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The former head of the short video giant TikTok’s gaming unit, Jason Fung, is launching a blockchain game launch as one of two co-founders, he told Reuters in an interview, as buzz around blockchain games is growing while heavyweights in the sector are still on guard.
The 34-year-old left TikTok last month after two years in the company, and his departure comes as TikTok and its Chinese owner ByteDance have aggressively expanded into the global $ 300 billion gaming market to take on rival Tencent Holdings, an effort that has given mixed results so far.
It also reflects a growing interest among entrepreneurs and investors in blockchain games – a new generation of online games built on blockchains that allow players to trade items in the form of non-fungible tokens (NFT).
Fung, whose new venture is called Meta0, said he left TikTok after seeing an opportunity to offer a solution to the current segregated nature of infrastructure options available to developers looking to build blockchain games.
“Right now, if you look at a developer when implementing NFTs or blockchains in their games, they have to choose a single blockchain, be it Polygon or Solana or Binance Smart Chain. But imagine a more interoperable alternative,” he said. he to Reuters in Hong Kong, citing popular existing blockchains.
“So we decided, let’s do it. Let’s start founding this company. Let’s give up my cozy business life on TikTok and take a giant risk,” said Fung, who was based in Shenzhen and had reported to TikToks CEO Vanessa Pappas.
Meta0’s founding team consists of six members in addition to the two co-founders, and the company has completed a first round of financing, Fung said.
He refused to disclose details about the other co-founder, the rest of the team or the investment. He said the company was looking to raise funds by issuing tokens, as well as from venture capitalists and strategic investors.
Big names steer clear
Proponents of blockchain games say they will disrupt the gaming industry as cryptocurrencies can make virtual objects more transactable and even distribute gaming ownership to players. But blockchain games are sometimes also associated with fraud, and the virtual economies of some games have collapsed just after players buy in.
Most established gaming companies such as Tencent, Sony and Microsoft have not yet made any major bets on blockchain games.
Fung, as TikTok’s global head of game strategy and operations, was tasked with expanding game content and testing new features such as hosting mini-games on the app.
TikTok and ByteDance expanded aggressively to gaming during Fung’s tenure, with ByteDance’s acquisition including a $ 4 billion acquisition of gaming studio Moonton, and TikTok trying out mini-game features on its app.
The effort has yielded both successes and setbacks. Last month, data tracking company Sensor Tower said ByteDance’s portfolio of mobile games had generated more than $ 1 billion in worldwide sales over the past 12 months.
However, ByteDance also disbanded its Shanghai-based 101 Studio last month, laying off half of its more than 300 employees. A product of the acquisition of Mokun Technology in 2019, 101 Studio was the first development unit ByteDance has closed down as it struggled to perform.
Fung, who headed the e-sports units of Alibaba Group Holding and Electronic Arts in Asia before joining TikTok, declined to comment when asked who could replace him at TikTok.
TikTok did not immediately respond to a request for comment.
Blockchain Games And the investment trend
Despite caution from some in the industry, blockchain gaming has become one of the hottest investment trends discussed by cryptocurrencies from Silicon Valley to Dubai.
Prior to the recent meltdown in the crypto market, the blockchain gaming industry had raised a record $ 1.2 billion in the first quarter, according to a report by investment banking firm Drake Star Partners in April. Last year, a total of $ 3.6 billion was raised for the sector.
“We have built a protocol for game developers, and we take a flexible, blockchain agnostic approach to their game development,” Fung said, discussing future prospects for blockchain games.
“With a protocol we develop, developers can easily build their game-exploiting strengths to different blockchains, giving the user the flexibility to transfer NFTs across chains.”


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Apology from By Ariane to US and UK Customers
A technical glitch meant some customers were unable to process their transaction and receive their free leather purse.
By: By Ariane
In recognition of this momentous event, By Ariane offered a promotion for customers who purchased an Isabella leather laptop bag during the month of October. All customers are to receive a matching slimline 40 pocket leather purse, FREE of charge with international delivery between 4 -15 days.
Unfortunately there was an IT glitch over 2 days preventing trasactions processing on Paypal. Founder Ariane May says "We apologise for this inconvenience and are grateful to one of our customers for quickly bringing it to our attention. I'm happy to report that the problem has been resolved and its now business as usual.
By Ariane is extending the Isabella promotional giveaway until the 12th of November so it is not too late to go to http://isabella.byariane.com for more information and to view the luxe laptop bag and matching wallet.
To learn more about By Ariane and browse the stylish outfits for executive women, classic bespoke shirts, designer bag collection, image style programs and beauty products available, visit the company at http://www.ByAriane.com.
About By Ariane: By Ariane is an executive fashion company dedicated to providing women entrepreneurs and corporate executives with stunning executive chic fashion clothing, accessories, workbags and more all designed to empower, beautify and promote their success.

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by Syrian rebel sources, says that since his release from Israeli prison in 2008, he has has had a series of sexual affairs – some with the women being pressured and intimidated by Kuntar.
Continue Reading » By Ilan Gattegno, Israel Hayom Staff & Associated Press Around 180,000 Israelis, as well as millions of other people around the world, are concerned about their privacy after the parent company of Ashley Madison, a matchmaking website for cheating spouses, says it was hacked and that the personal information of some of its users was posted online.
Previous applicants can begin their registration on Monday, February 14th at Noon EST and general registration begins on Tuesday, February 15th at 10 am.The Birthright Israel web site is full of information meant to help you prepare for and make the most out of your trip.Often dubbed “Birthrate Israel”, oddly enough, the information you are least likely to find relates to sex.Consequently, as a public service, I put together this little guide to educate the next cohort of Birthright participants about the ways of (love) on their trip.General Advice Condoms/Birth Control/STDs: With a GDP of ,000 per capita, Israel is not considered a poor or developing nation.
And yet, in many ways Israel often acts like a third world banana republic. International trademark and copyright laws are rarely enforced.Merchants openly sell knock off name brand products and pirated DVDs – not as much as in the Far East or in Chinatown in NYC but often enough that it’s readily visible.One of the products that often get knocked off are name brand condoms.Usually sold in corner bodegas or , these condoms are unreliable and poorly manufactured.When in Israel, if you plan on being sexually active, only buy condoms from large pharmacies like Super Pharm or better yet, bring a freshly purchased stash from home.Should the condom break during sex, and you fear an unwanted pregnancy, Morning after pills are readily available over the counter at most pharmacies in Israel.


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On Wednesday, federal regulators ruled to broaden the longstanding privacy rules covering children’s websites and mobile applications. The ruling, which expands on the Children’s Online Privacy protection Act of 1998, or Coppa, will give parents more control over the data that is collected about their children.
Coppa was introduced in 1998 and stated that if an operator of a website wanted to obtain any personal information from a child under the age of 13 - like first and last names, phone numbers, home addresses or e-mail addresses- the parents must be notified beforehand and consent to the release of the information.
According to the Federal Trade Commission (FTC), the updated rules are trying to keep pace with the growing use of mobile devices, like smartphones and tablets, by children, with the intent for parents to prevent unwanted contact from strangers.
Image via Shutterstock
“The Commission takes seriously its mandate to protect children’s online privacy in this ever-changing technological landscape,” said FTC Chairman Jon Leibowitz. “I am confident that the amendments to the COPPA Rule strike the right balance between protecting innovation that will provide rich and engaging content for children, and ensuring that parents are informed and involved in their children’s online activities.”
With so many new applications for photo sharing and other apps asking to use your location, the FTC modified what constitutes personal information to include geolocation information, photographs, and videos.
The new rules also offers companies a more streamlined, voluntary and transparent approval process for getting parental consent, which also received a few modifications. The new methods for obtaining parental consent now include electronic scans of signed parental consent forms, use of government issued identification, video-conferencing, and alternative payment systems like debit cards and electronic payment systems.
The confidentiality and security requirements were also updated stating that operators must retain the personal information for only as long as is necessary and must protect the information against unauthorized use or access during the disposal process.
The modified rules are a big step moving forward to not only safeguard a child’s personal information, but also gives parents more control over what online content their child is viewing.
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The light commercial vehicle (LCV) market growth was tempered after a bumper recovery in April and May, with 34,363 vans registered in the month, according to the latest figures released today by the Society of Motor Manufacturers and Traders (SMMT). The month’s performance was down -13.9% on 2019, a shortfall of some 5,566 units as supply shortages – notably of semi-conductors – affected production volumes and caused delays in the market. Nevertheless, van registrations remain up 14.4% on Covid-impacted 2020.
Year-to-date figures were up 75.9% on last year, and up 1.8% on the pre-pandemic 2015-2019 five-year average. In total 191,513 new vans have exchanged hands, meaning that 2021 is currently the third best year for van uptake since records began. Demand for vans was particularly bolstered by operators looking to renew and expand their fleets to meet rising online delivery business and demand from the construction sector.
Demand for larger 2.5-3.5 tonne vans drove the increase in June, comprising the majority (71%) of all registrations in the month, some 24,434 vans. Other van segments saw drops in demand compared to 2020, with registrations of lighter vans weighing less than or equal to 2.0 tonnes down -18.7% and those of vans weighing more than 2.0-2.5 tonnes down -4.3%.
Mike Hawes, SMMT Chief Executive, said, “It’s good to see the van market continue to perform well, with pent up demand, online retail and the construction sectors all on the rise. Semi-conductor supply issues have extended lead times, but business confidence is growing and fleets are embarking on decarbonisation programmes. Full market transition, however, still depends on the creation of nationwide charging infrastructure to support society and maintain commercial vehicle momentum.”
*Article Source http://www.smmt.co.uk


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VW Denies £2.5m London Congestion Charge Bill
Car firm Volkswagen (VW) has said it will not pay the £2.5m the mayor of London claims it owes in missed congestion charge payments, following the 2015 emissions-rigging scandal. Sadiq Khan said 80,000 VW engines fitted with “defeat devices” were registered in London.
The world’s largest car manufacturer admitted about 11 million cars worldwide were fitted with the device.
However, a spokesperson for VW said all of its vehicles which benefitted from the Congestion Charge Greener Vehicle Discount “did so validly throughout the relevant period”. There is “no basis on which it can be said that Transport for London has lost any sums as a result of the NOx issue.” “No sums are therefore due in compensation,” the spokesperson added.


