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Updated: August 1, 2017 8:00:57 am
After six months of numerous rounds of discussions to finalise the contours of Flipkart’s acquisition of Snapdeal, the latter said on Monday that it has decided to “pursue an independent path and is terminating all strategic discussions as a result”. The deal between the two e-commerce companies, analysts had pegged, was necessary for these homegrown players to reinforce in a battle for market share against Amazon.
“Snapdeal has been exploring strategic options over the last several months. The company has now decided to pursue an independent path and is terminating all strategic discussions as a result. Snapdeal’s vision has always been to create life-changing experiences for millions of buyers and sellers across India. We have a new and compelling direction — Snapdeal 2.0 — that uniquely furthers this vision, and have made significant progress towards the ability to execute this by achieving a gross profit this month,” a Snapdeal spokesperson said.
“In addition, with the sale of certain non-core assets, Snapdeal is expected to be financially self-sustainable. We look forward to the support of our community, including employees, sellers, buyers and other stakeholders in helping us create a designed-for-India commerce platform,” the spokesperson added. On July 27, Axis Bank announced acquisition of payments firm FreeCharge from Snapdeal for a sum of Rs 385 crore. The online marketplace company is also reportedly in talks for selling its stake in logistics firm Vulcan Express.
The decision to call-off the deal may come as a setback to Japanese SoftBank Group, which, if the talks went through, would have got a significant stake in Flipkart. However, in a statement, a SoftBank spokesperson said that the firm backed Snapdeal’s decision. “Supporting entrepreneurs and their vision and aspirations is at the heart of Masayoshi Son’s and SoftBank’s investment philosophy. As such, we respect the decision to pursue an independent strategy. We look forward to the results of the Snapdeal 2.0 strategy, and to remaining invested in the vibrant Indian e-commerce space,” the spokesperson said.
Sectoral analysts suggested that while it was imperative for Snapdeal to find a suitor to handle its financial troubles, but the deal did not make much sense for Flipkart except that it could have helped the Bengaluru-based e-commerce firm get backing from SoftBank.
“I was very surprised at why should Flipkart even look at Snapdeal. Flipkart was already a market leader, had better logistics network, the customer flow is much better, the sellers they have is much more than Snapdeal. It was more of a financial merger, and not a strategic merger in any case. At the same time there are multiple investors in Snapdeal, and some of the conditions may not have suited some of them. To manage expectations of various investors in Snapdeal could have been one of the challenges as well,” said Arvind Singhal, chairman and managing director of Technopak.
The SoftBank backing that Flipkart would have hoped for from the deal, experts had said ahead of the deal being called off, would have given it enough firepower to stand against Amazon, which has already committed a sum of $5 billion for investment in India. The race to gain more market share and a wider customer base has resulted in e-commerce firms depending heavily on discount sales.
At the time when the talks with Flipkart for a potential acquisition were still on, along with hiving off its non-core assets, Snapdeal had laid off a number of its employees across various levels, in an attempt to rationalise its costs. According to a PTI report, founders of Snapdeal, in a letter to the employees said that the sale of FreeCharge has resulted in the company becoming financially self-sufficient. “…with clear visibility to making upwards of Rs 150 crore in gross profit in the next 12 months. Finally, with the ongoing streamlining of costs and sale of some of our assets, such as FreeCharge, we are financially self sufficient as a company and don’t need to raise additional capital to reach profitability,” the report quoted from the letter.
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Canada: Inflation edges up on higher prices at the fuel pump in September
October 20, 2017
Seasonally-adjusted consumer prices rose 0.2% in September, in line with August’s 0.2% print. According to Statistics Canada, September’s rise was largely due to significantly higher transport prices—primarily driven by an increase in gasoline prices—along with marginal growth in food and shelter prices.
Inflation was 1.6% in September, up from 1.4% in August and within the Bank of Canada’s target range of 2.0% plus/minus 1.0 percentage point. Meanwhile, annual average inflation was stable at 1.5% for an eighth consecutive month in September. Core inflation, which excludes volatile items including gasoline and fresh food, ticked down to 0.8% from 0.9% a month earlier.
Author: Christopher Thomas, Economist

domain: news


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Tesla has recently said that the DOJ is currently probing personal benefits violations. The DOJ investigations perks have now been provided to Elon Musk and also claimed about Tesla’s self-driving technology. The statement by Tesla is currently going viral on social media. This is the shocking and breaking news right now. Tesla Inc. has said that they have received some requests for information and subpoenas from the United States Department of Justice to focus on the potential personal benefits violations. Tesla disclosed the file on Monday this week. Read this entire article to learn everything regarding the statement by Tesla about the DOJ.
According to the information given by Tesla., Tesla has already disclosed filing on 23rd October 2023, Monday which received the requesters in Quarter 3. In September 2023, The Wall Street Journal reported that federal prosecutors are currently investigating the perks which are provided to Elon Musk who is the Chief Executive Officer of Tesla and Space X and also the owner of Twitter (X) back in 2017. This also includes the project which is described as the glass house for Elon Musk. At the start of this year, it was reported that Tesla had made a special diversions team to completely avoid dealing with the companies that have been received by the customers about the range of their vehicles.
The filing has given a warning of the possibility of material adverse which has impacted the business of the company. The government should pursue enforcement action. Tesla has officially acknowledged that the ongoing investigation has not concluded the wrongdoing. This news has been recently shared by Tesla officials. As per the experts, the subpoenas have added to the mounting number of the government which has been probed into the electric vehicle maker. To learn more scroll down to the next paragraph of this article.
The Department of Justice is currently investigating and claiming that Tesla has made the purported self-driving technologies. In September 2023, The United States Equal Employment Opportunity Commission officially sued Tesla as they are alleging that it has been tolerating widespread and ongoing racial harassment of the Black employees at the Fremont, California, plant. Till now the CEO of Tesla has not said anything regarding the summon against Tesla. Much information has not been shared till now. But soon we are going to share more information regarding this news till then stay tuned to techballad.


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VIRGINIA DISTILLERY NAMED BEST AMERICAN SINGLE MALT
Virginia Highland Malt Whisky, a flagship of the Virginia Distillery Company, won the title of best single-malt whiskey in America at the World Whiskies Awards.
Presented by the UK-based Whisky Magazine, the contest held every year rates whiskies across the world. It also ranks whiskies from each country according to its distillation style. The initiative was launched by the World Drinks Awards program in 2007, with categories including both World Beer Awards and World Whiskies Awards.
Virginia Distillery Company was also the proud winner of two medals at the annual awards dinner hosted by the American Craft Spirits Association in February. Its Highland Malt Whisky won a gold medal, and the Cider Barrel Matured Virginia Highland Malt Whisky took home a bronze medal.
CEO of Virginia Distillery Company, Gareth Moore, said, “We take a unique approach to whiskey-making as we carry my father’s vision to fruition — combining time-tested traditional methods from the Old World and the resources and maturation climate in the New World that he called home.”
Other results from the World Whiskies Awards will be announced later this month at the ceremony dinner in London.
CHATTANOOGA WHISKEY SET TO CELEBRATE TWO YEARS IN BUSINESS
Chattanooga, a city in Tennessee, will be the place where whiskey lovers will converge to celebrate two successful years of its namesake’s whiskey company. The Chattanooga Whiskey Co. will be hosting a soiree at its Market Street address at Tennessee Stillhouse Micro-Distillery, tomorrow, March 24. It will also be unveiling its new brand image and logo, at the party.Read More
Malt Whisky: The Complete Guide
Author Charles Maclean needs no introduction among lovers of whisky. He has spent over 30 years researching, discovering and imbibing all that’s there to know about Scotch whiskies. If there’s a man in a bar, or no stage telling tales from Scotland, it is none other than Charles Maclean. Malt Whisky: The Complete Guide is just a slice of the man’s love for scotch whisky.Read More


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UK Based Bookmakers Betfred have launched a major partnership with South Africa’s largest online betting company, LottoStar. Betfred has taken a majority shareholding in LottoStar which offers fixed-odds numbers betting and Live Games on its online platform.
LottoStar has quickly developed itself as a leading brand, recognised nationally across South Africa after high-profile marketing campaigns and their continued efforts to uplift and rebuild communities through their Corporate Social Responsibility initiatives across SA.
The partnership further adds to Betfred’s presence in South Africa, in which they currently operate 53 shops and an online business after the acquisition of Betting World and Sepels Sportsbet.
“We are delighted to partner with such a fast-growing company in South Africa, the business will not only complement our activity in South Africa but our international businesses in the United States and Europe. We look forward to working closely with the LottoStar team to support the continued growth of the business providing world-class games and services to the online betting market in South Africa,”
Said Betfred Chief Executive Officer, Joanne Whittaker.
LottoStar’s founder and Chief Executive Officer, Tasoulla Hadjigeorgiou added, “LottoStar was founded in 2014 as a family-run business with an innovative model to offer a fixed-odds betting online platform in South Africa. As an online betting leader in South Africa, we are excited to partner with one of the UK’s best bookmakers. We are confident that this partnership will broaden our offering and provide our customers with the highest quality services. Our partnership also paves the way for greater collaboration and expansion, and we are excited to grow our family.”


