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“Multiple” parties have thrown their hat in the ring for Kohl’s, the retailer confirmed Monday.
The preliminary, non-binding proposals don’t make any firm commitments for financing. Kohl’s financial advisor Goldman Sachs will work “refine and improve” some bidders’ proposals and find out more on the financial front.
Hudson’s Bay Co. last week confirmed plans to put a package together for Kohl’s while private equity firm Sycamore Partners in January indicated its interest in the retailer before Goldman came aboard. It wasn’t immediately clear if Acacia Research, backed by activist hedge fund Starboard Value, which was behind a $9 billion offer in January, would be willing to go higher than $64 a share. New offers are said to be closer to the $70 range, sources said, and Cowen analyst Oliver Chen believes the retailer could fetch between $75 to $85 per share. Former retail analyst Walter Loeb, who now has his own consultancy, said $85 is entirely likely if Kohl’s leadership makes good on its game plan. Kohl’s share are currently trading in the $62 range.
Separately, the retailer asked eligible shareholders to vote for all 13 Kohl’s director nominees at May’s annual meeting, reminding them that shareholder returns since it instituted its new strategy in October 2020 have reached “146 percent through Jan. 21, 2022, significantly outperforming the SPDR S&P Retail ETF and the S&P 500.”
Kohl’s also accused Macellum Advisors of once again “seeking to take control of your board with a slate of less qualified nominees” despite the activist investor’s antics last year resulting in a board refresh. It claimed Macellum plans to “engineer short-term financial actions that could damage the long-term future of the company” and urged shareholders not to vote for the investor’s board nominees.
Activist investors have been pushing Kohl’s for action to maximize shareholder value. Engine Capital Management is eyeing a competitive sale process, with particular interest in Kohl’s roughly $7 billion in real estate assets. It would also be happy if Kohl’s broke up into two separate businesses for stores and for e-commerce.


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Brewer takes MD role at Magnet as it goes global
Telecoms veteran Stephen Brewer is to become managing director of Magnet Networks' Irish business to allow current CEO Mark Kellett to set up a new global division.
The broadband company - owned by Columbia Ventures Corporation, an American private equity firm - is opening offices in India, Australia, Dubai, the US and the UK.
Magnet Networks has been providing fibre broadband to homes and businesses since 2008.
It recently announced the installation of free public wi-fi in the centre of Galway and seven other towns around the country.
"We work with some of the world's biggest brands and believe that there is considerable further opportunity for us in the sector," said Kellett, who will lead the new global givision as Magnet Networks Group CEO.
"The design and unique deployment of Magnet Networks' technology is enabling a new way of smart living and our majority-owned subsidiary, Velocity 1, is redefining the traditional rental model in the biggest construction project in Britain."
Kellet said there had been "significant interest from international organisations" seeking to partner with Magnet Networks.
Brewer previously held CEO positions at Vodafone, Cable & Wireless and Digicel.
Sunday Indo Business

domain: news


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If you thought you could get away with a bit of gold-selling or gold-buying on the side while participating in City of Heroes’ rogue server community, think again, as apparently the Homecoming servers have begun banning for real-money trading in yet another apparent push for respectability.
“Today we issued a ban wave to a number of accounts involved in RWT (Real World Trading – the act of exchanging real money for in-game goods and services),” the team wrote, pointing out the section of the code of conduct that explicitly forbids it. “All accounts caught selling have been permanently banned, with no possibility of appeal. All accounts caught buying have been suspended for 2 weeks and had all influence removed from them. A total of 54 accounts have been actioned as part of this ban wave, with over 20 billion influence deleted. We are now fully capable of tracking down RWT activity going forwards, so we would advise you do not partake in such activities if you wish to continue playing on Homecoming.”
We’re still chuckling that an RMT company apparently decided the technically illegal rogue servers for a dead superhero MMO were ripe for business. I guess that means Homecoming has truly Arrived? Also, come on folks, it’s easier to make money on Homecoming than on live – what exactly do you need that inf for?


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Trader Joe’s sister is moving in down the street in Mount Pleasant.
No-frills grocer Aldi plans to take over Pinz Bowling and More at 613 Johnnie Dodds Blvd. in the Plaza at East Cooper Shopping Center, according to bowling alley manager Zoltan Estrella. The commercial real estate firm Radekopf and Associates also confirmed that it has leased the site to Aldi.
The nearly 20-year-old bowling center and its 16 lanes will go dark Sunday.
Pinz, which has operated over the past 19 years under different names including Twin Rivers, River Bowl and Sparians, announced its closing on its website, Facebook page and doors.
Plans show the Austrian-based grocer will take 20,864 square feet of space. An opening date has not been announced, and an Aldi spokeswoman declined to release any details.
Aldi originally planned to set up shop in the north end of Mount Pleasant next to a proposed new Lowe’s home improvement store just past the Market at Oakland Shopping Center. But Tex Small with Avtex Commercial Properties said the town required more parking spaces for Lowe’s that ate into the planned Aldi footprint.
This won’t be the first time Aldi has moved into a local bowling alley. Its Dorchester Road store replaced the shuttered Dorchester Lanes that was bulldozed in 2014. Aldi opened at the Summerville site in August.
Aldi operates nearly 1,400 small-format stores in the United States as a wholly owned subsidiary of Hofer KG of Austria. The company announced in 2014 that it intended to add 650 locations across the country by 2019.
Aldi, which is short for Albrecht Discount, is an international chain started by Germany’s Albrecht family. Aldi Nord, its sister company, owns Trader Joe’s, which has a store at 401 Johnnie Dodds. The two companies are independent and have no operating relationship.
Starbucks is coming to Upper King Street on the peninsula in the former site of Rebekah Jacob Gallery, which is now on Broad Street. A construction company filed a notice with Charleston County on June 28 that it has started renovating the ground-floor space at 502 King St. for the Seattle-based coffee giant.
Not far away, Ladles Soups has closed its downtown Charleston shop at 141 Calhoun St. It is expected to reopen another location in August, according to a store clerk.
The parent company of Bi-Lo recently went retro by bringing back Chek Real Sugar sodas. The private-label soft drink, first introduced in 1965, was once a staple at Winn-Dixie grocery stores.
The reintroduced brand and reformulated recipe comes without additives such as high-fructose corn syrup and aspertame in a retro can design. Flavors include cola, strawberry, orange and grape.
Customers can also find the pop at Harveys and Winn-Dixie, also owned by Jacksonville-based Southeastern Grocers.
Men’s Wearhouse is now sponsoring its Ninth Annual National Suit Drive Campaign. Through July 31, the clothing retailer will collect gently used men’s and women’s professional attire at all 850 locations nationwide, including three in the local area — in Mount Pleasant, North Charleston and West Ashley. The clothing will be distributed to more than 180 local nonprofit organizations that help people find work.
Do you know of a retail business that is opening, closing or expanding? Reach Warren L. Wise at 843-937-5524 or twitter.com/warrenlancewise.


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This is what Nissan changed and updated on the 2021 X-Terra/Terra
Does this mean all Nissan SUVs will eventually look strikingly similar in the future?
Can the Infiniti QX55 succeed in the luxury coupe-crossover market?
2021 Nissan Terra is ready to take on the significantly updated Toyota Fortuner and all-new Isuzu mu-X.
Nissan has more in store for the all-new Note, fully-electric, all-wheel-drive version coming in December
Nissan gives the Terra one last update before the year ends
Nissan just launched the next-generation Note, now with e-Power only
Nissan has a busy week ahead with the launch of the new Terra and a mystery compact car
Read the story of JP Artificio and his journey with this Nissan California.
Could we be looking at the next-generation Nissan Note?
There's a big reason why this McLaren Elva is wearing Gulf colors
ANC Group's new Honda Cars Kalookan dealership opens along EDSA
Now's your chance to bring home a new Jeep Compass for just PhP 1.485 million
Indonesia is the first country in ASEAN to get the all-electric Lexus UX
Ducati reveals special edition Diavel 1260 inspired by the Lamborghini Sian
Romain Grosjean's massive accident shows how far Formula 1 has come in terms of safety
Toyota reveals GR Yaris AP4 to compete at 2021 Australian Rally Championship


