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Greece and the economic crisis 2017
NEWS ARCHIVE - June 15 - June 21
June 21, 2017Greece's Tsipras lays out prospect of bond market return - Omaha World Herald
"Alexis Tsipras told his cabinet that this was a result of last week's deal with European creditors, which eased fears Greece might face another brush with bankruptcy this summer.
That's evident in the sharp fall in the interest rates the markets are ascribing to Greek government bonds. The yield on the benchmark 10-year stands at 5.5 percent, way down on the levels seen during the more acute phases of the Greek debt crisis."
Europe's Unserious Plan for Greece - Bloomberg
"The deal struck last week between Greece and its euro-zone creditors is business as usual -- and that's not a good thing. This protracted game of "extend and pretend" serves nobody's long-term interests: not those of the Greek government, the International Monetary Fund or, most of all, the people of Greece.
Euro-zone finance ministers have unlocked a payment of 8.5 billion euros ($9.5 billion), the newest installment of a rescue plan worth 86 billion euros. This will let Athens make debt repayments of 7 billion euros that fall due next month. But there's still no agreement on how to get Greece's debt burden under control. The IMF had previously insisted that this question should be settled now.
It was right, and it should have stuck to that position. The new agreement fails to recognize what everybody knows: that Greece's debt is unsustainable on the current terms."
EU Says Greece Needs More Debt Relief Despite Buffer - Hellenic Shipping News
"The June 15 deal by euro-area finance ministers commits to capping gross financing needs at 15 percent of GDP for the medium term, and 20 percent thereafter. The country's gross financing needs will drop to 9.3 percent of gross domestic product in 2020 from 17.5 percent this year, before rising again and surpassing 20 percent after 2045, according to the baseline scenario of the commission's debt sustainability report.
The conclusion drawn from the report points to the need for additional "additional debt-mitigating measures," even under the baseline assumptions. "An appropriate combination of debt management measures," including an "extension of maturities and grace periods for principal and interest," is necessary to "bring Greek debt back to a sustainable level in gross financing needs terms," commission staff said."
Brussels warns on Greek debt sustainability - eKathimerini
"According to the [European Commission] debt sustainability analysis, the baseline scenario takes the gross financing needs to 17.5 percent of GDP this year, before dropping significantly below 15 percent to reach 9.5 percent of GDP in 2022. They climb again after 2030 but stay within the limit, reaching 20 percent of GDP in 2045 and 20.8 percent of GDP in 2060.
That baseline scenario is based on the condition that the primary surplus averages at 2.2 percent of GDP throughout the period after 2022 – until then it should be at 3.5 percent of GDP, as the Eurogroup decision recently dictated."
Real estate values have tanked - eKathimerini
"It's easy to find examples of properties whose value has dropped 60-65 percent in the last few years: Data from estate agents show that a new fifth-floor apartment of 60 square meters in Kypseli, central Athens, which sold for 150,000 euros in 2008, was resold at end-2016 for just 60,000 euros, a decline of 60 percent; a newly built apartment in Ambelokipi, also in Athens, was sold for 270,000 before the crisis, and today is for sale for just 120,000 euros, down 55 percent."
June 20, 2017Greece Reaches Deal with European Lenders for Bailout Installment - iBusinesslines
"Greece will receive an 8.5-billion-euro ($9.48 billion) loan from its creditors after a deal was reached at a Eurogroup meeting on Thursday night.
The decision was taken at a meeting of euro zone finance ministers in Luxembourg, attended by IMF Managing Director Christine Lagarde, after Greece completed all reforms requested by the creditors at this stage of the bailout program. "For Greece, as before, I am confident that we will reach a deal about the payment of the next tranche today", Schaeuble said on arrival at the meeting."
In Greece, China Finds an Ally Against Human Rights Criticism - NY Times
"...Greece is increasingly courting Chinese trade and investment as it faces pressure from international creditors and a cold shoulder from its traditional rich allies in Europe. China's largest shipping company, known as China COSCO Shipping, bought a majority stake last year in the Greek port of Piraeus. The Greek prime minister, Alexis Tsipras, has visited China twice in two years. And China will be the "country of honor" at Greece's annual international business fair in September in the port of Thessaloniki.
...Greek ports are critical to China's "One Belt, One Road" initiative, a huge infrastructure project across Asia, Africa and Europe. Just last week, at a concert of the Shanghai Chinese Orchestra in Piraeus, the Chinese ambassador to Greece hailed the cooperation between the two countries. "Greece and China will remain good friends in good and bad times, good partners for mutual progress," said the envoy, Zou Xiaoli, according to Xinhua, the Chinese news agency."