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Sue and Kevin Burns never dreamed that a botched batch of laundry would turn their world upside down. That’s exactly what happened when Kevin accidently washed one of Sue’s wool sweaters, rendering it useless. Unless…Sue began thinking…she could someone reuse the beautiful wool and make something for her daughter. And that was the beginning of Baabaazuzu, a little company that started from one useless article of clothing.
That was in 2007 and today, Baabaazuzu is a manufacturer, wholesaler, and retailer of fashionable clothes for women. The company has received six SBA guaranteed loans to grow the business. The most recent loans, approved in 2011, helped the company with inventory and marketing. Baabaazuzu also received a State Trade and Export Promotion grant administered through the Michigan Economic Development Corporation and funded by the SBA. The grant enabled the company to participate in a Canadian trade mission. The trade mission was a complete success with... Read More


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Rumors are our part of everyone’s life,you’ll find many people gossiping around as it is related to celebrities most of the times.Well this time these rumors are straight from the world of technology,gossips about gadgets and techies which will be a hot cake for coming years.
- Google Phone : Rumors said that it would be launched late in 2009, reasons were that there was shortage of androids developers, as Nokia hired all of them, also HTC had some problem with delivering phone sets, even this news was published in Wall Street Journal leading to 1.3% dip in google share market.
The iPhone Nano : Rumors said that Apple is about to launch the I-Phone nano, the first dejection came when people could not find it in Mac world in 2008 as it was proposed by the rumors Think of typing on a screen almost half the size of the iPhone 3G’s.
3)Xbox in a Blu-ray Player: Rumors for Xbox to play blue ray disc was considered one of the most dejected thing happened to MicroSoft, rumors also said that some third party launched its blue ray version in 2001 in Japan, with social media like Engadget and Digg this rumor was spread like jungle fire.
- Yahoo & MicroSoft :The biggest tech rumor,that MS would overtake Yahoo for a whopping amount of $46 billion, however that deal never materialized.
- President Obama & Apple : In a rumor that Barrack Obama was using Microsoft Zune triggered a fire in the Apple contingent, the rumor was so strong that Apple wanted its vote back, however later Obama’s spokesperson announced that honorable Prez is still listening an i-Pod.
- Steve Jobs Dead : I guess the most ridiculous rumor of all time, with the news waving out that Apple founder is no more led to Apple share fall to $94 ( I should have bought those), later news was dejected and every thing was normal. Imagine some investors would have been millionaire, some time rumors do good things.
If you have any other rumors revolving around techies, gadgets and technology world ,please feel free to share it here


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Tesla has officially stated that Model 3 production will start this week. Further, in a series of tweets on Sunday night, CEO Elon Musk stated that on July 28, Tesla will hand over the Model 3 to 30 customers.
“Handover party for first 30 customer Model 3’s on the 28th,” Musk tweeted.
Musk sticks to Model 3 production schedule
Musk informed fans that the company got all Model 3 production-related regulatory requirements two weeks “ahead of schedule. Expecting to complete SN1 on Friday.” Musk further stated that in August, a total of 150 cars will be produced, and in September, about 1,500 vehicles will be manufactured. Musk also promised that by the end of this year, a total of 5,000 Model 3s will roll out every week.
“Looks like we can reach 20,000 Model 3 cars per month in Dec,” the CEO said.
Handover party for first 30 customer Model 3's on the 28th! Production grows exponentially, so Aug should be 100 cars and Sept above 1500.
— Elon Musk (@elonmusk) July 3, 2017
Tesla has been working hard to stick to the Model 3 schedule. The company shut down production at its California assembly plant for a week in February to prepare for the production of Model 3 and hit its July production target, reported Reuters. The company basically did everything it could to ensure it does not face the same production issues it did with the Model X and Model S. These delays were the biggest reason analysts were skeptical about whether Tesla would be able to achieve its targets this time.
However, when unveiling the Model 3 for the first time at an event last year in Hawthorne, California, Musk stated that by all means, deliveries would start by the end of 2017.
“You will not be able to buy a better car for $35,000, even with no options,” he said at the time.
During a shareholder meeting last month, Musk stated that unlike their luxury models, the Model 3 would not have as many customization options, apart from color and wheels. Musk accepted that several customization options that went into the Model X made it too complex.
Tesla Model 3 is full on features
The Tesla Model 3 has already been hogging the limelight over the Internet. The striking similarity between the Model S and Model 3 when viewed at a right angle has caught the attention of many. However, the final Model 3 might look slightly different from its pre-production models, as has been the case with other Tesla cars.
Tesla has big expectations for the Model 3, its first mass-market car with a range of 215 miles. Prior to this, the company has only produced luxury electric cars. Tesla will supposedly keep the Model 3 base price at around $35,000. However, after receiving a tax credit of about $7,500, the price will drop to about $27,500. Despite being mass-market, the car is fast and accelerates from zero to 60 miles within six seconds.
Safety has always been a priority for Tesla, and the same is true for the Model 3 as well. According to Musk, the car will have an all-around five-star safety rating. Further, the mass-market car will be equipped with Autopilot. Autopilot will have eight cameras, of which three will be front-facing. In addition, the car will be equipped with 12 ultrasonic sensors.


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UK brand FitFlop is always a step ahead of the competition with its vibrant approach to offering an already well-‐loved product. Now, it’s time to welcome the new Spring/Summer 2013 collection!
Having started out with a functional line of everyday women’s sandals, FitFlop has now grown into showcasing a full line of footwear, which range from casual to evening for men and women.
For its Spring/Summer 2013 collection, FitFlop recently held a grand launch in Kuala Lumpur, Malaysia setting the mood for a tropical escape featuring FitFlop’s colorful line up of footwear for men and women.
From February 28 to March 1, Fashion editors and writers from Asian countries such as the Philippines, Indonesia, Malaysia and Thailand, and special guests from Singapore, Hong Kong, and South Korea were invited to enjoy the festivities that FitFlop has especially prepared.
The new FitFlop collection is full of colour and designs that are perfect for all kinds of ages and styles. Take a look at what the collection is all about here:


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Facebook bans all advertising related to cryptocurrencies. It has announced its new advertising policy, which prohibits ads that promote digital currencies such as Bitcoin, Ethereum or Litecoin, as well as binary options and initial coin offers (ICO).
However, Leathern says that Facebook wants people to continue discovering and learning about new products and services through Facebook ads without fear of scams or deceptions. But, he points out that many binary options companies, ICOs and cryptocurrencies are not acting in good faith.
“This policy is intentionally broad as we work to better detect deceptive advertising practices, and your application will begin to grow through our platforms, including Facebook, Audience Network and Instagram.”
The new rules are not permanent, he said, and will be revised as the social network improves its detection of deceptive ads. He also indicated that they may not be able to capture all the ads that should be removed from the social network according to this new policy. Therefore, he asked people to inform the company if they find content that infringes it by clicking report on the upper right corner of the ad.
This is not the first big change that Facebook has implemented in its platform this year, but it is the first one related to cryptocurrencies. Recently announced that the media will be qualified by their “level of confidence” from surveys conducted to users. In addition, it has modified the algorithm of the News Feed to increase the posts of friends and family instead of those of commercial or publishing brands.


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Question of the Week: Do You Want the Hellcat Hemi Challenger or Charger More?
It is all but official that the 2015 Dodge Challenger SRT and the 2016 Dodge Charger SRT will be powered by the same 6.2L supercharged “Hellcat Hemi” which will likely offer a power output somewhere in the range of 580 to 640 horsepower. Should the Hellcat be in that range for the Charger and Challenger, […] More »
Included in the Chrysler Group’s 5 year plan that was released last week was a simple chart that showed the future of the Dodge brand and the most significant piece of news for the short term is the dates of arrival for the next generation SRT Challenger and Charger. This chart (as shown above) indicates […] More »
Fiat Chrysler announced its five year plan for the company—all of the news!—yesterday, and as you can imagine, there were some whoppers. For enthusiasts, the biggest news was the demise of SRT as a standalone brand—though it will still exist as a performance division within the company.
This week’s featured Mopar Muscle car video takes a look at a super modified Dodge Challenger SRT8 on a mile long straight track – in which this brawny beast breaks the 200 mile per hour barrier. This car was built by Spankin Time Racing and rather than the standard 373 cubic inch (6.1L) Hemi that […] More »
The Dodge brand has learned a whole lot in the last 100 years – having first debuted back in 1914 – and to talk about some of the things that the brand has learned, the company has turned to very old people to share what they have learned in their many years. The company gathered […] More »