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Bitcoin has finally broken the USD 20k resistance level. The record price generated massive traffic on a large number of crypto exchange platforms such as Binance and Coinbase.
Bitcoin All-Time Price High is causing problems with Binance
For weeks, many crypto enthusiasts have been hoping that the price of bitcoin would raise the USD 20k resistance barrier. That record was recently broken, as bitcoin (BTC) not only broke the USD 20k resistance but also passed as high as it did $ 23k in the last 24 hours.
As a result of this all-time high (ATH) price, crypto exchanges around the world have witnessed a massive increase in their traffic. Even some of the largest and most popular platforms were overwhelmed by the amount of traffic they could pull within this time period. Binance and Coinbase, in particular, had the most traffic, so their platforms saw some issues.
Binance’s chief executive officer, Changpeng Zhao (CZ), in a tweet, told its platform users that the plant was currently experiencing a scaling issue that would be resolved immediately. According to him, the platform had underestimated demand for the crypto asset, which resulted in difficulties for its trading exchange.
To avoid any future recurrence of such problems, he added that the company was adding “many more servers”.
Some latency issues here and there. Work on it, all hands on deck. 🙏
Bitcoin is up 5%, traffic is up 30x. https://t.co/lxSAX4lx3B
– CZ Binance (@cz_binance) December 16, 2020
Zhao also noted that Binance was experiencing some latency issues, but the exchange is doing its best to fix the issue. He further confirmed that traffic is not uncommon because whenever the price of the coin moves by at least 5%, there is always an increase in traffic.
Coinbase is also experiencing problems
Coinbase also faced similar issues to Binance. The company made one Announcement regarding this problem and went on to solve the problem almost immediately.
While Binance’s was a one-off, Coinbase has a history of recurring issues on its platform that it commonly refers to as “ connectivity issues. ”
The company’s CEO, Brian Armstrong, has made it known on several occasions that the company was working diligently to resolve such an issue in the exchange.
Apparently the company is experiencing technical difficulties when its website has a higher engagement rate.
What do you think about the main crypto exchanges that face problems when crypto prices run high? Let us know what you think about this topic in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or invitation to an offer to buy or sell, or a recommendation or endorsement of products, services, or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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The first-ever retail production example of the head-turning 2024 Corvette E-Ray has been sold at the recent Barrett-Jackson Palm Beach event for a cool $1.1 million (approx. £888,000). The winning bidder? None other than Rick Hendrick.
Like previous auctions of "first retail production examples" at Barrett-Jackson, the entirety of the hammer price of the new Corvette will be used to benefit a nonprofit. In this instance, the $1.1 million will be donated to DonorsChoose. This nonprofit organisation was founded to connect donors directly with requests from educators/teachers. Since the organisation's founding in 2000, more than two and half million classroom projects have been fulfilled through DonorsChoose.
“General Motors and Chevrolet are proud to join DonorsChoose on its mission of combating inequality in school funding by providing underserved communities with the resources needed for a quality education,” said Steve Majoros, chief marketing officer, Chevrolet. “The Corvette E-Ray is a special product for Chevrolet, and we are honoured that the proceeds from the sale of VIN 001 will aid this organisation in supporting students and teachers around the nation.”
When delivered, Hendrick will receive a revolutionary Corvette. For power, the E-Ray relies on a 6.2-litre V8 engine but there's the addition of an electric model to the front axle. That addition makes the E-Ray the first all-wheel drive Corvette and it produces a whopping 655 bhp to boot. What's more, the E-Ray is the quickest production Corvette with a 0 to 60 mph time of just 2.5 seconds.


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Employers in United States added far more jobs than expected in November, as hiring surged and unemployment dropped to a 50-year low.
According to the Bureau of Labor Statistics, nonfarm payrolls rose by 266,000 — compared with economists’ forecasts of 187,000 — and the unemployment rate fell to 3.5% to match September’s level. Wages also rose to an average hourly rate of 3.1% from the prior year.
The manufacturing sector hired 54,000 last month, following a decline of 43,000 in October — driven by the return of General Motors workers who were on strike. Employment in transportation and warehousing continued on an upward trend, tacking on 16,000 jobs.
The retail trade also saw 2,000 more workers. A 22,000 hike in general merchandise stores was offset by losses in clothing and clothing accessories stores and sporting goods stores of a respective 17,800 and 4,700.
Wall Street appeared to react positively to November’s jobs report, with the Dow Jones Industrial Average climbing more than 270 points in Friday morning trading. The S&P 500 was also up more than 26 points, and the Nasdaq Composite increased nearly 80 points.
The report also likely allayed concerns of a slowing economy. On Wednesday, payroll processor ADP found that private sector employment in the United States rose by 67,000 in November — far less than analysts’ bets of a 140,000 hike and the fewest number of workers hired in six months.
Job growth has averaged 180,000 each month so far in 2019, compared with an average monthly gain of 223,000 last year. The figures come as trade tensions, worker shortages and fears of an impending recession continue to worry American companies and investors.
Private Sector Job Growth Hit a Six-Month Low in November
How Wall Street’s Investment in Retail Killed 600,000 Jobs


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MIL OSI Translation. Region: Russian Federation –
The introduction of a floating export duty on wheat, meslin, barley and corn, which will start working on June 2, will prevent the impact of world prices on the domestic market, said Deputy Minister of Economic Development of the Russian Federation Vladimir Ilyichev.
“The main goal of the damper mechanism, created by us together with colleagues from the Ministry of Agriculture, is to prevent the transfer of fluctuations in external prices for products to the domestic market. It will allow promptly and automatically adjusting export duty rates depending on fluctuations in world prices. At the same time, we give grain producers and exporters a clear economic model that will allow planning investments for the development of production and participating in international tenders. It is important that the funds received in the form of income from export duties will be returned to agriculture in the form of subsidies, which will be calculated depending on the volume of production “, – noted Ilyichev, whose words are reported by the press service of the ministry.
Currently, a tariff quota for the export of grain in the amount of 17.5 million tons is applied (its validity period ends on June 30 of this year). If the quota is exceeded, the export duty rate is 50%, but not less than € 100 per ton. At the same time, until June 1, 2021, “intra-quota” rates for wheat and meslin were set at € 50 per ton, for barley – € 10 per ton, and for corn – € 25 per ton.
“The measures taken by the government have already allowed us to stabilize prices on the domestic food market. Thus, with growing world prices for wheat (average futures prices in Chicago from January to May of this year increased by 8%, to $ 260 per ton), the domestic price has decreased since the beginning of the year. by 10% and in April-May amounted to 13.3 thousand rubles per ton ($ 181 at the exchange rate as of June 1), “the Ministry of Economic Development notes.
According to Ilyichev, the measures introduced had a positive effect on consumer prices: the monthly growth rate of flour prices slowed down four times – from an average 1.6% in November 2020-January 2021 to 0.4% in February-May 2021. According to Rosstat, in April producer prices for wheat fell by 0.9% compared to the previous month.
In Russia, from June 2, 2021, a floating export duty begins to operate in relation to wheat and meslin, barley and corn within the framework of the existing damper mechanism.
The “intra-quota” export duty rate will be calculated by the Ministry of Agriculture of Russia every week based on the wheat price index of the National Commodity Exchange. This indicator was launched in April 2021 and is calculated based on Russian export prices in deep-water ports of the Black Sea. It is assumed that from July 1, the corresponding floating mechanism will apply to all volumes of these crops.
A source: TASS
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.


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Famitsu announced physical editions of the .hack 20th anniversary book will release on July 19, 2022.
The physical edition of the .hack 20th anniversary book will release on July 19, 2022.
The .hack 20th anniversary book will cost 3,250 yen (or roughly $24), which is close to the price that was previously announced.
Additionally, Bandai Namco entertainment released a short video to commemorate the 20th anniversary of the .hack series.
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Sega has unveiled the upcoming global release of the rhythm and visual novel mobile game, Hatsune Miku: Colorful Stage !.
Sega developed the game in collaboration with Colorful Palette and will be the first Hatsune Miku game to be released on mobile.
The new game was revealed as part of a celebration commemorating the 14th anniversary of Hatsune Miku’s founding.
Hatsune Miku: colorful scene! will feature live virtual performances by Hatsune Miku and five original bands, each band featuring an original story and unique style. The game is likely to be similar to Craft Egg’s Bang Dream! Girls group party.
Hatsune Miku is the world’s most popular voice synthesizer developed and owned by Crypton Future Media and has been featured in over 100,000 songs and has given several sold-out 3D concerts around the world.
The game is already available in Japan under the name “Project Sekai Colorful Stage! Feat. Hatsune Miku”. The title has proven to be a success and has surpassed five million downloads so far.
Several Hatsune Miku rhythm games have been released on various platforms in the past as part of the Project Diva series.
Hatsune Miku: colorful scene! is expected to be released worldwide on Android and iOS devices later this year.
Live virtual shows
âI have been a fan of Hatsune Miku from the very beginning and have watched the worldwide phenomenon of its fan base and community growing,â said Sega producer Shingo Kosuge.
âWe have created a new immersive experience with Hatsune Miku providing her fans, as well as fans of anime and Japanese culture, to engage and experience her music. It will be a pleasure for us to see how people react to musical performances and fun game challenges that we create. “
Earlier this year, Sega launched several new Sonic the Hedgehog games and partnerships that will release throughout 2021 and 2022.


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In his latest My Take, Stuart Varney discusses the devastating effects of China's zero COVID policy on the U.S. inflation, arguing that when China shuts down factories, they create a supply chain problem. STUART VARNEY: There is a country that still clings to a zero COVID policy, and that is China.
The 20 million people in China have been put under strict lock-down. And a COVID-free country.
China is the world's manufacturing capital. When they shut down factories there, they create a supply chain problem. He's staked his leadership on showing how China can manage COVID, while America can't have good luck with that.
China's vaccines are nowhere near as effective as those developed in the West and nobody has been able to shut down omicron completely.
Xi should accept that COVID is endemic, that we've got to live with it. He's locked into lockdowns. A reversal would mean a huge loss of face, and that's not good for China.
China goes the other way in a futile attempt to kill it off, just as we learn to live with COVID. It's like trying to eradicate the common cold. It's partly due to the fact that inflation lingers and it's partly their fault.


