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Life was sweet for Elton Berrange in 2014. His Grill’d restaurant at a Brisbane Westfield shopping centre was the hamburger chain’s number one store.
When head office urgently needed a regional manager in Queensland to help oversee its chain of corporate-owned restaurants, it turned to Berrange, who helped at no charge. When it needed a host for its annual conference, Grill’d chose him.
Back then his restaurant’s gross sales were $4.1 million a year, putting the value of his business at $2.8 million. As a Grill’d franchisee he was providing the company with hundreds of thousands of dollars a year in royalties and fees.
That was then.
Part two of an investigation by The Age and The Sydney Morning Herald into the Grill’d empire reveals some questionable franchise practices and a revolving door of management at head office.
It follows an expose on the work practices across parts of the Grill’d network, including poor food safety practices and a government-subsidised staff training program that suppresses wages by millions of dollars a year.
The Age and The Herald have spoken to dozens of current and former workers, franchisees and executives as well as obtaining a series of leaked internal documents and emails.
In late 2015 Berrange’s world started to unravel when Grill’d renegotiated his lease with Westfield Chermside, agreeing to a 60 per cent increase in rent. The company also pledged that Berrange would refurbish the restaurant at a cost of $600,000.
That burden was imposed just as Westfield embarked on an 18-month renovation of the shopping centre. Besides disrupting foot traffic, the refit introduced a food court with serious new competitors and closed the car park outside Berrange's restaurant.
The result was a 40 per cent fall in sales in the first year, and then again in the second year, as he grappled with paying an extra $10,000 a month in rent.
By December 2018 Berrange had lost everything: his business, house, cars and savings. He had a breakdown, suffers from anxiety and went through depression that culminated in him considering taking his own life.
"I am on anti-depression and anxiety medication permanently. I really struggle with seeing how this has rocked my family," he said.
The Grill’d chain, which made an estimated profit before interest and tax of $45 million in 2018, terminated his franchise agreement four days before Christmas, took control of his two restaurants and has, as yet, not paid him a cent.
"I begged for help and they slowly strangled me," he said.
In a statement Grill’d said it did its best to make sure its people, including employees and franchise partners, were treated equitably and properly. "While we are not solely a franchising business per se, our franchise partners are a loyal, valued and highly successful part of the Grill’d family, building successful and profitable businesses with some franchisees operating multiple restaurants."
It said many had been part of the network for over a decade "and we hope they will be with us for many more years to come".
It said as a business it had developed over time. "On such a journey there will also be isolated outlier incidents when things don’t go to plan, but we have always worked to make it right by our people, our suppliers, our franchise partners and our customers."
But not everyone agrees.
A common theme among some current and former head office staff is a claim that behind the company’s successful exterior is a dysfunctional culture. The Grill’d business model is based on aggressively keeping costs down and charging premium prices for its burgers by marketing them as healthy, restaurant-quality meals.
Most franchisees declined to speak publicly. Some had left the chain and signed confidentiality agreements, some were afraid they would be kicked out of the system, others were worried that any negative publicity would damage the brand and reduce the value of their business.
But there was a widespread concern that in the long run Grill’d might not renew their agreements. They also refer to a clause in the franchise agreement that made it difficult to sell their business to outsiders, as Grill’d head office has first and last right of refusal on any sale.
Insiders suggest there is a wider plan to phase out as many franchisees as possible and then list the company on the stock exchange or sell it to private equity, as it would attract a higher valuation with largely corporate stores.
Of 137 restaurants in the system, 105 are owned and operated by Grill’d and the rest are franchises. Over the past few years the ratio of corporate stores to franchisees has tilted further towards company-owned restaurants.
Some franchisees, like Berrange, have been terminated, while others, like the outlets in Bridge Road, Richmond, and Acland Street, St Kilda, were closed down. Others, like Fremantle and Mount Lawley in Western Australia, were bought by Grill’d and converted to corporate stores.
There are no franchisees left in Sydney, Perth or Canberra, two in Brisbane, one in Adelaide and a few in Melbourne.
"We are made to feel like leeches, like we are riding on Grill’d’s coat-tails," one franchisee, who asked not to be named, said.
Unlike franchise groups including Retail Food Group, most Grill’d franchises make good money. The top-ranking Grill’d restaurant in the country by profit is a franchise. It is why some franchisees believe Grill’d wants to buy them back.
The dwindling number of franchisees are charged a series of fees, including a franchise fee and a royalty of 9 per cent on gross sales. Fees like this are not uncommon for franchise arrangements.
Most of the products are purchased through Grill’d, giving head office another cut in the form of rebates from suppliers, which one insider estimated at millions of dollars.
When Grill’d became aware that The Age and The Herald were investigating its practices, it organised a phone hook-up with franchisees to warn them about the impending articles.
It was a difficult discussion. The last time the company was in the headlines over a wage scandal store revenue was hit hard. A decision was made to go on the front foot before the articles appeared.
A statement was composed on behalf of a number of franchisees, including Richard Nash from Moonee Ponds and Bendigo. It says Grill’d is a great brand, their businesses are profitable and any negative commentary was coming from "one or two disgruntled ex-franchise partners". But not everyone signed, which has created its own set of tensions.
The statement said: "Our staff are our greatest asset and are considered extensions to our own families and we care for them deeply."
Separately, the company organised a statement and video to be released to thousands of restaurant workers. The statement said "that we do our best to make sure that our people feel valued and are treated equitably and properly". It was summarised with the phrase "Connection, Growth and Belonging".
A matter of trust
Grill’d began in 2004 when Simon Crowe, Simon McNamara and Geoff Bainbridge opened their first healthy burger restaurant in Hawthorn in Victoria. Crowe now owns 100 per cent of the corporate entity – McNamara sold his stake in 2012 after rising tensions and Bainbridge followed suit in 2017 after a public falling-out that culminated in a bitter legal action and a confidential settlement. The company's senior management comprises more than a dozen people, each responsible for a different aspect of the operation.
Its rapid expansion in the past 15 years has been lauded as one of the great retail success stories. But as Grill’d said in a statement, that growth has produced its own issues.
"In the beginning our business processes were inadequate and we have devoted huge resources to get them right. But like all business processes, we accept they are not perfect and we will continually work on improving them."
Industry experts value such a premium flagship business in excess of $450 million. Crowe’s assets include a $10 million mansion in South Yarra, a collection of European cars, a farm, a share portfolio and chocolatier group Koko Black, which he bought for less than $10 million from administrators in 2016.
But behind the glossy marketing of Grill’d as a fun place to work is a churn and burn of executives.
A number of current and former executives who spoke to The Age and the Herald said they quit because they didn’t feel empowered to do their job, despite being in senior positions.
One former executive, who we have chosen not to name for legal reasons, said she left because the company lacked compassion. She said she joined believing Grill’d was a public, energetic and community-minded company, but as far as its staff were concerned "there’s no respect, there’s a lot of micro-managing and penny-pinching and a lot of churn of staff".
"I left due to my own moral compass," she said.
Another said Crowe can be charming but he "needs to loosen the reins".
He said the issue boiled down to a lack of trust in his people. This was typified by a series of leaked emails where Crowe asked an external IT consultant to set up a system to forward certain staff emails to him without them knowing.
In one email, the IT person says to Crowe: "This is my confidential email address, my ops team do not monitor. I have enabled a forward copy of all Dbs [a person working at Grill’d] inbound emails to your address. Make sure you do not enable Out of Office. If you do people who send to him will receive your out of office."
It adds: "You will also receive a copy of all emails he sends."
In another email written on November 2, 2015, Crowe asked the IT specialist "can you please search [a senior executive at the time] emails sent/deleted etc that have been sent/copied/blind copied to Geoff Bainbridge since July 1 and provide me with a copy of each". He then gives a list of Bainbridge’s different personal email addresses.
I begged for help and they slowly strangled me.Elton Berrange
When a series of negative Grill’d stories appeared in The Age in 2015, Crowe asked the IT consultant to "please search emails of our people incl[uding] restaurants to see if any contact with [the journalist] has been made".
In a statement, Grill'd said: "Grill'd's email policy governs the use of Grill'd's email systems by Grill'd team members." It said it had "acted lawfully in accordance with its email policy at all times. Any email searches undertaken of Grill'd work emails were undertaken in accordance with that policy for business purposes."
One former senior executive said Crowe was brilliant at marketing and execution. "Who else could coin a burger as being healthy?" the executive said.
He was referring to a report released last year by Deakin University that analysed major fast-food chains and ranked Grill’d behind chains including McDonald's. It came second-last, ahead of Domino’s. Grill’d dismissed the study as "flawed, misleading and deceptive" and Crowe was quoted saying he was "furious" the burger chain was "lumped in with a bunch of fast-food outlets".
Grill’d is built around a "win and succeed at any cost" culture, says another former executive.
A few of them, who know Berrange and his situation, said the company’s treatment of him illustrates how far it will go. "Elton was one of the best and when money got in the way he was run over," one former senior executive said.
When he was struggling financially, Berrange flew to Grill’d head office in Melbourne to ask for help. In response, the company offered him $365,000 for his Chermside restaurant – less than the cost of the refurbishment – and $471,391 for another in Toowong, which had cost him $650,000 in 2015.
"This meeting pushed me to the edge and I had a breakdown at my parents’ house that weekend," he said. He sold his home and cars, netting just over $200,000, and used $120,000 to pay down his royalty bill.
When he asked for permission to introduce Uber Eats to boost sales he was knocked back, despite it being available at some other restaurants, including a nearby company-owned Grill’d restaurant.
The company also refused him royalty relief or relief from an annual charity program that would cost him thousands of dollars.
When Berrange was terminated on December 21, 2018, Grill’d took over the lease and ownership of his restaurants, converting them to company-owned stores.
"They played the long game, knowing I would bleed to death," he said. "They won and they got me out."
In a statement Grill’d said: "Unfortunately, over 15 years in business, a small number of our franchisees have run into difficulties. This is unavoidable. Where this has happened, our priority has been to initially help them as best we can."
The company blamed the failure of Grill’d Chermside on Westfield. "The fundamental reason for the failure of the Chermside restaurant was Westfield opening a new food precinct with 23 new food offerings when we were told there would only be 12," it said in a statement.
And it blamed a failure to settle with Berrange on National Australia Bank: "We have not been able to negotiate any settlement with the franchise partners due to the NAB’s refusal to engage with us over a secured loan."
Berrange isn’t the only franchisee who has suffered at the hands of Grill’d. One of the original franchisees, Michael Burke, had a similar experience. He signed a franchise agreement in 2006 to run a restaurant in Bridge Road, Richmond.
The restaurant was a success and by 2011 it needed a makeover. He repeatedly petitioned head office for permission to fix it up. By 2014 the airconditioning didn’t work properly and he had been served with health notices.
Then in 2015 he was blindsided when Grill’d opened a company-owned restaurant 900 metres away in Swan Street, then introduced Uber Eats to that restaurant, which further cannibalised his sales.
In 2017 he was still trying to get his restaurant refurbished. A letter Grill’d wrote to him in November 2017 said: "We have concerns about the refurbishment of the Richmond premises given its current trading."
It said Grill’d "totally rejects any allegations that it has not acted in good faith, has acted unconscionably or has otherwise acted unlawfully. Accordingly we do not accept there is any legal basis for compensation".
Burke is unable to publicly discuss his situation due to a confidentiality agreement after signing a settlement, but his story is not unlike Berrange’s.
Grill’d said in a statement that "unlike other franchise-only businesses, selling franchises or territories is not our business model per se … We work closely with our franchise partners to build successful and profitable businesses."
It said seven of its 22 franchise partners had been part of Grill’d for more than 10 years. "On a few occasions a new company restaurant had been opened near a franchise restaurant," it said, but added there were many more examples where it had granted a franchise near a company restaurant.
For many hapless franchisees, including Elton Berrange, it means the balance continues to be tilted in favour of the all-powerful franchisors.


