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The business of payments, top-ups and bank deposits
Oxxo, which emerged in 1978 in Monterrey for the sale of beer, snacks and cigarettes, began to open its boxes for the Services pay to differentiate itself from its competitors a decade ago. The strategy has worked: the possibility for its stores to be a channel to carry out various transactions after hours other than those of the bank, allowed it to attract traffic to the sales floors.
“The offer of services and correspondents has been key in our mission of simplifying the lives of our clients and therefore continues to grow and innovate. In a single visit to Oxxo, our clients can make withdrawals, deposits, money transfers and pay for home services. Thanks to this, they save time that they can spend on other activities,” Femsa’s communication area told Expansion in an email.
For experts, the offer of Oxxo financial serviceswhich range from the payment of services to deposits and withdrawals from bank accounts, has also contributed to the financial inclusion of Mexicans, even with the limitations on the amount of operations, since it is more likely that in some communities there will be an Oxxo than a bank.
Nearly 80% of cash deposits in the country are made at the cashiers of the chain of stores, according to an estimate by the consulting firm Latinometrics. In addition, it is also possible to pay for services of streamingsuch as Netflix or Spotify, e-commerce purchases, sending and receiving remittances, and paying for services such as phone bills.
In an Oxxo located in the Peralvillo neighborhood, near the center of Mexico City, eight out of 10 operations that are processed in the boxes correspond to deposits, withdrawals or the payment of services. One of the tellers that works there attributes this affluence to the fact that there are no bank branches near this neighborhood, except for the tellers that are in the neighboring shopping centers. What happens in this branch is a sample button of what happens in the rest of the country.
More and more people are looking for alternatives to carry out these operations outside of banks. Partly due to proximity, partly to avoid long lines and reduced hours. In 2021, of the 71% of the population between 18 and 70 years old that used a financial channel, 43.9% did so through a banking correspondent, that is, a commercial establishment, 4.1 percentage points more than in 2018, according to the Survey National Financial Inclusion (ENIF).
The percentage is still below the use of ATMs, which was 52.1%, but it is above attendance at bank branches, which stood at 41.5%.
Although the company does not detail what percentage of its income is obtained from the collection of the commission for the payment of services, Carlos Hermosillo, an independent stock market analyst, points out that it is an interesting source of additional income with a good margin for the company. “Although they are not the dominant flow for them, it is a relevant contribution.”
A service hub
Femsa has not only turned its store business into the main banking correspondent in the country, but has also continued to work to make Oxxo a hub of services: in a single visit a customer can buy groceries, make a phone recharge, pay the electricity bill and even fill gasoline.
Although the gas stations are a separate business from the stores, it incorporates the brand in its name and contributes to generating traffic in the stores, while attracting drivers who make a stop on the road or on some corner within the cities to fuel up.
The first station was opened in July 2016, after the energy opening in Mexico and the business, called Oxxo Gas, already generates around 7% of Femsa’s income.
The company also closed an alliance with Mercado Libre in 2017 to be able to process payments for online sales and now looks askance at cryptocurrencies. “We are always attentive and analyzing the new forms of payment that exist in Mexico and in other countries and that we could enable in Oxxo to simplify the lives of our clients, always complying with the regulation and guidelines issued by the regulatory authority,” said the company. a Expansion.
This year, Femsa took another step hand in hand with Oxxo by debuting in the fintech segment with Spin, a mobile application that allows you to send and receive money and is linked to the operations that consumers already carry out at their checkouts.
The application, whose deployment began in San Luis Potosí, allows balance inquiries, linking Visa cards and making transfers, and until the first quarter of the year it had 1.3 million active users. The average number of transactions per user is 10 per month.
Analysts expect Oxxo to remain one of Femsa’s top two businesses in terms of revenue. “The division that took the longest to recover from the effect of the pandemic was the beverage division. This year is already going better, and that is why it seems that Oxxo and Coca-Cola Femsa are going to have a very similar participation”, declares Marisol Huerta, stock market analyst at Ve por Más.
The good performance of Femsa’s proximity division is due, according to the company, to a growth of 10.7% in the average ticket and 1.8% in traffic. “These figures reflect a good performance of the meeting category, including beer, snacks, and wines and spirits, as well as the sustained recovery of mobility-driven occasions,” the firm detailed in its financial statement.
In the quarter, revenues from the Fuels business increased 27.7% due to a 9.6% increase in the average volume and an 8.1% growth in the average price per liter. From January to March, Oxxo Gas opened two stations to reach a total of 569.
Oxxo does not stop growing. Not only in terms of new services, but also in geographic coverage, both nationally and internationally. In the first quarter, the latest data available, Femsa opened 69 new branches to reach a total of 20,500 stores in the markets where it has a presence.
After growing in Colombia, Chile, Peru and Brazil, Femsa now has one foot outside of Latin America: the company made public its intention to grow its local business, through the possible purchase of the European company Valora, a company that has 14 brands in countries such as Switzerland, Germany and Luxembourg, among others.
“Once the offer is complete, Valora will accelerate the development of European markets as the retail subsidiary of Femsa’s Proximity Division in Europe,” the company said in a statement.
For Latinometrics, this was a natural move for the Mexican company. “After building Oxxos in every corner of Mexico, the company is turning to the richest region in the world for its future.”


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THREE York shops have been praised for their efforts in making customers feel valued and going “above and beyond” when it comes to customer care.
Boots in Clifton, Boyes and the One Stop Shop on Walmgate have all been nominated for The Press's Community Pride Service with a Smile Award, which is open to businesses that demonstrate outstanding customer care, or charities that help York residents.
Clifton man Alan King nominated his local Boots chemist, saying that it was a pleasure to be treated so well. He praised the staff's professionalism and attentiveness to their customers saying they routinely go above and beyond the call of duty.
Another shop recognised for its duty of care to customers was the One Stop Shop on Walmgate which was nominated by Ken Butterfield. He said the shop had become a focal point for the community, bringing together both young and old from the area.
The One Stop Shop, which was shortlisted for the award last year, has organised free trips to Scarborough and Blackpool for older people, as well as a community Christmas party.
Staff at Boyes on Goodramgate - where the manager said they pride themselves on their customer service - have been put forward for the award by customer Barbara Pettitt.
Mrs Pettitt, from Walmgate, said staff in Boyes deserve their moment in the spotlight because of the care and attention they give and the way they help her continue to shop in their store despite her disabilities.
The Community Pride awards are sponsored by Benenden Health, and recognise individuals and groups who inspire others with their courage and selfless spirit, and The Press wants to receive your nominations for community heroes who deserve their moment in the spotlight.
As well as the Service with a Smile award, the awards include categories for Primary School Projects and Community projects and 10 categories for individuals including children and young people, parents, carers, volunteers, teachers, health workers and public sector staff, sports stars and charity fundraisers.
Nominees must live in the City of York Council area or make a contribution to life in the city. Three finalists from each category will be invited to the awards ceremony at York Racecourse in October, when the winners will be revealed.
For more information or to make a nomination go to www.yorkpress.co.uk/pride.

domain: news


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Don’t miss out.
If all the real-world Black Friday sales have left you staring at your bank balance in dismay, never fear! Another important sale is taking place today that doesn’t use any of your real money.
We’re talking, of course, about the Nook Friday sale currently taking place inside Animal Crossing: New Horizons. As we sneakily discovered ahead of time earlier this month, this special in-game event offers 30% off all items found inside Nook’s Cranny for the next few days – perfect for any expensive purchases or for filling up your catalogue.
Read the full article on nintendolife.com


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Defense expert witness Walter Rush returns to the stand this morning. Prosecutor Sean Berkowitz started off going over FAS 131, which he described as the accounting rule governing losses.
Berkowitz showed Rush documents, such as board meeting minutes from Oct. 2001, that show the retail business, Enron Energy Services, had a loss of $665 million in the second quarter of 2001. Berkowitz says Rush previously testified there were no losses at EES. Rush said he testified the losses were inter-company – between the retail and wholesale business.


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SpaceX has shipped 1 lakh Starlink terminals so far: Musk
Elon Musk has announced that SpaceX has shipped one lakh Starlink terminals so far. He revealed that the internet service is now catering to customers in 14 countries, including the US, Canada, Ireland, Belgium, Switzerland, Denmark, Portugal, New Zealand and Australia. "Our license applications are pending in many more countries. Hoping to serve Earth soon!" Musk added.