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Already know about Oz the Great and Powerful movie from Disney? If you like it, maybe you should glance at this one game.
Temple Run Oz is an endless running game Temple Run combination that has been popular with Oz movie.
Quoted from Cnet, Friday (3/8), [...]
Electronic Arts announced Saturday game four-person co-op shooter called Fuse, which will be launched on May 28 in North America and May 31 in Europe.
Fuse is the first multiplatform game from Insomniac Games for the Xbox 360 and Playstation 3, but not [...]
If you like music, then you need to think of having mp3 downloader for pc since it can be a tool that you can use to pick any songs that you like the best. And there are many brands of mp3 downloader you will come across out there. With this condition, [...]
PHENOMENON of Storms Sandy that hit the United States and around to make many people cringe and increasingly wary of the increasingly erratic weather. Natural conditions also makes a number of flooded social networking posts related to storm sandy.
Electronic Arts (EA) has recently announced a new game highly desirable, Battlefield 4.
Quoted from IGN, the successor to Battlefield 3 game is touted as one of the game First-Person Shooter best would be to use Frosbite 3 Engine-owned DICE.
Engine usage [...]
This is good news for the fans of Nintendo games. Wii U, Nintendo’s latest console launched across the United States starting on Sunday (11/18) morning.
Wii U offers high definition clearer, innovative, and control tablet called GamePad. GamePad [...]
An Iranian scientist has claimed that he managed to create a time machine.
Scientist named Ali Razeghi has filed a design called ‘Aryayek Time Travelling Machine‘ to the Centre for Strategic Inventions.
Quoted from Huffingtonpost, Friday [...]
Microsoft has officially announced the successor to the Xbox 360 and named Xbox One. The next question that arises is, what games are ready to present at the console.
Quoted from Ubergizmo, Wednesday (22/5), here are some games that are determined to [...]
Ever occur to you to try out Android applications on Windows-based computers? If so, maybe this one could be a solution.
Quoted from Ubergizmo, Monday (01/28), a program called WindowsAndroid allow it.
Although not a new series running Android, the Jelly [...]
BlackBerry seems very serious enrich the application ecosystem. This is evidenced by the achievement of 100 thousand apps in the app store BlackBerry World.
Quoted from Slashgear, Friday (22/3), this means that BlackBerry has added about 30 thousand [...]
Iron Man 3 movie has not been released, Gameloft has prepared his game to iOS and Android devices.
Quoted from Slashgear, Thursday (28/3), Iron Man 3 games scheduled to be released on 25 April, or the day before the movie appeared in theaters.


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Ecommerce titan Alibaba took a 28 percent stake in Autonavi (NASDAQ:AMAP) nearly a year ago. And then in February this year the firm proposed a full buy-out of Autonavi for a premium of US$21 per share.
Today Autonavi confirmed it has accepted the deal for that acquisition price, pending the approval of shareholders. Autonavi closed trading yesterday at $20 per share. For shareholders it’s a large premium over the $16.54 value per share when it was first proposed in February.
The deal values Autonavi at $1.5 billion and will take the firm – owners of China’s top mobile maps app (pictured above) – private. It’s not yet clear how this will be incorporated into Alibaba’s upcoming US IPO. The deal will be closed later this year.


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JD.com, a Chinese e-commerce gargantuan, has built a big new Shanghai fulfillment center that can organize, pack and ship 200,000 orders a day. It employs four people — all of whom service the robots.
What's going on: Welcome to the creeping new age of automation. When the talk turns to Chinese big tech — rivals to Google, Amazon and the rest of Silicon Valley — the names usually cited are Alibaba, Baidu and Tencent. But scrappy JD, with a respectable $58 billion market cap, is investing aggressively to be added to the pantheon.


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Another retailer has announced it is closing all its stores — the 14th to say it will do so in 2017.
With farming laws changing, hemp just might send entire industrial sectors up in smoke.
Ford Motor Co.'s luxury brand, Lincoln, has unveiled its first gasoline-electric hybrid at the Shanghai auto show.
Shares in United Airlines were nearly 6 percent lower in premarket trading on Tuesday following the release of a shocking video.
A public relations disaster for United Airlines is transforming into an international incident for the company.
Hyundai and Kia are recalling nearly 1.2 million cars and SUVs because the engines can fail and stall.
Amazon says it will hire 30,000 part-time workers in the next year, including 5,000 work-from-home jobs.
Sunoco is selling most of its convenience stores to 7-Eleven in a deal valued at $3.3 billion.
Panera is being bought by Krispy Kreme's parent company JAB Holding Co. for more than $7 billion.
McDonald's says it will swap frozen beef patties for fresh ones.
Ford is recalling more than 440,000 vehicles in North America for risk of engine fires and door latches not closing.
GameStop is closing more than 100 of its 4,400 stores in the United States.


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Target is teaming up with Chrissy Teigen: The model and social media star is launching a cookware collection in stores later this month, The Business Journals reports.
The store will put Dirty Lemon's health-conscious drinks more within reach for New York's vast market and will help raise awareness of the trendy brand beyond social media and the internet.
The partnership shows how a retailer can blend elements of social media and experiential marketing to reach a key audience group.
Some parents have actually gone into debt because of things they saw on social media.
Instagram is developing a standalone shopping app allowing users to buy goods directly from the app from merchants they follow.
Nike has seen shares drop over three per cent today as it revealed that the controversial sports figure Colin Kaepernick would be the face of its latest advertising campaign. Kaepernick, an NFL quarterback for the San Francisco 49ers, first made headlines in 2016 when he refused to stand up during the American national anthem. The stunt, intended as a silent protest against police brutality, sparked the “take a knee” movement which saw hundreds of other players and athletes across different sports to follow suit
The athlete's post ignited a social media uproar, even though Nike itself hasn't yet announced the partnership.
On Friday, the beleaguered pizza chain published a video on social media that addressed outrage customers expressed following racially charged comments made by founder John Schnatter in November and again this summer.
Establish brands and chains like Walmart and Target are looking to social media influencers to create collections, build buzz, and get real-time feedback on what shoppers think is cool, USA Today reports.
Trend analysis and customer engagement on social media may be critical strategies to avoid merchandise mistakes.


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A trifecta of patents were awarded to Apple Inc today, including a patent that credits Steve Jobs as one of the inventors. Apple’s Mail.app send button, the one depicted by a paper airplane, was apparently invented by Steve Jobs and Bas Ording.
It’s good to see Steve still pulls his weight around Apple’s campus.
In addition to the super-awesome paper airplane icon, Apple was also awarded patents for their Bluetooth headset design, as well as their process for Multi-Touch Input Discrimination.
The last patent award reads like legaleese, but it’s described as follows, according to Patently Apple :
For a hand-held multi-touch touch-surface device that may be put into a pocket, purse, or held against the head (e.g., portable music player, portable video player, personal digital assistant or mobile phone), detecting when the device is being clasped on the way into or out of the pocket, against the body, or against the head is very useful for: input rejection (ensuring that touch-surface input signals generated as a result of these actions are not mistaken for normal finger/stylus touches); operational mode transitions (e.g., dimming the device’s backlight, putting the device to sleep and waking the device from a low-power state); and, for mobile telephones, answering calls (e.g., when the device is brought near, but not necessarily touching the head) and/or terminating calls (e.g., when the unit is placed into a pocket or purse).”
I’m pretty grateful that the fine folks over at Patently Apple keep an eye on these things. I personally wouldn’t have the patience to read through most of these patents.
Huge props to Patently Apple.
Article Via Patently Apple
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The P&G brand also announced an upgrade to the skin analytics tool in the US
P&G-owned skin care brand Olay has announced the global launch of Olay Skin Advisor, a web-based tool that analyses users' skin.
The brand hopes that the tool will help women to better understand their skin care needs, using artificial intelligence technologies to help them find the right products for them.
It aims to make shopping for skin care easier, as the process can sometimes be overwhelming with the vast range of products on offer.
Dr Frauke Neuser, Principal Scientist for Olay, said: “Olay’s research shows that browsing the shelf is the #1 purchase influencer for women, yet one third of women do not find what they are looking for.
“We saw an opportunity to help women understand their skin better than ever, before they even step foot in the store.
”To use the tool, consumers can visit skinadvisor.olay.com on their smartphone or tablet and upload a selfie.
The Skin Advisor then analyses a woman's face to determine her 'skin age' and which specific areas of her face are contributing to that age.
After answering a series of questions about skin concerns and product preferences, the tool then provides the user with personalised product recommendations based on data gathered from the hundreds of thousands of selfies in its database.
As well as the global launch, the brand has also announced an upgrade to the Skin Advisor in the US.
Due to launch in March, the Skin Advisor 2.0 upgrade will feature new optimisation technology to help users upload the best quality selfie, as well as 'synaptic intelligence' which combines data from Olay scientists, skin care experts and consumers to provide more accurate product recommendations.
Olay debuted its Skin Advisor in late 2016, when a beta version of the tool was first made available in the US.