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A statement was published by The US Food and Drug Administration recently that they are looking into specific dog food formulations responsible for likely heart failure in dogs. In addition to this, the report specified some brands which reflected the frequency of heart failure.
Although the Food and Drug Administration has been looking into dog food labeled as “grain free” since last year, the most recent statement is the first time that the agency has mentioned brands that appear to be associated more than others with canine dilated cardiomyopathy.
Reports were gathered between January 2014 & April 2019 which totaled to 515 reported cases of canine dilated cardiomyopathy. Amid the 515, there were 222 proclaimed cases between December 2018 & April 2019.
Particularly, the Food and Drug Administration is looking at the association between the significant presences of grain-free diets amongst those with dogs who experienced lethal heart disease.
FDA stated that with the dilation of heart & its chambers, it becomes difficult for the heart to pump blood, and heart valves might leak, leading to a buildup of fluids in the chest and abdomen.
In addition to this, the FDA said that DCM is recognized as a genetic condition in dogs, mainly in large or giant breeds like Great Dane, Doberman pinscher, and the Irish wolfhound. But the majority of the reported cases were of breeds which were not previously known to be genetically disposed to the disease.
Specifically, the condition initiated to show on much smaller breeds who required less work from the heart.
Grain free dog foods consist of a higher proportion of lentils, peas, other legume seeds, and potatoes in various forms.
According to the Food and Drug Administration, there were 16 significant grain free dog food brands associated with DCM in dogs.

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The Innovation Hub celebrates SA's innovators, entrepreneurs during Global Entrepreneurship Week
In an effort to support innovators and entrepreneurs that drive and stimulate socioeconomic development in Gauteng, The Innovation Hub, the innovation agency of the Gauteng province, will be hosting a series of events, from 16 November to 18 November 2016, to celebrate innovators and showcase start-up companies in line with the Global Entrepreneurship Week (GEW).
GEW is a time where innovators and entrepreneurs are celebrated across the world through various activities that stimulate ideas, create networks and inspire entrepreneurs and ordinary citizens to contribute positively to advance and grow their businesses.
It is these ideals that the Gauteng Accelerator Programme (GAP) innovation competitions awards ceremony, the launch of eKasiLab Soweto and the ICT and Investment Summit are hosted to advance and transform the Gauteng economy.
Brief synopsis of events:
1. Thursday, 17 November 2016: The GAP innovation competitions awards ceremony will be held at Nasrec Expo Centre, Bateleur Conference, from 5pm to 9pm. GAP is a flagship annual competition run by The Innovation Hub to recognise and reward innovative ideas with potential to impact the Gauteng economy. The top innovators win seed funding aimed at assisting to further progress their business ideas, coupled with incubation support.
Over the past five years, the GAP competitions have attracted more than 750 entries and over R12.5 million has been invested in seed funding and incubation support to over 58 start-ups in the ICT, green, medical and biosciences industries. The four GAP competitions are run together with distinctive partners, including Technology Innovation Agency and Goizueta Business School from Emory University in Atlanta. This year, a new category aimed at township originating and impacting innovations has been included, in line with the Gauteng Government's Township Economy Revitalisation Programme.
2. Friday, 18 November 2016: The launch of eKasiLab Soweto will be held at Soweto Empowerment Zone, Diepkloof, from 10am to 1pm. EkasiLab is The Innovation Hub's vehicle to promote the culture of innovation and entrepreneurship in the townships, with specific focus on new innovative output in the community, in line with the Township Modernisation and Re-industrialisation and Township Economy Revitalisation Provincial Economic Policies, as well as innovative entrepreneurship in the community. These innovation centres being established in the townships are The Innovation Hub's initiative to taking innovation to our people and creating entrepreneurial opportunities for the youth in the townships. Now supporting over 40 entrepreneurs and also 25 software developers through CodeTribe, eKasiLabs Soweto is providing hope and opportunities to youth in Soweto and surrounds. It also boasts a FabLab to facilitate prototyping and support local manufacturing.
3. Friday, 18 November 2016: ICT and Investment Summit 2016: A collaboration between The Innovation Hub, InWego and Edge Growth, the summit will be hosted at The Innovation Hub, in Tshwane, from 8am to 4pm. This year's theme: "Develop, Collaborate & Results" is one that is pertinent to the growth of our country and will strive to provide a meaningful coverage on current trends, topics and opportunities in the dynamic economies of South Africa and Africa's ICT, innovation and investment sector. It is an innovative ICT and Investment Summit tailored for professionals, business owners, aspiring entrepreneurs and the youth.
"As we advance the issues of economic growth, job creation, eliminating inequality, and poverty alleviation in Gauteng and the country as a whole, it is important for us to celebrate and showcase innovation through various activities and to also accelerate the business growth of start-up companies by connecting them with venture capitalists and other funders for sustainable economic development," said McLean Sibanda, CEO of The Innovation Hub.


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In a month that saw strong sales in all sectors, used imported cars appear to be on track to regain their recent dominance in the New Zealand market
Based on figures just released by NZTA, March sales data shows that while New Zealand new cars enjoyed a strong month with sales of 6,800 units, used imports fared even better with 7,581 units sold.
In the year to date, sales of New Zealand new cars of 19,984 units are up 2 percent, while sales of 21,900 used imported cars are up 16 percent.
2012 saw the difference between sales of New Zealand new and used import cars reduced to just 1,440 units (1.8 percent) – a huge change from the mid 2000’s when used imports dwarfed new car sales by more than two to one. The trend so far in 2013 indicates that the gap between the two markets may well be set to widen further from 2012, MTA spokesman Ian Stronach says.
“The used import side of the business is flourishing under a three way combination of benefits. The Kiwi-Yen cross rate is the best it’s been since 2009, the availability of stock for importers to choose from is improving and there is a growing confidence across all buyers in the market. There are benefits for sellers and for buyers; it’s a healthy situation at present.”
The growth in sales is not just restricted to cars either; used imported commercial vehicles are mirroring the growth seen in their new counterparts.
New Zealand new commercial vehicles performed outstandingly in March with sales of 2,705 units, up 33 percent over March 2012. Used import commercials performed equally as well, albeit at a lower level – sales of 465 units being up 47 percent over the same month last year.
Year to date sales of New Zealand new commercials of 6,761 units are up 42 percent, while sales of used imported commercial sales of 1,254 units are up 48 percent. Heavily affected by the change to emissions regulations in 2009, used import commercial sales have remained at low levels since then, and are only now showing signs of returning to higher volumes. Vans remain the most common model type being imported.
On road motorcycle sales continue to shine in the long dry summer. Sales of 644 units were up 146 units (29 percent) over March 2012. Scooters (under 60cc) were again to the fore with sales of 373 units, up 55 units (17 percent) over the same month last year. For the year to date, on road motorcycle sales are ahead by 222 units (13 percent).
Used imported motorcycles also enjoyed a buoyant month, with year to date sales now 49 units (13 percent) ahead of 2012.
Figures provided by the NZ Transport Agency (NZTA).


