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Portal coming to Android and Nvidia Shield
Heart-warming news for Android gamers and owners of the Nvidia Shield handheld console: Portal is coming to Google’s OS.
In a blog post, Nvidia revealed that Valve’s beloved FPS/puzzle hybrid would “soon” be joining the 300-plus Android games fully compatible with the Shield console. We can imagine the Shield’s hardware buttons and pads might come in very handy when navigating the game’s myriad brain-mangling levels, because touchscreen controls might not give you the precision required.
[Source: Nvidia blog]
READ MORE: Nvidia Shield video review
Kenya to catch poachers with the help of drones
Could 2014 be the year when drones shrug off their image as faceless tools of war and government oppression? Well, probably not – but for the first time it seems UAVs are getting press for their many non-creepy uses. First Mark Zuckerburg wants to use solar-powered drones to bring internet access to as-yet unconnected parts of the developing world, and now this: Kenya will be using unmanned surveillance aircraft to fight the poaching of elephants and rhinos.
The Kenya Wildlife Service has announced that it’s to begin a pilot scheme of using drones to patrol Tsavo National Park, one of the world’s largest national parks and home to elephants and rhinos, which are poached for their ivory and horns respectively. So far in 2014, Kenya says it has lost 18 rhinos and 51 elephants to poachers – and there are hopes that the drones will not only put the criminals off but help catch those that persist. The Wildlife Service has not yet revealed which type of drone it’ll be using, how many or the cost of the scheme, but did say they’d be imported from another country.
Image credit: Ars Electronica
The Lego Simpsons minifigs in all their glory
It seems the £180 Lego Simpsons house was just the beginning of a beautiful brand collaboration. Lego has just pulled the wraps off a full range of Simpsons minifigures, and they’re pretty special (in fact, if you check out the Simpson family themselves, the quality of detail is even better than on those in the house set). Each of the 16 figures will cost US$4 (£2.50) and will be released before a special Lego edition of The Simpsons, airing in the US on 4th May.
Xbox One to tell you when you’re being a jackass online
Microsoft has detailed its plans for Xbox Live’s reputation system on Xbox One – and it’ll give you and everyone who views your Gamercard a quick heads-up to how nice or nasty you are online via a colour system. Green will mean you’re a good player, yellow will mean your attitude “needs work”, while red will mark you out as a player to be avoided.
Your overall reputation will be determined by an algorithm that rewards you for putting in hours of “good play” (in which you’ve been unreported by fellow gamers) and punishes you for disruptive behaviour. However, the odd bad report isn’t going to sour things too much, because it’ll take a concentrated succession of negative feedback from multiple players to do that. This means there should be less scope for butthurt n00bs you’ve just fragged to get their revenge via reporting you.
Players with “avoid me” ratings will begin to experience penalties, such as the revocation of Twitch broadcasting capabilities and reduced matchmaking pairings.


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New York Draft Rules For Cannabis Packaging Would Impose Strong RestrictionsJune 7, 2022
New York’s Cannabis Control Board recently approved 16 new conditional cultivator licenses and unanimously passed draft regulations for lab testing and product marketing and packaging. The testing regulations are essentially similar to those in other states, though they do address certain problems like companies “shopping” for the lab results they want to see.
More notable are the draft rules for marketing and packaging, which some in the industry say are stricter than expected. Minimum standards require that all products be sold in child-proof containers and restrict packaging from having any pictures besides the company logo. Packaging must list the product’s THC and CBD content and contact information for the manufacturer and distributor, among other information. Many design restrictions are also included, like disallowing bright colors, bubble letters, cartoons, or other elements appealing to children. Billboard ads are banned as well.
The draft rules now go to a 60-day public comment period, to be followed by potential adjustments by the Office of Cannabis Management before seeking final approval.
—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.

domain: news


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The fruity cargo cult is actually losing more ground to Android in its key US and European markets.
Kantar Worldpanel ComTech reported that between August and October, the iPhone's smartphone share in the US fell fell by 8.3 percentage points to 33.6 percent, compared with the same period in 2014. The US share for phones with Google's Android operating system jumped by 9.5 percentage points to 62.8 percent from the same period a year ago.
Apple also saw dips during the quarter in its market share throughout Europe, Kantar noted, the first decline since the three-month period ending in August 2014.
The iPhone's slice of the market dropped by 2.2 percent in France, 1.7 percent in Italy and 0.6 percent for the top five nations in Europe (France, Germany, Italy, Spain, and the UK) combined. Kantar does not think that the drop in Europe is as significant as the US fall and thinks it might be down to a deceleration of growth in Great Britain and Germany rather than anything wrong by Apple.
The Tame Apple Press dismisses the fall of the iPhone as a hiccup caused by the fact that the iPhone 6S is an "interim" model, a minor upgrade from last year's iPhone 6.
But Apple also had to contend with makers of Android phones, which unveiled their own batch of new phones such as Samsung's Galaxy S6 and the LG G4 which actually had some functionality and were cheaper.
Android increased its smartphone market share across several key regions in the world, Kantar reported. In Europe, Google's mobile operating system returned to growth in the top five nations after a decline that began in October 2014. Android's smartphone share rose by 6 percent and Italy and by 2.9 percent in France.
"In Great Britain, Android's decline considerably decelerated in the three months ending in October 2015, thanks to stronger performance by Samsung and LG," Kantar business unit director Dominic Sunnebo said in a statement.


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Divinity: Original Sin – Kickstarter Update 14: Twitchcon
Larian Studios reports from Twitchcon this weekend as they enter the last 48 hours of Kickstarter funding.
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Customers outside their immediate calling area can easily reach them without incurring long distance charges and company reps can keep their personal numbers private and still take calls on the go.
Piscataway, NJ (PRWEB) September 20, 2012
iTeleCenter welcomes Vortech Solutions as a new Virtual Phone System customer. Vortech Solutions, a Florida-based sanitization company, started using iTeleCenter’s virtual phone system to fulfill its business communications needs. iTeleCenter has made it easier for the company to reach out to a broader audience and increase their customer base in the West Palm Beach and Clearwater areas.
Implementing iTeleCenter in their business model has enabled Vortech Solutions to advertise a toll free number and forward incoming calls directly to a company representative’s mobile phone. The benefit is two-fold – customers outside their immediate calling area can easily reach them without incurring long distance charges and company reps can keep their personal numbers private and still take calls on the go. The system seamlessly forwards calls to their company representatives in any physical location without having to implement an expensive PBX system or install any additional equipment in their offices.
Vortech Solutions offers a host of Sanitization, Decontamination, Purification and Dehumidification services for yachts, homes, businesses and the marine industry. They provide a full line of unique services and products to help assure the confidence of a clean, pristine and safe home and marine environment.
iTeleCenter looks forward to a long partnership in helping Vortech Solutions achieve continued success.
iTeleCenter was founded in 1992 by entrepreneur Paul Champaneria who wanted to build a company that catered to the needs of virtual companies, direct salespeople, affiliate marketers, real estate professionals, and all forms of home-based or small businesses. iTeleCenter is a virtual phone system that provides individuals with the ability to utilize toll free phone numbers, locally based numbers, or vanity numbers, with call forwarding and voicemail that make professional life a little easier. With the best in customer care and service, along with the latest and most innovative features, it’s a must have for professionals who want to compete on a regional or national level, whether it’s a one-man operation or a million-dollar corporation.


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Following an earlier report today from CNET, where analyst Richard Shim claimed a Retina iPad mini would be released in 2014, another report has been published from the same analyst, but this time, stating that a Retina iPad mini will be in production in the coming months, for a release sometime this year.
However contradictory this report is, since the same analyst has given two completely separate reports within the space of a day, it does make more sense for a Retina iPad mini to be released this year, rather than in 2014. In regards to holiday sales, a third-quarter launch of the Retina mini would take full advantage of this.
Shim goes on to say that mass production of panels will commence in June or July.
“We’re going to start to see a bunch of tablets [coming out] with a pixel density over 300. At a certain point it will be hard to discern that improved image quality,” he said.
It looks like tablets may now also be stepping up the resolution a level, with 300-PPI plus displays a definite possibility, resulting in some brilliant screens not only from Apple, but several other companies.
The iPad mini currently has a much lower PPI than Google’s Nexus 7, 163 versus 216. This would place Apple in a much more aggressive place with the iPad mini competition-wise, with a display that would be far superior to one of it’s major challengers.
The current iPad mini already draws quite a lot of attention as is, and with this possible Retina Display model coming this year, sales will surely skyrocket.


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As London continues in its ambitious efforts to make every minicab and taxi in the city a zero emission model by 2020, one of the leading electric car makers in China will be introducing its vehicles into the capital.
That’s because BYD Auto has signed a memorandum of understanding with Green Tomato Cars to bring 50 of its BYD e6 vehicles (pictured) to London as part of a minicab trial.
Currently, Green Tomato Cars is the second largest quality minicab service in the city and has a fleet of around 300 vehicles: now 50 of the electric BYD e6 models will be available to its consumers from the second quarter of 2013.
If you’re not familiar with the BYD e6, it is a five-seat crossover vehicle that includes a 75kW motor and lithium-ion iron phosphate batteries. It has a reported range of 186miles on a single charge in urban conditions; as well as a top speed of 87mph. It is believed the batteries can be charged and discharged for more than 4,000 cycles.
The move to bring the BYD e6 to London was supported by London & Partners, the Mayor’s official promotional organisation for London.
According to Mayor London Boris Johnson, the introduction of the vehicles could have a major impact on air quality in the city.
“Every year the fleet is getting cleaner, making our city an even more attractive place to live, work and visit,” he said.
“Encouraging many more electric vehicles is a key part of this transformation, so it is great news that Green Tomato Cars has committed to operating 50 of these super clean machines from next year.”
Paul is a freelance writer with a background in everything from motoring to finance; and holidays to women's undergarments he just writes about them, honestly! He has now sadly crept into his early 30s and seems to have forgotten everything learned at school Still, he's a green car fanatic and isn't that what counts?
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Click here to subscribe to Crain's Daily Gist on iTunes, Spotify and Stitcher! Want to listen on your smart speaker? Click here to learn how.
There's been no shortage of challenges facing the city and Mayor Lori Lightfoot's administration during her freshman year. Crain's government reporter A.D. Quig tells host Amy Guth what to expect in year two.
Plus: The founder of Mariano's is getting back into the grocery business, a Saudi wealth fund buys a big Boeing stake, J.C. Penney plans to close 29 percent of its stores and Michael Jordan's sneakers fetch a record $560,000 at Sotheby's. Find #CrainsDailyGist on Twitter and let's continue the conversation.


