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OTTAWA — When previous American presidents have taken trade action against Canadian lumber, it has generally been considered relatively routine. The row between the two countries goes back decades.
But the Trump administration seized on the decision to slap tariffs on the industry’s exports as a way to demonstrate the president’s tough-on-trade posture. By doing so, President Trump sets up potentially thorny negotiations over the North American Free Trade Agreement.
In discussing the tariffs, Commerce Secretary Wilbur L. Ross said Tuesday that Canada was “generally a good neighbor” but that it should play by the rules. “Things like this, I don’t regard as being a good neighbor, dumping lumber,” he told reporters at the White House.
Mr. Ross explicitly linked lumber and Nafta in his comments, along with a dispute over American dairy exports. “If Nafta were functioning properly, you wouldn’t be having these kinds of very prickly, very unfortunate developments back to back,” he said. “So, in that sense, it shows that Nafta has not worked as well as it should.”
As with many of Mr. Trump’s recent moves on trade, it is more useful political theater than aggressive policy action. Tariffs provide a low-stakes way to look tough on trade, without doing much economic damage.
Canadian lumber and dairy are easy trade targets, since they represent longstanding areas of discontent between the two countries. The process to impose tariffs on lumber was actually started before Mr. Trump was elected.
Although the trade dispute is relatively minor in Washington terms, it puts Prime Minister Justin Trudeau in a tough position at home, where it looms large. Even as Canadians have been critical of Mr. Trump’s policies and practices, Mr. Trudeau has courted his counterpart.
Immediately after Mr. Trump was elected president, Mr. Trudeau dispatched his most senior aides to meet with advisers to the new administration. He restructured his cabinet to focus the attention of the top minister on relations with the United States. And although Mr. Trump and Mr. Trudeau are polar opposites ideologically, the prime minister has studiously refrained from directly criticizing the president publicly.
Mr. Trump spoke by telephone with Mr. Trudeau on Tuesday, and a White House statement said they discussed the lumber and dairy disputes but reported no resolution of either. “It was a very amicable call,” the statement said.
Mr. Trudeau was blunter about the dispute, and “refuted the baseless allegations” lodged by the Trump administration and its “decision to impose unfair duties,” his office said in its own statement.
The standoff over lumber goes back decades. Back in the 1980s, Canada’s conservative government, led by Prime Minister Brian Mulroney — who once joined President Ronald Reagan for a duet of “When Irish Eyes Are Smiling” — sold Canadians on the idea of free trade with the United States with the promise that it would end American trade action against softwood lumber. Although that trade agreement failed to achieve that objective, it nevertheless went through, providing the basis of Nafta.
Three decades later, Canada is again faced with a challenge to the industry, an important source of jobs in many rural areas. The United States buys 69 percent of Canada’s lumber exports.
The disputes have always stemmed from a fundamental difference between the two countries. In the United States, most lumber comes from trees on private land. In Canada, governments own most of the forests. In all the disputes, American lumber producers have charged that Canadian provinces subsidize the industry by not charging lumber companies enough for the trees they chop down.
A pattern has emerged in the quarrel over Canadian lumber, now in its fifth round.
The American industry, which filed the initial complaint behind the latest trade move, has always been successful in its requests for tariffs. Canada has, in turn, always succeeded in having those tariffs overturned through Nafta or the World Trade Organization.
But the Canadian lumber industry can’t afford to wait for such rulings. So to minimize the damage in the meantime, Canada has always worked out a deal with Washington. In the past, that has generally involved limiting the amount of Canadian lumber sent to the United States and, at times, export taxes.
While American lumber producers have generally enjoyed bipartisan support, there has always been a loud voice against their trade complaints. American homebuilders have argued that American mills don’t cut enough lumber to meet the country’s needs. Their industry group also contends that the main effect of the tariffs or export restrictions has been to inflate the cost of lumber by about $3,000 on a typical home.
“They want us to buy American, but they need to produce American, too,” said Gerald M. Howard, the president and chief executive of the National Association of Home Builders, who added that even if the American lumber industry ran at full capacity, imported wood would still be needed.
The lumber industry’s performance also complicates the trade picture. Although American lumber companies say they are being harmed by Canadian rivals, the industry performed quite well last year. Even though Canadian lumber faced no restrictions during that period, lumber mills on both sides of the border experienced healthy production increases in 2016, according a survey by Wood Markets, a trade publication based in Vancouver, British Columbia.
The commerce secretary, Mr. Ross, dismissed concerns of home builders that the tariffs would raise the price of new houses, saying the primary cost driver is the expense of land, not lumber.
“This is not like suddenly house prices are going to up 10 or 15 percent,” he said. “That’s silly.”
In the latest dispute, negotiations during the waning days of the Obama administration failed to produce a similar industry agreement to ease off tariffs. Mr. Howard said that the delay in approving the appointment of Robert Lighthizer as United States trade representative had further slowed progress on the issue.
Unless the lumber industry strikes a deal, the Trump administration’s decision will stand. And in June, Canadian lumber industry will face further tariffs in addition to the ones of up to 24 percent announced on Monday.
Mr. Trump’s criticism of Canada’s dairy industry was the reverse of the lumber story, involving American exports being shut out of Canada.
Much to the displeasure of successive American administrations, Canada keeps dairy prices high by effectively inhibiting exports through tariffs of up to 300 percent, limiting the number of dairy farmers and assigning them quotas.
While Canada was allowed to keep that system alive under Nafta, about 75 dairy farmers in Wisconsin found a loophole. For about a decade, they have been shipping industrial milk to Canada processed using a new technology that didn’t exist when the trade deal was signed. Canada closed that door at the beginning of the month.
“It’s definitely having a negative impact,” said Tim Trotter, executive director of the Dairy Business Milk Marketing Cooperative in Green Bay, Wis.
But Mr. Trotter added that his members were not looking for the Trump administration to launch a full-scale assault on Canada’s dairy market. He said that they were merely looking for a way to restart shipments of the specially filtered milk.
For now, it appears that Mr. Trudeau’s government hopes to keep the lumber dispute separate from any Nafta renegotiation. Washington’s position remains unclear and may not even be fully formed. And as it deals with Washington, Canada is also moving to expand its export business to other markets, particularly in Asia.
On Tuesday, Canadian trade officials offered little about how they intend to deal with the Trump White House on the lumber decision. But Mr. Trudeau has called in a wide range of people for advice on dealing with Mr. Trump. Among them is Mr. Mulroney, who owns a home near the president’s Mar-a-Lago resort in Palm Beach, Fla.
While its effect on Mr. Trump remains unknown, Mr. Mulroney has already revisited a moment from the lumber dispute’s past. At a cancer fund-raiser in February, he serenaded Mr. Trump with another performance of “When Irish Eyes Are Smiling.”