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An personnel retains a jar of marijuana on sale right after it became lawful in the point out to market leisure marijuana to consumers above 21 years old in Ann Arbor, Michigan. Illinois begins the authorized sale of cannabis on Jan 1, 2020.
Matthew Hatcher | Reuters
Steven DeAngelo has found it all. As the so-called “father of the lawful cannabis market,” he co-launched just one of the largest vertically built-in licensed cannabis businesses in California, identified as Harborside, with 4 stores and $60 million in annual revenues.
But what’s occurred in the final thirty day period is anything new. “We had our biggest profits day at any time,” he says. “Profits are up 20-25% at all areas.”
Throughout the state, profits are sky higher in states where by lawful hashish has been declared “crucial drugs” throughout state shutdowns, enabling shops to remain open.
Buyers look to be stocking up, and numerous merchants are shifting to shipping and delivery. It is also feasible the marketplace is achieving new clients who, till now, have purchased their pot illegally, but want to now choose edge of regulated products sent to their doorstep.
Listed here are some facts points from industry players:
- Ordinary store income is up 52% to 130% in comparison to January at far more than 1,300 outlets utilizing cannabis e-commerce platform Jane Technologies.
- Jane also studies the variety of new buyers purchasing on the internet has enhanced 142% more than the last thirty day period.
- Beverages and edibles are observing major income lifts in California, in accordance to cannabis analytics business Headset.
- Wholesale vendor LeafLink reported a 48 percent spike in orders this Monday versus a week back.
- “Cannabis demand has surged in Florida,” writes MKM Companions Analysis, which says operators observed an regular bounce in THC merchandise of 36 percent for the 7 days ending March 19.
As need thrives, very long suffering publicly traded cannabis providers have noticed their shares start off to rebound. Cover Expansion is down 70% in the previous 12 months, but more than the last week shares are up 25%. Tilray has misplaced 90% of its benefit in the last calendar year, but around the very last 7 days shares rose practically 40%.
DeAngelo suggests Harborside is using the services of motorists as supply ramps up. Even while California phone calls hashish crucial medication, he suggests consumers do not need to have a healthcare card to buy. Anyone above 21 can make a authorized purchase.
“Fortuitously — we didn’t know the pandemic was coming — a few months back we opened our Desert Sizzling Springs spot,” DeAngelo claims. “We have a single of two generate-by windows in the complete condition of California, so it is a quite popular position to buy hashish in the Coachella Valley proper now.”
Business enterprise is not booming everywhere you go
Some business players are seeing setbacks like a lot of other corporations.
Headset experiences inventory is starting up to create in Nevada, the place it promises as a lot as 80% of the small business in Clark County arrives from holidaymakers to Las Vegas, and most of Las Vegas is shut down. Massachusetts has forced its hashish stores to shut all through the shutdown. Denver experimented with to do that but relented three hours later on right after community outrage.
This amazes Steven DeAngelo. “Several people today depend on cannabis as a initial line of defense for professional medical challenges,” he states.
DeAngelo believes the plant can aid calm individuals through stressful periods. “Most of all, if we will not allow for people entry to cannabis — which is relatively harmless — they are quite most likely going to begin self-medicating with a lot more unsafe substances.”
A single of the significant problems is no matter if hashish organizations, which have to near and send staff members residence, will have to carry on shelling out them beneath a new federal regulation, the People First Coronavirus Reaction Act. The companies may possibly not qualify for federal assist in return, considering that cannabis remains federally unlawful.
Wurk is a enterprise that supplies human means and payroll products and services to 400 lawful hashish firms, and it has been offering sources to assistance navigate the shutdown. Pertaining to the new Households Initial law, “Right now cannabis firms certainly have to comply,” states Wurk account supervisor Lauren Spagnuolo. “We don’t know if they’re heading to be eligible for the tax breaks that are currently being available as element of these applications.”
Federal guidance unlikely
DeAngelo thinks it substantial not likely the marketplace will get any federal guidance, but “we, at this level, are not in have to have of that help.”
Meantime, DeAngelo claims his administrators are functioning tricky to make certain employees retain social distancing both equally in the retail outlet and in their rising services. Only two customers are authorized within outlets at a time, and most are using curbside supply.
“We have been encouraging all of our purchasers to look at non-inhaled formed of cannabis at this time,” he states, supplied issues about the virus. “If we are getting a predicament the place we are all concerned about a respiratory sickness, then it is really possibly a very good concept to feel about ingesting cannabis by means of some other strategy than the lungs.”
Offer will not be an problem. “We could just continue to keep on providing all of the cannabis that we develop on our personal farm, and we will not operate out of that, I assure.”


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The new generation Hyundai Grand i10 is set to be launched in India on 20 August 2019. Ahead of the launch, a media report claims that the new-gen Grand i10 will be based on the same platform as the Hyundai Venue. While the Venue is a sub-4m SUV, the Grand i10 will continue to be smaller than the Venue.
Hyundai teased the new-gen Grand i10 a little while back, with the teaser image revealing nothing but the car’s C-pillar and sloping roofline. Like most new-age cars, the new Grand i10 will feature a blacked-out C-pillar.
The car has been spied a few times in India already. The spy images reveal that the new Grand i10 will be similar to the old model in terms of its overall body style. It is expected to get a newly designed front grille, which could be wider than the one on the current model. The tail lamps are expected to feature LED lights.
As far as the engine options are concerned, the new Grand i10 is likely to get the same engines as the current model. In its current generation, the Grand i10 is powered by both petrol and diesel engines displacing 1.2-litres volume. The rumour mill suggests that Hyundai might consider offering the 1.0-litre, turbocharged petrol engine from the Venue in the new Grand i10. This engines makes 120PS under the Venue, and if it is offered in the same tune in the Grand i10, it would make it the most powerful mid-size hatchback in India.
The current-gen Grand i10’s prices start from Rs 4.98 lakh and go up to Rs 7.63 lakh (both prices ex-showroom, Delhi). The 2019 new generation Grand i10 is likely to be more expensive than the current model. In the mid-size hatchback space, the Grand i10 competes with the Maruti Suzuki Swift and Ford Figo.