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Community Showcase connects local businesses
MARTINSBURG – Community members were invited to connect with businesses in Berkeley County at the Martinsburg-Berkeley County Chamber of Commerce Community Showcase on Saturday.
The showcase was held in a wing of the Martinsburg Mall from 10 a.m. until 4 p.m., and provided a chance for businesses to build relationships with each other and promote their business to the community. This is the sixth year the chamber of commerce has hosted the event.
“The point is to share with the community information about our businesses and organizations, and this is a great way for us to do that,” said Tina Combs, president and CEO of the Martinsburg-Berkeley County Chamber of Commerce. “We have a nice mix of people here today, we have businesses, nonprofits, medical, education, just all sorts of different people.”
According to Combs, about 50 exhibitors participated in the showcase. She said the showcase provides the opportunity for businesses to reach out to each other as well as the public.
“We get feedback from our exhibitors that they get a lot of great leads from people to follow up with them. We started this event six years ago as a way for businesses to promote themselves in an inexpensive way. It’s an opportunity for people to be able to share information about what they do, and the more you can do that, the better,” Combs said.
Malinda Shaver was at the showcase representing Berkeley Art Works, and she was excited about an upcoming arts event.
“The West Virginia Commission on the Arts is coming to town in November. They are opening and exhibit at the Dunn Building on Sunday the 24th, and they’re having their annual meeting in town on Friday the 22nd. Someone from their staff contacted me and said, ‘Gee, do you think there’d be an art walk in Martinsburg that night?’ and I thought about it and said, ‘Yeah, we can do that.'”
The art walk will include musical and theater performances, as well as stops at local art galleries and craft galleries. It will take place near the intersection of King and Raleigh streets and continue down Queen Street.
“We want the whole community to come. We want the artists to let people know what they do and show off their creativity, and for us to demonstrate to the commission that the arts are important to Martinsburg,” Shaver said.
Tina Dorsey of O’ Party Plus was promoting her new business at the showcase. O’ Party Plus is a party planning and rental company.
“We opened in July of 2013. We do a variety of things, from event planning to dress characters along with game rentals. We can subcontract out for the face painting, moon bounces, petting zoos and pony rides,” Dorsey said. “We’re like a one-stop-shop, so we can do everything for you.”
Dorsey said her company helped put on events in September and October, including an appearance with Mickey and Minnie Mouse at City National Bank in Martinsburg on Halloween.
“We’re out and about all the time,” she said.
Renee Ferguson is a business owner who came to the showcase to see what it was like. Ferguson did not have a table for her business, but was simply browsing the showcase while thinking ahead for next year’s event.
“My business is Finishing Touches, and it’s based out of the Bunker Hill area,” Ferguson said. “I do graphic design, photography and invitations. I wanted to see who’s here, what’s here and see how I can promote myself.”
Ferguson said she will be an exhibitor at next year’s showcase if all goes well.
For more information about the Martinsburg-Berkeley County Chamber of Commerce, including upcoming events, visit www.berkeleycounty.org.
– Staff writer Mary Stortstrom can be reached at 304-725-6581 or www.twitter.com/mstortstromJN.


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Digital News Producer
The Digital News Producer will possess concepts for new designs and ensuring all content meets requirements.
Will be responsible for day-to-day digital news content, working closely with the news managers and Digital Executive Producer to make sure all digital platforms are up-to-date, accurate and compelling.
1-2 years experience required
A degree is required
Discussed at interview
How to Apply
Nexstar Inc. is an equal opportunity employer.
Must apply online at: https://nexstar.wd5.myworkdayjobs.com/nexstar
Evansville, IN/Henderson, KY


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Indonesia is in the midst of a digital transformation process that will reshape not only the economy, but society. Estimates project an expanded digital economy could add as much as $2.8 trillion U.S. dollars to the Indonesian economy by 2040. The financial sector is a leading area for commercial opportunity from U.S. business with strong indicators. In 2022, there were total value of USD 51.9 billion e-commerce transactions in Indonesia. Indonesia, one of the largest and fastest-growing economies in ASEAN, is experiencing a significant surge in the adoption of digital payments. The country’s population of over 270 million, combined with widespread use of smartphones and government efforts to increase financial inclusion, have created a favorable environment for the growth of new and innovative payment systems.
Bank Indonesia has required digital payment services to use standardized QR codes to ensure all banks and electronic wallets are interoperable. QR payments have more than tripled in each year since standardization; and in 2022 it reached IDR 98.5 trillion. Indonesia has 22.4 million registered merchants, far ahead of the rest of ASEAN countries and that number is set to double to 45 million in 2023. Fixed broadband subscriptions in Indonesia were reported at 13.4 million subscribers in 2022.
There are various Indonesian FinTech companies in Indonesia. Generally, it is dominated by startup companies, such as payments, retail investments, leading or lending, financial planning, crowdfunding, remittances, and financial research. Indonesia’s fintech sector has continued to be relatively active in the past year despite the drop in fresh funding channeled into the digital economy sector globally. According to data made available by Indonesia’s Minister of Communications and Informatics (KOMINFO) in December 2022, despite a 60% year-on-year drop in funding into Asia’s digital start-ups, transaction values in Indonesia’s fintech sector grew by 39% year-on-year, the second highest growth rate among G20 countries during the COVID-19 pandemic.
The following are the most fast-growing Indonesian FinTech companies according to IDC financial highlights:
- Ajaib (digital mutual funds)
- Kredivo (e-commerce and digital financial technology)
- Modalku (P2P lending)
- OnlinePajak (tax online application)
- OVO (e-wallet)
- GO-PAY (e-wallet)
- DANA (e-wallet)
- Spenmo (cost management software)
- Pace (online payment platform)
- Whiz (fintech for teenagers)
The fintech industry in Indonesia is regulated by two government entities, Bank Indonesia (BI) and the Financial Services Authority (OJK). Bank Indonesia oversees monetary policy and the payment ecosystem, while OJK oversees peer-to-peer lending, crowdfunding, digital banking, financial data security, insurance technology, and financial consumer protection. Both agencies have financial technology divisions and engage regularly with industry players and maintain long-term strategies that encourage development of the financial technology sector.
Some of efforts are underway to further develop the financial services sector in Indonesia, including:
- OJK implemented a national action plan titled “Digital Financial Innovation Road Map and Action Plan 2020-2024”. The plan is aimed at developing a supportive and comprehensive digital financial ecosystem to ensure that the financial services industry is competitive, resilient to change, and fit for the future.
- OJK also launched the “ Master Plan for the Indonesian Financial Services Sector (MPSJKI) 2021-2025”, which focuses on the role of the financial services sector in supporting the post-pandemic economic recovery of Indonesia; and
- In support of the MPSJKI 2021-2025, OJK also released the 2020-2025 Indonesian Banking Development Roadmap (RP2I) which focuses on strengthening the competitive advantage of the financial services sector, encouraging the use of emerging technologies such as AI, promoting technology cooperation between businesses, advancing financial education, and improving regulations, licensing and supervision through digital solutions.
E-money digital wallets: The value of e-money transactions increased by 30.84% in 2022 to IDR 399.6 trillion. Based on Q1 2023, the top E-wallet players in Indonesia were GoPay, OVO, DANA, ShopeePay, LinkAja, Doku, Sakuku, i.Saku, and Octo Mobile.
E-Money Transactions in Indonesia from 2018-2023
Source: Bank Indonesia (value in millions of IDR)
FinTech P2P Lending: As of July 2023, there were 95 conventional peer-to-peer (P2P) and 7 shariah peer-to-peer (P2P) lending companies, according to statistics compiled by OJK. Bank of Indonesia projects for E-money to grow 23.9% in 2023 to IDR 495.2 trillion from 2022.
The four main segments contributing to the strong growth of Indonesia’s fintech sector are:
- Digital Banking
While the digital banking sector began to slow down in 2023 as the impact of the “funding winter” started to affect Indonesia, over the previous year, the trend is more fintech groups and digital platforms acquiring smaller Indonesian banks with the intention of turning them into digital banks, and their subsequent fundraising rounds. This trend is in line with the OJK’s long-term policy of consolidating the number of banks in Indonesia to make them more manageable from a regulatory standpoint. Some of the banks being acquired by fintech groups and digital platforms are rural banks rather than commercial banks.
- Digital Payment
Fundraising and M&A in Indonesia’s payment sector have continued despite the “funding winter” observed in other jurisdictions. Some of these transactions have put Bank Indonesia’s most recent payment regulations to the test. Those regulations include Bank Indonesia Regulation No 22/23/PBI/2020, Bank Indonesia Regulation No 23/6/PBI/2021 on Payment Service Providers, Bank Indonesia Regulation No 23/7/PBI/2021 on Payment Infrastructure Providers, and Regulation of the Members of Board of Governors No 24/7/PADG/2022, issued in June 2022.
- Digital Financing
In July 2022, the OJK finally issued long-awaited changes to the regulation of P2P platforms. The new regulation, OJK Regulation No. 10/POJK.05/2022 (POJK 10/2022), took effect on July 4, 2022, and replaced OJK Regulation No. 77/POJK.01/2016 (POJK 77/2016). There has been stronger co-operation between P2P lending platforms and banks; there has been a fall in loans channeled to productive sector; there has been increased interest in supply chain financing; there has been increased activity in the Early Wage Access (EWA) space – an increasing number of technology platforms are partnering with companies to allow the latter’s employees to withdraw part of their salaries earlier.
- Digital Assets
In August 2022, Bappebti issued a new regulation which expanded the list of crypto assets that can be traded in Indonesia from 229 to 383. Indonesia’s regulators have been stepping up supervision and regulatory enforcement of crypto asset companies, prompting these companies to consider corporate reorganization. There are more activities relating to digital assets more broadly including companies’ increasing use of non-fungible tokens (NFTs) in their marketing campaigns, especially to appeal to younger customers. The Financial Services Omnibus Law provides that supervision over digital financial assets, including crypto assets, will be transferred from Bappebti to the OJK by January 12, 2025. During the transition period, the OJK will likely issue further regulations on digital assets.
Currently, FinTech Indonesia companies are experiencing very rapid growth. In just a few years, fintech startup companies in Indonesia have been growing in terms of number. Indonesia’s fintech sector is one of its promising industries. Indonesia is home to 20% of all fintech companies in ASEAN and is expected to generate USD 8.6 billion worth of revenue by 2025.
Fintech has experienced a notable surge in the new normal due to the COVID-19 pandemic. The potential of higher user penetration and a significant rise in digital transactions in the future has set the pace for the advancement of fintech. One of the primary drivers of fintech’s success in Indonesia is the rapid adoption of digital platforms. These platforms have simplified transactions such as e-wallet, internet banking, and Quick Response Code Indonesian Standard (QRIS), facilitating the shift from traditional offline to online financial activities.
Despite the impressive growth in the fintech sector, specific challenges must be addressed. According to OJK, an 8.3% gap exists between financial literacy and inclusion in the fintech platforms. It signifies that some individuals are aware of fintech services but need more means to access them. Between 2018-2022, authorities closed 4,432 cases of illegal fintech lending, underscoring the gravity of the issue. The Indonesian government has taken proactive steps to address challenges by implementing the National Strategy on Indonesian Financial Literacy (Strategi Nasional Literasi Keuangan Indonesia/SNLKI) for 2021-2025. The strategy aims to achieve 90% financial inclusion by 2024.
Under this strategy, several initiatives have been launched, including creating Massive Open Online Courses (MOOC) and providing a financial calculator on the OJK website for assessing financial health and devising sound financial plans. Fintech players, including companies and associations, have aligned their initiatives with the SNLKI strategy. Indonesian government and central bank are eagerly facilitating digital payment systems as these payments are more efficient and transparent.
The public’s high interest in digital transactions has motivated Bank Indonesia to continue accelerating and developing the digitalization of the payment system. Indonesian government is striving to make innovations related to digital finance. The targets are not only for the public but also for the government at the national and regional levels. One of the innovations carried out by the government is launching a domestic credit card for the government segment. The credit card with the branding Kartu Kredit Indonesia or KKI is a credit card-based payment instrument with domestic processing to facilitate the purchase of goods and services by the central and regional governments.
Another innovation in the fintech industry is the launch of the Cross-Border QRIS between Indonesia and several ASEAN countries. Cross-border collaboration in using local currency-based QR codes will facilitate payments for people in both countries to support trade and investment. The expansion of digital transactions is not only aimed at boosting transaction growth but also expanding the market share of business players, especially micro, small, and medium enterprises (MSMEs), through online shopping. MSMEs have become the government’s target for developing digital transactions, especially using QRIS. Until now, the use of QRIS has been dominated by UMKM (89%) with local products.
- Indonesia Fintech Summit & Expo November 23-24, 2023 https://fintech.id/ifse
- Bulan Fintech Nasional November 11- December 12, 2023
- Bank Indonesia (BI) https://www.bi.go.id/id/default.aspx
- Financial Services Authority (OJK) https://ojk.go.id/en/default.aspx
- AFTECH (FinTech Indonesia) https://fintech.id/id
- AFPI (Indonesian FinTech Lending Association) https://afpi.or.id/
- Bappebti https://www.bappebti.go.id/
Interested parties may contact Commercial Specialist Yulie Tanuwidjaja at email@example.com


