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Tesla also expects to begin accepting bitcoin as a form of payment for its products “in the near future.”
The announcement that much of the crypto world has been hoping for is here: Tesla has invested in bitcoin.
- In an annual report filed with the U.S. Securities and Exchange Commission for the year ending Dec. 31, 2020, the firm said that under its new investment policy it has “invested an aggregate $1.50 billion in bitcoin … and may acquire and hold digital assets from time to time or long term.”
- The electric car company founded by Elon Musk added, “In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.”
- The policy includes investment in “alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets.”
- Tesla also expects to begin accepting bitcoin as a form of payment for its products “in the near future.” This would initially be on a “limited basis, which we may or may not liquidate upon receipt.”
- As the news hit, the bitcoin market surged, taking spot prices to a new record high of $43,457.86.
- Musk recently said, while he’s a bit “late to the party,” he is a bitcoin supporter.
- “I should have bought [bitcoin] eight years ago … I do at this point think bitcoin is a good thing. I am a supporter,” he said in a chat on Feb. 1.
By : Daniel Palmer


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While the Samsung Galaxy S3 Jelly Bean update was ported via SDK port back in June, most of the casual owners of smartphone were waiting for an official release. As we all do know the official upgrade is way better than a port, right?
According to a report, the Jelly Bean for Galaxy S3 is under development, and could hit the device in either August or September. The Android 4.1 update for Galaxy S3 will be first to be deployed from the Samsung to its Galaxy-lineup.
I assume the update, like most Android updates, is going to be rolled out first for the unlocked and international versions of the Galaxy S3, which means that the phone owners in the US might be waiting until October or longer for the update to finally arrive.
We still don’t know what new features the new update will be bringing to the device. As always, we’ll keep you guys updated.
Source – SamMobile

domain: news


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10 Data Points To Understand Apple's Q1 2019 Warning
Apple shocked financial markets on January 2, 2019, by announcing a significant cut to Q1 2019 guidance issued to investors in early November 2018.
Watch Milton's video to better understand what happened to Apple during Q1 2019 and why the warning likely has implications beyond Apple's stock throughout 2019.
- Apple stock has declined (36)% from its October 2018 52-week high.
- Over $400 billion of market cap wiped out with stock decline.
- Apple reduced Q1 2019 revenue guidance by (8)% due to China & iPhone.
- China slowdown significant since region was 18% of Apple revenue during Q4 2018 and Q1 2019 warning implied revenue declined 25-30% year-over-year.
- Replacement cycles for iPhones in China lengthening due to lower carrier subsidies, cheaper to replace iPhone batteries, and iPhone prices rising.
- China's Huawei launching comparable products to iPhone for significantly lower prices.
- Developed markets saw slowing iPhone upgrades: on average, US iPhone customer upgrades every 26 months.
- Apple has $130 billion of cash and will likely accelerate buybacks and dividends as part of "net cash neutral" goal.
- Wall Street was caught off guard by announcement and cut 2019 EPS estimates to $12 based on Q1 2019 warning.
- Gross margins came in at 38% for Q1 2019 at low-end of expectations: likelihood of excess iPhone inventory likely impacts Apple for rest of 2019.
- Bright spot of Q1 2019 earnings was growth of high-margin services business.
- Apple bears argue that we are past "peak smartphone" and Apple's innovation cycle is too slow.
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PARIS — Italian designer Fausto Puglisi and Dutch fashion maverick Iris van Herpen are among seven nominees for the 2014 ANDAM Fashion Award.
The others vying for the annual prize are Rad Hourani, Jean-Paul Lespagnard, Yiqing Yin, Steven Tai and Études Studio.
The winner is to be revealed on July 3, with the victor pocketing 250,000 euros, or $341,712 at current exchange, along with a year of mentoring from François-Henri Pinault, chairman and chief executive officer of Kering, who is to advise on matters including financial, legal, marketing, communications and production.
The prize package also includes a purchase order from Hudson’s Bay Company, plus 10,000 euros, or $13,669, worth of crystals from Swarovski.
Founded in 1989 by Nathalie Dufour, with the support of the French culture and industry ministries and with former Yves Saint Laurent couture boss Pierre Bergé as president, ANDAM has been a springboard for an array of designers who went on to achieve international recognition, including Martin Margiela, Viktor & Rolf, Christophe Lemaire, Jeremy Scott, Gareth Pugh and, most recently, Alexandre Mattiussi.
The prize is also seen as a vehicle to attract talented designers of any nationality to set up shop in Paris, a hub of specialty ateliers and a beacon for international press and buyers.
“One of them is bound to become a French company,” Dufour noted.
Sicily-born Puglisi, who has a signature label and also designs Emanuel Ungaro, said, “France is very close to my heart and French fashion is a never-ending source of inspiration for me.”
Marking its 25th anniversary this year, ANDAM widened its network of corporate partners and tapped them to provide know-how in addition to financial support.
All seven finalists, an international group, are to receive makeup artistry support from MAC Cosmetics; advice on digital strategies from Fashion GPS; a landing-page showcase on e-tailer TheCorner.com, and a dedicated workshop in Swarovski’s showroom.
Jury members are made up of ANDAM sponsors and fashion professionals including Stefano Martinetto, ceo of Tomorrow London; Xavier Romatet, president of Condé Nast France; John Demsey, group president of the Estée Lauder Cos. Inc.; model Caroline de Maigret; Anne-Sophie von Claer, deputy managing editor of Le Figaro, and photographer Ellen von Unwerth.
They are to evaluate the seven finalists on their creative and business potential, with the winner chosen by majority vote.
ANDAM also named three finalists for its First Collections prize, valued at 75,000 euros, or $102,514. They are Coperni, Gauchère and Monographie, with the victor also receiving a commercial and strategic mentorship from the Tomorrow showroom, and an exclusive space in Galeries Lafayette’s flagship store in Paris to present two collections.
ANDAM, the French acronym for the National Association for the Development of the Fashion Arts, plans to mark its silver anniversary with a retrospective exhibition, a party during Paris Fashion Week this fall, plus other collaborations with sponsors and previous winners, as reported.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye


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The Northern Sea Route, which can cut 12 to 15 days off voyage times between Asia and North Europe compared to the traditional Suez Canal routing, is currently only usable during the summer season, but could be open year-round by 2020.
Major freight railroads in the United States employed 152,718 workers as of the middle of July 2016, up 0.19 percent from the previous month but down 10.71 percent year-over-year, according to data from the Surface Transportation Board.
Chinese e-commerce solutions provider Baozun Inc. created Baotong E-logistics, a wholly-owned warehousing and logistics subsidiary.
Registration takes less than 1 minute.
Delegates from the International Longshore and Warehouse Union voted Thursday to have the union enter into discussions with representatives of the Pacific Maritime Association to discuss a contract extension.
The Panama Canal Authority said it is confident in the process it uses to move ships through the new locks at the canal, following an accident last week that damaged the Xin Fei Zhou after it made contact with one of the walls at the Agua Clara Locks.
Gerry Wang, chief executive officer of Seaspan, expressed how he believes the industry will gradually improve if scrapping remains high and new ship orders remain low.


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Devizes funeral director John Stuart is continuing to collect donations of food for Devizes Food Bank.
The company, which has a branch in The Brittox, started collecting for the charity in the run-up to Christmas but has decided to carry on due to overwhelming support from the community.
Funeral director Paul McDonald said: “Not a day has gone by since we launched the campaign that we haven’t had someone coming into the branch with a donation, whether it’s been one tin of beans or a shopping bag full of groceries.
“We have been overwhelmed by the kindness and generosity of local people and we’ve received an incredible amount of donations, with enough to feed a dozen families before Christmas and many more since then.
“We’ve been delighted to be able to support Devizes Food Bank during such a demanding time of the year.
“We want local people to remember that the food bank still needs regular donations.
“Therefore we are extending our campaign and are still very happy to accept donations at our branches.”
Other permanent collection points are in Morrisons and Sainsbury’s supermarkets in Devizes.


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Our latest thoughts on marketing strategy, case studies, consumer insights, social media platforms and thoughts on content marketing.
As Australia’s COVID-19 restrictions start to ease and winery cellar doors plan their reopening strategies, it’s a good time to pause and reflect on the role cellar door plays in a winery’s sales and marketing mix. Wineries were forced to close earli [...]
You’ve put so much into your café, restaurant or small business and the current crisis is threatening its very survival. There are so many Australian hospitality, tourism and small businesses across many sectors, who are hurting because of the COVID- [...]
Being social has certainly changed over the last few months with Covid19, and as a result the app that’s been the talk of the town has undoubtedly been Houseparty. Vogue even went as far as saying this “…is the quarantine app that you need to downloa [...]
Video has been at the forefront of social media trends, often just evolving via the medium in which its shown. As a marketing tool it builds authenticity, engagement and can be used across multiple social media platforms. Whilst we’ve been recommendi [...]
There’s no doubt that we’re currently operating in uncertain times. As if the challenges of the 2020 bushfires and the associated downturn of tourism was not enough for Australian businesses, now we’re faced with the global COVID-19 pandemic. Major e [...]
Our own Trish Barry has been acknowledged for championing diversity and equality and named a finalist in the 2019 Australian Women in Wine Awards. The Australian Women in Wine Awards are the world’s first and only awards platform for women in wine. N [...]