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During 2017, online apparel purchases grew to 27.4 percent, up from 23.5 percent in 2016 and 20.7 percent in 2015.
According to a February 2018 survey of 2,535 U.S. shoppers by Pyments.com, 43 percent preferred to shop at brick and mortar stores, while 26.9 percent preferred to shop online only and 29.9 percent liked both online and instore shopping.
Of the Internet Retailer 2018 Top 1,000, 266 were dedicated apparel retailer, a number which excludes mass merchant retailers such as Amazon and Walmart.
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The Bank of Canada is widely expected to raise its trend-setting interest rate this week by a quarter of a percentage point, which would bring it to 4.5 per cent.
If it happens, it’ll be the eighth time in a row that the bank has opted to hike its benchmark rate, which makes borrowing money more expensive for consumers and businesses.
But for the first time in almost a year, there isn’t a solid consensus among those who watch the central bank that another hike is in the cards — or even whether one should be.
The bank is locked in a battle to wrestle inflation into submission, and it believes rate hikes are the best weapon at its disposal to win that war.
It’s a war that’s racked up a lot of collateral damage, including in the housing market, where average prices are down by 20 per cent since February. Other forms of consumer debt, such as credit cards, is also rising to record levels as Canadians struggle to adjust to higher prices for just about everything.
Even so, the rate hikes have so far only succeeded in bringing inflation down from a 40-year high above eight per cent last summer to 6.3 per cent last month.
That’s still twice as high as the upper limit of the range the bank likes to see, which is why a majority of economists think another hike is in the offing. But Pablo Villanueva, an economist with Swiss Bank UBS is among those who thinks the best thing the Bank of Canada could do might just be nothing at all.
“The data since December has shown an economy that is weakening,” he said, noting that Canada’s GDP likely only grew by about one per cent in the fourth quarter of 2022. That’s well down from the three per cent average for the rest of the year. Wage gains and the employment numbers paint a similar picture.
A pair of the bank’s own reports from earlier this month are also singing from the same songbook, with a majority of consumers and businesses telling the central bank they now expect the economy to go into recession this year.
“We think that this weaker outlook for the economy and inflation should give the Bank of Canada confidence that it can hold off on further hikes at least in the near term,” he said.
A major reason to stand pat is that it typically takes between six months to a year and a half for the full impact of rate hikes to be felt anyway.
“We recognize that we have raised interest rates rapidly and that their effects are working their way through the economy,” Sharon Kozicki, deputy governor of the Bank of Canada, told a Montreal business audience last month.
“In other words, we are moving from how much to raise interest rates to whether to raise interest rates,” she said.
Karyne Charbonneau, an economist with CIBC, thinks the bank is likely to raise again on Wednesday, but she’s among those who thinks there probably isn’t another hike coming after that.
“If central banks are wise enough to recognize the lagged impacts of what they’ve already done, they won’t have that many more rate hikes to deliver,” she said.
The case for standing pat
While the headline inflation number continues to go up at an eye-watering pace, beneath the surface it’s not hard to find goods and services that are actually cheaper now than they used to be.
Almost two dozen of the 300-odd subcategories that Statistics Canada tracks are now in negative territory for the year, including books, computer and digital equipment, children’s clothes and shoes.
Slightly cheaper medicine and parking fees may be cold comfort to anyone who tried to fill up a gas tank lately — or a grocery cart. But as demand wanes for goods and services, more and more items will move into that negative range, dragging the overall inflation rate down with them.
So if the bank is looking for excuses to take a pause, it’s not hard to find them.
Stephen Gordon, a professor of economics at l’Université Laval in Ste-Foy, Que., has been tracking the shorter term inflation trends for more than a year now online. He notes that the annualized inflation rate over the past three months is now down to below four per cent. A year ago, it was more than three times that.
I’m thinking this is good news. pic.twitter.com/64tBZCdVJ3
Investors, too, seem less confident than they’ve been all year that the bank is poised to hike again. Trading in investments known as swaps on Monday imply the market thinks there’s about a three-in-four chance of a hike on Wednesday — but that means there’s a one-in-four chance that there won’t be one.
That’s the first time that figure has been anything less than a sure thing since the bank started hiking last February, and a sign that investors are betting real dollars that winds of monetary policy could be blowing in a different direction soon.
Regardless of what happens this week Gordon says the real test for inflation will be in the February numbers, since that will be one year since Russia invaded Ukraine, which kicked already-underway inflation into high gear.
“I can see a case for giving a pause,” he said in an interview with CBC News on Monday. “But we’re still in wait and see mode about the data.”
India’s Adani firms lose $65bn in value – Al Jazeera English
Most Adani Group shares fell sharply on Monday as the Indian conglomerate’s rebuttal of a US short seller’s criticism failed to pacify investors, deepening a market rout that has now led to losses of $65bn in the group’s stock values.
Led by Asia’s richest man Gautam Adani, the Indian group has locked horns with Hindenburg Research and on Sunday hit back at the short seller’s report of last week that flagged concerns about its debt levels and the use of tax havens.
Adani said it complied with all local laws and had made the necessary regulatory disclosures.
Adani Transmission, Adani Total Gas, Adani Green Energy, Adani Power and Adani Wilmar fell between 5 percent and 20 percent on Monday.
Flagship Adani Enterprises, which is facing a crucial test this week with a follow-on share offering, swung between gains and losses before settling 4.8 percent higher. It stayed well below the offer price of the issue, which if successful will be the largest such share offering ever in India.
Adani Enterprises’ $2.5bn secondary share sale closed its second day amid weak investor sentiment. The stock closed at 2,892.85 rupees ($35.47), 7 percent below the 3,112 rupees ($38.17) lower end of the offer price band. The upper band is 3,276 rupees ($40.17).
Data from stock exchanges on Monday showed Adani has now received bids for 1.4 million shares, or just over 3 percent, of the 45.5 million shares on offer. The deal closes on Tuesday.
Foreign and domestic institutional investors, as well as mutual funds, have made no bids so far, according to the data.
“Retail participation is likely to have a shortfall with current market prices still trailing the offer price and sentiment taking a hit due to the Hindenburg controversy,” said Hemang Jani, equity strategist at Motilal Oswal Financial Services.
“While there is a risk that the share sale does not go through, it will be crucial today to wait and see how institutional investors participate.”
Abu Dhabi conglomerate International Holding Company said on Monday that it would invest 1.4 billion dirhams ($381.17m) in the offering.
Share sale on schedule
The Adani Group told Reuters in a statement on Saturday that the sale remained on schedule at the planned issue price, even as sources said bankers of the country’s largest secondary share sale were considering extending the timeline beyond January 31, or tweaking the price due to the fall in its share price.
India’s rules stipulate that the share offering must receive a minimum subscription of 90 percent, and if it does not, the issuer must refund the entire amount. Maybank Securities and Abu Dhabi Investment Authority are among investors who bid for the anchor portion of the issue.
Maybank said in a statement that “there is no financial impact” on it as the subscription to Adani’s offer was fully funded by client funds.
India’s state-run insurance behemoth Life Insurance Corporation (LIC) told Reuters on Monday that it was reviewing the Adani Group’s response to Hindenburg’s report and would hold talks with the management within days.
LIC took 5 percent of the $734m anchor portion. It already holds a 4.23 percent stake in the flagship Adani firm, while its other exposures include a 9.14 percent stake in Adani Ports and 5.96 percent in Adani Total Gas.
“Since we are a large investor we have the right to ask relevant questions,” LIC Managing Director Raj Kumar said.
US dollar-denominated bonds issued by Adani Ports and Special Economic Zone continued their fall into a second week, with the bond maturing in August 2027 down 5 cents to 73.03 cents, the lowest since June 2020. Other dollar-denominated bonds of the group were also trading lower.
Index provider MSCI has said it was seeking feedback from market participants on Adani and was monitoring the factors that “may impact the eligibility of those relevant securities” in MSCI indexes.
In its response on Sunday, Adani highlighted its relationships with local and international banks and its access to diverse funding sources and structures, listing US banks Citigroup and JPMorgan Chase & Co, as well as other lenders including BNP Paribas, Credit Suisse, Deutsche Bank, Barclays and Standard Chartered.
The stock market meltdown is a dramatic setback for 60-year-old Adani. The school dropout’s stunning rise came with over 1,500 percent gains in some of his group stocks over three years, making him the world’s third-richest man before he slipped to rank eighth on the Forbes list on Monday.
Responding to Adani’s rebuttal, Hindenburg said the company’s “response largely confirmed our findings and ignored our key questions”.
Hindenburg in its report said Adani companies had “substantial debt” and that shares in seven Adani-listed companies have an 85 percent downside due to what it called “sky-high valuations”.
Adani’s response stated that over the past decade, its group companies have “consistently de-levered”.
Ford to cut prices of Mustang Mach-E, following Tesla's lead – Reuters
Jan 30 (Reuters) – Ford Motor Co (F.N) on Monday cut prices of its electric crossover SUV Mustang Mach-E by as much as $5,900 per vehicle, weeks after rival Tesla Inc (TSLA.O) slashed prices globally on its electric vehicles by as much as 20%.
Shares of Ford closed down 2.9% in above average trading to $12.89. Tesla fell 6.3%.
The move comes as electric vehicle manufacturers are feeling pressure from Tesla’s price cut to respond.
“Ford just cut Mustang EV prices in response to Tesla’s price cut. Mini price war about to begin with EVs in the US with Tesla’s shot across the bow on price cuts,” said Dan Ives, an analyst at Wedbush Securities, on Twitter.
The move will make at least one additional version of the Mach-E again eligible for a $7,500 federal tax credit, which requires the Ford EV to have a suggested retail price of no more than $55,000 to be eligible.
Ford had already planned to increase Mach-E production this year at its plant in Mexico to 130,000 vehicles from 78,000 in 2022, and said in November it was accelerating Mustang Mach-E production and targeting global annual production rate of 270,000 by the end of 2023 including its China production.
Ford builds the Mach-E in Mexico and China.
“Tesla’s price cut was a major blow to the prospects of competing EV models and the Mustang Mach-E directly competes with Tesla’s Model Y,” said Garrett Nelson, an analyst at CFRA Research.
Ford is cutting prices by up to 8% on various versions of the Mach-E, as well as cutting the price of the extended range battery by about 19%. The lowest-price models are getting smaller $600 to $900 price cuts. The Ford price cuts only impact North American prices.
Ford Chief Executive Jim Farley said on Twitter, “scaling will shorten customer wait times. And with higher production, we’re reducing costs, which allows us to share these savings with customers.”
Ford sold 39,458 Mach-Es in the United States last year, up from 27,140 in 2021.
General Motors (GM.N) said Monday it had no plans to adjust prices in response to others. The Detroit automaker in June cut prices on the Bolt by around $6,000 and by as much as 18% for the lowest-price version and earlier this month the vehicle became eligible for the $7,500 federal tax credit.
Ford said existing Mustang Mach-E customers awaiting delivery of vehicles will automatically receive the price cut.
Our Standards: The Thomson Reuters Trust Principles.
Nike sues Lululemon for infringement of footwear patents – CBC.ca
Nike Inc. sued Lululemon Athletica Inc. on Monday, saying that at least four of the Canadian athletic apparel company’s footwear products infringe its patents.
In a complaint filed in the U.S. federal court in Manhattan, New York, Nike said it has suffered economic harm and irreparable injury from Lululemon’s sale of its Blissfeel, Chargefeel Low, Chargefeel Mid and Strongfeel footwear.
Nike, based in Beaverton, Ore., said the three patents at issue concern textile and other elements, including one addressing how the footwear will perform when force is applied.
Nike is seeking unspecified damages.
Lululemon, based in Vancouver, did not immediately respond to requests for comment.
This wasn’t the first time Nike has sued Lululemon for patent infringement — on Jan. 5, 2022, it accused the athleisure brand of making and selling the Mirror Home Gym and related mobile apps without authorization.
Nike accused its smaller rival of infringing six patents, including technology that enables users to target specific levels of exertion, compete with other users and record their own performance.
Nike has sought triple damages for Lululemon’s alleged willful infringement and a variety of other remedies regarding the Mirror Home Gym and related mobile apps.
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September, 10, 2013 – The Summer 2013 issue of FDIC Consumer News provides valuable financial tips for seniors including tips to protect your finances, how to steer clear of scam artists, things to consider before borrowing against your home, and more. It also discusses health savings accounts, help for student loan borrowers, and the comeback of the adjustable rate mortgage. The issue is available on the FDIC’s website at FDIC Consumer News Summer 2013.
June 1, 2013 – June is National Internet Safety Month. Did you know that 54% of Americans are extremely concerned about the loss of personal or financial information? And that 96% of Americans feel a personal responsibility to be more secure online? The U.S. Department of Homeland Security, the Anti-Phishing Working Group and the National Cyber Security Alliance have developed the Stop.Think.Connect campaign to help make the internet a safer place for everyone. For more information, visit http://www.stopthinkconnect.org/.
May 22, 2013 – The Spring 2013 issue of FDIC Consumer News discusses how new technology can dramatically change the way that people manage and save money. This issue features timely topics such as banking in a high-tech world, dealing with debt collectors, finding affordable small loans, knowing your options after a branch closing or bank merger, and taking precautions before buying a bank certificate of deposit from a deposit broker. The issue is available on the FDIC’s website at FDIC Consumer News Spring 2013.
April 25, 2013 – The Consumer Financial Protection Bureau offers a tool to help college students and their families compare financial aid and college costs. If you have received financial aid offers, use this tool to understand how all those numbers impact your payments down the road. Visit the CFPB Paying for College website page for this and other helpful materials.
April 20, 2013 – Money Smart Week® is a public awareness campaign created by the Federal Reserve Bank of Chicago in 2002. Businesses, financial institutions, schools, libraries, government agencies and others come together once a year to stress the importance of financial literacy, inform consumers about financial resources, and provide free educational seminars and activities throughout the week. Programming is offered to all demographics and income levels. Topics include all facets of personal finance from establishing a budget to first time home buying to estate planning. Money Smart Week partners will be hosting their events April 20 – 27, 2013. For more information, visit http://www.moneysmartweek.org/.
March 14, 2013 – The Winter 2012/2013 issue of FDIC Consumer News responds to some of the thousands of calls, letters and emails received each year from consumers who have a question relating to a loan, deposit or other banking product. This issue features practical tips and information about resolving common financial problems, avoiding scams, safely conducting mobile banking, and understanding federal deposit insurance coverage. The issue is available on the FDIC’s website at FDIC Consumer News Winter 2012/2013.
March 1, 2013 – In observance of National Consumer Protection Week (NCPW) March 3-9, the FDIC has compiled a list of some of the most popular articles from its quarterly newsletter FDIC Consumer News. The list can be found at www.fdic.gov/ncpw. “The FDIC recognizes the importance of providing customers with useful information to help them make informed decisions about their money and to protect themselves against scams,” said Chairman Martin J. Gruenberg. Examples of articles that are featured on the FDIC’s web page for NCPW include: how to shop for an auto loan; advice on borrowing money to pay for college; how long to keep documents such as bank statements and credit card bills; and tips for managing a mortgage.
December 14, 2012 – The Fall 2012 issue of FDIC Consumer News is a special edition titled “For Young Adults and Teens: Quick Tips for Managing Your Money.” It includes simple tips for young adults and teens on saving, managing money, and avoiding financial scams. It also includes suggestions for parents and caregivers on saving for a child’s future and teaching youngsters about money. The issue is available on the FDIC’s website at FDIC Consumer News Fall 2012.
December 11, 2012 – The Consumer Financial Protection Bureau warns of mortgage assistance and foreclosure relief scams. They often use mail or email designed with emblems, logos and names intended to mimic government agencies or programs, lawyers or law firms, or legitimate creditors. It’s not always easy to tell the difference between the scams and legitimate services. Visit the CFPB Blog to learn more about red flags and how to get free foreclosure help from the U.S. Department of Housing and Urban Development.
November 13, 2012 – The Internal Revenue Service has issued the following alert. Please note that the IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels. If you get an unsolicited email that appears to be from the IRS or a specific IRS component, such as EFTPS, please report it by sending it to email@example.com. If you find a suspicious website that claims to be the IRS, please send the site’s URL by email to firstname.lastname@example.org using the subject line: suspicious website. For more information on phishing scams, guidance is available on the IRS website at Protect Your Personal Information and Suspicious e-Mails and Identity Theft.
August 15, 2012 – The Summer 2012 issue of FDIC Consumer News features tips on how to choose and effectively use a bank account for routine financial needs. Also in this issue are practical suggestions for navigating the mortgage process – from before a consumer buys a home through the final loan payment – and a look at potential risks when adding other people to a deposit or loan account. The issue is available on the FDIC’s website at FDIC Consumer News Summer 2012.
May 18, 2012 – The Spring 2012 issue of FDIC Consumer News features practical tips for buying a certificate of deposit, paying for higher education, and financing the purchase of a car. This issue also offers suggestions on how to solve a problem with a financial institution. The issue is available on the FDIC’s website at FDIC Consumer News Spring 2012.