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A Shorter Tendence Draws 'Positive' Results: Messe Frankfurt
September 9, 2013,
FRANKFURT, Germany-The Tendence fair closed its doors here last month "with a very good approval rating from both exhibitors and visitors," according to show owner and organizer Messe Frankfurt.
During the four days of the fair, which took place Aug. 24-27, exhibitors from 55 countries presented their latest products for the autumn and winter season, and offered an initial preview of the coming spring in the Living and Giving segments of the show.
Attendance at the show declined, Messe Frankfurt said, which "was to be expected in view of the trend in the sector." During the four days of the fair, one less than last year, a total of 38,000 visitors passed through the doors. Last year's five-day event was attended by 45,477 visitors. The top 10 nations on the visitor side were Switzerland, Austria, The Netherlands, France, Italy, Belgium, China, Spain, Poland and Great Britain. Altogether, 20 percent of visitors came from outside Germany.
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Outbound shipments from India contracted for a second straight month in November after posting positive growth for just one month in September as the second wave of the coronavirus pandemic hit consumer demand in Europe’s major markets. India.
Exports fell 8.7% while imports shrank 13.3%, resulting in a 10-month trade deficit of $ 9.9 billion, according to revised trade data released by the Commerce Department.
China’s exports, by contrast, increased 21.1% in November, the fastest growth since February 2018, while imports grew 4.5%, leading to a record trade surplus of $ 75.4 billion.
The main Indian export items that held back growth include petroleum products (-59.7%), engineering goods (-8.1%), chemicals (-8.1%), ready-to-wear garments (-1.2%) %) while pharmaceuticals (11.1%), gems and jewelry (4.1%), electronic goods (1%) recorded positive growth. The elements that drove imports and the trade deficit include non-ferrous metals (9.1%), chemicals (36.1%), electronic goods (12.3%), fertilizers (29.3%) and gold ( 2.7%).
Aditi Nayar, chief economist at ICRA Ltd, said the slowdown in non-oil export growth was driven by renewed restrictions in trading partners that overcame optimism regarding early availability of Covid-19 vaccines. “This trend could continue into the winter months before an uptrend takes hold in the fourth quarter of FY21. The ICRA expects the magnitude of the commodity trade deficit to nearly double in Q3 FY21 versus Q2 FY21, with imports picking up thanks to improved economic activity, higher commodity prices and a resumption of demand for gold during the holidays and wedding season, “he added.
Nayar added that he expects the current account surplus to decrease substantially in Q3 FY2021 and Q4 FY2021 from its level of $ 19.8 billion in Q2 as the domestic recovery strengthens. “Overall, the ICRA expects India’s current account balance to post a sizable surplus of $ 35-40 billion or about 1.5% of GDP in FY21, as opposed to the $ 25 billion deficit or 0.9% of GDP in FY20, “he added.
India’s commodity trade weakened even before the covid-19 pandemic hit the economy and external demand. In 15 of the last 17 months since June 2019, the country’s exports have been negative. However, since March of this year, both exports and imports have started to decline at double-high figures, even temporarily leading to a trade surplus in June for the first time in 18 years.
Data collected by the World Trade Organization (WTO) showed that global trade in goods decreased by 21% in the June quarter. The WTO now expects the volume of world trade in goods to decrease by 9.2% in 2020, followed by an increase of 7.2% in 2021. In April, the trade body predicted that world trade in goods will fall from 13% to 32% in 2020 due to the pandemic.
The pace of contraction of the Indian economy slowed in the September quarter to 7.5% from an all-time high of 23.9% in the June quarter. Since then, many economic agencies have revised their growth forecasts for India upwards. The Asian Development Bank has predicted that the Indian economy will contract at a slower pace of 8% than its previous estimate of 9% in FY21 in the wake of a faster recovery in Asia’s third largest economy. The Reserve Bank of India (RBI) earlier this month predicted that the Indian economy will contract 7.5% in FY21, a less than 9.5% contraction expected just two months ago, on the back of a series leading indicators, suggesting a sustained economic recovery.


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Ford Motor Company recently announced that the automaker posted a net income of US$2.1 billion for the first quarter of 2010. Of that figure, US$1.2 billion was from Automotive operations. This contrasts with the same quarter in 2009, in which Ford lost over US$2 billion.
Credit for the boost in earnings was given to the improving economy and Ford’s strong lineup of new models, including the just-launched Fiesta subcompact, the Fusion hybrid sedan, Mustang performance models, and the funky-cool Transit Connect small van. Ford has improved its U.S. market share to 16.6% overall and a 14.1% retail share.
At the end of March, Ford entered into a definitive agreement to sell Volvo and related assets to Zhejiang Geely Holding Group for $1.8 billion, subject to customary purchase price adjustments. The sale is expected to close in the third quarter of 2010. As a result of the agreement to sell Volvo, all of Volvo?s 2010 results are being reported as special items and excluded from Ford?s general operating results.


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General Motors has found itself entangled in a product liability lawsuit that raises new questions about the reforms the company said it instituted after the ignition-switch scandal that contributed to the deaths of 124 motorists and cost GM millions.
The suit, Buchanan vs General Motors, is on hold pending a decision by a Georgia Appellate Court on whether GM CEO Mary Barra must give a deposition in the case, which dates to 2016 and involves the 2014 death of 42-year-old woman on a hilly road.
The fight about whether the Barra ought to testify under oath has drawn the interest of outside groups such as the U.S. Chamber of Commerce and the American Tort Reform Association. The chamber argues that busy CEOs should not be forced to testify on matters of which they have no direct knowledge. ATRA argues in its amicus brief that CEOs should not be given special privileges.
GM argues that Barra, who won plaudits for her adroit handling in 2014 of the ignition-switch controversies that prompted the dismissal of more than a dozen GM engineers for failing to catch the problem, should not be forced to testify.
Details of the lawsuit
The lawsuit at the heart of the dispute revolves around what the plaintiff’s lawyer, Lance Cooper of Marietta, Georgia, describes as a faulty sensor that turned off the stability control in the 2007 Chevrolet Trailblazer in which the dead woman was driving.
In court filings, GM’s defense has been that Glenda Marie Buchanan, the woman who died, was a distracted driver, who had been on her phone while driving on a difficult stretch of road north of Atlanta.
However, the plaintiffs in the lawsuit, Buchanan’s husband, claims GM knew or should have known about the defective sensor in the Chevrolet Trailblazer.
According to Reuters, which conducted an extensive reviewed the records in the case, including many still under a protective seal, an internal review at GM in 2018 found that more than 73,000 warranty claims or more than 10% of the total build for that type of vehicle — an unusually high rate in an industry where a failure rate of more than 1% draws scrutiny.
Handling warranty claims data
Carmakers receive hundreds of warranty claims from dealers each week and employ systems for analyzing that data. The systems are growing increasingly sophisticated and can pinpoint specific problems on the factory floor.
However, the large number of complaints about the steering angle sensor, which came from a GM supplier that is now part of the ZF Group, most likely TRW, did raise concerns, according to Reuters, but GM was unable to determine whether the sensor was defective at the time of the crash. The company has not issued any kind of recall.
Contrary to the arguments made by the Chamber of Commerce, the context and scope of the problem and the review suggest concern among GM’s more senior executives. However, GM officials also say privately the auto company has no indication, except for the solitary case in Georgia, of any accidents attributable to the sensor.
Reuters also said the National Highway Traffic Administration considered opening an investigation into the issue but after a review declined order further query or recall.
Barra insists that GM’s old culture has been systematically rooted out as the company brings in new employees and new executives to focus on electric and autonomous vehicles.
In addition, GM’s internal procedures for reviewing issues that could jeopardize customers or the public have been completely overhauled since 2014.
“GM is committed to safety in everything we do. GM has comprehensively rebuilt and strengthened its product safety processes. Those processes were fully employed to investigate this case involving a vehicle built more than a decade ago,” noted a GM spokesman in an email.
Georgia favorable for lawsuits
Georgia attorney Cooper has tangled with GM previously. He handled a key lawsuit in the ignition-switch controversy that involved the death in 2010 of a young woman driving a defective Chevrolet Cobalt. In fact, Cooper wrote a book about the case, “Cobalt Coverup.”
Georgia has been a favorable jurisdiction for attacking automakers.
In 2015, a jury in Decatur, Georgia awarded $150 million to a plaintiff in a case involving a Jeep Cherokee with a gasoline tank that exploded killing a young man. Attorneys for the plaintiff argued Chrysler should have known the gas tank was vulnerable. The suit also called for Fiat Chrysler CEO Sergio Marchionne to testify in open court.
The verdict came two years after FCA settled had agreed to a “scaled-down” recall of Jeeps with rear-mounted gas tanks.
In it is brief in the GM case, however, the Chamber of Commerce noted that the state Georgia has a reputation for having a legal system that is tilted against corporations.


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Exactly a month ago, the Modi government had taken the Rs. 500 and Rs. 1000 notes out of circulation overnight. The move was expected to help fight black money, and also move India to a digitally transacting economy. And the government has just shown that it’s serious about its digitization push.
Finance Minister Arun Jaitley has announced a slew of incentives for people who transact digitally. Here are the salient points.
- Petrol & Diesel: Petrol and diesel was made cheaper by 0.75% for those transacting through digital wallets or cards for payments.
- Railways: Monthly and seasonal tickets on sub-urban railway will be cheaper by 0.5% for people using plastic money or e-wallets. The government will also offer 5% discount for paid railway services if customers use digital payment modes. Those who book railway tickets online will get Rs 10 lakh accident insurance.
- Life Insurance: 10% and 8% discount will be offered in case of general and life insurance for buying new policy or paying premium online via PSUs websites.
- Service Tax: Credit and debit card transactions up to Rs 2,000 will be exempted from service tax.
- Highway tolls: 10% discount will be available on use of digital mode for paying for RFID or fast-tags for highway toll.
The government expects that these discounts will be financed by removing the cost of cash transactions from the economy. “We were using excessive amount of cash and very limited amount of digital transactions till November 8,” Jaitley said.
The move is expected to come as a huge relief to millions of Indians who had been inconvenienced by the demonetization move, and were uncertain about the benefits it would bring to their daily lives.