More Coverage:
Greece Vetoes EU Condemnation of China's Human-Rights Record - WSJ
China gratified as Greece blocks E.U. statement over human rights - Washington Post
June 19, 2017Greece Gets a Break in Its Seven-Year Drama - Bloomberg
"The issue has long been what do to with Greek debt exceeding 300 billion euros. That hasn't changed, especially with German elections taking place in the fall. The IMF has advocated debt relief, which the Greek government has sought since coming to power in 2015. Euro finance ministers, led by Germany's Wolfgang Schaeuble, have balked.
The problem now is that the Greek government raised expectations about a spectacular settlement that would pave the way for the country's return to the bond market and free it from the shackles of the bailout programs.
Tsipras told reporters last month that he was expecting an agreement that would be "too good to be true." In fact, he said, it would require him to wear a tie, something the premier declared he wouldn't do until there was debt relief."
Greece says court decision not to extradite Turkish soldiers must be respected - Reuters
"We would like Greece to extradite those who clearly staged a coup against our nation," Yildirim said. "We respect the judiciary's decision, but we do not want these putschists to strike a blow to Turkish-Greek relations," he said.
Monday's meeting was held against the backdrop of a fresh reunification bid in Cyprus, divided since a Turkish invasion in 1974 triggered by a brief Greek-inspired coup.
Marketing Greece Appoints Ioanna Dretta as CEO and Managing Director - GTP
"Marketing Greece, the private marketing company for Greek tourism, has appointed Ioanna Dretta as its new CEO and Managing Director.
....Ioanna Dretta has a long experience in tourism, having served as an advisor to the president of SETE and worked in various positions in the private and public sector."
Greek PM Tsipras to start round of talks with opposition parties - Protothema.gr
"Mr. Tsipras is expected to meet today at 6pm with the leader of "Potami" party Stavros Theodorakis, while at 7pm he will see the president of the centrist party "Union of Centrists", Vassilis Leventis. On Tuesday, the Greek PM will inform the leaders of the Greek communist party (KKE), Dimitris Koutsoumbas at 11am, Fofi Genimata of PASOK at 12pm and finally with the president of major opposition party New Democracy, Kyriakos Mitsotakis at 1.30pm on the results and other current matters.
The government considers the EuroGroup outcome a success ...
...the final agreement was a success, [but Greece] failed to be included in the ECB's quantitative easing programme,
June 18, 2017Greece hoping to finally secure long-term debt relief deal- HealthcareMenu
"Eurozone finance ministers and the International Monetary Fund agreed in Luxemburg on Thursday to release a further tranche of funding for Greece. "There is now light at the end of the tunnel", Tsakalotos said. The IMF compromise was a shock for the Greek government, which lost a major supporter of deeper debt relief."
Greece avoids another bailout trauma - Business Mirror
"An outright cut in Greece's debt is not allowed under euro rules, but the length of time the country has in paying back its debts can be extended, and the interest rates on those debts can be cut. For Greece, Thursday's agreement should limit the amount it has to pay out in debt servicing each year, freeing up money it can use to help the Greek economy and society. More comprehensive details should emerge in the coming months."
Subsidy up to EUR 25,000 for homes - Imerisia
The program is starting late June or early July and provides amounts to 25,000 euros or 250 euros per square [meter] to upgrade any kind of housing.
...subsidy rates reach up to 70% and is higher for small incomes, and can be increased for each child. The subsidy for the loan rate is 100%. For those with personal incomes of 10,000 or 20,000 the family subsidy is 60% and increased by 5% for each child with a maximum of 70%. For individual incomes of 10,000 to 15,000 and 25,000 euros [per] family the subsidy reaches 50% with a 5% increase for each child and a maximum of 70%."
June 16, 2017Greece Wins 8.5 Billion Euro Payout as Debt Clarity Deferred - bloomberg
"The accord, however, wasn't enough to get the International Monetary Fund to agree to lend to Greece now, something euro-area countries have sought since the latest bailout was inked in 2015. The Washington-based fund, which co-financed Greece's first two rescue programs, held off giving the country more loans until it becomes assured that Greece's 315 billion-euro debt will become sustainable.
Instead, the IMF would suggest its board sign off on a 14-month-long bailout for Greece, but only dole out fresh loans once it receives further assurances from the euro area on how debt will be made sustainable."
More Coverage:
Eurogroup approves loans, details debt relief, IMF to join - eKathimerini
E.U. Reaches Debt Deal for Greece Worth 8.5 Billion Euros - NY Times
"European Union officials agreed on Thursday to unlock loans of 8.5 billion euros for Greece, to ensure it meets huge payments on its debt next month.
...The difficulty in completing a deal has centered on a long-running showdown among creditors. On one side, several eurozone countries led by Germany want Athens to carry out what they view as reforms before specifying debt concessions that could take effect next year at the earliest. On the other, the I.M.F., with policy makers in Brussels and the Greek government, has been pushing for immediate commitments on the details of eventual debt relief."