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From Home Furnishing Business
Ikea to Temporarily Close All U.S. Stores
Ikea, the word’s biggest furniture brand, will temporarily close all 50 store locations across the U.S. as well as the Ikea Planning Studio in Manhattan. The decision was made by Ikea leadership as a pre-cautionary measure due to the rapidly evolving novel Coronavirus (COVID-19).
Ikea U.S. will continue to offer online shopping with the convenience of home delivery or Click & Collect (in select locations).
“Unprecedented times call for unprecedented measures. This is the most responsible way Ikea can continue to care for our co-workers and our customers in a manner that is healthy and safe,” said Javier Quiñones, Ikea retail U.S. president. “We are taking our role in containing this epidemic seriously, and we recognize the positive impact our actions could have on making life better for the millions of people who have been impacted by this crisis.”
The Ikea locations will remain closed to the public for shopping, while remaining operational to fulfill online orders and online order pick up (Click & Collect). The company has put in place additional measures to ensure the work environment is clean and sanitized and that co-workers are working at a safe social distance.
Co-workers are at the heart of the Ikea business, and the retailer is committed to caring for its 18,000 co-workers in the best possible way.
Ikea will continue to support co-workers through its comprehensive benefits package and paid leave policy. All non-essential co-worker travel and large group meetings have been cancelled. Ikea will assess all measures on a regular base.
On March 16, Ikea announced in a message to customers that it was closing many stores or reducing hours at the recommendation of the Centers for Disease Control (CDC) and local authorities. Additionally, the company preemptively closed all Småland play areas, Ikea restaurants and bistros and cancelled all in-store events and workshops in the U.S.
Globally, to date, IKEA has announced temporary closures in heavily impacted countries including Austria, Belgium, Canada, Czech Republic, Denmark, Germany, Italy, France, the Netherlands, Poland, Slovakia, Spain and Switzerland. With the situation across China now slowly improving, Ikea stores in China are being reopened gradually.


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The mass sacking of 35 trade union organisers at Topy Top, Peru's most profitable textiles exporter, has prompted a callout for worldwide protests against near slave-labour conditions at the firm's factories.
Campaigning publication Periodico Humanidad has published a callout through the International Workers Association for actions to be taken at the outlets of transnational fashion chain Zara, one of Topy Top's biggest clients, on October 9th.
The situation for workers in the country's textile sector is a cause for serious concern, according to labour rights groups. Despite government claims that neo-liberal reforms have increased employment and the export of textile products in recent years, Peruvian textile workers are some of the country's lowest-paid and face some of the worst working conditions of any textile labour force worldwide.
Peruvian textile workers say they are routinely bullied and "brutally harrassed" by their employers and that legal systems favouring the bosses have led to their working day reaching more than 12 hours in some cases. Powerful groups in the sector, such as the Flores family who own Topy Top, have been accused of systematically undermining workers' rights.
Poor conditions, described in graphic detail in the 2008 interview below, led to strike action in 2009 against Law 2242 which exempts textile exporters from offering long-term contracts to staff, allowing them to end anyone's employment within two months without having to state a reason.
Accusations that the law was damaging the right to free association and leading to super-exploitation is backed up by a 2008 study from the Fair Labor Association which found that:
- Workers were afraid to join a union for fear of retaliation
- The company had no health and safety policy and did not provide adequate safety equipment or clothing
- The company was unable to demonstrate that it had any protections against the use of child labour
- Workers were found to regularly work over 60 hours a week and in in severe cases up to 77 hours.
Two years on from the group's damning report, which recommended heavy legal intervention and sparked further calls for the repeal of Law 2242, campaigners say little has changed and Topy Top's actions are just the tip of the iceberg.
A fundamental right in all 'modern democracies' is to organise, it's a shame the owners of Topy Top don't agree with this. These gentlemen constantly harass labour organisers and on May 1st arbitrarily dismissed all unionised workers at the factory, secure that the passivity and possible complicity of a corrupt government would allow them to get away with it.
But their anti-union drive, in which 35 union workers were thrown out on the streets and replaced without any reasons given, is a tactical blunder.
Do not permit these illegal acts from the likes of the Flores family, who are favored by outdated working arrangements (brought in by the 1920s dictator Morales Bermúdez) - they must be amended without further delay.
We are asking consumers to show solidarity with the workers of Topy Top and with our fight in the textile industry in general.
Every time you buy an item from Zara it is produced at a cost of sacrifice and the brazen super-exploitation of hundreds of workers, where we do not receive even the most basic minimum earnings and are denied the right to unionise. Many of these workers are young and should be treated with dignity, not with systematic harassment and criminal tactics from a totalitarian regime.


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Apple’s latest macOS Sierra update is making Apple Pay available for web purchases through Safari on desktop devices. “Shoppers can now click the Apple Pay button at checkout on nearly 300,000 participating websites, including 1-800-Flowers, Gilt, Instacart, Lululemon, Warby Parker and more, and then complete their purchase with Touch ID on iPhone 6 or later, or with Apple Watch,” Apple says. The release of the iOS10 operating system allowed the launch of Apple Pay for mobile websites earlier this month.
- India to move to contactless driving licences that traffic officers can read with NFC devices
- French bank pilots fingerprint card that removes the contactless transaction limit
- Google includes custom security chip in Pixel 3 smartphones
- ST unveils turnkey payment solution for smartwatches and wearables
- Mastercard to phase out signature panels on bank cards


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Royal Philips Electronics of the Netherlands had comparable sales of EUR 5,213 million in the second quarter of 2011, up 4%, over 2Q 2010. Growth came from strong growth in Philips' Healthcare business and moderate growth in Lighting.
Consumer Lifestyle sector comparable sales were EUR 1338, compared to EUR 1293 in 2Q 2010 - down 2% compared to the same quarter in 2010. Growth in Personal Care, Health & Wellness, and Domestic Appliances sub-sectors was offset by a sales decline in Lifestyle Entertainment and Licenses.
Consumer Lifestyle results now exclude the television business. In March, Philips agreed to transfer its TV business to a joint venture 70% owned by TPV Technology and 30% owned by Philips.
Healthcare sector sales improved 8% on a comparable basis, driven by high single-digit growth in all businesses.
Lighting sector sales grew 4% on a comparable basis.
“Our second-quarter results were impacted by near-term operational challenges, weaker markets and a significant impairment charge," said Philips President and CEO Frans van Houten. "We are taking necessary steps to improve performance and we are confident in the prospects of our portfolio."
van Houten said the company launched a comprehensive performance improvement program called "Accelerate!" It includes a cost reduction program designed to cut EUR 500 million from Philips' operating model.
to Daily News