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June 2, 2020
Helen Castell is a freelance journalist and editor with nearly 20 years’ experience as a financial journalist, specialising in trade finance, commodities, energy and international development.
COVID-19 has shaken the world economy to its core, bringing chaos, uncertainty and pain to supply chains in almost every sector and geographical market. But while the challenges facing global trade are very real – and the human cost of the pandemic is rightly front of mind – the financial services sector has a responsibility, and an opportunity, to keep trade flowing and help otherwise viable companies survive the storm.
The months ahead will see numerous businesses fail, but there will also be survivors and even successes. Many in the healthcare, grocery, online retail and technology sectors, for example, are already enjoying demand upticks that they will only be able to capitalise on – and hopefully sustain post-crisis – if their own suppliers also stay healthy.
The readiness of working capital providers to support these firms with fresh liquidity is already being put to the test, as is the ability of technology innovations that some have invested in to provide the transparency and efficiency that is now needed more than ever.
Rush for liquidity
Demand for cash has soared in recent months, with firms across the globe – from smaller businesses to investment-grade names – rushing to stockpile liquidity to ensure they can pay bills and buy inventory if revenue and other sources of credit dry up. In the US, for example, firms drew an unprecedented $162 billion from existing revolving credit facilities in the final three weeks of March, also tapping another $26.1 billion in new revolvers and loans, according to Bloomberg data.
Buyers are also seeking more time to pay suppliers, which are simultaneously requesting early payment from customers to help them survive or even grow throughout the crisis – creating a financing gap that represents an opportunity for working capital and supply chain finance providers. US fintech Taulia, for example, says its platform experienced a more than 200% surge in early payment volumes for suppliers in March, while funders like Citigroup and Greensill have predicted demand for supply chain finance will outstrip availability in the months ahead.
At the same time however, fears of credit downgrades or fraud have spooked traditional lenders, with numerous banks taking a more cautious approach to supply chain lending that has traditionally been core to their transaction banking business.
Although this process was already underway pre-COVID – with insufficient investment in automation at some banks rendering what is a relatively low-margin, high-volume business increasingly less attractive – the trend has accelerated sharply this year. The UK’s Lloyds, for example, reportedly closed its supply chain finance book to new business in March, citing the heightened risk of fraud that often accompanies economic downturns. Others have withdrawn even from pre-existing programmes.
Helping supply chains survive
The benefits that receivables-backed working capital finance brings to corporates – especially during times of downturn or business disruption – are well documented.
In a supply chain finance programme, a financial intermediary effectively lends a big buyer or importer working capital that is then funnelled to its various suppliers in the form of early – and sometimes even pre-shipment – payments for their invoices.
Such programmes enable suppliers – which pay for the service in the form of a ‘discount’ or percentage of the value of invoices that are settled early – to buy parts or raw materials they need to keep producing and stay in business. This can prove a vital lifeline at times when such suppliers’ orders and revenue take an unexpected hit or logistical challenges trigger shipment delays. And because the original funding for the programme is lent to the buyer on the back of its typically stronger credit rating, the discount the supplier pays is usually smaller than the interest they would be charged if they were to try and borrow working capital directly.
For buyers, these programmes sometimes enable them to extend payment terms with suppliers, freeing up working capital for other purposes, although this has proved controversial. Automation of invoice payment processes also improves efficiency and can help buyers trim their finance department staffing costs.
Most importantly, supply chain finance hands buyers stronger security of supply. During sharp downturns or times of crisis – such as the one now crippling many sectors – it can help buyers support struggling suppliers whose goods and services will be crucial to their own revival once trading conditions improve. Those suppliers that are left standing after a storm are often inundated with orders at this point – not all of them they are able to fulfil – and buyers that invested in the relationship during tough times will find themselves closer to the front of that queue. Deciding which suppliers’ goods are most critical to a buyer’s own production or business – and therefore which suppliers to prioritise with better payment terms or supply chain finance – is therefore a process that many big names will be going through now.
Buyers in the UK food industry, for example, have embraced this principle in recent months, rushing to support suppliers as the pandemic knocks otherwise viable businesses sideways. A toxic mix of logistic disruptions and restaurant closures have dragged many food suppliers close to collapse but also opened new opportunities for those that are able to respond quickly to spikes in demand from supermarkets and delivery services.
Supermarket chain Morrisons attracted praise in mid-March when ahead of a country-wide ‘lockdown’ it pledged fast and even pre-payment to small farmers and other suppliers. While the group’s motives were understandably more pragmatic than charitable – with its CEO noting at the time that the chain was heavily dependent on the ability of such suppliers to function smoothly and manage supply chain disruptions – the approach has helped it keep shelves full and tills ringing during a period of immense profit opportunity for big grocers.
In contrast, a handful of big fashion retailers that reportedly stung suppliers with harsher payment terms and order cancellations as their own revenue dried up may struggle to compete with more supportive buyers for inventory once stores reopen, especially if their old suppliers have gone bust.
Tech-savvy specialists best positioned
This creates a window of opportunity for working capital and supply chain finance specialists to increase their market share. Tech ‘disruptors’ armed with innovative solutions and automation capabilities able to cut programme costs, tackle fraud and inject more transparency into the process will be best positioned to benefit. The coronavirus pandemic has, for example, made the digitisation of trade finance more critical than ever, as office shutdowns and home working slow the processing of paper-based documentation to near standstill.
Critics have often argued that supply chain finance is vulnerable to fraud even during uptrends, given the complexity of many trade finance programmes as well as their reliance on the veracity of invoices. Working capital providers that boast tech solutions for identifying and preventing potential fraud ability will therefore find fresh opportunities in current market conditions.
Aronova’s approach is to leverage tech tools to analyse the historical behaviour of buyers and sellers in a programme, flagging any anomalies for further investigation. It taps a database of over 300 million businesses globally to verify the identity of counterparties in each transaction and applies eligibility criteria for every new invoice and obligor to protect all parties against the risk of unwanted liabilities.
Distributed ledger technology also holds promise, with several providers launching blockchain-powered solutions to streamline documentation processes, eliminate the need for third parties in cross-border payments or enable local currency payments to suppliers. China Everbright Bank, for example, announced in March it has partnered with Alibaba’s Ant Financial to implement a blockchain-based supply chain finance platform.
Now is also prime time for both banks and supply chain finance specialists to grow existing programmes by onboarding a larger pool of suppliers and investing in automation. This helps finance providers and the corporates they serve benefit from the economies of scale and efficiencies that bigger programmes bring.
As with any financial service, supply chain finance is not without its risks. Ratings agencies have, for example, warned in recent weeks that the pandemic may tempt buyers to use the tool to beautify their balance sheets and hide unsustainable debt levels. While there is little evidence that this has happened yet, their comments underscore the importance of transparency, not least during testing times. Supply chain finance may be enjoying its moment in the sun, but with this comes a responsibility to prove such fears unfounded.
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1. Lodi Street Faire
The Lodi Street Faire will be held on Sunday from 8 a.m. to 4 p.m. in Downtown Lodi. There will be more than 600 vendors selling antiques and arts and crafts. There will be 25 food vendors offering everything from hamburgers to hot dogs, sausages and pizza. For more information, visit www.lodichamber.com.
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The largest project preparing to move ahead in the Urban Village is just down the street from the Laguna Hills Mall, where another older retail center, the Oakbrook Village Center, is slated for redevelopment in a few months.
The 30-year-old center, owned by Newport Beach-based Fritz Duda Co., counts about 200,000 square feet of space, and is anchored by a Marshalls and Trader Joe’s.
A plan approved by the city last month calls for nearly 150,000 square feet of the existing retail space to be demolished to make way for 489 apartments and 82,574 square feet of new retail space.
The project’s cost is estimated at $35 million.
The project is set to move ahead in two phases. The first phase would begin in early 2013 and include the demolition of 82,730 square feet of retail space and development of 289 apartments, according to the city.
The revamped Oakbrook Village Center will be the first development of its type in Laguna Hills, according to the city.
Moulton La Paz
Redevelopment of another shopping center, the former Moulton La Paz Shopping Center in Laguna Hills, also is moving ahead.
The center’s owner, Vintage Real Estate LLC of Los Angeles, plans to expand the roughly 60,000-square-foot shopping center by another 40,000 square feet. Construction is expected to begin in January.
Vintage recently paid about $2.9 million for a nearly 4-acre parcel of land next to the center—which is near the intersection of Moulton Parkway and La Paz Road—to accommodate the expansion, which will include The Fresh Market, a high-end European-style grocery store.


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The cannabis group received more attention from Wall Street when a top firm initiated coverage on eight cannabis stocks. However, the analyst coverage is mixed, suggesting stock selection is critical for cannabis investors.
MKM Partners analyst Bill Kirk initiated coverage of the following stocks:
- Acreage Holdings Inc (OTC: ACRGF), Buy rating, $17 target.
- Canopy Growth Corp (NYSE: CGC), Neutral rating, C$33 ($24.85) target.
- Curaleaf Holdings Inc (OTC: CURLF), Sell rating, C$5 ($3.77) target.
- Constellation Brands, Inc. (NYSE: STZ), Buy rating, $263 target.
- Hexo Corp (NYSE: HEXO), Buy rating, CA$12 ($9.04) target.
- Tilray Inc (NASDAQ: TLRY), Neutral rating, $34 target.
- Cronos Group Inc (NASDAQ: CRON), Neutral rating, CA$14 ($10.54) target.
- Aurora Cannabis Inc (NYSE: ACB), Sell rating, CA$5 ($3.77) target.
Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.
Here’s a sampling of what Kirk had to say about each name.
Acreage: Kirk said the conditional Canopy buyout implies Acreage shares are currently significantly undervalued.
“A contractual 0.5818 exchange for Canopy shares on 142.6mn Acreage shares implies a ~US$17 value for ACRG, compared to the current Acreage share price of ~$8,” Kirk wrote.
He said there is certainly uncertainty surrounding U.S. legalization, but not enough uncertainty to justify a roughly 50% discount to the buyout price.
Canopy Growth: Kirk said financial support from Constellation is helpful, but Canopy will likely continue to deal with cultivation growing pains.
“Unlike market expectations, we do not expect Canopy to become a profitable organization by FY2022 (on EPS),” Kirk wrote.
However, he said Constellation’s influence could help improve efficiency over time.
Curaleaf: Kirk said there is a storm brewing in Curaleaf’s primary market in Florida, and not the good kind of storm.
“The majority of Curaleaf retail sales are derived from Florida (59% of company dispensaries; ~30% pro-forma recent acquisitions), a state that is showing declining store productivity (mgs THC sold/location) in part due to dispensary growth in excess of patient growth (~200% vs. ~130% y/y, respectively),” Kirk wrote.
He said buyouts of Select and Grassroots will help with geographical diversification, but Curaleaf’s valuation still looks steep given its relatively small number of dispensaries.
Constellation: Kirk said this alcohol producer offers investors a unique play on the cannabis space given its cash flow from its alcohol business and its financial flexibility. Kirk said about 50% of Canopy’s current losses are due to stock-based compensation, a problem Constellation can easily tackle.
“We believe STZ will remedy this compensation discrepancy, losses at Canopy will lessen and investors will punish STZ less,” he wrote.
HEXO: Kirk sad HEXO is the best opportunity today to invest in an early cannabis brand leader.
“We believe HEXO’s approach to be the working component of expert partners’ products has the best chance of creating a defensible brand (‘Powered by HEXO’),” Kirk wrote.
While consensus Wall Street cannabis estimates are typically high across the board, Kirk said HEXO is not getting the benefit of the doubt for its 2020 revenue goal of C$400 million.
Tilray: Kirk said Tilray has a differentiated business model given its U.S. hemp seed food products push, but its’ valuation remains a headwind.
“Valuation is more reasonable (~13x EV/2023 EBITDA) than many peers, but next year’s (FY20) numbers are still too high in our view,” Kirk wrote.
He said Tilray’s deal for Manitoba Harvest opens the door for CBD-infused and potentially THC-infused food products.
Cronos: Kirk said Cronos will benefit from its Altria Group Inc (NYSE: MO) partnership down the line, but it has plenty of obstacles in the near-term.
“As we monitor Cronos' supply chain and research progress, we can’t ignore that expectations for Canadian cultivators, including Cronos, are still too high, as more supply comes online,” Kirk wrote.
He said Altria and recent acquisition Redwood give Cronos a U.S. distribution advantage over peers in the event of legalization.
Aurora: Kirk said profitability for cultivators like Aurora will likely get worse in the near-term before it gets better given falling prices and rising production.
“In this light and with recent industry equity declines, we believe Aurora will have more difficulty refinancing some convertible notes coming due (March 2020),” Kirk wrote.
He said cannabis investors should first consider stocks that likely won’t need to raise capital to hit profitability.
There will continue to be a great deal of uncertainty surrounding the fledgling cannabis market as companies invest heavily in building infrastructure while keeping an eye on regulatory developments. Given the uncertainty, investors should consider taking a diversified approach to cannabis by buying a handful of different stocks rather than putting all their eggs in one basket.
Do you agree with this take? Email firstname.lastname@example.org with your thoughts.
Latest Ratings for HEXO
|Sep 2019||Initiates Coverage On||Buy|
|Apr 2019||Initiates Coverage On||Buy|
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See more from Benzinga
- Tobacco Stocks Rebound As Trump Says 'We Have To Do Something On Vaping'
- Bank Of America: There's Still A Canadian Cannabis Bottleneck
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