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Ampere is called the Renault group’s new exclusive EV brand with the company’s CEO Luca de Meo planning to turn the company to becoming what he calls “a next-generation automaker”.
The company plans to put Ampere on the Paris stock exchange from the second half of 2023, retaining the “strong” majority of shares for itself.
Ampere describes itself as a manufacturer in its own right and will be next to Renault, Alpine, Dacia and mobility brand Mobilize in the newly expanded Renault Group portfolio.
It will employ around 10,000 staff – around 3,500 of whom will be engineers and half of them software specialists – and “bring the best of both worlds: know-how and advantages from the Renault Group with focus and flexibility of a pure EV player”.
According to the company’s plan, by 2030, Ampere will have a range of six all-electric passenger cars for sale, covering 80% of EV’s main profit pool. Four of them have already been revealed or we have seen a detailed preview: the Renault 5 Electric, the Renault 4 Electric, the Renault Mégane E-Tech Electric and the Renault Scenic Electric.
Still, it aims to produce around one million EVs for the Renault brand in 2031.
Renault points to three “technology backbones” that make the Ampere unique on the market. First is the company’s new ElectriCity production hub in northern France, with new innovative ways of production and will have 80% of its suppliers within 200 miles.
Second is a European network of cooperating companies that will enhance the sustainability of its production processes and strengthen cost control. The company says it will use this network to get the 80 GWh of battery capacity necessary for the EVs it will produce by 2030.
Third is the focus on “software-defined vehicles” (SDV) technology, which Renault sees as the future of the industry as a whole. The goal is to produce cars that can be upgraded throughout their lifecycle, can learn from their users and maintain strong ties with their manufacturer – thus bringing in new revenue streams.
Ampere will launch the Renault Group’s first “SDV” in 2026, which it will develop in partnership with software partner Qualcomm Technologies and platform and cloud provider Google.


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Mac software developers are incredibly generous when it comes to giving something away free to the community – whether in a competition or a bundle. Federico got in touch yesterday to let me know about MacStories Festival, a 10 day giveaway of more than 130 different software licenses. That’s an awful lot of free software!
The MacStories Festival includes a variety of popular apps such as:
- Master Of My Domain
Almost 35 different apps for Mac and iPhone are on offer, and 130 licenses are up for grabs. It’s a big party, created with Apple lovers in mind! Head over to the competition announcement to read more and enter. The giveaway closes tomorrow, on Wednesday 7th October. Good luck!


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Rundown of Canadian CPO car sales in April
The U.S. certified pre-owned market followed its second-strongest month on record with modest year-over-year gains in April, according to Autodata Corp. And reports from automakers in Canada are showing positivity, as well.
Porsche, for example, had its best April ever for CPO sales in Canada, moving 179 vehicles. That’s up from 155 last April, which was the prior record. Through four months, Porsche has sold 599 certified vehicles, up from 522 last year.
Just before last month began, Porsche Cars Canada announced that as of March 1, all Porsche Approved Certified Pre-Owned vehicles and Extended Warranty programs sold from that day forward included unlimited mileage throughout the two-year term.
“We are confident that offering unlimited mileage coverage to our Porsche Approved Certified Pre-Owned vehicles and Extended Warranty will further increase the consideration of our quality products,” Porsche Cars Canada president and chief executive officer Alexander Pollich said in a news release.
“Drivers will continue to enjoy every kilometre travelled behind the wheel with this industry leading protection plan, regardless of distance travelled,” Pollich said.
Getting back to April results, there were 2,929 certified sales for the month at Toyota, pushing the year-to-date tally to 9,547. A year ago, Toyota sold 2,525 certified vehicles in April and had year-to-date sales of 7,221 CPO units.
Next up, Volkswagen’s CPO sales were down 1 percent year-over-year in April with 1,321 certified sales. But year-to-date sales through four months are up 1.3 percent at 4,957 units.
Mercedes-Benz reported 1,245 certified sales for the month, which was off 3.9 percent from last April. It reported 4,275 CPO sales in the first four months of 2017, which is up 4.2 percent year-over-year.
Volvo sold 161 certified vehicles last month (down 17.1 percent). Through four months, it has moved 650, a 10.5-percent increase.
More results to come as they are reported.


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Since 1999, Stumptown Coffee has been roasting direct trade coffee beans in Portland. They were one of the first artisanal roasters on the West Coast, and as of today, they’ve opened up a shop and roasting facility here in L.A.
On Santa Fe, just down the street from Bread Lounge in the Arts District, Stumptown L.A. has taken over a large industrial space and outfitted it with a German-made coffee roaster, several La Marzocco espresso machines, and plenty of Stumptown beans. The roasting facility isn’t fully operational just yet, though. Vice President Matt Lounsbury says that they plan to start roasting in L.A. “as soon as possible.” It seems that permits and inspections are holding up the process.
And a process it has been. “We’ve been wanting to open up a roaster and shop in L.A. for about two years,” says Lounsbury. “We knew that the coffee culture in L.A. was strong, and that we have fans here in SoCal. It was just a matter of finding the right space.” Lounsbury says that the team had their eye on downtown the whole time. “The energy—and our space requirements—made it seem like the place for us.”
On opening in L.A. Lounsbury says, “There’s a lot of really rad stuff going on here in terms of food and beverage and coffee is a part of that. In a city this big, there’s room for lots of things to happen, and we’re excited to be part of it.” So does Stumptown have major expansion plans now that they’re in town? Lounsbury says no. “We’ve opened two retail shops this year, and that’s a lot for us. We will probably grow our wholesale operation, but for now our downtown shop is our focus in terms of retail.”
Adjacent to the roasting room, and in full view of walk-in customers, is a cupping and training room. Evan Dohrmann heads up the wholesale side of things, and will soon train baristas and wholesale clients here. Eventually, the room will be opened up to the public for educational cuppings and tastings.
For folks just looking to grab a good cup of jo, see General Manager David George. He’s currently training staff on the Stumptown way of things. A menu of unique pastries (including a must-taste chocolate chip miso cookie) is on offer from local wholesale bakery SugarBloom. Lounsbury says the shop may eventually diversify food offerings and include a few more savory options, but their focus is currently on the coffee. Stumptown L.A. is now open from 7 a.m. until 6 p.m. daily.
Stumptown Coffee, 806 S. Santa Fe, Arts District, stumptowncoffee.com.