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We went to the folks at MVP Index to take a look at the LeBron effect is early on in social, and to debunk the myth that Heat fans evaporated…here ya go
What impact can one man have on a brand? Ask the Cleveland Cavaliers. LeBron James’ decision to pick his first team over the Miami Heat seems to have had an invigorating effect on a sleepy sports brand in social media.
The Cavs, with a Twitter amplification rate of 0.86, could definitely use a boost. That boost was provided in earnest when James took his talents and his 213.27 amplification rate to Cleveland. On the day Sports Illustrated dropped the story of James’ return home, Cleveland’s mentions went from 15 per hour on July 8 to a staggering 3,118 mentions per hour on the day of Decision II. An even larger change is seen in their retweet rate. On July 8, the Cavs were seeing a retweet rate of 14.54 retweets per hour, and on the day of the decision their hourly retweet rate reached 6,202.35 per hour.
The changes weren’t just on Twitter, either. The Cavaliers’ Facebook account also experienced some dramatic changes. 23,259 more people were “talking about” the Cavaliers on July 12 than they were on July 11. That is a 96% increase in people interacting with the Cavaliers’ Facebook account in one day. They also experienced positive changes in their comment rate (307%), Like Rate (77%), and Share Rate (75%) over the same time period.
What about their reach? Before his decision on July 11, the Cavaliers’ Twitter account 336,967 followers. As of July 12, the Cav’s have 370,421, a 9.92% increase in their followers. On Facebook, the Cavs had 1,700245 likes before the decision, and on July 12 they stand at 1,773,792 likes. The Cavaliers gained 73,547 likes in just over one day due to the decision.
How do fans react when their star leaves? We can’t speak for everyone, but it’s widely assumed that the Miami Heat fans are “bandwaggoners.” An account named NBA Legion stated that the Miami Heat had lost 300,000 followers in a tweet that earned 29,585 retweets. That’s a really interesting story, and were it true, we would have seen some real data that backed up the bandwaggoner claim. It’s just not true. The Heat actually have increased their following by a marginal 1,393 people, bringing their Twitter fan base to 2,671,454.
The Cavaliers can gain more than just NBA Titles with the reacquisition of LeBron James, they now have an opportunity to resurrect their brand in social media. The immediate impact LeBron James has on a brand is impressive, but what will really be interesting to watch is Cleveland’s ability to continue growing and engaging with their fans at a steady clip. With LeBron’s added reach and influence, they can capitalize on their revitalized fan base and win sponsorships, move merchandise, and increase ticket sales.


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Whilst out and about in London town last week, American actress Jennifer Aniston was spotted looking suitably British in this stunning mini dress by the late Alexander McQueen. The pre-aw11 […]
Post Tagged with: "alexander-mcqueen"
When Kate Middleton visited the exhibition of her wedding dress at Buckingham Palace with the Queen last week, her majesty didn’t seem to take an instant liking to what she […]
Kate Middleton’s iconic £250,000 Alexander McQueen wedding dress is taking centre stage once again at Buckingham Palace’s annual summer exhibition this year – giving you another chance to relive that […]
Since the label’s first catwalk debut, McQueen has been a byword for instant fashion cool, and a certain royal wedding dress has sent the whole world falling on its knees […]
Who in their right mind would go up against new British style icon Kate Middleton, and in an Alexander McQueen dress? Well, Sarah Jessica Parker donned the same knitted dress […]


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13 Dec Featured in AlleyWatch: Look for A Middle-Way Solution to Customer Loyalty in the Age of Big Data Concerns
Originally published at AlleyWatch.com.
By Ray Clopton, CEO and President of STS & Wilbur
Although loyalty rewards programs have changed dramatically since they began in the 1700s, not all of these developments actually have advanced customer loyalty, especially in recent years.
Innovations in technology have led many marketers to collect and use increasingly granular data and personal information as part of their loyalty programs. Not only does this help marketers better categorize and understand their increasingly fragmented target markets, but it also provides insights for them to offer more “personalized rewards.”
But there are four big issues with a big data approach:
- Marketers are not always effectively using the data they collect, which is an especially expensive mistake to make.
- Customers are growing increasingly reticent to open their figurative curtains to peeping brands.
- Tracking your customers’ spending habits does not necessarily improve their opinion of your brand.
- Customer profiles are being targeted by hackers. If the database is ever compromised, this is a serious liability for the company and a potential PR nightmare.
A recent CrowdTwist study found that only 46 percent of consumers (and 50 percent of Millennial and Gen Z consumers) are willing to share their data in exchange for personalized experiences. This is a significant change—down nearly 50 percent—from just last year when 98 percent of the Millennial and Gen Z consumers were willing to share their personal information.
Facebook sparked a global controversy concerning the ethics of data mining, which led to a $120B loss in a single day, and this is just the tip of the iceberg.
Venmo’s public API also allowed anyone to download a full transaction history on any user, including their personal messages to each other, and hackers stole the personal and financial data of more than 147M Americans—including social security numbers, dates of birth, home addresses, drivers’ licenses, and credit card numbers—from the credit bureau Equifax.
These are just some of the many examples of unfortunate events that have occurred.
Against this broader cultural and political backdrop, it’s easy to see why consumers are paying closer attention to how they are being targeted by marketers and why they are on high alert when it comes to sharing their personal data with companies.
Increasing Data Privacy Concerns Color Rewards Programs
A new survey underscores how U.S. consumers’ concerns around data privacy are directly at odds with the prevailing approach that most marketers today use to deliver personalized offers and promotions.
Consumers—by a 2:1 margin—want brands to require consent before using personal data for targeted marketing, according to the report “Privacy, Personalization and Promotions,” published by Kelton Research and SheerID.
The study found 73% of shoppers believe when they’re redeeming an offer, brands are using their personal information without their consent.
Just because they know what’s going on does not mean they don’t care: 92% of consumers said it’s important that they know their personal information won’t be shared when redeeming an exclusive offer.
Building Trust, Not Just Databases
It’s important to remember why loyalty programs truly exist: To build and reward customer loyalty—not to collect customer data to sell them more.
Whether or not we will look back on data mining for the sake of “personalized rewards and experiences” as an earnest step toward this remains to be seen. But one thing is certain: All businesses are in the business of staying in business, so loyalty and rewards programs today must do more than just ask customers to hand over a bunch of their personal information for a vague promise of “points”—especially in a day and age where data privacy and data breaches are such hot, controversial topics.
And, if these programs are not as appealing, convenient, transparent and safe as possible, then companies risk severely damaging the trust those consumers have in their brands.
A Middle-Way Solution to Loyalty in a Big Data Era
There is a middle-way solution that doesn’t return to the retro ages of punch cards or requiring customers to use data-tracking cards or apps: Mobile-based rewards programs that just ask for a customer’s first name and only text them with rewards updates.
These text-to-join platforms are easy-to-use and easy-to-join, and they empower small businesses to stay modern and “with the times” without wading into the treacherous cesspool of big data-fueled mistrust—or gathering sensitive data that they don’t have the time or resources to mine anyway.
Startups may not want to follow in the footsteps of big data-chasing big business anyway, given that only 25 percent of Americans now trust big business, according to a recent Gallup poll, versus 67 percent who still trust small businesses.
At the end of the day, the success of a loyalty rewards program is predicated on a company’s ability to create or adopt one that customers can understand in 30 seconds or less.
Can employees explain the company’s loyalty program in two sentences? Is the loyalty program using technology as a novelty, or in a way that makes it easier for customers to join and remain active in that loyalty program?