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John Carmack recently presented a keynote at QuakeCon. He said Linux is still not a commercially viable gaming platform, and the two forays they have made into the Linux commercial market have not been successful. Valve's announcement about Steam for Linux changes things a bit, but it remains a tough sell."
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PT Astra Otoparts Tbk (AUTO), a spare part maker that is controlled by PT Astra International Tbk (ASII), has entered into agreement with Italian tire producer Pirelli to set up a new tire production facility with a total investment of US$90 million.
The new facility, which will be constructed next year, is estimated to commence a commercial production by 2013 and reach a full capacity of 7 million motorbike tires a year by 2016.
Director Robby Sani at Astra Otoparts, in a press statement yesterday, said the motorbike tires will be designated to cater strong demand for tires in Asean and export markets.
With the investment of US$90 million, Pirelli will control 60% stake in a joint venture company and the remaining belongs to Astra Otoparts.
Astra Otoparts will use internally cash flow and loan facility to fulfill its commitment for the business alliance with Pirelli. "So far, we have produced Aspira tires for motorbike with an annual capacity of 2 million units."
The strategic business alliance with Pirelli is reasonable as the largest contributor for Astra Otoparts's consolidated revenue remains the local spare part markets.
With the new production catering Asean and export markers, contribution from export markets is expected to enlarge. As of September 2011, the local market contributed Rp2.93 trillion and the export market made Rp556.79 billion revenue.
Disclosure: No position at the stock mentioned above.
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Monthly Archives: August 2013
2014 Corolla XLi Limited Edition the mark of prestigious and the nation's favorite sedan is all set to capture your heart, captivate your sense and set your pulses once again, Toyota XLi 2014 have central locking system
Hyundai i10 2014 Price in Malaysia and mileage in 1 litre. is set to debut at the Frankfurt motor show in September and will go on sale at the end of this year. Hyundai has now revealed the first set of official pictures and details of its latest A-segment hatchback.


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McDonald’s in Maynard offers free treats to teachers, support staff
To acknowledge and celebrate teachers for their tireless commitment towards students and the community, local McDonald’s, including the restaurant in Maynard, will show their appreciation with free unlimited “Thank You Treats” from Jan. 6-15. Redeemable any time of day with a valid school ID and at participating restaurants, this new initiative shares McDonald’s expression of gratitude and underscores their commitment to the education community as teachers manage an unusual school year.
The “Thank You Treats” spotlights the new trio of bakery sweets – apple fritter, blueberry muffin and cinnamon roll – and the offer free of charge is complete with any size hot coffee. These new menu items are available all day long.


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5 Little-known Shopper Segments that Boost Email Marketing is a free, 30-minute webinar.
The sponsor is Klaviyo, a innovative marketing platform to accelerate ecommerce email and Facebook campaigns.
The live webinar will occur on Tuesday, Jan. 24, 2017 at 2 p.m. Eastern Time, 11 a.m. Pacific.
Targeted Email Produces Highest Returns
Personalized, segmented emails produce the highest returns.
Common segments include geography, gender, and pricing preferences.


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You can now easily send, receive money around the world using M-pesa
Sending money to loved ones across the globe has now been reduced to just a few clicks thanks to a new partnership between Safaricom’s M-PESA and Western Union that enables customers to receive and send money to over 200 countries.
Named M-Pesa Global, the new service was launched in March this year in Nairobi. It will enable Kenyans to send and receive money from loved ones, business, medical and school fees from more than 80,000 Western Union Agent locations worldwide.
The deal, which is an enhancement of the existing partnership signed in March 2011 allowing the transfer of money through Western Union to M-Pesa following a successful pilot in the UK from December 2008, was signed on November 5, 2018.
SEE ALSO :Regulator struggles to catch up with disruptive third-party apps
M-PESA’s mobile wallet has revolutionized financial inclusion over a decade by enabling millions of Kenyans to receive money from abroad, store and send money or make payments locally, and leapfrog traditional infrastructure.
Cash transfers for M-Pesa Global have been capped at Sh70,000 per transaction with a daily limit of KSh140,000 in line with Central Bank of Kenya’s mobile money transfer rules.
The service will come in handy for customers who are needed to send small amount of money abroad directly from the phone such as student’s pocket money, online shopping especially from Dubai and foreigners working in Kenya who are needed to remit cash back home to their families on a regular basis.
The cash sent from M-Pesa will be collected from Western Union agents. Transfers to bank accounts are possible to clients in the United Kingdom, Germany and United Arab Emirates so far.
Safaricom will earn a minimum of KSh100 for remitting up to Sh5,000 to a Western Union agent abroad and KSh500 for more than Sh35,000.
SEE ALSO :Commercial Banks in Kenya raises excise duty


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With just three days to go, we are now bringing you up-to-the-minute coverage of Kim Kardashian and Kanye West's wedding extravaganza.
Kardashian and West arrived in the City of Light earlier this week, followed by friends and family a few days later. The Kardashians have officially invaded Paris.
As if they were't already #theworldsmostalkedaboutcouple, the bride-to-be has been running a cold and calculated fashion game, making sure every outfit garners just the right amount of attention. From barely-there shirts, to optical-illusions and her latest choice, a plunging gown with an up-to-there slit for a dinner at Hôtel Costes -- we're even more amped to see her dress on the big day.
Speaking of wedding attire, what looks like it could be a dress and a suit were delivered in Valentino garment bags to the couple earlier on May 21. Take that for what it's worth.
With the countdown to the wedding completely underway, the whole family seems to have taken over Paris. And those wondering if Bruce Jenner would be invited can finally breathe a sigh of relief as the former Olympian was photographed leaving Kardashian and West's apartment on Wednesday. The 64-year-old was not in attendance for the couple's engagement, but it seems as though he's on board to repeat his step-fatherly duty and walk Kim down the aisle once again.
Meanwhile, momager Kris Jenner has taken Paris by storm, and you better believe she's already Instagrammed three different photos of the Eiffel Tower. "Love on a merry-go-round!!!! #nightsinparis #herecomesthebride #KanyeheartsKim," she captioned one of them.
As for the rest of the Kardashian clan, Kendall and Kylie have been hitting up Saint Laurent, which is such a totally normal thing for teenagers to do, and hanging out in dimly lit lounges with their older sister, Khloe.
This has been a Kardashian wedding news update, we'll bring you more, when they do anything else.


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Suzuki Motor of America, Inc. announced that they have not reached a deal with Joe Gibbs Racing (JGR) ahead of the new season, which then led to the closure of the JGR outfit. Suzuki announced their portion of the news via the press release below, whilst JGR bid farewell to the industry with a social-media post thanking the industry for support.
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Brea, CA—Suzuki Motor of America, Inc. has concluded its partnership with Joe Gibbs Racing. The combined efforts of Suzuki and JGRMX were able to deliver solid results and raise the level of performance of each of the team’s riders.
Together, Suzuki and JGRMX demonstrated the potential of the Suzuki RM-Z250 and RM-Z450 motocross machines over several successful racing seasons.
“Suzuki Motor of America, Inc. is honored to have worked with a premier racing partner like Joe Gibbs Racing,” said Chris Wheeler, Suzuki’s MX Support Manager. “This partnership produced solid success and many strong friendships over the past several seasons and we would like to thank the entire team at JGRMX for their hard work, passion, and dedication to Suzuki racing.”
Wheeler added that Suzuki will announce its plans for the upcoming 2021 supercross and motocross racing season in the coming days.
Words: Press Release | Lead Image: Feld Entertainment


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There is a myth in fashion right now that secondhand clothing is always more sustainable. But even secondhand clothes have an environmental impact – especially if those clothes have been made in a fast fashion supply chain. So, is it okay to buy fast fashion secondhand? The answer is of course nuanced, but when it comes down to it, secondhand fast fashion is not more sustainable. Here’s why.
On the one hand, shopping secondhand can help reduce waste in the fashion industry, by keeping clothes out of landfill and extending their lifecycle. But, on the other hand, this does not counteract the significant social and environmental impact of fast fashion garments. And therefore, shouldn’t be seen as a perfect solution to this sector’s inherent unsustainability.
Statistics show that we are now throwing away more clothes than ever before. And unfortunately, donating old clothes has emerged as a new way for people to justify buying more than they need. As a result, the secondhand clothing sector has become flooded with poor quality fast fashion garments.
And only 20% of the clothing donated to charities actually gets sold there, according to the Council of Textile Recycling. What this means is that we have is a huge landfill problem as well, because this is where much of the remaining clothing winds up.
With op shops now crippling under the pressure of our junk, then, Business of Fashion also points out that “the mass influx of cheap hand-me-downs from Western countries has had a negative impact on local apparel industries and production in low-income countries.”
Which is why fast fashion can never be sustainable – even if it is donated once it wears thin and even if it is bought secondhand. These pieces ultimately perpetuate a culture of disposable fashion. So, when we buy them secondhand in the name of “sustainability”, we are actually contributing to an inherently unsustainable system.