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Chris Marguette of Frisco tells WFAA his Ford Aim has been sitting down in the shop considering that January with no estimated time on a correct.
DALLAS — Chris Marguette has been accomplishing a large amount additional walking considering the fact that his family members went from two cars down to one automobile. Their 2014 Ford Concentrate has been in a Frisco auto fix store because January and with continue to no timetable on the repair.
“It just appears like there is no resolve in sight,” explained Marguette. “The part’s not available and that there is certainly a back get and that you can find a waiting around checklist of 40,000 in entrance of you.”
Marguette tells WFAA the company office sends text messages thirty day period soon after month with no “ETA on elements.”
Robert Kelley of Headstorm, a administration and technological innovation consulting company, appreciates all about provide chain difficulties.
He tells WFAA the complexity of the automotive product will make it an quick goal for offer chain issues. He says there are so quite a few components that are made in the much east in places like Taiwan and China, and both equally places are working with supply and labor shortages together with the pandemic.
“The source for substitute pieces is the exact same for new sections,” he mentioned. “Which is type of the perfect storm of issues. and these are unique situations we are in,” reported Kelley.
The backlog of pieces is not a new problem. Nonetheless, its rippling result is continuing to be seen, and in some cases, has gotten even worse. Mark Walker of Walker Automobile Physique in Dallas is scrambling to deal with the vehicles filling up his parking good deal.
Walker claims no several pieces are back-ordered and he states which is the scenario for each automaker. Walker pointed to a amount of autos on his ton that have to have action bars, or headliners, or electrical components.
Most of these components are months and months out from arriving. But in some instances, “they can not even give you a date. There’s no likely release day for these goods,” Walker reported.
Some of his consumers have been coming to the store for 40 years. Walker has even questioned some of his customers to hold their cars household because there’s no position in vehicles sitting down in the good deal for an extended period of time of time.
“If you might be motor vehicle is driveable I’ve presently purchased sections just before you appear in listed here,” Walker said.
The chip shortage is a separate and big problem. But, Robert Kelley says recalls have only compounded matters.
Kelley factors out that Ford Motor Corporation is navigating by means of a number of remembers involving hundreds of cars.
Marguette and his family members of three rely on just one automobile. It is really difficult but they know it could be even worse. More than something else he’d just like an concept of when the areas will appear in so he can prepare better.
“I just want Ford to resolve the challenge and acquire care of us as consumers,” Marguette mentioned.
WFAA has despatched several messages to Ford Motor Organization trying to find remark on product shortages and delays, and our messages were not returned.


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It’s time to put your money where your mouth is. The racial wealth gap isn’t going anywhere.
In the wake of the pandemic and protests for racial and social justice, Black businesses continue to remain a fragile coterie in the eyes of the economy. The dollar in the Black community is inconsistent and the racial wealth gap could take decades to bridge.
The common recurring statistic in money circulation within communities, according to the NAACP and other organizations, suggest that the Black dollar is unregulated. Studies say that the average lifespan of the dollar is approximately 28 days in Asian communities, 19 days in Jewish communities, 17 days in white communities — and just six hours in Black communities.
These statistics have been largely argued over the last two decades, yet the massive gap of wealth is still clear within communities. The Black dollar is extremely limited potentially leaving Black businesses in the dust.
Cheryl Grace is Nielsen’s senior vice president of community alliances and consumer engagement and co-creator of the DIS Report. In a report posted by Nielsen, Grace spoke about the buying power among Black Americans.
“At 47.8 million strong and a buying power that’s on par with many countries’ gross domestic products, African Americans continue to outpace spending nationally,” Grace wrote.
The national buying power of Blacks in 2019 was $1.4 trillion, according to a report by. However, this number has nothing to do with the wealth within the community since that money was already accounted for and spent. By definition, buying power consists of the exchange of goods and services and the needs within our communities.
Black Americans must do a better job at extending the lifespan of the dollar back in the community. Buying Black is one of the simplest ways to continue that circulation, yet it can be a struggle to live completely Black in a society post-segregation. Michael Santiago Render, better known by his stage name “Killer Mike,” went on a quest to live completely Black for three days in a docuseries on Netflix called “Trigger Warning with Killer Mike.”
That included buying daily essentials from Black owned brands and reducing the money spent in other communities. During his journey, Render chose to sleep on a park bench the night before a show after learning there were no nearby Black owned hotels in Athens, Georgia. He had soon come to realize that living completely Black is harder than it should be.
“Your protest signs and internet posts are nice,” said Render. “But what we need is for allies to put your money where your tweets are.”


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Darktrace shares surge by more than 30% after the company floats on London Stock Exchange for first time
- Investors piled into the Cambridge-based cyber-security company
- Strong opening was a huge boost for London's technology sector
- Darktrace cut its initial valuation by £1bn earlier this week
Darktrace shares surged by more than 30 per cent after the company floated in London for the first time.
Investors piled into the Cambridge-based cyber-security company yesterday lifting the price of its stock from 250p to 330p, and sending its market value up from £1.7billion to £2.2billion.
The strong opening, under the ticker 'DARK', was a huge boost for London's technology sector, and a sign that investors had put the disastrous Deliveroo IPO flop behind them.
On the up: Darktrace, led by Poppy Gustafsson (pictured), cut its initial valuation by £1billion
Darktrace cut its initial valuation by £1billion earlier this week in order to avoid the fate of Deliveroo, which suffered a 30 per cent plunge on its first day of trading.
Chief executive Poppy Gustafsson said: 'This milestone marks an exciting day for Darktrace. Our company is deeply rooted in the UK's tradition of scientific and mathematical research, so we are especially proud to be listing on the London Stock Exchange.'
The business was founded in 2013 by computer scientists, mathematicians from the University of Cambridge, and cyber-security specialists from government security agency GCHQ. It now operates from 40 offices around the world with 1,500 employees.
The company makes digital products that use artificial intelligence to automatically detect, investigate and respond to cyberthreats in real time. The company is loss-making despite its takings jumping 45 per cent to £144million in the last financial year. Darktrace raised £143.4million gross proceeds from the float and existing shareholders sold shares worth £21.7million.
It had previously targeted a valuation of up to £3billion, before settling on a range of £1.6billion to £1.9billion on Monday, which equated to a share price of 220p to 280p.
The float follows successful IPOs of retail tech conglomerate The Hut Group in September 2020, which is now valued at £6billion, and Pensionbee, which listed last week and is now worth £396million.
But the involvement of British tech billionaire Mike Lynch, whose Invoke Capital was Darktrace's first and largest shareholder, means a cloud hung over the float.
The 55-year-old is fighting extradition to the US where he is accused of 17 counts of fraud related to his takeover of Autonomy, a software developer that he co-founded.
The US authorities have charged Lynch with making Autonomy's accounts look more attractive ahead of an $11billion (£7.9billion) Hewlett Packard in 2011.
The computer giant wrote $8.8billion (£6.3billion) off the value of Autonomy a year later, $5billion (£3.6billion) of which it attributed to an alleged accounting fraud. He could face a maximum prison sentence of 25 years if found guilty. Lynch denies all the charges.
Success: The float follows successful IPOs of retail tech conglomerate The Hut Group in September 2020, which is now valued at £6bn
Darktrace warned in its IPO filings that the billionaire's previous investments could lead to potential liabilities in the future.
Lynch and his wife hold a 16.2 per cent stake, which was worth £389.3million last night. In the prospectus bosses warned of the potential for 'significant damage to the Group's reputation', adding this could hit the share price in future.
But, despite this, Lynch is being allowed to continue as a member of the company's Science & Technology Council, an advisory group.
Yesterday Gustafsson said: 'We owe much gratitude to the Invoke team for their pivotal role in the vision, technology, positioning and operational input in the early years, without which today's success would not have been possible.'
The 38-year-old joined the company in 2016 and was made an OBE in 2019 for services to the cyber-security industry.
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Some employees at the Chattanooga plant last month tried to form a rival union called American Council of Employees as a counter to the UAW's local.
VW will increase the amount of locally-made parts in the cars it sells in India to cut costs and lift falling sales in a competitive market.
A $9 bn transaction cobbles a pay-TV empire stretching from Manchester to Munich to Milan, with a non-Murdoch at the helm.
The US authorities are probing Credit Agricole and Societe Generale for potentially violating US economic sanctions imposed against Iran, Cuba and Sudan
Ranbaxy was scheduled to launch the generic version of drug Nexium in US under a 6-month exclusive marketing opportunity, but it failed to do.
China urged 3 German car parts suppliers to form partnerships with local rivals, citing the head of German parts supplier ElringKlinger AG.
"Our banking members have said that the SNC review has gone mostly as expected, and is mostly in line with last year."
Krishnan had earlier proposed increasing its gross written premium to Rs 600 crore in FY'15 from Rs 425 crore in last fiscal.


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Bon-Ton, the parent company of Elder-Beerman, will move jobs from its existing distribution center in Fairborn and from three other similar centers in the Midwest to a new 743,000 square-foot e-commerce distribution center in West Jefferson near Columbus next year, company officials announced.
It’s not clear what precise impact the consolidation — expected to occur in spring 2015 — will have on jobs in the Dayton-Springfield region. “We have not disclosed the number of associates that are affected by this consolidation,” Mary Kerr, Bon-Ton’s vice president of investor and public relations, told the Dayton Daily News.
In addition, the move will impact only those distribution center employees who are involved in filling direct-to-consumer “e-commerce” orders. Those Bon-Ton distribution center employees who are involved in the retail side of the center — sending merchandise to Bon-Ton’s department stores rather than directly to consumers — will not be affected by the move, Kerr said.
Chris Wimsatt, director of economic development for the city of Fairborn and president of the I-70/I-75 Development Association, estimated that the move would cost about 50 jobs at the Fairborn center, while 125 jobs would be preserved there. Wimsatt said his estimates were based on numbers the company gave him a couple of years ago.
Those employees whose jobs are affected “will be offered the opportunity to interview for available positions at the new West Jefferson facility or receive career transition benefits, including severance, according to established practices and state employment service support,” Kerr said.
The three other Bon-Ton distribution centers that will be affected are in White Hall, Pa.; Rockford, Ill.; and Naperville, Ill. The new center will result in the addition of 139 new jobs in Ohio once the new center is fully operational, with additional seasonal jobs expected to be created during the peak holiday shopping season, Bon-Ton officials said.
“This new fulfillment center will permit significant expansion of our shipping capacity with improved operational efficiency,” Bon-Ton CEO Brendan Hoffman said in a release.
Bon-Ton Stores Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 270 department stores and furniture galleries in 25 states under the Bon-Ton, Elder-Beerman, Bergner’s, Boston Store, Carson’s, Herberger’s and Younkers nameplates.