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How resilient is the eurozone economy against new Covid curbs?
A widely tracked survey will on Wednesday shed more light on whether new restrictions to contain coronavirus infections in many European countries has begun affecting eurozone businesses.
The IHS Markit purchasing managers’ survey is expected to indicate a further slowdown in eurozone business activity in March, even though it has remained more resilient in recent months than when the pandemic first hit a year ago.
The PMI for eurozone services is expected to inch up to 46, according to a Reuters poll of economists, which would mean it remains below the key threshold of 50, indicating a majority of businesses are reporting a drop in activity.
The reading for eurozone manufacturing is expected to hold steady at 57.9, as the industrial sector shakes off supply chain disruptions.
Overall, the composite eurozone PMI, combining the two sectors, is expected to rise slightly to 49.1. This is down from the peak of 54.9 hit when an economic rebound started last July, but still above the record low of 13.6 at the peak of the initial coronavirus outbreak last April.
The uncertainty created by the pandemic and the measures to contain it are likely to be highlighted by the European Commission’s flash consumer confidence indicator for March, which is expected to dip slightly to minus 15, down from minus 14.8 the previous month. Martin Arnold
Will US inflation data deepen investor concerns?
Central bankers and Wall Street investors are pencilling in stronger inflation as economies rebound on the back of an accelerating global vaccination campaign and an additional $1.9tn in stimulus from the US government.
On Friday, investors will learn how much prices picked up in February with the release by the US Department of Commerce of the personal consumption expenditures price index — the Federal Reserve’s preferred inflation gauge.
Economists forecast a 1.5 per cent year-on-year rise in the core index that strips out volatile food and energy prices, according to Bloomberg. In January, the index rose by the same amount, still below the Fed’s long-term inflation target of 2 per cent.
Markets are already pricing in rising inflation for the coming months. The 10-year breakeven rate, a measure of investors’ inflation expectations, climbed as high as 2.34 per cent this week — the highest level since 2013.
The Fed, too, said last week that it expected inflation to rise to 2.2 per cent this year, increasing its previous estimate of 1.8 per cent from December.
Treasury markets have reacted to rising inflation fears with a dramatic sell-off since the beginning of the year. The yield on the 10-year note, which moves inversely to its price, crossed 1.7 per cent on Thursday, a 14-month high. Aziza Kasumov
Will UK inflation prove hard to contain?
Inflation in the UK is expected to exceed the Bank of England’s 2 per cent target later this year, driven by an easing of lockdown measures, higher shipping prices and rising energy costs.
However, at its policy meeting on Thursday the BoE kept its main rate at 0.1 per cent, the lowest level on record, and maintained the target for its bond-buying programme at £895bn, almost double its pre-pandemic level.
The central bank, which is anticipating a rapid vaccine-fuelled upswing for the UK economy in the second half of this year, said it did “not intend to tighten monetary policy” until clear evidence emerged of a recovery in the labour market and the 2 per cent inflation target could be achieved “sustainably”.
Robert Wood, UK economist at the Bank of America, expects inflation to remain unchanged when February’s consumer price index level is released by the Office for National Statistics on Wednesday. In January, the price of consumer goods rose at a year-on-year rate of 0.7 per cent — a three-month high.
Wood predicts that level will rise to 2.5 per cent later this year “as energy price rises feed through the economy”. The price of Brent crude, the international oil benchmark, is up more than 60 per cent since early November.
Ahead of last week’s meeting, members of the BoE’s monetary policy committee expressed differing views on the medium-term inflation outlook.
Andy Haldane, its chief economist, said there was a “tangible risk” that UK inflation would prove to be “more difficult to tame” than policymakers expected, while Jonathan Haskel, an external member, saw “little risk of sustained above-target inflation” given the temporary nature of the factors that were expected to push prices. Valentina Romei
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Chrysler's designers did a great job with the Concorde. Three years after its debut, the bold grille and fluid lines...
Fiat and Mazda recently announced a partnership, and Fiat is taking it a step further by announcing that the Italian automaker is open to building Mazdas at its plants.
Read This Article
Chrysler and Carhartt will introduce the 2013.5 Chrysler 200S Special Edition at the 2013 New York Auto Show.
The new Chrysler 200 can be had for a surprisingly reasonable price
“Imported from Detroit,” a catch phrase Chrysler made popular during the automaker’s two-minute Super Bowl ad has turned into a slap fight over who owns the rights to use it.


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Grimsby food packaging specialist Ultimate Group has been bought out by a global giant in its field.
ProAmpac, an international leader in flexible packaging and material science, has completed a huge undisclosed deal for the major Europarc operation.
Recent years have seen it expand substantially on the flagship business park, having started life as a solo merchanting operation in Brigg back in 1982.
It now employs more than 250 people, turning over £50 million as it works with the likes of Aunt Bessie’s and Young’s Seafood, while delivering own label packaging solutions for all the major retailers.
Greg Tucker, founder and chief executive of ProAmpac, said: “Ultimate Packaging’s innovative team and high-quality flexible packaging portfolio are exciting complements to ProAmpac’s growing family.
“As we expand our reach across the UK, this combination will help us better serve our customers with an enhanced offering of recyclable and compostable solutions.”
A huge drive has been sustainability in recent years, while also pioneering personalisation and digitalisation.
Nigel Tonge, founder of Ultimate Packaging, said: “As a family-owned business, it was important for us to select a partner who shared our values, commitment to innovation and philosophy of partnership with our customers. We are pleased to work together with Greg and the ProAmpac team to extend our collective market leadership and provide tremendous value to our customers.”
Cincinnati-based ProAmpac is owned by Pritzker Private Capital along with management and other co-investors. Ultimate is ProAmpac’s fourth acquisition of the year, and third in the UK.
IG Industries and Brayford Plastics Ltd were added in March.
It has almost 50 manufacturing sites globally, with more than 5,800 employees supplying more than 5,000 customers in 90 countries. It serves consumer, healthcare, e-commerce, retail and industrial goods markets. Ultimate Packaging will adopt the ProAmpac brand as operations are maintained.
Jeremy Hodson, managing director of Ultimate Packaging, said: “The Ultimate operations team and I, who will remain with the company, are looking forward to working with the ProAmpac team to further enhance our customer offering and opportunities for growth.”
Ultimate operates across 180,000 sq ft, having started life as a merchanting business from Mr Tonge’s spare bedroom. It acquired the Hull printer it worked with in the Nineties, pulling various operations from Brigg, Alford and Scunthorpe together at Europarc in 2000.
Subsequently it has added a large former neighbouring DWP call centre and other business premises adjacent as they moved on, with the latest step a new build on the wider park.
Chris Trick, investment partner at Pritzker Private Capital, said, “The acquisition of Ultimate Packaging is ProAmpac’s third acquisition in the UK this year. We are pleased to continue our partnership with ProAmpac as the company further strengthens its offering of sustainable flexible packaging solutions.”


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Fiat bought the remaining 41.46 percent stake in Chrysler from a retiree healthcare trust affiliated with the UAW. The trust, known as a voluntary employee beneficiary association or VEBA, has received $3.65 billion in cash for the stake, $1.9 billion of which came from Chrysler and $1.75 billion from Fiat.
Chrysler has also committed to giving the UAW trust another $700 million in four equal annual installments, the first of which was paid in connection with the deal closure, Fiat said.
Fiat previously bought out the stake held by Canadian governments, so once the current deal closes, Fiat and Chrysler can be merged into a single company. The deal will unite the Fiat and Lancia brands and Alfa Romeo, Maserati and Ferrari, with Chrysler and Dodge mass market groups and Jeep.
Marchionne, a Canadian/Italian accountant, will remain as CEO through at least 2016 to pursue the merger of Fiat and Chrysler as part of a strategy to maintain earnings growth, Chairman John Elkann told journalists in Detroit on Jan. 13.
Marchionne has estimated that Fiat and Chrysler together are the seventh-biggest carmaker worldwide. The two companies sold about 4.4 million vehicles combined last year, about half the annual production of Volkswagen, GM, and Toyota.
Marchionne has said that the US has the best claim as headquarters for the new company and that, once the Chrysler combination is complete, Fiat would be open to additional partnerships with other carmakers, such as Peugeot Citroen and Suzuki Motor Corp. Chrysler, meanwhile, has reported solid earnings—$1.14 billion for the first three quarters of 2013, and nine consecutive profitable quarters.


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Pokemon’s CEO hints at big plans for games on smartphone, switch4 min read . Updated: 06 Sep 2017, 02:54 PM IST
Pokemon CEO Tsunekazu Ishihara says he has bigger plans for Pokmon Go, including the ability to trade the virtual monsters and battle one-on-one
It’s been more than a year since Pokémon Go took the world by storm, getting people to wander outside and look for virtual monsters with their smartphones.
The game became a social phenomenon, with adults and children gathering in parks and public areas to train their Pokémon. The fad is still going strong, with new characters and upgrades being added regularly. More than 65 million people use the app each month, although it’s down from a peak. In the US, the game is among the 20 most lucrative apps this year, holding the top spot for about a week in July.
For the companies behind Pokémon Go.—Niantic Inc., Pokémon Co. and Nintendo Co.—the game has been an earnings bonanza, with revenue estimates ranging from $1.5 billion to $2 billion. Nintendo has reported 23.6 billion yen ($215 million) in income from equity stakes in other companies, the bulk of which came from its partial ownership of the Pokémon company.
Tsunekazu Ishihara, chief executive officer of Tokyo-based Pokémon, says this is just the beginning. He sat down with Bloomberg News to discuss the future of the smartphone title, Nintendo’s Switch gaming machine and his company’s upcoming Pokémon game for the new console.
Earlier, Pokemon games spanned titles on Nintendo’s portable handheld players as well as trading cards, cartoons, comics and toys. That created a rich pop-culture history and consumer affection that the smartphone title has tapped into. Ishihara has bigger plans for Pokémon Go, including the ability to trade the virtual monsters and battle one-on-one—key features seen in other Pokémon-based games. While others have mentioned these might be coming, this is the first confirmation by the company itself. By adding new elements to the game, Ishihara is betting that people will keep coming back to play to discover new things.
“We’ve only accomplished 10% of what Pokémon and Niantic are trying to do, so going forward we will have to include fundamental Pokémon experiences such as Pokémon trading and peer-to-peer battles, and other possibilities," said Ishihara.
“Depending on location, there are many Pokémon with different characteristics. So what do we do with those and the real world? One view is to have chilly Pokémon in a cold climate, but then that would also mean that people born on a tropical island won’t be able to catch them. So we are always thinking of how to find the right balance between game design, how our Pokémon should exist, and how players feel about their collections."
“Right now, if you go to the coast you can catch water Pokémon. For example, if you have a setting for electric-type Pokémon (such as Pikachu) to appear at power plants, is that really a good idea for you to find one in such a location—is it safe, and is it OK regionally? We see it as a very realistic problem."
“On the other hand, it has created a lot of social problems. When too many people gather, it causes mass confusion. Also this isn’t limited to Pokémon Go, but the issue of staring at smartphones while walking is something we have to focus on and think about."
The new Pokémon game for switch
In June, Ishihara revealed that a role-playing Pokémon game was under development for the Switch. A 16-second clip of the announcement caused Nintendo’s stock price to jump as much as 3% in US trading, as investors bet the new title will boost Switch sales. Ishihara shared a few more details about the game, which is set to be released in 2018 or later.
“With the Switch, we see it as a chance to create Pokémon that goes deeper and with a higher level of expression. As a result, that makes it an extremely important platform."
“Right now we’re using 7 to 8 inch screens, but on a high-definition TV you can express a whole different world with graphics and sound."
“Until now, games were made as one for one person, but now you can go home and play with everyone -- so how do we tackle these themes, and how do we make sure it’s not complicated?"
“I can’t say that we’ll release accessories, but I’d like to think of that possibility."
“Unlike smartphones, the Switch is not a game device that assumes that there’s constant network connectivity. So from our perspective, it’s really not that different from DS or 3DS in terms of connectivity."
Augmented reality and the future of Pokémon
Ishihara also spoke at length about augmented reality, a technology that superimposes virtual characters and scenes onto real-world images. He said that this fits well with the Pokémon company’s vision of blending fantasy with reality, as Pokémon Go did as a location-based game.
“With current AR, even if you say Pikachu is there, no one really thinks that. But that reality is just one step away. For example, you’ll be able to find Pikachu, and it can sense this table and jump on it, and you can see its shadow on the table, and then it faces you and starts talking to you. We will see the birth of this reality that is another step up from the current Pokémon Go. And I’ve only mentioned the visual aspect, but you can add haptic and rumble technology to that."
“Voice-activated assistants are increasing. Whether it is Google Home or Amazon or Apple Homepod, there are many of them and we could see these dialogue-based devices give birth of a new form of entertainment."
“Switch is just one of the possible platforms. I think we will open up more possibilities from all these platforms. Playing in a more realistic way should be possible." Bloomberg


