from future sailors and travel professionals who are looking forward to a more luxurious experience with a few Virgin style surprises.
Virgin Voyages is yet to comment on any of its special ‘surprises’ but McAlpin mentioned that this cruise liner is committed to creating a fantastic cruise vessel that would be a transformation experience for cruise travellers to enjoy daytime activities and an interesting ‘night-life’.
The official website of Virgin has also provided a glance at what the passengers is likely to expect on their voyage when explaining exactly what its ‘keel laying’ ceremony is all about.
The official icon of the cruise would be a topless mermaid.
Apart from the adults only theme the ship would also be inspired by superyachts and some feature balconies on at least 86% of the passenger cabins.
Virgin Voyages is presently accepting ‘fully refundable’ deposits of $650 to rserve spots for its upcoming cruises. The very first vessel is slated to navigate passengers from Miami to the Caribbean once its construction is completed at Genoa’s Fincantieri shipyard. The subsequent cruise shops of this company would be debuting in 2021 and 2022.


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Noble picked the platform because it is among the most developed efforts in decentralised communication and promotes the privacy principles that Nodle supports in terms of data security.
Utilizing Nodle’s mobile wallets, anyone with a smartphone may join and earn Nodle Cash cryptocurrency through using Nodle, a citizen-powered decentralized wireless infrastructure platform. Downloading the Nodle network framework allows mobile app development companies and publishers to monetise their apps. Because the Nodle network is based on the Bluetooth Low Energy (BLE) standard, any current BLE item or sensor can easily connect.
$1 Million Protocol for Communication:
Berty Foundation, a privacy communication protocol, receives $1 million in Nodle Cash from Nodle, a San Francisco-based decentralised wireless network, to accelerate the development of its messaging Bluetooth peer-to-peer capabilities. The money will develop further and expand Berty’s platform, which protects users’ privacy when talking and sending texts throughout its network.
Berty, launched in 2018, provides its users with an alternative to instant messaging platforms, focusing on privacy-first solutions inside the messaging industry. According to its web page, Berty provides its users with a privacy-by-default platform that ensures the security and privacy of messages are prioritised for all users. Berty Technologies created the network “using the strongest encryption technology available,” according to the webpage.
Micha Benoliel, CEO as well as Co-Founder of Nodle, commented on the donation, saying,
“We are delighted to assist and support the Berty Foundation in furthering their privacy-first network communication.” Privacy is essential to the Web 3.0 revolution and that one of Nodle’s fundamental beliefs.”
Recommended for You


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Welcome to The Interchange! For those who acquired this in your inbox, thanks for signing up and your vote of confidence. For those who’re studying this as a put up on our website, join right here so you possibly can obtain it instantly sooner or later. Each week, I’ll check out the most popular fintech information of the earlier week. It will embrace the whole lot from funding rounds to tendencies to an evaluation of a selected house to scorching takes on a selected firm or phenomenon. There’s plenty of fintech information on the market and it’s my job to remain on prime of it — and make sense of it — so you possibly can keep within the know. — Mary Ann
A humbling time for Klarna
Welp, I had an entire different matter deliberate for my intro in the present day after which the Klarna information hit.
In case you missed it, on July 1, the Wall Road Journal reported that the Swedish purchase now, pay later behemoth and upstart financial institution is reportedly elevating $650 million at a $6.5 billion valuation, giving new which means to the phrase “down spherical.” The information was surprising, to say the least. Why, you ask? Properly, in June of 2021, Klarna was valued at $45.6 billion after closing on a $639 million spherical of funding — making it the highest-valued non-public fintech in Europe at the moment.
When Klarna confirmed that elevate on June 10, 2021, CEO and founder Sebastian Siemiatkowski sat down with me (by way of Zoom) in an unique interview, detailing why he was so excited in regards to the firm’s “explosive progress” within the U.S. and the way it deliberate to make use of its new capital partly to proceed to develop there and globally. He additionally mentioned that an IPO was nonetheless in its sights “however not anytime quickly.” The corporate then had 18 million customers within the U.S.
Quick-forward to 2022. As of February, Klarna had 23 million monthly active users within the U.S. and 147 million globally. It reported 32% greater income of $1.42 billion for 2021.
By Might, Klarna had laid off 10% of its workforce, or 700 folks.
As TC’s Romain Dillet reported, the corporate didn’t identify a single motive for the layoffs. As a substitute, Siemiatkowski listed totally different macro and geopolitical elements that led to the choice.
“Once we set our enterprise plans for 2022 within the autumn of final yr, it was a really totally different world than the one we’re in in the present day,” he mentioned. “Since then, we’ve got seen a tragic and pointless warfare in Ukraine unfold, a shift in client sentiment, a steep enhance in inflation, a extremely risky inventory market and a probable recession.”