Pappas: We are satisfied because we have absolutely clear wording on debt - toxwni.gr
"The most critical item from the Eurogroup decision is that the economic logic of the program, plus the debt service goal is bent in favor of the development target, said Digital Policy Minister Nikos Pappas."
Greek budget shows primary surplus of 1.842 billion euros in Jan-May - Captial GR
"A report on state budget execution, on an amended cash basis, showed that the general government? deficit was 1.240 billion euros in the five-month period, from a shortfall of 1.649 billion in 2016 and a budget target for a deficit of 2.033 billion euros, ΑΜΝΑ reported.
Net revenue was 18.684 billion euros, up 1.0 million euros from targets, while regular budget net revenue was 17.917 billion euros, down 3.0 million from budget targets."
June 15, 2017Greece Seeks Credible Debt Deal in Push for Crisis Drama Finale - Bloomberg
"Euro-area finance ministers meeting in Luxembourg on Thursday will seek to reach a deal on ways to ease Greece's debt load, which would close a key chapter in the nation's bailout drama and end months of uncertainty.
A resolution at the so-called Eurogroup meeting would unlock the next slice of financial aid the country needs to repay about 7 billion euros ($7.9 billion) in maturing bonds in July. Crucially, the deal is expected to offer some much-needed clarity on Greece's future debt obligations."
Greece woos new Macedonia government, insists on name change - HealthcareMenu
"Now Macedonia wants to be a member of several global organizations. That is a precondition", Kotzias said. "We will support this provided the issue with name is solved", Kotzias said, adding that a new agreement is needed through the United Nations on a new name, which will then be presented to the European Union. Greece claims a historical right to the term Macedonia because the heart of Alexander the Great's ancient kingdom lies in its northern province of Macedonia. Athens has previously insisted that Skopje use a compound name such as "New" or "Upper" Macedonia. Dimitrov acknowledged that the talks ahead would be hard.
Debt relief measures on Greece to be discussed after 2018 - Tornos News
"The German spokesperson for budget policy of the Finance Ministry, Jurg Weibgerber said that any measures related to a debt relief for Greece would be considered after the completion of the current bailout program which ends in 2018."
Greece pushed to take bailout deal without debt relief - Geo.tv
"...Athens insisted it would veto the deal, furious that the disbursement of the latest tranche of its 86-billion euro bailout agreed in 2015 could come without long-hoped-for firm debt relief commitments.
"We are far from finding a solution at the Eurogroup on Thursday, given that Germany has not made any step," a Greek government source told AFP.
Bitter disagreement between Germany and the IMF has held up the payout of a fresh tranche for Athens to meet seven billion euros of debt repayments due in July."
NEWS ARCHIVE - June 2017
Parthenon Temple on the Acropolis of Athens Greece Artwork Wall Decor 5 Pieces Canvas Modern Painting Wall Art Home Decoration for Living Room Pictures HD Printed Framed Ready to hang(60''Wx40''H)
Create Amazon Business Account - save time and money on business purchases with competitive B2B prices and discounts


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Summertime makes it easier to follow our heart, doesn't it? Having longer days to check out the forest, a trail, a lake, a bird's nest or visit an old friend.
As Baby Boomers transition into a new season of life, what is your heart saying? Are you listening carefully to what your spirit is whispering? Or, are you are too tired, stressed, or depressed to hear the yearning in your core?
We create a meaningful future with the tiniest choices. Let the strings of your heart tug at you to explore something new. Dust off dreams that you thought were too buried to be revived. Do something that makes you smile and your heart sing. It's YOUR CHOICE.
Coaching can help you through the transition. I am available, so contact me.

subset: commoncrawl


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A business (also known as enterprise or firm) is an organization involved in the trade of goods, services, or both to consumers. Business plan and Business model determine the outcome of an active business operation. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit or state-owned.
Website Mastery 18/03/2019 No Comments
About The Author
Website Mastery
Business Website Mastery is a free-to-access training program for anyone coming to online marketing for the first time. It is created especially for Small and Local Business Owners who want to see their sites reaching towards Page One of Google, and also discusses how to maximise the benefits of Search Engine Marketing. This course is published under the brand of Business Website Mastery which is a product within the Socialis Ipsum Ltd Training Portfolio. For more information about this, or other Socialis Ipsum Marketing Products, please use the Contact Us page found on this website.


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Empowering women is empowering the society and hence the country as whole. Empowering women and ensuring equal rights for them are among the most efficient ways in any country to ensure societal progress.
Women make up half of the society; and hence, it should be self-evident that society will develop better and faster if everyone works together than when half the population is relegated to the kitchen deprived of economic and political participation.
