Tesla moves a step closer to launching in India



The electric car maker has registered a company in the country although its future plans remain unclear.

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Convicted fraudster wants to invest in Grimsby Town FC after launching property company with major shareholder


A convicted fraudster has told how he wants to buy shares in Grimsby Town, having previously set up a property business with the club’s majority shareholder.

Alex May, who under his previous name – Alick Kapikanya – was jailed for six years in 2014, was pictured entering the Blundell Park home of the League Two strugglers on Saturday.

It emerged he was part of a gang of con artists who targeted elderly homeowners in Manchester from 2007 – stealing £3.5 million and attempting to secure a further £3.3 million.

Mr May – who changed his name by deed poll – protests his innocence, and has told how he wants to pursue a dream, helping troubled youngsters in a town where some wards are among the worst in the UK for deprivation.

However, Mariners Trust – the fan-led initiative with a place on the board – has said it wants the club to have nothing to do with him.

It transpired over the weekend that Mr May and John Fenty – the club’s major shareholder, former fish processing industry leader and Conservative deputy leader of the local authority, North East Lincolnshire Council – had co-founded a business that has yet to trade. Mr May resigned recently, with Mr Fenty taking the shares up.

Mr May, who has previously eyed Chesterfield and Notts County, said he had developed an affinity for Grimsby Town.

He said: “I am passionate about English football and have dearly wanted to be involved in a club.



Alex May is pictured sat to the right of Grimsby Town chairman Philip Day at the Sky Bet League Two match between Grimsby Town and Mansfield Town at Blundell Park, Cleethorpes, on Satruday.

“I am now very keen to be more involved with the club and for me, this would be a lifelong dream. I come from very humble beginnings and was encouraged to work hard by adoptive working class parents. I moved into property development in 1989. Since then I have gained substantial knowledge and expertise in such areas. I have always worked hard and will continue to do so to redeem my reputation

“In 2014 I was convicted of an offence of fraud. I have protested my innocence throughout and pleaded not guilty.”

He claims having received a stiffer sentence than others who admitted the offence “made him look like the ringleader” – something he refutes, adding that no-one lost money as a result of what happened.

“Since my conviction I have been looking at ways to clear my name and get the matter back before the appeal court,” he said. “I am still working on this with my lawyers. We are convinced that the trial did not give due weight to important and compelling evidence which I am certain would have exonerated me.

“I have paid my dues to society and now want to put something back into the community, whether that is by introducing investors into Grimsby Town FC or by utilising the lessons I have learned over the past few years in helping troubled youngsters in Grimsby to find the right path through life.

“I have served my time but I have always protested my innocence. Prison was an ordeal and after my release, I changed my name to Alex May in order to put the past behind me.

“I have also worked hard to get my business interests back on track. Naturally this has not been easy, but I am proud to now be in a position where I can now celebrate the business success I have worked so hard for – and give something back into the community.

“Grimsby is no ordinary club; it has a fantastic history and fan base which I would love to help by introducing investment into the club and assist with relocation.



Grimsby Town’s Blundell Park stadium.

“I passionately believe that one day I will clear my name and be eligible to be a director of this great football club if accepted. I do not wish to buy or control the football club but really want to help where I can.

“In the meantime, I know that you will have to accept me on face value, knowing that I have been to prison.

“Fit and Proper Persons Test as set by the EFL preclude me from being a director. Notwithstanding that I would like to acquire some shares in the club and help its relocation plans to come to fruition and understand that will be a matter for the club’s board of directors.”

Town Centre Living Ltd was established in April by Mr May and Mr Fenty, with Mr May resigning last month. Mr Fenty has told how it was a “joint-private venture” looking at development projects in Whitchurch, Liverpool and Halifax”.

Sitting beside chairman Phillip Day for the 1-1 draw with Mansfield – with fans still not allowed in due to Covid Tier Three restrictions – prompted strong reaction across social media.

Mariners Trust convened a board meeting on Sunday, issuing a statement after.

It read: “The Mariners Trust board would like to make it known that we oppose the involvement of Alex May in the football club and we have made the chairman of GTFC aware of our position.”

With Town Centre Living Ltd not trading in North East Lincolnshire, Mr Fenty is under no legal obligation to register it on his members’ interests as per the code of conduct.

Mr Fenty said as and when it does trade he will register it.

A NELC spokesman said “We are aware of media reports around Mr Fenty and the football club this weekend. As with all other local authorities in the UK, the council recognises a distinction between a councillor’s personal life and their role as a councillor. As such, as this stage, there is nothing further the council would propose to say on the issue.”



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5 lessons learned from launching an ecommerce during the pandemic



10 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Opinions expressed by Entrepreneur contributors are their own.


Creating a brand and marketing it online has great challenges. Learn how to go from idea to project launch in four months during the COVID-19 pandemic .