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SHANGHAI -- American companies had a difficult year in China in 2019 amid their country's trade war with Beijing and slowing economic momentum, as those reporting revenue growth or profitability plunged, according to a new survey published Tuesday.
The annual poll by the American Chamber of Commerce in China was conducted in October and November, before the U.S. and China signed their "phase one" truce in their tariff battle and before the new coronavirus brought business in China to standstill for much of February.
"The fight against COVID-19, ongoing bilateral negotiations and a slowing Chinese economy make for challenging business conditions," said Greg Gilligan, AmCham China chairman.
"But the market panic of COVID-19 will eventually subside, and 2020 will be a critical year for businesses and policy makers with significant impact on the trajectory of U.S.-China relations," said Gilligan, who is also managing director of golf company PGA Tour China.
Asked about the financial performance of their China business, just 61% of the survey's 372 respondents said they were profitable last year. This was a record low reading since AmCham began asking the question in 2001 and compared with 69% in 2018.
Along the same lines, only 46% of companies said their China revenues rose last year. This was the first time a minority had reported revenue growth since 2010 and compared with 62% seeing higher sales in 2018.
The share reporting a revenue decline in 2019 climbed to 21% from 12%, with the balance of respondents indicating sales were "comparable" with 2018.
Following the COVID-19 outbreak, U.S. companies in China are reviewing their outlook and priorities for the year, AmCham said, with a growing number pessimistic due to challenging business conditions including the ongoing trade tensions.
While the full impact of the coronavirus remains unclear, Gilligan acknowledged it has caused disruptions to the movement of people and products. In a flash survey in mid-February, a majority of the 169 respondents said it was too soon to count the costs of the shutdown though 20% said they were losing at least 100,000 yuan ($14,400) a day.
A majority of the respondents implemented work-from-home policies beginning in February, with only one-third then expecting a return to normal business operations by the end of March.
The Chinese authorities, however, have been keen for companies to get back up and running. Hubei Province, the center of the outbreak and home to General Motors and General Electric factories, is to officially reopen for business on Wednesday, ending a lockdown imposed Jan. 23.
China remained a top priority for a majority of the respondents in the earlier AmCham survey, with nearly two-thirds saying they felt they are treated equally with local companies. A majority also said they had seen improvements in the enforcement of intellectual property rights, a key issue in U.S.-China trade tensions, with 81% regarding technology transfers to China as voluntary rather than an official requirement of operating in the country.


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Xiaomi seems to be teasing the very upcoming release of its new high-end smartphone. The Xiaomi 14 and its pro counterpart should be released in Europe soon.
The Xiaomi 14 has been available in China for a while now. The firm seems more and more determined to offer its latest phone high-end to the rest of the globe, as evidenced by the company’s latest publications on its social networks.
According to Xiaomi’s latest posts, the next phone to come to Europe would indeed be the Xiaomi 14. The latter would notably be officially presented on February 25, on the sidelines of the MWC (Mobile World Congress).
The show therefore represents the ideal opportunity for the Chinese company to present its Xiaomi 14 to the whole world. Although we already know almost everything about this high-end smartphone, we are never safe from a few surprises, especially regarding the price of the device. However, you will have to wait until February 25 to find out if the Xiaomi 14 will be released at the same time as its official announcement or if a small pre-order period will be offered.
To find out everything about the Xiaomi 14 before its release in France, do not hesitate to consult our dedicated article.


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News and Articles About Cloud computing
From college dropout to enterprise-software wunderkind, the CEO of Box dishes about working with Mark Cuban and his top success tips.
Updated tool offers slick document access, editing via your web browser.
Making the leap to the cloud? Here's a quick guide to finding a vendor that meets your company's needs.
Accounting is a painstaking, resource-intensive process for businesses of any size. Luckily, the choices for low-cost and flexible accounting software are greater than ever before.
From syncing lists to using Photo Stream, here's what you should be doing on the popular online storage system.
What you can learn from a company that has operated on both sides of the fence.
The file-sharing service announces new offerings for its growing roster of business customers.
Former NASA engineer strives to offer every company its own private cloud.
What to keep in mind if you're considering an upgrade to the latest version of the company's popular software.
One strategy doesn't fit all. Here are seven areas in which cloud computing can benefit both your customers and your profits.
In a recent change, new users must now pay to use the popular apps suite.
Bring-your-own-device polices can make employees happy but create technical headaches and security concerns.
From security to flexibility, here are some differences between cloud service providers you should know about.
Tips for preventing data leaks from remote workers' devices.
The recent hack of a journalist illustrates how security needs to be a top priority for businesses that manage data online.
Free or low-cost technology solutions can help you with IT security, social networking and remote work arrangements.
How the startup gained a new generation of users for its cloud-based web browser.
Cloud technology helped these small companies coordinate operations, manage paperwork and control phone expenses.
Move over Dropbox. A host of services are catering to businesses' security needs.
An early review of Google's new cloud storage and syncing service.
With Genbook, you can spend less time on your schedule and more time on business.
TeamBrain maps out the tools of collaboration.
While the popular cloud service can be handy for personal use, it lacks some essential functionality that can be critical for entrepreneurs.
New version allows colleagues to share and access information wherever their work takes them.
Egnyte's 'HybridCloud' can be a useful tool for companies that require extensive record keeping and more.


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TALI ARBELNEW YORK (AP) ¿ The IPO market is set for its busiest week in more than two years as a steadier stock market and the success of one deal is encouraging more companies to sell shares to the public. Companies planning initial public offerings have had a rough time this year as turbulent stock markets sapped investors' appetite for risk. Wary buyers demanded heavy discounts on shares of companies burdened with debt, lacking operating histories or slow growth. Nineteen companies have gone public in 2010, while 10 companies have postponed or withdrawn their offerings. Nearly 60 percent of those that pushed through to market accepted less for their shares than they had expected. But as the stock market gradually moves higher after a volatile start to the year, more companies are lining up to go public. The Standard & Poor's 500 index, after slipping in January, is now up about 4 percent for the year. "Investors are becoming less critical because the crash is further behind us," said IPOdesktop's Francis Gaskins. "People need to invest their money and the stock market is up." Banks are also starting to offer more appealing companies, according to IPO market tracker Scott Sweet of IPOBoutique. This week, Financial Engines Inc., whose shares shot up 44 percent in its debut Tuesday, was the first solid success of 2010. It had a prominent founder in Nobel winner William Sharpe, a niche market advising small investors, and the assets it managed were growing fast. Other companies whose prospective IPOs are generating buzz include electric car maker Tesla Motors Inc., prepaid financial services company Green Dot Corp., video game rental service GameFly Inc., options exchange CBOE Holdings Inc. and wireless network provider Meru Networks Inc. Meru hopes to debut during the last week in March, while the other companies have not yet set a date.
There are 11 companies expected to start trading in the next two weeks, according to data from Renaissance Capital and IPOScoop.com. If all seven companies slated for the week of March 22 start trading, it would be the busiest week of activity since November 2007, according to business data provider Hoover's.And the pipeline is building, with 14 companies so far in March saying they are planning IPOs. Only 15 companies did so in all of February. While that's paltry compared to the IPO heyday of the late 1990s, it's an improvement from last year. For next week, IPO watchers like two smaller tech deals. Calix Networks Inc., which provides broadband communications hardware and software to small- and mid-sized businesses, hopes to raise about $75.6 million. MaxLinear Inc., which makes chips for PCs, phones, TVs and other electronics, wants to raise about $64.8 million ¿ although some analysts worry that 54 percent of its revenue comes from one customer. First Interstate BancSystem Inc., the first U.S. bank to go public since Encore Bancshares Inc. in July 2007, is also generating interest. Brazilian bank Banco Santander Brasil SA sold U.S.-listed shares to investors last October. First Interstate, which hopes to raise about $130.5 million, operates banks in Montana, Wyoming and South Dakota, all states with unemployment rates lower than the national average. Loan losses have risen at the Billings, Mont., bank during the recession, but it is in good financial shape, Sweet said. Worries about inflation and the government curbing credit have weighed on IPOs from China this year. But China Lodging Group Ltd., an economy hotel chain, has a good revenue stream, said Sal Morreale, who tracks IPOs for Cantor Fitzgerald in Los Angeles. To be sure, some companies slated for next week might have to accept lower prices on shares than they want. Greek shipper Alma Maritime Ltd., which is looking to raise about $225 million, follows two underwhelming shipping deals earlier this month. Film Department Holdings Inc. has been trying to sell its IPO since early February, and has already cut its deal size. Chinese advertising agency Redgate Media Group was supposed to start trading this week. It too, shrank its offering.