Hundreds of academic studies have shown that economic freedom leads to higher rates of economic growth, higher levels of income, increased trust and honesty in government, protection of civil liberties, reductions in poverty, and improvements in health and educational outcomes.
The Ministry of Women and Children Affairs has been working aggressively to economically empower women by encouraging them to engage in income generating activities individually and/or collectively.
Currently, for instance, more than 2.8 million women entrepreneurs own small and medium businesses or micro enterprises in the country, according to the Ministry. Women who organize under cooperatives, associations, agriculture activities and independent self-help groups have been maximizing their benefits and improving their living standard.
On the other hand, as per the plan to improve the culture of saving and credit among women, the ministry have been offering awareness raising trainings. Currently, some 13 million women have access to saving services, and nationally, they save some three billion Birr annually. On the other hand, some 13 billion Birr worth of credit is available for some two million women, intended to strengthen their economic capacity.
Public Relations Senior Expert at the Ministry, Behailu Tesfeye told The Ethiopian Herald that his office has set a plan to empower four million women by improving their economic participation through development of entrepreneurial skills and job creation. For this to happen, the ministry is finalizing preparation to offer awareness raising trainings to women who have the desire to engage in their own business.
As to him, so far, the ministry has been providing trainings to over 6 million women and some two million women have been incorporated into micro and medium scale enterprises, independent self-support groups, cooperative associations, as well as agricultural production and other businesses.
What is more, some 400,000 women have also received training on mechanisms of income generation. The ministry has also created provided market linkage and shade for about 144,597 and 24,199 women entrepreneurs.
Urban Job Creation and Food Security Agency has also created job opportunities for over a million citizens of whom more than 40 percent are women who are engaged in manufacturing, construction, urban agriculture, service and trade sectors. In the coming budget year, the Agency is planning to make sure that 50 percent of the job opportunities to be created would go for women, the Agency's report revealed.
Agency, Communication Directorate Team Leader Abozenech Negash said that the Agency has created job opportunity for 651,039 citizens in permanent and temporary basis, of whom some 29 percent were women.
In its ambition to achieve economic transformation, Ethiopia has been constructing several mega infrastructural projects including hydropower dams, railways and the likes. While some 1.6 million job opportunities have been created in this mega projects, 67.8 percent of the jobs have been offered to the youth and women. The remaining went to people with disability, refugees, repatriates, university and Technical and Vocational Education Training graduates.
Abozenech also noted that, nearly a 9 billion birr loan has been provided to 282,765 beneficiaries of which 42 percent are women. The loan help entrepreneurs to strength their business and solve challenges during its operation.
All in all, the initiatives are advancing the living standard and income generating capacity of women. "Woman economic empowerment would in turn play a key role in the overall economic progress of the country," Behailu underlined.


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by kateurquhart
Dear Future Me...
I don't know anything about you, but you know my like the back of your hand.
The same hand that's writing this now, but older. More experienced. And hopefully not wrinkled. Not yet.
Maybe you're smiling as you read this. Or maybe you're cringing. I must sound so young to you. So naive.
I wonder what you're doing right now. Maybe you're standing in the kitchen of your new house, that you'd been dreaming of buying since forever ago. The dream that began with me.
Maybe you only have a few minutes until you have to go to work. To the job you love, that means the world to you.
Maybe it's the weekend, and you have the whole day to yourself. Or you're about to go to the movies with friends. Or the beach. Or the city.
I hope you're happy.
I hope you have everything you ever dreamed of, unicorn and jetpack included. But maybe you don't want that any more. Maybe you're content with what you have, and where you are.
I wish I was right now.
Tell me life gets better.
Tell me that the things I worry about now will never come to pass.
Tell me that my fears are unfounded and my anxieties are irrational.
Tell me that happiness will come, and sooner than I think.
Tell me you're closer than I expect. And that soon I will be you. Living the life I've been dreaming of.
Tell me to be patient. And that soon I will be where I want to be, and who I want to be.
Tell me to have faith. Faith in myself, and my abilities.
Tell me that the future is full of possibilities, and that you've found them, and that you've never looked back.
Tell me to have strength.
Tell me to carry on.
Carry on until the day when I am you. When we are one and the same. My dear, future me.
Find more stories like this one bysigning up!