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NEW YORK, March 28 (Xinhua) -- Shares of Qutoutiao extended solid gains in Thursday's morning sessions, after the Chinese mobile content platform announced a convertible loan of 171 million U.S. dollars from China's e-commerce giant Alibaba.
The convertible loan will be convertible into Class A ordinary shares of Qutoutiao at Alibaba's option at a conversion price of 60 dollars per share, equivalent to 15 dollars per American deposit share (ADS), the company said in a statement.
An ADS is a U.S. dollar-denominated equity share of a foreign-based company for purchase on a U.S. stock exchange.
With an interest rate of 3 percent per year, the loan will mature in three years, unless previously repaid or converted in accordance with their terms prior to such date.
Once fully converted, the mobile content provider will issue new shares to Alibaba, representing approximately 4 percent of its share capital.
Shares of Qutoutiao and Alibaba increased nearly 0.7 percent and over 0.6 percent respectively as of 10:33 a.m. EST (1433 GMT).
Launched in June 2016, Qutoutiao, or "fun headlines" in Chinese, provides fun and entertainment-oriented articles, short videos and customized feeds to users, driven by artificial intelligence-based algorithms.
The company issued its initial public offering on the Nasdaq on Sep. 14, 2018, under the ticker symbol QTT.
It has been one of the largest mobile content aggregators in China in terms of monthly average users and daily average users, many of which are from lower-tier cities in China, according to the company.


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It's true. Christmas trees did get more expensive this year.
There are a few theories as to why prices increased
When you deck the halls this year, you might actually opt for boughs of holly over Christmas trees.
Washington ranks in the top 10 states with the most expensive trees this year, according to a study ChamberofCommerce.org.
Six-foot Christmas trees on average cost Washingtonians $68. The national average for that size tree is $59.
Our cost is high even though we live next door to one of the top tree-producing states: Oregon.
Though tree production doesn't seem to have a huge impact on what consumers will pay at the tree farm -- New York is also a top-producing state, and fir fetchers there pay more than those in any other state on average, at $90 a pop.
Meanwhile, North Dakota, which is not a top-producing state, pays the least at $33 average for a six-foot tree.
So, why the spike in tree prices? There are some theories.
Some growers have blamed the 2008 recession. It takes an about 10 years to grow a Christmas tree, and according to a report by CNBC, the industry was not profitable from 2005 to 2015, and during this downturn, farmers could not afford to plant the number of seedlings that would be needed.
Others, particularly on the east coast, blame weather for the shortage. For New England, which sources its trees from Canada, there has been wet weather, snow and icy conditions that kill trees, according to Connecticut-based WFSB.
Another source of blame is (you can probably guess it before you read it) ... millennials. But unlike other stories that blame the group for "killing" some industries, this story has a surprising twist. Millennials are reportedly saving the Christmas tree industry by buying the real thing, Vox reports.
Unfortunately, the spike in millennial tree purchases also means a spike in demand, and an inevitable increase in price.
Regardless, less than two weeks remain before Santa Claus comes right down Santa Claus Lane, so if you're planning to sing "Oh Christmas Tree" to a fresh fir, the time to buy is now.
Click through the slideshow above to see which states spent the most on trees this holiday season.
Producer Natalie Guevara can be contacted at firstname.lastname@example.org.


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Japan’s government downgraded its economic assessment citing the impact of the coronavirus pandemic on consumer spending and business conditions.
In the monthly report, released Wednesday, the Cabinet Office said that the Japanese economy shows weakness in some components further, although it remains in picking up in a severe situation due to the Novel Coronavirus.
Downgrading its view on household consumption, the government said private consumption shows weakness further recently, especially in service spending.
The government also lowered its view on business conditions, saying that current business conditions appear to be pausing for picking up, while some severe aspects still remain.
The report said business investment is picking up and exports continue to increase moderately. The office repeated that industrial production is picking up.
Concerning short-term prospects, the office observed that the economy is expected to show movements of picking up, supported by the effects of the policies and improvement in overseas economies while the socio-economic activities will be resumed with taking measures to prevent the spread of infectious diseases.
The material has been provided by InstaForex Company – www.instaforex.com


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You are hereHome >
Sacramento, CA -- A new survey released today by CALPIRG,“Recharge Repair,” found a surge in consumer demand for phone repair following the revelation Apple was slowing phones with older batteries. “Recharge Repair” identifies the barriers to battery replacement and phone repair that added to long repair delays for consumers. The findings support the need for Right to Repair reforms to grant consumers and third parties access to the parts and tools to repair cell phones and other electronics.
Among the findings were:
We surveyed 164 independent repair businesses nationally who reported a 37% increase in weekly battery replacement service requests since Dec. 20
Self-repair interest surged as well – traffic from California residents to iPhone battery repair instructions went up 139%. 28,923 people from California viewed instructions in between Dec. 20 and Jan. 22
eWaste is a growing concern. California throws out an estimated 46,900 cell phones per day, our share of the 141 million phones tossed each year.
“We should be free to fix our stuff,” said CalPIRG Director Emily Rusch. “We should be working to reduce needless waste – repairing things that still have life -- but companies use their power to make things harder to repair. This survey shows that people are clearly looking for more options to repair their phones.”
18 states, but not yet California, have introduced “Right to Repair” or “Fair Repair” laws which guarantee access to the parts and tools needed for repair.
In December, it was discovered that Apple was intentionally slowing down phones with older batteries. They defended this tactic by saying it was intended to reduce performance issues, but had many people wondering if Apple was covertly pushing people to upgrade to a new phone. Regardless of intent, these issues are resolved by replacing the battery – a battery which Apple doesn’t make available to customer or third-party repair businesses.
“These companies go to extraordinary lengths to keep people from repairing their devices. They glue parts to the casing so they can’t be removed, they refuse to sell replacement parts, they digitally lock devices to prevent third party repair,” said Repair.org Executive Director Gay Gordon-Byrne. “Apple is telling some people they can’t fix their batteries until April. Certainly, there are people with easily fixable phones who will get new ones instead of waiting. Why won’t they just sell their original batteries to other repair businesses? This problem would be over in a few days.”
"Californians throw out some 46,900 phones every day," said Dan Jacobson, State Director for Environment California. "We could be throwing out a lot less if companies let people fix their phones. Electronics like phones have very toxic components, and we could easily reduce the number going into landfills."
As part of the survey, Robert Slater of Advanced Cellular Repair in California, provided this story, "I restored an iPhone where the customer was getting a searching notification with no phone signal. Verizon told them the device was faulty and they needed a new one. We restored the device, saved the customers data and they were extremely happy."
CALPIRG and Environment California support Right to Repair reforms because they reduce waste by limiting companies abilities to push customers to toss products that still have life.
“Fixing something instead of throwing it away to buy something new is better for the environment. Repair should be the easier, more affordable choice and it can be. People are resourceful, they can find ways to fix things, to keep them from going to waste, sitting in a landfill somewhere,” said Rusch. “But the first thing we need to repair are our laws.”
Your donation supports CALPIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.


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Capesize freight rates saw a general lack of physical activities in both the Asia Pacific and Atlantic market this week, with market concerns over cyclones brewing off the Australian coast.
Capesize rates have continued to be depressed by lack of physical activities this week. However, the paper market for capesize index managed to turn positive for the first time on Monday since late February 2019.
Capesize market remained quiet throughout the week with thin activities from the Asia-Pacific and Atlantic regions.
The Baltic Dry Index (BDI) appeared to be a tight rope walker this week on the verge of falling off from the 1,000 mark.
After a week-long National Day holiday, the return of the Chinese trade participants failed to rekindle the freight market.
Capesize freight rates rose higher this week, thanks to firmer bunker prices. However, as the week goes by, trade uncertainty started to creep into the market due to weaker freight derivative market.
It was a quiet week for the freight market which neither the Singapore F1 race nor typhoon Mangkhut hitting Hong Kong and Souch China failed to make any impact.
The Capesize market saw a correction this week and prompted the Baltic Dry Index (BDI) to fall below 1,500 points.
The Baltic Dry Index (BDI) was off to a good start this week as the index pushed toward the 1,740 readings, thanks to the positive market sentiments from the higher freight derivative markets.
The Baltic Dry Index (BDI) started last week on a firmer footing despite the trade tensions between US, China and Turkey that waned investors’ confidence.