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Great Lakes Brewing Company and Mitchell’s Homemade Ice Cream have teamed up for the holidays.
The two are releasing ice cream Christmas Ale Ginger Snap on November 1.
The main flavor — what else but Great Lakes Brewing Company’s Christmas Ale, a holiday ale brewed with honey and spiced with fresh ginger and cinnamon.
GLBC and Mitchell’s have previously partnered on another ice cream flavor called the Edmund Fitzgerald Porter Chocolate Chunk, which is currently available at GLBC.
Article Courtesy of WOIO 19 Action News


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The growth of esports
It is clearly emerging as a mainstream global phenomenon, but this year has also been pivotal for the growth of esports in the uk researchers. For gamersorigin's seventh anniversary, we offer you a series of four articles that will come back on the start-up's history you can read the. A yougov poll is showing the uk market is ripe for growth in esports, emarketer reports the growing entertainment sector of watching other. Esports market growth booming to put in perspective how big esports is becoming, a google search for lol does not produce laughing out. 5 days ago in february, stevenson opened its new student activities space on the owings mills campus, the garrison hall student commons among the.
The dizzying pace at which celebrities and pro athletes are investing in esports teams, leagues, will be an intriguing sidelight to the growing. This statistic shows the global esports market revenue from 2012 to 2021 at the pace of 40 percent year-on-year growth, the market is expected to generate. In recent years, gaming and esports have exploded onto computer screens across the world with audience growth projected to reach 589.
Esports growth continues to surprise the experts, with industry revenue climbing at a far faster rate than anticipated according to a new report. Newzoo's annual global esports market report is out—and the esports industry is officially newzoo global esports revenue growth 2017. Credit: saverio truglia for ad age the explosive growth has started catching the eye of big-spending marketers including arby's, audi, coca-cola, pepsico,. But a study of adult internet users in the uk found a growing awareness of esports—and a high intent to watch esports coverage again among.
Esports as a scene (and gaming in general) continues to grow and growth of esports dirt 4 gets its own official esports championship. What to expect from the booming esports industry in 2017 the industry produced an estimated $493 million in revenue—a growth of 517%. Esports is a still nascent industry filled with commercial opportunity the growth is staggering and brands want in. Twitch, a video-streaming site that boasts 55 million users, is arguably the most important contributor to esports' recent growth offering. Professional video gaming, or esports, is a growing global with serious players , major sponsorships and potential for double-digit growth.
The report suggests that revenue has hit $15 billion (£113bn) in 2017 and growth will continue, hitting 26% growth by 2020 superdata. Esports is one of the fastest growing industries in the market today however, despite the opportunities for growth, there are still a few. By 2020 more people will watch a professional video game final than watch pro baseball, soccer, or hockey playoffs esports teams are.
Professional esports continues to grow in popularity and show the acknowledged the rapid growth of competitive gaming and released a. The esports industry may hit a serious growth spurt this year, according to new data from newzoo in its annual report, the marketing researcher.
More than previous years, the 119-page report focuses on individual regions in line with the exponential growth of local esports initiatives,. The phenomenon known as esports is notable not only for the number of people that participate in this global pastime, but for the number of people that spend. This is the first in a series of articles this week about the growth of the esports industry in the uk from backstage staff, to hosts and. Global esports audience growth 2014-2019 source: newzoo 2016 global esports market report rapid growth in revenues & audience continues.Download the growth of esports


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GST rate on restaurants: Tax impact hurts fine dining outlets
Newer brands are also introduced into different price points. So, in the upper end of fine dining where it is trying to bring back the excitement, Speciality introduced a brand Gong, in Pune last year, positioned as modern Asian cuisine In the lower-end of the market, it is experimenting with easy on the pocket, small portion eating joint named Spicery in Kolkata
By Sumit Moitra
GST rate on restaurants: For the only listed fine dining restaurant chain in the country — Speciality Restaurant — coming days would be difficult. Goods and services tax (GST) has come in with no input tax credit, which means high prices for dishes at a time when the concept of fine dining itself is in a crisis with people preferring to order online at affordable prices at home. “The youngsters are no more going out to eat. They would rather order food online at home, or might just grab a piece of pizza. They don’t dress up to visit a restaurant and don’t bother about the finer elements of taste,” says Anjan Chatterjee, founder and managing director of Speciality Restaurant, the largest chain of restaurants across the country. And then there is GST.
“The most unfortunate part is that it is only the restaurants on which there is no input tax credit. Every other business or industry enjoys GST input tax credits. Every restaurateur would now think twice before setting up a new outlet,” he said. The only way out is to keep bringing in new brands and experiences, particularly those targeted at the youngsters, says Chatterjee. “While we are known for our brands like Oh! Calcutta or Mainland China, we don’t want to remain an archaic brand and have now brands like Hoppipola or Cafe Mezzuna,” he said on the occasion of 25th year of operations of the company.
Newer brands are also introduced into different price points. So, in the upper end of fine dining where it is trying to bring back the excitement, Speciality introduced a brand Gong, in Pune last year, positioned as modern Asian cuisine In the lower-end of the market, it is experimenting with easy on the pocket, small portion eating joint named Spicery in Kolkata. Chatterjee, who started off 25 years back setting up ‘Only Fish’ in Mumbai, is now working on new brands including Progressive Oriental House, again in Mumbai, this time spearheaded by his son Avik.
“PoH is turning into a destination for Bollywood celebrities and the concept is a success. We are coming up with 19 Dariole, our bakery brand, over a period of time. We have been able to set up 125 outlets in 25 years including restaurants and confectioneries within India as well as outside in places like Colombo, Doha with Dubai starting this month and also in Tanzania,” he said. Speciality’s outlet in Doha has been in trouble following the geopolitical situation there which led to the imposition of embargo. Following a tough business environment, the restaurant is being scaled down.
Opening an outlet in London is under planning for long because of adverse business environment there—Brexit and restrictive worker immigration laws. The launch, however, will provide a boost to its long-term plans.
“We would be targeting the diaspora, wherever they are across the globe. The brand pull of Mainland China is significant among Indian dine diners,” Chatterjee said.


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Working from home – a new reality
It’s evident that working from home has become a new reality for many, as more and more companies are encouraging and even requesting that their staff work remotely. In fact, recent events have accelerated this WFH trend, or workforce transformation process, with companies restricting employee travel and many allocating more resources to enable virtual work. Major tech players, like Twitter and LinkedIn, have made even bigger moves by implementing policies that require all employees to work from home. Clearly, work from home is no longer just an initiative to harness global talent but also a way to protect workers from risk.
Increased security risks
At McAfee, we’re keeping a close eye on this trend, observing huge increases in the number of personal devices connecting online. And while working from home offers benefits to employees, this upswing in personal devices connecting to enterprises can actually expose organizations and employees to security risks, such as malware attacks, identity theft, and ransomware. With the world now facing this new reality, the question remains–how can employers and employees equip themselves with the resources to work from home securely on a full-time or part-time basis?
Work from home securely
Employers must not only educate their employees on digital security best practices but also give them the tools to combat online threats that may stem from remote work. With many of us relying on emails and the web to work remotely, we need to be aware of the key giveaway signs that indicate a threat. From there, we can spot, flag, and report anything that looks suspicious. By sharing the responsibility and encouraging others to flag anything sketchy, we can all naturally raise awareness and help others avoid falling into similar traps. By staying open with one another, we can stay ahead of hackers.
Tips to protect both personal and corporate data
Want to ensure you work from home in a safe and secure way? Here are five quick tips and tools you can use to protect both personal and corporate data:
Utilize a VPN
Many people use public Wi-Fi at coffee shops, airports, etc. in order to stay connected both professionally and personally. However, by using an unsecured Wi-Fi connection, you may be creating an easy gateway for hackers to access your personal information and data. Be sure to use a virtual private network (VPN), which is extremely important for establishing a secured connection to work files and personal photos saved in the cloud.
Be aware of phishing emails
We’ve seen hackers attempt to take advantage of people’s fears by pretending to sell face masks online to trick unsuspecting people into giving away their credit card details. Do not open any email attachments or click on any links that seem suspicious.
Regularly change cloud passwords with two-factor authentication
Two-factor authentication is a more secure way to access work applications. In addition to a password/username combo, you will be asked to verify who you are with a device that you–and only you—own, such as a mobile phone. Put simply: it uses two factors to confirm an identity. Ultimately, getting access to something supposedly confidential isn’t that hard for hackers nowadays. However, the second form of identification makes it so hackers are limited in what they can pull off.
Use strong, unique passwords
In the chance a hacker does gain access to one of your accounts, make sure to use complex passwords for each of your accounts, and never reuse your credentials across different platforms. It’s also a good idea to update your passwords consistently to further protect your data. You can also use a password manager, or a security solution that includes a password manager, to keep track of all your unique passwords.
Browse with security protection
Ensure that you continue to update your security solutions across all devices. This will help protect devices against malware, phishing attacks, and other threats, as well as help, identify malicious websites while browsing.