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} Wal-Mart WMT, +1.49% promotions signal successors
BENTONVILLE, Ark. (AP) -- Wal-Mart Stores Inc. has promoted three executives, including one who is apparently being groomed to succeed chief executive David Glass.
Don Soderquist, 64, previously the company's vice chairman and chief operating officer, was named senior vice chairman.
H. Lee Scott, 49, will fill Soderquist's previous position, and Thomas Coughlin, 49, who was chief operating officer of the Wal-Mart Stores Division, was promoted to succeed Scott as president of the division.
Observers say the promotions of Scott and Coughlin send a message that they are the heirs apparent to Glass and Soderquist.
``I think this clearly indicates that Lee has a good chance to be the successor to David Glass,'' Jay Allen, a Wal-Mart spokesman, said Friday.
Shares of Wal-Mart (WMT) WMT, +1.49% fell 5/8 to close at 83 1/2 Friday.
Analysts saw the promotions as rewards for two of the executives most responsible for re-energizing Wal-Mart's earnings and revenue growth in recent years.
Scott has helped Wal-Mart return to the position it likes to be in -- increasing profits faster than sales, said Daniel Barry, senior retailing analyst with Merrill Lynch & Co. Inc. in New York.
Scott, a native of Baxter Springs, Kan., will oversee all three major divisions: Wal-Mart stores, Sam's Club and the international division.


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US sanctions on Huawi are starting to show in Finnish telephone sales.
After the Chinese company lost the right to use Google services on its phones, the market share of Huawei and Honor phones has clearly decreased.
According to statistics published by major Finnish retailers, all Huawei-manufactured phones, with the exception of low-cost Huawei Smart P and Honor 7S devices, have disappeared from the top lists of stores.
Read more: Finns are now diligently buying phones - even a shortage of one hit device
According to Ville Valkama, Elisa's Vice President, Personal Equipment, sales of Huawei and Honor phones have about halved from last year.
At Elisa, they accounted for almost 30 percent of sales in August, now the figure is 15 percent.
Older phones with Google services are starting to age, and Huawei’s proprietary phones have not been a substitute.
- During September, this began to show.
Huawei and Honor's new portfolio has not found its place in the market yet.
They are acquired by a certain group of pioneers, but the old ones are not replaced by new ones, Valkama says.
Elisa currently accounts for less than 10 percent of Huawei's own-service equipment's total sales.
However, their share will increase as total sales decline as older phones leave the market.
- We will definitely see a period when Huawei and Honor's market share is quite small.
Time will tell whether the HMS platform [Huawei's own services] will develop in such a way that it can genuinely challenge Google, Valkama says.
- Huawei has put so many bangs on the development of its platform that I believe it will come from there at some point.
But it’s up to how to get application developers involved.
Valkama does not consider Huawei's return to 30 per cent likely to be likely, at least by next summer.
He points out that this is a software-level issue.
On the hardware side, Huawei is doing very well.
- The Huawei P40 series camera is clearly the market leader.
But without a working [software] platform, it’s just a camera, Valkama says.
According to Sami Aavikko, CEO of DNA Kauppa, we cannot talk about the actual collapse, even though the market share of Huawei and Honor has fallen from more than 30 percent to about 20 with DNA.
While Huawei’s overall sales are still in pretty good shape, people haven’t found the Chinese manufacturer’s AppGallery phones, which lack Google’s services and app store.
Their share of Huawei's total sales is "very small".
- Consumers are skeptical about them when not all the applications they need are available.
In the past, it might have been enough to have the top 20 applications available for the device.
Now, the consumer just needs some particular rarer app if he buys headphones or a smart device for the home, Desert says.
- The situation is difficult for Huawei.
They are actively working to improve the application offering.
But this is an egg-chicken problem because the equipment base is small.
The situation may improve later as Google makes it easier for other app stores to enter Android alongside Play.
However, this will be a little further in the future, and even then it is not known whether the authors will leave their applications for more trade.
Read more: Android app store changes - money talks
At the same time, older phones based on Google services are starting to reach the end of their life cycle.
The older affordable Huawei Smart P sells well, but other devices are more difficult.
- Although the [still includes Google services] Huawei P30 is still a top phone, the phone business is advancing with the power of novelties, Aavikko says.
People buy a lot of phones over a period of 2-3 years with 5g in mind.
This eats up sales of older, Google-based Huawei devices, as there are no 5g phones among them.
Jussi Vuorinen, President of Telia's Equipment Business, largely confirms DNA's findings.
- Huawei's sales have been declining slightly, but no dramatic drop is visible.
Of the smaller brands, OnePlus and Xiaomi, among others, have increased their share, Vuorinen says.
According to Gigant's sales manager Mikko Pesonen, there has been no major change in Huawei's sales in the long term.
Its sales slumped last year after the US launched its sanctions, but have leveled off since then.
The number one product Huawei Smart P has held its own and been at the top of Gigant’s sales list in recent months.
Pesonen does not want to speculate on the future of Huawei or the phones.
- There is now one more option for Apple and [Google] Android, Pesonen says.
The biggest beneficiaries since Huawei's slump have been Xiaomi and OnePlus.
The latter has suffered from delivery difficulties with the new Nord phone, so the manufacturer could have won even more.
Samsung, the market leader in Android phones, has also strengthened its position.
Apple's share is fairly unchanged, normally at around 22-25% in DNA stores.
The position of HMD's Nokia phones has remained fairly stable at just under 10 percent.


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Alibaba-backed payment wallet Paytm grew market share in the six months to April at 67.9% while rival Freecharge had a share of 11.4%, data from research firm KalaGato Pte. The shares are based on the volume of transactions clocked by payment wallet firms in top 10 metro cities. AirtelMoney managed a 5.4% share of the market followed by Mobikwik with 5%. Meanwhile, peer-to-peer payment (P2P) platforms such as SBI Buddy had 3.8% market share in April compared to HDFC’s PayZapp which recorded 2.8% , the data showed. The BHIM app which was launched in December last year, right after demonetisation captured an 8.7% share of the market, while Flipkart’s PhonePe held the highest share at 11.8% in April. The value of transactions made through the Unified Payments Interface (UPI) channel during much of May grew faster than those made via mobile wallets and other prepaid payment instruments (PPIs), representative data released by Reserve Bank of India (RBI) showed.
Between May 1 and 28, the aggregate value of UPI transactions stood at Rs2,450 crore, 11.42% higher than that in the whole of April. On the other hand, PPI transactions in the first 28 days of May added up to Rs2,280 crore, up 2.1% over the April value. While data on UPI captures the value all transactions carried out through the channel, data for PPIs is sourced from eight non-bank issuers. The data does not account for transactions made on May 30 and 31 and the final data for the entire month could be higher.