Now the corporate may very well be slashing its valuation by an astounding 1/7 to $6.5 billion. Notably, Klarna has not confirmed this, however, startlingly, the projection for the corporate’s alleged newest funding spherical and new valuation has steadily declined in current weeks. The Wall Road Journal reported on June 16 that Klarna was contemplating elevating capital at a valuation of round $15 billion. Even that new determine represented each a dramatic decline from Klarna’s mid-2021 valuation of greater than $45 billion and the $30 billion determine it was reported to be concentrating on earlier this yr, as our personal Alex Wilhelm famous right here. So from $45 billion to $30 billion to $15 billion to $6.5 billion. It’s arduous to think about it going much more downhill from right here.
It’s additionally vital to notice, although, that Klarna will not be the one BNPL supplier that has seen a decline in valuation. As one other tech fanatic tweeted on Friday, competitor Affirm’s stock can be down considerably. On July 1 alone, shares have been down 5% to $17.13 on the time of my penning this at about 2:30 p.m. CT, giving Affirm a market cap of $4.9 billion. That’s down from a 52-week-high of $176.65. Ouch.
Picture Credit: Twitter
Talking of valuations, Alex examined how after monetary expertise startups noticed their fortunes rise throughout the enterprise capital growth in 2021, they’re now affected by a droop of an identical scale. The harm, he wrote, will not be unidimensional. As a substitute, ache across the fintech sphere is various and multifactorial.
The layoffs in fintech proceed. Quantity, an organization that reached unicorn standing final yr, lately laid off 18% of its workforce. The precise variety of how many individuals have been affected will not be identified, however when Nob6 reported on its final elevate in Might of 2021, the corporate mentioned that it had 400 staff. If that’s nonetheless the case, then about 72 folks have been let go. Amount was spun out of Avant — an internet lender that has raised over $600 million in fairness — in January of 2020 to offer enterprise software program constructed particularly for the banking business. It companions with banks and monetary establishments to “quickly digitize their monetary infrastructure and compete within the retail lending and purchase now, pay later sectors,” CEO Adam Hughes instructed Nob6 final yr.
The Federal Commerce Fee is suing Walmart for sitting by whereas scammers bilked clients out of greater than $197 million, the company alleged in a press release. It’s looking for a courtroom order that might pressure Walmart to present a reimbursement to clients, on prime of civil fines. In a short response, Walmart described the lawsuit as each “factually flawed and legally baseless.” Cash switch scams are widespread, they usually can contain the whole lot from guarantees to share an inheritance to lies about a family emergency. They occur nearly in all places, from Zelle, Venmo and Cash App to crypto ATMs and popular dating apps. On this case, the FTC alleges that Walmart “turned a blind eye to fraud” that went down inside its shops.
Robinhood made headlines 3 times over the previous week. First, Taylor checked out how the inventory buying and selling and investing app was blindsided by the surge in curiosity from the primary large “meme inventory” after Redditors and different retail buyers rallied round $GME and despatched its worth into the stratosphere. Jacqueline Melnik then addressed the rumors that FTX is trying to purchase Robinhood on this piece. After which Alex broke down for us why a crypto change may need to purchase Robinhood within the first place.
In accordance with the Worldwide Financial Fund (IMF), lower than 2% of economic establishments’ CEOs are girls, and for govt board members the determine is lower than 20%. Why does this matter? Aside from the apparent lack of alternatives for proficient girls, there are broader implications for enterprise resilience in addition to financial coverage at nationwide and worldwide ranges. Learn more at Fintech Futures.
Money App final week launched Spherical Ups, permitting clients to speculate their spare change right into a inventory of their alternative or bitcoin each time they use their Money Card. Money App mentioned the product would enable Money Card customers “to seamlessly accumulate bitcoin and stock investments by way of on a regular basis purchases.”
For those who haven’t heard but, there’s a fintech convention on the water coming to San Diego, California, on August 10. Fintech Fest 1.0 is bridging collectively leaders from Brex, Encore Financial institution, Mastercard, Checkout.com, Figment, Sift and plenty of others for enterprise conferences and discussions on the biggest boat on the West Coast. You may get 40% off ticket costs this week solely.
Talking of reductions, you should definitely benefit from this superb deal. Nob6+ is having an Independence Day sale! Save 50% on an annual subscription right here. Extra info right here. And the two-for-one ticket to Nob6 Disrupt sale will expire on July 5.