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Unigate’s gloomy forecast last week of an even sharper decline in the doorstep “pinta” – already dwindling by 17 per cent per annum and likely to represent no more than 25 per cent of the company’s total milk sales within three years – was to supermarket critics just one more stick with which to beat the “greedy” multiples.
The argument that says the empire-building of Sainsbury’s has effectively stifled all significant shopping choice is a persuasive one, particularly when people like poor old Milky are sacrificed at the altar of greater cost efficiency.
Yet without wishing to pour gallons of fromage frais over already troubled milk floats, weren’t the agonising death-throes of the doorstep milkman almost wholly avoidable?
Twenty years ago, when superstores were little more than a twinkle in the eyes of Ian McLaurin and the like, the milkman or woman not only provided milk – mostly whole, skimmed not being too fashionable in those days – but also carried in those deceptively spacious waggons a whole host of other dairy products such as yoghurt, cream, butter and cheese.
There were also stowed on-board bulkier items such as eggs, potatoes, juice and bread, sometimes even chicken or meat, that could be ordered in advance.
Almost certainly the non-milk items were more expensive than those in the fast-emerging chains of supermarkets, but the fact that the goods came straight to the door – and were available on interest-free credit terms – was a convenience people were willing to pay for.
Today, while the variety of milk on a float is seemingly endless – semi-skimmed, green top, long-life, homogenised – the non-milk items are, um, almost exactly the same as they were 20 years ago. Give or take a few hundred cartons of fromage frais and, where the milkman is really inventive, a few packets of digestives.
So in the two decades or so since dairies hit on the idea of stocking potatoes, bread and other essentials along with the milk, they have barely expanded on the offer. Even though the supermarkets themselves have in that same time period created a new way of shopping.
Now no one expects Unigate to compete with Tesco, nor would it probably wish to.
But couldn’t the unique position of the British milkman – familiar enough to catch the lady of the house in her curlers, and a whole lot less if the winks and nudges about “extra pintas” are to be believed – have been so much more vigorously exploited?
I asked Unigate if the products sold by their milkmen had been significantly expanded in recent years, as the threat of the cheaper supermarket pinta had become inexorably more serious.
Yes, I was told, some of the milkfloats now carry freezer boxes with frozen peas or even chickens inside, but such departures are more of a “trial” than a norm for Unigate’s 2,600 milkmen.
To be fair, there have been marketing link-ups – the most recent, with a juice manufacturer, offered customers the chance to win a holiday for Dad in honour of Father’s Day – but I don’t see either them, or those ridiculous dancing milk bottles in the TV ad, setting the jaded consumer a’quiver.
Perhaps more to the point, there have recently been link-ups with local newsagents, so that customers get to read the paper and open the new bottle of milk at roughly the same time.
Even this development, surely a blindingly obvious candidate for exploration some years ago, is still only at an “experimental” stage, a long way off being a regular service to the company’s dwindling customer base.
Sympathetic though I am to the plea that milkmen simply cannot compete with bulk supermarket prices (a four-pint supermarket carton costs about 26p a pint, while a Unigate single pint costs more like 40p), I can’t help feeling that the desperate initiatives of many dairies, including the West Country firm that is offering to collect and deliver dry-cleaning, are simply a matter of too little, too late.
While Royal Mail has fully exploited its position at the front door of Britain, competing for the right to carry anything from mail-order records to home shopping catalogues, milkmen have all but laid on their backs with their legs in the air.
If they can carry freezer boxes, why not insulated, warm ones? If milkmen are associated with mornings, why not carry hot rolls and croissants, even cooked breakfasts?
And rather than ignoring the increasing numbers of people who prefer the convenience of supermarket milk, why not deliberately park the float in each street between deliveries, giving non-customers the chance to buy milk or butter, and maybe even to restart their cancelled order?
After all, even the most efficient supermarket shopper runs out of milk or bread from time to time, all they need is a reminder that the milkman is a back-up.
If there are newspapers and magazines on each float, as well as hot rolls, so much the better.
When we examine the reasons why so many consumers have cancelled the milk order, it is clear price isn’t the whole answer.
The charge that milkmen simply come too late in the morning is not entirely fair, according to Unigate, which aims to get 95 per cent of its doorstep milk delivered before 8.30am. But the feeling persists that most milk is delivered just after most people leave for work.
The other regular beef, that early-bird milkmen have an annoying habit of calling for their money before sunrise and then being surprised when householders give them a mouthful, has failed to make an impact back at headquarters.
The reason I eventually stopped having milk delivered was only partly because the new milkman played Radio 1 at full volume and attempted, once too often, to invite himself (rather insolently) in for tea.
No, the real reason was that the milk itself more often resembled thin custard than milk, thicker than it should be, with a rather curdish appearance. It was explained to me that dairies landed with too much unsold milk routinely double, or even triple, pasteurise to keep it longer. Supermarket milk presumably undergoes the same process.
But over-processed or not, British consumers will continue to buy milk from whoever makes it most convenient for them.
It doesn’t have to be the supermarkets for all of us. With a bit more thought and ingenuity, Ernie, the Fastest Milkman in the West, could one day rise again.


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Does bitcoin facilitate illegal trading? Sure, St. Louis Fed Economist David Andolfatto says, but so does the U.S. dollar, gold, etc. Bitcoin transactions travel wallet to wallet, where the wallet identities are disguised. In this sense, using bitcoins is like using U.S. cash in facilitating illegal trades. On the other hand, he points out, wallet histories are publically available (unlike U.S. cash transaction histories). He also notes that bitcoins support a great deal of legal trading.
Can bitcoin be regulated? Some countries have issued an outright ban on the use of bitcoin and other virtual currencies. Can bitcoins be taxed? In the U.S., the IRS has recently ruled that, for tax purposes, bitcoins will be treated as property and not as currency. For example, when you buy then sell bitcoins, you must report the resulting capital gain or loss—compliance means added record-keeping costs. The effect of this and similar rulings serves to diminish the attractiveness of bitcoins as a currency—but enforcing a ban is close to impossible, Andolfatto says.


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Gulf Coast beaches are sandy and white. With the exception of oil lapping ashore along Louisiana's marshy wildlife refuge, near-shore fishing waters appear clear as ever. Seafood is still available. Yet the oil spill is already imposing costs on local businesses. Customers are canceling trips and seafood orders. Just like Louisiana Tabasco brand hot sauce belongs on any good restaurant table, so does Gulf Coast fish and seafood.
Media coverage is a double-edged sword. Lots of coverage helps secure public and private resources necessary for mounting an adequate response. The downside is that many customers have the misperception that beaches are coated in oil and seafood is contaminated.
Cancellations are hurting business for Captain Brandy Moore, a Biloxi native, who operates Biloxi Shrimping Trips, a charter boat service that has delighted visitors for over 55 years. Now Captain Moore is struggling as frantic tourists cancel reservations booked all the way through October. She wants everyone to know "the beaches are open, come on out and enjoy the sun and fresh fish."
Chris Nelson, whose great-grandfather started Bon Secour Fisheries over 100 years ago, employs over 100 workers and relies on seafood suppliers across the Gulf Coast. His customers express worry about being able to get a supply of seafood from the Gulf, especially oysters since the Gulf supplies two-thirds of the nation's oysters. His Louisiana seafood supply was disrupted soon after the spill because some oystermen left their trade to participate in the cleanup sponsored by BP.
Another local family-owned shrimp packer, who wished to remain unnamed because of legal concerns, fears that customer cancellations might result not only in major losses for the peak summer and fall seasons, but also permanent losses regardless of the effects of the oil spill. Instead of customers, he has lawyers clamoring at his door.
Like many packers, he buys shrimp from across the Gulf Coast, then peals, packs, and ships millions of pounds of shrimp each year to the largest and smallest of customers--wholesalers, retailers, high-end restaurants, chain restaurants, and even mom and pop restaurants. The annual fish and seafood catch in the Gulf is 1.3 billion pounds according to the Fisheries Statistics Division of the National Oceanic and Atmospheric Administration.
Since customers often sign 3 to 6 month supplier contracts, cancellations mean that the packer could lose his summer and fall seasons. The owner laments, "Customers are saying they are going to switch to farm-raised shrimp from Asia and South America." Meanwhile, monthly bills for leased equipment still must be paid whether machines are used are not. He believes that "the media is blowing this [oil spill] out of the water." He says the public should know that "great seafood comes out of thousands of miles of shoreline that is not impacted."
In addition to one-time losses already incurred, the shrimp packer faces uncertain long-term losses if his customers switch suppliers. Once a restaurant chain switches to cheap farm-raised shrimp from Asia, there is no guarantee they will return to Gulf coast suppliers. Switching is bad for local suppliers and potentially bad for the global environment. According to the Environmental Defense Fund, there are cautionary tales of foreign fish farms that do economic and ecological damage. Adverse effects include the loss of mangrove habitats crucial for shoreline protection and habitats as well as soil and water salinization, destruction of wild stocks, and the introduction of problematic chemicals.
The bulk of any damages that do get compensated will be paid by BP, which is self-insured, meaning that it will pay damages from its own resources rather than rely on an insurance company. BP can self-insure because it is a cash cow producing annual profits of $21 billion for the last three years. According to Rigzone, BP had to pay nearly $2 billion in fines and compensation to have closure on its Texas City refinery explosion that killed 15 workers and injured 180 in 1995.
Unlike local firms, uninsured losses and switching risk is less of a concern for Transocean, the operator of the underwater Deep Water Horizon. According to an equity research report published by JP Morgan, the financial impact on Transocean appears under control because the company is well insured with about $1.6 billion in liability and property insurance--at least $700 million in environmental cleanup coverage. Transocean's relationships with BP and others are unlikely to be affected, and the analyst expects deepwater drilling to continue following the evaluation and implementation of new operating procedures.
The research report also noted that Transocean and BP both have exemplary safety records, but "accidents are a part of the business." To help concerned investors put things in perspective, the report says "this would not be the first rig disaster from a blowout and would not be the last."


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The man who created VW’s toxic culture still looms large
As Volkswagen AG attempts to restructure and regroup amid the biggest debacle of its 78-year history, a major question remains the role of Ferdinand Piech, the automaker’s former chairman, chief executive and a top shareholder.
Piech, born the same year as VW, hasn’t appeared or been interviewed by the media. He was spotted, however, riding “triumphantly” through VW’s gates in a red Bentley convertible with his wife, Ursula, behind the wheel a day after Martin Winterkorn, his onetime protégé, resigned in disgrace. Winterkorn was replaced by Matthias Mueller, who had been Porsche CEO and also is a close confederate of Piech’s.
Winterkorn, so far, has taken the fall for VW’s admitted role rigging diesel emission tests in the U.S. A few months before, he and Piech had a public falling out. Piech resigned as chairman – but insiders didn’t believe he was truly relinquishing power. A member of the Porsche family, which controls a majority of VW’s voting stock, Piech personally is thought to own a 10% stake.
Now the question remains: How involved is Piech — and how involved should he be — in the company’s affairs?
“It’s impossible to believe that he would lose his ambition to run this company,” said Jim Sanfilippo, an automotive marketing consultant who has met Piech and was a Porsche and Audi marketer in the 1980s. “This is an incredibly driven individual with the gift of vision. He’s undoubtedly assembling information with the intention of leading VW back to what he believes is its destiny, to be No. 1 in the world.”
Piech’s engineering prowess was reflected by the creation of the Audi Quattro, four-wheel-drive sedan and earlier Porsche racing cars. He is father to twelve children from four wives, including his latest, a former nanny. A dyslexic, he reportedly had his mail read to him by subordinates and speaks in a soft, piercing voice that contrasts sharply with the power he wields.
A widely acknowledged engineering genius and notoriously overbearing taskmaster, the Austrian native is credited with leading the elevation of Audi into a competitor of BMW and Mercedes-Benz luxury vehicles, while deftly assembling a stable of VW brands that includes Porsche, Lamborghini, Bugatti, Bentley, Ducati, SEAT and Skoda, among others.
Having summarily fired VW CEO Bernd Pischetsrieder and countless other executives, Piech became famous for banishing subordinates once they’ve made “the same mistake twice.” Automotive journalist Georg Kacher in 2011 recalled Piech’s words on their first meeting at a Frankfurt auto show cocktail reception: “In Japan, writers like you would have long ago been fished dead out of the sea.”
Winterkorn, handpicked and groomed by Piech, was a cold, distant figure, not unlike his mentor. Known for obsessive attention to detail, the 68-year-old engineer kept measuring instruments in his pocket, ready to pounce when he spotted a flaw. In a famous YouTube video, recorded surreptitiously during the 2011 Frankfurt show, he berated VW engineers for failing to match a part on a Hyundai i30 from South Korea.
Stories are legion in the industry about Volkswagen engineers and executives shaking in their boots prior to presentations before Piech, knowing that if he was displeased, they might be fired instantly. Bob Lutz, the former General Motors vice chairman and German speaker, often regaled journalists about visits to VW and Piech’s boasts how he elicited superior performance: by terrifying his engineers.
For a short time after his power struggle with Piech last spring, Winterkorn may have thought he prevailed since Piech resigned as chairman and the board appeared ready to extend Winterkorn’s contract as CEO. How wrong he was.
VW’s blunders and misbehavior pose a dilemma for Germany’s political and economic leaders: Should they intervene – and how forcefully – in a company that’s been a bulwark of prosperity and now fallen victim to dysfunctional governance, perhaps further shaking confidence in VW among consumers, dealers, lenders and partners?
Some financial analysts have said the potential liabilities facing VW could be catastrophic. In that event, it’s possible the automaker might have to be recapitalized with the equity of current shareholders wiped out or severely reduced. Piech has said nothing publicly since the crisis began, though it’s quite plausible that he has conferred privately with government leaders.