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Announced back at IFA 2017, the Samsung Gear Sport smartwatch and Gear IconX 2018 are finally up for pre-order in the USA starting today. Available in Blue and Black, Gear Sport is $299.99 and will be available in the U.S. It has 5 ATM water resistance so you can use it while swimming. The wireless earbuds comes with Bluetooth 4.2 connectivity option and it has a 5.8pi dynamic driver for better audio experience.
The Evil Within 2 looks much more accessible than its predecessor, with three different difficulties that cater to different players. Check back regularly, and you'll find more. What's more items are fewer in number and ammo is scarce, so you'll be forced to craft them instead. Finishing the game nets you new weapons and more crafting supplies for your New Game + run.
It runs Lenovo's own ZUI based on Android 7.1.1 Nougat and comes with all the Moto Actions. As a launch offer, the company will offer Rs 2,000 discount on buying the blue colour variant between October 14 and October 21, meaning that you could buy the latest Moto G5S midnight blue variant for a complimentary price of Rs 12,999.
Originally, fans weren't a fan of the limited online options, though Nintendo promised to update that eventually. The big-ticket item is Online Team Battles . You'll be able to control the opposing Pokemon and record its movements so you can play them back when you're training to help improve your skills. Among the new features in the update is the ability to have 3v3 group battles online, as well as official groups created by the developers being made available.
The first report of the trademark application was provided by a bot Twitter page that showed the documents were submitted last September 15 and had an attached Game Boy console image. Back in 2005, Nintendo released a smaller version of the Game Boy Advance called the Game Boy Micro. At launch, Game Boy owners around the world enjoyed classic titles such as "Tetris", "Super Mario Land", "Alleyway", "Baseball", "Tennis", and the Japan-exclusive "Yakuman".
It turns out, OnePlus is transferring this info along with your phone's serial number, meaning that your activity is personally identifiable. He noticed an unfamiliar domain while completing the SANS Holiday Hack Challenge and chose to further examine it.
Bungie has officially announced the system requirements for the upcoming PC port of its massively multiplayer sci-fi epic Destiny 2 , which will require at least an Intel Core i3-3250 or AMD FX-4350 with 6GB of system RAM to run. The Prestige Raid will still begin on October 18 at 10AM Pacific. "One thing we did accomplish as part of our investigation was the creation of a way to verify a clean finish".
The battery feature however seems to be muted down to 3000 mAh in Honor 6C Pro from 3020 mAh found in 6C. Huawei has unveiled a successor to its Honor 6C series of smartphones in the form of Honor 6C Pro. The Honor 6C Pro comes with a hybrid SIM card slot, which means that it can either house two SIM cards at once, or a single SIM card and a microSD card.
In L.A. County, the red flag warnings are in effect in the San Gabriel Mountains, the Angeles National Forest, the Santa Monica Mountains, and the San Fernando and Santa Clarita valleys. Red flag warnings are issued for areas where "extreme fire behavior" may occur within 24 hours. Including the San Gabriel mountains. In Orange County, partly cloudy skies were expected along the coast but sunny skies were in the forecast in the county's inland sections.
The program begins at 8pm ET. The asteroid, observed by a telescope in Hawaii for first time in 2012, has disappeared for several years, and this was expressed in July. There is absolutely no risk TC4 will hit Earth. Astronomers pointed out that asteroid, which is estimated to be 10 to 15 meters in diameter , would not cause serious damage, even if it crashed into earth, it would probably turn into a big fireball by burning in atmosphere .
An eyewitness was quoted as saying: "You could see one chute was tangled and it wasn't opening". "I was just watching him in free fall until he went behind the trees, and that was the last I saw", he said. Police have not yet released further details of the crash. Skydiving is a popular tourist activity in the area, with numerous backpackers who travel the Queensland coast stopping by Mission Beach .
The 30-scrip Sensitive Index ( Sensex ) of the BSE , too, witnessed a strong closing at 32,432.69 points - up 250.47 points, or 0.78 per cent, from its previous close - its highest level since August 1 when the Sensex closed at a high of 32,575.17 points.
The parents relate to the Force Touch touchscreentech used in iPhones as well as the way Apple's handsets manage power. Although Apple doesn't use Snapdragon processors in its iPhones, it's still on the hook for numerous patents Qualcomm owns.
That shouldn't be too hard - Humble Bundle is already a very recognizable name among PC gamers, and with the kind of reach that IGN has, ramping up its fundraising goals shouldn't be any problem. Humble Bundle , which was launched in 2010, started as a site that sold games to users at pay-what-you-want prices, with the proceeds going to charity.
The stock rose 0.03% or $0.1 reaching $355.78. About 3,274 shares traded. DURECT Corporation (NASDAQ:DRRX) has risen 7.89% since October 13, 2016 and is uptrending. The stock of Tesla Inc (NASDAQ:TSLA) earned "Buy" rating by Piper Jaffray on Wednesday, September 27. The rating was upgraded by S&P Research on Tuesday, October 13 to "Hold".
Both the e-commerce companies who are rivals of each other declare their sales on the same date which is quite surprising. Diwali is one of the most celebrated festivals in India. There are upto 40% off on mobiles, while mobile accessories are being offered on 80% off. Flipkart is also offering a "No Cost EMI" option to purchase products during the festive sale on more than 4 lakh products, according to the Flipkart website.
In a letter to employees, Kwon noted that as the firm is "confronted with unprecedented crisis inside out, I believe that time has now come for the company start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry".
Video calling brings you face to face with your family and friends, whether you're in the same city or thousands of miles away. The brand's even going to introduce the ability to switch to a video call while on a voice call later this year.
The first signal was received 93 minutes after launch as the satellite passed over the Kiruna station in Sweden. The mission will be controlled by operators in Darmstadt, Germany, who will be monitoring the satellite's systems to check they are healthy and functioning properly.
Adelie penguins - named in 1840 by French explorer Jules Dumont d'Urville after his wife, Adele - are generally faring well in East Antarctica but are in decline in the Antarctic Peninsula. 'The region is impacted by environmental changes that are linked to the breakup of the Mertz glacier since 2010, ' said Yan Ropert-Coudert, who leads the Adelie penguin programme next to the colony.
Customers can order take-out or delivery from restaurants including Jack in the Box, Panera, and Five Guys. The company said in a blog post that it has also signed on food ordering services such as EatStreet, Delivery.com, DoorDash and Olo.
President Donald Trump's official portrait from Wikimedia Commons. An avid Fox News watcher, Trump, it was revealed just Tuesday, often calls Sean Hannity after the Fox News host's show ends. did". Trump commented on his retweet . Mr Trump told reporters in the Oval Office this week it was "frankly disgusting the way the press is able to write whatever they want to write, and people should look into it", criticising the "tremendously dishonest press".
More usable rear seats, for the first time with ISOFIX points for child seats, more room, more comfort and more refinement, plus the quality and electronics re-invention ushered in by the DB11, are all evident here. The fabric hood is an eight-layer job available in red, black-silver or grey-silver. It can be operated at speeds up to 31mph and takes just 14 seconds to open and 16 to close.
This feature works in a way that it saves a lot of mobile data. However, Samsung's first major attempt with the Galaxy S8 has ended not as intended, with reports that the feature can even be fooled using a 2D photo. Samsung Galaxy J2 2017 Edition packs a 2,000mAh removable battery . There is also the Ultra Data Saving mode which is claimed to help users save up to 50 percent data.
But they weren't able to pinpoint the precise mechanisms that led to the carbon dioxide increase until now. This cycle, coupled with the continual emissions from fossil fuel burning over China, Europe and the southeast United States, means carbon levels reach a seasonal high in April in the northern hemisphere, it said.