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Brisbane's competitive apartment market is proving a catalyst for young buyers to take their first step on the property ladder with thanks to the First Home Owner Grant and historic low interest rates.
Mint Residential Principal Alex Veal said the young buyers were part of a new wave of sales and interest from first home buyers, as market conditions aligned to make it an ideal time for them to buy.
"Young buyers are taking advantage of supply levels in Brisbane to secure an apartment at great value," Mr Veal said.
"At the same time, the increased First Home Owner Grant to $20,000 and stamp duty concession under $500,000 means they can purchase a new property with minimal savings and lock in an interest rate at circa four per cent to give them certainty in payments at the front end of their mortgage.
"When you add all those factors together, there really has not been a better time for purchasers to enter the market for some time - and they are increasingly recognising this."SEQ Investment Group saw this trend first hand as ‘first home buyers’ made up more than 60 per cent of the recent buyers at their residential development ‘Vantage Lutwyche’.
Hasitha Samaratunga, a 26-year-old business systems advisor, said he had been saving his deposit for six years before securing a two bedroom, plus living, apartment at Vantage Lutwyche.
"The boost in the First Home Owner Grant was an incentive to buy now, with the opportunity to increase my deposit by $20,000 sealing my decision to buy new.”
Vantage Lutwyche features a total of 55 one and two bedroom apartments across six residential levels, including a 160sqm roof terrace and pavilion with city skyline and suburban views, just five minutes from the Brisbane CBD in the central suburb of Lutwyche.
Those who purchase at Vantage Lutwyche also receive the additional bonus of a 'lifestyle package' including a year's supply of coffee at local cafe Coddle and Co., an annual gym membership and quality blinds package to complete their new apartment.
Image: Vantage Lutwyche


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Apple is expected to launch three new iPhones in September of this year: a 6.1-inch iPhone 14, a 6.7-inch iPhone 14 Pro Max, and a larger version of the same phone with an even bigger screen than the one before it – at 6.7 inches! Now reports suggest that manufacturing has been affected by restrictions due to recent cases involving Covid-19 in China which could delay production on the phones until later this year
Apart from ongoing semiconductor shortage has also impacted iPhone 14 manufacturing, the rising number of Corona virus cases in parts of China have affected Apple suppliers and supply chain partners.
According to a Digit News report, many Apple suppliers’ factories have been forced to close or limit production due to the recent COVID-19 wave in China and other countries. Making it very difficult for them to ensure the timely delivery of components for the iPhone 14 series.
To recall, in 2020 the iPhone 12 series was launched in October, as against the September launch timeline for every year’s iPhone launch due to Covid-19.
Talking to the shareholders on the sidelines of the announcing its quarterly results, the Apple CEO recently mentioned that the company’s business had been significantly impacted by the ongoing global chip crisis and the Covid-19 pandemic, which had led the company to halt its production facilities in China.
“We’ve estimated the constraints to be in the range of $4 billion to $8 billion,” Cook said in the quarterly earnings call adding that these numbers were “primarily centered around the Shanghai corridor”, The Indian Express reported. On an optimistic note, the Apple CEO said that “almost all of the affected final assembly factories have now restarted”.
Apple iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max Price
The rising component costs and Apple’s determination to differentiate Pro and non-Pro iPhones, will see the iPhone 14 Pro and iPhone 14 Pro Max increase to $1099 and $1199 respectively. Apple is also expected to replace the iPhone 13 mini with a Max version could lead to a price hike of about $300. Also Read – Top 3 ways you can block a contact on Apple’s iPhone
Apple iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max specifications
Rumors have suggested the 2022 iPhone 14 series will come with several improvements, including a new design over the Pro model, a better camera, and more. The iPhone 14 Pro and iPhone 14 Pro Max are also said to come with a taller profile and better camera module to fit the new internals.
Both the Pro models of the iPhone 14 series would be equipped with a triple rear camera setup housing a 48MP wide, 12MP ultra-wide, and telephoto lens. The upcoming iPhone 14 series would support an 8K video.
The Apple iPhone 14 Pro model will come with 8GB of RAM and a 120Hz refresh rate display. However, the iPhone 13 model devices are available with a storage option of 128GB. However, the analysts believes that the base storage capacity of the iPhone 14 series devices will be 64GB.
In terms of design, the camera bump on the 2022 high-end iPhone will be 4.17 mm thick, or 0.57 mm larger than the bump on the iPhone 13 Pro Max. The space that the bump occupies on the back of the iPhone will also increase in size by about five percent in each dimension, going from the current width of 35.01 mm to 36.73 mm and height of 36.24 mm to 38.21 mm to accommodate the new camera hardware.
The post Apple iPhone 14 launch may be delayed due to Covid-19 impact in China appeared first on BGR India.


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Should I get a switch in 2020?
If there was a good time to buy the Switch, this is it. With the amount of new games, old classics and upcoming titles on the platform, 2020 really is the best time to pick one up. We’ve listed 5 reasons why you, as a gamer, need to own a Switch in 2020. Nintendo, on the other hand, are just a video game company.
Is it worth it to buy a Nintendo Switch in 2021?
Nope. They’re still in production and in stock as of 2021, and there’s no indication that they’re going to stop support for it for at least another year. My bet is that it will still be relevant until at least 2023. It’s still getting new games, and even its oldest games still have very active online communities.
When does the next Nintendo console come out?
A slide confirms that Nintendo’s “next gaming system” will launch sometime in “20XX,” which means it will be released before the year 2100. Realistically, whatever this system ends up being, it will surely be released long before the end of the century, but Nintendo isn’t ready to commit to any dates.
Is there going to be a new Nintendo Switch?
Barely in the middle of the switch cycle, no change to that view. A Nintendo Switch Pro version was also previously rumored to be in the works, but Nintendo has said that it has no plans to launch a new Switch model this year, which isn’t surprising given that the company released the Switch Lite just last year.
Are there any Nintendo systems still in production?
The only Nintendo systems still in production are the Switch and Switch Lite. With the Lite essentially acting as its dedicated handheld, the need for a completely separate format seems to be gone. We’ll see if that remains the case once Nintendo faces competition from the next-gen systems.
When did the Nintendo Switch first come out?
The Nintendo Switch was only released three years ago, back in March of 2017, and has sold over 55 million units worldwide so far. It also recently faced a worldwide Nintendo Switch supply shortage during the ongoing global pandemic crisis that Nintendo has since remedied.
When will the Nintendo Switch be back in stock?
Nintendo Switch expected to be back in stock at GameStop on Wednesday. GameStop has announced that the Nintendo Switch is expected to return to its shelves “as early as Wednesday, March 22.”.
What are the best Nintendo Switch games?
According to Nintendo, the top amongst the most played Nintendo Switch games, and it shouldn’t come as a surprise, is Legend Of Zelda: Breath Of The Wild followed by Super Mario Odyssey, Mario Kart 8 Deluxe, Splatoon 2 and more. Check out the full list of most played Nintendo Switch games below. The Legend of Zelda: Breath of the Wild.
When is the new switch coming out?
Nintendo wants to release the new Switch in the latter half of 2019, the sources said, as soon as summer. The company isn’t likely to confirm any of these moves anytime soon. While you wait for a Switch hardware refresh, remember that Super Smash Bros. Ultimate is coming out on December 7th to keep you entertained.
What is the next Nintendo system?
The Nintendo Switch Lite is an alternative more affordable option to the Nintendo Switch released by Nintendo on September 20, 2019. This console is similar to a regular Nintendo Switch and can play almost all the same games, but is a portable-only version and is also slightly smaller.


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PetSmart is buying Dania Beach, FL-based pet product e-tailer Chewy, one of the largest privately owned e-commerce companies in the U.S.
While terms of the deal were not disclosed, Recode reported that PetSmart paid $3.35 billion for the six-year-old company. Chewy stocks more than 18,000 SKUs and provides free one- or two-day shipping for orders of more than $49. According to Forbes, Chewy earned $900 million in 2016 and has 3 million customers. The deal is expected to close in August.
"We are focused on improving our customers' experience in-store and online as we continue to execute against our long-term strategic initiatives," PetSmart president and chief executive officer Michael Massey said in a media release. "Chewy’s high-touch customer e-commerce service model and culture centered around a love of pets is the ideal complement to PetSmart’s store footprint and diverse offerings. Together, PetSmart and Chewy will provide the most convenient customer experience to a wider base of pet parents across every channel.”
Market research firm 1010data reported that Chewy was the top online seller of pet food in 2016, accounting for 40.5% of category sales. By contrast, PetSmart was responsible for only 2.2% of sales, slightly edged out by channel rival Petco, which had a 3.1% share. Another 1010data report found that online sales of pet care products grew 67% year over year in 2016, with the expansion driven by Chewy and Drs. Foster & Smith, which is owned by Petco.
Chewy co-founder and ceo Ryan Cohen will operate Chewy as an independent subsidiary. PetSmart took a similar approach when it acquired Pet360 in 2014. The retailer will continue to sell products directly through petsmart.com, which added an auto-replenishment service in January to catch up with Petco. PetSmart also offers delivery through Google Express, while Petco has opted for a partnership with Instacart.