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Unit's popularity helps Polaris overtake Yamaha as No. 3 Supplier
EVEN THOUGH THE powersports market was soft last year with most segments declining, there was a bright spot: side-by-sides. Retail sales for this segment climbed again in 2007, finishing at about 263,000 units, up nearly 11 percent from 2006. The big winner was Polaris with its highly successful 800 EFI RZR. The manufacturer was the leading supplier of UTVs in North America in '07, grabbing nearly 20 percent of the market for the golf-and turf-type UTVs.
U.S. sales of mainstream ATVs are in their fourth consecutive year of decline, and while some analysts attribute this to worsening economic conditions along with Chinese imports that have flooded the market in recent years, another trend is having a significant impact on large-displacement 4x4 ATV sales. Over the past four years, an increasing number of 50-and-older buyers are trading in their ATVs and opting for side-by-sides. Surveys conducted by Power Products Marketing indicate that as much as 10 percent of annual ATV sales are lost to competing side-by-side units.
UTVs encompass a broad number of vehicle types. They can come with an internal combustion engine or be electric-powered. There are four distinct vehicle types: beefed-up golf car chassis, industrial-type vehicles with heavy-plated steel bodies, mini pickup trucks typically imported from China, and dedicated turf-type trucks. This last category comprises the majority of the market. UTVs also can range in payload capacity from as little as 500 lbs. to several thousand pounds.
Between 2000 and 2002, the North American utility vehicle market struggled just to maintain its overall 100,000-unit level, as whatever gains were made in the consumer segments of the market during 2001 and 2002 were offset by ongoing declines in commercial segments (golf courses, resorts and industrial enterprises, for example) which were severely impacted by the recession.
During 2003, the UTV market increased 17 percent to 121,500 units from 103,000 as the U.S. economic recovery kicked in during the second half of the year after a two-year slump. This growth accelerated another 36 percent to 165,500 units in 2004. The market topped 200,000 units in 2005 and 237,000 units in 2006. As mentioned earlier, the market jumped last year nearly 11 percent to 263,000 units with turf-type vehicles accounting for nearly 85 percent of the sales and golf-type another 10 percent.
Sales to consumers, who include farmers, ranchers and owners of large-acre estates or hobby farms, represented about 40 percent of North American UTV sales in 2000. By 2002 consumers accounted for 47 percent of sales, and by the next year they had surpassed commercial applications with a 55 percent penetration. Over the next four years, the consumer share continued to climb to where it topped 73 percent of sales in 2007. Since 2002, consumers have accounted for nearly 90 percent in the overall growth in UTV sales.
This trend was largely the result of the development of the recreational utility vehicle (RUV) that started when Polaris introduced Rangers that exceeded the conventional 25 mph speed limit. This segment gained momentum with the surge in popularity of the Yamaha Rhino, and more recently evolved with the introduction of the Polaris RZR.
Over the past few years, this new category of "recreational riders" has emerged as a growing customer niche, particularly as some older ATV riders switch from ATVs to UTVs. In 2005, this category could have accounted for as much as 15 percent of total consumer sales. This grew to 20 percent in 2006 and 25 percent in 2007. UTVs are generally unable to negotiate many of the same public trails ATVs are able to travel, so this presents somewhat of an obstacle, although there is less of a problem in more open areas such as those found in the Southwest. But with the success of the new Polaris RZR, which should be able to traverse most ATV trails, it will be interesting to see whether other OEMs downsize some of their vehicles to reflect more kart-type features.
MAJOR OEM SHARES
Up until 2004, five OEMs essentially dominated the North American UTV market: John Deere, Kawasaki, Polaris, Textron and Ingersoll-Rand. Back in 2003, these OEMs accounted for 77 percent of the total market. But during 2004 two new formidable OEMs — Kubota and Yamaha — entered the market with innovative products, significantly impacting the competitive landscape. By 2006, the five OEMs listed above comprised 56 percent of sales, while Kubota and Yamaha together accounted for 29 percent. The leading OEM supplier of UTVs changed in 2006 from Deere to Yamaha. (Yamaha and others prefer to refer to the Rhino and similar products as RUVs.)
In 2007 there was another changing of the guard: Polaris surged ahead of Yamaha as a result of the overwhelming success of the 800 EFI RZR and the growing popularity of the 500 and 700 EFI Ranger series introduced back in 2005. By our estimates, Polaris was the leading supplier of UTVs in North America during 2007 with an estimated near 20 percent share of golf-and turf-type UTVs. The new Polaris EFI Crew, a four-seater that can be converted to six seats, arrived on the market late last year and reportedly has been selling at a brisk pace.
Yamaha fell to second place in the market with an estimated share of nearly 18 percent. Yamaha also markets completely different golf-type-chassis G-MAX and U-MAX utility vehicle series through its golf and turf dealer network, which we calculated into its share estimate. Yamaha's share is somewhat understated because it introduced the 700 EFI Rhino late in the year while phasing out the old 660 carbureted Rhino. Expect Yamaha to rebound in 2008 (albeit after a weak first half) with new products coming on stream.
Kawasaki moved up to the third position with its Mule product line with an estimated 13 percent to 14 percent share, slightly ahead of Deere. Kawasaki introduced a 750 carbureted Teryx in January, its first entry into the RUV segment. The Teryx should help offset an expected decline with the other Mule models.
Deere fell all the way to fourth place in the market with an estimated share of 13 percent from what had been 20 percent in 2005; it was passed by both Kawasaki and Polaris in 2007. Deere's XUV model with EFI, IRS and a 30 mph top speed has been a success, replacing the disappointing HPX series. Deere is expected to introduce another higher speed XUV model in November.
Kubota has maintained its position as the fifth leading manufacturer and brand with an estimated 10 percent share on nearly flat sales in 2007. The manufacturer last year introduced the RTV1100 with integral cab, which sold very well. Kubota later this year reportedly will introduce a EFI gasoline RTV500 that should sell well.
Sixth-ranked Ingersoll-Rand owns the Club Car brand and makes side-by-sides for Husqvarna and Bobcat. The company is considered the sixth-ranked supplier, and has been able to maintain its sales volume during 2006 and 2007. The same cannot be said of Textron (E-Z-Go, Cushman and Jacobsen), which dropped into a solid seventh place in the North American UTV market. E-Z-Go effectively phased out its unsuccessful attempt at a 4x4 UTV at the beginning of this year. Club Car plans to introduce a low-cost 4x2 and 4x4 XRT950 three-model series with automotive styling and independent rear suspension.
Brister's is now believed to be the eighth-ranked brand. It increased its sales dramatically in 2006 and 2007, largely due to its contract with Tractor Supply. Brister's was acquired in the middle of 2006 by American SportWorks, which earlier had acquired Manco, a major kart manufacturer.
Arctic Cat moved into the ninth position as it continued to increase sales of its Prowler; it also introduced a EFI version in late 2007. Taylor-Dunn was the 10th-ranked brand in sales volume for 2007, although it makes a strictly industrial-type UTV. The company is believed to have a 55 percent share of the industrial vehicle niche, which seems to have dropped to below 10,000 units in 2007.
More than 30 other minor OEMs compete in this market with a variety of vehicle types, including an increasing number of Chinese brands. One example, the Bad Boy SUV, continues to demonstrate that there is a market for an electric 4WD vehicle, at least for hunting use. It's conceivable that more OEMs will emulate this model. Ruff & Tuff, for example, plans to introduce an electric side-by-side in the spring. The rising cost of gasoline may also spur development in alternative fuel units or more efficient batteries, although that technology may not be available and affordable until well after 2010.
Multiple distribution channels for UTVs exist. John Deere, Kubota and, to a lesser extent, Landpride and Bush Hog, market their UTV product lines primarily through their farm dealer networks. By contrast, Club Car, E-Z-Go and Yamaha market certain utility vehicles through their golf and turf distributors. The Cushman, E-Z-Go, Taylor-Dunn and Motrec industrial-type vehicles are generally marketed through industrial channels such as forklift dealers. The turf-type vehicles of Yamaha, Polaris, Kawasaki and Arctic Cat, which have dominated the consumer segment of the market, are sold through their vast motorcycle and ATV dealer networks.
One perception is that the ATV makers are more responsive to consumer needs (given the regular enhancements to their motorcycle, ATV and UTV product lines) than the OEMs that serve primarily the commercial or utility segment and are trying to appeal to homeowners. This could be compounded when Honda, Suzuki and BRP ultimately enter the UTV market over the next year or two. We've previously pointed out that these other OEMs, such as Deere, E-Z-Go and Club Car, appear to be gradually losing their homeowner UTV sales to powersports dealerships, perhaps as a result of the perception among homeowners that the powersports channel is preferred over other channels.
WHAT CONSUMERS WANT
UTVs have 2WD, 4WD or 6WD options. Based on our calculations, more than 70 percent of UTV sales last year were 4x4, 6x4 and 6x6 configurations. That compares to 67 percent in 2006, 60 percent in 2005, 54 percent in 2004 and 37 percent in 2003. Clearly, 4WD vehicles are increasing as a percentage of sales, and we believe this trend will continue as more OEMs introduce models with 4WD features. Also, the consumer segment has a much higher percentage of 4WD, which we estimate at over 80 percent in 2007 versus 55 percent in 2003.
Diesel-powered utility vehicles as a percentage of applications shot up in 2004 as a result of the introduction of the Kubota RTV900, but declined between 2005 and 2007 as increasing sales of Rhinos and Rangers have acted to reverse its effect when comparing gas with diesel models. Diesel models are estimated to represent about 15 percent of UTVs with internal combustion engines.
Electronic fuel injection is becoming more popular with consumers, along with 4WD, independent suspension, bench seats and speeds exceeding 25 mph. According to our research, Polaris, Yamaha, Arctic Cat and Deere are the only manufacturers that were selling EFI models during 2007, excluding mini pickups. Joining them later this year will be Honda with the Big Red, Kubota with its first gasoline entry, and Kawasaki with the EFI Teryx. Estimates are that EFI UTV sales accounted for nearly a quarter of turf-type UTV sales last year, up from an estimated 10 percent in 2006; this could easily exceed 50 percent by 2009.
Over the last year, the powersports industry has been confronted with a new challenge: a severe downturn in the U.S. economy brought on by the collapse in the housing market and subsequent tight credit conditions that are not likely to ease for another two years, according to economists. The country is also suffering from soaring gas prices and increasing unemployment and inflation. Most economists predict a recession this year followed by a bottoming in 2009 with a slow recovery thereafter. We may not see an upturn in the core motorcycle and ATV markets until 2010, if then.
For utility vehicles, Power Products Marketing predicts a downturn in the commercial segment (golf, other turf, nonturf and industrial markets) by as much as 5 percent to 7 percent. The consumer niche, which includes farmers, ranchers and homeowners, should continue to experience increased growth in the high single digits; older consumers with higher income levels are less impacted by the downturn and more of them trade in their large-displacement utility 4x4 ATVs for sporty and accommodating UTVs.