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HBO GO® Will Be Added to Xbox 360 April 1st
In a move to promote season 2 of Game of Thrones, HBO GO® will be added to the Xbox 360 dashboard which will enable streaming and access to every HBO series, film and documentary.
The news came last night in an announcement by Erick Kessler, Co-President of HBO. Since HBO Go® has always been a subscriber service, the logistics of who might be able to access it on April 1st is still up in the air (although most likely you will still need an existing subscription to HBO, as well as an existing Xbox Live Gold membership). Up until the April 1st due date, HBO Go® has only been available to customers of DIRECTV®, U-verse®, Verizon FiOS, Cox® Cable, Comcast®, DISH® Network, Suddenlink Communications, and Charter® . In April, 2011 the HBO GO® arrived to the iPhone, iPad and Android causing over one million downloads of the app in just one week. By the end of June, the app downloads grew to over three million.


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Crave Culinaire, an upscale catering company based out of Naples, Florida, announced its expansion into the Sarasota area earlier this month. Utilizing ultra-modern techniques and fresh, locally-sourced ingredients, Crave Culinaire wows guests with immaculate presentation and enticing dishes. The team recently celebrated its five-year anniversary and is excited to expand into this new market.
Team Crave has expanded to serve guests in the Sarasota, Venice Beach and Siesta Key areas of Florida, bringing them a catering service the area has never seen before. Not afraid to push the envelope and think outside the box, Chef Brian Roland and his team of event professionals design custom menus for a multitude of different events, including in-home dining, wine pairing experiences, cooking classes, corporate events and more. Team Crave offers personalized services that are designed to provide guests with the ultimate dining experience…one that they’ll never forget.
Crave Culinaire’s most recent notable events include; Golisano Children’s Museum’s “Night at the Museum” Gala, serving over 450 guests, various charity events, benefiting local charity organizations across Southwest Florida, such as the Make a Wish Foundation and Gulfshore Playhouse, and numerous private events, including a private dinner event in an airplane hangar and a James Bond themed birthday bash.
Founded by Chef Brian in 2013, Crave Culinaire (www.craveculinaire.com) grew from only a handful of team members and one catering vehicle to earning such accolades as “Best Caterer” by Gulfshore Life and Chef Brian’s appearance on CNBC’s Restaurant Startup. In 2017, Chef Brian and his wife, Nicole, started Venue Naples, an upscale event space, which features the culinary masterpieces of Crave Culinaire. Team Crave has worked with over 100 chefs in their kitchen and has fed over 85,000 mouths since 2013.
Chef Brian speaks about Team Crave’s newest endeavor and what he hopes for the future.
“Expanding into new areas is something that we’ve always dreamed of and being able to make this a reality is so exciting. Bringing our out-of-the-box experiences to the Sarasota area is something that the entire team is looking forward to and we’re just humbled by all of the support we’ve received throughout the year. Let’s do this!” he says.
About Crave Culinaire
Crave Culinaire was founded by Chef Brian Roland, Owner and Executive Chef. Chef Brian and his team specialize in creating an exclusive culinary experience through in-home dining, private and public events, cooking classes, customized catering, food and wine pairings and showcasing immaculate culinary delights. Crave Culinaire is driven by their passion for food, and focuses on incorporating fresh and local ingredients. Crave Culinaire is also paired with the fully customizable space of Venue Naples. Venue Naples is a multi-use event space and art gallery incorporating fine dining and exquisite service.


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MARKET REPORT: Car crash at Pendragon as pre-tax profit £15m less than expected after vehicle sales stall
Analysts at Berenberg dropped their ‘buy’ rating on the stock as Pendragon warned consumer confidence had waned
Investors slammed the brakes on Pendragon as the car retailer warned of a fall in demand for new cars.
Pendragon warned pre-tax profit for the year will now be around £60million – down from an expected £75million – as used car prices are hit by lower demand.
Profits dropped more than 20 per cent for both used and new cars sales over the past quarter.
Pendragon said it will be reviewing its brands to evaluate the appeal of each and will make no further acquisitions in the US.
Analysts at Berenberg dropped their ‘buy’ rating on the stock as Pendragon warned consumer confidence had waned and it expects the new car market to continue to decline. Chairman Mel Egglenton has stepped down with immediate effect for personal reasons, it was also announced. The 66-year-old has held the role since 2013 and said ‘we have achieved much in a challenging retail environment’.
Shares plunged 18.1 per cent, or 5.25p, to 23.75p – a four-year low – wiping £75million off the value of the company. The FTSE 100 edged up 1.2 points to finish the day at 7,524. Drugs giant GlaxoSmithKline revealed its shingles vaccine has been approved in the US.
Clinical trials of Shingrix, which aims to prevent the condition in those aged 50 and over, showed a 90 per cent efficacy rate.
Shingles, which is caused by the same virus that causes chickenpox, is estimated to affect one in three people in the US. Shares were off 0.2 per cent, or 4p, to 1,519.5p.
Rival pharma giant AstraZeneca also announced an FDA approval. Its treatment for type-two diabetes aims to keep insulin levels under consistent control, and has also been shown to help weight loss in patients. Astra also announced a potential treatment option for patients with breast cancer in Japan. The business, together with Merck, has submitted a drug application to Japan’s regulator and a decision is expected in the second half of 2018. Shares dipped 0.4 per cent, or 22p, to 5140p.
A profit warning from Real Good Food left a bad taste in investors’ mouths. It’s the third alert from the ingredients group, which scrapped its earning guidance and warned this year would see a pre-tax loss.
The firm said sales growth had been encouraging – up 13 per cent from a year ago – but it was not translating into greater profitability.
RGF blamed its issues on everything from currency movements and rising costs (most notably butter) to increased fees from corporate advisers and disruption to its output.
Pendragon profits dropped more than 20 per cent for both used and new cars sales
Russ Mould, investment director at AJ Bell, said: ‘The firm is already taking decisive action by moving the company’s headquarters from London to Liverpool to cut costs. But there is a nagging doubt about the firm’s competitive position. A squeeze on profits from rising prices, especially butter, does raise the question of whether Real Good Food is strong enough.’ Shares in RGF dropped 15.4 per cent, or 4p, to 22p.
Braemar Shipping Services shares sank even as it promised profits would improve. Revenue in the six months to August 31 was £66.6million, down from £70.2million a year ago, and underlying profit fell to £2.3million, from £2.8million.
The firm said cost-saving measures and a solid pipeline of business would see a continued recovery. Chairman David Moorhouse said the company was well placed to deliver a stronger performance in the second half of the year. Shares fell 2.5 per cent, or 7.62p, to 295p.
Building materials firm CRH has received shareholder approval for its £2.6billion purchase of Ash Grove. CRH will buy the US cement manufacturer subject to regulatory approval. Shares in CRH gained 1 per cent, or 28p, to 2,818p.
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Accelerating time to market is high on the priority list of most manufacturers. Medical device OEMs are no different, but, in addition to the design and manufacturing challenges that all companies must overcome, they also must satisfy FDA requirements.
"When we examined how we could better support our clients in quickly getting products to market, we identified two bottlenecks in the commercialization process: tooling and the FDA regulatory pathway," says Derek Mathers, Business Development Manager at Worrell, a design bureau in Minneapolis, MN. By integrating 3D printing and injection molding in its design process, Worrell has been able to help customers save considerable time and money.
Tooling is a pain point for medical device manufacturers because they invest multiple weeks and significant capital in each mold needed to produce prototypes, says Mathers. Moreover, the molds often require multiple iterations before the design can be finalized.
"Each time a design is fine-tuned, another mold must be cut, representing another significant investment of time and money for our clients," says Mathers. To minimize potential iteration risks and reduce tooling costs, Worrell 3D prints molds using PolyJet technology from Stratasys and processes them to achieve a desired surface finish. The mold is then used with an in-house injection molding press to produce a prototype in the same material that will be used for the finished device.
Says Mathers, 3D printing allows Worrell to create high-fidelity molded parts for prototypes and streamline development by soliciting user feedback. By accelerating this phase of the design and development cycle, FDA clearance can be achieved sooner.
3D printed molds can be finished in two days, compared with the six-week lead time that is typical of traditional tooling processes. "So, you're saving time and cost at the tooling stage," says Mathers. By contrast, aluminum molds are rarely perfect the first time, he adds. "Adjustments always need to be made to the design and tooling. With our technique, you can do the testing and sterilization on a functional part without investing in tooling."
Mathers cites a recent medical device project as a concrete example of the cost and time savings that can be realized. "During validation and functional testing on a series of 3D-molded prototypes, we were able to identify several important design changes that needed to be made," says Mathers. "Instead of going back and making a large capital investment in tooling again, we simply printed the revised molds and were able to run molded parts the next day. Using conventional technology, these critical observations would not have surfaced until much later in the design process, adds Mathers.
Few design firms have the infrastructure or the willingness to make the investment that is necessary to achieve this level of integration to benefit their medical device customers, says Mathers. "We have integrated 3D injection molding into our design process, enabling us to help clients get their products to market faster and maximize ROI," he adds.
In business for 37 years, Worrell has collaborated with many of the leading medical device manufacturers on product design and development projects. It is also active in the consumer products and technology sectors, and has expertise in industrial design, engineering, user experience, and branding and packaging.