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Graphic Packaging Holding Company
The global egg packaging market is estimated to roughly land at over US$ 5.5 billion by 2019 end
ATLANTA, Aug. 28, 2018 /PRNewswire/ — Graphic Packaging Holding Company (NYSE: GPK), today announced that its subsidiary, Graphic Packaging International, LLC, has reached an agreement to acquire substantially all the assets of the foodservice business of Letica Corporation, a subsidiary…
The Gluten Free Bar was awarded for its IntegraFlex collapsible cup packaging technology.
The acquisition of Seydaco includes its affiliates National Carton and Coating, and Groupe Ecco Boites Pliantes.
Acquisition strengthens Graphic Packaging’s paperboard supply and costs.
Purchase of the printed folding carton producer will aid Graphic Packaging’s plan to develop the industry’s best supply chain.
Premier folding carton manufacturer now under the fold of Graphic Packaging.
A weekly round-up of Packaging Industry moves from around the world.
The Jonquiere paperboard mill in Quebec closes after difficult decision by owner.
North American boxboard assets sold to Graphic Packaging for $44.9-million.
Plans to permanently close a Brampton, Ontario packaging manufacturer has union saying owners lack compassion.
A plethora of company acquisitions within the packaging industry show a wide variance of market segment businesses being snapped up.


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The Tony Elumelu Foundation (TEF), is now accepting applications for the 2019 cohort of the TEF Entrepreneurship Programme. The Programme is a 10-year, $100 million...
United States Africa Development Foundation has invested over N8.64 billion ($24 million) to boost capacity of farmers across the country. Speaking at an Agriculture mini-fair,...
Heritage Bank Limited, Nigeria’s most innovative banking service provider, has partnered with Vanguard Media to organise the 2019 edition of its economic discourse in...
Organised labour, Wednesday, in Lagos, pleaded with the Federal Government to come up with workable policies to ensure adequate and stable power supply in...
The Senate Wednesday warned the Federal Government to stop taking external loans, urging it to find other means of generating revenue internally, rather than...
Afrinvest (West Africa) Limited has urged the federal government to take urgent measures towards reforming key sectors of the Nigerian economy in order to...
The Federal Government is ready to offer more of its assets for sale soon, under the ongoing privatisation programme aimed at raising more money...
Ifie Sekibo, managing director/CEO of Heritage Bank Plc, has called on stakeholders in the sports industry to key into the bank's vision of building...
As part of its commitment to promoting sports in Nigeria, Heritage Bank Plc will in partnership with Para-Powerlifting Federation host the Lagos 2019 International...
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MINNEAPOLIS, June 8, 2011 (GLOBE NEWSWIRE) -- Xata Corporation (Nasdaq:XATA), a leader in fleet optimization software, today announced that its Xata Turnpike fleet management and compliance solution now supports the Google Android™ mobile-device operating system across multiple wireless carriers.
The fastest-growing mobile platform in North America, Android gives customers more feature-rich mobile device options for running Xata Turnpike, routinely mentioned by the Federal Motor Carrier Safety Administration (FMCSA) as the most cost-effective electronic onboard recorder (EOBR) on the market. The Android platform also gives Xata Turnpike users functionality on the new Samsung Galaxy Tab, a tablet computer for email, web browsing and other multimedia tasks.
"Xata Turnpike has always been known for being driver friendly, and we're now going to be known for being the most device-friendly fleet management solution on the market," said Christian Schenk, vice president, product marketing, Xata. "Our support of Android and our upcoming launch of the industry's first fleet management system for an inexpensive, off-the-shelf tablet computer enhances Xata's reputation as an industry pioneer and further secures our leadership position in the market."
By bringing its easy-to-use tools to the Android operating system, Xata can now better serve the growing number of fleets and drivers who are seeking affordable solutions to help them adhere to the Compliance, Safety, Accountability (CSA) program, FMCSA's initiative for reducing commercial motor vehicle accidents.
Xata Turnpike is already certified to run on several Android-enabled smartphones, and additional Android devices will be certified in the coming weeks, including the Samsung Galaxy Tab. The largest Galaxy Tab comes with a 7-inch, high-resolution touchscreen, giving drivers what they want most: an extra-large screen with an easy-to-use hours of service (HOS) graphical interface that supports fingertip scrolling and pinch-to-zoom.
The Galaxy Tab and all Android-enabled devices certified for Xata Turnpike are ideal for drivers who want to run their fleet management system on the same device they use for off-duty activities, such as emailing, web browsing, reading and watching TV or movies.
Additionally, Xata Turnpike for Android includes a mobile API that third-party applications can leverage to access basic vehicle and driver information, including driver and vehicle identification numbers, mileage, motion, speed and GPS.
Xata Corporation (Nasdaq:XATA) provides intuitive, automated fleet management software solutions to the trucking industry. By delivering real-time critical information on vehicle and driver performance, Xata makes it easy for fleet managers, dispatchers and drivers to collect, sort, view and analyze data to help reduce costs, increase safety and compliance, and improve customer satisfaction.
Our award-winning solutions include 1) XataNet, a full-featured, enterprise-wide solution that helps private and for-hire fleets drive continuous improvement, and 2) Xata Turnpike, a technologically advanced, low-cost, easy-to-install solution that runs on drivers' existing cell phones, smartphones and tablet computers. Both solutions help fleet managers and drivers meet established and emerging electronic onboard recorder (EOBR) regulations. We also offer a portfolio of professional services, including implementation, training and consulting, to help our customers deliver bottom-line results. For more information, visit or call 1.800.745.9282.
CONTACT: Karl Nilsson Xata Corporation email@example.com 952.707.5650


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Mexico 2016 Womens Third Soccer Shirt Official Website
Mexico 2016 Women's Third Soccer Shirt Official WebsiteEl Tri fans rejoice with the official Mexico national team home soccer jersey by adidas. The Mexican National Team is geared up in adidas kits in preparation for June’s Copa America 2016! El Tri wore black home kits last year, a major change from their traditional green worn for nearly fifty years. Mexico was one of two guest CONCACAF teams, alongside Jamaica in the COMNEBOL-based tournament in Chile. The jersey is engineered with climacool technolgy and is a more relaxed fit then the authentic jersey's.


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Baijiu in Bulgaria! Bansko is a popular resort town near the Pirin Mountains and best known for its skiing. But it’s also a good summer retreat. And a place you can find baijiu!
Moutai Bulgaria informs me that baijiu-inspired cocktails will be available near the town’s central square, named after poet Nikola Vaptsarov.
“We will cool you down with fresh cocktails,” said the team in a message today. Drop by on World Baijiu Day starting at 7:30 PM to check it out!
By the way, this isn’t the first time for Moutai in Bansko. The spirit has been active in the town before, including for the Bansko Wine and Spirits Festival.