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Last updated: 10/23/12
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CLICK HERE to get the latest restaurant closures:
Below is a list of closures posted in 2012:
- Pasta Pomodoro in Irvine (Oak Creek Center) closed Sunday, Sept. 23, according to an employee at the Newport Beach restaurant. It is unclear why it closed. Â The sign outside the restaurant has been stripped off.
- Looks like Orange County's last Jolly Roger restaurant has closed. Â "After 40 years of business in the Dana Point harbor our Jolly Roger is closing. We have enjoyed years of awesome relationships with the community and all of our special guests and we would like to thank you for your dedication and continued support," General ManagerÂ Randy Boswell wrote on the restaurant's website.Â I've tried to contact Boswell to get more details. He has not responded. He told fans that he will be working at the Jolly Roger in Oceanside. The Dana Point site is premium. I have to wonder who snapped up the space. Â According to the Dana Wharf Sportsfishing's Facebook page, the restaurant will reopen "soon under a new name and ownership."
- Berkeley Dog'sÂ originalÂ Orange County location in Mission Viejo recently closed. Owner John Chi said lease negotiations didn't work out with the Mission Viejo landlord. He said his other locations in Irvine and Brea are doing well, and he's looking to open another restaurant in Los Angeles.
- Fish-o-Licious,Â at 18011-F Newhope St. in Fountain Valley, closed after a year in operation. The restaurant was located near Costco. A local business owner said the restaurant closed at the end of August. The phone is disconnected.
- Not really a closure, because it never opened. But, The Range is no longer coming to Orange County. The San Diego eatery was supposed to open at The Market Place in Irvine. Read full story
Oggi's Pizza at the Seacliff Village Center in Huntington Beach closed in late August. Â It will be replaced by Panera Bread.Â Address is: 19461 Main St. Huntington Beach, CA 92648
- Thai Noodle Company on 27221 Ortega Hwy, San Juan Capistrano has closed.
- Freshii at The Bluffs in Newport Beach closed July 30.
- The Bimbo Bakeries USA Bakery Outlet in Orange has closed as of mid-July. The last two discount bakery outlets left in Orange County are in Los Alamitos and Huntington Beach. The bakeries sell brands such as Oroweat, Entenmann's and Thomas'.
- Cafe Maiz, which opened in 2008 as a fast-casual version of El Cholo, closed its Mission Viejo location two weeks ago. Owner Ron Salisbury said the restaurant couldn't generate enough volume to sustain itself.
Wendy's in the Westminister Mall is closed.
- Pick-Up Stix in Placentia is closed.
- Pei Wei in Irvine, off Alton Parkway, closed as of June 25.
- Hometown Buffet in Placentia closed on June 19. Â The address is: 620 N Rose Dr, Placentia, CA 92870
- Itriya CafÃ©, located at 2740 Alton Pkwy, Irvine, CA 92606 (Diamond Jamboree Center) closed recently.
- German restaurant, Barthâs Continental Cuisine in San Juan Capistrano, closed around April 15. Â It has since been replaced by Thai Noodle Company.
- The Shore House Cafe in Balboa has closed. I spotted a "for lease" sign on the window today, June 8. An employee at BJ's Pizza next door said it closed a few weeks ago. (Posted early June)
- Landmark Sunset Beach bar, Harpoon Harry's, closes. Read more here
- The Pinkberry on 550 North State College Blvd, Fullerton, CA 92831 has been closed for the past few months.
- Looks like Lizarran Tapas in downtown Fullerton has closed. It will be replaced by El Farolito, according to an investor in the family-run Mexican restaurant from Placentia.
- Blue Frog Cafe in Old Towne Orange has closed. Read more here
- La Salsa has closed several O.C. locations in the past few months, including a location at Fashion Island. That mall location closed May 2, according to the Irvine Co. Â As of May 14, there are two La Salsa restaurants left in Orange County. One in Newport Beach, and one in Cypress, according to the chain's website.
- Baja Surf Tacos, which opened in the Mercantile East shopping plaza in Ladera Ranch in December 2009, closed Sunday, May 6. Â Stay tuned for more details. Word has it that another taco joint is moving into the space.
- Baja Fresh atÂ 2445 East Imperial Hwy. Â is closed, according to a reader who spotted the closure.
- After months of speculation, Tokyo Lobby in Tustin has closed. Address:Â 13951 Carroll Way,Â Tustin,Â CAÂ 92780. It was replaced byÂ Sake2Me Sushi,Â an all-you-can-eat sushi eatery.
- Hooters closed in Lake Forest sometime after April 2. Â Nearby in the same center, Olamendi's Mexican restaurant also closed. Â Read more
- Popeye's on Beach Boulevard in Huntington Beach is closed, according to reader reports. The restaurant is no longer listed on the company's website.
- Royal Hawaiian in Laguna Beach closed after business Saturday night. Read full story
- Jerryâs Famous DeliÂ is closing April 30. Â Read full story
- BeachFire Bar and GrillÂ in San Clemente and Ladera Ranch closed. Read more
Tijuana Gillies in Mission Viejo now has space-available signs in the windows. It was located in the Gateway Center plaza at 23962 Ste 2 Alicia Parkway.
- Hometown Buffet in Anahiem,Â 1630 West Katella Ave., is closed. In an email sent Monday, the restaurant referred customers to the East Anaheim location. No reason was given for the closure.
- Mario's by the SeaÂ in Dana Point is closing March 25, according to a memo owner Hooshfar Perakis sent to loyal guests. Perakis told The Register on Thursday (March 23) that he had a difficult time keeping the restaurant financially stable during the tanking economy. "I thought I could ride it out, but was not able to," he said. It is unclear what will replace the location. The restaurant was first established December 1989 by Mario Zanetti, and later bought by the Perakis family.
- Auld Irisher, an Irish pub in Orange, has closed. Â Read full story
- SeÃ±or Pedroâs Tacos closed in February. Read full story
- Quiznos in Orange on East Chapman Avenue near Taco Mesa is now closed. Â Which Wich subs is moving into the space.Â
The First Class Pizza in Anaheim Hills is closed. The phone is disconnected. A MammaLuccoâs New York Style Pizza & Italian Dining will take its place.
Sushi Wok Restaurant & Express in Laguna Woods is closing its doors on Wednesday (Feb. 29). Manager Alice Lin said that the passing away of her boss is the reason.
Enne Cucina Italiana in San Clemente is closed.Â The phone is disconnected, although the website is still up.
- ChickPita Fresh Mediterranean Grill at the Ocean Ranch shopping center in Laguna Niguel has been closed for several days. The main phone line has been disconnected, as well. It is unclear if the restaurant plans to reopen. The owner, Leo Timatyos, has not returned several requests for comment.
- Coco's Bakery Restaurant,Â at theÂ corner of Gothard and Edinger, in Huntington Beach recently closed, Coco's confirmed this week. (Feb. 8, 2012). No other information was provided by the company about the closure.
- Dragon Buffet in Lake Forest off Muirlands Blvd closed in mid-December 2011.
- EJ's House of Chicken and Ribs in Mission Viejo is closed. "It's been gone a few months," one of the neighboring restaurants told The Register.
- OC Burger in Rancho Santa Margarita is closed. The phone is disconnected, and the website is down. Â We also spotted a for lease sign on the door.
- Movers were spotted Monday (Jan. 30) hauling kitchen equipment from Taste of Sicily in Orange .Â "Closed for good," one of the movers told the Register.
Woody's Beach Club and Grill in Santa Ana has been closed since mid-January, according to readers and a worker at the neighboring The Wok Experience. Woody's opened a year ago in the spot once occupied by Fazoli's . (Corner of Tustin Avenue/17th St.)
- Valhalla TableÂ â a gourmet sausage shop at The Camp â closed at the end of January.Â Read full storyÂ (1/30 Update: Umami Burger is moving into the space).
- Kathy May's Restaurant, at 7320 Center Ave. in Huntington Beach, will serve its last dinner on Valentine's Day. It is closing Feb. 15, and will eventually relocate to Central Park later this spring. Â Address: 6622 Lakeview Drive, Huntington Beach. The restaurant's Facebook pageÂ saidÂ the new restaurant could open by March or April.
- Bob's Big Boy in Orange closed in mid-January. Â Read full story here
- Taleo Grill in Irvine closed in early January. An eviction notice was slapped on the door as of Jan. 17.
- Infusion in Ladera Ranch closed at the end of Â business Saturday, Jan. 14. Address: 25612 Crown Valley Pkwy L-1 Ladera Ranch. Its sister restaurant, Casa Ranchero Mexican Cantina, will remain open.
- Beach Pit BBQ closed the doors of its Aliso Viejo location on New Year's Eve 2011. That's the third restaurant to close in the last few months.Â Read more here
- Marmalade Cafe, which opened in 2009 at the Tustin District shopping center, closed at the end of business Monday. Â A restaurant official said the company transferred its lease to another concept, but she declined to name the eatery.Â Read full story
- McCormick & Schmickâs in Santa Ana closedÂ Tuesday (Jan. Â 3). Â The closure occurred the same day Landry's completed its purchase of the seafood chain. Houston-based Landry's has been on a buying spree, having bought Orange County-based companies Bubba Gump Shrimp Co. and Claim Jumper. Â The corporate headquarters of both chains moved out of the county. Read more here
- Fuji Grill on North Tustin Avenue in Orange is closed. An eviction notice, date Â Dec. 18, is posted on the door. The location is next to a Fatburger that also closed. Â (This closure was documented on Jan. 4, but the store likely closed in 2011.)
- Corner Fish GrillÂ in Mission Viejo closed in late 2011. The restaurant's owner said a lease dispute with his landlord was a partial reason for the closure. The landlord,Â The Murrel Company,Â is suing him for breach of contract. (Closure details confirmed January 2012 after interviewing owner, and property owner.)
- Poul's, Â a Danish bakery that's been operating in Orange for decades, closed after Christmas 2011. No information has been disclosed about this closure. The shop has not been open for several weeks. No one answers the phone.


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Adidas and Nike are moving their focus away from golf equipment toward apparel, as the sport fails to connect with millennials.
On Thursday, Adidas Golf announced that it was entering a multiyear apparel and footwear deal with American pro golfer Dustin Johnson.
While a new deal typically wouldn’t typically signal that something is wrong in the world of golf, however, this is another example of Adidas moving away from the equipment business.
In May, Adidas announced it was planning to sell its golf equipment brands TaylorMade, Adams, and Ashworth.
“TaylorMade is a very viable business. However, we decides that now is the time to focus even more on our core strength in the athletic footwear and apparel market,” CEO Herbet Hainer said in a release at the time.
As noted by ESPN sports-business writer Darren Rovell on Twitter, Adidas’ new strategy is just another sign of difficulties in the golf equipment business, as retailers ditch clubs and balls in favor of shoes and shirts.
In August, Nike announced it would transition out of selling golf clubs, balls, and bags, while continuing to sell golf footwear and apparel. And, as Under Armour has moved into the golf business, it has stayed clear of clubs, focusing exclusively on apparel and shoes.
The golf industry has struggled to attract younger players in recent years.
“From the golf industry statistics, we know that rounds are down. We know that millennials are not picking up the game, and boomers are aging out. The game is in decline,” said Matt Powell of industry research firm NPD.
With most golf equipment sales stemming from older, long-time golfers, it makes sense for companies to focus on apparel, not clubs, balls, and bags that are durable. Established golfers tend to have loyalties to bag brands, and are unlikely to be won over by newer companies relying on trendy marketing and super-star names.
Meanwhile, an Adidas,Nike, or Under Armour shirt or hat is unlikely to be seen as a make-or-break part of a golfer’s game. Plus, even if golf is failing to attract new players buying their first sets of clubs, even veteran golfers need to buy new shoes at some point.


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A report today from the Confederation of British Industry and accountants Grant Thornton reveals firms selling services such as holidays and flights or fitness and beauty treatments have borne the brunt of the consumer spending slowdown of the past three months.
The only enterprises in the sector enjoying a positive quarter have been hotels, bars and restaurants, with strong demand for professional services to businesses, such as accountancy.
Ian McCafferty, the CBI’s chief economic adviser, said: “Consumer services firms don’t expect to expand their business in the coming year. Costs are expected to keep growing at a rapid rate, with less scope to raise prices, which will inevitably put profit margins under greater strain.”
Grant Thornton’s Alysoun Stewart added: “Optimism levels among consumer services firms have plummeted to levels not seen since February 2003, clearly indicating that successive interest rate rises over the past year have begun to bite.”
The survey shows a slowdown in price rises during the next three months, and rising staff costs have led firms to expect the slowest profits growth for 18 months. Prospects for consumer firms over the next year were “gloomy”.