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Generative AI Software Market Forecast to Expand Near 10 Times by 2028 to $36 Billion, S&P Global Market Intelligence Says Jun 8, 2023
More complex generative AI models may now be trained and used because of improvements in computing power and the expanding availability of massive datasets. Generative AI models can learn from various sources and produce outputs with higher accuracy and complexity if they have access to additional data and computing power. Europe is a leader in research and development for artificial intelligence because of its creative businesses, industrialists, and digital start-ups based on scientific discoveries. With a strong industrial base, Europe makes many of the world’s industrial and professional service robots and tools in health, transportation, security, farming, and energy. Artificial intelligence is often used in almost all-important businesses, such as manufacturing, healthcare, transportation, e-government, and space technologies. Europe’s Generative AI market trend is continuously evolving and is expected to grow quickly in the coming years.
The market is currently worth more than $13 billion globally, but it is expected to approach $22 billion by 2025, with a stunning Compound Annual Growth Rate (CAGR) of 27.02%. This exponential rise may be ascribed to a variety of causes, including the availability of massive amounts of digital data, the widespread use of generative AI tools, and amazing advances in machine learning techniques.. Notably, North America dominates the generative AI market, holding a significant revenue share of 41%. The growth can be ascribed to the extensive applications of Generative AI in film/music production, fashion, and gaming, which unlock a myriad of possibilities. In music, Generative AI tools permit the remixing of already-existing songs and the creation of unprecedented compositions. For video production and editing, Generative AI tools streamline the procedure by adding special effects and generating fresh videos like animations and even full movies.
Market Restraining Factor
Based on Technology, the Generative AI Market segmentation includes Generative Adversarial Networks (GANs), Transformers, Variational Auto-encoders (VAEs), Diffusion, and NeRFs. The Transformers segment held the majority share in 2022, contributing around ~37.5% to the market revenue. Transformers, in particular, have propelled much of the recent research and hype surrounding generative models. Transformers, a ground-breaking neural network that can analyze massive data sets at scale to construct large language models (LLMs), debuted in 2017. The models in OpenAI’s Generative Pre-Trained Transformer series are among the largest and most powerful in this category, with one of the most recent, GPT-3, including 175 billion parameters. Video content consumption has also been on the rise across various platforms, including social media, streaming services, online advertising, and virtual communication.
From my first contact, I was grateful for the professionalism shown by the whole IMARC team. Asia-Pacific region exhibited fastest growing CAGR for generative AI during the analysis period of 2022 to 2030. The transformer segment is expected to dominate the generative AI industry with a CAGR of 26.4% from 2023 to 2033.
Market Size Estimation
This system employs generative models, such as large language models, to statistically sample new data based on the training data set. These models use machine learning algorithms to learn patterns in existing data & generate new content based on those patterns. LLMs expand content production, language translation, sentiment analysis, and data analysis. LLMs may aid sentiment analysis, which analyzes massive text data to estimate public opinion and customer feedback. The growing generative AI market and the need for AI-powered chatbots and virtual assistants indicate LLMs’ commercial potential. In the secondary research process, various sources were referred to for identifying and collecting information for this study.
The latest developments in deep learning algorithms and hardware, such as Graphics Processing Units (GPUs) and Tensor Processing Units (TPUs), have been the primary driving forces of generative AI. These developments have made it possible to produce generative models that are more sophisticated and complicated. Generative AI utilizes deep learning algorithms and neural Yakov Livshits networks to discover patterns and generate new outcomes based on them. Generative AI grasps the context of a source text and linguistically creates those phrases in a different language using sophisticated deep-learning techniques. Deep learning methods, such as neural networks, are used by generative AI models to create new content, such as pictures, movies, or texts.
Founder of the DevEducation project
A prolific businessman and investor, and the founder of several large companies in Israel, the USA and the UAE, Yakov’s corporation comprises over 2,000 employees all over the world. He graduated from the University of Oxford in the UK and Technion in Israel, before moving on to study complex systems science at NECSI in the USA. Yakov has a Masters in Software Development.
Many organizations outsource these services to ensure on-time delivery to their clients. Personalised suggestions for goods, content, or entertainment are another application for generative AI that excels because it takes into account user preferences and behaviour. Additionally, generative AI gives artists and designers the freedom to push the frontiers of artistic expression by enabling them to create original works of art, experiment with innovative visual styles, and explore new creative horizons. Deep learning segment was leading the generative AI market in terms of technology in 2022.
- Shifts in workflows triggered by these advances could expose the equivalent of 300 million full-time jobs to automation, Briggs and Kodnani write.
- The software segment held the majority share in 2022, contributing around ~65.3% to the market revenue.
- In addition, the incorporation of AI improves analytics, which aids companies in using sentiment analysis, visual recognition, and dialogue capabilities to boost segment growth.
- Henceforth, it would accelerate the market growth of this technology in the forecast period.
Significant interest has been shown in generative AI across a range of sectors, including design, gaming, and healthcare. It is essential to the healthcare industry’s ability to identify new drugs, analyze medical images, and prescribe tailored treatments. Generative AI facilitates the creation of compelling virtual worlds and realistic characters in the game industry.
How and when will I receive my Report?
Because generative AI has so many possible uses, and because MedTech is a highly regulated field where people’s lives are on the line, some companies may take a wait-and-see strategy. In-person visits to customers have been increasingly restricted for MedTech sales teams in recent years. Generative AI can help to accelerate those efforts Yakov Livshits by enabling mass personalization and adapting marketing messages to resonate more successfully with diverse client demographics, resulting in higher conversion rates. Rising complexities in information technology and other technologically advanced industries are the leading generative AI market trend that is fueling the industry demand.
The world is poised to see an explosion of growth in the generative AI sector over the next ten years that promises to fundamentally change the way the technology sector operates. The technology is set to become an increasingly essential part of IT spending, ad spending, and cybersecurity as it develops. Generative AI has experienced a substantial surge in demand from North America, particularly in the United States. The region’s robust technological ecosystem, investment in AI research, and the presence of leading tech companies have contributed to this demand. By automating laborious coding, generative AI has also had an impact on the software development industry. Rather than totally coding the software, IT professionals may now swiftly design a solution by communicating what they are searching for to the AI model.
Key Players in the Generative AI Industry
This can be attributed to the rise in demand for pre-training models on large amounts of data and fine-tuning them for specific tasks. Furthermore, language models such as GPT-3 have been shown to be highly effective in tasks such as language translation, summarization, and text completion, and their use is expected to increase in various industries. On the other hand, the Asia-Pacific region is forecasted to be the fastest-growing segment during the forecast period. [541 Pages Report] A notable expansion trajectory is anticipated within the generative AI market, forecasting an escalation from its 2023 valuation of USD 11.3 billion to a substantial valuation of USD 76.8 billion by the year 2030.
The market is expected to grow faster due to the increasing demand for generative AI in all industries. At the same time, the automotive and transportation segment had a market share of 22%. The multi-modal generative model is predicted to be the fastest-growing segment with a growth rate of around 41.6% during the outlook period. The multi-modal generative model can achieve greater Yakov Livshits accuracy and robustness by merging data from multiple modalities, augmenting the segment’s growth. Integrating generative AI successfully into various industries requires strong collaboration between humans and AI systems. Fostering trust, understanding, and acceptance of generative AI among users, employees, and stakeholders is paramount to realizing its full potential.
The growing number of partnerships, collaborations, and product launches that are offering lucrative opportunities to the market players in this domain will also lead to a rise in the growth of the generative AI market. Furthermore, the increasing investments in Artificial Intelligence research and development across the globe will also cause an increase in the generative AI market growth. Generative AI deploys machine learning techniques to create content like images, text, video, and audio.


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A federal district judge in New York City has ruled that a news-scraping service committed copyright infringement by reusing portions of articles from the Associated Press. The Denver Post reports that Judge Denise Cote ruled in favor of the AP in its case against Meltwater US Holdings, Inc. Meltwater offers a paid service for customers that would like to track when they're mentioned in the press. Meltwater provided customers with the first portion of the article — which usually contains the basic facts and premise being discussed — followed by a short excerpt.
Judge Cote disagreed with the fair-use argument
Meltwater had argued that its service was covered under fair use: basically, that it operated much like a search engine by providing access to specific kinds of information, and repackaging that information for its customers was transformative enough to steer clear of any infringement claims. Judge Cote disagreed, pointing out that Meltwater had little in common with search engines as they're commonly thought of. In fact, a Meltwater executive testified in a deposition that a click-through rate of just 0.05 percent would be consistent with the company's expectations for its service. Cote also noted that the AP offers licenses for its content — licenses that some of Meltwater's competitors pay. By repurposing AP content without paying, Cote writes, "Meltwater not only deprives AP of a licensing fee in an established market for AP's work, but also cheapens the value of AP's work."
Meltwater CEO Jorn Lyseggen told the Post that the company would be appealing, but if the decision stands it has the potential to affect similar cases down the line. In a statement, AP CEO Gary Pruitt seemed to relish just such a possibility. "For years all of us have been hearing that if it is free on the Internet, it is free for the taking," he said. "That's what Meltwater argued. The judge in this case just rejected that argument."