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What Everyone Is Missing About The IMF's Latest World Economic Outlook
The International Monetary Fund (IMF) has released its updated forecasts for the global economy, and it makes for grim reading. Among the growth downgrades, however, is a point that most commentators are overlooking: the real dangers of the oil-price shock for Western economies.
Despite the tumbling of oil prices by over 50% since June, providing a welcome boost to consumers through lower prices of fuel and goods, the IMF has downgraded its forecast for global growth by 0.3% this year and another 0.3% in 2016. The downgrades reflect the ongoing weakness of the eurozone and Japan, as well as slowing growth in emerging markets (especially among oil exporters).
However, the report also contains a warning for advanced economies such as those of the US and the UK that are seeing relatively robust economic expansion. Lower oil prices are helping drag down inflation and could mean that even faster-growth economies experience a period of falling prices. If this is allowed to continue unchecked, the IMF warns, it risks becoming a self-feeding deflationary spiral.
With central bank interest rates already around zero, the ability of monetary policy to offset these price falls and help bring inflation back toward the 2% target is limited (at least according to mainstream economic theory).
As the international funding body puts it (emphasis added):
That is, the IMF is encouraging central banks to undertake precautionary easing and, where that is unavailable because of existing low interest rates, to use government spending on infrastructure to increase economic activity and push up the rate of price increases. Low government borrowing costs across much of the developed world mean in effect that states have room to do this at very limited (or even negative in the case of Germany and Switzerland) cost to taxpayers, despite heavy debt burdens following the financial crisis.
Not everyone is convinced. Numerous economists argue that a temporary period of deflation because of a positive supply shock — whereby prices are falling because more goods can be made for the same amount of money — does not require any action from a central bank. It should be a cause for celebration.
Many of those who hold this position also argue that central banks can simply undertake further rounds of asset purchases under their so-called quantitative easing programmes if they become concerned that expectations of price falls are becoming entrenched and people are holding off purchases.
However, the IMF's intervention can be seen as a warning against the complacency of such a view. The effectiveness of QE in reversing price falls remains a matter of much debate in the economics profession and relying on unconventional central bank tools to reverse price falls after they have set in could be seen as too great a risk.


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RehabMart.com recently entered a distribution partnership with Spectrum Aquatics, Missoula, Mont, with intent to offer Spectrum’s pool and spa lifts to a wider consumer market. Spectrum reportedly offers a variety of pool and spa lifts, including those that are battery-powered, manually powered, water-powered, and radio frequency-controlled, as well as related pool accessories.
According to a press release from RehabMart.com, Spectrum’s lifts are made with a passivated material, which means the product is less affected by water, air, or other environmental factors and presents resistance against corrosion. They are also reportedly ADA-compliant, which can benefit hotels, health clubs, recreation centers, and aquatic facilities required to meet the ADA 2010 Revised Requirements for Accessible Means of Entry and Exit for Accessible Pools. Facility owners are required to meet the guidelines outlined in this document by January 31, 2013.
Spectrum Aquatics is a member of organizations including the Medical Fitness Association, USA Swimming, and the American Institute of Architects. It is part of the EverActive Brands, and its parent company is PlayCore. Visit RehabMart.com to view the full line of Spectrum Aquatics pool and spa lifts.


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Opel's export push could mean vehicle production in PSA's plants in China, Russia and Iran, and even sales in the U.S., the home market for GM, the German brand's former owner.
Opel detailed the former GM division's first business plan under new owner PSA, promising to launch EVs including a full-electric Corsa and move to PSA platforms sooner than planned.
Opel's first business plan under its new French owners, PSA, will set out how the German automaker will reach profitability that has eluded the former GM division since 1999.
PSA's new app needs government and ride-hailing partners to make it successful.
Sept. U.S. sales winners, losers; Hackett's plan to transform Ford; PSA's U.S. mobility app; Texas dealer Gilchrist in line to lead NADA in '19; Lear puts down stakes in Buick City.
French automaker PSA introduced its mobility services platform in Seattle as part of a long-term strategy to re-enter the North American market.
Tina Mueller was a bright spot in Opel's management, having revived what was perceived to be a bankrupt brand in Germany.
PSA will develop a pickup with Chinese partner Changan for sale in Chinese and global markets by 2020. PSA re-entered the pickup market in September when it launched sales of the Peugeot Pick Up in Africa.
PSA will launch full-electric versions of its Peugeot 208 and DS 3 Crossback cars in 2019. The Peugeot 2008 will get an EV option in 2020.
PSA is engineering its next generation of vehicles to meet United States regulations, allowing vehicles produced as soon as three years from now to be part of the automaker's return to North America.
PSA will present a restructuring plan for its Opel brand in November. CEO Carlos Tavares said PSA will urge Opel to improve its sales to individual customers.
The wildly successful head of PSA Peugeot Citroen will be a keynote speaker at the Automotive News World Congress in January.
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Sacha Lord is buying a chippy tea for as many people who want one at a fish and chip shop in Blackley this weekend.
The co-founder of The Warehouse Project and Parklife will be footing the bill at Frankie’s Fish Bar on Hill Lane in Blackley on Sunday 17 November, from 3pm to 7pm.
In a video posted to social media, Lord explained that the move was ‘all about supporting those independent hospitality businesses and giving them the footfall that they really deserve’.
“And what better place to choose than a good old traditional chippy,” he added.
It follows a similar move over the summer, when he paid for hundreds of people to eat out at the Thirsty Korean restaurant in Chorlton.
Roadblock crowds descended on the spot to have their meals paid for, with queues snaking down the street outside the small business, which has struggled since the pandemic.
Lord went on: “On the back of the huge success of my free food and drink event, supporting the Thirsty Korean in Chorlton… it feels like the time to do another!
“The Thirsty Korean saw over 400 people turn up and sadly, because it was table service, not everyone managed to get in.
“I’ve been wracking my brains on how to crack this… and it’s obvious; let’s do the next one in a chippy. Everyone loves a chippy and they’ve had a tougher year than most, where at one point, the oil in the fat fryer was more expensive than petrol.
“I was made aware of Frankie’s Fish Bar, after they recently created an amazing Manchester mural on their wall, including Parklife and Warehouse Project.
“[I’m] hoping this not only gives the chippy and much needed boost… but it also [makes] a lot of people from Blackley happy.”
Frankie’s has been serving its community for over 20 years, and has been previously voted among the best in Manchester.


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|The ASEAN Economic Community that will be established next year. Export turnover to ASEAN in 2013 stood at US$18.5 billion, a year-on-year increase of nearly 7 per cent. .— VNÁ/VNS Photo Tran Viet.
HCM CITY (VNS) — Viet Nam hopes to take full advantage of the ASEAN Economic Community that will be established next year as it further integrates into the regional market, a seminar heard in Can Tho on Tuesday.
Deputy Minister of Industry and Trade Nguyen Cam Tu told the seminar titled "ASEAN Economic Community (AEC) and Free Trade Agreements" that the establishment of the AEC would mark comprehensive integration of Southeast Asia's economies.
It would be a united production, trade, and investment bloc in a region that has a huge population of 600 million and an annual GDP of around US$2 trillion, he said.
Organised by the Ministry of Industry and Trade and the European Trade Policy and Investment Support Project, the workshop was aimed at helping businesses and the Government better understand the AEC and the free trade agreements that Viet Nam has signed.
Bui Huy Son, chief of the Trade Promotion Agency, said amid the unstable regional situation, it is important to enhance solidarity and co-operation between ASEAN and other nations.
Hoang Van Phuong of the Multilateral Trade Policy Department spoke about Viet Nam's commitments with regard to trade, services, and investment under FTAs it signs.
Tran Thi Thu Huyen of the Ministry of Finance's International Cooperation Department spoke about the commitments on import tariffs under FTAs and the time frames agreed for tariff cuts.
Vu Hung Thinh of the Import-Export Department urged businesses to follow the preferential rules of origin when exporting to preferential-tariff markets.
He spoke about various tariff preferences, preferential rules of origin, and procedures for obtaining certificates of origin and verification of origin.
The 2008 ASEAN Charter seeks to build an ASEAN community based on three fundamental pillars: the AEC, the ASEAN Political Security Community and the ASEAN Social and Cultural Community. ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam.
Since 2004 the bloc has signed FTAs with countries like China, South Korea, Japan, Australia, New Zealand, and India.
In 2008 Viet Nam signed the Economic Partnership Agreement with Japan and a bilateral FTA with Chile. Viet Nam is currently negotiating on FTAs with the EU Customs Union; the Regional Comprehensive Economic Partnership; and EU Free Trade Bloc; and Trans-Pacific Partnership (TPP).
ASEAN is one of Viet Nam's leading trade partners, accounting for 15 per cent of its total trade and quadrupling over the last decade to $40 billion last year. — VNS


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The new reality is that cyber risks are the single greatest threat for businesses of every size. The annual Travelers Risk Index knows this, and has the data to back it up.
Each year since 2014, The Travelers Companies commissions the Travelers Risk Index. In 2019 cyber risk was the most important concern for businesses of every size, for the first time.
For the 2019 survey roughly 1,200 business leaders were interviewed. Of those leaders, 55% said they worry “some or a great deal” about cyber risks. The next closest concerns? Medical cost inflation (54%), employee benefit costs (53%) and the ability to attract and retain talent (46%).
The survey then delved into what steps business owners are taking to help mitigate cyber risks. According to the survey, the most common actions are:
Purchasing a cyber insurance policy (51% of survey participants, up from 39% last year).
Creating a business continuity plan in the event of a cyber attack (47%, up from 38%).
Taking a cyber risk assessment for themselves (49%, up from 45%) and their vendors (41%, up from 37%).
Updating computer passwords (74%, up from 71%).
Cyber attacks are becoming so pervasive that even small businesses are finding themselves at risk. The risk mitigation of the future needs to concentrate on cyber protection, not physical robberies. Times are changing, and it’s imperative that the insurance industry stays ahead of the curve.
The best way to mitigate cyber risks for your business, is to make sure that you have the appropriate insurance policies in place. There are many different types of policies and coverage options depending on what type of business you have. As always, take the time to do your research before committing to a particular policy.
To learn more about your current policy, or to inquire about a new one, reach out to TGS Insurance at www.tgsinsurance.com.