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Progress in eliminating conflict from minerals supply chains
Humanity organisation the Enough Project has released ‘Taking Conflict Out of Consumer Gadgets: Company Rankings on Conflict Minerals 2012,’ its second report ranking company progress toward responsible and conflict-free supply chains.
The report by Enough Project shows that the majority of companies surveyed have made great strides in eliminating conflict minerals from their supply chains since first being evaluated in 2010. Significant successes include some of CSR Europe's Corporate Members:
- Intel, HP, and GE cofounded a smelter incentive program, which pays for smelter audits.
- Intel was the first company to publicly commit to producing a fully conflict-free product – a microprocessing chip that will be produced by 2013.
- HP has actively engaged to help Congo develop a clean minerals trade
- SanDisk published the names of each of its smelters and has begun auditing its suppliers.
- Toshiba, Apple, HP, and Nokia implemented policies to require their suppliers to use only audited, conflict-free smelters, once enough are available.
- Nokia, Panasonic, Philips, AMD, HP, and Microsoft have piloted internationally agreed-upon due diligence guidance on conflict minerals in line with the Organization for Economic Co-operation and Development due diligence model.
Although a majority of leading consumer electronics companies have improved their approaches, there are many companies who could do much better in tracing and auditing their supply chains, the report concludes
(Source: CSR Wire)
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17 August 2012


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Researchers at the University of California, Irvine have developed a battery technology that greatly increases its lifespan and could mean never having to replace a battery again.
Typical lithium ion batteries, used in everything from smartphones to electric cars, see capacity drop dramatically after being recharged between 5,000 and 7,000 times. By utilizing nanowires, which are thousands of times thinner than the width of a human hair, the researchers at UCI were able to create a battery that went through 200,000 recharge cycles without losing any capacity essentially meaning it would never need to be replaced.
“We started to cycle the devices, and then realized that they weren’t going to die,” Reginald Penner, a lead author of a paper on the research told Popular Science. “We don’t understand the mechanism of that yet.”
Modern batteries almost exclusively use lithium, and over time this lithium corrodes, which results in batteries not being able to hold a charge. While the problem does not affect smartphones as much, which are typically updated every two years, it is a significant problem for laptops and tablets, which are generally used over longer periods.
To overcome this problem, UCI doctoral candidate Mya Le Thai used gold nanowires to store electricity, which she encased in a manganese oxide shell and protected by an electrolyte gel. The interaction of the metal oxide with the gel prevents the nanowires from corroding.
“The coated electrode holds its shape much better, making it a more reliable option,” Thai told the UCI News website. “This research proves that a nanowire based battery electrode can have a long lifetime and that we can make these kinds of batteries a reality.”
While the development is certainly a positive step towards making longer lasting batteries, the use of gold, even in miniscule quantities, would likely make commercial development problematic. However, Penner said the gold could be replaced by a more common metal such as nickel if the technology proves to be popular.
The lab at UCI will now work on building fully functioning batteries based on this technology and will seek to understand more about how and why the technology works.


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Some Abilene local farmers had their goods for sale at the Wylie Farmers Market.
Many make a living selling the crops they grow.
They said buying from them strengthens the local economy.
"We love actually selling to the community because we love getting to know
our neighbors. That's what makes it special instead of shipping it somewhere,
selling it to people we don't know," said Elizabeth Fry,


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Retailers Reveal #93: Geoff Turner – Shut that door!
Retailers Reveal: "We spent £3,500 and I now make a 40% saving on our running costs"
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On the 26th of February in Barcelona, Spain, MWC 2018 will kick off. Companies from around the globe are expected to announce and showcase all kinds of smartphones. One of the most anticipated launches is that of Samsung devices. The Galaxy S9 and S9+ will be launched a day before MWC 2018 commences. However, companies like LG are expected to not host a marquee event. This is mainly because of the presence of the Galaxy S9 devices and the media frenzy that surrounds them.
Xiaomi is also expected to make an important announcement pertaining to the Mi Mix 2S. HTC, which appeared to give MWC 2018 a miss, might launch a couple of important smartphones as well. However, the most [...]
Huawei will be launching a smartphone at MWC 2018. After some speculation that the company would skip the event, it confirmed its presence. However, it also confirmed a launch event for March 27. At MWC 2018, the company is expected to launch the Huawei P11/P20 Lite while the March 27 event will see the unveiling of the Huawei P20 and P20 Plus.
A few days ago, renders of the Huawei P11/P20 Lite were leaked by a popular tipster on Twitter. And now, live images of the device have been leaked by FCC. The leaked images confirm what has been rumoured for a while now. The Huawei P11/P20 Lite will have a lot of similarities with the Apple iPhone X.
On the front, it [...]
It looks like after a period of silence, Huawei leaks have started in full swing. Only yesterday, Huawei P11 Lite was leaked in 360º renders by a popular tipster on Twitter. It has been rumoured that the Huawei P11 Lite will be launched at MWC 2018 while the Huawei P11 will be launched at a special event on 27th of March.
Right after the renders were leaked, new images of the Huawei P11 out and about in the wild have surfaced. The images show the exact design of the device that was leaked in renders and has a couple of interesting features. For starters, it has an iPhone X-like notch on the top of the display. A notch on top seems to be catching on as a trend since [...]


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Linktree Introduces New Threads Feature
Popular social media tool Linktree has unveiled a new feature that allows users to add Threads to their profiles. This exciting update provides users with a way to add a link to their Threads profile on their Linktree with a social icon. They can also show off some of their posts.
Threads enables users to connect multiple pieces of content into a cohesive narrative. With Linktree’s integration of Threads, users can now create a string of links, posts, images, and videos, providing their audience with a captivating storytelling experience.
The addition of Threads on Linktree profiles comes as a response to the growing demand for more dynamic and interactive content-sharing options. The Threads feature on Linktree profiles is user-friendly and customizable, empowering users to design and share content that aligns with their brand identity and communication goals.
In a statement, Alex Zaccaria, CEO, and Co-founder of Linktree expressed his excitement about the launch of Threads, stating, “At Linktree, we are always striving to provide our users with innovative and effective ways to connect with their audience. Threads offer a new dimension of storytelling and content-sharing, enabling our users to create engaging and immersive experiences for their followers.”
The Threads feature is now available to all Linktree users. With this new addition, Linktree continues to solidify its position as a valuable social media tool, enabling users to optimize their online presence and build stronger connections with their audience.


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Navistar International Corporation announced Wednesday that Jeffrey A. Dokho has been named to its board of directors, effective immediately.
Dokho, 42, replaces Dennis D. Williams, president of the United Auto Workers (UAW), who is retiring from the Navistar board after serving nearly 11 years as a director. Since 1993, one non-elected seat on the Navistar board has been filled by a person appointed by the UAW.
Dokho is currently the assistant director of the UAW’s Research Department, where he directs a group of financial analysts and oversees the union’s financial research and analysis. Navistar says he has worked on many high-profile contract negotiations between the UAW and large, multinational companies. He also plays a leading role in the development and implementation of profit sharing plans, including those currently in place for UAW members at General Motors Company, Ford Motor Company and Fiat Chrysler Automobiles N.V., the company says.
“We look forward to Jeff’s contributions joining the Navistar board of directors. His manufacturing and automotive experience and knowledge will be of great value to our board and Navistar management,” says Troy A. Clarke, Navistar chairman, president and CEO. “I also want to personally thank Dennis for his many years of distinguished service to our company. His knowledge, dedication and expertise have been invaluable to Navistar.”
Before joining the UAW in 2006, Dokho was a Senior Analyst at Lear Corporation, a Tier 1 supplier to the automotive industry. Dokho has been appointed to the board’s finance and audit committees, Navistar says.


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Wiimote May Control Nintendo's Future
Posted on November 3, 2006The New York Times has an interesting piece about the future of Nintento and how Nintendo has focused on its unique controller, called the Wii remote or Wiimote, that lets the player swing the controller like a sword in an adventure game or a racket in a sports game. The wiimote also has the potential to be used for steering in racing games.
But a big test of the company’s strategy will come this fall with the release of its new video game console, the Wii (pronounced WEE), which will be introduced Nov. 19 in North America and in December in the rest of the world. If the device does not sell better than the GameCube, it would consign Nintendo to a more distant third place in the console business. While the new Microsoft and Sony consoles will have faster chips and more extravagant features, Nintendo is steering clear of that technology in favor of a controller for Wii that senses motion in real space.You can see more photographs of the Wii controllers here on Nintendo's website. Wikipedia also has an information entry on the Wiimote. It will be interesting to see whether the improved playability offered with Wii can win out over the complex graphics and computing power of the new PlayStation 3 and the Xbox 360.
In the Wii game Red Steel, for example, the gamer jabs the controller as if it were a sword.
"Most of the game business is going down a similar path toward hyperrealistic graphics which recreate sports or movies," said Shigeru Miyamoto, a senior managing director at Nintendo and the designer of Donkey Kong, Super Mario Brothers, and scores of the medium's biggest hits.
"We want to put a little more art into it and do it in a way that casual consumers can enjoy the games," Mr. Miyamoto said in an interview through a translator.


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Two recent studies from Kansas State University economists show consumer incomes are very sensitive to price increases for beef, while top-quality branded products are more immune.
Previous research documents the importance of consumer incomes and personal consumption expenditures on beef demand. Increases in income lead to increases in demand (i.e., a shift out and to the right) for consumer goods, including beef, because consumers increase their expenditures as incomes rise
A chart of U.S. consumer disposable income and personal consumption expenditures since 1980 from the U.S. Department of Commerce shows long-term growth in the economy progressing in lockstep with "personal consumption expenditures."
The two lines took a large dip in the 2008-2009 timeframe.
The economists said this chart also makes it clear that U.S. consumers tend to consume most of every dollar of additional income as personal consumption and that when disposable income declines that consumption declines.
However, they also noted that declines in spending can be slightly greater than declines in income based on consumer confidence. That's because consumer confidence is partly measured by the personal savings rate, which then impacts demand.
When consumers are more confident about their economic prospects, they tend to reduce their savings rate. When confidence declines, the savings rate increases. In the short run, dollars devoted to savings are not available for consumption.
Further, as all meat prices have risen in recent years consumers have cut their consumption, the researchers said.
Overall, U.S. consumers' per capita consumption of meat and poultry declined nearly 10%. It fell from a peak of 221 pounds in 2006 to 202 pounds in 2012.
Beef consumption declined more than pork or chicken, falling to 57.4 pounds in 2012. That was a 13% decline from 2006 levels. In contrast, pork and chicken consumption both declined about 7% in the same period.