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What Will Surface at Microsoft's Oct. 26 Event?
If you've been hoping for new announcements about Microsoft's Surface Line of products and Windows 10, your wait's about to come to an end. Microsoft will host a hardware event in New York on October 26.
A number of leaked images suggest that a Surface desktop is in the cards, but what about a new Surface? The Verge's sources suggest that those notebooks will stick around as they are, and that Microsoft will show off laptops from other vendors. What you're likely to see, however, is news about the next big update to Windows 10. "Please join us to see what's next for Windows 10," the invite reads. Well, that clears that up.
And if you're expecting a Surface Phone, well, I'm sorry. Mary Jo Foley at ZDNet has sources on record saying that if a phone shows up, it won't be until late 2017 or even 2018.
Additionally, we're expecting a bit of gaming news for Windows 10, though we don't expect to see anything about Xbox One Scorpio for awhile.
Keep your browser tuned to Laptop Mag on the 26th, and we'll let you know what comes out of the event.
Windows 10 Basics


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Bitcoin investors hoping for a recovery in 2019 are lucky because the value of cryptocurrency has risen above the value of $ 4,000 ($ 3,140).
The digital currency has undergone a series of major sell-offs in 2018, with prices falling from a high of $ 20,000 (£ 15,700) per currency in December 2017 to just over $ 3,700 (£ 2,900) a year later, according to site data of the CoinMarketCap ranking.
While bitcoin values remained stable in the first week of January, prices rose by around 6% to $ 4,070 (£ 3,200) in the mid-afternoon Sunday afternoon, the site reveals. At 9 am on Monday, UK time, prices were $ 4.080.
It is believed that a "bitcoin whale", a term given to investors with a significant share of the cryptocurrency, could be behind the surge in prices on Sunday, Forbes reports.
The anonymous investor transferred the bitcoin value of 10 million pounds (7.85 million pounds) to the Bitstamp of Luxembourg cryptocurrency, beating the volume of virtual currency exchanges over 5 billion pounds (3.92 billion pounds), says the news site.
Speaking with Forbes, Mati Greenspan, senior market analyst at the eToro cryptocurrency exchange, said the price spike is "not quite unusual for bitcoin" and could be the hallmark of "one big order on an exchange or even for lack of liquidity in the market.
"The interesting thing about this move is that it took us above the $ 4000 level and so far it's holding on to gains," he added.
The rival cryptocurrencies also saw increases in values from the start of 2019, indicating that they are entering a "bullish zone" and signaling that further gains may be in the horizon, says the virtual currency site NewsBTC.


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Why National Instruments' CEO guards his company culture
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Truchard, who took questions from Austin Business Journal editor Colin Pope on Thursday morning during ABJ's Face 2 Face event at the downtown Whole Foods Inc. headquarters, said he does what he can to keep it real. He flies commercial airlines like his coworkers and operates from a cubicle like everyone else at the company.
“I try to work in a way that I’m not trying to be at a different level than the employees,” he said. “I’m still very hands on with the technology ... creating the right culture is center stage to building a business.”
Austin-based National Instruments (Nasdaq: NATI), founded in 1976, designs and develops tools for engineers and scientists. It employs about 2,273 local workers and is in the midst of an $80 million expansion that would add another 1,000 workers in the area.
Truchard, one of the company’s three founders, said he still gets excited about being involved in cutting-edge technology developed by customers such as Elon Musk with his SpaceX space vehicle launch business and Tesla electric car company.
“We’ve been able to gain incredible access to any project going on in science and engineering,” he said.
The biggest mistake companies can make is being distracted by short-term gains and not staying true to their broader vision, Truchard said. “The ideas that are longer term things should always trump shorter term things."
In October, National Instruments posted a quarterly income of $15.7 million on revenue of $289.1 million compared with an income of $24.3 million on revenue of $289.9 million during the same period last year, according to a filing with the U.S. Securities and Exchange Commission.
Want to see the entire one-hour interview? Face 2 Face events are broadcast on Time Warner Cable's YNN every Sunday at 9 a.m. and 5 p.m. This one is expected to air Dec. 15.
Christopher Calnan covers technology, finance and clean energy for the Austin Business Journal. Subscribe to the Energy Inc. newsletter
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Trust troubles: How open is Open Banking?
Open Banking is rapidly changing the way people manage their finances. In the UK between January and September 2020, the number of customers using Open Banking-enabled products rose to over two million. With the pandemic heralding a significant increase in online banking, it’s not hard to see why more customers have embraced Open Banking and the opportunities it offers, including integrated accounts and features made available through the various third-party apps that Open Banking permits unprecedented access to.
However, Open Banking faces a challenge in the form of trust. An ING survey carried out in October 2020 across Europe showed that only 30% of retail banking customers were comfortable with their bank accounts being shared with third-party providers (TPPs), even if they had given said provider prior permission to do so.
So, how open is Open Banking?
A question of trust
When it comes to financial activity, trust is crucial. Open Banking involves allowing TPPs access to bank accounts, so naturally customers will want to feel assured that both the TPPs are trustworthy and that their data can be communicated securely between their bank and the TPP. If trust in either of these contexts isn’t forthcoming, then customers will likely lose faith in Open Banking altogether.
In the UK, there has been a considerable lack of trust in Open Banking services, especially in relation to Big Tech companies. A Duedil and Credit Data Research survey in 2017 found that only 3 in 10 consumers were willing to grant institutions such as Apple and Google access to their accounts for the purpose of integrating and consolidating their finances, while the ING survey of October 2020 showed a reduction in this number in the UK to 23% of respondents.
There could be multiple reasons for this, including the way these companies are occasionally portrayed in the media, yet arguably much of this stems from a lack of awareness about what Open Banking entails. Research conducted by Which? in October 2017 showed that 92% of respondents were unaware of Open Banking. Even by May 2019, over two-thirds of retail banking customers told a Crealogix survey that they had no awareness of what Open Banking was and how it could benefit them.
Awareness is naturally a determinant of whether trust is afforded to something or someone. The onus is on banks and TPPs to better define Open Banking to their customers if they want to sustain the growth seen during 2020.
One of the main drivers behind Open Banking is the fostering of a more competitive environment in financial services. Open Banking was introduced with lofty aims, chief of which was to democratise the industry and implement a level playing field between traditional banks and fintech start-ups. But how far have these aims been achieved in the three years since its introduction in the UK?
On this score, there is still room for improvement. Some TPPs have been shut out of the Open Banking space due to resource deficiencies, with strict regulatory requirements needing to be followed to access Open Banking infrastructure. This includes receiving approval from the Financial Conduct Authority (FCA) after demonstrating policy, data storage, security and IT practices compliance, a clear business model, as well as possession of professional indemnity insurance. Many TPPs are small, nimble outfits and many were not built to deal with such regulatory hurdles. While regulation is clearly important and necessary in obtaining customer trust, it may reduce the agility that Open Banking promises to financial services – and, subsequently, the competition that exists in Open Banking.
What lies ahead for Open Banking?
While Open Banking faces many challenges, the current climate in financial services is likely to have a positive effect on its development in future. 73% of banking customers in the UK used online banking services weekly in 2020, so there’s clear scope for Open Banking to make their lives easier and enable better management of finances in these testing times.
Growth in adoption rates will lead to more collaboration with traditional banks and payment providers to offer integrated products and services. In the US, J. P. Morgan has launched a partnership with fintech start-up Marqeta, using its technology to offer virtual credit card facilities to corporate customers. In Europe, Visa recently launched its Partner Connect programme, collaborating with fintechs specialising in digital payment solutions to offer more dynamic services to customers.
With digital transformation at the top of every financial institution’s agenda in the wake of the pandemic, the opportunities open to Open Banking have become even more vast.
Discover more about the challenges faced as finance becomes more open in Critical Software’s white paper on Open Banking and PSD2.
- MoneyLIVE Summit: Qover on the Rise of Embedded InsuranceTech & AI
- Money20/20 USA: Mastercard talks Open Banking innovationsFinancial Services (FinServ)
- Exclusive video: Worldline talks future fintech trendsFinancial Services (FinServ)
- UK Building Society launches strategy to ‘keep cash alive'Banking


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Story by Ava Chuppe
MegaFit Meals, a meal preparation company that ships healthy meals across the country, expects to create more than 50 new jobs in the next few years with a new facility in Benton.
The company, which made a $2.9 million investment in the new facility, was praised by Gov. Matt Bevin.
“MegaFit Meals’ rapid rise is a testament to the entrepreneurial spirit and drive for success that is ingrained in the Commonwealth,” Bevin said. “The company is proving itself to be a valuable and growing contributor to Kentucky’s thriving food and beverage industry. We congratulate MegaFit Meals and the Marshall County community on this announcement, and we look forward to many exciting opportunities ahead.”
The Benton-based company plans to build a 16,000-square-foot facility in Southwest One Industrial Park just two years after a facility was already built in Calvert City, Kentucky. Because of the company’s rapid growth, executives have expanded its number of locations by about four times.
Billy Georgiou, owner and co-founder of the company, said he was excited to expand to Benton, Kentucky.
“When we started this company four years ago, we never expected it to be where it is today,” Georgiou said. “We are really looking forward to expanding the business in our home town where our family started the first business here 46 years ago. We are proud to be a part of this community.”
MegaFit Meals is USDA certified. Billy founded the business with his brother, PG, when they were both bodybuilders whose parents owned a restaurant in town. The idea for their business emerged when they prepared healthy meals for the gym in advance and other members at the gym took interest in ordering some for themselves. The brothers also co-own Mega Gym, which has a location in Murray.
Rep. Chris Freeland of Benton, Kentucky, said the new location could possibly attract even more business.
“MegaFit’s new facility is exciting news for the potential of Marshall County to attract new, innovative businesses to our communities,” Freeland said. “These 50 new jobs and multi-million dollar investment will provide a strong boost to our local economy, and is just the latest announcement in a trend of positive economic news for our state.”
In fact, to encourage more investment in the community, the Kentucky Economic Development Finance Authority preliminarily approved new tax incentives on July 25. The performance-based incentive, up to $600,000, allows a business to keep a portion of the new tax revenue it earns over the term of the agreement through corporate income tax credits and assessments of employee wages.
Marshall County Judge-Executive Kevin Neal said the company will benefit the community’s economic development.
“I am excited to welcome MegaFit Meals LLC to Southwest One Industrial Park in Benton,” Neal said. “The new investment and job creation from their new headquarters and production facility will be a tremendous addition to the economy of our community. Congratulations to the MegaFit Meals team on your new project.”
Josh Tubbs, president of Kentucky Lake Economic Development, said the investment in Marshall County was much appreciated.
“Congratulations, MegaFit Meals LLC, on landing a new facility location in Southwest One Industrial Park,” Tubbs said. “It is exciting to see an existing company in our community grow and we are so very happy that you have decided to continue investing in Marshall County, Kentucky.”
Benton Mayor Rita Dotson said she was also eager about MegaFit’s choice to construct a facility there.
“The City of Benton would like to welcome and congratulate MegaFit Meals LLC on the company’s recent announcement,” Dotson said. “We are excited that you have chosen Benton, Kentucky, as home for your new facility and expansion. This project will be a great asset to our community.”
For more information about the company, go to www.megafitmeals.com.