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Scooter Store debuts custom rehab division
NEW BRAUNFELS, Texas – The Scooter Store may be a giant when it comes to standard power wheelchairs and scooters, but the company has a lot of work to do to succeed in its latest venture, providing high-end wheelchairs, industry sources say.
First and foremost, the Scooter Store must fundamentally change the way it has done business for the past 17 years, industry sources say. That includes hiring more qualified personnel like ATSs and CRTSs.
“They have to change their mindset,” said Rick Perrotta, president of Network Medical Supply, a Charlotte, N.C.-based rehab provider. “They have their system down in terms of providing standard equipment, where, like McDonald’s, they can take an employee who’s not that experienced, give them procedures and protocols, and the burgers still taste the same. High-end equipment isn’t like that.”
The Scooter Store, through a new division called Alliance Seating and Mobility, has been providing custom rehab at four locations in Texas since late last year. It used Adorno Rogers Technology, a Nashville, Tenn.-based rehab provider that closed its doors late last year, as a launching pad for the new division.
To provide high-end wheelchairs, the Scooter Store must also develop relationships with referral sources (rather than rely on direct-to-consumer advertising) and repair “a terrible reputation” for servicing wheelchairs and scooters, industry sources say.
“With high-end equipment, if a tilt-and-recline or a sip-and-puff malfunctions, you have to know how to fix it and you have to be there pretty quick,” said one rehab provider.
Additionally, the Scooter Store must diversify its product offerings, not only for wheelchairs but also for hundreds of different components, industry sources say.
“The Scooter Store typically limits the number of brands they have, which is fine with scooters,” said Mark Schmeler, a director of the University of Pittsburgh’s Department of Rehabilitation Science and Technology. “But with high-end wheelchairs, you need to have different products to meet individual needs and preferences.”
Industry sources weren’t surprised to hear the Scooter Store was expanding into custom rehab. When CMS cut reimbursement for power mobility devices in 2006, standard power wheelchairs, the company’s bread and butter, took the brunt of the blow.
“For Group 2 wheelchairs, the margins are all but gone,” Perrotta said. “From a business standpoint, it makes sense.”
In addition to making up for lost revenue, the Scooter Store seeks to increase its clout in Washington, D.C., industry sources say.
“I think complex rehab is starting to get the recognition that it deserves, as a separate entity, and they want to participate in that recognition,” said Tim Pederson, chair of AAHomecare’s Rehab and Assistive Technology Council (RATC) and CEO of WestMed Rehab in Rapid City, S.D.
Several industry sources declined to comment on the Scooter Store expanding into custom rehab, channeling the phrase, “If you can’t say anything nice, don’t say anything at all.” One rehab provider did say: “The Scooter Store’s going to dumb down custom rehab and standardize it, which is the antithesis of what it’s supposed to be.”
But other industry sources don’t view the Scooter Store’s move as a negative for the industry.
“With all the new rules and regulations in place, my guess is that they’ll have to do a good job,” said one rehab provider.
Q&A: Alliance Seating and Mobility’s Scott Higley
By Liz Beaulieu Managing Editor
Scott Higley, the former COO of Adorno Rogers and the former vice president of Quantum Rehab, a division of Pride Mobility Products, heads up Alliance Seating and Mobility. He talked with HME News about why it’s the right time for the 17-year-old Scooter Store to extend its “continuum of care” to include high-end wheelchairs.
HME News: How did you end up at the Scooter Store?
Scott Higley: We had some good people at Adorno Rogers who had committed a lot of years to the industry. I was wondering where I could find a home for these people and myself. Looking at the Scooter Store, I admired the efficiency that they brought to the geriatric marketplace; it’s something that I think is needed in the rehab marketplace. What’s happening—there’s only so much cost that can be taken out of anything, and after a while, it’s the efficiencies that you put in place that make you more successful. This was something I approached them on.
HME: And the Scooter Store was receptive?
Higley: They were very open to it. It’s frustrating when they have a client who has called with a need that they don’t have the expertise to handle and they have to turn that client away. They’re not looking at it as a lost sale; they’re looking at it as a client they couldn’t help. They’ve grown to the size they are because of their commitment to their clients, so it makes sense for them to increase their continuum of care. It’s just an extension of what they already do.
HME: You mentioned the efficiency the Scooter Store has brought to the geriatric marketplace and parlaying that to the rehab marketplace. How much influence will the Scooter Store have over what you do at Alliance Seating and Mobility?
Higley: They were not unrealistic. They realized they couldn’t just say, â€˜Ok, our process works for you,’ because they knew right away that it may not work for us. Everyone realizes there are things about their business model that do not fit in with custom rehab. It’s more, we take what will work for us and we add into that.
HME: Providing high-end wheelchairs requires more qualified personnel. What’s the staff like at Alliance Seating and Mobility?
Higley: We’re not going to just abide by the minimum guideline of having one ATS per location; we’re going to do that and more. Anyone who is working with a client at the company has to be an ATS.
HME: Alliance Seating and Mobility is starting out small, with branches in Dallas, Houston, Austin and Corpus Christi. With a company like the Scooter Store behind you, though, you’ve got to have bigger plans.
Higley: I think any time you’re not focused on growing, you’re shrinking. Obviously, we would like to be successful. We want to get a model that works well and is self-sustaining, and expand our reach. But we have a lot of respect for many of the providers out there, whether small or national. Hopefully they understand we understand this is not an easy thing to fall into. We’re not saying, â€˜Oh, we can click a switch and we have instant locations across the country.’ We’re taking things slow.


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Julian Choi is the owner and co-founder of Minamoto Foods & Genji Sake. He has a certain calm to him, a wisdom that seems to transcend the chaos of the world. “We started Minamoto in the early 2000’s working out of the back my friend’s mom’s Korean store near the Austin airport,” explained Choi. “There were a few sushi restaurants in Austin, but no local fish distributors to really take care of them. We saw the food industry explode in Austin and were lucky to ride the wave.”
A few years later, Minamoto incorporated a premium Sake Distribution Company, Genji, as part of their wholesale distribution. “Sake sort of fell in our lap from the clientele we had. Because of our list of restaurants, we were getting attention of Japanese breweries. We were fish people to start, but once we were given the opportunity for Sake, we wanted to make sure we were all educated on the matter so we could educate the customer. We did not want to half ass it,” Choi explained.
Minamoto/Genji Sake concentrated their first few years doing events, bringing as many breweries as possible to create a buzz, an excitement around Sake. Just before the COVID pandemic forced hundreds of restaurants to shut down, Minamoto and Genji were fortunate enough to sign a deal with Spec’s for Sake. “They told us to bring as much Sake as we were willing to deliver and they would try to sell it. It is a blessing the way the timing worked out.”
When the city closed in March, Minamoto had about 3,000 lbs of fish with no home. “We froze what we could and posted on Instagram that we would be sending fish to the guys who were still open to feed their staff for family meals. Moving forward, we didn’t think it would be as much of a necessity as planned. We opened it up to Instagram and quickly realized how many people were in need of food,” explained Choi.
“We received 500-600 sign ups in the second week after which we started asking for donations from our farms. That kept us busy for the next month or so. But the last couple weeks of April, we started getting depleted and started trying to fundraise. We were just barely scraping by until Austin Shift Meal came around. The timing, again, could not have been more perfect and it has kept us going since.”
Minamoto has so graciously contributed a shift meal consistently every week since the first week of the program back in April. For Minamoto and Genji Sake, they hope to continue in their distribution of the highest quality fresh fish and sake to restaurants and liquor stores throughout Austin while providing for the community during this time of crisis and uncertainty.


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A cargo vessel docks at the Shulanghu Iron Ore Transfer Terminal in Zhoushan, East China's Zhejiang province. [Photo/WeChat account: china-zjftz]
Foreign trade of Zhoushan in East China's Zhejiang province showed steady growth in the first four months of the year, according to statistics from Zhoushan Customs.
Total foreign trade arrived at 34.54 billion yuan ($5 billion) during the period, up 12.2 percent year on year. Exports increased by 16.8 percent to 13.22 billion yuan while imports increased by 9.6 percent to 21.32 billion yuan.
Oil, iron ore and bean imports took up the majority of the city's total imports, about 66.9 percent. Notably, iron ore imports saw a year-on-year increase of 50.6 percent, at 2.83 billion yuan, while oil and bean imports declined by 4.5 percent and 13.2 percent to reach 9.96 billion yuan and 1.46 billion yuan, respectively.
In terms of exports, oil, ships and aquatic products were the main drivers behind the growth. Exports of the three accounted for 81.2 percent of the city's total.
Specifically, oil exports reached 4.54 billion yuan, up 17.2 percent, ship exports 3.54 billion yuan, up 10.3 percent, and aquatic products 2.65 billion, up 22.6 percent.
Copyright©2019 China Daily. All rights reserved.


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Electronics maker Philips is selling cordless telephones that can make Internet-based voice calls using either Windows Live Messenger, or Skype, as well as utilising the existing public switched telephone network.
Philips has been working towards bringing to market consumer electronics and tech products into a roadmap which it calls Connected Planet. So far, this has encompassed routers, media centre PCs and wireless streaming devices. The VoIP phones are the latest products to fill that picture.
"VoIP technology has been around. The challenge is to get that into a product so consumers use it like a normal phone," said Matt Moran, general manager of consumer electronics at Philips.
The company plans to put them on sale in early September and they will be sold in mass merchant stores such as Kmart, Harvey Norman, Office Works and Harris Technology.
The two phones are the VOIP321 utilising the Skype network, and will sell for $129.95; while the VOIP433 Windows Live Messenger dual phone will sell for $159.95. According to Philips, the extra charge for the Microsoft-based phone is because it utilises a colour screen.
Customers can also purchase two handsets for $199.95 and $249.95, respectively.
Having two handsets in the household or business enables customers to carry conversations simultaneously, where one phone can be used for VoIP while the other for regular PSTN calls.
Each phone comes with a hub with two cords - a power cord, and a USB cable that users plug into a PC connected to the Internet, which allows for VoIP calls to be made. Both phones support the cordless phone technology known as DECT, which in Australia is the sole user of the 1.88-1.9GHz frequency. This means the phones are not subjected to any interference from other household items.
To make VoIP calls, users press a Skype or Messenger key at the base of the phone. This instantly brings up icons on the phone's LCD screen that is similar to what they'd see on their PCs.
Some of the PSTN features include a call log for missed calls, hands free, store up to 50 numbers, direct conference call and caller ID if supported by the local operator.
With both phones, calls to fellow users of Skype or Messenger are free. However, calls from Skype or Messenger to landlines incur a cost. Customers that buy the Skype phone before Christmas will also receive a 60 minutes voucher for free SkypeOut to call landline or mobile numbers worldwide.
Moran said phones for other services such as Yahoo might be launched at a later date.