Like the vast majority of people, I started 2019 with a stable job, I went to the UDEM to give my entrepreneurship classes and did research in my office. It seemed what a normal semester would be until COVID-19 arrived in Mexico and soon after we entered a red light. Since March, my dining room has been turned into a classroom, office, and research center. Personally, I forced myself to be more productive by setting “entry” and “lunch” times, but after a few months the confinement made me wonder what would happen if they had to cut staff and I had no other source of income. I needed to start generating additional income!

A few months later, I received money from a savings bank for the first time in my life, and brainstorming began to invest it. At that time, in June, due to the pandemic, I had to return to live in my mother’s house, we were eating and we discussed the idea of starting an online business to manage it from home. However, the first questions began to arise: What do we sell? How do we sell it? Do we need to develop a website? How much is it going to cost us to invest? Is it easy to send? Etc.

In my case, I had been an entrepreneur twice before, I studied and specialized up to a doctorate in entrepreneurship, but most importantly, I worked two years before in one of the most important e-commerce stores in Mexico, researching and developing products for Luuna mattresses. However, launching an e-commerce project was something challenging where I had to put all my knowledge into practice. I knocked on a few doors, signed up for all the free trainings AMVO offers, and reviewed my class presentations that I give such as business plan, product development and innovation, and startups.

Currently, we have already launched our online brand of Mexican artisan jewelry KETZALIA . It was a four-month process from when we defined the general idea at the beginning of July until the launch beginning in November 2020. Personally, I decided to summarize the process in five key aspects that I learned and I hope they will help you create your own project.

1. Choose a product with a good margin

If you do not have a product that you can manufacture on your own at low cost, my first recommendation is that you do not choose a product because it is fashionable or you think it will sell well without knowing an approximate cost of the good. You always have to think that the retail price must be consistent, so if a customer finds your product at the same time on Amazon, Liverpool, Mercado Libre or your own online store, they will see similar sales prices unless a store has a seasonal discount. In addition, you have to think that one thing is the cost of production and another is that of sale, in the second you have to associate marketing, operations and logistics expenses. Have you already thought about what packaging you are going to send by parcel and if you are going to charge for that shipment or will it be free?

Customer experience is essential to generate online sales, you have to take care of every detail of the product, packaging, warranty, shipments, delivery times, forms of payment, etc. As a product can offer the best experience at competitive prices, it will attract more customers. Even if we want to give away shipments, for example, these have a cost that the company must bear and directly impacts the profit margin. That is why I recommend analyzing the economics of the product with approximate costs before selecting your idea. There are those who decide to import to reach a good margin without sacrificing experience. We work with artisans at a distance by mail and WhatsApp on product developments, which took more time, but better achieves the goal.

2. Research your market

The normal thing for any business model is that you first identify which are your customer segments to which you are going to deliver your value proposition. When you have that make sure you understand their buying process for your type of products. It is especially important to know what brands they know, how they buy them, what promotions they handle, where they have their advertising, etc. We found out from an online survey that there are many more unknown brands in the market and that customers perceive brands differently.

The research will help you to set the characteristics of the products, prices, promotions, above all, make digital campaigns. In e-commerce it is essential to generate traffic to our product pages and make conversions. You will find hundreds of alternatives to manage your digital marketing campaigns, but do not go with the one with the cheapest price but with the one that knows how to do it well. Generally, the most effective ones charge you for results, that is, for sales conversions not per publication.

3. Invest in community building

Ideally, you will market one or more own brands, although it may be the case that you have a multi-brand store. In either alternative, you will have a name and will require a graphic identity. At this point I want to be explicit that it is not only having a logo but also knowing the different design elements that will help you convey what you want to communicate. In many online stores you can see the graphic identity with the design of packaging, labels, social networks, photography, etc. So what I did was ask for the development of a brand manual, not the development of a logo. I recommend it!

In many online stores you can see the graphic identity with the design of packaging, labels, social networks, photography, etc. / Image: Depositphotos.com

Most of the most successful e-commerce are brands that invested in their graphic identity and have positioned themselves as benchmarks in their industries. The positioning you will achieve if you create a community of people interested in following your updates and you will need to create digital content. Not all digital content is going to be advertising oriented but also to communicate your philosophy and generate loyalty. I recommend investing in social media management that creates content and taking professional product photos.

4. Don’t waste time developing a platform

Perhaps our most difficult decision is whether we have to develop a web platform from scratch to sell online or it is enough to upload the products to a Marketplace. Nowadays a third alternative, platforms like Shopify, WooCommerce, Magento, etc. These platforms offer the infrastructure to set up online stores without the need for programming and for a monthly subscription cost. The investment between developing your own platform or using a subscription platform can be very significant in time and money. What I recommend is that for new stores these platforms are used to have a quick launch and with less investment.