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Why Aren’t Retailers Leaning More Than They Are On The Newest Batch Of Key Performance Indicators?
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We’ve always gotten a lot of calls from the press asking us to comment on the latest retail trends, but lately, they haven’t just gotten more frequent, they’ve gotten downright… weird. Questions like, “what do you think of the fact that major retailers are quietly shortening their return windows in order to prevent customers from being able to return goods?” would have seemed like a prank call a few years ago. They’re not anymore.
Between Amazon’s relentless march towards global domination, cost inflation, supply chain shortages, pandemic, uncertainly, et al, et al – the word has become really unpredictable. And the art of selling into that world is only becoming more challenging. What retailers desperately need now, in order to act and react to real-time events as they continue to unfold at a breakneck pace, is a whole new generation of Key Performance Indicators (KPIs).
The good news is that there is a whole sea of technologies out there right now designed to provide them the kind of insight that – just a few years ago – would have seemed like science fiction. And in our most recent benchmark report, where we sought to understand how retailers are planning for (and investing in) these new tools, their message is clear; retailers say the opportunities that come from improved measurement tools are impressive, but suffer no illusions as to what stands in their way for making more – and better – use of this new generation of tools.
When asked to pick three and only three inhibitors from a list of nearly a dozen, retailers go right to the heart of the matter: it’s hard to quantify return on investment for many of these improvement tools (more on that in a moment), and even if they could – IT departments aren’t currently equipped to make use of these “seemingly” complex tools.
Figure 1: More Money, More Problems
Source: RSR Research, June 2022
What Figure 1 really tells us is that the technology community has a problem. A problem of perception.
Nearly 1 out of every 2 retailers picked the same 3 inhibitors from our sizable list. Their perception? New KPI tools are expensive, difficult for personnel to learn, and – what’s more – won’t play well with the existing technologies they already have. Whether these beliefs are true or not is not important. (For what it’s worth, we have enough candid ongoing conversations with winning retailers to think these perceptions, while certainly grounded in historical truth – happen to be quite outdated today).
Technologies have come a long way recently, and several winning retailers are happy to keep that truism to themselves. However, the truth is immaterial. The fact is this is what retailers believe – and that, inherently, makes it reality. Technologists have some minds to change if they want their latest wares to become widespread.
Help Us See The Future
When asked which capabilities would benefit most if-and-when new analytics are in play, our retail respondents say they want help seeing around corners. Indeed, 42% say they want help in optimizing their day-to day operations, but 2 of the top 3 options they select are all about discovering trends before their competitors get a chance to (Figure 2).
Figure 2: Magic 8 Ball Says…
Source: RSR Research, June 2022
Quite simply, Figure 2 teaches us that retailers see KPIs that can help them today as interesting. Those that could help them make better decisions for tomorrow, however, are downright fascinating.
We hope you take the time to read the full report. It may be long (27 pages), but it’s chock full of all kinds of interesting data like this. And like all of our reports – it is completely free of charge.


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Delphi Automotive's Warren area plants may get some indirect benefit from the auto parts maker's pending purchase of a wiring connector business, but the main benefit is to strengthen its customer base and expand its global reach, a spokeswoman said Friday.
"They're a global company, and we're a global company. Together, it expands our portfolio of high growth electronic connectors," Rachelle Valdez said of Delphi's purchase of FCI Group's motorized vehicles division.
Pending closing of the deal by year's end, Delphi will pay $959.4 million for the United Kingdom-based business, which is owned by affiliates of Bain Capital.
The company said it expects the deal to add 24 cents per share to its 2013 earnings, excluding acquisition-related costs.
The deal will expand Delphi's existing connector business with more capacity to make items for safety restraint systems and powertrains, and it will increase its global reach, the companies said in a statement.
Delphi Packard Electrical/Electronic Architecture makes connectors and other parts at Warren area plants used to build electrical wiring harnesses for vehicles.


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Appeals Court Ruling on Off-Label Drug Marketing: What it Means
Earlier this week, a federal appeals court panel overturned the conviction of a former sales rep for allegedly encouraging doctors to prescribe a drug on an off-label basis, ruling that his conviction violated his First Amendment rights. The FDA may seek a rehearing by the full US Court of Appeals for the Second Circuit and the case may make its way to the US Supreme Court. But for now, the ruling throws into question a fundamental premise long asserted by the FDA and the US Department of Justice, which is that off-label promotion is prohibited by law, an idea that free speech advocates will now argue is not automatically the case (read Pharma news).
Drug makers – including GlaxoSmithKline (GSK), Pfizer (PFE) and AstraZeneca (AZN) -- have had a hard time of late generating revenue growth, as patents expire on existing medicines and company labs fail to develop enough new drugs. Extending the market for existing drugs – which at times has allegedly involved promoting off-label uses – is one way for Pharma companies to try to generate sales growth.
If the ruling ultimately stands, it would become a boon to the pharmaceutical industry, which has paid billions of dollars in fines over the past decade after being accused of off-label marketing. Drug makers, however, have been pushing back, arguing that the ability to lawfully promote medications was impeded by an overly zealous interpretation of the Food, Drug & Cosmetic Act. We spoke with Tamara Piety, a professor at the University of Tulsa College of Law who specializes in commercial and corporate speech, about the many implications…
Pharmalot: Why is this so important?
Piety: The ruling signals that it’s going to be increasingly difficult to bring these cases and these great big settlements, like we saw with Glaxo, for off-label marketing. The language in the opinion was taken from Sorrell, which prohibited pharmaceutical companies and similar entities from using prescriber identifying data and that speech in aid of pharmaceutical marketing is a form of expression protected by the First Amendment (back story)… So a legitimate question about the sale of data in that case was speech whether that was really about speech at all. But in this case, it’s definitely about speech and promotional activities that are clearly speech. And the majority opinion takes the heightened scrutiny of the Sorrell case standard and applies it here.. And also talks about marketing content …
Pharmalot: So what are the implications?
Piety: If your proposition is to single out marketing for different treatment, it’s not clear then why we have a separate commercial speech doctrine… If that’s discriminatory, it’s hard to see your way to other kinds of regulations of marketing being constitutional. In this issue, the court is really constructing this as being a regulation of marketing speech that ought to be the last resort. It puts into question the entire structure and approach the FDA has been using to criminalize this kind of behavior and puts in jeopardy the big fines.. I don’t think those fines are going to get disgorged. What’s past is past. But going forward, it’s going to bring these cases to a halt.
Pharmalot: What about direct-to-consumer advertising? Will we see off-label marketing to consumers?
Piety: I think we might… This ruling balances the political stuff against the legal doctrine. The position taken in thise case would seem to make some of these issues wide open. And it’s not just in the pharmaceutical industry, but also securities law and truth in advertising. I’m not sure everyone’s fully thought it through… With doctors, the thinking was that these are customers who are sophisticated and experienced. But what is the evidence to market to consumers? And isn’t the FDA role to set standards as the protector of public interests? …It now seems like the next step is to say ‘why can’t we advertise to consumers off label?’
Pharmalot: The ruling seemed to make a distinction about false and misleading statements, though. Where does that leave us?
To read the remainder of this article, go to Pharmalot.
Ed Silverman, a contributing editor of YCharts, is the founder and editor of Pharmalot. He previously reported on the pharmaceutical industry and other business topics for the Star-Ledger of New Jersey, New York Newsday and Investor’s Business Daily.