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by Florin Oprea
BNP Paribas has launched a new investment fund to take direct minority stakes in innovative startups that are reinventing financial services and insurance.The new fund, managed by BNP Paribas Capital Partners, will also make indirect investments through Venture Capital funds whose priorities in technologies – such as AI, data, blockchain, cyber-security – geographies and topics match those of its various business units and divisions.
FAO: Let’s see: AI, blockchain, cyber-security? Nothing surprising in the bank’s investment directions…we said it many times: this is “the year of the AI”, that’s why we are even dedicating a category in this daily bulletin. European banks are starting to follow the investment focus of their US peers. The fintech sector in France has also the strong support of the country’s President, Macron, who kicked off Station F, a new tech incubator, last year.
Although most people view Alibaba as an e-commerce play, the company also has substantial fintech exposure with a stake of 33% of China’s largest fintech company, Ant Financial, which is actually bigger than Tencent’s WeChat in the space of payments. The unit is worth at least $100 billion and likely a lot more.
FAO: The Ant(s) are coming. And they are huge. Is the Western Hemisphere ready? I am sure you are aware of Ant’s rapid expansion in Southeast Asia. You may even remember that Alibaba is present also in India, having backed Paytm, a payment company with a very aggressive development plan. Use our FREE ARCHIVE for additional coverage on all the above topics.
Sara Salinas – CNBC
Zelle — an in-app, P2P payments system backed by Bank of America, Wells Fargo and dozens of other major U.S. banks — is less than a year out from launch, but it has already rivaled industry leader PayPal in payment volume. Fewer than half of Zelle’s 60-plus partner banks had launched the service as of late last month — according to a spokesperson — but the payment system still moved $75 billion in 2017, more than double the $35 billion PayPal’s Venmo moved in the same period.
Courtney Goldsmith – City A.M.
Sir Stelios Haji-Ioannou, the billionaire who founded low-cost airline Easyjet, has launched a financial services business called Easymoney in the UK. Haji-Ioannou said the fintech platform’s first product, an Isa targeting a 4.05% annual interest rate, that will “take on the big boys” and offer something new.
FAO: I assume Easymoney will try to make use of its huge customer base and then take the fight to other UK players in this space Octopus, Lending Works, LendingCrowd etc. Easyjet transported more than 80m passengers last year.
JD Alois – Crowdfund Insider
The New York Federal Reserve has published a staff report pertaining to “The Role of Technology in Mortgage Lending”. Authored by Andreas Fuster, Matthew Plosser, Philipp Schnabl, and James Vickery, the research asserts that Fintech is improving the mortgage lending market by making it more efficient and faster.
FAO: Competition! Always helps for improving markets!
Wealthfront has launched Risk Parity, the latest addition to PassivePlus, the company’s signature suite of investment features, which is designed to replicate Bridgewater Associates’ All Weather Fund.
Ellie Donnelly – Independent
Emma Rumney – Reuters
John Detrixhe – Quartz
Revolut broke even in December for the first time after it launched a service for converting and holding cryptocurrencies. The company says it added 500,000 customers in the past two months, bringing the total to 1.5 million.
FAO: Wohooo, 500k new clients in two months. Revolut integrated bitcoin support in its app last summer and added litecoin and ether trading in December – more here.
Enoch Yiu – SCMP
Hang Seng Bank plans to expand the use of fintech to mobile banking services and is also toying with the idea of incorporating facial recognition, after initial success with iPhone X, to allow customers to withdraw cash from its ATMs across the city, according to its chief executive.
Widespread use of mobile phones and a “tingi” or sachet culture in retail provides a fertile environment for financial technology companies.
FAO: I am building up my agenda for 2018 – if you want me as a speaker at your events better get in touch before my year gets uber busy – send me an email here.
JD Alois – Crowdfund Insider
Bank of America published its 10-K with the SEC this past week. The Annual Report for most publicly listed institutions is a routine event with few people digging into the document except for dogged analysts, lawyers looking for loopholes, and a few dedicated investors. In this years Annual Report, it has been widely noted that BofA has listed Cryptocurrency as a risk to its operations going forward.
FAO: Probably the first bank to officially admit it?
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News


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BlackBerry users around the world have been impacted this week with service outages. RIM has offered an explanation of the problem and apologized, but it’s going to take more than a simple “We’re sorry” for RIM to regain the faith of loyal customers.
RIM is already spiraling to its doom. With iOS 5 and the iPhone 4S launching this week, Windows Phone “Mango” rolling out, and Android “Ice Cream Sandwich” on the imminent horizon, there are plenty of very awesome alternatives out there.
RIM will never regain its once-lofty status, but there are some things it can do to bounce back from this outage and reverse its fortunes in the short term:
For starters, RIM needs to compensate BlackBerry users around the world. RIM has explained that the outage was caused by a cascading failure stemming from a failed switch. Since RIM has identified the issue and can trace it back to its own network, it needs to accept responsibility and not expect its wireless provider partners to take the heat.
The real question is, “How much?” While the outage itself only lasted a few days, it will take more than a pro-rated kickback for two or three days of lost service. RIM needs to toss in a free month, or something more substantial to demonstrate to customers how truly sorry it is and how much the customers are valued.
I think CEOs–like professional sports team coaches–take too much blame for a poor team effort, and that too much credit is given for CEO leadership when things are going well. That said, the two-headed strategy isn’t working.
Ideally, two heads would be better than one, and the combined ideas and leadership of co-CEOs would yield benefits that a single CEO can’t deliver. The reality is that it’s not working out that way, and there’s a reason virtually every other company in existence has just one CEO.
Too many chefs spoil the soup. RIM needs to choose a leader and either sink or swim based on the vision and leadership of a single CEO.
RIM needs to do something with its phones. The traditional BlackBerry is an icon of smartphones and mobile messaging, but being iconic and remaining relevant are two different things.
What RIM can’t do is try to “iPhone-ize” the BlackBerry. We already have the iPhone, and if customers want a knock-off iPhone without the Apple “walled garden” they can turn to Android.
Microsoft went back to the drawing board and created something innovative with Windows Phone 7. It delivers a solid mobile experience that is unique to Windows Phone devices rather than just mimicking iOS.
BlackBerry devices don’t need to try and out-pizazz the iPhone, or include more bells and whistles than a Nexus Prime. There is only so much you can do with the concept of a mobile OS and user interface. RIM needs to just focus on delivering a quality experience that is distinct from the competition and provides a compelling case for choosing BlackBerry.
Stick to smartphones…at least for now. The BlackBerry PlayBook is a flop, and pouring more money into pretending like it will eventually succeed won’t change that.
I think it’s a mistake for any company to pigeonhole itself, so I don’t fault RIM for trying. But, creating a tablet is just another me-too, too-little-too-late-for-too-much-money reaction to the competition out-innovating it.
RIM should be looking at the bigger picture of the value it brings to the market, and developing ways to raise the bar and deliver more value rather than thinking of itself as strictly a smartphone company, just not right now.
Get the train back on the tracks with the core products and services. Restore some respect and credibility to the BlackBerry brand. Once things have stabilized, then RIM can consider that bigger picture, but it should do so as a function of its own strengths, creativity, and innovation, and not just stumble about trying to copy what works for its rivals.
RIM is still a major force in mobile communications. Consumers, businesses, and government agencies around the world depend on BlackBerry. This is an opportunity for RIM to look in the mirror and get back in the game, or it could just be all the reason customers need to check out that new iPhone 4S.


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Magazines: Nomad Editions’ new mobile model
This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.
A group of magazine veterans, including former Newsweek president Mark Edmiston, have announced Nomad Editions, a line of subject-focused magazines designed for mobile devices. Every Friday, subscribers will get a new set of stories -- some big, some small -- that use multimedia elements, combining text, audio and video. There will be no print component.
Electronically based text, audio and video -- hmm, sounds familiar. Kind of like the Internet.
Can Nomad Editions be different enough to lure readers/watchers away?
Maybe. On the one hand, it’s going straight for the mobile market, in design and content. And that market has proven it can be fertile: When Wired launched its iPad app in the spring, it swiftly became a top download, moving 24,000 copies in a single day (a gross of $120,000, net about $84,000 for the magazine after Apple’s cut). Nomad Editions subscriptions will be about $24 for a year, less for a quarter. Each magazine will have a free 30-day trial.
Nomad Editions has lined up the talent to create strong electronic content. Designer Roger Black is on board; he’s no slouch. Editor in chief John Benditt has a long history of leading publications on the front edge of technology. And at first, anyway, the idea is to narrowcast -- the first four magazines will focus on food, movies, social networking and surfing.
But the mobile market has been moving right along since Wired’s app launched. Wired itself has upped the ante -- while lowering its price -- and taken relatively statically designed pages and added video. With Will Ferrell. And every other magazine has been getting in the mix.
Maybe the most innovative thing about the model is that writers and editors will be getting a cut of the advertising and subscription dollars for their work, the New York Times reports.
Wait, writers getting paid according to how many people read their writing? I have heard that before. It’s how Gawker Media pays its writers -- for their work on the Internet.
-- Carolyn Kellogg


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A new bad debt insurance product focusing on protecting SMEs against bad debts
Lloyds TSB, Lloyds Banking’s commercial finance division, has unveiled a new bad debt insurance product, focusing on protecting SMEs against bad debts – reported SME Web.com.
Over the course of the summer, Lloyds Banking and RBS have been under pressure because of a perceived lack of support to the SME sector. Lloyds TSB Commercial Finance has launched this service to help SMEs guard against bad debts, as insolvencies are forecast to reach record highs.
Debtor Insurance protects a firm’s sales ledger by insuring around 90% of any bad debts, both in the UK and internationally, suffered as a result of customer insolvency or the non-payment of invoices.
Simon Featherstone, managing director of Lloyds TSB Commercial Finance, said: “Even the strongest companies can be significantly affected if a major customer suddenly fails. One bad debt can have a dramatic effect on a firm’s balance sheet and wipe out years of hard work. A GBP5,000 bad debt can create a loss that could require GBP50,000 of turnover for the business just to stand still. We’re seeing more demand from SMEs for a safety net and launched the scheme to meet this need.”
The new product is also available online to Lloyds Banking Group customers, it can also be used by non Lloyds Banking Group customer and all firms that sell to other businesses on unsecured credit terms, as long as they have more than one customer and an anticipated turnover of around GBP200,000 – quoted smeweb.com.