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Welcome to the April edition of Schoenherr's to the point: technology & digitalisation newsletter!
We are excited to present a selection of legal developments in the area of technology & digitalisation in the wider CEE region.
Spring is here and though we are living in difficult times, the tech industry hasn't missed a beat and once again surprised us on 1 April with exciting and ground-breaking announcements. For instance, Razer announced a full body suit that allows you to immerse yourself in the metaverse by completely syncing with your consciousness and senses.
The social media platform Reddit, on the other hand, repeated a creative social experiment from 2017.
For four days, every registered user of the platform could place a coloured pixel every five minutes on a 1000x1000 pixel (eventually expanded to 2000x2000 pixel) online canvas in the r/place subforum. Users were also able to place pixels over those placed by other users. What sounds chaotic at first turned out to be a social experiment that illustrated today's internet culture at its best. Through collaboration and coordination of various internet communities, everyone wanted to leave their mark on the limited canvas, and thus a collaborative, constantly changing work of art was created. To give you a better idea, r/place is archived here.
The canvas featured content from national murals (the German community managed to draw their flag horizontally across the entire canvas and to defend it to the end) over internet memes (for example, a functioning QR code which resolved to the music video of Never gonna give you up by Rick Astley) to highly complex artworks (such as Rembrandt's "The Nightwatch" or the poster art for STAR WARS A New Hope). On 4 April the project ended, and Reddit finally deactivated the function to place coloured pixels and only allowed white tiles to be placed, which ultimately led to the destruction of the artwork by the users themselves. An atlas explaining each element can be found here.
In conclusion, r/place did not just shed light on a lot of the psychological aspects of modern internet culture, but also raised exciting legal questions. Especially since it did not take long for the first unofficial NFTs to appear. In terms of copyright, the first question to ask is who the author of this collaborative artwork is. Although the answer will probably vary from country to country (depending on the location of the contributor), the placement of a single pixel will generally not be sufficient to establish authorship. Rather, those initiators and coordinators in the communities who were responsible for the realisation of these pixel artworks, and whom the other community members joined, will probably be regarded as authors. And since those do not have to be registered users, even Reddit itself might not have a licence to use the entire artwork. What appears certain, in any case, is that there will be a multitude of co-authors. In addition, since copyrighted material and trademarks also found their place on the canvas, this raises another series of questions, e.g. can the placement of one pixel by a user – that helped complete the copy of the protected work – constitute copyright infringement or does this fall under fair use?
Putting these questions aside, April Fools' Day is certainly a source of creativity especially in the tech industry, as it brings the internet community closer together and fuels our creative legal thinking to find new solutions. Accordingly, please enjoy our latest update on innovative and creative developments across all areas of technology and digitalisation.
Recently, the payment service Ronin of Axie Infinity, one of the most popular NFT-based games with about 2.5m active players, fell victim to a cyberattack. Cryptocurrencies worth around EUR 540m were stolen in the process. While the developers have announced that they are working with law enforcement and forensic cryptographers to ensure that all funds are recovered or reimbursed, most of the captured currency remains in the hackers' wallet. From there, the hackers are now trying to launder the funds by transferring small amount through a cryptocurrency mixing service. These services allow the trail back to the fund's original source to be obscured by breaking the on-chain link between source and destination addresses by mixing the tainted funds in a pool with others. However, it remains to be seen whether the hackers will ultimately succeed. Because such large sums attract a lot of attention and providers of blockchain security services specialise in tracking down such stolen assets and their target destinations, it has become increasingly difficult to launder these crypto assets. Perhaps the hackers will finally give up and be persuaded to transfer the funds back, as the hackers in the Poly Coin Hack did recently.
The most important state funding agencies in Austria for start-ups are FFG and aws. Both offer mainly non-repayable grants, guarantees or low-interest bearing loans. However, aws also offers equity to start-ups through its venture capital vehicle aws Gründerfonds and its participation vehicle aws Mittelstandsfonds.
According to recent announcements, aws provided EUR 382m in support to start-ups in 2021 (EUR 350m in 2020) and this year its funding for start-ups is expected to increase yet again. In light of constantly evolving cyberattacks, aws recently launched the new KMU.Cybersecurity program, which aims to support digitisation projects in the field of cybersecurity. A non-repayable subsidy will cover the implementation costs of projects in the areas of IT and cybersecurity (investments in hardware and software as well as services from external providers will be supported). The maximum amount of such subsidy is EUR 20,000 per company.
FFG also recently announced its funding figures for 2021. It provided funding totalling EUR 78.5m to more than 1,100 start-ups. According to FFG, most of the funding was granted to start-ups from the digital technologies sector, but also to start-ups from the life sciences, energy, mobility or manufacturing sectors. For 2022 and 2023, FFG intends to significantly expand its funding activities to further boost start-up activities in Austria. This is reflected in the increase of FFG's total budget from just under EUR 700m in 2021 to over EUR 1.6bln in 2022.
The Austrian mobile phone signature (Handy-Signatur) is a qualified electronic signature within the meaning of the eIDAS regulation of the European Union. Presently, the mobile phone signature enables users to log into services such as social security accounts or FinanzOnline and, above all, to sign documents electronically. A qualified electronic signature can be used to sign legal documents and contracts, as it is equivalent to a handwritten signature. This feature is also increasingly being used in the context of notarial certifications, for example, in the case of certifications of powers of attorney via video conference. Especially for people who live abroad or travel frequently, this allows for greater efficiency and flexibility, as digital notarisation takes only a few minutes and the final document is available shortly thereafter.
Soon, the mobile phone signature will be replaced by the so-called ID Austria. Upon release of the full version, registered users will be able to store official documents such as passports or driving licences on their smartphones and use ID Austria as a digital ID vis-à-vis governmental entities, as well as private companies. Currently, ID Austria is still in the pilot phase, which will last until mid-2022, according to the Ministry of Digital and Economic Affairs. Existing mobile phone signatures can already be upgraded to ID Austria, albeit with limited functionality. The use of ID Austria throughout the EU is planned for 2023.
After the failure of the Diem cryptocurrency, Meta (formerly Facebook) is focusing on the development of the Metaverse and, in particular, how payments and financial services will look in this digital world.
Meta is reportedly working on new plans to introduce virtual coins, tokens and lending services in its apps. The new coin is being called "Zuck Bucks" by employees. According to initial information, this will not be based on a blockchain, but will be centrally managed by Meta and will function like an in-app token.
Apparently, the company is exploring the idea of creating "social tokens" or "reputation tokens", which could be issued as rewards for meaningful contributions, e.g. in Facebook groups. There is also talk of adding "creator coins" that could be issued to influencers on Instagram.
There are also reportedly plans to integrate the posting and sharing of NFTs on Instagram and Facebook. For example, selected group memberships could only be open to special NFT owners. Even the integration of NFT minting functions in the social networks is rumoured to be under consideration.
Additionally, there will possibly be facilitation of payments within WhatsApp and Messenger via the peer-to-peer payment system Facebook Pay and a wallet.
In any case, it is clear Meta is investing and researching how to quickly integrate the token and NFT business into its social platforms and the Metaverse.
Austrian rapper RAF Camora has said that he wants his fans to participate in his success.
To do so, a total of 5,555 "Future" gold record NFTs are to be launched alongside the release of his new track.
The NFTs will be issued as ERC-721 tokens on the Polygon blockchain and will be designed in gold record style. Each NFT will have different rarity levels and will also offer a download option to the new song "Mein Planet" as well as an additional physical gold record with numeration. The minting price is EUR 155 per token, so in total RAF Camora can potentially expect about EUR 860,000 in revenue at launch.
We are curious if other Austrian artists will jump on the NFT hype. In any case, it is a new opportunity to make money.
In the recent past, several innovations originating from the crypto world have found their way into the mainstream, as more and more "traditional" companies explore the possibilities and business opportunities enabled by blockchain technology.
In April 2022, the digital asset platform Nexo announced that it will join forces with global payments giant Mastercard and e-money institution DiPocket to launch a new type of payment card.
The so-called "Nexo Card" is linked to a crypto-backed credit line provided by Nexo and allows its users to spend up to 90 % of the fiat value of their crypto holdings – without actually having to sell their assets. Instead, users employ their crypto assets as collateral to get access to dynamic credit lines. Therefore – contrary to "conventional" crypto debit cards – no crypto assets are converted into fiat currencies when spending money through the Nexo Card, which can be beneficial form a tax point of view.
According to Nexo, users will not face any kind of charges, fees or interest as long as they maintain a loan-to-value ratio below 20 % for credits up to EUR 20,000 per month. The card is said to be accepted everywhere where Mastercard is accepted, without any further action on the part of the merchant. While Mastercard provides its infrastructure and payment network, DiPocket will serve as the issuer of the card.
After a partial launch of the Nexo Card in selected European countries earlier this year – which generated "exceptional interest" according to the company – Nexo plans to add new features and offer the product internationally.
The Regional Administrative Court in Warsaw confirmed the position of the Polish Data Protection Authority (DPA) that the liability for the controller's obligations cannot be transferred to its employees and upheld the DPA's position that an employee cannot replace the controller in performing its duties. Moreover, the employee may not have adequate knowledge regarding the application of appropriate organisational or technical measures, or may implement safeguards that are inadequate and inappropriate to the scope of personal data processed. According to the controller's internal regulations, the obligation to secure the media where personal data are stored rests with their users (i.e. employees). In the DPA's opinion, such an approach is not correct. The investigation also showed that the controller violated, among other things, the principle of confidentiality and integrity of personal data by issuing an unsecured portable storage medium to probation officers for their official use and obliging them to implement the security features of the medium themselves. The DPA noted that conducting employee trainings on data security is essential but is not enough to be considered as "appropriate organisational and technical measure" serving to protect data. It is the controller's duty to provide for such relevant technical safeguards.
A US-Israeli insurance company is offering cloud failure insurance to crypto companies for the first time. The insured event occurs when cryptocurrency traders are unpredictably and involuntarily separated from the cloud. More specifically, if a crypto exchange, wallet, DeFi or platform breaks down due to the crash of a public cloud provider and thus becomes unavailable, the insured crypto company can offer its customers protection against losses.
It is inconsequential that the exorbitant returns on cryptocurrencies in some cases are based specifically on the fact that there is a high risk of loss. A major risk factor that is not within the sphere of influence of the crypto companies could thus be covered by such insurance. This could also result in more conservative investors being attracted to the crypto market. It will remain to be seen whether such default insurance will be demanded by traders as a "mandatory seal of approval" for crypto companies.
On 22 April, the European Parliament and EU Member States announced they could swiftly reach a political agreement on the proposed Digital Services Act (DSA). Together with the Digital Markets Act (DMA), the introduction of the DSA will shake-up e-commerce rules. Like the GDPR, both the DSA and the DMA have extra-EU territorial effect, and so will try to also cover non-EU businesses providing scope services within the EU. While there are still some formal steps to take, once adopted, the DSA will be directly applicable across the EU. But similarly to the GDPR, it will only apply 15 months after entry into force or from 1 January 2024, whichever is later. This buys us time to examine the DSA piece by piece and provide you with some more detailed content. Stay tuned!
The EU and India announced plans to launch a joint trade and technology council in an effort to increase cooperation between the countries. The establishment of the council aims to allow the partners to tackle challenges of cooperation in the fields of trade, technology and security, and thus deepen the partnership between the EU and India. The Trade and Technology Council will provide the necessary structure and impact to execute political decisions, coordinate technical work, ensure implementation and follow-up in areas that are important for the progress of the economies.
On 14 March 2022 the European Parliament (EP) adopted its negotiating position on the Regulation on Markets in Crypto Assets (MiCA). MiCA is a comprehensive effort to harmonise regulatory requirements and provide legal certainty for the issuance and servicing of certain crypto assets across the EU. In the run-up to the parliamentary vote, there was a great deal of concern among market participants in respect of proposed language that would have banned activities related to Proof-of-Work (PoW) based digital currencies (such as Bitcoin) due to their high energy consumption. MEPs voted, however, against this ban on PoW and other environmentally unsustainable consensus mechanisms marking a relief for the European crypto industry. Still, MEPs acknowledged the high carbon footprint of PoW consensus mechanisms and, therefore, asked the European Commission (EC) to work on a legislative proposal by 1 January 2025 that would include all crypto asset mining activities in the green taxonomy system. After adoption by the EP, the MiCA draft is now shifting to a "trilogue", a formal round of negotiations between the EC, Council and EP.