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Bitcoin has been in the news the very last couple of months, but a whole lot of individuals are even now unaware of them. Could Bitcoin be the potential of on line forex? This is just just one of the issues, commonly requested about Bitcoin.
How Does Bitcoin Do the job?
Bitcoin is a type of electronic forex (CryptoCurrency) that is autonomous from standard banking and arrived into circulation in 2009. In accordance to some of the major online traders, Bitcoin is regarded as as the finest recognized digital currency that relies on pc networks to clear up intricate mathematical problems, in purchase to confirm and file the facts of every single transaction produced.
The Bitcoin exchange amount does not rely on the central bank and there is no one authority that governs the supply of CryptoCurrency. Nevertheless, the Bitcoin selling price depends on the level of self-assurance its people have, as the more important corporations acknowledge Bitcoin as a strategy of payment, the more thriving Bitcoin will develop into.
Added benefits and Hazards of Bitcoin
A person of the benefits of Bitcoin is its reduced inflation chance. Regular currencies experience from inflation and they have a tendency to reduce their paying for power just about every calendar year, as governments continue on to use quantative easing to encourage the financial system.
Bitcoin does not put up with from reduced inflation, since Bitcoin mining is restricted to just 21 million models. That signifies the release of new Bitcoins is slowing down and the comprehensive amount of money will be mined out in the up coming couple of many years. Experts have predicted that the final Bitcoin will be mined by 2050.
Bitcoin has a small risk of collapse as opposed to standard currencies that depend on governments.
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When currencies collapse, it leads to hyperinflation or the wipeout of one’s price savings in an immediate.
Bitcoin exchange level is not controlled by any govt and is a digital currency accessible around the world.
Bitcoin is uncomplicated to carry. A billion bucks in the Bitcoin can be stored on a memory adhere and positioned in one’s pocket. It is that straightforward to transportation Bitcoins in comparison to paper income.
1 drawback of Bitcoin is its untraceable mother nature, as Governments and other organisations can not trace the supply of your funds and as these types of can appeal to some unscrupulous individuals.
How to Make Dollars with Bitcoin
Unlike other currencies, there are a few ways to make cash with Bitcoin, preserving, trading and mining. Bitcoin can be traded on open marketplaces, which signifies you can acquire Bitcoin low and promote them large.
Volatility of Bitcoin
The worth of Bitcoin dropped in modern months due to the fact of the abrupt stoppage of trading in Mt. Gox, which is the major Bitcoin exchange in the world. In accordance to unverified resources, buying and selling was stopped because of to malleability-connected theft that was reported to be well worth a lot more than 744,000. The incident has influenced the self-assurance of the investors to the digital currency.
In accordance to Bitcoin chart, the Bitcoin trade amount went up to extra than $one,a hundred previous December. That was when far more individuals turned mindful about the electronic forex, then the incident with Mt. Gox transpired and it dropped to around $530.
In 2014, We expect exponential progress in the recognition of bitcoin all around the planet with both retailers and customers, Stephen Pair, BitPay’s co-founder and CTO, â€œand foresee seeing the biggest growth in China, India, Russia and South The usa.
India has currently been cited as the upcoming possible popular sector that Bitcoin could shift into. Africa could also benefit vastly from utilizing BTC as a currency-of-exchange to get around not owning a performing central financial institution process or any other nation that relies intensely on mobile payments. Bitcoin’s growth in 2014 will be led by Bitcoin ATMs, cell apps and tools.


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We’re thrilled to share that Made Music Studio has been (double!) shortlisted at the Design Week Awards 2023, in the category of Sonic Identities. We were honored for two very different creative approaches for two unique brands, with some incredible longtime collaborators.
First up is our latest collaboration with our clients at General Mills: the genre-jumping, absurdly funny sonic identity for Totino’s Pizza Rolls that was designed with the brand’s Gen Z audience in mind. The other is the award-winning brand theme for NBA on ESPN, a sound that’s ushering in a new era of basketball players and fans.
Totino’s Pizza Rolls needed a sonic identity that reflected their brand values of friendly, familiar, and absurdly funny. Their new sound would be key to futureproofing the Totino’s brand, and to ensuring their audience of screenagers (of all ages) felt seen as they escape to their happy place of screens, games — and pizza rolls.
General Mills teamed up with Made Music Studio to create a gamified sonic identity designed to stretch across every sound-on platform and instantly call to mind the Totino’s brand. Crafted with Gen Z vibes in mind, their brand theme “Area 425” is a genre-jumping, irreverent multiverse of music and sound, filled with subliminal memes and audio easter eggs.
In 2022, ESPN debuted a new global brand identity for its NBA coverage across screens and platforms. As part of a brand refresh that included a sleek new visual design, they created a signature brand theme that could usher in a new era for players & fans.
ESPN teamed with longtime collaborators Made Music Studio to create a record-credible sound that reflects modern basketball culture, while paying homage to sports music of NBA’s past. With an ear-catching brass melody and hiphop-inspired drums & bass, the new sound of the NBA on ESPN captures the swagger of the star players, the energy of the crowd, and the excitement of a close game.
“It’s a sonic slam dunk that will elevate our NBA programming for years to come,” said ESPN’s Coordinating Music Director Claude Mitchell.
Read the full case study on how the new sound of NBA on ESPN came to life.


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The first ever country to adopt bitcoin as legal tender is now El Salvador.
A proposal aimed at making bitcoin to be used as legal tender in the country alongside the US dollar was approved by a majority of lawmakers of the country. The proposal was made by Salvadorian President Nayib Bukele.
The law states that “all economic agents shall accept bitcoin as a form of payment when it is offered by the purchaser of a good or service.” Tax payments can now be made in bitcoin,. the law also states.
Bukele rose to power in 2019 and is a right-wing populist leader of the country. He had previously announced the country working closely with the digital finance company Strike for setting up of the necessary infrastructure for supporting the use of bitcoin as an official currency.
When a country or a central bank allows a currency to be used as a legal tender essentially means that such a currency can be used for borrowing money for repaying debts. However granting such a stats does not automatically mean that an individual or a business enterprise would have to accept the currency as payment for goods or services.
Financial inclusion, tourism, innovation and economic development would be promoted by the use of bitcoin as legal tender, Bukele said in a tweet prior to the voting by the lawmakers. The smallest country of Central America, El Salvador was very quick to contain the coronavirus pandemic last year but its economy was severely hit at the same time, the World Bank had said.
The extreme volatility of crypto currencies has made central banks around the world hesitant to embrace digital currencies even though these institutions have generally reacted to bitcoin with fascination. For example, earlier this year, the value of bitcoin crashed by more than half even after surging astronomically to a record high of more than $60,000. There is even more volatility among other, more thinly traded crypto currencies as their values tend to widely seesaw and this is often because of speculation or meme tweets from Tesla CEO Elon Musk.
Despite this, the US Federal Reserve has been forced to take a hard look at the limitations of the old-fashioned dollar because of the growing popularity of crypto currencies. The Fed is particularly watchful of the dollar around payments and money transfers which can take days to accomplish. Bitcoin transactions happen almost instantaneously.
There is no need for any bank account for transferring crypto currencies as they are held in digital wallets. People in poorer communities – such as many in El Salvador, could benefit from this. They can also be useful among the in minority communities in the United States who can gain greater access to their finances.
(Adapted from CNN.com)


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| Sep 15, 2011
| 4:53 PM
When his identical twin brother went missing in 2007, Wael Ali sought to organize a search party in Howard County to hunt for clues. Later, after the discovery of Wasel Ali's body, Wael set up a memorial page on Facebook where he lamented that they'd...
| Nov 13, 2011
In just 10 years, Alber Elbaz has succeeded in waking the sleeping beauty that was the French fashion house of Lanvin, giving it a modern identity and a must-have status.
His particular brand of imperfect glamour — fraying lace edges, exposed...
| Nov 20, 2011
Location: 189 The Grove Drive, Los Angeles, between 3rd Street and Beverly Boulevard just east of Fairfax Avenue. From the 10 Freeway, take the Fairfax Avenue exit north.
Hours: Regular mall hours are 10 a.m. to 9 p.m. Mon.-Thurs.; 10 a.m. to 10 p.m....
| Nov 20, 2011
Southern California is home to strip malls, mini-malls, mixed-use malls, outlet malls and rarefied luxury malls.
But, unlike any other mall, the Beverly Center is a microcosm of the state of fashion and culture today. The behemoth at the edge of West...
| Oct 3, 2012
Students from Westchester Community College designing outfits made from retailer shopping bags for stylish women from the Junior League as part of a Design Wars competition during the event.
Each student was given 50 shopping bags from their preferred...
| Jun 10, 2012
[This post has been corrected. See note at bottom for details.]
When Banana Republic was looking for someone to collaborate on a summer collection inspired by Palm Springs, Trina Turk was the one to call.
The L.A.-based designer, known for playful...
| Nov 21, 2012
| 10:55 AM
Black Friday and Cyber Monday are fast approaching, but according to one research group, consumers have crowned the retailer they think provides the best value: Amazon.com.
The online retailer has many of its brick-and-mortar competitors hustling to...
| Mar 2, 2011
Left: Lawton Prince, 25 and visiting from the Virgin Islands, at the L.A. Fashion District on Santee St. in downtown L.A., on Thursday, February 24, 2011, said he likes to wear the latest fashions and today he was wearing an Ecko fleece long sleeve top...
| Apr 4, 2011
Resident Image stylist and market editor Melissa Magsaysay soothes your sartorial woes in the weekly Your Stylist blog column Dear Melissa, I could really use some fashion sense and help. I have many daytime events coming up this spring and......
| Apr 20, 2011
Canadian used-car salesman Dale Wurfel is using a photo of designer Tom Ford -- whose name is synonymous with elegant panache -- in an ad. An ad that in all likelihood comes as a surprise to Ford. Endorsing used cars......
| Apr 25, 2011
Resident Image stylist and market editor Melissa Magsaysay soothes your sartorial woes in the weekly Your Stylist blog column Dear Melissa, My daughter is seeking help from me for her prom dress. I am so excited to see my daughter,......