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Many business decision makers all around the world are still unaware of what GDPR means for them, a new report by Risk:Value and NTT Security says.
Polling 1350 non-IT executives in 11 different countries, the report says just 40 per cent believes their business will be subject to the EU GDPR. Less than one in five (19 per cent) admitted to not knowing which regulations they’re subject to. In the UK, less than four in ten (39 per cent) see GDPR as a compliancy issue, and 20 per cent said they didn’t know.
Leaving the EU, things get even worse. A quarter of business decision makers in the US, and Australia, and 29 per cent in Hong Kong, believe they are subject to the GDPR.
The GDPR is coming into force in May 2018, which means businesses have less than a year to prepare. Those that fail to comply are facing serious fines which can go up to €20 million, or 4 per cent of global annual turnover.
"In an uncertain world, there is one thing organizations can be sure of and that's the need to mark the date of 25 May 2018 in their calendars," according to Garry Sidaway, SVP Security Strategy & Alliances at NTT Security. "While the GDPR is a European data protection initiative, the impact will be felt right across the world for anyone who collects or retains personally identifiable data from any individual in Europe. Our report clearly indicates that a significant number do not yet have it on their radar or are ignoring it. Unfortunately many organizations see compliance as a costly exercise that delivers little or no value, however, without it, they could find themselves losing business as a result, or paying large regulatory fines."
You can find the entire report on this link (opens in new tab).
The rest of our GDPR coverage can be found on this link (opens in new tab).


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Mr Erdogan urging Turks to drink tea is sound health advice
With reference to Liz Cookman’s article President Erdogan: Don’t smoke, drink Turkish tea instead (October 21). It was an interesting read. On the one hand, the Turkish president has attacked the Kurds. Now he seems to be concerned about people’s health. He is opposed to the idea of e-cigarettes and wants his fellow Turks to stick to drinking tea instead. This is not a bad idea but the percentage of smokers has gone up over the years, despite Turkey being one of the largest consumers of tea. It remains to be seen whether the people will follow the advice of their leader.
K Ragavan, Bengaluru
Cameras in taxis will cut reckless driving. Next stop: card readers
I write to you regarding Anna Zacharias’s article Cameras fitted in all of Dubai’s 10,600 taxis (October 20): some months ago, as I was stepping out of a cab, the driver just sped off without waiting for me to close the door. I lodged a complaint. But despite following up, they could not find the driver as their systems were not up-to-date. I hope we can rely on surveillance cameras and smart systems to prevent reckless driving and ensure customer safety in future. As with the gradual implementation of cameras, I look forward to all cabs in the UAE being equipped with credit card readers. This would address the problem of looking for exact change.
Mathew Litty, Dubai
The next generation promises to reduce, repair, reuse and recycle
I write to you in reference to Ramola Talwar Badam’s article Expo 2020 to deliver eco boost with nearly 150 tonnes of daily waste recycled (October 20): I am confident that my generation can help raise awareness regarding the recycling rules: reduce, reuse, recycle, repair, rethink and refuse. There are so many steps we can take. For example, cotton scraps end up in landfills. We can change that and reuse the cotton scraps to make earrings. This is a great initiative by the Expo 2020 team. Together we can create a wave of change.
Sainath Manikandan, Abu Dhabi
Updated: October 23, 2019 02:12 PM


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It might debut before the year’s end.
A recent trademark filing suggests Genesis is actively working on a number of electric vehicles. The premium automaker even confirmed officially a zero-emission crossover is coming later this year and apparently, there’s even more in the cards. A new set of spy photos hints at more all-electric utilities from the company.
What you see in the gallery below is, most likely, the Genesis GV70e – or, at least, an early prototype of the electric SUV. The test car looks very similar to the one we spied earlier this month, though this one doesn’t even have registration plates. The reason for that is that these new spy shots come from a frozen lake in Sweden, which doesn’t classify as a public road.
Gallery: Gensis GV70e new spy photos
While cloth camouflage is obstructing our view of the front end, it’s a safe bet to say the GV70e will feature a closed-off version of Genesis’ current grille. This is a recipe the automaker will most likely adapt to all its upcoming EVs. Elsewhere, the electric SUV will borrow styling elements from the conventional combustion-powered GV70, including its split taillight setup.
Unfortunately, not much is known about what’s hiding underneath the skin. We do know the vehicle will be based on Hyundai’s new Electric-Global Modular Platform, which will underpin many upcoming EVs from Hyundai, Kia, and Genesis. In the case of the GV70e, we expect it to be tuned with performance in mind, probably sacrificing the range at a single charge to a certain extent. The architecture is capable of driving ranges of up to 310 miles so it’ll be interesting to see what this luxury SUV will offer.
We can’t tell whether Genesis will unveil the GV70e this year, though a recent report from South Korea suggests, if everything goes as planned, we’ll see the production model before 2022. Stay tuned as we expect to see more prototypes testing, as well as, hopefully, first teaser images.
Source: Read Full Article


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Till date, both iPhone 5 and Samsung Galaxy S3 are among the best high-end smartphones. Apple launched its fifth-generation iPhone in late September last year, while Samsung unveiled its third iteration of Galaxy S lineup in the mid of the second quarter last year. Undoubtedly, both the devices have different flavors. iPhone 5 made record in terms of selling; 5 million units of iPhone 5 were shipped in the first week of its availability. While on the other side, Samsung Galaxy S3 is on the way to hit 60 million sales figure.
But while there’s a discussion about internet accessing, iPhones always dominate over Android smartphones. It’s true that Android’s previous versions (predecessor of Android 4.0 Ice Cream Sandwich) were less internet friendly. However, the Samsung Galaxy S lineups have succeeded to obliterate these myths. Despite, iPhone is still the king in terms of smartphone web traffic. According to a study report from Chitika, conducted study on the smartphone web traffic from February 1 to February 9, 2013 in North America, the iPhones 5 accounted 51% of web traffic. In comparison, Samsung Galaxy S3 accounted for 49.0% of smartphone web traffic. However, the percentage gap of web traffic between both the devices is still marginal, but it might increase over the next few months.
The firm also incorporated other smartphones in the study. Overall, iPhone 5 accounted for 6.6% of total smartphone web traffic, followed by Samsung Galaxy S3 with 6.4%. In terms of aggregate smartphone traffic, iPhones are quite ahead of Samsung smartphones; iPhones alone accounted for 41.5% of overall smartphone web traffic during February 1-9 this year in North America. In comparison, Samsung smartphones could generate 20.6% of smartphone web traffic.
Furthermore, other smartphones accounted for 37.8% of overall smartphone web traffic during February 1-9 this year. In other ways, Samsung’ smartphone and Apple’s iPhones together generated more than 62% of smartphone web traffic during the study period.
At present, Samsung and Apple are biggest rival to each other in both smartphone and tablet segments. However, Samsung is currently the world’s leading smartphone vendor in terms of sales, while Apple is quite ahead of the South Korean mobile handset vendor in terms of tablet sales. Anyway, Apple is still leading in web usages share over other smartphone vendors. Actually, people are more passionate to surf mobile web on iPhones.


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Apple’s list of grievances against Mac clone maker Psystar spans 16 pages, but, in the end, its argument boils down to the one expected. Psystar, Apple says, had no right to do what it did, and should be stopped and forced to pay.
In its lawsuit, a copy of which was seen by CNET News courtesy of our colleagues at ZDNet, Apple alleges copyright infringement, inducement of copyright infringement, trademark infringement, as well as a couple of other legal claims. It seeks any profits earned by Psystar from its Open Computer, triple damages for willful acts, a permanent injunction against the sale of the product, as well as recall of those units already sold.
John Ferrell, chairman of the intellectual property practice at Carr & Ferrell added that One Infinite Loop, the road that stretches through Apple’s headquarters, “is littered with the wrecked business plans of companies that have tried to copy and sell Apple look-alikes.”
Lots of lawyerly quoting in the article. No one thinks Psystar has a snowball’s chance.


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Business Growth set in Concrete
Watnall based GR Wade & Sons has invested in a new top of the range truck, bringing the latest technology to a fleet which has doubled in size in recent years.
The 26-year-old firm provides delivery and transport services for some top businesses in the precast concrete industry including Hansons and FP Mcann.
Working with some of the big names in precast concrete, GR Wade has invested over £100,000 with RH Commercial Vehicles (RHCV) on its new Renault truck.
With 17 staff and a fleet of 14 trucks, GR Wade has enjoyed rapid expansion in recent years, leading to the purchase of six new vehicles over the past three years, almost doubling in size.
Speaking about the company’s increasing fleet, GR Wade’s Managing Director Richard Wade, commented: “This latest investment in our fleet has allowed us to increase capacity, taking on more orders at a time of positivity for the construction industry. RH Commercial Vehicles range of experience across sectors means they don’t just sell you a truck they sell you a solution suited for your business and industry.”
Paul Pearson, Commercial Director at RHCV, said “GR Wade is a great company to work with, and it’s fantastic to be able to advise and introduce the latest technologies to an ever growing fleet. Having worked with a variety of businesses across the East Midlands, we know what our customers need and work with them to find their best possible solution.”//php comments_template( '', true ); ?>