An online customer is not going to check if you used a third-party service to create your website but if it is visually attractive. We realized that a page that is capable of receiving payments and generating shipments is then a functional page for e-commerce. The aforementioned platforms fulfill both by integrating various alternatives of payment carousel and parcel logistics services. Therefore, it is more important for startups to invest in generating traffic to the page and in product development.

5. Be very patient!

The market research and idea planning process shouldn’t take more than a month. The problem is in the development of products with suppliers before an orange traffic light due to the pandemic, which is taking longer. If you manufacture or make up the products in any way, you need to ensure the quality, final design and prices with suppliers. Given this, you will experience a lot of uncertainty and longer delivery periods.

Generating sales on the site takes time, it is not something immediate. You have to invest in generating traffic to the site and wait for the algorithms to optimize the campaigns until the publications are more effective to convert to sales with your customer segments. Usually the first results in sales begin to be reflected weeks or months after launching a campaign.

Finally, the entire legal part of the business is essential and is progressing very slowly in Mexico. From the registration to the Federal Taxpayers Registry (RFC) to the SAT to the trademark registration in the IMPI , there are government procedures that are not working normal hours or they do so with appointments at very distant periods of time. In our case, the incorporation of the commercial company before a notary public and the public property registry took a total of three weeks, but obtaining the RFC to be able to invoice and open a bank account took almost two months. In the end we managed to launch and operate www.ketzalia.com .

Much success with your e-commerce!



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Goldman Sachs is launching a new trading platform as an insurance policy. Here’s why.


Goldman Sachs is being forced to open a new stock-trading hub in Paris, due to uncertainty surrounding Brexit and London’s future as a European center for the trading of equities.

The investment-banking giant announced on Tuesday that it would open the new hub before the end of the year, pending regulatory approval. The facility, Sigma X Europe, will be an additional offering to an original, U.K.-based platform called Sigma X.

The Paris facility will begin trading shares in companies across 15 European markets regulated under the European Union’s framework, while Sigma X in London will continue listing both U.K. and EU stocks.

“We want to ensure that our clients continue to have access to all of our key liquidity sources post-Brexit,” said Liz Martin, Goldman Sachs’s global co-head of futures and equities electronic trading.

So, why is Goldman Sachs — like others in the financial-exchanges business — opening new facilities in the EU?

When the U.K. completes its exit from the EU on Dec. 31, at the end of the Brexit transition period, it will lose access to the bloc and be automatically excluded from the regulatory framework that has facilitated pan-European stock trading in London.

The EU requires investment firms and traders based in the bloc to trade shares in EU-listed companies on EU-regulated exchanges.

If investors want to trade EU shares on a non-EU exchange, which the London Stock Exchange and others will be in 2021, regulators from the bloc must consider the jurisdiction to have “equivalence” with EU regulations.

Regulators from the EU have yet to grant this to the U.K., meaning that, come 2021, the U.K. will lose the rights to host EU investors trading shares in most EU companies.

In the U.K., the financial regulator has said it would allow British investors to continue using exchanges in the EU after the end of the transition period.

Goldman Sachs
GS,
-0.40%
follows the London Stock Exchange
LSE,
+1.44%,
Cboe Europe
CBOE,
-0.22%
and Aquis Exchange
AQX,

in opening new hubs in Paris to ensure access to the stock markets regulated by the EU.



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Supercar maker McLaren takes on Nike and Adidas by launching high-end sportswear range


McLaren Automotive and Castore sportswear debut exclusive new design-led, lightweight technical capsule collection.


McLaren Automotive

Supercar maker McLaren Automotive is to go head-to-head with Nike
NKE,
+1.79%

and Adidas
ADS,
-1.49%

by launching its first range of high-end sportswear.

While some fashionistas splash out as much as $2 million to own a piece of high-performance McLaren engineering, athletes will soon be able to spend a more conservative £295 ($380) to sport the marque on a quilted soft-shell jacket.

Read: American and Chinese buyers drive growth at supercar maker McLaren

Bonded seams, a sonic-welded construction and heat-transferred interior components are features you might expect on a vehicle, but these are components of its performance tops and outerwear.

McLaren said on Tuesday it had teamed up with Castore, a premium sportswear brand to debut the first “technical male sportswear collection.”

It said: “Each piece is ergonomically cut for ease of movement and comfort, and offers superior wicking, odor resistance, four-way stretch and a unique mesh construction which increases airflow, cooling and ventilation.” While some McLaren branded clothing does already exist, this is the first high-end sportswear, and the collection includes T-shirts selling for £65.

Read: New Supercars Fill the Field

It enters a highly competitive market dominated by U.S. firm Nike which sells athletic apparel, accessories and footwear. Germany’s Adidas, followed by Puma
PUM,
+0.07%
,
Under Armour
UAA,
+2.14%
,
Lululemon Athletica
LULU,
+3.68%
,
and Columbia
COLM,
+5.98%

are all big players.