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BMW AG and Volkswagen AG are facing up to difficult cost cuts needed to fund the unprecedented transition to electrifying their fleets.
BMW shares sank on Wednesday, dragging down its peers, after the luxury carmaker said it will embark on a 12bn-euro ($14bn) efficiency drive to pay for future battery-powered cars. Trade wars and an industry slowdown are sapping the profit margins essential to funding the shift, the company said.
Separately, Volkswagen AG’s top labor leader demanded 10-year job guarantees and other concessions before the German automaker’s powerful unions agree to go along with aggressive cost-cutting plans of Chief Executive Officer Herbert Diess.
The move away from combustion carmaking methods is challenging all traditional carmakers, but is a particular hurdle for Germany, where the shift is stoking uncertainty in an industry that’s the backbone of the economy. Electric cars have fewer parts and don’t require as many workers, and many new jobs available require digital skills that most factory workers lack. New, deep-pocketed competitors like Alphabet Inc.’s Waymo are adding to the pressure with an advantage in areas like software development likely to determine winners and losers.
“I’m convinced we must modernize ourselves much faster,” Diess told some 20,000 workers gathered at a town-hall meeting at Volkswagen’s sprawling plant in Wolfsburg, Germany. “It’s not a done deal that we manage the transformation.”
The 60-year-old CEO, who took over the top job last April, is pushing to deepen VW’s 2016 agreement with workers to reduce the workforce by 30,000 positions. He sought to minimize his differences with labor boss Bernd Osterloh, who took the stage before him in Wolfsburg. While they argue, they ultimately often pursue the same goals to make VW — the world’s largest automaker — a stronger company, Diess said.
Diess said he just returned from a U.S. trip to visit Seattle-based Amazon.com Inc., where he concluded that Germany isn’t well-enough prepared to face the challenges posed by new rivals in the U.S. and China.
“I’m worried about that,” Diess said. “We don’t want to be hardware providers for Google and Apple,” or trail behind Tesla Inc. and Byton Ltd. in China.
At BMW, pretax profit is expected to decline by more than 10 percent this year. The company, second to Daimler AG among global luxury carmakers, is responding by stepping up its savings drive with plans to cull models, reduce development times by as much as one third and hold the workforce steady this year.
Shares of BMW fell as much as 5.9 percent, the most since September, and were down 5 percent to 71.92 euros as of 3:06 p.m. in Frankfurt. VW shares were off 2.9 percent, while Daimler was down 2.2 percent.
BMW’s weak outlook is a “troublesome” sign for the sector after the carmaker looked better-placed than competitors with a number of strong new models and the luxury-car market in China holding up, Sanford C. Bernstein analyst Max Warburton wrote in a note. “This warning will inevitably increase worries about weaker names in the sector.”
Other carmakers are responding to the same stresses. Volkswagen is cutting as many as 7,000 more jobs, it said last week, while its Audi brand is scaling back management for savings and faster decision-making. (Audi’s also in talks with unions to determine the overall scope of job reductions beyond weeding out management ranks.) Mercedes Benz-parent Daimler vowed comprehensive cost-cutting measures last month, and PSA Group’s Opel division said Wednesday that it had reach an accord with its works council on 2,000 early retirements at its plant in Ruesselshim, Germany.
In addition to thinning ranks, carmakers are also looking to each other for savings. BMW and Daimler have pushed aside rivalries to joined forces in sharing and autonomous cars. They’re also studying a deeper cooperation on key components in conventional vehicles, people familiar with the matter said in December. VW has been in talks with Ford Motor Co. to team up on e-cars and autonomous vehicles.
Before cutting more jobs Volkswagen, Osterloh said management should first resolve problems like the costly delays of vehicle projects, and analyze mistakes made related to the stricter WLTP emission tests that also hurt profit to prevent them from happening again.
“This workforce has proved once again in 2018 that it delivers when it’s getting difficult,” Osterloh said. “Now you must finally deliver as well,” he told management.
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Leesport Bank Uses BSG Check Recovery Service
BSG Financial, a provider of services to the financial industry, said that Leesport Bank, Wyomissing, Pa., has successfully implemented its Re$ubmitIt electronic check recovery service.
Leesport Bank is servicing its business customers in check collections using the technology.
BSG Financial said the program, which the bank is offering free to business account holders, could double collection rates on bad checks. Re$ubmitIt takes advantage of electronic check processing technology, which typically results in recovering more funds in less time than with traditional collection methods.
(c) 2005 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com


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Penn Station East Coast Subs, the fast casual restaurant known for its grilled, made-to-order sub sandwiches, hand-squeezed lemonade, and fresh-cut fries, is offering a Founder’s Special sandwich for the month of September.
The Founder’s Special, created by Penn Station founder and CEO Jeff Osterfeld, is the brand’s signature Philadelphia cheesesteak sandwich with extra cheese and a squirt of teriyaki. The sandwich will be available in all Penn Station restaurants in September.
“The Founder’s Special is a favorite for many people, including our founder, Jeff,” says Craig Dunaway, president of Penn Station East Coast Subs. “We take our famous cheesecake and jazz it up with extra cheese and teriyaki sauce. It’s a fan favorite that we’re happy to offer all month.”
The Founder’s Special is also the monthly special at all restaurants for September. Customers can get the sandwich with a small order of fresh-cut fries and a regular drink for the monthly special price.
The five times weekly e-newsletter that keeps you up-to-date on the latest industry news and additions to this website.


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Citigate International is on a two-week roadshow in Saudi Arabia targeting investors in Jeddah and Riyadh with an objective of promoting Foreign Direct Investment (FDI) in mining and other natural resources in the Economic Community of West African States (ECOWAS). The initiative will serve as a catalyst for developing stronger trade relations between the Gulf Cooperation Council (GCC) and West African region while opening new avenues for investment.
Citigate’s vision is to help boost mineral export volumes between Africa, GCC and Asia by tapping into Africa’s vast natural resources. Being based in Dubai – one of the top three Global Gold and Diamond Trading Hubs in the world (with 40% of all gold produced worldwide passes through Dubai) – the company is well placed to capitalize on the new silk route. A recent Dubai Chamber of Commerce and Industry special report has revealed that the UAE is becoming increasingly competitive in Saudi Arabia’s import market, as the Kingdom constitutes the 2nd largest destination for UAE-made products after India.
Mr. Tohib Iyiola, CEO of Citigate International, commented, “With the crashing oil prices, GCC countries are seeking to diversify their economies, and mining sector – particularly gold and diamonds offer a lucrative option. Our aim is to introduce new investment vehicles which can assist investors from the GCC to participate in exploring the vast natural resources and mineral reserves in Africa. Gold has bounced back significantly this year and is being considered as a safe haven during times of market volatility. Also, diamonds are seen as next-best commodity after gold where there has been limited investor flow and hence less downside in case the bear case unfolds.”
Headquartered in the UK with operations in Europe, Asia, Middle East and Africa, Citigate International is trade regulated by Dubai Diamond Exchange and deals in diverse commodities across the globe. It also specialises in the supply of raw commodities, gold and diamonds in particular, to manufacturing and retail groups. Mr. Iyiola, said, “We have successfully leveraged on the tremendous opportunities in the commodities sector and have built a solid foundation with a global network.”
Emphasizing on the quality of material supplied by Citigate Mr. Iyiola said, “We make sure that our precious metals and Gems follow all necessary government required protocols i.e. DMCC responsible sourcing and Kimberley process certification scheme. We are conscious of our corporate social responsibility and ensure that the produce we bring to trade is conflict free.”
Dubai is one of the top three diamond trading centres in the world and the annual diamond business in the UAE is valued at US$30 billion. Earlier this year, the UAE took over as chair of the Kimberley Process Certification Scheme represented by Dubai Multi Commodities Centre (DMCC), the UAE Ministry of Economy’s authority for the Kimberley Process Certification Scheme, and Dubai Diamond Exchange.


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It’s hard to believe that within a week of its launch that Windows 8 is getting a bad rap from the very market that Microsoft needs most to support it. TechRepublic and ZD Net Research ran have released details of a study to determine what plans businesses have to deploy Windows 8 – and the results are [...]
I have been watching, with some fascination, the different takes on the Microsoft acquisition of Skype. In an interview on CNBC Steve Ballmer stressed heavily the growing role of Microsoft in the communications space as he dominated six of the seven minutes allocated to he and Skype CEO, Tony Bates. The world’s press took different [...]
The rumor mill has been running overtime this last week in the telecoms industry. Perhaps the most prominent, and certainly the most vocal are those claiming that Skype is about to be acquired – AGAIN! You will remember back in October 2005 that Skype’s private shareholders enjoyed a big payout when Skype was first bought [...]
This is Barcelona week and you are probably fed up to the teeth with press releases and news emanating from this Catalonian stronghold. The Insider has spent a lot of time talking to delegates, press people and exhibitionists (I think that’s the right term for the people working the stands, especially CBOSS), to get the [...]
The official Nokia blog says it is now official – Nokia is getting hitched to Microsoft! You have to love the joint announcement so soon after the so-called ‘leaked memo’ from Nokia CEO, and supposedly ex-Microsoft man, Stephen Elop. The rhetoric is pure Ballmer, though. “Today in London, our two companies announced plans for a broad strategic [...]
April 2010 and the news from Microsoft was the unveiling of a pair of handsets sourced from Sharp known as the Kin One and Kin Two. The devices were being marketed as Windows Phones, and while they’re ultimately based on most of the same underpinnings of Windows Phone 7, they were supposed to provide a [...]
You know times are a’changing when the CEO of Microsoft announces that 90 per cent of his staff will be working on cloud platforms by next year. Steve Ballmer even went one step further when he said he was “betting the company” on the Windows Azure cloud platform.
Big drop in fixed-line revenues Australians are dumping their fixed-lines at an alarming rate, 10% in the last six months to be exact. Local call volumes are down 13% for the same period and total PSTN revenues dropped by 6.9%. The decline was far greater than that forecast by CEO, David Thodey, only six months [...]