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Wins and losses for the 2nd amendment out of California on Sept 28, when Governor Jerry Brown vetoed three anti-gun bills but signed two others.
Author Archive | Brian McLaughlin
Attempted piracy ends in the death of one man who attempted to steal an oddly named yacht, the “Sea Weed”, with the owner still aboard.
On September 11th, 2018 Federal Judge Troy Nunley determined a California law prohibiting gun store owners from putting up handgun related signs unconstitutional and in violation of First Amendment rights. The law (California Penal Code 26820) first enacted in 1923, kept gun store owners from displaying signs advertising the sale of pistols, but did not […]
On 22 August of this year a Redding, California man legally defended himself and a very young child from an attacker ending in the death of the attacker. According to police, Travis Hutchinson, was helping a relative of his girlfriend prepare for a math exam when he was interrupted by a heated argument on the […]


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Bet on renovated dining facilities and punched-up customer service in the healthcare foodservice industry. A recent membership survey conducted by the National Society for Healthcare Foodservice Management (HFM) collected responses from 271 HFM healthcare food and nutrition professionals across North America.
The survey asked about such things as patient meal service, retail restaurants, practices and operations with an aim of highlighting trends, recording demographics and tracking changes in the industry. HFM President Mary Angela Miller predicted “more modern facilities with a variety of services and options.” Miller, administrative director for Ohio State University Medical Center, Columbus, OH, also noted a focus on making the customer happy.
The survey found more than half of respondents planning major construction or remodeling projects at their facilities, expecting to break ground within two years. The expected price tag exceeded $800,000 for about 40 percent of those planning a construction project.
An overarching trend in the healthcare foodservice industry includes room service. It's a model that's catching on, with 37 percent of respondents reporting room service at their facility, and a quarter of those who do just began implementing it within the past year. Signs certainly point to room service being no flash in the pan when it comes to customer satisfaction: 74 percent of respondents said their patient satisfaction scores shot up after room service was introduced.
Among the other findings were that more than half of the operators surveyed use a retail cashless system, allowing customers to pay for their hospital cafeteria meals with a convenient prepaid card, key or online service.
Through the survey, HFM also found out some information about some of its associate members, suppliers and distributors to the healthcare foodservice industry. About 60 of these members were surveyed, and for more than half of them, healthcare makes up at least 30 percent of their sales.
Many of the suppliers and distributors — 41 percent — said they were healthcare foodservice operators in previous careers.
HFM associate member and Industry Advisory Council chair Marie Nelson, a registered dietitian and director of customer marketing at Schwan's Food Service Inc., Marshall, MN, summed up one of survey's intended results: “The results of this survey will be used by HFM associate members to develop products and services for the healthcare foodservice industry.”


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Starwood Hotels is testing a new feature that would replace keys and membership cards with a smartphone app
Hotel chains are increasingly leveraging the power of Instagram to reach a broader audience.
Starwood Hotels & Resorts has announced plans to double its portfolio of W Hotels in Asia Pacific, expanding to 20 properties by the end of 2018.
Starwood Hotels & Resorts has announced the opening of W Bangkok, marking the brand’s entry into the Thai capital.
The 171-room Twelve at Hengshan is the fourth property in China for Starwood’s premium Luxury Collection brand of hotels.
Designer Jason Wu has unveiled a chic travel bag designed exclusively for Starwood Hotels & Resorts’ luxury St. Regis brand.


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Survey: World Cup Soccer Scored Big For NYC Restaurants + Bars
The NYC Hospitality Alliance membership has always been committed to working with the City of New York to improve the quality of life. Once again there is an issue that we need to understand and rally around. The debate will go on forever as to whether the Argentina/ France match up in the 2022 World Cup final last month will be recognized as the greatest game in the history of soccer or football (depending on what part of the world you might come from!)
What is not up for debate is that not only did Argentina and Lionel Messi capture the 2022 FIFA World Cup, but the real winners in New York City were local restaurants and bars. Following the finale, the NYC Hospitality Alliance conducted a survey that found many restaurants and bars throughout the city embraced the global event, contributing to a needed uptick in sales and in-person business after a challenging start to the city’s recovery from the pandemic.
According to a survey of owners and operators of over 130 restaurants and bars across the five boroughs, an overwhelming majority of respondents viewed the 2022 FIFA World Cup in a positive light, demonstrating this during the USA National Team events and games. The analysis directly shows that during the US Men’s National Team knock-out ‘Round of 16’ loss versus the Netherlands, 55% of businesses surveyed saw an uptick in sales compared to ‘non- USA’ matches, showcasing the continued growth and excitement for the game in the United States.
After years of sacrifice and tough times, the FIFA World Cup was a needed jolt of energy for the city’s restaurants and bars. Our industry responded by embracing this worldwide phenomenon by opening their doors to people from every background and all walks of life to cheer on their favorite teams and celebrate the action. It was beautiful and exciting to watch.
Employing a learned industry-wide understanding of the diversity of backgrounds and fabric that make up New York City, many restaurants and bars were converted into “fan zones” for specific countries, embracing the neighborhoods and communities in which they are located. Nearly 75% of respondents saw an increase in revenue while featured matches were being shown live, compared to a “typical non-World Cup” day – a welcome change of pace for bars and restaurants.
Looking ahead to 2026, over 90% of the businesses surveyed expect a “positive impact” on their operations when North America hosts the FIFA World Cup, with matches expected to be played throughout the New York metro area. Additionally, more than 50% of restaurants and bars surveyed that did not show the 2022 World Cup said they expect to in 2026.
Soccer brings a whole different feeling. Watching sports with a group of other people in a restaurant or bar, even if you’re not in the stadium creates a truly unique experience. Many of our members found that the FIFA World Cup even attracted fans that may have been new to soccer but wanted to come and be a part of the experience.
New York looks forward to hosting the event once again in 2026 after a 20 plus year absence. The 1994 FIFA World Cup was at nine venues across the country including the former Giants Stadium in the Meadowlands. We look forward to building on this success for New Yorkers, as the World’s game comes to us in 2026!
The post Survey: World Cup Soccer Scored Big For NYC Restaurants + Bars appeared first on Total Food Service.


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In the last installment of our five-part blockchain series, we focus on the insurance industry. Insurance and reinsurance companies are actively exploring and developing applications for blockchain technology. And for good reason – distributed ledger technology has the potential to revolutionize the way insurance companies operate and engage with their policyholders and to open a window into new products and new markets.
At the retail level, the blockchain promises to benefit both the consumer and insurer by simplifying the claims process, increasing efficiency of underwriting and claims handling, improving risk management, and reducing operational costs. The blockchain will help ensure the security of private or confidential information, improve auditability and transparency, and increase effectiveness in fraud detection. These enhancements will also help lead to an improved customer experience.
At the wholesale level, blockchain technology can help streamline and enable new mechanisms for funds and risk transfer among institutions, with enhanced accountability and certainty around transactions.
Automating processes, including through the use of smart contracts, will also enable the development of new types of insurance products and the service of new markets, including products and underwriting processes tailored to emerging markets and to the Internet of Things. Indeed, according to Lloyd’s 360° Risk Insight Report, the potential market for microinsurance in developing economies could be 1.5-3 billion policies.
Numerous insurance and reinsurance companies around the world are already exploring the use of the technology. In October, Aegon, Allianz, Munich Re, Swiss Re and Zurich formed B3i, the Blockchain Insurance Industry Initiative, to explore the use of distributed ledger technology, emphasizing its potential to provide clients with “faster, more convenient and secure services.” Among other things, companies are experimenting with the use of smart contracts for unemployment insurance and disaster relief claims.
While the possible applications of blockchain technology are endless, one common potential obstacle to these applications is regulation. So engaging with regulators and policymakers, both in the US and abroad, is critical. Insurers are subject to increasingly complex and prescriptive regulations and standards. In addition, companies should be prepared for the legal issues surrounding the creation, execution, and enforcement of smart contracts. How will regulators respond to this new technology? Are new laws and regulations required for smart contracts, or do they mesh with existing legal regimes? As we have written in this space before, for any industry, a legal strategy is a critical part of an overall strategy for adopting blockchain technology. This industry is no exception. Insurers and reinsurers know better than most companies how to assess risk and opportunity – and if the legal risks are addressed appropriately, the business opportunities presented by the blockchain could be extraordinary.


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Ford EcoSport to deliver mileage of 17 kmpl in India
Ford EcoSport is expected to be one of the most significant launches scheduled for early 2013. The company will be rolling out this much anticipated…
The SUV has been spotted while on test in and around Chennai while final touches and last minute details are being looked into. Bits of information about the Ford EcoSport have been popping up now and again at the company website while the pricing is a closely guarded secret which will be revealed closer to launch date.
Ford India reported a surge in sales during the month of October 2012. Sales during the month touched 10,948 units as against 10,906 units in October 2011. The soon to be launched EcoSport is slated to be a volume puller which will compete against Renault Duster and Mahindra Quanto in the Indian auto industry.
Email - [email protected]


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We are thrilled to announce a sponsorship partnership with Niagara Connects to invest in social media promotion of their two main resources: the Living In Niagara report and the Niagara Knowledge Exchange.
BCM Insurance Company will be working to promote initiatives involving the Economic Prosperity sector. “This is a perfect fit for our company.” says BCM Business Development Manager Ruth Stranges. “We have been a Niagara-based company for the past 138 years. Investing in our community and contributing to growth and prosperity is a big part of our philosophy. Shining a light on positive developments and technologies within our region can change the conversation and that can lead to better outcomes. The Niagara Connects sponsorship opportunity is unique because we can connect our brand with real action.”
Look for Niagara Connects social media posts sponsored by BCM across various digital media platforms. Each post will feature a unique article, report or event related to prosperity initiatives in Niagara.