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Pasture Degradation and Recovery in Australia's Rangelands: Learning from History
The front cover of Learning From History
Department of Natural Resources, Mines and Energy
May 2004
Download Pasture Degradation and Recovery in Australia's Rangelands: Learning from History (PDF, 12M, last updated 10:19AM, 8 June 2016)*
Edited by
Greg McKeon, Wayne Hall, Beverley Henry, Grant Stone and Ian Watson
A Reviewer's Pick
excerpt from page 172
The extended drought periods in each degradation episode have provided a test of the capacity of grazing systems (i.e. land, plants, animals, humans and social structure) to handle stress. Evidence that degradation was already occurring was identified prior to the extended drought sequences. The sequence of dry years, ranging from two to eight years, exposed and/or amplified the degradation processes. The unequivocal evidence was provided by: (a) the physical 'horror' of bare landscapes, erosion scalds and gullies and dust storms; (b) the biological devastation of woody weeds and animal suffering/deaths or forced sales; and (c) the financial and emotional plight of graziers and their families due to reduced production in some cases leading to abandonment of properties or, sadly, deaths (e.g. McDonald 1991, Ker Conway 1989).
We conclude from this study that there are four components necessary to prevent degradation of the grazing resource:
- a commitment of graziers to manage stock (and fire), against a background of high climate variability, to prevent degradation of the perennial pasture resource;
- government policies which facilitate and value graziers' actions in moving to more sustainable grazing systems;
- an alert system based on climatic understanding, ecosystem response and resource monitoring which provides warning before damage occurs rather than a retrospective analysis after the event; and
- financial systems that allow graziers to maintain cash flow during drought and support management actions aiding pasture resource recovery after drought.
* Requires Adobe Reader
Last updated 7 June 2016


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Att rekonstruera. Varför inte för Ulf Näsman (reaction on Näsman, Ulf (1986))
Author(s): Bengt Edgren; Frands Herschend
Year: 1987
This resource is a citation record only, the Center for Digital Antiquity does not have a copy of this document. The information in this record has been migrated into tDAR from the EXARC Bibliography, originally compiled by Roeland Paardekooper, and updated. Most of these records consist of a document citation and other metadata but do not have the documents themselves uploaded.
If you have a digital copy of the document and would like to have it curated in tDAR, please contact us using the "Submit Correction, Comment" link to the right.
Cite this Record
Att rekonstruera. Varför inte för Ulf Näsman (reaction on Näsman, Ulf (1986)). Bengt Edgren, Frands Herschend. Populär Arkeologi. 1987 (2): xx-xx. 1987 ( tDAR id: 416307)
This Resource is Part of the Following Collections
construction of building • Theory
Geographic Keywords
Spatial Coverage
min long: 11.113; min lat: 55.34 ; max long: 24.167; max lat: 69.06 ;
Individual & Institutional Roles
Contact(s): EXARC Experimental Archaeology Collection Manager
Record Identifiers
ExArc Id(s): 2563
Rights & Attribution: The information in this record was originally compiled by Dr. Roeland Paardekooper, EXARC Director.


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Hope This Is A One-Off – Pentecostal Employees Harassed By Supervisor: EEOCRichard Cohen
We have not seen this type of workplace discrimination case often – outright harassment based upon religion.
What we see are cases of discrimination based upon the wearing of religious garb (think hijab or yarmulka), or discrimination because an employee requires an accommodation for attending religious services or observance of the Sabbath.
We have published many posts about […]


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Wednesday Ben turned 30. Wow, so old yet before I know it I will be 30 and then I will not think it is old at all! he he he...I have been teasing him about turning 30 probably since January of this year. The past 8 years have flown by so quickly that seeing my husband hit 30 really is making it sink in!
Anyway, I had to make a bigger than normal deal out of this birthday so I decided to surprise Ben as many times as I could that day. After I got home from dropping Kobe off I arranged for flowers and a balloon to be delivered to his work. (You will see it in the pictures below). That was funny because Ben told me, when he got home, that they were really a surprise because when they called him over the loud speaker to come get the delivery he was wracking his brain to think who would send him flowers on his birthday and my name didn't pop into his head! When he saw they were from me he was surprised :)
Then S & I got working on a poster for Ben and decorated the dining room for him. S loved putting sparkles all over the poster and got a HUGE kick out of the decorations and practiced saying "Happy Birthday Daddy" a lot. She said it when he got home and it was really cute.
Ben got off work early and we ended up running around until it was time to pick up Kobe. We went out to dinner (I planned on making dinner but when Ben came home early our plans changed). You should ask Ben how he liked his birthday dinner. I warned him that he wouldn't like it but he got it anyway. He did not like it. I told Shelly today that it reminded me of how much Jason & Grandma liked the Chop Suey we had on Sunday! Ha!
After that we played with the kids and took all these pictures and lots of other funny ones to that might make it onto the blog sometime. Ben appreciated all the phone calls from friends & family and had an ice cream cake at work and got a free lunch for his birthday that day too. I think he really had a great day!


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Rakuten UK marketplace is closing down
In rather surprising news, it seems that Rakuten is closing down its UK operation in August.