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Duped employees and clients of alleged scammer Bernard Madoff are bitterly selling off the swag they received from his company on eBay.
It's a whole new category of collectibles, with more than 100 promotional trinkets bearing the name or symbol of Bernard L. Madoff Investment Securities. They were given to clients and employees over the years as tokens of appreciation, even as Madoff was allegedly stealing billions from investors.
"Emom1013" is selling a pair of $20 T-shirts given out at the 2006 company picnic at the Madoff family's Long Island, N.Y., estate.
The seller writes: "The proceeds from this auction go directly to a family whose husband/father is facing being out of a job and health insurance thanks to good old Bernie."
Other items include humidors, binoculars, beach towels, coolers, mousepads, shirts and jackets. The most expensive doodads so far include a Madoff flashlight that sold for $387 and a fleece sweater that went for $455.


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According to a recent tweet by Geoff Keighley of GameTrailers we can expect some big announcements from Sony at the PlayStation 4 launch event!
— Geoff Keighley (@geoffkeighley) November 1, 2013
What do you think it could be?
- Naughty Dog Game?
- Last Guardian Update?
- Santa Monica Game?
- Other developers?
Tell us in the comments!
Source: Geoff Keighley’s Twitter


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- The U.S. economy had good news on the inflation front this week, as core inflation ticked down in July, even as unfavorable base-effects led to a marginal uptick in the headline measure.
- Some Fed speakers this week maintained a hawkish stance, suggesting September’s meeting is an open debate. Incoming inflation and labor market data will play a key role in the decision.
- Small businesses also showed signs that inflation is easing, with fewer of them raising or planning to raise prices.
- Canada’s trade balance widened again in June as export activity slowed. Net exports are shaping up to be a net drag on Q2-2023 GDP growth, unlike previous quarters where trade activity was a tailwind for the economy.
- Next week’s inflation data for July could see prices tick up higher on the effects of elevated food costs and rising energy prices. Core inflation measures may decelerate slightly, but we expect stickiness of these prices gauges to persist until year-end.
- Canadian manufacturing sales and housing sales data will likely register contractions for June and July, respectively, after strong readings in months prior. This highlights the impacts of rate hikes delivered by the Bank of Canada (BoC) over the past couple of months.
U.S. – Word of the Week is Inflation
Since skyrocketing during the pandemic, inflation has been a key feature of the economic landscape. With both consumer and producer price data out this week there was much to add nuance to the scenery. Headline CPI inflation for July was 3.2% year-on-year (y/y), up 0.2 ppts from the previous month. The slight uptick was largely due to base-effects stemming from a notable decline in July 2022 energy prices. The monthly figure was more muted with a 0.2% increase, in line with expectations. Core prices also rose 0.2% month-on-month (m/m) contributing to a deceleration of annual core inflation from 4.8% in June to 4.7% (Chart 1).
Producer prices on the other hand rose slightly more than expected in July (0.3% m/m) due to a pickup in services inflation (0.5% m/m). The uptick in producer prices, which eventually feeds through to consumer prices, illustrates that it may still be too early for the Fed to let its guard down. Nonetheless, these inflation numbers combined with slowing labor market momentum do leave a cloud of doubt about whether the Fed will be raising rates again this year.
Comments from some voting members of the Federal Open Market Committee (FOMC) also suggest that a hike at the September meeting is not a foregone conclusion. NY Fed president Williams noted that both inflation and labor data are generally heading in the right direction, but both are still not quite there yet. He views the question of additional rate increases as still being “open”. Philadelphia Fed President Harker, contrary to his usual hawkish bent, noted that the Fed may be at the point where it can hold rates steady for a while. On the other hand, Fed Governor Bowman is of the view that additional hikes will likely be needed to tame inflation.
Data from the small business sector also supports the notion that price pressures are receding. The National Federation of Independent Business survey found that only about one-quarter of small business owners raised prices over the past three months, the lowest reading since January 2021 (Chart 2). Likewise, the share of owners planning to raise prices in the near-term retreated by 4 points following two consecutive monthly increases. Additionally, businesses reporting inflation as their single most important problem declined by 3 points to 21% in July. Overall, the survey suggests that price pressures are moderating, despite a still tight labor market.
One thing that could throw a kink in the downward trajectory of inflation, is rising energy prices in the face of crude oil production cuts by Saudi Arabia and Russia. While the Fed’s preferred measure excludes energy prices, rising oil prices will indirectly boost prices in most other categories.
Ultimately, core inflation should drift lower in the coming months. However, the battle is far from over given that the job market remains tight and the economy resilient. The risk that lower inflation could lift real wages and thus aggregate demand, thereby triggering another round of rising prices, means the Fed will be paying even closer attention to the evolution of jobs data.
Canada – All Eyes on Inflation Next Week
The Canadian economy booked some vacation time over the holiday-shortened week. Data updates were scarce, featuring only June’s international trade figures. Financial markets were also a bit quiet, with the Canadian dollar mildly weakened by half a cent to 74.3 cents. Yields finished the week a couple basis points higher across the curve and the TSX rose half a percent on the back of rallying oil prices.
Canada’s trade data for June underscored the divergence between resilient domestic demand and cooling global activity. Exports fell for a fourth time in five months, while imports remained elevated. This led to a widening of Canada’s trade deficit to levels last seen in late 2020. Now, the net exports tailwind that contributed significantly to growth over the last three quarters appears to be shifting course (Chart 1). Trade activity will likely act as a net drag on second quarter GDP growth. Into Q3, trade volumes will be impacted by the B.C. port strike and Nova Scotia Floods.
Chart 2 shows the four core measures of Canadian inflation since January 2018. CPI ex. As of June 2023, CPI ex. food and energy is at 3.5% year-on-year (y/y), with a high of 5.5% y/y in July 2022 and a low of 0.5% y/y in August 2020. Current CPIX inflation is at 3.2% y/y, with a high of 6.2% y/y in June 2022 and a low of 0.7% y/y in May 2020. CPI Trim inflation is at 3.7% y/y with a high of 5.6% in June 2022 and a low of 1.6% y/y in August 2020. Lastly, CPI median is at 3.9% y/y with a high of 5.4% y/y in November 2022 and a low of 1.8% y/y in August 2020.
Next week will be headlined by the July inflation data. We expect headline inflation to heat up a bit thanks to higher prices for food and energy. Inflation had decelerated into the upper end of the Bank of Canada’s (BoC) control range in June, but the last leg of the inflation fight will prove to be more difficult. Notably, core inflation is still running at an uncomfortable pace, with all core measures clocking in above 3% (Chart 2). Overall price stickiness had forced the BoC to adjust their path back to 2.0% inflation in their July Monetary Policy Report. Policy makers had previously thought this could be achieved by the end of 2024, but this has now been pushed until mid-2025. Incoming data will ultimately inform the BoC’s next move, but we believe July’s quarter-point hike was the last of the rate hiking campaign that has seen 475-bps of hikes delivered since early last year.
Meanwhile, next week’s monthly real manufacturing sales likely took a step back in June after rising for three consecutive months to their highest point since January this year. Canada’s manufacturing sector PMI has been in contractionary territory for the months of June and July. Canadian housing sales are also set to contract after preliminary housing numbers pointed to outsized weakness in Toronto’s housing market in July. The impact of further rate hikes over the past two months will put continued pressure on home sales, which we expect to decline, on average, in the second half of the year. Lastly, the release of the Senior Loan Officer Survey will inform business-lending practices of Canadian financial institutions over the second quarter.