Funding and M&A
Seen on Nob6
Drive now, pay later: Startups make EVs extra accessible by laying aside the most important invoice
A glance into how Conversion Capital plans to again early-stage fintech startups out of its new 6x bigger fund
HomeLister desires to make promoting your private home extra of a DIY affair, and cheaper
Brazilian bike rental startup Mottu revs up with $40M to assist extra Latin Individuals develop into couriers
Right here’s Carta’s response to enterprise changing into extra world
Sava, a spend administration platform for African companies, will get $2M pre-seed backing
GoCardless goes after Plaid with Nordigen buy
Knox Financial to expand loan products with $50M in funding
Zilch draws $50M more funding to buck BNPL industry woes
That’s it for this week. For our readers within the U.S., I actually hope you’re having fun with the lengthy weekend and Blissful Independence Day. And to all of you, have an exquisite week forward. To borrow from my expensive pal and colleague Natasha, you possibly can help me by forwarding this article to a pal or following me on Twitter. Xoxo, Mary Ann


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Black market may not be major threat to recreational marijuana
The threat the black market poses to legalized recreational cannabis sales may have been overstated, according to a new study released by Marijuana Business Daily. This study showed that more than 60% of cannabis users said their biggest concern when purchasing marijuana is buying it from legal sources, and a large percentage prefer to buy tested, labeled cannabis. Legal retailers and growers have long been concerned because black market producers have a much lower cost of goods since they don’t havel ab testing fees or licensing fees and often don’t pay taxes. A second factor that the study mentioned is that most black market producers have longstanding customer relations that might present a barrier to competition. Both these factors, however, may be the least important market drivers with just 17% and 5% of responses respectively according to a survey they conducted of self-identified cannabis consumers who use marijuana for recreational versus medical purposes. The study didn’t completely dismiss the threat however. It noted that With tens of billions of dollars in sales at stake, criminal elements who control the current black market could be fighting to retain market share, particularly in unregulated states.


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- Global economic outlook stable at a low level but subject to many uncertainties
- Krones focusing in 2020 on increasing profitability
- From 2020, the EBITDA margin is Krones’ key performance indicator for profitability
Global economy expected to grow 3.3% in 2020
In January 2020, the International Monetary Fund (IMF) slightly lowered its forecast for global economic growth in the full year 2020 from 3.4% to 3.3% (previous year: 2.9%). This was mainly due to a slowdown in some emerging markets – especially India – and to social unrest in a number of regions. According to the IMF, positive effects on the global economy will come in 2020 as the trade dispute eases between China and the USA and the main central banks continue to apply very loose monetary policy. The experts see further downside risks most of all in a worsening of the political conflict between the USA and Iran and in further tariff disputes between the USA and its trading partners.
Growth in emerging and developing economies is likely to pick up again compared with the weak prior year, at 4.4% in 2020 (previous year: 3.7%). In October 2019, however, the IMF experts had still expected growth of 4.6%. The slight markdown mainly related to India. India’s gross domestic product (GDP) is now expected to increase by only 5.8% in 2020 (previous year: 4.8%), compared with the October 2019 forecast of 7.0%. While the IMF expects the Chinese economy to see a slight decline in GDP growth to 6.0% in 2020 (previous year: 6.1%), its forecast for the Middle East/Central Asia region is for a significant increase to 2.8% (previous year: 0.8%). The growth rate in Latin America is likewise expected to accelerate, with GDP growth of 1.6% relative to 2019 (previous year: +0.1%).
For industrialised economies, the IMF forecasts 1.6% GDP growth in 2020 (previous year: 1.7%). The experts expect growth to accelerate in Germany especially, where they forecast a 1.1% GDP increase in 2020 after only 0.5% in the previous year. For the euro area, the IMF forecasts 1.3% growth (previous year: 1.2%). As the effects of the fiscal incentives in the USA taper off, the world’s largest economy is expected to increase GDP by only 2.0% in 2020 (previous year: 2.3%). For Japan, the IMF is forecasting 0.7% growth (previous year: 1.0%).
Strong employment and moderate inflation rates support consumer spending
In the medium and long term, the propensity to consume and therefore demand for packaged beverages depends on purchasing power. Low unemployment and inflation rates have a positive effect on consumer’s buying power. This supports demand for packaged food and beverages and indirectly influences demand for Krones’ products and services. If more beverages and liquid foods have to be packaged, beverage and food producers need suitable and efficient technology for the purpose. We do not expect the unemployment rate and inflation to have any negative effect on Krones’ business overall in 2020. However, due to the many overall economic uncertainties, Krones’ customers are postponing investment decisions despite rising end consumer demand.