In an email to partners, Patrick Kelly, UK Marketplace Country Manager writes: "We regret to inform you that following a strategic review of its operations in Europe, Rakuten has decided to consider plans to close Rakuten.co.uk at the end of August.
This is part of a European business review aimed at ensuring that Rakuten is able to redevelop our offer to match customer and merchant expectations in an ever-changing market.
Rakuten has started to talk with employees around the closure of both the operation and the Cambridge office and, subject to these discussions, we anticipate that the marketplace will no longer accept new purchases after the end of August 2016.
All merchants will be informed today."
If you're a Rakuten seller, we'd love to see the email too merchants, when they send it.
This is not good news, Tamebay has always stood by the view that competition between marketplaces is a good thing and eBay and Amazon need a plausible third player. Rakuten could have been that player but the strange rebranding to Rakuten, a dismissive attitude to sellers (especially when transitioning from play.com) and a lack of direction was evident.
Rakuten UK just didn't know what it wanted to do or be and that's fatal in business.
Just a month after they told us how they'd streamlined signing up for UK sellers and at last had the marketplace running well 😮
Poorly executed re brand.
Whoever was in charge of should be hung out to dry.
Utterly clueless management – typical of misinformed larger corporates.
Please see email received:
Dear Merchant
We regret to inform you that following a strategic review of its operations in Europe, Rakuten has decided to consider plans to close Rakuten.co.uk to shoppers from the end of August.
This is part of a European business review aimed at ensuring that Rakuten is able to redevelop our offer to match customer and merchant expectations in an ever-changing market.
Rakuten has started to talk with employees around the closure of both the operation and the Cambridge office, subject to these discussions, we anticipate that the marketplace will no longer accept new purchases after the end of August, 2016.
We would like to thank you for all your support for Rakuten.co.uk since launch and we understand that you may have several questions in relation to this email. For a full list of FAQ's please log into your Rakuten merchant account.
If you have any further questions, please contact the merchant helpdesk via the below email address.
Rakuten UK Team
My heart goes out to those affected by job losses. Sadly I don't think its a major surprise.
Only last week, I contacted our account manager to ask for information on what we could do to increase visibility. However even with a product which was ranked 1st for a broad search term, our sales were split (for the same time period)
eBay UK: 600 units
Amazon UK: 1200 units
Rakuten UK: 2 units
The product had search visibility, its just that there was no-one on the site searching. The silence from my account manager after asking to close our account now makes a little more sense.
Best wishes to all the staff and hope they find new jobs soon.
id imagine, game.co.uk will be positioning themselves to become the 3rd big entertainment seller now. its a wonder that hmv hasn't got its 3rd part act together yet
Kamikaze is the word that springs to mind, Play,com was our best selling platform we did 75% of our business on the site, despite lots of work on our Rakuten site we never got it above 5%, Surely the brains at Rakuten could re-employ a few of the staff relaunching Play.com again as it was.
Millions thrown away for them is ok but it has killed the business for a lot of loyal sellers.
Just got the email from Rakuten.
I think they have shot themselves in the foot for any future attempt at the UK.
If they attempt it, they will be met with ridicule and "NOT ON YOUR NELLY".
Maybe this is the chance that Ebid needs to move into 3rd place B-)
All we have received is a message link from the back office;
Rakuten plans to close Rakuten.co.uk
We regret to inform you that following a strategic review of its operations in Europe, Rakuten has decided to consider plans to close Rakuten.co.uk to shoppers from the end of August 2016.
This is part of a European business review aimed at ensuring that Rakuten is able to redevelop our offer to match customer and merchant expectations in an ever-changing market.
Rakuten has started to talk with employees around the closure of both the operation and the Cambridge office, subject to these discussions, we anticipate that the marketplace will no longer accept new purchases after the end of August 2016. Rakuten will keep the merchant backend (RMS) open until the end of the year in order to allow for refunds and chargebacks and to search for past orders.
Rakuten will inform all merchants once the plan has been fixed. In the meantime, if you have any questions, please refer to the FAQ below which explains our plans or contact our merchant helpdesk via the below email address.
Q. When will the marketplace be closed?
The Rakuten.co.uk marketplace is planned to be closed at the end of August 2016. No new orders will be placed by shoppers after the end of August 2016.
Q. What do merchants need to do to follow-up after the closure of marketplace at the end of August 2016?
Merchants need to dispatch all orders placed by shoppers before September 5th. All open orders will be cancelled by Rakuten on 5th Sep.
The remaining duties of the merchants are explained in the latter part of this FAQ. Rakuten plans to keep the merchant backend open until the end of this year so merchants can continue to use this backend to complete remaining tasks such as returns. If anything changes, Rakuten will inform all merchants accordingly. If you have any questions, please contact email@example.com
Q. Will there be any changes for pay-out procedure? How will I receive my daily pay-outs?
All pay-outs will be continued in exactly the same manner as before. If any changes are planned, Rakuten will inform merchants in advance.