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Shares in upmarket US jeweller Tiffany lost some of their lustre on Monday, after the abrupt departure of its chief executive sparked uncertainty following a disappointing holiday season.
Frederic Cumenal has been replaced with immediate effect by board chairman and former chief executive Michael Kowalski, Tiffany said in a statement late on Sunday.
The news sent its shares down 2.5 per cent to $78.49 in New York on Monday, cutting Tiffany’s 12-month rise to 26 per cent.
The group said its board was committed to existing core business strategies, “but has been disappointed by recent financial results”. It has been working to add more sparkle to the customer experience at its stores and freshen its product assortment, something Tiffany said it plans to accelerate.
Mr Cumenal’s departure comes after the company, known for its blue boxes, recorded lacklustre sales during the holiday season. Like-for-like sales fell 2 per cent in the two months to the end of December compared with 2015. Net revenues ticked up to $966m from $961m.
The tepid performance during the key shopping season was driven by a 4 per cent fall in like-for-like revenues in the Americas, its biggest market. Tiffany outlet online attributed the weakness to lower consumer spending and a 14 per cent drop in sales at its flagship store on New York’s Fifth Avenue.
The store sits directly next to Trump Tower and was subject to intense security measures when Donald Trump used the building as his main office during his transition to the White House.
For the fourth quarter, Wall Street analysts believe Tiffany’s like-for-like sales fell 1.1 per cent, marking the fifth consecutive quarterly decline. Revenues are forecast to come in at $1.21bn. The group is due to report on its fourth quarter on March 17.
Tiffany reported a 2 per cent fall in like-for-like sales in the third quarter, though net revenues edged up 1 per cent to $949m.
Mr Kowalski will serve as interim chief executive while the group seeks a permanent replacement for Mr Cumenal. Mr Kowalski was the company’s chief from 1999 to April 2015, when Tiffany promoted Mr Cumenal, who joined the jeweller in 2011 from champagne brand Moët & Chandon, to the top spot.
Mr Cumenal’s departure represents the third big shake-up to Tiffany’s executive ranks in the past 10 months. Former finance chief Ralph Nicoletti left in May to assume the same role at consumer goods group Newell Brands. Tiffany replica also announced last month that it had appointed Reed Krakoff as newly created chief artistic officer.
“While we still consider Tiffany as a foremost luxury brand with multiple long-term drivers, we are concerned with the multiple executive changes,” said Betty Chen, an analyst at Mizuho who cut her rating on the stock to “neutral” from “buy” after the news of Mr Cumenal’s exit.
Simeon Siegel at Nomura added that the timing of the release, which came just hours before Tiffany’s Super Bowl half-time advertisement starring Lady Gaga, “may lead to investor questions”.
Still, Randal Konik at Jefferies said investors would welcome the change of leadership, “as the outgoing CEO did a great job of protecting the brand but didn’t communicate as much urgency in product newness”.


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Get ready for fried chicken on a potato bun at the Bay Area’s only Shake Shack.
You might as well get in line right now because hordes are no doubt going to descend upon Stanford Shopping Center in Palo Alto on Saturday when the first Northern California Shake Shack finally opens.
Yes, the wildly popular gourmet burger chain by New York’s Danny Meyer will finally open its doors in the Bay Area. It is right next to P.F. Chang’s in the ritzy outdoor mall.
Opening hours will be 11 a.m. to 10 p.m. Sunday through Thursday, and 11 a.m. to 11 p.m. Friday and Saturday. And the first 100 people through the doors on opening day get a free Shake Shack travel bag.
Last night, I had a chance to get a sneak peek and taste when I was invited to a media preview party.
The Palo Alto Shake Shack in Stanford Shopping Center.
The menu boards.
The interior features reclaimed and repurposed materials.
The 2,491-square-foot former Wells Fargo bank building features outdoor as well as indoor seating, including tabletops made of reclaimed bowling alley lanes.
It’s also cashless. You place your order at self-serve kiosks.
A giant sequoia in Yosemite National Park that will have you in awe.
YOSEMITE NATIONAL PARK, CA — If you didn’t make it to the grand “Taste of Yosemite” event last week — actually held twice this year — you definitely missed out, because the next one won’t take place until January 2020.
The popular winter-time extravaganza that draws a host of celebrated chefs to host cooking demos and cook multi-course gala dinners at The Majestic Yosemite Hotel, normally takes place every January for nearly the entire month. But it will be on hiatus January 2019, as the hotel’s kitchen gets renovated.
So mark your calendar for January 2020 for its return.
Meantime, to rev your appetite and interest, I happily serve up morsels from last week’s event, in which I served as moderator for two sessions.
Thrilled to moderate this session that featured Cowgirl Creamery, Peter Armellino of the Plumed Horse, and Adam Mali of The Battery.
It was actually the second “Taste of Yosemite” of 2018, with the first one occurring in January of this year. Organizers decided to do another shortened bonus “Taste of Yosemite” this month.
A friendly scarecrow stands watch at the Santa Clara Unified School District Farm.
With new condos and tech buildings going up at a dizzying pace in Silicon Valley, it’s hard to believe that in the midst all this concrete and glass, one can actually still enjoy the bucolic experience of a dinner on a farm here.
But you can — right here in Sunnyvale at 1055 Dunford Way. At an 11-acre organic oasis owned by the Santa Clara Unified School District.
After taking over the property last year from Full Circle Farm, the district hired farmer Dave Tuttle to over see it. And how fruitful the SCUSD Farm has become. This season, 1,500 pounds of tomatoes were harvested and turned into sauce for use in lunches at the district’s 28 schools. In fact, every day, there is something featured from the farm on school menus, most notably in the salad bars.
Persimmons ripening on the tree.
Twenty tons of pumpkins were grown, along with 3,000 pounds of watermelon. There are persimmon, avocado, pomegranate and lemon trees thriving. Rows of fava beans, Persian cucumbers, and kabocha squash were planted. There are nine laying hens, and beehives, too.
Photographer Eva Kolenko arranging potential images for my “East Bay Cooks” cookbook.
For most of this year, I’ve immersed myself in writing a new cookbook, “East Bay Cooks” (Figure 1 Publishing), which spotlights the diverse, progressive and talented chefs of the East Bay Area.
Writing a cookbook is a major undertaking involving a multitude of interviews, fine-tuning a heap of recipes, and conducting scores of interviews.
For so long, it’s lived mostly as text in my manuscript. But last week, it all came to vivid life when the photography on the project began.
Chef Paul Canales of Oakland’s Duende with a salmon dish ready to go before the cameras.
Chefs from all around the East Bay descended upon the incredibly equipped Rule & Level Studio in Berkeley, where they and their dishes were photographed by the incomparable Eva Kolenko.
Perfect with coffee or tea, Donsuemor Pumpkin Spice madeleines. (photo by Carolyn Jung)
Pumpkin Spice Madeleines
Tender, cake-like and full of autumnal spices, Donsuemor’s Pumpkin Spice Madeleines are a sweet treat hard to resist.
Yes, you might not be ready for pumpkin spice season yet. But it is upon us in full force already. So you might as well embrace it wholeheartedly. Especially when it means indulging in cookies like these.
Donsuemor has been baking French madeleines in the East Bay since 1976.
A package of six pumpkin spice ones are about $4. Find them at Raley’s, Mollie Stone’s and other retailers.
You Know You Want A Pumpkin Spice Latte
It is indeed that time already at Starbucks. The frenzy over pumpkin spice lattes has begun.
But why slog over to Starbucks, wait in line, and fork over bucks when you can get your fix by making your own pumpkin spice latte at home for a lot less money.