Further downturn expected in German machinery and industrial equipment output
The German Mechanical Engineering Industry Association (VDMA) once again does not expect a significant improvement in the situation in 2020, with machinery and equipment output decreasing 2% in value as in the previous year. Factors affecting the industry this year continue to be the relatively weak global economy, simmering trade conflicts and the radical structural change in the automotive industry. Potential impacts of the coronavirus are not yet taken into account here.
Krones expecting no growth for 2020
After a difficult year in 2019, Krones is making a moderate start to the 2020 financial year with a view to the short-term demand trend. There are sufficient reasons for exercising a degree of caution. While the economic forecasts for this year are still positive overall, 2020 will once again be marked by political and economic uncertainties. In particular, it is not yet possible to predict the negative impacts of the coronavirus on the global economy. These uncertainties are also affecting order placement by Krones customers. Although consumer demand for packaged beverages is expected to continue rising in 2020, companies in the international beverage industry are temporarily holding back on investment due to the unstable overall economic situation. We therefore expect no short-term growth in the global market for bottling and packaging equipment for the full year 2020. For the same reason, both competition in our markets and cost pressure will remain strong this financial year.
However, Krones only expects the market to stay flat for the short term. The medium and long-term outlooks remain positive. This is because consumer demand for packaged beverages and liquid foods is steadily growing due to a number of megatrends such as the growing world population. Food and beverage providers need suitable technology to meet the increasing demand. For this reason, the market for packaging machinery is growing at a relatively stable rate in the medium and long term.
Focus in 2020 on improving profitability in both segments
Due to the adopted structural measures, Krones will initiate a sustained turnaround in profitability in 2020. The clear-cut goal is to increase profitability in both segments. A major contribution to this will come from further expansion of the global footprint and from cost reductions. No major acquisitions are planned in either segment for 2020. Efforts are focused on integrating the acquisitions made in the group in previous years.
The focus in the core Machines and Lines for Product Filling and Decoration segment in 2020 is on the start of production at the new plant in Hungary. The new plant will go into full operation at the end of 2020. The new production facility is expected to save Krones about €5–10 million in 2020. Annual cost savings of €20 million are expected when it is fully established. We will expand the core segment with further attractive products and rid the portfolio of less profitable activities and technologies. A continued focus is also on countering the rising cost of material.
For the core segment in 2020, Krones does not expect any increase in revenue, especially considering the short-term uncertainty among our clients. It is not currently possible to predict the full impacts of the coronavirus on the global economy. This could have a further substantial effect on the targets for 2020. The EBITDA margin is expected to be around 7.5% to 8.0% (equivalent to an EBT margin of around 4.0–4.5%).
Implementing the structural measures is likewise the focus in the Machines and Lines for Beverage Production/Process Technology segment. The carve-out of the beverage production business has priority here. We are going to make this a legally independent unit. This enables us to better assess how the individual businesses, specifically with regard to the different types of beverages, are developing on a standalone basis. Krones will leverage additional revenue and earnings potential from the full integration and positive business development of, the acquisitions made in the preceding years. Intralogistics continues to see good demand for our products and services. We will push ahead with the further internationalisation of our business in 2020. For this purpose, we have pooled all intralogistics activities in System Logistics and made this a legally independent unit.
In all, for the Process Technology segment in 2020, we plan stable revenue with an EBITDA margin of around 2.5% to 3.5% (equivalent to an EBT margin of around 0% to 1%). It is not currently possible to predict the full impacts of the coronavirus on the global economy. This could have a further substantial effect on the targets for 2020.
Based on the prevailing macroeconomic outlook and the current expected development of the markets relevant to Krones, which is affected in the short term by reluctance by customers to invest, the company expects that consolidated revenue in 2020 will match the previous year’s level. We only expect the market to stay flat temporarily. The medium and long-term growth trend remains intact. Our customers’ short-term reluctance to invest due to the many uncertainties will mainly be noticeable in the first half of 2020. It is not currently possible to predict the full impacts of the coronavirus on the global economy. This could have a further substantial effect on the targets for 2020.
EBITDA replaces EBT as key performance indicator for profitability – EBITDA margin of around 6.7% to 7.2% targeted for 2020
Krones is now positioned in such a way that the expected zero revenue growth will not fully affect profitability. We plan to improve profitability this year as a result of the measures taken. From 2020, Krones manages profitability using the EBITDA margin instead of the EBT margin. This is because EBITDA (earnings before interest, taxes, depreciation and amortisation) is closer to cash flow and more comparable because it does not include depreciation and amortisation, financial income/expense and taxes.
For the group in 2020, Krones expects an EBITDA margin of around 6.7% to 7.2%. That is equivalent to an EBT margin of around 3.2% to 3.7%.
For its third performance target, working capital to revenue, Krones expects a figure of 26%. We intend to improve on this target this year by means of more intensive receivables management.