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Rohit Chopra’s second year at the CFPB could be tougher than his first
Hello, and welcome to Protocol Fintech. This Friday: Rohit Chopra’s first year at the CFPB, Amazon’s expansion of earned wage access, and Jeremy Allaire on staying stable.
Off the chain
Citadel’s Ken Griffin is glad that the speculative bubble that led Americans to bet on meme stocks, NFTs, and crypto has burst. “Money misallocated in speculative assets doesn’t create jobs in the long run,” he said at CNBC’s Delivering Alpha conference this week. Griffin has also plunged $1 billion into real estate located in a hurricane zone.— Owen Thomas (email | twitter)
A consumer watchdog closely watched
Rohit Chopra arrived as director of the Consumer Financial Protection Bureau one year ago today. True to his reputation as an aggressive watchdog from his time as an FTC commissioner and an earlier stint at the CFPB, he has pursued a busy agenda that’s setting up regulatory battles to come.
Chopra hasn't been afraid to challenge big banks or fintechs. His fight against banking’s so-called "junk fees," for instance, won plaudits from both consumer-focused groups and fintech trade organizations.
- To little surprise, the agency has been more active under Chopra and the Biden administration compared to the Trump years.
- Fintech-focused initiatives have included promises for greater scrutiny of algorithmic lending, earned wage access programs, and fraud on peer-to-peer payment networks.
- Chopra’s CFPB has also stated plans to invoke the agency’s dormant authority to examine certain nonbank financial companies, including fintechs.
- The agency’s competition-focused office shut down a sandbox program that offered fintechs a regulatory safe harbor to test new financial products.
All eyes in the fintech world are on open banking. The CFPB regulatory docket this fall includes a long-delayed rule-making effort to allow customers to more easily move their data between financial institutions. The effort is part of the Biden administration’s goal to boost competition in markets.
- "We believe that consumers, not financial institutions, own their data and hope the CFPB will provide clear guidance establishing consumers’ right to control and permission their financial information," said Penny Lee, CEO of the Financial Technology Association.
- As for other priorities, a recent agency report on “buy now, pay later” lending also indicates further action is likely. “Exactly what shape that takes isn't immediately obvious,” said Jason Mikula, a fintech consultant and author of the Fintech Business Weekly newsletter. "Any action on BNPL is likely to focus on credit underwriting/credit reporting, how companies assess consumers' ability to pay, consumer protections (chargebacks), and adequate and consistent consumer disclosures.”
- Consumer advocates want to see more protection extended to pay-later loans and other new financial products. They also want the CFPB to ensure that “criminals cannot use P2P services or other means to defraud people and steal their money,” said Lauren Saunders, associate director at the National Consumer Law Center.
- Something to watch: How the agency balances rule-making and the CFPB’s bully pulpit (something close watchers of the agency say he has leaned on more to this point) with enforcement actions. "I think he is trying to use the carrot and the stick," said Jonah Crane, a partner with Klaros Group.
The agency’s tactics and a growing list of priorities are prompting powerful pushback. The industry and Republican members of Congress are circling.
- Banking industry groups and the U.S. Chamber of Commerce sued the agency on Wednesday, claiming it violated administrative procedure law by updating its examination guidebook to include oversight of potential discrimination in bank accounts and other financial products not already covered by fair lending laws.
- The bureau said its mandate to investigate unfair, deceptive, and abusive acts or practices (UDAAP authority, in bureaucratese) gives it oversight of the products. But the lawsuit marks the most significant legal challenge yet from business groups that have been critical of Chopra’s tactics for some time.
- Sen. Pat Toomey, ranking member on the Banking Committee, has called the agency “lawless,” and congressional scrutiny in the form of document requests and oversight hearings will only increase if Republicans gain control of either the House or Senate this fall.
The agency seems to be gearing up for that possibility. American Banker reported that the CFPB launched an office this summer dedicated to responding to congressional requests. Crane, a former Treasury official, said document requests can eat up a lot of administrative resources: “It is a big exercise, but it seems he is preparing to handle it without distracting from his day job.” But there’s little question that Chopra’s second year in the job will be more challenging than his first.— Ryan Deffenbaugh (email | twitter)
A MESSAGE FROM CIRCLE, THE ISSUER OF USDC
Fintech has made it easier to manage and move your money, but for merchants, financial institutions and other businesses, traditional banking infrastructure can still hold them back.
See how a Stablecoin infrastructure like USDC offers a fast, cost-effective alternative available today.
On the money
Rare sighting: a fintech IPO on the horizon.Insider reports that spend-management firm TripActions has confidentially filed for an initial public offering.
Also on Protocol: The CFPB has sued MoneyLion over alleged lending violations. MoneyLion said in a statement that it would "vigorously defend against these false allegations to set the record straight."
Better.com is still laying people off — and morale is only getting worse. The mortgage lender that gained notoriety for a mass Zoom firing is now laying off "smaller groups very systematically," TechCrunch reports.
A new bill from Sen. Pat Toomey could give crypto retirement accounts a boost. The legislation aims to lessen the risks for litigation when including crypto and other nontraditional assets in 401(k) plans.
Insurtech investors still believe.Despite some major struggles from companies that went public, such as Metromile, investors still believe in the potential for tech startups to tackle the massive markets in insurance.
The right time for Anytime Pay?
Amazon announced pay raises and the rollout of new benefit programs to warehouse employees yesterday. But one of those products may pose increased risks to the company’s most vulnerable workers: the expanded rollout of Amazon’s Anytime Pay Program.
The program, first announced in October 2020, allows employees to access a portion of their checks in advance of a regular pay date. Such products are typically referred to as “earned wage access” and position themselves as a lower-fee and thus less predatory alternative to payday loans. Amazon is using Wisely, a product offered by payroll company ADP, for the service.
Employees load their wages in advance onto a Visa debit card and are then able to use that card wherever Visa cards are accepted, or withdraw cash at some ATMs. When Amazon first rolled out the program to some workers, those workers could obtain up to 50% of their paycheck in advance. Now, more workers have access to the program, and can cash out on 70% of their paycheck in advance by transferring funds to their Wisely Pay Visa card.email | twitter)
The collapse of UST, once the third-largest stablecoin, caused already tumbling crypto prices to dive ever lower in May. But the crypto market wipeout, which cost crypto holders $2 trillion, doesn’t seem to have diminished the appetite for dollar-linked stablecoins. The three stablecoins that now dominate the market have seen their circulation diverge over the past three months: BUSD, issued by Binance, crypto’s biggest marketplace, has seen its total market value rise 20% since July. Tether’s USDT, the biggest stablecoin, has gained about 3%. And Circle’s USDC, the second-biggest stablecoin, has slipped about 12%.
A MESSAGE FROM CIRCLE, THE ISSUER OF USDC
USDC offers cost-effective payments that can settle in seconds, near-instant transactions that can help take the process of paying suppliers from days to minutes, and digital dollars with global reach that enable merchants to expand their business to new markets.
Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses.
Thanks for reading — see you Monday!


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By Scott Kanowsky
Investing.com -- Deliveroo Holdings PLC (LON: ROO ) shares rose on Wednesday after the British food delivery service reported a better than expected loss in the first half thanks to higher fees and a rise in revenue from its new advertising platform.
Adjusted earnings before interest, taxation, depreciation, and amortization fell to a deeper loss of £67.9M, down by 163% compared to the corresponding six-month period last year. However, that contraction was still above analyst estimates of £73.3M (NYSE: MMM ), according to Bloomberg.
Meals ordered also rose by 10% to 160.9M, while revenue jumped 12% to more than £1.01B.
But half-year gross transaction value per order - a key figure used to help determine the health of Deliveroo's business - slumped by 3%, suggesting a pandemic-driven surge in momentum for delivery platforms is slacking as customers rein in spending to confront increased cost-of-living pressures and soaring food prices. In the second quarter, Deliveroo previously said GTV growth would slow to 2% from 12%.
Deliveroo confirmed the annual outlook it lowered in July, with chief executive officer and founder Will Shu saying he remains confident in the company's ability to handle potential "changes" in the broader economy. GTV growth is expected to be in the range of 4% to 12% in constant currency, while core income margin is seen falling by 1.5% to 1.8%.
The company also unveiled a new ad platform to help drive cash generation and laid out plans to break even on adjusted core profit between the second half of 2023 and the first six months of 2024.
"We are confident that in H2 2022 and beyond we will see further gains from actions already taken, as well as benefits from new initiatives," Shu said in a statement.
Meanwhile, Deliveroo announced that it is looking into closing down its operations in the Netherlands, which made up 1% of GTV in the first half. Its business in Spain has already been shuttered, with the firm saying the necessary investments to keep it competitive in the country were too high.
Shares in Deliveroo jumped by more than 7% following the latest earnings , but are lower by over 73% over the last one-year period.
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Tag Archives: classification
Tue, Aug 25, 2009 | 14:25 BST
This is awesome. According to this Times piece, the law governing the sale of classified material in the UK was never enacted. Yep: it isn’t illegal to sell classified games to under-agers in Britain.
“The important thing is that we close this loophole as quickly as possible,” said a Home Office spokesperson.
“No one should see this as a green light to act unlawfully. We will continue to prosecute breaches vigorously once this technical loophole is closed.”
The “error” was only spotted after recent UK games classification changes started coming into effect.
Jeremy Hunt, Shadow Culture Secretary, said: “Much of the problem would have been avoided if they had sorted out the classification of video games earlier, as we and many others in the industry have been urging them to do.”
A trillion facepalms. What a fucking shower.
Update: ELSPA’s told publishers to carry on rating games as normal. No shit. Full thing on GI.
Wed, Feb 04, 2009 | 11:32 GMT
MMOs will now be classified in Australia in the same manner as single-player games, the Sydney Morning Herald’s reported this morning, and retailers will no longer be able to sell online games that haven’t been rated by the OFLC.
The move directly affects sales of the likes of World of Warcraft and Warhammer Online, which never applied for OFLC classification as they don’t contain a single-player element.
Just ban everything, Australia. It’d be easier.
More on IGN.
Tue, Apr 15, 2008 | 06:45 BST
Singapore has announced plans to introduce a new ratings system for games, two include only two levels of age restriction: Mature 18 (M18) and Age Advisory.
According to this Xinhuanet.com report, “M18 is a restricted category for persons 18 years old and above with retailers required to conduct an age check at the point of sales.
“Age Advisory is suitable for persons 16 years old and above. It is an advisory category to assist consumers in making informed choices. While retailers need not conduct age checks at the point of sale, they are encouraged to exercise responsibility by not selling these games to those below 16 years of age.”
More through the link.


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in this issue
Pharma/fine chemicals roundup—8 January
7:25 AM MST | January 8, 2013 | By DEEPTI RAMESH
Questcor Pharmaceuticals acquires Canadian API firm BioVectra
Pharmaceutical ingredients manufacturer BioVectra (Charlottetown, PE) says that biopharmaceutical company Questcor Pharmaceuticals (Anaheim Hills, CA) has signed a definitive agreement to acquire all issued and outstanding shares of BioVectra for an upfront payment of C$50 million ($50.7 million). BioVectra is a supplier of contract manufacturing services to the global pharmaceutical and biotechnology industry, and manufactures active pharmaceutical ingredients (API), chemical intermediates, and bioprocessing reagents. BioVectra had sales of about $28 million in its fiscal year ended 31 August 2012, a 15% increase over the previous fiscal year. Subject to customary conditions, Questcor anticipates closing the acquisition this month.
Lonza to expand antibody drug conjugate manufacturing capacity in Switzerland
Lonza says it plans to invest 14 million Swiss francs ($15 million) to expand antibody drug conjugate (ADC) manufacturing capacity at the company’s site at Visp, Switzerland. Oncology therapeutics including ADCs represent one of the fastest growing segments of the pharma and biotech industry, and the deployment of ADC targeted therapies has intensified in recent years, Lonza says. The expansion of the ADC facility will double the existing large-scale manufacturing capacity at Visp while allowing current operations to continue without interruption, Lonza says. The capacity expansion, expected to be complete in the second quarter of 2014, has the potential to bring new job opportunities across all functions in Visp, the company says.
Bayer completes acquisition of Teva’s US animal health business
Bayer HealthCare says it has received the necessary regulatory approval from the FTC to complete the previously announced acquisition of the US-based animal health business of Teva Pharmaceutical Industries (Petaḥ Tiqwa, Israel). The acquisition includes a manufacturing site at St. Joseph, MO; and about 300 employees. Bayer had announced plans for the acquisition in September 2012. Bayer is paying up to $145 million for the acquisition, which includes an upfront payment of $60 million and a total of $85 million in milestone payments, which are linked to the successful and timely achievement of manufacturing and sales targets.
Abbott completes separation of research-based pharmaceuticals business
Abbott Laboratories (Chicago) says it has completed the previously announced separation of its research-based pharmaceuticals business, which became AbbVie, a new independent biopharmaceutical company. AbbVie has begun trading independently on the New York Stock Exchange. Abbott announced in October 2011 that it was separating into two independent companies, as its businesses evolved into two different investment identities. AbbVie is a research-based specialty biopharmaceuticals company with a broad portfolio of medicines and a pipeline of therapies. Abbott is one of the largest science-based, diversified health-care companies, with offerings in diagnostics, medical devices, nutritionals, and branded generic pharmaceuticals. “Abbott has taken the most transformative action in its 125-year history,” says Miles D. White, chairman and CEO of Abbott.
Beyond IHS Chemical Week
Indian drug majors to supply life-saving medicines to Iran
Major drug makers from India such as Ranbaxy, Cipla, Glenmark, and Ind-Swift Laboratories will supply life-saving drugs to Iran.