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Claim your share of the rebates, financial incentives and other funding from Southern California Gas Company (SoCalGas®) for large commercial customers. Here we share testimonials from satisfied large commercial customers who have benefited from our most popular energy-efficiency program features.
“SoCalGas gave us $232,000 to help us satisfy our customers,” said Doug Hardy, energy manager for Ralphs/Food 4 Less. The company received the rebate money after buying about 350 qualifying pieces of foodservice equipment in one year.
SoCalGas has given more than $25,000 in rebates to Safeway for energy-efficient combination ovens and double rack ovens. “We have a strong commitment to the environment, and we see energy efficiency as an important part of that commitment,” said Victor Munoz, corporate manager of energy utilization for Safeway.


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The British Retail Consortium has joined the growing chorus of voices that have welcomed the recent release of the Treasury Select Committee report on business rates.
BRC chief executive Helen Dickinson has been a long standing and very vocal critic of the current business rates’ system and she called the report unequivocally “excellent.”
Like other industry commentators she was quick to home in on what she called the key flaws of the “broken” business rates. To be fair the Report’s recommendations did seem to echo the BRC’s own calls to action that have been highlighted many times over recent months, even years.
In her response Dickinson said: “We strongly welcome this excellent report. The Treasury Select Committee has identified key flaws in our broken business rates system. The BRC has long been calling for many of the key recommendations.
“Indeed, fixing transitional relief, introducing an improvement relief to unlock investment, and better resourcing the Valuation Office Agency, were all the focus of a letter to the Chancellor signed by over fifty retailers in August. Any party that wants to support local high streets should commit to implementing the Committee’s reforms as a first step.”
The Report preceded yet another High Street name, Mothercare, calling in the administrators last week which only goes to underline the Committee’s call for urgent action. The BRC is also quick to point out that whilst retail accounts for 5% of the economy, it pays 25% of the business rates. Such imbalances can be seen in transitional relief – also identified by the Committee as needing reform – which takes £1.3bn from retailers and redistributes most of it to other industries.
The General Election will act as a distraction but also a unique opportunity to address some of these issues and we shouldn’t have to wait too long to see if business rates warrant any kind of mention in the main parties’ Manifestos due out this week.
If you missed the recommendations of the Treasury Select Committee you can find the Report here: https://publications.parliament.uk/pa/cm201920/cmselect/cmtreasy/222/222.pdf


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Kerala Travel Mart (KTM) will be holding its eleventh edition in Kochi in March 2022 in order to give an impetus to the efforts to revive the pandemic-hit tourism sector by attracting visitors from across the world.
The event will be inaugurated at Grand Hyatt at Bolgatty, Kochi on March 24, 2022, while the following three days’ proceedings will be held at Sagara and Samudrika Convention Centre in Willingdon Island, Tourism Minister P A Mohamed Riyas told press yesterday.
The main themes of the event will be caravan tourism and adventure tourism. Responsible tourism will also receive prominent attention, Riyas said.
KTM 2022will give greater prominence to domestic buyers, given that tourists within the country have resumed travel even as many foreign countries are yet to fully resume travel to India revoking the pandemic-induced restrictions. The event anticipates the participation of 1,500 buyers.
Dr. Venu V, Additional Chief Secretary (Tourism), said KTM has been planned by placing trust on the domestic market, which will help rejuvenate tourism and bring a qualitative change in the sector.
Baby Mathew, President, KTM, said the strong revival of the entire industry will be made possible through KTM 2022.
V R Krishna Teja, Director, Tourism; Jose Pradeep, Secretary, KTM; former Presidents of KTM EM Najeeb and Abraham George were also present.
The KTM had organized a virtual summit in March this year, facilitating more than 7,000 business meets that enabled the travel industry to take major strides in overcoming the Covid-triggered economic crisis.


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Nintendo announced a 10-for-1 stock split on Tuesday as the Japanese gaming giant aims to make its shares more appealing to retail investors.
Shareholders have been calling for a stock split for some time to boost the liquidity of the gaming giant’s shares. The move will take effect on Oct. 1 this year, when each share of common stock will be split into 10 shares.
A number of major tech firms, including Apple and Amazon, have announced stock splits over the past few years. They do not fundamentally change the company in any way, but do make a single share cheaper which could make them more attractive to retail investors.
Stocks splits are usually positive for a company’s share price. Nintendo shares are up 5% year-to-date despite other major technology companies losing billions of dollars of value this year amid a sharp sell-off of risk assets.
The Kyoto-headquartered company also announced plans to buy back 56.36 billion Japanese yen ($432.9 million) worth of shares. The transaction will take place on Wednesday.
Supply chain pressures hit Switch sales
Nintendo’s surprise stock split announcement came as it reported earnings for its fiscal year ended Mar. 31. Revenue totalled 1.69 trillion Japanese yen, down 3.6% year-on-year. Net profit dropped 0.6% to 477.6 billion yen.
Part of that weakness is due to a fall in Switch sales, despite the company launching a new OLED (organic light-emitting diode) model during the fiscal year. Sales of the console range totaled 23.06 million units last financial year, down from 28.83 million in the previous 12 months.
Nintendo said Switch sales were “affected by shortages of semiconductor components and other parts.”
The Japanese giant forecast sales of 21 million units of the Switch in the current fiscal year which ends in March 2023. That’s a 9% year-on-year fall.
Nintendo warned that if Covid-19 restrictions interfere with production or transportation, it could impact the supply of products. The company also said that production of products might continue to be affected by difficulty in procuring parts such as semiconductors.
Game sales remain strong
Despite a fall in Switch sales, console players continued buying Nintendo’s games. Software sales increased 1.8% over the last fiscal year, driven by demand for popular games including “Pokemon Legends: Arceus” and “Mario Kart 8 Deluxe.”
Nintendo said that it now has 100 million annual playing users. The Japanese giant has a strong portfolio of recognized characters and games that it has been able to capitalize on over its history. Meanwhile, Sony and Microsoft have tried to build up their so-called first-party games by acquiring game production companies or setting up their own studios.
Nintendo said sales of its Switch gaming console fell in the financial year ended Mar. 31 due to a supply chain constraints including a shortage of semiconductors. The Japanese gaming giant expects another fall in Switch sales in the currency fiscal year.
Behrouz Mehri | AFP | Getty Images
Nintendo has a strong pipeline of upcoming games including “Nintendo Switch Sports,” but said it expects to shift 210 million units of software in the year to the end of March 2023, a 10.7% year-on-year decline.
However, one analyst thinks Nintendo’s guidance is too conservative. Serkan Toto, CEO of Tokyo, Japan-based consultancy Kantan Games, said the fall in software revenue makes his “mind boggle.”
“We are just a few weeks into the fiscal [year], and Nintendo’s first party game pipeline already includes eight titles. They just launched ‘Switch Sports’, ‘Splatoon 3’ is coming in September and will be followed by a new open world Pokémon game. The hardware install base will also rise,” Toto told CNBC.
“Why on earth are they predicting a reduction in terms of software? It makes no sense.”


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At Rocketts Landing, we certainly keep ourselves entertained (and busy!) by hosting a variety of events each year. And our 2011 calendar is filling up faster than ever.
One of the newest events we're thrilled to be a part of is RVA Fashion Week - Richmond's own take on (and scaled down version of) New York Fashion Week, now branded as Mercedez-Benz Fashion Week, which just wrapped up on Feb. 17.
While New York's extravaganza focuses on the industry’s top designers and cutting-edge couture, Richmond keeps the extravagance local, showcasing our own top independent fashion designers and their upcoming seasonal trends.
In its third year of production, RVA Fashion Week will take place April 2 – 9. The event’s goal is to entertain and educate the public on the fashion work and styles coming out of Richmond, while further highlighting the creative culture flourishing in our state’s capital.
As an event host, Rocketts Landing is proud to support two of the week’s fashion galas: Catwalk for Kids of Richmond and the Grand Finale.
Catwalk for Kids of Richmond
From 11:30 a.m. to 2:30 p.m. on April 8, RVA Fashion Week attendees can enjoy a fashion show with entertainment, live auction and luncheon all bundled in one event — and for a good cause. Catwalk for Kids is a nonprofit organization dedicated to helping children with critical medical needs, specifically pediatric oncology.
This year, Catwalk for Kids will visit children at Virginia Commonwealth University’s School of Medicine Pediatric Department where participants and celebrities will make handbags with patients. The fashion-show charity event at Rocketts will continue their mission to raise money for supporting local pediatric medical care. Renowned Tibi-label founder, Amy Smilovic, will be a featured designer.
Just as the New York Fashion Show must finish with an ounce of drama mixed with fashion, so too will RVA’s Fashion Show at Rocketts Landing on April 9.
Along the banks of the James River, attendees will enjoy a fashion show featuring local designers Crystal Vaquerano, Jared Bradley’s Inch by Inch, Britt Sebastian, Karla K and Dyanne Marte, while local boutiques, such as The Phoenix, Lex’s of Carytown and Wardrobe, showcase upcoming Richmond trends. And because no finale is complete without stellar entertainment, we’ll also feature live performances by The Movement Specialists, “TT” The Artist, Manifesto and M.A.S.S. FX.
Full details on RVA Fashion Week are still emerging, but we’ll be sure to keep you updated with event lineups and ticket information as the dates draw near. You can also check out the fashion show’s website at RVAFashionWeek.com as details are published.