Q. Will there be any changes for monthly fee payment?
Rakuten will not charge monthly fees starting from June 2016. If you have any questions about invoices, please contact firstname.lastname@example.com
Q. What happens to any Ads for which I have already pre-paid the fees?
The booking will be automatically cancelled for any Ads to be posted after June 7th 2016. We will refund fees for any cancelled Ads. Rakuten will contact relevant merchants separately after September to explain the procedure for refund.
Q. What happens to my R-mail?
The R-mail service will end at the end of August 2016. As agreed based on the T&Cs, Rakuten will not disclose shoppers email addresses in R-mail. If you have any concerns relating to R-mail, please contact firstname.lastname@example.com
Q. I submitted sensitive information to Rakuten including the documents for compliance check (i.e. KYC documents). How will Rakuten treat this information?
Under the financial regulation of Luxembourg, Rakuten Europe Bank (REB) is obliged to keep KYC documents for a minimum of 5 years. REB will comply with this legal obligation and keep the documents submitted in accordance with the applicable laws and regulations.
Q. How should I handle returns?
Please handle returns as usual, merchants can continue to use the merchant backend which will be accessible until the end of 2016. If any changes are planned, Rakuten will inform merchants in advance. Please be reminded that, return/refund procedures with shoppers need to be fulfilled even after the planned marketplace closure at the end of August 2016. Rakuten will provide more concrete guidance at the beginning of August.
Q. How can I get all of my past invoices from Rakuten?
Once all transactions have been completed after August, Rakuten will distribute all past invoices via email. We will inform all merchants once we are ready to dispatch these invoices.
Q. Can I use the personal information of shoppers which I obtain through transactions on Rakuten.co.uk even after the closure of marketplace?
No, you cannot use the personal information of shoppers other than for the purpose of completing the sales /follow-up of claims from shoppers relating to the sale of your products via the Rakuten platform. Please note that any use of the personal information of shoppers contrary to that listed above or other than as agreed by shoppers in our privacy policy is strictly prohibited, and will violate data protection law.
Q. I would like to stop trading on Rakuten marketplace. What is the procedure?
Please contact us at the below email address for our contract termination procedure.
Q. What will happen with chargebacks?
Any chargeback that is claimed against Rakuten will be forwarded to the relevant individual merchant even after the planned marketplace closure at the end of August 2016. We ask all merchants to comply with such enquires in order to prevent fraudulent acts, whether the contract has been terminated or not.
Q. What is the process for Pre-orders?
We would ask that any pre-orders currently live on Rakuten.co.uk be removed before W/C 13th June.
For pre-orders that have already been purchased and were planned to be shipped after 1st September, Rakuten asks you to cancel such orders immediately via the merchant backend.
Q. How can I respond to any shoppers if they ask me directly about the planned closure of Rakuten.co.uk
We apologize for any inconvenience if such enquiry comes to you. Please guide those shoppers to our corporate PR site. http://global.rakuten.com/corp/news/press/
Q. How can I respond to shoppers if they ask me directly about their Super Points?
Please forward enquiry to below.
Q. What will happen with any planned marketing activities?
From 8th June, all promotional activity on Rakuten.co.uk will cease. If you have activity planned in beyond this date, unfortunately it will not take place.
Q. Do I have to settle the fees that I owe to Rakuten?
Yes, Rakuten will inform all merchants regarding their balance and will ask you to pay the fee owed to Rakuten. This is planned in September once all transactions have been completed.
Just seen this too……
Q. Will there be any changes for monthly fee payment?
Rakuten will not charge monthly fees starting from June 2016. If you have any questions about invoices, please contact firstname.lastname@example.com
One would hope not!
they should of just kept the name play.com and improved the selling/buying expericence , pretty simple thing to do
turnover on play.com was £60,000 a year which was ok after ebay and amazon , then change to raketun was £200 in 6 months ?
Sad news for everyone involved with the company – but have to agree the re-branding from Play.com (in the UK) and Buy.com (in the US) was IMHO madness. Apparently Rakuten means "Optimism" in Japanese – but it's just not that memorable in English. Why spend money on a great brand and then throw it in the bin?
Total and utter shambles since they took over Play.com – hardly unexpected but wasted many thousands of hours of UK Sellers time in setting up, relisting for virtually no return. If they ever try to re-launch in the UK I for one would NOT entertain them. The people at the top deserve to lose their jobs, just a shame about the troops!
We nearly invested in integration on to Rakuten, phew thankfully we didn't. Isn't this just another example of how scary it is that we rely on Ebay and/or Amazon so much.