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The Android situation was the 3rd of 3 significant instances brought versus Google by the EU’s competitors czar Margrethe Vestager – Copyright AFP DAVID MCNEW
The European Union’s second-highest court will certainly rule Wednesday whether Brussels went as well much in handing Google a 4.3-billion-euro penalty over its Android os for cellphones.
The choice by the Luxembourg-based General Court can reverse or require adjustments to the site choice, taken by the European Payment in 2018, which stays the EU’s biggest-ever antitrust penalty.
Google advised a panel of EU courts in 2015 to toss out the choice it suggested was unproven as well as incorrectly counted on complaints it enforced its internet search engine as well as Chrome internet browser on Android phones.
The firm likewise claimed that the EU was unjustly callous the stamina of Apple, which enforces or provides clear choice to its very own solutions such as Safari on iPhones.
Google firmly insisted that downloading and install competing applications was just a click away which clients remained in no other way linked to Google items on Android.
The EU as well as plaintiffs reacted that Google utilized agreements with phone manufacturers in the very early days of Android to suppress competitors.
This was done “at a crucial time in the growth of mobile computer, when the marketplace was still contestable”, claimed Thomas Vinje, an attorney standing for FairSearch, whose initial grievance released the situation in 2013.
The choice by the General Court is not likely to be completion of the tale. Both sides can resort to the EU’s highest possible court, the European Court of Justice, for a last word on the 4.3-billion-euro penalty, which was the matching of $5 billion when imposed.
– Worldwide activity –
The Android situation was the 3rd of 3 significant instances brought versus Google by the EU’s competitors czar Margrethe Vestager, whose lawful obstacles were the very first globally to straight tackle the Silicon Valley titans.
Ever since, international regulatory authorities have actually done the same, with Google encountering a battery of instances in the United States as well as Asia based upon comparable complaints.
Vestager has actually currently won versus Google in its charm of a different situation, the firm’s 2.4-billion-euro penalty for abusing its internet search engine supremacy. As anticipated, the technology huge appealed that obstacle to the high court.
The EU, nonetheless, has actually shed current instances entailing the silicon chip sector.
Vestager’s group shed a charm versus a $1 billion great troubled Qualcomm in the very same court in June.
That adhered to an additional obstacle in January when the EU shed the court’s support for a 1.06-billion-euro penalty on Intel.
Annoyed at the size of time it requires to seek competitors instances, Brussels has actually ever since embraced the Digital Markets Act (DMA), which places a much tighter chain en route Huge Technology can do service.
The brand-new legislation, readied to enter pressure following year, would certainly establish a rulebook of do’s as well as don’ts for Huge Technology business such as Google as well as Facebook.
The DMA consists of details restrictions or limitations on Google, Apple as well as various other gatekeepers from advertising their very own solutions on systems.


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Another day another Motorola Shamu aka Nexus 6 leak. This time the smartphone is leaked in an image that shows “About phone” screen on the device.
The leaked photo has appeared in Droid Life comments and shows the front side of the phone for the first time. Last week, the Motorola Shamu had leaked in a photo that showed the backside of the phone. It was placed along with the LG G3 to compare its length and design. In addition, the recent leak shows that the Shamu is running an AOSP version of Android L.
Motorola Shamu is touted to boast of a similar design as the new Moto X however, it will be larger in size with a 5.9 inch screen. Though the latest leaked image is blur, we can see that the device has rounded edges. Previous leaks and reports has stated that the Motorola Shamu will have 5.9 inch screen with resolution of 2560 x 1440 and a 2.6GHz quad-core Snapdragon 805 processor, 3GB of RAM, 32GB of internal storage. It will likely feature a 12-megapixel rear-facing camera, a 2-megapixel front-facing shooter and 3200mAh battery.
Google is expected to unveil the new Nexus device towards the end of next month.


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Step aside smartphones, it's wearables' time to shine. In Q3 2019, global wearable shipments jumped almost 95% year-over-year to 84.5 million, per new IDC data.
The breakdown: The earwear category led with 40.7 million shipments; wristbands had 19.2 million; and smartwatches took bronze with 17.6 million. The island of misfit "others" had 7.1 million shipments.
Apple had 29.5 million wearable shipments, up nearly 200% year-over-year. Thanks to the dominance of AirPods, Watch, and Beats, Apple captured 35% of the wearables market.
Bottom line: Wearables are Apple's game to lose. If spun out into a standalone company, AirPods alone could be one of the top 50 most valuable companies in the U.S.
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Search Winsight Grocery Business
A dark Neighborhood Market store could see new life as a food-focused Sam's Club
Fresh and perishable foods generated more than $177 billion in sales over the past year.
The loyalty program is now available in nearly half of Whole Foods' stores, with plans to accelerate the timeline of going company-wide.
ClickCart was designed as a component of the retailer’s rewards programs, offering savings, grocery delivery and curbside pick-up.
The meal-kit company's retail line was 2 years in development and marks a first for the subscription-based online business.
Remnants of the Jet acquisition are focused on innovating e-commerce outside of "Walmart country."
The Lempert Report: The retailer's new small-format store in China could challenge Aldi and Amazon.
Investments in service and stores are paying off, but profits slowed in its first quarter, the retailer said.
The $200 million deal could be worth more if aggressive growth targets are met.
Strategic partnerships, new initiatives and a service focus were highlighted in the company's Rite Aid presentation.
The grocery industry leadership awards program recognizes 45 emerging and established leaders in the retail bakery, deli, foodservice and dairy sectors.
WGB and BrandSpark collaborated for the third annual Most Trusted U.S. Food Retailers market study to identify the retailers that are capturing the highest affinity among shoppers from coast to coast.
Listen in to WGB’s flagship podcast, 10 Items or Less, featuring insights from retailers and industry professionals.
Exclusive industry info and insights straight to your inbox
Your go-to resource for all things grocery
Take a peek at the latest issue of the magazine


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Ending on a high note, HORECA JORDAN closed its doors on October 11 after three successful days at Zara Expo in Amman
More than 10,000 trade professionals visited the show to discover products and services from over 100 exhibitors, alongside the latest industry trends. As the country’s only hospitality and foodservice trade event, HORECA JORDAN shone a bright light on the rising stars of the sector by organizing a number of competitions: the Hospitality Salon Culinaire; the Al Ameed Coffee Barista Competition; the Art of Service Competition; and the Bed Making Competition. Significantly, 40 percent of the gold medal winners at this year’s Hospitality Salon Culinaire were women.
“We are thrilled by the turnout this year,” said Thuraya Husseini, chairperson and CEO of Lawrence & Husseini Consult, the event organizer. “The Ministry of Tourism and Antiquities has been supporting HORECA JORDAN since the beginning and it was an honor to have H.E. Lina Annab with us again.”


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The company said the increase had taken it to 472,000 paying customers in the year to March 29, 2010.
Average spend was down 4% at £129 but transaction numbers increased 15% to 1.7 million.
Majestic said profit before tax was up 117% at £16 million, though the under-lying adjusted figure showed an increase of 26%.
Total sales were up 16% to £233 million, with like-for-likes – excluding six new openings and the acquisition of Lay & Wheeler – up 8%.
New Zealand, South Africa, Chile and Argentina recorded strong growth.
Chief executive Steve Lewis said: “We are very encouraged by our ability to attract new customers which will allow us to continue to grow our market share.
“While the UK economic outlook remains uncertain, we believe Majestic is well positioned for future growth.”?The average price per bottle bought in stores is now £6.56 against £6.35 a year ago.
Sales of fine wine – defined as £20-plus per bottle – increased by 23% and represent some 5% of UK store sales. Fine wine fixtures are now in half of Majestic’s stores with a roll-out to the remainder planned for the next two years.
Online sales were ahead by 20% and are 10% of total UK sales. In the 10 weeks since the financial year end, like-for-like sales were ahead by 7%.
Majestic has now run 10,000 free wine courses for customers after launching the scheme last year.
It is planning to launch a programme of seasonal in-store tastings later in the year.
The chain opened six new stores during the year and has added another at Redhill, Surrey, since the year end to total 153 branches.
It said the retail property picture left by the recession had produced an encouraging “increase in the level of opportunities for new sites appearing on the market”.


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Here’s a great article on the surprising news that the next version of MacOS is going to be more fun-looking.
👉 The Comeback of Fun in Visual Design
Or as Apple puts it:
Although the design language strongly encourages visual consistency, it doesn’t preclude judicious expressiveness.
That’s Apple’s way of saying you can be more fun now. 😆
Via iOS Dev Weekly.


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Released on Monday, the new jailbreak led to 1.7 million downloads by the following morning, according to Cydia's appstore administrator.
Boeing has delivered its 223rd and final Globemaster airlifter to its biggest client. And soon enough, it'll stop making them altogether.
HTC announced a fast-tracked OS update schedule for smartphones like the HTC One, One Mini, and One Max.
The company's results got a pick-me-up from an after-tax gain stemming from adjustments to its pension and benefit plans.
A tablet for a dollar? AT&T's latest bundled offer makes it so.
The worldwide update will be free for Windows 8 users via the Windows store.
The successor to HTC's One X also looks like it'll run Android Jelly Bean.
The specs of Motorola's Moto X Phone have leaked, and it looks like it'll give the likes of the iPhone a run for its money.
The latest forecast from IDC for smart connected devices sees 1.7 billion shipping in 2014, with around 1 billion of those arriving in emerging markets.
Tails, which leaves no trace of Internet activity on computers, was reportedly used by the NSA whistle-blower in discussions with journalists.