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The longtime head of one of Canada’s most successful retailers plus the president of one of its stalwart food brands received the grocery industry’s highest honour Monday night.
Louise Wendling, country manager at Costco Canada, and Marc Guay, president of PepsiCo Canada’s food business, each received the Golden Pencil award during a ceremony at the Royal York Hotel in Toronto.
Golden Pencil winners are chosen for having made a significant contribution to the Canadian food industry during their career.
Wendling started in retail at the Hudson Bay Company after working as a federal civil servant. She then helped launch Price Club Canada with two-ex Hudson Bay managers.
When Price Club merged with Costco Wholesale, Wendling’s became vice-president of merchandising for Eastern Canada in 1986. She was named country manager in 2001.
In her acceptance speech on Monday, Wendling noted the importance of a woman winning a Golden Pencil and the growth of Costco from an $18 million retailer into an $18 billion company in North America in spite of the company’s quirky business model in which it “charges customers to shop.”
“Never in our wildest dreams did we envision having this type of success,” she said.
In addition to her work at Costco, Wendling has given back to the industry and community, including leading Costco support of the Children’s Miracle Network and the Breakfast Club of Canada.
Wendling, who hails from Montreal, has also sat on the boards of Operations Enfants Soleil, the Children’s Hospital of Eastern Ontario and as vice-chair of the Retail Council of Canada. She recently retired as country manager at Costco.
PepsiCo’s Guay also grew up in Montreal, working in kiosks that his family operated in Montreal’s subway system. His CGP career started with Procter & Gamble.
Guay spent the last 28 years with PepsiCo in a variety of roles across Canada and also the U.S. He’s been president of PepsiCo Canada’s food side since 2008.
Guay also works with food banks and is currently vice-chair of Food Banks of Canada.
He has also sat on the boards of the Grocery Foundation and the Canadian Council for Aboriginal Business. He was chair of Food & Consumer Products of Canada in 2007
Guay touched on his career during his acceptance speech. “Working with forward-thinking retailers has been exhilarating,” he said.
But he added that today’s grocery leaders must ensure that the industry remains healthy and full of possibility so that it can attract the best and brightest employees in the future.
“If we can do this, the Golden Pencil awards will live on for a very long time,” he said.
The Golden Pencils have been awarded since 1957 by the Food Industry Association of Canada. The symbol used for the award is a golden pencil, which signifies the transaction between supplier and retailer by the stroke of a pen.
Typically a Golden Pencil is awarded to one retailer and one manufacturer each year.
Past recipients form a veritable Who’s Who of grocery past and present, from Steinberg’s Sam Steinberg (1963 recipient) and Knob Hill Farms’ Steve Stavro (1980) to Anthony Longo (2006), the current president of Longo Brothers, and Michael and Paul Higgins (2012), who head up Mother Parkers Tea & Coffee.
Last year’s Golden Pencil winners were Eric La Fleche, of Metro Inc., and Dino Bianco of Kraft.


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Google understandably shuts down easy access to your phone when Android Auto is turned on, since you're supposed to be focused on the road. But what if you do need access to your phone while it's still paired with your car? It should be easy from now on: Google has quietly added swipe-to-unlock access to your phone while Android Auto is active. If you absolutely need to pull over and check a third-party messaging app (or have a passenger do it for you), you don't have to jump through hoops to get to your home screen.
The feature only just appears to be rolling out, so don't be surprised if it's unavailable for a while. Google hasn't formally announced the feature. The objective seems clear at this point, though: it's a balance between attempts to curb distracted driving and the convenience of accessing the phone directly if and when you really need it.


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Amazon fulfillment center laborers in the United Kingdom have launched the first company strike involving warehouse employees in the country’s history. The strike began yesterday in Coventry, demanding more than the 50 pence per hour wage increase that the company offered.
The strike is being conducted by the GMB Union, a trade union with over 500,000 members across a variety of industries. According to a press release from the GMB Union, over 98% of the unionized Amazon workers at the Conventry fulfillment center—dubbed BHX4—voted to strike. The strike began one minute after midnight London time, per CNBC.
“Today, Amazon workers in Coventry will make history,” said GMB Senior Organizer Stuart Richards in a statement. “They’ve defied the odds to become the first ever Amazon workers in the UK to go on strike. They’re taking on one of the world’s biggest companies to fight for a decent standard of living.”
The strike is in response to Amazon’s proposed 50 pence per hour wage increase, which equates to about 0.50 USD, for fulfillment center workers, which CNBC points out is below the rate of inflation. An Amazon spokesperson told Bloomberg that the company offers a minimum pay “between £10.50 and £11.45 per hour, depending on location.” This equates to approximately $12.99 to $14.17, but the striking employees want a minimum of £15 which is around $18.56.
“Someone the other day said we’re treated like robots — no, robots are treated better,” one of the BHX4 employees told CNBC.
Labor organizing against Amazon has picked up steam worldwide since a warehouse in Staten Island voted to unionize this past spring. But union organizers have a tough road ahead against the tech giant, as Amazon is no stranger to pushing back against unions. The company reportedly spent $100,000 per month on consultants to union-bust at the company’s Staten Island warehouse.


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CONSUMER spending in the UK was boosted by July's hot weather but analysts warned rising borrowing costs and household bills may hit confidence in the coming months.
Last month's heatwave saw food and drink sales rising at their fastest rate for three years, according to new figures from the British Retail consortium.
Strong demand for picnic food, drinks and fruit ensured sales for the whole of the UK retail sector rose 3.4% in July on a like-for-like basis and by 6.1% when all floorspace is included.
Clothing also did well because of clearance sales but overall footfall numbers were lower, leading to reduced sales of homeware and indoor products.
Like-for-like growth for the period between May and July showed a rise of 3.1%, but BRC director general Kevin Hawkins noted the figures were helped by comparisons to a weak 2005; while many retail sectors struggled.
The Bank of England's Monetary Policy Committee (MPC) increased interest rates to
4.75% last week, adding that there appeared to have been a post-Christmas recovery in household spending.
But Mr Hawkins said: "Talk of a general upturn in consumer spending is wide of the mark - even more so since the MPC increased interest rates."
The breakdown of the BRC figures for July revealed the strongest growth in food and drink sales since summer 2003, when the weather was also hot.
Home accessories sales remained sluggish while trading for those selling furniture and carpets worsened further, continuing the slowdown from the discount-driven gains seen since April.
Carpetright highlighted the downturn yesterday when it blamed hot weather in June and July for a 0.3% decline in like-for-like sales in the UK and Ireland over the first 13 weeks of the financial year. Moss Bros also reported lower sales because of the World Cup and the weather.
While the BRC said overall clothing sales were up in July, it added that sales of formal suits and jackets struggled.
HSBC economist John Butler said the retail sector appeared to be in robust shape.
He added: "The real question going forward is how will the consumer respond if the financial markets are right and interest rates rise a further 0.5%?" * LIVERPOOL stockbrokers Blankstone Sington say despite fears caused by rising inflation and other economic factors, stock markets are still robust enough to offer cheer to investors.
The firm has, rather unusually, used a fairytale analogy to make its point. It said that in recent years global business conditions have often been described as a "Goldilocks economy - neither too hot nor too cold, but just right". In its latest report it adds: "In April we suggested that the market's view of things was rather "too hot" and anticipated some "cooling".
Since then, "Three Bears" have duly appeared on the scene - rising inflation, decelerating growth and slowing corporate earnings, and, for the moment, Goldilocks has run for her life." Blankstone offers its analysis on the Three Bears:
* RISING inflation: Clearly commodity prices had risen spectacularly over recent years - and yet as markets fell in April and May, gold itself (usually deemed inflation-proof) fell 26%. Over the last year, oil has risen 26%, yet in the previous12 months it had risen 63%. The time to worry about inflation therefore was in mid-2005.
* DECELERATING growth: Despite widespread fears, China's GDP rose 10% (annualised) in the first quarter. European business confidence is at a five-year high.
* SLOWING corporate earnings: Recent history flatly contradicts this. At the FTSE low-point, the net dividend yield was 3.5% (the highest for three years), dividend cover was 2.5 times (the highest for seven years) and the price/earnings ratio was 12 times (the lowest for more than a decade). Not only do earnings continue to grow in general terms, but there is no hint of any broad reversal in any of the analysts' forecasts.
The report added: "All in all, we believe that the Three Bears are less fierce than they seem, and that Goldilocks can come back to the cottage in peace. The market could still reach 6500 but perhaps somewhat later than the year-end, which in our book would be a happy ending."