It isn’t the first time a luxury-car brand has sought to diversify into fashion.

In 2002 Aston Martin
AML,
-1.84%
,
which at that time was owned by Ford, produced silver handcuff key rings, leather underwear and a ‘handcuff buckle’ belt to sharpen its image.

But the venture wasn’t well received and its suede boxer shorts were taken down, along with other racy items, after objections from the Ford family.

Formula One team Ferrari
RACE,
+7.00%

also produces a range of sports kits, eyewear, watches, and jackets.

Tesla
TSLA,
+5.84%

also has merchandise.



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AuMake launching social marketplace for Australian brands


Daigou business AuMake announced the second major shift in its business
model in the last year, noting it will launch a new online marketplace
specifically aimed at helping Australian brands reach influencers in Asia.

The platform will function as a social e-commerce marketplace – a fast
growing segment of the Asian e-commerce ecosystem driven by the emergence of sites
such as Pinduoduo and Xiaohongshu.

Through this platform, AuMake will help Australian brands to connect
with Asian influencers and their social networks, allowing access to new
customers in the region while providing influencers with lower prices for their
fans.

“We’re absolutely delighted to provide a new way for Australian brands
to meet the demands of the fast-changing Asian consumer market,” AuMake
executive chairman, Keong Chan, said.

“Asian consumers are increasingly using using integrated platforms to
buy products based on opinions within their social network and increasingly

less on what the brands, retailers or advertisers are telling them. In China,
it’s now about discovering products with friends, sharing that experience and
buying on that same platform – with product is part of the journey, not simply
the end point.”

The social commerce market in China is estimated to be worth $499
billion (2,419.4 billion yuan) in 2022, with user-generated content having
become one of the most effective ways to increase engagement and customer reach
for brands in the region.

And while AuMake will continue to have a physical foot print, these stores will increasingly be used to convert in-store traffic to the online platform and future marketplace.

This story first appeared on our sister publication Internet Retailing





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Unicaja and Liberbank hire advisors, launching formal merger negotiations


Article content

MADRID — Spain’s Unicaja and Liberbank kicked off formal merger negotiations on Wednesday, after choosing advisors, Unicaja said.

The banks hired Uria Mendez as legal advisers, Mediobanca as financial advisers and Price Waterhouse Coopers as the auditor to undertake due diligence. A source with knowledge of the matter said that Liberbank’s board had hired Deutsche, Ramon y Cajal and Deloitte. (Reporting by Clara-Laeila Laudette)



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Why Citi is the latest Wall Street giant to back the new MEMX stock exchange, launching this fall


The Members Exchange has a new member in its ranks.

The upstart stock exchange, founded and backed by many of Wall Street’s biggest financial firms, has added Citigroup to its group of investors, it announced Thursday. The Members Exchange, also known as MEMX, is slated to launch Sept. 4 and aims to shake up the New York Stock Exchange-Nasdaq duopoly that has long dominated the U.S. equities market.

Citi’s investment comes in the wake of a $65 million funding round sealed by MEMX earlier this year. That round saw a wave of new investors—including JPMorgan Chase, Goldman Sachs, BlackRock, and Wells Fargo—join an initial group of seed backers that featured Morgan Stanley, Bank of America, Charles Schwab, Citadel Securities, and Fidelity Investments. MEMX had raised a total of $135 million in funding prior to Citi’s backing, according to PitchBook data.

“Although we recently closed our latest round of financing and are focused on launch, we didn’t want to pass up the opportunity to add another significant market participant to our list of supporters,” MEMX CEO Jonathan Kellner said in a statement. “We look forward to working with the Citi team and leveraging their market structure expertise.”

Kellner also announced that MEMX has received approval from the Financial Industry Regulatory Authority (FINRA) for its routing broker-dealer, MEMX Execution Services. The fledgling exchange received the Securities and Exchange Commission’s approval to operate in May.

Wall Street firms have flocked to MEMX amid heightened disquiet in recent years regarding the fees that the NYSE and Nasdaq charge broker-dealers. The exchange aims to offer a streamlined, more transparent platform that aims to “lower pricing on market data, connectivity, and transaction fees,” according to its website.

But breaking the NYSE and Nasdaq’s stranglehold has proven difficult in the past for upstart exchanges. The Investors Exchange (IEX)—which featured prominently in Michael Lewis’s 2014 book Flash Boys: A Wall Street Revoltlaunched to much fanfare in 2016; today, IEX only garners around 2% of U.S. stock trading volume.

MEMX plans to begin platform testing on June 29, with member certification starting on July 13. The exchange is currently working to connect and onboard more than 50 market participants to its platform, Kellner said, with the goal of “launch[ing] with a truly diverse set of liquidity.”

More must-read finance coverage from Fortune:



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