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SPEAKING WITH AMD's 5800-series Product Manager, Dave Baumann, we tried to get him to share a bit of his wisdom.
Over the past few weeks consumers, AIBs and distributors alike have been concerned about AMD's availability on its flagship 5800-series graphics cards, or rather, anything built on 40nm coming out of TSMC's ovens. It now seems there was some reason to worry, but AMD has promised to get things sorted in no time.
We rang up AMD to get its input on what's going on, just in case Saint Nick had a different idea on what to stick down our stockings. Dave Baumann took the lead and we fired off a few volleys of questions. Dave Baumann is Product Manager for the 5800-series graphics cards and the guy to quiz on all things Evergreen related.
The conversation started off with the rather blunt question, "What's up with this TSMC yields deal?" Not the most subtle of approaches, we must confess, but it set the tone for the call.
Dave Baumann explained that right off the block, wafers were coming out every week. "Thousands per week with AIBs. Tens of thousands in the next weeks." Sounds like good news, of course, but the chip was naturally harder to make. "It is a much bigger chip, higher priced and with different TAM expectations," added Baumann. And when compared to its predecessor, the "RV770 was a much higher volume chip anyway."
Apparently the problem occurred seven weeks ago at TSMC. Although AMD didn't disclose the reason for what happened, production was stunted and the master marketing plan was pushed out six weeks - but not launch dates, mind you. As mentioned by Charlie Demerjian in his article here, AMD sources seem to be as much in the dark about the specifics of what happened as we are. Baumann insisted that despite the constraint overall yields have been increasing steadily.
We asked, "How will this affect the introduction of the value offerings (Redwood, Cedar) next year?"
"These cards will still be launched in early 2010 - quarter one - and this has not changed our plan," said Baumann.
Concerning what AMD's expectations had been in terms of yield and just how much had that fallen short, he added "Yield is a little off, but not too far off. Availability is widespread right now, there's lots of product on the shelf."
We subtly nudged, "Are you considering other fabs?"
"No," said the Baumann. "There are currently no other fabs equipped to handle our production."
We quizzed, "How much of that is 5800-series and how much is 5700-series?"
"Well," said Baumann, "5800 to 5700 is about 2- or 3-to-1."
Of course we were forced to ask about Hemlock, the company's current flagship. Getting one graphics card to the market is hard enough, but a 2-in-1 is twice as hard.
"Hemlock," said Baumann, "is targeted at the ultra-enthusiast market. There is a reasonable fringe of users where Hemlock is targeted towards." We can read that as, no matter what we price it, we'll never meet the demand we have for it. Baumann continued, "We are introducing this because we expect to see an increase in output within the next few weeks."
The naming question was imminent, "Why a 5970 and not a 5870X2 name?"
Dave explained that "the previous generation X2 messed with the 4890 and people were confused."
This was followed by a "My oh my, that is a huge card" comment from your humble narrator.
The card follows the PCIe SIG specification, rather than going off-spec - that is, sandwiched PCBs, wider cards, and so on. That way, both power and form factor are preserved and anyone who builds cased according to spec shouldn't have a problem.
"You won't be putting it into mini-towers," added Baumann.
Yeah, well, at least not until a mini-PC or LAN Party PC maker or even a clever modder sorts that out. The card's power components are in fact built to withstand a huge 400W TDP, but AMD kept things in check to conform to PCIe standards, just shy of 300W.
Regarding the specs, AMD admitted it is "neither twice the 5870 nor twice the 5850, but somewhere in between."
"There will be a demand constraint," enthused Baumann - as if that's a good thing. "We don't actively expect to meet the demand. We do expect to produce more Cypress ASICs and get them into the channel. That's a common question we got asked."
In other words, people will sell their own mothers to grab these, so no matter what AMD does it won't be able to supply the market with enough cards.
With that, we concluded the call.
So, wrapping up. As of the last week of November, AMD is promising to step up shipments by a factor of 10, something we'd heard before. From thousands to tens of thousands of chips going out to the partners so they can get them to stores on time for that most pagan of rituals, Christmas. AMD doesn't think it'll miss out on the season.
AMD doesn't seem to mind much about the delays, unexpected as they may be. As they put it time and again, theirs is "the only game in town", referring of course to DirectX 11 support. With Vista recently getting its shot of DirectX 11 features, the only reason not to upgrade right now is really availability, isn't it?
Is there constraint? Well, there's no question about that. Is the problem major? Well, yes. Considering AMD can step up output by a factor of 10 it sounds like a major issue at TSMC. Will there be enough cards by Christmas? Yes and No, according to AMD. There will be a lot more around to blow your precious cash gifts on, but not as many as AMD would have desired in the first place. µ
Larry Ellison pays tribute to an 'irreplaceable friend'
The way we found out may surprise you
Air to the throne
Wonder who will get 999.999.999.999


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News tagged ‘smartphone’
Monday, 19 Dec 2011
Google announced Android 4.0.3, an incremental update to the ICS platform which includes a number of optimizations, bug fixes and new APIs for developers. The company is also rolling out ICS updates for Samsung Nexus S over the coming month.
Friday, 16 Dec 2011
Grand Theft Auto 3 is the latest AAA title launched on Xperia Play that is available now on the Android Market.
Sony Ericsson just released an alpha ROM of Google Android 4.0.1 for its Xperia lineup, which includes the Xperia Arc S, Xperia Neo V and Xperia Ray. The ROM is available to download on Sony Ericsson's developer site, with detailed installation instructions.
Thursday, 15 Dec 2011
Sony Ericsson partners with Box to offer every Xperia owner 50GB of free file sharing and storage. Available to all Xperia smartphone owners worldwide, this promotion starts today and ends 31 Dec 2012.
LG's latest collaboration with Prada, the Prada Phone by LG 3.0, has more details revealed, including a dual-core 1GHz processor and Google Android 2.3 loaded within. The phone will be available for pre-order from January 2012.
Flipboard was made available for the iPhone recently and within the short span of a week it has already reached one million users.
Numa AS has launched the "SOS Rescue Me" personal safety mobile app, to help curb the increasing number of assaults on young females in Oslo, Norway.
Wednesday, 14 Dec 2011
Two images of a Xperia phone with the Sony brand have surfaced on the Internet, signaling a new wave of devices that will appear when Sony Ericsson is folded back under Sony.
A Windows Phone exploit utilizing an SMS was discovered. The attack, which sends an SMS to a Windows Phone device, will supposedly reboot the device and prevents access to the Messaging hub.
Wednesday, 7 Dec 2011
OnLive announces that it has launched an app which is able to run console-class games on tablets and smartphones.


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The last time you may have seen or heard of Redfly, you might have thought that it was merely a Windows Mobile terminal. However, the developers at Redfly have announced that they have been working on a proof of concept of their Redfly mobile terminal working with an Android phone.
For those of you that are unfamiliar with Redfly, Redfly is a small netbook looking device that links with a smartphone, via bluetooth or USB, and allows the user to make use of the phone’s OS with the Redfly’s keyboard and cursor. The resolution on most phones is also upped to fit the Redfly’s screen.
What’s most intriguing about Redfly’s proof of concept with Android is that they were able to get Android to display at 800 x 480 pixels. As the video demonstrates, this allows for much larger visual experience. The Android web browser in the demo looked incredibly smooth, and once Android receives its Flash player, this may be a solid option for mobile professionals.
Take a look at the video after the break!


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Xiaomi to set up second mobile manufacturing plant in AP - Etv
Tue, Jul 23, 2019, 11:41 AM
Representatives of the China-based mobile manufacturer Xiaomi met Chief Minister YS Jagan Mohan Reddy in Tadepalli and expressed interest over setting up a second manufacturing unit in Andhra Pradesh. They informed the Chief Minister that they have plans to manufacture electronic goods and electric buses apart from mobiles in the second unit. Jagan Mohan Reddy gave assurance to Xiaomi representatives that the AP government will extend all support to them. They have expressed desire of setting up a second plant near Renigunta in Chittoor district.


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Neil Blumenthal Is Behind Each Pair of Free Warby Park Glasses
Company Co-Founder Created Novel Philanthropic Model
Glass Half Full: Neil Blumenthal is one of the four founders of Warby Parker.
Glass Half Full: Neil Blumenthal
is one of the four founders of Warby Parker
Frustration with the traditional glasses industry's byzantine business plan led a band of four former business students from the Wharton School of the University of Pennsylvania - Jeff Raider
, Neil Blumenthal
, Andrew Hunt and David Gilboa - to found Warby Parker
, a brand that seeks to make affordable, high-quality blinkers for the masses.
The charitable end of the company was cooked up by co-founder Blumenthal.
Before meeting the rest of the Warby Parker crew at Wharton, Blumenthal, who is Jewish, studied international relations at Tufts University.
After graduating, he attended the Institute for International Mediation and Conflict Resolution in The Hague, Netherlands.
Blumenthal then went on to work as director of VisionSpring, an organization dedicated to providing prescription glasses to people in countries like India and El Salvador.
is now Warby Parker's
biggest partner; it trains members of low-income communities to sell affordable glasses, creating jobs at the same time it distributes much-needed eyewear.
It's this aspect of Warby Parker
that makes it different from an organization like Tom's, which gives away a pair of shoes for every one purchased.
The glasses become part of the economic infrastructure of an impoverished neighborhood.
"Dropping a shipment of a product into a place can destroy local businesses.
You're effectively dumping on the market," Blumenthal
explained, arguing that using the glasses to create an economic incentive is a more effective system.


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Vaping more harmful than smoking
VAPING may be worse for you than traditional smoking, a new study claims.
Greek researchers found that flavourings in e-cigarettes harm the lungs by causing inflammation.
Experiments conducted on mice showed that even in the short-term, the inflammation they caused was similar or worse than conventional cigarettes.
Dr Constantinos Glynos said: "The observed detrimental effects in the lung upon e-cigarette vapour exposure in animal models highlight the need for further investigation of safety and toxicity of these rapidly expanding devices worldwide."
They simulate smoking a traditional cigarette by dispensing a vapour derived from liquid chemicals in a refillable cartridge that typically contain propylene glycol, nicotine and often flavourings.
Propylene glycol - a colourless and odourless additive - is found in numerous processed food and beverages. It is also used as a solvent in a number of pharmaceuticals.
The findings, published in the American Journal Of Physiology-Lung Cellular, show e-cigs and refills are not well regulated and their long-term effects on health are unknown.
Researchers compared several groups of mice that received whole-body exposure to varying chemical combinations four times each day, with every session separated by 30-minute smoke-free intervals.
Dr Glynos from the University of Athens, said: "Electronic cigarettes are advertised as a less harmful nicotine delivery system or as a new smoking cessation tool. Our findings suggest that exposure to e-cig vapour can trigger inflammatory responses and adversely affect respiratory system mechanics."
"We conclude that both e-cig vaping and conventional cigarette smoking negatively impact lung biology."


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Is there room for yet another mobile payments startup?
The latest, San Francisco-based Clinkle, says it has an A-list of backers to prove there is. Only, Clinkle won’t say what its offering will actually do.
It must sound persuasive in private. The company on Thursday is announcing a hefty $25 million round of seed funding from investors that include Accel Partners–and that firm’s partner Jim Breyer–Andreessen Horowitz, VMWare founder Diane Greene, Salesforce.com CEO Marc Benioff and PayPal founder Peter Thiel, among others.