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4:30 PM on 03.06.2012
Ridge Racer Unbounded won't be making its March release as originally planned. The Xbox 360, PC, and PlayStation 3 game is now set for a North American launch this year to give the development team some "additional time to pack the disc with features."
Not much of a release date to go on, but these things happen. Namco Bandai says to expect news on a more specific time frame, pre-order bonuses, and an expanded list of features for Unbounded soon.
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SANTA CLARA, Calif., Jan. 4, 2011 /PRNewswire/ -- Synaptics Incorporated (Nasdaq: SYNA), a leading developer of human interface solutions for mobile computing, communications and entertainment devices today announced that the company will participate in several influential discussions at the 2011 International Consumer Electronics Show (CES).
Ted Theocheung, vice president of the PC and Digital Home Division for Synaptics will discuss the latest in touch user control innovations on the radio program, "Tech Talk with Craig Peterson," from the CES show floor. Tech Talk is one of the top technology radio shows in the country, and is available for download on iTunes. The interview will take place Wednesday, January 5, from 2:00 – 2:15 p.m. at the Las Vegas Convention Center (LVCC), North Hall, Broadcast Tower.
Digital Hollywood, co-located at CES, will be hosting a roundtable panel on the immersive consumer experience which will include Ted Theocheung. Attend the panel discussion on Wednesday, January 5, from 4:00 – 5:00 p.m. at the LVCC, North Hall, room N261.
Ted Theocheung will also be participating in the CES SuperSession discussing disruptive technologies in the consumer electronics industry. The discussion is open to CES attendees and will take place Friday, January 7, from 10:00 – 11:00 a.m. at the LVCC, North Hall, room N255-257.
Andrew Hsu, technology strategist at Synaptics, will participate on a panel discussing the future of user interfaces. The panel will be held on Thursday, January 6, from 10:30 - 11:30 a.m. at the LVCC, North Hall, room N254.
As an industry leader in providing innovative human interface solutions, Synaptics will also exhibit its latest solutions for mobile, PC, and "4th screen" consumer electronics devices in a private meeting space (LVCC, South Hall 2, lower level, #MP25740). Product demos will include the ClickPad™ Series 3, Synaptics Gesture Suite™ 10.4 and API with the newly-released Scrybe™ 1.5 gesture workflow technology. In addition, multiple ClearPad™ solutions will be on display, including the Series 7 touchscreen solutions for slates, ClearPad 1100 for mass market handsets, and the latest ClearPad 3000-enabled handsets.
To arrange a demonstration of Synaptics' technology solutions at the event, partners may contact CES2011@synaptics.com and media may contact Katie Mech at email@example.com, 650-346-1054 or visit www.synaptics.com/go/CES2011 for more information.
Synaptics (NASDAQ: SYNA) is a leading developer of human interface solutions for the mobile computing, communications, and entertainment industries. The company creates interface solutions for a variety of devices including notebook PCs, PC peripherals, digital music players, and mobile phones. The TouchPad™, Synaptics' flagship product, is integrated into a majority of today's notebook computers. Consumer electronics and computing manufacturers use Synaptics' solutions to enrich the interaction between humans and intelligent devices through improved usability, functionality, and industrial design. The company is headquartered in Santa Clara, Calif. www.synaptics.com.
Synaptics, ClickPad, Synaptics Gesture Suite, Scrybe, ClearPad, TouchPad, and the Synaptics logo are trademarks of Synaptics in the United States and/or other countries.
SOURCE Synaptics Incorporated


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A new food solution segment was unveiled by Croatian food and pharmaceutical company Podravka, targeting the HoReCa segment. The recently made Food Solutions company, developed for the production of fresh produce and semi-ready meals, in an area of 1,500 sq m and is equipped with state-of-the-art equipments. It adheres to all the quality regulations and is subjected to ISO and HACCP standards and other food safety procedures.
Currently the organisation’s menu consists of 130 variety of products i.e meals and the business targets are mainly the institutions such as hospitals, corporate restaurants bistros in shopping malls and even police and the army. Podravka is also looking forward to turn this development venture into a new international trade, added the management board president Mr Zvonimir Mrsic.


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As Things Stand
Friends and foes, fans and naysayers, will all agree on one thing, though. The Windows 8 launch could have been better. It could have been better handled in development, it could have been better explained in marketing, and it could have been better promoted in hardware.
The various hardware partners were, back then, still reeling from the shock of something this radically new, and still feeling the smite from the mobile assault and declining sales.
Things are somewhat better now, with a variety of devices available for purchase at all price points. And while the numbers are yet to come in, there is a general feeling in the air that the sales performance of devices powered by Windows has been somewhat satisfactory.
Or at least, not the sheer disaster that was reported this time last year with Windows 8.
Luckily, Microsoft has also been building towards a fresh start. Talks of Windows 8.2 have died down, and Windows 9 is the new party in town. Some new fresh faces will soon be seen in Redmond offices after the retirement of CEO Steve Ballmer. A few of his close friends may even part ways with Microsoft.
Bill Gates has been buzzing with enthusiasm lately, at least in his last few appearances at the company. We already know that he is overseeing the search for a new leader, but there is every chance that he will work closely with the new CEO once he (or she) is announced.
What remains to be seen is whether the company will go in with a fresh approach too.
Clearly, what it is doing is not working wonders of any sorts — but it is working, albeit very slowly. The Windows Phone platform is on the up and Windows 8.1 is finding itself installed on more devices.
Admittedly (and rightly so) we have not seen any official signs talking about what path the new CEO will tread once that person takes charge. But there is every reason to believe Redmond would want to keep doing what is working, while work on what is not.
A complete 180 degrees turn (regardless of whether it is necessary) will do more harm than good.
Looks Are Everything
At least in the world of operating systems they are. At least in the world of Windows 8 they are. Rarely do we see companies and partners that decry the new OS talk about how expensive it is, or what kind of hardware it comes on.
Most complains are about how the latest Windows plays — how it looks.
Aesthetics, performance and usability are three different things. And while Microsoft’s modern operating systems may have locked the first two, the usability factors has been a hindrance not just on Windows 8 but also on Windows Phone 8.
Under the hood both platforms are just as good, or better, in many cases than what the competitors are peddling — Android, iOS and BlackBerry, even Linux. Redmond’s sluggishness in adding necessary features (on smartphones), and forcing an interface (on desktop) put off the progress by a few paces.
The Way Forward
Things, ultimately, could not be more interesting for Windows 9. The new operating system can actually go in three directions. It could be a bit of a fallback to the familiarity of Windows 7 with a returning Start Menu, the ability to run Metro apps in desktop, and keeping the two environments separate on PCs.
Or it could take the middle road — an evolution and refinement of what is available on Windows 8.1, with more polished apps, a more elegant Modern UI, and a more mature set of features.
And however unlikely it may seem, the software titan could also think of something overly revolutionary. Development on Windows 9 has been going for some time now, according to previous rumors. It has only now come into the forefront.
But that does not mean Microsoft cannot pull a rabbit out of its (proverbial) hat and bring something revolutionary to the tablet. Gates is trying to become more involved with certain aspects of the company, a new CEO may yet be an outsider with new ideas, and the release date is not set in stone.
Whatever path the company chooses, it will boil down to how much choice it provides.
Give users choice of the type of environment they want, and call it a day. Give users the choice of running their apps in full screen or desktop mode, and let them decide. Give users the option of a full Start Menu along with the Start Screen, and they will keep quiet.
Enough has been said about Microsoft’s modern OS strategy to last a lifetime.
But the way it is shaping up, Windows 9 could be the company’s most important release. Ever.]]>


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According to an article in The Wall Street Journal today, Sony is doubling its marketing budget in China to “help boost its sales there by at least 50% and keep it on track to reach the $10 billion mark in fiscal year 2008-09.”
Sony China Web site (www.sony.com.cn)
Currently, China contributes only 3 to 4% to Sony’s consumer electronics revenues. But even so, the company sells more high-end digital cameras in China than anywhere else in the world.
Here is the link to the article (subscription required).