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Walmart lobbying disclosure: Oppn finds new reason to disrupt House
The united opposition disrupted Rajya Sabha, demanding an investigation and a statement from Prime Minister Manmohan Singh, and the BJP said it would raise the matter in Lok Sabha on Tuesday.
Claiming that “lobbying is nothing but a benign form of bribery,” the BJP demanded that India exert pressure on Walmart to “reveal the names of recipients” here. It said that Walmart should not be allowed to set up shop till the conclusion of the probe. The Left parties gave similar views both inside and outside Parliament.
The Samajwadi Party, which had helped the UPA win the FDI vote in Parliament by walking out of both Lok Sabha and Rajya Sabha, too demanded an inquiry.
In lobbying disclosure reports filed with the US Senate, Walmart has said that it spent close to $ 25 million since 2008 on lobbying activities, including on “enhanced market access for investment in India”. On Monday, Bharti Wal-Mart issued a statement saying allegations of corruption were “entirely false”, and that the amount mentioned in its disclosure is a “compilation of expenses associated with staff, association dues, consultants and contributions spent in the US”.
BJP leader Ravi Shankar Prasad told reporters, “The cat is out of the bag and the proof is properly
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We've improved Slashdot's video section; now you can view our video interviews, product close-ups and site visits with all the usual Slashdot options to comment, share, etc. No more walled garden! It's a work in progress -- we hope you'll check it out (Learn more about the recent updates).
netbuzz writes "There was no Twitter, Facebook or YouTube on Sept. 11, 2001. Google News was a year from launch. And while most stayed glued to their TV sets to watch the unfolding horror, there was blanket coverage online (and more than enough demand for it to buckle major news sites under unprecedented traffic). Here’s what some of those sites looked like on that historic day." Link to Original Source
"There is no statute of limitations on stupidity."
-- Randomly produced by a computer program called Markov3.


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Prior to MWC, there might be very few precious details regarding the Galaxy S9 that Samsung might be hanging on to. However, each passing day seems to let us in on more info. Yesterday, some interesting info regarding Samsung’s Unpacked event got out via XDA. Samsung has just listed an Unpacked 2018 app on the Google Play Store. This app will actually be used to showcase the upcoming flagship in Augmented Reality. Although the app is free, its only meant for registered and invited users. However, it can be used to live stream the feed on launch day.
Gizchina News of the week
The app underwent an autopsy by a Redditor who found 3D models of the Galaxy S9 hidden inside. Well, technically speaking, the 3D models were not in the app but on Samsung’s website. But some workarounds allowed the source to procure the models.
There’s little more we can say about the device itself than we already know. However, the Purple Lilac colour, the Bixby button, the AKG stereo speaker setup are all visible. A closer look reveals a quad LED flash and the new fingerprint placement as well. For all the renders, visit the source link (XDA) at the bottom of this page.
Earlier this week, a set of official renders of Samsung’s Galaxy S9 has already leaked putting to rest all speculation once and for all. Samsung’s new S series is set to be a very expensive affair for those waiting to take the plunge, according to leaked pricing. Some sources in the UK have suggested a hike of 50 Pounds over the Galaxy S8. The Galaxy S8 cost £690. That means the Galaxy S9 would cost £740. Some even go as far to suggest a heart-breaking hike of hefty £110. Looks like, what goes up… stays up.


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Alibaba’s Ant Financial has teamed up with KFC in the eastern Chinese city of Hangzhou to debut its news “smile to pay” service.
The service allows customers to process their payment simply by smiling after placing their order at one of the fast food restaurant’s self-serve screens.
A 3-D camera then scans the customer’s face to verify their identity. An additional phone number verification option is available for added security, Cbcnc learnt.
KFC was targeted for the debut as it is a subsidiary of Yum China, one of Alibaba’s major investments.
The launch sits in line with Yum China’s plans to attract a younger generation of customers.


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Darden Restaurants Inc., parent of the Olive Garden and Red Lobster restaurant chains, said on Tuesday that it posted a higher net profit, aided by its recently acquired LongHorn Steakhouse and Capital Grille chains.
Net income in the third quarter rose 18 percent, to $126 million, or 88 cents a share, from $106.4 million, or 72 cents a share, a year earlier.
Excluding estimated integration costs and purchase accounting adjustments, earnings were 85 cents, a penny above what analysts were expecting on average, according to Reuters Estimates.
Total sales from continuing operations rose 25 percent to $1.81 billion, including $292.0 million from LongHorn Steakhouse and Capital Grille. Wall Street, on average, was expecting sales of $1.80 billion.
Darden completed its acquisition of Rare Hospitality International Inc., owner of LongHorn Steakhouse and Capital Grille, for roughly $1.2 billion during the fiscal second quarter.
Sales figures were mixed. Sales at American restaurants open at least a year rose 5.7 percent at Olive Garden but fell 2 percent at Red Lobster and 3.3 percent at LongHorn Steakhouse.
Each of those results would have been higher by about 1 percentage point if not for severe weather, Darden said.Continue reading the main story
Darden shares closed at $29.86, up 40 cents.Continue reading the main story


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Yasser Qorani, Commercial Counsellor at the Egyptian Commercial Service (ECS), has called on Egyptian exporting companies to take advantage of the Mercosur free trade agreement.
Qorani added that these Egyptian companies should maintain their exports to countries that are part of the Mercosur group. Markets that are part of the agreement annually import over $250bn of Egypt-manufactured goods.
His remarks came during a virtual conference in which the maximisation of the benefit from the free trade agreement between Egypt and the Mercosur countries was discussed.
Qorani confirmed the importance of the Mercosur agreement, which represents 70% of Latin America’s markets, and ranks as the fifth largest GDP in the world.
Ahmed Hosni, Director of the ECS’ Americas Department, noted that Egyptian exports to Mercosur countries increased to approximately $490m in 2019. This reflected a 130% increase on the $212m reported in 2017.
Hosni emphasised the efforts made by the ECS in conducting a study, which has been circulated to export councils and business groups across Egypt, on the methods of maximising the benefit from this agreement.
The company has also organised three commercial missions to Brazil and Argentina as part of its efforts to maintain Egypt’s trade relations with the continent.
Egyptian businessmen have pointed out that they were keen to get acquainted with the preferential advantages provided by the agreement, to ensure their products can successfully access Mercosur markets.
The ECS has underlined the excellent opportunities to increase the presence of Egyptian products in these promising markets, especially in light of their high quality.
Fernando Arroyo, Ambassador of Uruguay in Cairo and President of Mercosur, expressed his country’s keenness to work with countries that have signed up to the agreement. This would occur to develop a plan of action that covers a number of commodities and sectors, in which the focus can be on increasing the trade exchange between them.
Arroyo called on the business communities on both sides to hold meetings to adopt governmental agreements to follow-up and implement this important agreement.
Meanwhile, Brazilian Ambassador in Cairo, Antonio Patriota, highlighted the importance of the investment projects that have taken place in Egypt. He singled out the New Administrative Capital (NAC) project, which is of great interest to Brazilian business community.
Patriota expressed his country’s desire to diversify commodity items to increase trade rates, especially outside the range of agricultural commodities. He also praised the measures taken by the Egyptian government to create an attractive environment for investment and improve trade, especially since Egypt is Brazil’s largest trading partner in the Middle East.


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Byrd's Eye View: Exodus
Something unique happened in Nashville over the weekend when three innovative ladies got together to create a fashion and art event.
Jessica Maros and Shannon Lea, up-and-coming fashion designers, presented garments inspired by the photography of Talia Shipman, a Vancouver native who developed a series of photos called "Exodus," modern interpretations of the biblical plagues.
The fashion and photographs were shown gallery style, with models clad in the designs standing like statues next to each of the photos.
A portion of proceeds went to Global Green USA and the New Orleans Disaster fund.
Pictured: Shannon Lea


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By: JAMES KARIUKI
A global parcels delivery firm has urged Kenyans to beware of customs charges on items purchased from international online stores ahead of the festive Christmas season.
DHL Express Sub Saharan Africa Vice President Oliver Facey, said while people had embraced e-commerce due to its convenience and huge discounts, many risked incurring additional expenses to clear the items from customs.
The charges, he said, also applied to gifts received at its clearing house at the airport from international locations.
“Do not be caught off-guard when your purchases or gifts are withheld as all shipments entering a country are cleared through customs which then decides on which gift or purchase should be exempted,” he said.
He said that online shoppers should consult the revenue office before importing anything so as to know the amount of fee charged pegged on an item’s purchase price.
Mr Facey added that some parcels originating from certain countries were often inspected by customs officials to mitigate a wide range of risks which eventually led to delays and additional costs.
“Online shopping offers convenience and in many instances cost savings but this can best be enjoyed when consumers understand their local regulations,” he said.
He said that DHL had invested heavily on staff training and extensive infrastructure development which enabled their customers to track parcels online.
“When in doubt as to what additional charges may apply, our DHL team is always ready to support and shed some light,” said Mr Facey.
At the same time, DHL Express Kenya Human Resource Manager Kenneth Kaunda said all its offices and agent outlets had been trained on efficiency and secure handling of all parcels received during the festive season.
Speaking during the Best Company to Work For 2015 Awards ceremony at Hotel Royal Orchids, Mr Kaunda said DHL would ensure delivery of parcels within the shortest time possible but added that legal and security restrictions abounded.
During the awards ceremony, DHL was declared the best medium-sized company to work for.
Mr Kaunda praised DHL’s its 226 employees saying they were behind its efficient and prompt delivery of parcels that helped attract more business.
SOURCE: DAILY NATION