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Stressed out and suffering from ‘time famine’? Psychologists say that paying someone to do your chores boosts happiness − much more than retail therapy.
Money won’t buy you happiness – but using it to free up time from doing household chores apparently will.
Researchers have found that people were happier if they spent $40 to save time rather than on material goods.
“Our results suggest that buying time has similar benefits for happiness as having more money,” said Ashley Whillans, lead author of the new study.
Time famine: Time is of the essence
Psychologists in the US, Canada and the Netherlands asked more than 6,000 adults how much they spent to buy themselves free time. They also rated their life satisfaction and answered questions about feelings of “time famine”.
In addition, 60 adults were given $40 (£30) to spend on time-saving purchases. These included having lunch delivered to work, paying children to run errands for them or hiring a cleaner.
The same people were also told to spend the windfall on material goods such as wine, clothes and books. Researchers found that people felt happier when they spent money on saving time.
Interestingly, of the 850 millionaires surveyed, almost half reported spending no money outsourcing boring, time-consuming tasks. Moreover, 98 working adults were asked how they would spend $40. Only 2% would use it in a way that would save time.
“The benefits of buying time aren’t just for wealthy people,” said Dr Elizabeth Dunn of the University of British Columbia. “We thought the effects might only hold up for people with quite a bit of disposable income. But to our surprise, we found the same effects across the income spectrum.”
How to buy happiness
BBC News reports that the study may help people who feel they have to do “second shift” of household chores after work.
“I think our work perhaps provides an escape route out of the second shift,” said Dunn.
“Money can in fact buy time. And it buys time pretty effectively,” she added. “And so my take home message is, ‘think about it, is there something you hate doing that fills you with dread and could you pay somebody else to do that for you?’ If so, then science says that’s a pretty good use of money.”
Whillans and Michael Norton, both of Harvard Business School, have co-authored a book ‘Happy Money: The Science of Smarter Spending’. They shared three tips with CNBC on how to buy happiness:
- Pay for services that give you more free time
- Spend money on others
- Buy experiences, not stuff
If you enjoyed this, read more here:


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Paul Deneve, the former chief executive officer of high-end fashion house Yves St. Laurent, is going to be a vice president in charge of special projects at Apple. Hmmm... Wikipedia
The UpTake: Apple's latest hire, former Yves St. Laurent CEO Paul Deneve, may mean that wearable gadgets are on the way, or simply a shift in hiring strategy to go beyond Cupertino HQ.
It’s not as out of nowhere as you may think. Deneve, who was hired to work as a vice president on special projects under Apple chief executive officer Tim Cook, is no stranger to Cupertino, California. He worked for the company in Europe during the 1990s.
Still, his most recent gigs prior to YSL were as CEO of two other prominent designer labels: Lanvin and Nina Ricci.
So it may be a sign that Apple (Nasdaq: AAPL) is changing its hiring strategy, as one Bloomberg writer noted.
While Apple has traditionally promoted from within, the move shows that Cook is looking outside the company to fill some senior roles. Apple is also hiring Hulu LLC executive Pete Distad to help with negotiations to acquire content for Apple TV, two people familiar with the hire said Tuesday.
Plus, with interest running high in wearable technology, Apple may be looking to sharpen its style when it comes to any devices that consumers might be wearing in the future, such as the rumored watch. And hey, Cook has to keep up with Google’s Sergey Brin, which already had Diane von Furstenberg testing Google Glass— and that was two seasons ago.
After getting an MA in journalism from Syracuse University, Teresa worked as a general assignment newspaper reporter—general on purpose because besides the usual city hall and police articles, there was the chance to fly an F-18 with the Blue Angels and tag along with bounty hunters on a stakeout—all good preparation for covering entrepreneurs.
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David Bowie's last album, "Blackstar," debuted number one on the Billboard
The album was released 2 days before he died of cancer on January 10.
It is first U.S chart topper for the late musician. On 8th of January, the last album of Bowie "Blackstar" was released, since then almost174,000 copies have been sold according to Nielsen Music. It has become best sales week for Bowie since Nielsen started tracking his album sales electronically in 1991.
Bowie has extricated previously Adele's "25", which then slipped to the 2nd after remaining 7 weeks on the top.
The compilation released in 2002, "Best of Bowie", with 94,000 units sold worldwide has also rocketed up the Billboard charts to No.4
Altogether, 10 of the Bowie albums are now on Billboard's top 200, with 1972 classic "The Rise and Fall of Ziggy Stardust and the Spiders From Mars" on No.21


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Last updated June, 2012
The Ecuador economy is the subject of much debate in the world press. For good reason, the strength of a nation’s economy results in the happiness of its people. Economic data can measure output in dollar terms, but it takes an insider’s viewpoint to measure happiness.
The Ecuador economy is sustained by the production of approximately 500,000 barrels of oil per day, a growing tourism industry, an influx of capital sent by Ecuadorians living abroad, and the export of agricultural products such as bananas, coffee, fish, and sugarcane. Although theEcuador economy was growing from a rate of 3.0% of GDP in 2010 it is up to 7.78% in first quarter of 2012. Gross domestic product is listed at $125 billion in 2011.
Ecuador’s growing consumer culture and middle class can be seen in daily life. New malls across the country are packed. Credit, although expensive, is available in the form of credit cards, auto loans, and mortgages. Construction projects are booming in cities across the country. This development is coming from Ecuador’s growing middle class.
Ecuador's unemployment rate in the first quarter of 2012 was 4.9%. Although the economy is expanding, GDP growth comes primarily from government spending through infrastructure projects. The labor market is competitive and even skilled workers sometimes experience difficulty finding good employment. Unskilled workers find employment on farms or as owners of small neighborhood stores. Construction employment is very good as new condos, malls and department stores are popping up around the country.
The currency of Ecuador is the United States dollar. After a financial crisis in 1999, the Ecuadorian government adopted the dollar. While the dollar has helped Ecuador to maintain moderate inflation, economic growth is somewhat limited as the government lacks monetary policy controls necessary to maintain competitiveness in the marketplace.
Ecuadorians are happy that inflation is under control. The trade-off is that locally produced goods are more expensive than they might be with an Ecuadorian (or regional) currency.
For the time being, Correa is strongly stating his support for the dollarization program in Ecuador, and says he has no intention of changing the Ecuadorian currency in a unilateral move.
Having lived here for nearly six years, we have not seen our living standard changed dramatically due to price increases. We have noticed some food inflation. We purchase all of our fruits and vegetables for around $15 -$18 per week, and when we first arrived it generally cost$8-$12.
Building costs have increased some, particularly due to the significant increase in the cost of iron re-bar and cement, plus two recent increases in the minimum wage. Land prices are increasing fairly dramatically around the country as the new found wealth of the Ecuadorian populace has increased competion for scarce land resources.
Ecuador 23.9 years
U.S.A. 36.6 years
Ecuador $61.52 Billion
U.S.A $13.06 Trillion
GDP Growth Rate
Ecuador 22% of GDP
U.S.A. 69 % of GDP
The drop drop in oil prices that occurred in 2009 caused Ecuador’s trade deficit to increase. The government took steps to limit imports to stabilize the growing trade deficit.
The government since Correa came into office has been spending more money on social programs as part of its plan to move the economy toward 21st Century Socialism. The high oil prices of 2011 again increased net income to the country.
The government in 2011 signed a $2 billion loan with the state-owned China Development Bank, received $1 billion under a two-year forward sale of an oil contract, negotiated $571 million in financing with China's Eximbank for a new hydroelectric project, and announced plans to obtain further Chinese loans in 2012. China has become Ecuador's largest foreign bilateral lender since Quito defaulted in 2008, allowing the government to maintain a high rate of social spending, particularly in the area of infrastructure development.
Governments in Latin America have been unstable for a long time. Correa has been proposing a plan of 21st Century Socialism. See our story on 21st Century Socialism here. The meaning of the word socialism is very different than the common use of the term in the U.S.
While it does mean that the people of Ecuador may share a collective ownership of some means of production, specifically this government wants more state participation in energy and mining, what it means at a deeper level is that the people have a more direct control over the activities of government. Participatory Democracy is a movement that is sweeping Ecuador.
More money from the country’s resources will stay in Ecuador to improve education, health care, and infrastructure. This is good for anyone living in Ecuador.
The people of Latin America are currently embracing free market principals in their daily life. I hear very little talk of “Socialism” on the streets. On the contrary, I see a prosperous free market and an active democracy. From my perspective in 2012, Ecuador has if not a booming economy, an economy that is certainly expanding.
Ecuadorian President Rafael Correa speaks of radical change and Socialism as a means of communicating with citizens that feel cheated by past administrations and multinational corporations. The upcoming changes in Ecuador will support democracy and the Ecuador economy by reducing corruption and allocating national resources where they are needed most.
Data taken from www.economist.com and CIA The World Factbook.


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Operator of Cerrejón coalmine reports bumper profits as turnover reaches $2.5bn
Company says rising demand from Europe and China and increasing coal prices strengthened its performance
The Irish-registered company that owns the controversial Cerrejón mine in Colombia reported bumper profits and a 262 per cent spike in revenues last year as demand surged and prices rose.
CMC Coal Marketing DAC, which is owned by London-listed commodity trader Glencore, posted turnover of $2.53 billion in 2021, according to recently filed accounts. That came after a historic low of $699.14 million in 2020, the lowest figure in the company’s 18-year history.
After tax, ...


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“U.S. Bankruptcy Judge Allan Gropper in Manhattan said the dispute could be resolved through a lawsuit in Kodak’s Chapter 11 bankruptcy case,” McLaughlin reports. “‘An adversary proceeding will permit the parties to raise issues in an orderly and expeditious fashion and preserve all of their just rights,’ Gropper said at a hearing today.”
McLaughlin reports, “In his ruling, Gropper said Kodak might be able to sell the disputed assets and put the proceeds in escrow until a court rules on whether the money should go to Apple or Kodak. Kodak also can sell assets subject to any ownership interests of Apple, the judge said.”
Read more in the full article here.