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Miami-based Royal Caribbean Cruises (RCL) said Wednesday it's expanding a program designed to help passengers avoid long lines and reduce their waits at airports throughout the United States. The program allows passengers to complete the airline and luggage check-in process for their flights home before getting off their cruise ship.
Royal Caribbean tested the program for the past two years in Vancouver, British Columbia. It offered something similar before the Sept. 11, 2001 terror attacks but stopped it due to security concerns and then resumed it in 2002 for a while at the Port of Miami-Dade.
The program is up and running for Celebrity Cruises passengers whose voyages end in Fort Lauderdale, Miami, San Diego, Seattle and San Juan, P.R. Celebrity Cruises is one of two brands owned by Royal Caribbean Cruises. Its namesake brand, Royal Caribbean International, offers the program to passengers whose cruises end in San Juan and Seattle.
To participate, passengers must pay $10 to $20 each. Also, their flights must be to a U.S. city on the same day their cruise ends with one of several airlines. Before getting off cruise ships, passengers are given boarding passes, luggage tags and claim checks, while their bags are driven to the airport.
The U.S. Small Business Administration said Wednesday that the deadline to file low-interest disaster loan applications for physical damages as a result of Hurricane Wilma has been extended until Jan. 5, 2006.
Funds from SBA disaster loans may be used to cover the amount of the deductible for hurricane victims who have insurance, and may cover some or all of the uninsured losses for victims who do not have insurance, the SBA said.
SBA low-interest disaster loans are available to qualified renters, homeowners, landlords, business owners and non-profit organizations.
Fort Lauderdale-based National Beverage Corp. (FIZ) said that its board of directors has declared a special cash dividend of $1 per share. The dividend will be payable on Jan. 27, 2006 to shareholders of record at the close of business on Jan. 5, 2006.
National Beverage produces soft drinks, bottled waters and juice products.
Continental Airlines (CAL) plans to take back 69 small jets from ExpressJet Holdings (XJT), its biggest commuter-airline partner, and seek a lower-cost operator for the planes.
Shares of ExpressJet fell $2.31, or 22 percent, to close at $8.32.
The aircraft account for 25 percent of the 274 regional jets that ExpressJet contracts to fly for Continental. Continental said that it expects to shift the 69 planes to a new operator starting in January 2007.
Continental now uses ExpressJet, its former unit that became a separate company in 2002, for all of its regional-jet service.
Fort Lauderdale-based Sunair Services Corp. (SNR) on Wednesday reported a fourth quarter loss of $369,101 or 4 cents a share, compared to a profit of $222,907 or 6 cents a share in the same period of the previous year.
Fourth quarter revenue rose 248.6 percent to $13.7 million.
For the fiscal year, Sunair reported net income of $595,552 or 8 cents per share, compared to $1.1 million or 30 cents per share for the previous fiscal year. Revenue was $31.5 million, up 218.2 percent.
Sunair is involved in lawn and pest control services, high-frequency radio and telephone communications.
Lawyers for Florida's Orange County plan to ask a judge to clarify a tax law that could allow the county to collect more tourist taxes from online hotel bookings.
Companies such as Expedia.com and Orbitz.com currently purchase or reserve blocks of rooms from hotels, often at lower rates. The Internet companies pay tourist taxes based on the reduced prices, but then they resell the same rooms to online customers at marked-up costs.
Orange County officials have said that the online businesses should be paying taxes on the marked-up prices.
The online businesses, however, have said that the final price they charge online customers reflects additional services, costs and profits added to the room rate, which should not be subject to a bed tax.
The National Mediation Board on Wednesday rejected a bid by pilots for UPS (UPS) to be released from federal mediation over contract talks with the company. The pilots union had threatened to go on strike within 30 days, if the request had been granted.
The union said the board's decision does not decrease the likelihood of a strike, while the company said it believes the two sides can still resolve their differences in mediation.
Under the federal Railway Labor Act, the pilots can't strike while under federal mediation. The board's action followed last week's decision by the federal mediator overseeing the negotiations to call for an indefinite recess.
ShopKo Stores said Wednesday it has completed its merger with an affiliate of Boca Raton-based Sun Capital Partners.
ShopKo Stores will continue to operate 137 ShopKo stores, 216 Pamida stores and three ShopKo Express Rx stores, in 22 states primarily in the Midwest, Mountain and Pacific Northwest regions.
ShopKo Stores said it will continue to function as an independent company.
Starting Monday, news of high-level promotions will move from the daily Business section to the Movers column in Business Monday.
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The challenges to turn Air India into an entity attractive to potential buyers
Hectic efforts are on behind the scenes to turn Air India into an entity attractive for potential buyers.
Updates on Reliance debt reduction front needed: Probal Sen, Centrum Broking
The consumer businesse continues to surprise and that is a big p...
Former tax dept head K V Chowdary joins Reliance board
A 1978-batch Indian Revenue Service (IRS) officer, Chowdary was in August 2014 appoint...
Refining edge, consumer biz success can keep RIL on top
Even as earnings beat estimates, upside for the stock will depend on its core vertical.
RIL's retail biz crosses Rs 40,000 crore revenue: Takeaways from Q2 nos
Reliance Jio crossed Rs 5,000 crore quarterly EBITDA mark for the first time.
Reliance Retail Q2 operating profit up 67%, revenue 27%
Growth recorded despite slowdown in consumption, says the retail unit of Reliance Indistries.
Reliance Jio Q2 results: Brokerages see 90% rise in profit
Jio is likely to report nearly 90 per cent year-on-year (yoY) rise in net profit for the quarter ended September 2019. It posted a profit of Rs 681 crore in the corresponding quarter last year.
Reliance Jio Q2 net profit up 45% YoY; ARPU drops for 7th straight quarter
Jio added a net of 24 million subscribers during the quarter to make a total of 355.2 million.
₹ 9,00,000 cr: RIL raises m-cap bar, again
RIL was the first company to reach the ₹8 lakh crore mark in August last year.
Reliance Q2 profit rises 18.32% YoY to Rs 11,262 crore, beats Street estimates
Analysts in an ET NOW poll had estimated Rs 11,000 crore profit for the quarter.
The week that was in 10 stocks: IRCTC's dream rally, RIL’s new feat, TaMo's Brexit cheer & more
IRCTC rallied 143.5 per cent for the week to close at Rs 779.20
Consumer businesses fuel 18% rise in RIL’s Q2 profit
Reliance on new ventures robust growth in retail and telecom make up for higher finance costs and relatively modest performance of refining and petrochem businesses
RIL yet to decide on adoption of newer rate of corporate taxation
The gov had last month slashed the corporate tax by ten percentage points, under which the effective outgo for cos will come down to 25.17%. RIL has only reduced the Minimum Alternate Tax (MAT) to 15 per cent from the earlier 18.5 per cent
Ample signs everywhere, bulls want to dominate this Diwali
IRCTC witnessed a bumper listing, which signalled that people are ready to take risk.
RIL becomes first Indian company to hit Rs 9 lakh crore in market cap
Oil-to-telecom major Reliance Industries (RIL) on Friday became the first company in India to hit the market capitalisation of Rs 9 lakh cro...


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As the latest attempt to combat the mounting obesity catastrophe in the United States, The Center for Science in the Public Interest has decided to file a case against Kellogg Co., the maker of cereals like Frosted Flakes, and Viacom Inc., running the Nickelodeon cable network, as the two are continuously advertising junk food among children. Tony the Tiger is promoting sugary cereals on the SpongeBob SquarePants cartoon show which are high in sugar content and fat. The court is also asked to prevent the companies from promoting junk foods in venues where 15 percent or more of the audience is under age 8.
Nickelodeon opines that they are acting as a positive force in edifying kids to live healthier lifestyles, and they would continue to encourage balanced marketing.
While Kellogg also maintained that it would also inform both kids and adults about importance of balanced nutrition and physical activity.
But the fact is that the two are not doing that, out of 168 ads reviewed for food that are shown on Nickelodeon, 88 were for foods with poor nutritional quality. Most of the ads were targeting children that are very young.
No matter how strict the parents get, but they have to succumb to failure as they are forced to buy for their kids products that they know are not good for them. All thanks to the alluring colorful ads featuring kids’ favorite cartoon characters.


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Say cheese: A shakeup this month left Roger Deromedi sole CEO of America's largest food company. Deromedi (formerly co-CEO with North American chief Betsy Holden) is expected to continue to invest a total of $600 million over the next year on ads and promotions in hard-hit categories including cheese and biscuits. But one Wall Street observer believes "[Roger] won't be afraid to evaluate in a more detailed way [than Betsy] did and make some of the tougher decisions, whether in terms of people or organizational structure."
2 Edgar Bronfman Jr., Former Seagram CEO, now partner in Warner Music
The spirits scion has been itching to get back into entertainment ever since his family sold Universal Studio and Universal Music to French conglomerate Vivendi in 2001. Enough to ante up $2.6 billion to do so. Bronfman headed the recent acquisition of Warner Music, bumping EMI out of the way in the process. He had tried to buy back the combined Vivendi Universal, but lost out to GE. It will be interesting to watch Bronfman's progress in the troubled music biz. Does he know something the rest of us don't?
3 David Droga, Worldwide creative director, Publicis Worldwide
Droga is Maurice Levy's best hope of building favored network Publicis into a global powerhouse. Besides vast talent and motivational skills honed at more-creative Saatchi & Saatchi, the young Aussie has a blank check to pursue the hottest creatives. Yet he's challenged to bring in those that can win Lions with a Procter & Gamble-heavy roster. Across Manhattan, TBWA's worldwide creative director import, South African John Hunt, has a similar mandate to turn a not-quite-there network into a force level with Omnicom's DDB and BBDO.
4 Janine Bousquette, Exec VP-chief marketing and customer officer, Sears, Roebuck & Co.
The former eToys executive has turned over more new leaves at Sears than there are in its fabled catalog. Sears has gotten kudos for bringing brands such as Lands' End and KB Toys, and the marketing maven has leaned on agencies to create newer, fresher work. Her most intriguing move: Sears Grand, a mass-merchandise concept that seems to target Target. But a lot of work remains: Going into the holidays, November same-store sales were down and the retailer was heaping on discounts.
5 Brian Roberts, Comcast CEO
Atop cable colussus Comcast, Roberts controls the largest system in the country with and 22 million subscribers. His big play was the acquisition of AT&T Broadband, with the intention of tapping into the cable Internet phone arena. Comcast is also developing TiVo-style set-top boxes, putting the cable operator more firmly into the advertising space. As the Wal-Mart of cable, Roberts' Comcast is drawing rumblings from suppliers that it is wielding its power to get better deals and treatment from suppliers. Well, you would wouldn't you?
6 Finbarr O'Neill, Co-Chairman, CEO, Mitsubishi Motors North America
He led a stunning turnaround at Hyundai and has now been recruited to right Mitsubishi, which has seen sales sink 30% in recent months. He's made no secret of where he expects to begin, saying "Marketing is our No. 1 challenge." At Hyundai, O'Neill changed creative shops and unbundled media. That, as characteristically happens in these cases, has set off speculation about Mitsubishi agency Deutsch, Los Angeles. Both parties insist the relationship is solid. "We are not looking at agencies," says O'Neill.
7 Linda Wolf, Leo Burnett Worldwide chairman-CEO
The sole survivor from a team three years ago put in charge of Burnett, Wolf has outlasted, outwitted and outplayed the others. Already, Ms. Wolf has reset management in the U.S., sped up the timetable to name for a U.S. agency chief and dissolved sub-brand LB Works. She gained an ally in Publicis Groupe Chairman-CEO Maurice Levy, say insiders, who speculate her star has risen significantly in the past year for minimizing merger pains. Her first test in 2004 will be the mandatory review of the U.S. Army account.
8 Brad Blum, CEO, Burger King
Blum has yet to materialize the turnaround for the Home of the Whopper that archrival McDonald's has been able to craft in the same period. Other Texas Pacific Group-owned brands have seen rebirths in roughly 18 months, putting the heat on Mr. Blum, at the helm for a year, to show results in short order. So far, he's reworked the core menu and added a baguette line that seems fairly well-received by critics but isn't a major traffic builder. Can he make strides in the next six months?
9 Jeff Zucker, President, NBC Entertainment, News & Cable
Despite the recent "Coupling" debacle-the now-pulled sitcom was heavily touted by Zucker-this newly minted NBC chief finds himself atop the ad world. The possible successor to Chief Executive Bob Wright now needs to find who his "Friends" are. With the highest-priced program on TV heading for finale, the pressure is on to land a worthy successor. NBC has a winner in "Will & Grace," but "Frasier" is aging and its lineup needs work. How many permutations can one stand of "Law & Order"?
10 Mark B. McClellan, FDA commissioner
What's up Doc? The Food and Drug Administration commissioner is at the center of the war against obesity. The FDA's direct-to-consumer drug advertising rules are under review and its rules determining package-food marketing stand to be altered next year. The FDA is under pressure to push marketers to better publicize the relative healthiness of products, especially those aimed at kids. The new DTC guidelines are expected to change the way side effects are displayed in print ads.