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Business-software provider Marketo Inc. expects its initial public offering of 6.06 million common shares to price between $11 and $13 a share.
Marketo, based in San Mateo, Calif., filed last month to raise up to an estimated $75 million. It has a platform for designing and marketing companies' marketing activities.
Marketo said in a regulatory filing Monday it plans to sell 5.75 million shares in the offering to raise funds for working capital and other general corporate purposes.
The company also agreed to a private placement of 500,000 shares with funds affiliated with Battery Ventures, an existing Marketo stockholder. The private placement will be priced equal to the IPO.
Marketo intends to trade on Nasdaq under the symbol MKTO.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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JOHANNESBURG (miningweekly.com) – Diversified mining company South32 has placed the manganese alloys Metalloys smelter in Meyerton, Gauteng, on temporary care and maintenance.
The Sydney- and Johannesburg-listed company stated in its June 2020 quarterly report on Monday that it had taken this decision after consideration of the future economic viability of Metalloys.
The temporary closure came against the background of manganese alloy saleable production decreasing by 23%, or 16 000 t, to 53 000 t in financial year 2020 (FY20).
South32, headed by CEO Graham Kerr, also progressed the review of its Australian manganese alloy smelter, Temco, and the company expects to book related pretax, noncash impairment charges of $109-million in its FY20 financial results. One-off, pretax restructuring costs, including redundancies, at Metalloys of $7-million are also anticipated.
South Africa Manganese saleable ore production fell by 14% to 1 878 000 wmt in FY20, in response to weaker market conditions in the December 2019 half-year. This reduced the use of higher cost trucking and allowed an extended maintenance shutdown at the Wessels mine in the Northern Cape.
Both the opencast Mamatwan and underground Wessels mines, which were placed on temporary care and maintenance during the nationwide Covid-19 lockdown in the June 2020 quarter, have returned to full capacity following the lifting of lockdown restrictions.
Manganese ore sales decreased 34% in the quarter, with volumes hit by Covid-19 related disruptions to shared logistics infrastructure.
“Notwithstanding the lifting of restrictions, we continue to respond to the evolving environment and its potential to further impact our operations and logistics chain,” South32 said in a release to Mining Weekly.
SOUTH AFRICA ENERGY COAL
In progressing the sale of its shareholding in South Africa Energy Coal to Seriti Resources, South32 acquired the 8% interest previously owned by its broad-based black economic empowerment consortium partner, and received approval for the transaction from the Richards Bay Coal Terminal.
South Africa Energy Coal saleable production decreased by 9% to 22.7-million tonnes in FY20 as contractors were demobilised in the December 2019 half-year to maximise margins.
Export sales declined by 19% in the three months to June 30 as a result of lower production volumes and the diversion of coal to domestic customers, as export shipments were affected by Covid-19 lockdown impacts to the logistics chain and end market demand.
Saleable production from Hillside Aluminium in KwaZulu-Natal increased by 3 000 t to a record 718 000 t in FY20, as the smelter continued to test its maximum technical capacity, despite the impact to production from increased load-shedding.
The South African smelter sources alumina from South32’s Worsley Alumina refinery and power from Eskom under separate contracts for its three potlines.
It has been engaging with Eskom on a new pricing arrangement that would cover power supplied to the smelter, agreeing an interim arrangement ahead of a new ten-year pricing being considered for approval by the National Energy Regulator of South Africa.
South32 described the interim arrangement and the new long-term agreement as important milestones to secure the future of the smelter beyond calendar year 2020. The tariff is rand based, with a rate of escalation linked to the South Africa Producer Price Index.
The saleable production of Mozal Aluminium increased by 1 000 t to 268 000 t in FY20. The smelter in Mozambique continued to test its maximum technical capacity, despite the impact to production from increased load-shedding.
In order to further improve the smelter’s cost competitiveness, an energy efficiency project being executed is expected to deliver a 5%, or 10 000 t/y, increase in yearly production by FY24, with no associated increase in power consumption.


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Communiqués9 novembre 2011
Beyond the Rack today announced that it recently closed a $36.6 million USD investment round led by Silicon Valley-based Panorama Capital with additional investment from Export Development Canada, Tandem Expansion Fund, Rho Canada, and iNovia Capital. Current investors Highland Capital Partners and BDC Venture Capital also participated in the round.
Proceeds from the current round of funding will be used to further accelerate growth and enhance logistics and distribution to accommodate the rapid expansion of the Company’s active customer base.
Beyond the Rack was recently ranked as North America’s fastest-growing online retailer by Internet Retailer’s Magazine. The company has attracted over 5 million consumer members and over 3,000 brand partners to its online flash-sale marketplace.
“This significant funding will allow us to continue to maintain our leadership position in both Canada and the U.S.” said Yona Shtern, CEO of Beyond the Rack. “We are extremely appreciative of the continued support from our existing shareholders and are thrilled to add such highly respected investors to our team,” added Mr. Shtern.
As the category leader in Canada “Beyond the Rack is successfully executing its strategy of rapid expansion with an emphasis on profitable growth, in sharp contrast to some of its competitors. In targeting a much broader segment of consumers, we see an opportunity to build a very substantial company and are delighted to join forces to further expand its thriving business” said Shahan Soghikian, Managing Director at Panorama Capital who will join Beyond the Rack’s Board of Directors.
“Watching Beyond the Rack transform from a small start-up into North America’s market leader over such a short period of time has been extremely gratifying,” added Dan Nova, general partner at Highland Capital. “We are excited to continue to play an active role in the company’s further development”.
About Beyond the Rack
Beyond the Rack, North America’s premier online shopping club, offers its members the most sought-after designer brand apparel, accessories, beauty, consumer electronics, and home décor products at up to 70% off retail. Ranked by Internet Retailer as North America’s fastest-growing e-tailer in 2011, Beyond the Rack sells its products in the context of limited-time, limited-quantity sales events. Members can expect up to 15 new events each day, starting at 11AM ET. The privately held company has offices in Montreal, New York, Las Vegas & Toronto with a staff of 250 full-time employees. Beyond the Rack proudly serves more than 5 million members across North America and works with over 3,000 consumer brands.
About Panorama Capital Partners
Panorama Capital seeks investment opportunities in life sciences and technology companies led by dynamic, experienced entrepreneurs. Leveraging two decades of investment and operating experience, the team invests in mid to later stage financings primarily in the consumer and mobile segments in technology, and biopharmaceuticals in life sciences. Panorama partners with its portfolio management teams to bring its experience and extensive network to bear on solving strategic challenges, building teams and accelerating growth. The partners are proud to have invested in and worked with numerous successful companies including Digital Island, ONI Systems, Myogen, Petco Animal Supplies, Kinkos, Eyetech, Piramed, Seattle Genetics, Corus Pharma, Federated Media, 1-800-Flowers.com, and Portal Player, among others.
About Rho Canada
Rho Canada, based in Montreal, is dedicated to backing leading, early-stage companies across Canada. Formed in 2006, Rho Canada is affiliated with Rho Ventures, based in New York and Palo Alto, and leverages off Rho Ventures’ 30+ years of experience in investing in venture-stage companies. Since 1981, Rho Ventures has been investing in leading edge, high growth companies that redefine the status quo. The firm has a deep history of supporting companies at multiple stages of growth spanning early stage investments to later stage expansion and growth equity transactions. Rho has over $2 billion under management.
About Tandem Expansion Fund
Tandem Expansion is a private growth capital fund with over $300 million in committed capital actively seeking to invest in small and mid-sized Canadian companies in a variety of technology-based sectors. Tandem acts as a catalyst for growth and expansion by making significant investments in established companies with high growth potential and strong management teams.
About Export Development Canada
EDC is Canada’s export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC’s knowledge and partnerships are used by more than 8,200 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and a recognized leader in financial reporting and economic analysis.
About Highland Capital Partners LLC
For the past twenty years, Highland Capital Partners has taken a sector-focused approach to investing in exceptional seed through later stage growth companies in the healthcare, internet & digital media and technology markets. Highland actively seeks to provide the right mix of strategic guidance, hands-on leadership and deep industry domain expertise for helping entrepreneurs and their teams become market-leading organizations. With over $3 billion of committed capital and offices in Boston, Silicon Valley, Shanghai and Geneva, Highland has invested in and worked to create such firms as Ask Jeeves, Avid Technology, CheckFree, Conor Medsystems, Continental Cable, Generation Health, lululemon athletica, Lycos, MapQuest, Ocular Networks, Odyssey Healthcare, Quigo, Starent Networks, Sybase, Telica and VistaPrint.
About BDC Venture Capital
As Canada’s business development bank, BDC puts entrepreneurs first. BDC’s Venture Capital division (BDC VC) is one of the country’s most active venture capital investors and is involved at every stage of its investee companies’ development cycles, from seed through expansion. BDC VC focuses on technology-based businesses with high growth potential that are positioned to become dominant players in their respective markets.
iNovia partners with exceptional entrepreneurs to build successful companies in high growth sectors. The team is comprised of entrepreneurs and sector experts focused on Mobile, Internet and Digital Media. iNovia has $165M under management across two seed and early stage funds.
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Beyond the Rack


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takes the leading area
In simply 2 weeks after releasing its on-line market for worth buyers in the United States, Temu came to be one of the most preferred Android buying application. Since Sept. 17, SensorTower, which tracks mobile information, identified the shopping application as the leading buying application on Google Play Shop. According to the position, Temu looks solid amongst American customers. Temu released its on-line market in September 2022, providing customers a range of items at budget-friendly costs.
Every day, countless products are included in the market, which covers 15 item classifications. “Having a vast item directory at budget-friendly costs suggests even more buyers,” Jacob Cooke, chief executive officer of internet marketing and also shopping company WPIC, informed journalism in a tweet. I’m particularly curious about discovering just how PDD can give a US-wide acquiring experience for Temu.
Temu, a novice to United States shopping, is anticipated to utilize the network of logistics companions and also suppliers accumulated throughout the years by Pinduoduo, its sibling business. It has actually developed a worldwide neighborhood of over 11 million vendors and also refined 61 billion orders in 2021 alone. Consumers’ living criteria are enhanced via its focus on value-for-money items.
Pinduoduo was called the “fastest-growing web business on the planet” in 2018 by Goldman Sachs. Although Temu is a brand-new gamer, Pinduduo’s solid network of providers permits it to safeguard items at the very best costs. Customers are encountering rising cost of living at multi-year highs, and also climbing rate of interest, and also business are advising of economic downturn as the United States retail market heads right into the holiday. as an outcome of our sibling business, Temu has accessibility to deep item sourcing and also implementation proficiency. our clients will certainly appreciate an exceptional buying experience as a result of this.”
For its grand opening, Temu is providing sitewide price cuts and also cost-free delivery. The Halloween Unique Countdown is amongst its initial themed projects, which includes pumpkin lights, scary outfits, and also animal gowns, a lot of valued under $10. As grocery store and also gas costs climb, 70% people customers are cutting down on retail acquisitions to cover climbing prices. After alloting for food, sanctuary, and also gas, United States customers have actually considerably minimized their purchasing power by 12% over the last 2 years.
in this current vacation projection, AlixPartners co-global co-head of the retail technique, Joel Bines, ended that due to the fact that customers are stressed over rising cost of living and also economic downturn, therefore they’ll claim offers and also will not get also as stores deal with their very own rising cost of living.
Temu’s shopping solution includes a vast range of items, from hairpin to gowns, at hard-to-beat costs.