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The first ever quadruple experience event is being held in Angels Online tomorrow to celebrate the holiday weekend.
Players will be able to obtain double skill experience during the event, which runs from 9 a.m. to 5 p.m. To get the quadruple bonus, all you need to do is use a "Double Skill Exp Card."
In addition, many items are on sale in the Item Mall both today and tomorrow. You can find the entire list here. While people in the U.S. battle their fellow shoppers today as part of Black Friday, you can enjoy the Angels Online sales from the comfort of your computer chair.


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After opening in 1985, Blockbuster quickly became an iconic company and, at its peak, boasted close to 60,000 employees. Those, however, were its halcyon days, and though it remained viable throughout the early 2000’s, the video rental outfit went bankrupt in September 2010, and was acquired by Dish Network in April of 2011.
Now, according to Gaurdian, the woes continue as Blockbuster UK has gone into administration and has called in Deloitte, a specialist firm, to shepherd it through the process. Administration is a rescue mechanism, meant to provide insolvent companies with an alternative to liquidation; not exactly the hallmark of a thriving company.
Deloitte has released a statement, in which it claims it will honor gift cards and credit accrued via Blockbuster’s trade-in program. That should help diffuse any vitriol from former customers, but ex-employees could still suffer. The chain’s collapse directly imperils 528 stores and 4,190 jobs. For now, it’s business as usual, but Deloitte’s essential task is to gussy up the ailing company enough that it attracts potential buyers.
It seems Dish Network – which has been in the news itself lately – has had precious little success with its acquisition. After trying and failing to sell Blockbuster, the company was recently forced to abandoned an attempt to position it as a competitor to Netflix.
This story is already being colored as further confirmation of the internet’s dominance of modern industry, and it appears to be a valid assessment of the situation. In this day and age, there’s nary a niche available for a company that doesn’t fully embrace modern technology.
- UK mobile retailer Phones 4u files for administrator protection, thousands of jobs at risk
- Dish Network to accept Bitcoin, becomes largest company to take the currency
- Blockbusted: Blockbuster to shutter remaining stores, kill off movie-by-mail
- Blockbuster On Demand app launches for iPhone and iPad
- Sprint is the prettiest girl at the dance: Dish and SoftBank hurl insults at one another


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Treasury has released for consultation exposure draft legislation for the FinTech regulatory sandbox announced in the 2017-18 budget.
The draft legislation and regulations are designed to allow a broad scope of innovative financial service activities to be tested without the need for full compliance with ASIC’s existing licensing requirements.
This will extend the scope of activities and the timeframe beyond that of the regulatory sandbox launched by ASIC in December 2016. Background.
The enhanced legislative sandbox will be broad – to whom it applies to, what can be tested and how long businesses can remain in it. It will include financial advice, the issuing of consumer credit contracts and facilitating crowd-sourced funding.
The Treasurer intends to introduce the legislation to Parliament by the end of the year, with the regulations to come into effect in the first half of 2018.


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12 February 2010, 09:57
Second-Generation Kingston SSDNow V “Value” Series Offers Excellent Performance Increase for Mainstream Consumers.
8 February 2010, 16:18
Company Achieves Second-Highest Sales Year Ever Despite Economy.
1 February 2010, 08:47
Kingston's latest SSD put under the microscope
25 January 2010, 13:02
Larger capacities, faster speeds and TRIM support on offer. Still pricey, though.
25 January 2010, 12:19
Second-Generation SSD Boosts System Performance.
12 January 2010, 23:16
Ensure lightning-quick load-times with the Kingston SSDNow 30GB V Series Kit.
10 January 2010, 04:38
But increasing prices take some of the shine away...for now at least.
8 January 2010, 16:05
How do you fancy using your desktop as a heavily-virtualised machine?
8 January 2010, 02:15
Kingston Technology Launches 24GB HyperX Kits ― Largest Ever
28 December 2009, 07:00
We take a look back at 2009 and detail some of the more telling technology announcements.
24 December 2009, 09:59
The HyperX lab provides a peek into some cutting-edge DDR3.
22 December 2009, 14:08
On the lookout for a RAM upgrade? Here's your chance to win one...
11 December 2009, 09:34
John Tu, President and Co-founder says 2010 will be the year of Solid State Drives and enhanced confidence in the memory market.
9 December 2009, 09:31
4GB, 8GB, DDR3-1,600MHz, DDR3-2,133MHz - we make sense of it all.
23 November 2009, 09:21
After a recent price hike which has given hope to DRAM makers and left holes in punters' wallets, the prices of RAM will apparently be adjusting themselves for Christmas.
16 November 2009, 16:12
12GB kits perfect for enthusiasts and heavy-users who want to get maximum out of 64-bit OS.
16 November 2009, 16:00
For users who engaging in extreme multitasking, the company says.
30 October 2009, 19:49
A 40GB SSD boot drive for £70? Sounds tempting.
26 October 2009, 16:47
£70 for four times the performance of a regular desktop hard drive, says Kingston.
26 October 2009, 16:15
Accelerate your computer with new all-in-one SSD 40GB bundle kit.
20 October 2009, 16:29
The memory module maker wants customers to think of SSDs more in terms of system upgrades than simple storage devices, as it sets its sights on the enterprise market.
19 October 2009, 10:00
As the SSD battle heats up, Kingston's performance-focused SSDNow V+ is evaluated.
19 October 2009, 09:18
Memory module maker Kingston has refuted claims it is only in the enthusiast memory business as a hobby.
15 October 2009, 17:36
Kingston predicts lower voltage DDR3 offerings will be coming to a PC near you soon.
15 October 2009, 08:27
With Flash memory becoming a commodity, is it time the industry put more effort into pre-loading devices with content?
13 October 2009, 12:33
Tiny Flash card reader offers support for numerous media formats.
13 October 2009, 08:32
According to Kingston, 2008 was “a very good year” for the firm, with over $4 billion in revenues.
6 October 2009, 13:56
USB Flash Drives to Offer Unparalleled Level of Security.
16 September 2009, 14:37
Kingston sales director Bernd Dombrowsky discusses the challenges of working in a highly volatile sector.
14 September 2009, 07:27
Less than £100 with an external caddy and quality software, has Kingston got it right with its value 64GB SSD? We find out.
8 September 2009, 09:51
Intel Core i5 and Core i7 compatible memory to support enthusiasts and gamers.
8 September 2009, 09:35
Kingston Technology make a difference with their new charity initiative.
3 September 2009, 14:16
Kingston Technology Europe launches a new consumer-focused website


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Kenyan security chiefs are due to be grilled in parliament today over what they knew before the shopping mall raid in Nairobi that left at least 67 people dead.
Police yesterday arrested a 12th suspect in connection with the four-day siege on a shopping mall which left at least 67 people dead. Three people have been released, leaving nine in custody.
Interior Minister Joseph Ole Lenku refused to give details on where the latest arrest was made.
He said rescuers were not expecting to find any hostages trapped in the rubble of the mall, where British, American and Israeli agents are scouring the debris for forensic clues.
The Red Cross said there were still 61 people unaccounted for, but soldiers and survivors suggested they may…


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Jourdan Dunn @ London Evening Standard Theatre Awards
Jourdan Dunn made her debut at the 2012 VS Fashion Show After Party and over the weekend was amongst the attendees at the London Evening Standard Theatre Awards held at The Savoy. Here’s more info on Jourdan:
Jourdan Dunn (born 3 August 1990 in London, England) is a British fashion model. She was discovered in Hammersmith Primark in 2006 and signed to Storm Model Management in London shortly thereafter. In 2008, she was the first black model to walk a Prada runway in over a decade. She has attracted attention because of the lack of black models in the fashion modelling industry.
During the 2012 Summer Olympics closing ceremony, Dunn was one of the British models wearing bespoke fashions created by British designers specifically for the event. The other models were Naomi Campbell, Kate Moss, David Gandy, Karen Elson, Lily Donaldson, Georgia May Jagger and Stella Tennant. [Wiki]</a


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While many trendy yoga disciplines have helped popularize the mind-body system lately, it has in some cases been to the detriment of cash-strapped enthusiasts. Certain yoga varieties emphasize buying the right yoga meditation supplies over pursuing mental and physical well-being.
This phenomenon may be one reason why the yoga industry is expected to make billions in 2011. According to an IBISWorld Market Research report, yoga-associated revenues will hit $3.3 billion this year.
However, much of this money has little to do with the honorable tradition of learning – and eventually, teaching – the holistic system. The Bloomberg news organization calculated that the average female enthusiast may spend around $700 per year on yoga clothes, mats and other deluxe gear.
Such expenditures are hardly necessary. The best yoga regimens urge participants to stick to the basics – namely, a loose, long-sleeved shirt and a pair of natural-fiber pants. The rest they can jettison, since it does little more than drain their pocketbook.
Likewise, savvy yoga practitioners can hunt up good deals. Try searching for yoga books online, and purchase meditation DVDs that stick to the essentials rather than dazzling you with celebrity faces.
Sure, yoga is good for the mental and physical well-being of a typical, healthy American adult, but what about those who have just recovered from a severe illness like breast cancer? Can yoga help convalescing patients learn chronic pain management?
According to numerous studies, it can. Yoga stretching benefits not only the hale and disease-free but those who are in treatment for or recovering from breast cancer.
A report published in the journal Integrative Cancer Therapies announced that breast cancer patients who practice yoga during their radiation therapy regimens tend to have higher levels of cortisol and better overall mood levels, compared to women who did not utilize the holistic system.
Another study, this one appearing in the journal Psycho-Oncology, noted that a 10-week yoga program helped breast cancer survivors improve their emotional affect and reduce fatigue.
Yet another paper found that yoga appears to give social and spiritual well-being a boost. Published in the Journal of Clinical Oncology, the report focused on women who had received chemotherapy for breast cancer.
That said, the authors noted that yoga appeared to improve mood and quality of life even among cancer survivors who had not undergone chemotherapy, indicating the versatility of the mind-body regimen.
Reading yoga books for beginners and practicing the gentle maneuvers may be a reliable way to get healthier, particularly in light of a popular CNN article that suggests that taking supplements may not be as beneficial to one's well-being as previously reported. While most Americans know that exercising and eating a nutritious diet are key to striving for their full potential, it may come as a surprise to those who supplement their food intake with multivitamins that this practice could actually be detrimental.
A recent study published in the journal Archives of Internal Medicine reported that nutrients like iron, folic acid, vitamin B6, magnesium, zinc and copper have been associated with a mildly increased risk of earlier death, particularly among older women.
"Taking more of what we think is a good thing may not be so good," said researcher Susan Fisher from the University of Rochester Medical Center, quoted by CNN. "High levels of nutrient supplements may be harmful, or at least not helpful."
She and her team emphasized that further investigation is needed before a definite conclusion is made. Meanwhile, American women may want to continue eating a healthy diet and engaging in an exercise like yoga. Throughout the history of yoga meditation, the holistic regimen has been shown to improve many enthusiasts' physical, mental and emotional well-being.
So you're starting yoga. Congratulations! Whether you've joined a class at a local community center or purchased a DVD for at-home use, expect good things from this ancient mind-body regimen. For millennia, yoga meditation for beginners has been helping people relax, unwind and center themselves.
Where do you get started? Here's a list of yoga meditation supplies that you may consider collecting prior to getting underway.
1. A mat. While padding is not required, you may find that sitting on a hard floor hurts your backside a bit. Yoga mats come in all shapes, sizes and colors. Don't spend more than you have to on one. Remember: it's padding only.
2. A uniform. Believe it or not, clingy yoga pants and tops can hinder your ability to relax and stay cool during meditation. It's best to stick with a uniform-like set of long pants and a loose, long-sleeved shirt or wrap. Preferably, these should be dyed white and fashioned from light, all-natural fabrics.
3. Initiative. It costs and weighs nothing, but it's essential for success. You'll need more than the right clothes to succeed in yoga. Half the battle is being open to change and transformation – physically, mentally and spiritually.