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They say you don't move forward by standing still. In a frenzied grasp for relevance in the mobile age, Microsoft spent 2013 shaking things up at a cellular level.
The holidays are here and if you are still shopping for gifts for the tech pro in your life (or maybe you're making your own Christmas wish list), these products are as practical are they are cool.
Rambus and Micron Technology said Monday the companies had signed a broad patent cross-license agreement, giving Micron the right to use any Rambus patent for the manufacture of specified integrated circuit products, including memories.
Picture taking, whether you use a smartphone or digital camera, doesn't have to be boring. Here are some cameras and peripherals that can help you create truly marvelous photos.
The Nasdaq computer index Friday hit its highest point since November 2000, in the wake of the dot-com bust, despite mixed reports this week from the hardware and components sector.
Apple is selling a 4K monitor from Sharp that could allay concerns of users looking to buy the upcoming Mac Pro desktop for ultra-high definition content creation.
At a wine bar in San Francisco on Wednesday, Broadcom Chairman and CTO Henry Samueli delivered some sobering news: Moore's Law isn't making chips cheaper anymore.
The core wars between x86 chip makers hit a lull a couple of years ago as processors were deemed to deliver enough performance, but Intel's plans to release a 15-core processor could change that.
Intel has beefed up its networking silicon in a bid to capture a bigger share of enterprise, carrier and cloud-provider networks for its chip architecture.
Intel's open-source Galileo computer aimed at hardware hackers and the do-it-yourself crowd has started shipping to distributors and will be available to the public in two weeks.
Tokyo's world-famous Akihabara district lost one of its signature stores on Saturday, and with it a piece of the area's rich electronics history faded away.
For these products, we truly give thanks
With a lull in major tech earnings news this week, Intel's investor day and Salesforce.com's Dreamforce developer and partner conference gave market watchers plenty to mull over.
With memory, as with real estate, location matters. A group of researchers from Advanced Micro Devices (AMD) and the Department of Energy's Los Alamos National Laboratory have found that the altitude at which SRAM (static random access memory) reside...
Intel will release new Atom chips for smartphones and tablets next year as it chases a goal of boosting mobile chip graphics performance by 15 times and CPU performance by five times by 2016.
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Jan 27 (Reuters) - Synlait Milk raised its milk price forecast on Monday, pointing to higher global prices it expects to hold for the rest of the 2019-2020 season.
The dairy company, part-owned by a2 Milk Company, raised its forecast to NZ$7.25 per kilogram of milk solids (kgMS) from NZ$7 kgMS for the 2019-2020 season.
Global dairy prices rose across almost all products in the second auction of 2020 last week with dry weather likely to lend further support.
Synlait Chief Executive Leon Clement said prices “will hold in the medium term as supply and demand continue to be evenly matched.”
In December, dairy giant Fonterra also raised its farmgate milk price forecast range. (Reporting by Nikhil Kurian Nainan in Bengaluru Editing by Marguerita Choy)


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For award-winning Irish upcycling brand Mamukko, ‘bags for life’ are a way of life.
Since 2011 Hungarian brothers Attila and Levi Magyar have made small, unique runs of bags from recycled leather and salvaged sails.
This winter they are using sailcloth from the Hugo Boss IMOCA 60 yacht used and raced by Alex Thomson (the fastest British sailor to sail round the world single handedly) to create a limited edition run of laptop bags, tablet bags and totes.
“The history of the Hugo Boss sails will add real character to these new bags,” says Attila Magyar, co-founder of Mamukko. “Sailing is about performance, endurance and dynamism and that will be reflected in our new designs.”
Mamukko has become known for its bespoke collaborations with unusual material from the sailing and boating community.
In 2014 the brand created a collection from life-raft material salvaged from the Astrid, a tall-ship that ran aground just up the coast from where Mamukko are based, in the harbour town of Kinsale, Cork (don’t worry everyone was rescued).
“We are pioneers in life-raft upcycling,” says Magyar. “Life-rafts are made from natural rubber fabric. It is high performance, flexible, extremely durable and waterproof.”
The brothers come from a family of leatherworkers and they have applied these traditional skills to a more ethical business model that creates bags, wallets and hats that reflect their Irish home and their passion for sustainability.
“We use old fashioned tools and template-making skills to make modern bags just as a songwriter who uses a 100-year-old piano to write and perform a modern song” explains Magyar.
“The skills that we learned from our father are rooted and inherited from Transylvanian–Saxon leather masters and we would love to pass them onto our children.”
While the brand is seeing an increase in socially conscious consumers it has to balance demand with a handmade process that relies on salvaged materials.
“Our customers are amazed that the Mamukko products are made here in Kinsale by us.
In this world of mass production limited edition handmade products have a real value and people are starting to really appreciate it,” says Magyar.
“But it’s hard to compete on the international market with a product that can not be mass produced and is handmade in Ireland by us from upcycled fabrics.”
However with some sell-out collaborations behind them and a new Hugo Boss collection out this winter, Mamukko has found the right tack that could see them sail off into the sunset, sustainable bags in hand.


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DENVER—October 29, 2014—Consumers foresee the arrival of the smart home as even more imminent than that of smart cars or wearable technology. And while they welcome it, their enthusiasm is tempered by some confusion around the smart home concept, as well as concerns about price, ease of use, and physical and data security, according to new research from iModerate, a leading qualitative research firm.
While consumers aren’t quite sure if the smart home is a product, a series of products, or a comprehensive system they can purchase, they envision the smart home as a means to solve numerous problems and issues they face on a daily basis. Study participants said they think a smart home would be most beneficial when they’re away from home: specifically, they said a smart home would alleviate worries of leaving an appliance on (72%); help lower energy bills (71%); and reduce burglary worries (58%).
In terms of safety and security, however, consumers see the smart home concept as something of a double-edged sword: they believe it will offer peace of mind to them and their families, but they are wary of the security and privacy issues a smart home could expose. Study participants said they like the idea of being able to peek in to their homes, to remotely control home functions, and to receive alerts if there is an attempted intrusion or mechanical problem that occurs while they’re away. Conversely, consumers are fearful that security measures could backfire, data collected by smart home systems could be exploited, and smart locks could be easily hacked.
The study also found that very few people know where to start in purchasing or setting up a smart home and that providing live demonstrations is vital for manufacturers and retailers. Those who have entered the market most often started with the purchase of a smart thermostat, since it combines many valuable aspects of a smart home: convenience, energy efficiency, comfort, and cost savings, to name a few.
“We found our conversations with consumers fascinating in terms of how eager people are to embrace the smart home. They perceive the technology would generally better the home experience. Only 7% indicated concern that it would make their homes feel cold and uninviting, whereas the majority envisioned smart home technology as a silent task-master, freeing up time they’d typically spend on household chores and, in turn, allowing them more time with their families. With that in mind, they’re eager to get their hands on the technology and integrate it into their homes, but have no idea where to start or which manufacturers to purchase from,” said Adam Rossow, Partner at iModerate. “As such, the smart home represents a nearly new—and open— frontier for manufacturers and marketers.”
The report is available here as a free download from the iModerate website.
iModerate bridges the communication gap between companies and consumers through individual conversations, yielding decision-driving context that increases revenue, profitability and ROI. Founded in 2004 and headquartered in Denver, CO, iModerate is known for its expertise in the American Consumer and for pioneering and championing the online one-on-one. With a proprietary cognitive framework, and 10 years of experience rooted in how individuals think and behave, iModerate helps organizations in a wide variety of sectors get past their data sets, establish customer intimacy and obtain real insight—the kind that tells you why things are happening and what action to take. For more information, please visit www.imoderate.com.


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Around 800,000 Virgin Media customers have been strongly advised to change their passwords as a popular router is found to have weak security.
The router is the Super Hub 2, and if it was breached by hackers they would potentially have access to the smart appliances of customers.
This instance is yet more proof of the risks that Internet of Things (IoT) devices pose by being integrated within the networks and homes of unsuspecting people. Devices found to be vulnerable in this situation included CCTV cameras and children’s toys.
Virgin Media have responded that the age of some router technology is to blame for the weakness, making clear that the vulnerability is not exclusive to Virgin systems.
With so much legacy technology still ingrained within organisations that are entering new frontiers such as the IoT, the concern is raised as to how many major router hubs could possess age-based security frailties.
A Virgin Media spokeman said: “The security of our network and of our customers is of paramount importance to us.”
“We continually upgrade our systems and equipment to ensure that we meet all current industry standards.
“To the extent that technology allows this to be done, we regularly support our customers through advice and updates and offer them the chance to upgrade to a Hub 3.0 which contains additional security provisions.”
Ollie Hart, Head of Enterprise & Cyber Security, UKI, Fujitsu UK & Ireland said:
“Whilst cybercrime has risen up on everyone’s agenda, the latest from Virgin Media that one of its routers could be open to a potential attack is a prime example of how organisations still have a long way to go to ensuring a completely safe professional and personal environment. With data fast becoming the new currency, it’s ever clearer that the maturation of the digital industry has brought its own set of unique challenges and businesses are not quite there when it comes to addressing the cybercrime challenge.
“We need to start seeing more proactivity when it comes to tackling cybercrime before an attack happens. Fortunately in the case of Virgin Media, they were able to identify where a potential vulnerability was in their system before an attack could happen, but many organisations aren’t as quick on their feet. Once an attacker is in its too late, taking for granted the social contract that makes people feel they can trust the organisation they’re giving their data over to.
“And with the next major cyberattack a “when” not an “if”, organisations, governments and businesses need to be investing in the people, processes and technologies required to bolster their cyber defenses.”
The speed at which IoT devices have been brought into homes and organisations has meant that a vast number of devices themselves are lacking sufficient security to withstand attack. This could mean innumerable access points for hackers to gain entry to networks.
A study from earlier this year has also shown awareness to this major issue to be extremely low, with 48% of UK citizens unaware that connected devices in their homes could be infiltrated in the launching of a cyber attack.
The news from Virgin Media also brings passwords back into the spotlight, as they still appear to be the fragile layer of security protecting users as the last resort. A recent study showed that 93% of UK consumers would be ready to switch passwords for biometric security measures.