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Sandra Eskin directs Pew's work on food safety. The campaign seeks to reduce health risks from foodborne pathogens by strengthening federal government authority and the enforcement of food safety laws.
Before joining Pew, she spent nearly 20 years as a public-policy consultant to numerous consumer and public-interest Organizations during which time she provided strategic and policy advice on a broad range of consumer protection issues, in particular, food and drug safety, labeling, and advertising.
Eskin previously worked as a federal government staff attorney, a legislative representative for the Consumer Federation of America, and served on the U.S. Department of Agriculture National Advisory Committee on Meat and Poultry Inspection from 2000-2006. She has also participated on the congressionally mandated Steering Committee for the Development of Useful Prescription Medicine Information. She is currently a member of the Food Safety Modernization Act Surveillance Working Group at the Centers for Disease Control and Prevention.
Before she began her tenure as the food safety project director in November 2009, Eskin was the deputy director of the Produce Safety Project (PSP), an initiative of The Pew Charitable Trusts at Georgetown University. While at PSP, Eskin was a senior scholar with the O’Neil Institute for National and Global Health Law at Georgetown University. She has authored numerous reports and articles on food safety topics.
Eskin received her bachelor’s degree from Brown University and her J.D. from the University of California, Hastings College of the Law.
Recent WorkView All
Food contaminated with harmful bacteria can make anyone gravely ill, but people with compromised immune systems are particularly susceptible to contracting serious foodborne diseases. Ingesting even small amounts of harmful bacteria, parasites, or viruses can lead to life-threatening infections for Americans with cancer, diabetes, and other conditions that suppress immune response. Read More
An ongoing incident of Listeria contamination linked to frozen vegetables is causing illnesses across state and national lines. At least 350 products use the vegetables, which are distributed to retailers in all 50 states and four Canadian provinces. Read More
On May 31, General Mills announced a recall of several varieties of flour, totaling 10 million pounds, for possible E. coli contamination. As of June 1, 38 people have taken ill across 20 states; 10 have been hospitalized. Read More


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From VOA Learning English, this is As It Is! I’m Anna Matteo in Washington.
Technology is changing many parts of our lives: from Skype lessons in the classroom to cars that talk to us.
Today, we hear how Google is working with the National Basketball Association to change the way fans experience top-level basketball, all with technology.
Here’s Jim Tedder with more on that story.
The Indianapolis Pacers are the first team in the NBA to use Google Glass to improve the experience of watching a game.
Google Glass is the latest in technology that you can wear. Most of the technologies for Google Glass are already available on smartphones. Google has taken those technologies and added them to eye glass frames.
Chris Dale is the Senior Manager of Communications for Google Glass.
“Google Glass is a tiny computer that sits in a lightweight frame and rests neatly above your eye. And it makes exploring and sharing the world around you a lot easier.”
The glasses have a very small video display and a camera that connects wirelessly to the Internet through WiFi, a smartphone or a tablet computer.
When NBA players wear Google Glass during a game, fans can see what it is like to be a professional basketball player. They can see video of what it is like to dribble down the court, or to make a game-winning shot.
Indiana Pacers fans saw first-person views of important moments in their team’s exciting 84-83 victory against the Miami Heat. Coaches can wear Google Glass to provide video from the sidelines where it is impossible to fit larger video cameras. The Indiana Pacers also gave Google Glass to famous people who attend the team’s games to show the action from seats near the basketball court.
But not everyone is excited about Google Glass. Some are concerned about privacy violations. John Simpson is the director of the privacy project at Consumer Watchdog.
“It is essentially going to allow people to come in and spy on you and record that without you knowing what is going on.”
Google says that it has already dealt with that concern. Mr. Dale explained that in order to start the camera or record a video, the owner must say something out loud.
“I activate the device, and say ‘Okay, glass, take a picture.’ Similarly, I have a little button on the top here that I can push that will again show an explicit gesture to everybody around me that a picture is being taken or a video is being recorded.”
Privacy concerns will not be a question for the Pacer’s use of Google Glass. Everything and everyone recorded will be shown on a huge screen in the arena for all to see.
I’m Jim Tedder.
Thanks, Jim. And I’m Anna Matteo. You are listening to As It Is.
Giving fans a courtside view is one way the NBA is using Google Glass. Can you think of any others? Be creative! Be innovative! Think out of the box! And let us know in our comment section.


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Greece: Mandatory use of mask in banks, local authorities & stores
The mandatory use of the mask from tomorrow, Wednesday July 29, in stores and public places was announced by the Deputy Minister of Civil Protection and Crisis Management, Nikos Hardalias.
Specifically, it will be necessary to use a mask in retail & services, banks, doctor’s offices, municipal stores, food shops (bakeries, butchers, etc.), hairdressers & beauty centers.
Mr. Hardalias noted that the mandatory use of the mask in public transport and taxis for passengers and drivers as well as in supermarkets as well as for employees in restaurants is still in force.
In fact, the Deputy Minister of Civil Protection announced that the controls, especially on public transport in areas where there is an increase in coronavirus cases, will be meticulous.
Mr. Hardalias stressed that it is important to adhere to the rules of hygiene and to avoid gatherings.
At the same time, he stated that there have been 171.138 tests that have been carried out in total, per entrance gate, in the country from July 1st to July 26th, while at the moment the active cases of COVID-19 amount to 429.
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Chase Manhattan Corp. is showing a renewed interest in the international bank card market.
Last week the New York-based banking company said it plans to launch a credit card in Thailand, which is in the midst of a recession.
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Mexican Senate Bans Animal Testing For Cosmetics
Mexico’s Senate has unanimously passed a new law banning animal testing for cosmetics.
That makes Mexico the 41st country to institute a ban on animal testing for beauty products — the first in North America and the third in Latin America.
Nicole Valdebenito is with ONG Te Protejo, which has worked with Human Society International since 2019 to get such legislation passed.
She credits support for the ban in part to a video called "Save Ralph," which depicts an animated “tester” bunny undergoing cosmetic testing procedures.
"That short film gave the push that was needed to advance legislation much more aggressively," she said, noting that more than 1.3 million people signed a petition for Mexico to ban animal testing after the film was released.
The new law bans all animal testing on cosmetics and their ingredients, as well as the import, manufacture or marketing of products tested on animals.
Once the law is in effect, companies will have two years to change their practices. Those found participating in animal testing after the ban is in place could be fined, jailed for up to seven days and have their premises closed down.
✅ Por unanimidad, con 103 votos a favor, se reforma la Ley General de Salud para prohibir el uso de animales en pruebas de productos cosméticos.— Senado de México (@senadomexicano) September 2, 2021
Conoce las reformas.https://t.co/8Wc3PTcpVW pic.twitter.com/4Vbz9minTV


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As institutional and retail players across the globe remain inclined towards Bitcoin and other cryptos, regulators from most nations are more interested in CBDCs—digital tokens pegged to the value of fiat currencies. With the future of money, all set to be digital, opting for lesser decentralized tokens is perhaps be better than utterly refraining to embrace blockchain technology.
So, are central banks too “in for the tech?”
Per Big 4 accounting firm PwC, approximately 3 out of 4 central banks across the world are interested in launching their native digital currencies. Highlighting the same, PwC’s report outlined,
“It is estimated that more than 80% of central banks are considering launching a central bank digital currency (CBDC) or have already done so.“
On the whole, retail CBDC projects—digital currencies designed for public use—have reached “greater maturity levels” than wholesale projects—digital currencies used by financial institutions that have accounts with central banks. However, the past year has seen progress on many successful wholesale pilots as well.
According to PwC, retail projects are led by the Central Bank of Nigeria’s (CBN) eNaira, the first CBDC in Africa, and the Sand Dollar, issued by the Central Bank of the Bahamas as legal tender in October 2020, making the Bahamas the first country to launch a CBDC.
Commenting on similar lines, Haydn Jones, Blockchain & Crypto Specialist at PwC UK, said,
“We expect CBDC research, testing and implementation will intensify in 2022. The success of Nigeria’s eNaira is likely to spur CBDC development in countries where financial inclusion is one of the key desired outcomes.”
China, on the other hand, became the first major economy to pilot a CBDC in 2020 with the digital yuan, and as of March 2022 pilot programs are running in 12 cities, including Beijing and Shanghai.
On the wholesale side, the Bridge project—the combined effort of the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BoT)—carries the torch. As such, it is focused on developing a proof-of-concept prototype to enable real-time, cross-border foreign exchange payments using distributed ledger technology.
Alongside, PwC’s index also ranks the Monetary Authority of Singapore (MAS) highly, as it continues the development of a wholesale CBDC for cross-currency payments.
John Garvey, the Global Financial Services Leader at PwC United States went on to highlight how it’s important for financial institutions to understand where central banks are with digital currencies. At the end of the day, CBDCs will start flowing through the payment system and start to hit bank balance sheets. Thus, consultation and clarification would only HODL the key to inclusivity. The exec concluded by asserting,
“One thing that is clear, lowering the cost of payments in an economy provides value throughout the economy and for citizens. If CBDCs can ultimately enable more efficient payments, that will benefit everyone.”
The report also provided an overview of the top ten USD-pegged stablecoins by market cap and analyzed how they function and what they’re backed by. It specifically noted that stablecoins have become an “integral part of the crypto ecosystem” and it is “impossible” for any fund or institution “to be active in crypto without using stablecoins.”
In fact, as highlighted in an article yesterday, stablecoins have indeed notched up their game, with the likes of UST and DAI climbing higher on the crypto rankings list.
The bottom line
We’re more than 13 years down the line since Bitcoin was launched, but still haven’t been able to successfully attach the “mainstream” tag to it. Bitcoin still remains to be the not-so-novel digital monetary variant that the conventional financial system is still merely trying to get used to.
Going forward, we will definitely have a world, a world with more than just Bitcoin and other volatile cryptos whose feet belong to the same boat. But in that world, for CBDCs to take up the reins, it will have to widely be adopted by the masses.