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The market is forecasted to reach $20 billion by 2025, as it registers a 4.9 percent CAGR between 2019 and 2026, according to Global Market Insights.
Global Market Insights said that the paint and coatings industry – valued at more than $128 billion in 2018 – will remain the largest demand segment for pigments over the timespan.
The production of paints and coatings accounted for 45 percent of total global demand in 2017, according to market research company Ceresana.
However, escalating raw material prices may hamper the product demand to some extent during that period, per Global Market Insights.
Market in 2019
Heucotech, Ltd.’s Vice President of sales & marketing Christine Gehres said 2019 will be remembered as a “very volatile and challenging year.”
“As a result of ‘Blue Sky’ [an initiative looking to improve energy efficiency while targeting polluters and charging for carbon emissions], fires, explosions, the availability and cost of raw materials, as well as certain pigments became very unpredictable,” she said. “The availability of raw materials improved compared to 2018, but there were still some issues mostly due to environmental issues in China.”
“In 2019, the pigments market was significantly impacted,” said Brandon Devis, head of Coatings, Global Marketing & Innovation at Clariant Colorant Solutions. “Already in the fall of 2018 we witnessed stricter enforcement of China’s anti-pollution regulations causing scarcities of raw-materials and influencing the availability of products. Prices for both intermediates and organic pigments were volatile.”
The pigment marked finished “mixed” with the Americas, doing better than most regions, reported Frank Lavieri, DCC Lansco’s executive VP of sales & marketing.
According to David Wawer, executive director, Color Pigments Manufacturers Association, Inc., color pigment sales in North America were lower in 2018 than they were in 2017.
“Sales for 2019 were projected to be the same level as 2018,” he said. “Global manufacturing was flat in 2018 and projected to be at the same level for 2019. There is potential for an increase in manufacturing for 2020.”
“There was growth in the high performance and specialty segments in the US, but traditional markets were negatively impacted,” Gehres added.
Potential growth regions
Asia Pacific and North America offer the greatest potential for growth in 2020, according to Wawer.
“Asia remains as the region with the highest growth rate,” said Milan Krumbe, general manager, Sudarshan Europe B.V. “Europe and North America are the regions with the highest volume demand and increased growth opportunities driven by external impacts as market consolidation and trade wars.”
“We continue to see above-average growth in Southeast Asia, driven by lower VOC dispersions and high-performance organic pigments,” Devis added. “However, the North American market, long considered a mature market, has also shown significant growth opportunities in organic pigments for both decorative and industrial coatings. In Europe and Latin America, we see a consistent value of the pigment market.”
Segment-wise, Wawer sees growth in architectural, powder and industrial coatings.
The top issues for the color pigments industry in 2019, per Wawer, were: the overall U.S. economy, industry consolidation, raw materials cost, raw materials availability, and trade and tariffs.
He expects the U.S. economy to remain the top issue in 2020, followed by trade and tariffs.
“This is, of course, one piece of the puzzle affecting the growth in China and worldwide,” Gehres said. “The increase in import duties for Chinese pigments has caused massive cost crunches in the U.S. for the pigment processing industries and has in some cases led to a reduction in pigment consumption. Tariff increases have been very disruptive to supply chains, market shares and inventories.
“In addition, the hardened situation has direct and negative economic consequences, resulting in increased uncertainty and decreasing acceptance for products of American origin within the Asian/Chinese market and vice versa,” she continued.
“The tariffs themselves have caused pigment manufacturers into a backward-looking stance, as we have needed to focus on stabilizing raw material supply chain as much as possible to minimize disruption and cost increases to our customers,” said Darren Bianchi, founder and CEO of Brilliant Group, Inc. “With certain key raw materials only available in China, there has been no choice but to absorb what we can and pass on the rest.
“In short, the primary impact is that our U.S.-made products are not as competitive globally as they were previously. Furthermore, the search for alternate raw materials has also caused a drain on lab resources that could be put to better use for new product development.”
Added Krumbe: “The tariff situation impacted and shifted significantly the global supply chain from China to India and lead to increased supply activities from India to the U.S. market. Supply chain dynamics and competition increased and requires the change from operational to strategic sourcing.”
For Clariant, “We have found the impact to be limited, as the majority of the organic pigments we sell in the U.S. are produced in Germany, India, Mexico, Brazil and Japan.
“We do have a joint-venture in China, and only very few products are imported,” he added.
Demand for more sustainable solutions
At the World Procurement Awards 2019, which took place in London, Clariant was recognized in the “Supplier Risk Management” category for leading the way in risk mitigation, Devis said.
“According to the judging panel, Clariant received the award for its best-in-class implementation of a holistic risk management process that involves external and internal stakeholders in an application that is breaking new grounds,” he continued. “Clariant monitors risks in five key areas: Environmental, financial, production/supplies, social and governance risks. Using data from a range of external partners, real time information is available to the risk manager who engages responsible buyers if a risk or event needs attention or mitigation.”
“There is nothing more sustainable than anticorrosive pigments and high performance inorganic pigments,” Gehres said. “Both product lines enable customers to produce durable products, therefore reducing costs and material consumption to a minimum.”
To that extent, Heubach is offering a comprehensive product portfolio of zinc-free and more environmentally friendly alternatives to zinc phosphate-based products, she noted.
In addition, Heubach’s broad product portfolio includes a wide range of lead-free alternatives (i.e. single inorganic or organic pigments, pigment preparations), Gehres added.
DCC Lansco will soon open its new, Canada-based organic pigment production plant, which uses state-of-art technology that is highly efficient in its use of manpower, electricity and water, Lavieri said.
“We will be making high-performance pigments in this new equipment primarily for the coatings and plastics markets globally,” he added. “When sold in the U.S., these products will be free of all duties. We believe that this is the first new organic pigment plant built in North America in decades.”
According to Marketing Manager Mark Ryan, the Shepherd Color Company is addressing sustainability “in how we source raw materials, our production process, our product properties, and how we deal with all of our stakeholders.
“We source our raw materials ethically and are always looking at reducing energy and water usage to make our production more efficient,” Ryan continued. “The colorants are extremely inert which leads to long service materials and low interaction with the environment.”
Brilliant continues to develop new, non-formaldehyde chemistries for applications where non-formaldehyde fluorescent pigments were not suitable, per Bianchi.
“There are several facets that encompass sustainability, including renewable raw materials, new environmentally-friendly technologies and responsible manufacturing,” said Michael Venturini, marketing director, Coatings, Sun Chemical Performance Pigments, adding that the company strives to meet customer demands through those three approaches.
“On the technology side, in addition to our offerings to replace heavy metal pigments, Sun Chemical has a family of organic pigments designed to have a smaller environmental footprint based on our ‘do-more-with-less’ approach,” he continued. “The family includes Sunbrite Yellow 74, Fastogen Violet 23 and Quindo Red 122.
These products are primarily designed for deco coatings, but also find usage in a wide array of industrial coatings. Their environmental benefit comes from their higher tint strength, allowing formulators to reduce their usage. Reducing consumption is one of the most effective ways to improve all environmental aspects from CO2 output and raw material usage to energy reduction, packaging, and shipping.”
In August, DIC Corporation entered into a definitive agreement to acquire BASF’s global pigments business, known as BASF Colors & Effects. The purchase price on a cash and debt-free basis is €1.15 billion ($1.28 billion), according to DIC.
“We have outlined a clear growth path for DIC with the target to increase our sales to one trillion yen [approximately €8 billion] by 2025,” said Kaoru Ino, president and CEO of DIC.
The acquisition will broaden DIC’s portfolio as a global manufacturer of pigments, including those for electronic displays, cosmetics, coatings, plastics, inks and specialty applications.


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This article originally appeared on InStyle.com.
What’s the next best thing to going through someone’s medicine cabinet—and having it be socially acceptable and not incredibly rude? Getting the scoop on the beauty products everyone was shopping for on Amazon in 2016. And that’s a very real opportunity because the retail giant has released a list of its most popular hair, skin, makeup, and wellness buys. From shampoo to oral care, see below for a few formulas shoppers are adding to their carts.