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Try to imagine life today without Alphabet (GOOG -0.96%) (GOOGL -1.10%), Amazon.com (AMZN 0.91%), and Apple (AAPL 0.30%). There would be no Google Search, no shopping online on Prime Day, and no iPhone. And there would be a lot less money in most investment portfolios.
These three companies make up nearly 15% of the S&P 500 index. Over the past 10 years, the S&P 500 has risen roughly 140%. During that same period, Alphabet stock nearly quintupled. Amazon and Apple stocks delivered close to 9x gains. Without them, the stock market wouldn't have performed nearly as well as it did.
Some economists and financial experts are now warning that a recession could be on the way. If they're right, the overall stock market will likely move in lockstep with Alphabet, Amazon, and Apple. But what should investors expect? Here's how Alphabet, Amazon, and Apple fared in the last big recession.
Not so great
The last U.S. recession was only two years ago. COVID-19 hit the economy hard and fast. All three big tech stocks plunged at least 20%. Both Alphabet and Apple fell more than 30%. However, the stocks also quickly recovered most if not all of their losses.
This COVID-19 recession was the shortest recession in history, lasting only two months. As a result, it deserves an asterisk. Instead, let's look at how Alphabet, Amazon, and Apple fared in the last big recession. And it truly was a significant one, going down in the history books as the Great Recession.
The Great Recession lasted from December 2007 through June 2009. It was caused by the financial crisis that rocked the stock market and the global economy. What happened with Alphabet, Amazon, and Apple? The picture was dismal.
As the chart above shows, all three stocks plummeted close to 60% below their previous highs. Even after the Great Recession officially ended, none of the stocks had fully recovered. Alphabet, then known as Google, was still down more than 40%.
A small sample size
Can we assume that Alphabet, Amazon, and Apple would perform in a similar fashion in the next recession? The answer is an unequivocal "no." Just as the recession of 2020 was an outlier because it was so short, the Great Recession is also an anomaly because it was so severe.
A sample size of one simply isn't enough to go on to make any reasonable predictions about what might happen in the future. But even if we go back further in time, our sample size doesn't get much bigger.
Google (now Alphabet) conducted its initial public offering in 2004. The company has only endured two recessions as a publicly traded entity -- the Great Recession and the short-lived COVID-19 recession.
Amazon also went through the recession of 2001. But its stock had already lost close to 90% of its value even before that recession started because of the dot.com bubble bursting. Apple has only two additional recessions under its belt in addition to those that Amazon experienced, one in the early 1980s and the other in the early 1990s.
We started out trying to answer the question, "What should investors expect from Alphabet, Amazon, and Apple when the next recession comes?" Unfortunately, we can't answer that question using history as a guide.
One key lesson about recessions that we can easily observe is that each is different. As a result, stocks won't necessarily perform in the same way in different recessions.
It's not just that recessions aren't the same. Companies change as well. Apple certainly isn't the same company now as it was during the recessions of 30 and 40 years ago. Amazon Web Services, Amazon's biggest growth driver now, didn't exist during the recession of 2001. Alphabet's Google Cloud was only in its infancy during the Great Recession.
There are also different dynamics at work today for each of these stocks. For example, Alphabet and Amazon have 20-for-1 stock splits on the way. Even if the U.S. economy enters a recession before these stock splits happen, the two stocks could perform better than they otherwise would have if more retail investors buy at the lower share prices.
Probably the most important lesson of all for investors, though, is that all of these stocks bounced back over time after each recession. Even if you bought shares of Google, Amazon, and Apple at the peak before the Great Recession hit, you would have still made a boatload of money -- if you had held onto those shares.
No one knows for sure when the next recession will come. No one knows for sure how severe it might be. But we can know with a high level of certainty that people will continue using Google Search, shopping on Amazon, and upgrading to the next version of the iPhone.
Alphabet's, Amazon's, and Apple's underlying businesses are built for the long term. Investors should therefore think long-term when buying these stocks.


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KOCHI: Export of Coconut and coconut products other than coir has gone to 34.19 per cent during 2009-10 fiscal, Coconut Board Chairman, Minnie Mathew, Thursday said.
Value wise the growth was 34 per cent and quantity wise 30 per cent, she told reporters here. During 2009-10, about Rs 442 crore coconut and coconut products were exported against Rs 329 crore in 2008-09, she said.
India was exporting to 84 countries with activated carbon forming a major component of the export basket worth Rs 150 crore to Rs 212 crore. Desiccated coconut, ball copra, oil cake, coconut shell and activated carbon are among the products being exported.
The coconut sector in the country has witnessed a significant growth in many areas during the past five years due to the multi pronged development activities carried out by Board, she said.


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In social media, one size does not fit all. Recent research shows that retailers need to tailor their message on different social network sites depending on consumers’ preferences and behavior.
A survey from the National Retail Federation found that consumers engage with companies more on Pinterest than any other social site. People are following an average of 9.3 retail companies on the digital pinboard, compared to 8.5 retailers on Twitter and 6.9 companies on Facebook.
According to the survey, consumers follow their favorite retailers on social media for many reasons: 51 percent of shoppers want the scoop on deals and coupons, 43 percent research products, and 36 percent read comments or post reviews on merchandise or services.
The survey was cited in an article on the Lipstick Economy blog, a site geared toward marketing to moms.
The ways people connect with social media is changing. Many buyers use their smartphones in-store to snap pictures of products or “check-in,” especially at restaurants, bars and with retailers. Pinterest has seen a huge growth with women consumers and retailers. With a woman following an average of 9.3 retailers on Pinterest, this is a huge trend that retailers need to take advantage of.
As retailers use their social media connections, they also need to invest in the proper analytics. They must have a way to track every transaction by demographic and see what people are responding to and buying. They need the right technology to do that.
Source: Lipstick Economy, June 2012


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Google's licensing agreement with MPEG LA, and while the impact on streaming is likely to be small, the implications may be significant for other technologies like WebRTC.
As always, Google’s profit motive for WebRTC is opaque. The best contender for an actual motive was proposed by Tsahi Levent-Levi in the VisionMobile blog, who opined, “The real value for Google lies in allowing them to serve more ads and mine more insights out of people’s browser behavior – these are things that Google treasures.”
Whatever the motive, WebM certainly has a greater chance of succeeding in a nascent market like WebRTC than in existing markets that have already embraced other technologies.
Via Nicolas Weil


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After two years of disappointing sales, the locally manufactured Mercedes-Benz R-Class Grand Sports Tourer may be on the way out.
After two years of disappointing sales, the Mercedes-Benz R-Class Grand Sports Tourer may be on the way out, hurried on its way, experts say, by rising fuel prices.
But Mercedes has a backup plan: The automaker revealed Tuesday that the Mercedes-Benz U.S. International plant in Vance, which makes the R-Class, M-Class and GL-Class vehicles, also will build the company’s first hybrid vehicle, a variation of the M-Class called the ML-450.
The ML-450 will feature a two-mode hybrid system — a V-6 gasoline engine and two electric motors — that will generate 340 horsepower and get about 31 miles per gallon, according to a company news release. Mercedes unveiled the ML-450 concept at the 2008 North American International Auto Show, which is under way in Detroit.
Felyicia Jerald, spokeswoman for MBUSI, said a pilot team is studying the manufacturing and training changes that will have to be made at the plant to accommodate the hybrid.
“We’re in prep mode right now,” Jerald said.
She did not expect the plant would hire add to its workforce of 4,000 employees.
“At the present, we plan to do it with the current workforce that we have,” Jerald said. “We’ll have to see how things go in the future.”
The ML-450 is slated to hit the market in 2009.
The hybrid announcement follows disappointing news concerning the R-Class.
In an interview with Automotive News Europe published Monday, Dieter Zetsche, chairman of Mercedes’ parent company, Stuttgart, Germany-based Daimler AG, said that the R-Class, a sport utility/minivan “crossover” vehicle, had not met expectations and a replacement was in the works.
“It has definitely not lived up to our original plans,” Zetsche said in the interview. “We are in the early phase of thinking about the concept. It might be a one-for-one successor to the R-Class or it could be different.”
Zetsche revealed no further details.
The R-Class model has led a troubled existence ever since the first unit rolled off the line at the Vance plant in June 2005.
Mercedes initially planned annual production of 50,000 units of the vehicle, with half of those slated for sale in the United States. Sales of the R-Class have never approached that number, however, despite a $5,000 price cut last year and a redesign to include additional seating.
R-Class sales totaled 13,031 units in 2007, down 28 percent from 18,168 units in 2006. By comparison, sales of the more traditional M- and GL-Class SUVs jumped 7 percent to 33,879 units and nearly 41 percent to 26,396 units respectively in 2007.
Explanations for the poor sales of the R-Class vary.
In 2005, Lindsey Chappell, mid-South bureau chief for Automotive News, said the R-Class would face stiff competition from other automakers that already had made inroads into the crossover market.
“Mercedes with this vehicle is certainly entering a market that is considerably more crowded than the market that the M-Class entered in 1997,” Chappell said. “They could find themselves having a tough time.”
James Cashman, professor of management at the University of Alabama and a 25-year veteran of the automotive industry, said public concern over rising fuel prices may have played a role, as well.
“Why would the R-class be difficult for Mercedes right now?” Cashman said. “[For the] same reason Ford is scared to death for their F-Series trucks — this is a class of vehicles that are beginning to lose their poignancy with the American public because they are simply too fuel inefficient.”
The task for Mercedes-Benz and other automakers, Cashman said, is to determine what vehicle category the buying public will gravitate toward next. So far, the signals are mixed.
“One one hand, you still have an American love affair with a large vehicle; on the other, you have $100 a barrel gasoline,” Cashman said.
He said the R-Class sales would certainly not be a mortal blow to the company.
“It’s an issue they’ve got to worry about, but it’s not deadly,’ he said. “[Mercedes has] plenty of consumer loyalty that they can still build on.”
Jerald said the MBUSI plant will continue to produce the R-Class until told otherwise.
“We always know that a vehicle is eventually going to run out,” she said. “As far as our plant, we’re continuing to build the products that we have, and Stuttgart has a lot of confidence in us and our team.”
April Wortham, former business reporter for The Tuscaloosa News and now a reporter for the mid-South bureau of Automotive News, said any drop in R-Class production could easily be made up by the plant’s more successful M- and GL-Class SUVs.
“Thankfully for the Alabama plant, the surprise popularity of the GL-Class and the sustained momentum of the M-Class more than make up the difference,” Wortham said. “If Mercedes was selling 40,000 R-Classes a year, it likely would be scrambling to find capacity to meet demand for [the] M and GL.”
Reach Matt Hawk at email@example.com or 205-722-0213.