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Sharp Intros Thinner, Clearer, More Efficient Displays
Sharp today announced a new display design that promises to bring dramatic improvements to mobile device screens. The company has developed a new indium gallium zinc oxide (IGZO) semiconductor technology with high crystallinity. This will allow Sharp to create touch displays that have higher resolutions, lower power consumption, narrower bezels, and better performance. Sharp says the cost of altering its production lines to make use of the new material will be minimal, and it expects to update its manufacturing later this year. The new material will be used in LCD displays for mobile devices such as smartphones.
Hands-On: Sharp Aquos Crystal for Sprint
Sharp debuted its first phone for the U.S. market in years this week.
Sharp Shows Off Curved Display Concept
Sharp this week revealed a concept smartphone screen that has actual curved corners and nearly no bezels. The concept panel is called Corner R.
SoftBank and Sprint Working with Sharp on Edgeless Phone
SoftBank, which owns Sprint, today said it has chosen Sharp to supply it with low-cost smartphones. The handset deal with Sharp includes Sprint, which will also sell phones made by Sharp.
New Tech Promises Dense, Efficient, Flexible Displays
A team at Oxford University has discovered a new type of display technology that consists of a simple thin film of phase-change material (PCM) between two thin films of transparent electrodes. The three layers can be applied to very thin, flexible Mylar sheets, creating a flexible display.


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UNCERTAINTY will continue to be the order of the day in the stock market from now until at least November ahead of key events such as the US presidential elections, and closer to home, the tabling of Budget 2021 and the Sabah polls
PETALING JAYA: Hup Seng Industries Bhd’s net profit fell 2.3% to RM8.8mil for the second quarter ended June 30, from RM9mil in the corresponding quarter last year.
INVESTORS have been warned: the worst is yet to come.
KUALA LUMPUR: AmInvestment Research maintained its forecasts and Hold recommendation for Hup Seng Industries (HSI) and kept its fair value of 86 sen.
KUALA LUMPUR: JF Apex Research expects Sunway Construction Group Bhd (SunCon), Pesona Metro Bhd, Boustead Holdings Bhd, Hup Seng Industries Bhd, Hibiscus Petroleum Bhd and KPJ Healthcare Bhd to be among the stocks to watch on Wednesday.
PETALING JAYA: While the construction sector is an obvious beneficiary of Budget 2018, stocks related to the consumer, logistics and manufacturing businesses are also likely to benefit from the budget.
THE consumer sector will benefit from the measures introduced under Budget 2018 to support household spending in Malaysia.


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Hackers have managed to break into the accounts of Call of Duty: Warzone players, locking them out from accessing the popular online game. To release the account, the hackers are demanding Bitcoin ransom from the victims. Users’ complaints to the team behind the game received slow to no attention according to reports.
COD players forced to pay a Bitcoin ransom
Following a recent report by Motherboard, several COD players were locked out from playing the game, as they no longer had access to their gaming account due to the hack. The victims didn’t fail to raise complaints on the issue to Activision, the team of developers behind the popular online game.
However, no solid effort has been made by the devs to resolve the issue, or to help players avoid the need of paying Bitcoin ransom to the hackers. As per the report, complaints forwarded to the team are receiving slow attention. Sometimes, Activision does not respond to their requests.
One of the victims who shared his experience said:
“I turned it [Warzone] on one day, and my account was logged out, and I couldn’t sign in with my credentials, so I made a new account because I could not get in contact with Activision support, which I’m so mad about.”
Victims open new accounts to avoid paying Bitcoin ransoms
As the victims narrated in the report, the hackers changed their original email address used in the accounts immediately the gain access to it. Afterward, the attackers reached out to them either through Twitter or the changed email address, asking them to pay a Bitcoin ransom to regain their account else they lose it forever.
In the case of a Twitter user, GOHGAMER, the hackers said:
“If you want our help to prevent leaking your data [sic] and information and bank account, etc., and help to get your account back clarity need pay 400$ in below address.”
At the time of the report, it was noted that the BTC addressed has amassed about $12,000 in Bitcoin ransom.


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Nine months into 2017, the wait for economic recovery continues. The current slowdown, with the GDP dipping to 5.7 per cent in the first quarter of fiscal year 2017-18, the lowest in three years, may have been exacerbated by demonetisation as well as teething problems attributed to the Goods and Services Tax (GST), but the economy had been slowing down well before these policy decisions were put into effect. This was partly due to external as well as internal factors, including the impact of two years of drought in many parts of the country.
This monsoon, large parts of the country have seen heavy rainfall, resulting in severe floods that are expected to impact farm production, particularly foodgrains. With the government holding adequate stocks, food supplies are not a major concern. At this juncture, the slide in manufacturing growth from double digit in 2015-16 to the negative in the April-June quarter this year is particularly worrying as it has a direct bearing on job creation. This is of increasing priority, given the job losses in the informal sector post demonetisation even as the pool of youngsters seeking jobs expands rapidly.
Prof N.R. Bhanumurthy of the National Institute of Public Finance and Policy is optimistic that the worst is over. “In the first quarter, the impact of GST has bottomed out. We should expect recovery now, but whether it is a sharp recovery or a moderate one, we will have to wait and see,” he says. With the costs of GST implementation and ambiguities surrounding it in terms of taxes and demand behind us, the manufacturing sector should recover. The bickering over the taxes may continue, but at least there is clarity on the overall cost of implementation.
“Now that the MSMEs (medium, small and micro enterprises) know the cost of implementation, they would be better prepared. Once they start getting their refunds, the working capital issues would be resolved,” says Bhanumurthy, clarifying that not just the MSMEs, but also those in the services sector have to pay for the input costs and later seek refund. “The cost to business may have increased in many cases as there may not have been any tax implications earlier. Obviously, those who were not paying any taxes earlier will say their costs have gone up. Also, we assume those who were paying tax were not evading any, which may not have been the case. But now under-reporting may not be possible.”
Jajit Bhattacharya, partner (strategy and operations) at KPMG India, is hopeful that the Q3—a festive quarter that typically sees an increase in consumption (electrical appliances, jewellery, textiles etc)—will see growth returning as the disruptive impact of demonetisation as well as the GST switchover would also have waned.
Former chief statistician of India Dr Pronab Sen, however, feels that the impact of demonetisation and GST will take time to play itself out—maybe another two to three quarters. Another factor working against the manufacturing sector, according to Sen, is the rupee appreciation and the exchange rate. “The factors that are holding back growth—demonetisation, GST and rupee appreciation—will be around for a couple of quarters more at least. In manufacturing, it is a demand story, which continues to be weak. On the other hand, because of the rupee rise, imports, particularly in consumer goods, have gone up tremendously and the manufacturing sector is facing the consequences,” he says.
In India, the supply side is not the problem, unlike the demand side, which is why private sector investment in new projects or even capacity expansion is not picking up. Many economists share Sen’s views that the negative impact of demonetisation and GST will not wear out fast unless the government steps up public sector investments, particularly in the agriculture sector and rural infrastructure, and private investment picks up.
“Investment spending and consumption spending are areas of concern,” says Shashanka Bhide, director of the Madras Institute of Development Studies. “The silver lining is that policies are in place to boost growth, but a good deal of uncertainty remains due to external and internal factors, so I don’t expect immediate pickup in the short term. It will take more time for policies like GST to have significant affect.”
The large MSME sector, in particular, has been hard hit in the past few years. Demonetisation together with the GST has further worsened the situation as “eight months post demonetisation, 20 per cent of the AIMO members have shut operations, while there has been 30 per cent rise in NPAs from the MSME sector,” says K.E. Raghunathan, national president of the All India Manufacturers Organisation (AIMO). “The trade condition is such that most companies are not in a position to plan ahead.” AIMO fears the government proposal to make the fiscal year coincide with the calendar year will result in another chaos. “We have not seen the end of changes. Are we expected to run the industry or learn new ways of operating business?” wonders Raghunathan.
Anil Bhardwaj of the Federation of Indian Micro & Small and Medium Enterprises (FISME) says the outlook for the immediate future is “not optimistic. It is too early to speak about the mid or long term.” Bhardwaj stresses the need for transparency in the central government public procurement norms to help MSMEs. He also feels financial sector reforms to ease the stress on banks would help boost lending to industry.
Alongside the industry and trade bodies, the large farmers’ community too is reeling from adverse weather shocks and demonetisation. Compounding their woes are the falling prices. “If farmers’ protests went out of hand, they had a good reason to,” says Anil Adhikari, former head of agriculture commodities at Comtrade. For instance, wholesale inflation moderated sharply to 2.2 per cent year-on-year in May, compared to 3.9 per cent in March. This was significantly below expectations. Retail inflation fell to 2.2 per cent from a year ago in May 2017, a record low, as food prices—at -1.0 per cent—turned negative for the first time since 2001. Vegetables and pulses remained deflated at -13.4 per cent and -19.5 per cent. The negative price trend—prices dipping—continued.
“Remonetisation boosted growth in the cash-intensive services sectors, but this was offset by slower agriculture growth and a sharp slowdown in manufacturing gross-value added growth caused by production cuts ahead of the GST and lower profitability,” says Sonal Varma, economist with Nomura. Agricultural growth in real terms—that is farm GDP minus inflation—has slowed to 2.3 per cent from 5.2 per cent. “Despite real growth of 2.3 per cent, nominal agricultural growth was only 0.3 per cent, suggesting that while agricultural output grew, their prices fell,” says Dharmakirti Joshi, chief economist at Crisil.
The distress in agriculture caused by a fall in prices is more structural and not broad-based either across crops or states. For instance, prices of wheat and Bengal gram (chana) is steady, unlike green gram (moong), which has seen 30 per cent dip in prices. “This year’s near-average monsoon should help agricultural growth rebound,” says Joshi. As of August-end, total summer sowing was 3.3 per cent higher than last year and 5 per cent higher than the long-term normal levels. The impact of floods in several areas, however, has to be factored in.
In the short term, there are expectations of a pickup in sectors such as food and food products, textiles and intermediate construction raw materials, even as auto parts, machine parts and tools, among others, continue to struggle for growth. The growth expectation for 2017-18 so far remains pegged between 6.5 to 7 per cent.
By Lola Nayar and Zia Haq