I suspect that google will pay them very handsomely for the play.com url
we used to do good business with them, but it started going downhill as soon as rakuten took over.
I did once ask play.com (the retail part before Rakuten closed it, and when they still had the offshore advantage of shipping from Jersey), what quantity they expected to sell of a medium to high profile dvd movie when it was the deal of the day. apparently 20K units.
No surprise really, My £30 per month subscription to sell on this site was only not cancelled as I did not have the time to do so. My product sales barely covered its fee either and that is shocking compared to my 500k turnover on Amazon. Shopify will be next as those sales are even less than Rakuten ! ZERO in twelve months so that will take some beating.
absolutely gutted about this, the amount of time, money and effort that we have invested in this platform in the last 6 months for them to just give up is heartbreaking we, dont sell on amazon just our own website and ebay, but were slowly starting to see a return.
sad day for independent multichannel sellers.
We did really well selling on Play.com, had an account manager and everything was great. They decided we were to small for the rebranding and kicked us off along with many other sellers. Cant really say I have any sympathy for the group, but wish all employees well and hope they find alternative employement.
play.com was great. Was my 3rd biggest market place after ebay and amazon but was number one in terms of working together as a business. My play.com account manager was always available via phone or email and helped with so many issues and queries. It was never the same after rakuten took over.
They've also pulled out the rug from under the feet of any possible future market entrants looking to compete with Amazon in the UK as no seller will now waste their time and money on looking at new propositions.
Having worked in the London office for 6 months it's a sad day for all the guys that decided to stay on.
Anyone that signed up over the past year I have no sympathy for you. The signs to not sign up have been here for at least 2 years. New CEO, lots of redundancy's, re-branding to something people can't spell etc etc. (That and nearly every comment ever written on Tamebay pointed you in the right direction; 'no sales', 'no communication' 'waste of time' etc etc)
Goodbye Rakuten!
We've just spent a considerable amount of money on completing our Rakuten integration which in in its final testing phase and due to go live this week, having been working closely with our account manager and technical team who quite clearly had no idea that this was on the horizon, and I was shocked to get the email.
It's been a complete waste of time, money and effort, but ultimately it is a sad day for online retailing. Any marketplace that offers choice and competition for eBay and Amazon can only be a good thing, and had they persevered and done it properly, it could have only improved.
Im not in marketing or branding but changing from the catchy Play.com to the Japanese word Rakuten actually screamed at me WTF at the time. Very sad all round but not surprising.
Yeah, I was like how do I spell that again.
I remember years ago I worked in travel and Thomas Cook changed there name to JMC. It lasted a YEAR and they had to repaint all the planes again back to Thomas Cook.
Least people know the name PLAY, people take forever in the UK to accept anything new like a name. People has short attentions these days, and if they cannot even remember the name to put in a search engine.
I had an account with Play but results were nothing compared to eBay and Amazon.
Rakuten offered me shop last year, then I took into account the monthly fee on top of my FBA account and eBay featured store. Decided not to go for it. Just searching for products on Rakuten was a nightmare. I decided not to go for it.
They actually ruined PLAY. I used to SHOP on Play but never used Rakuten for one purchase.
I actually went on GAME marketplace in the end and only as there is no shop fee otherwise I would not. It was the shop fee that put me off.
You have to get the traffic to justify it, and make the search work.
We joined play.com in 2012 just after it was taken over by Rakuten.
Started off OK then sales plummeted about a year in, then Rakuten did the rebrand, closed the old system down and requested we pay up an expensive 6 months subscription if we wanted to get back on.
With the already dire sales we didn't even bother.
My guess is Rakuten bought play.com since it was the best alternative to the ebay/amazon duopoly. Some genius at rakuten management thought doing the following was a great idea.
1) rebrand from play.com, a well known shopping website with an established customer base, to Rakuten, completely unknown outside Japan.
2) Then hit the self destruct button, kick off all the third party sellers, which comprises 100% of of the website inventory. Now we are left with a webstie with diddly squat inventory on it. Customers vote with their wallets and leave in droves.
3) Half heartedly re invite a couple of sellers they just threw out to come back, but on the condition have to fork up a whopping 6 months of pricey subscription fees to join. Unfortunately the customers have long gone.
Absolute genius. Should go down in a college textbook as a case study in disaster turnarounds.
A real shame, because play.com was the only alternative to ebay/amazon. I dislike amazon and ebay both equally because ebay encourages buyer fraud and is generally getting lower in seller quality, while Amazon has draconian account suspension rules and because of this an extremely risky place to sell if your entire business depends on it.
We have taken more sales on Rakuten since the announcement then the previous month (low starting point), can only assume buyers are using up their points!
I was about to close my account anyway as our sales barely cover our account fees. They really ballsed up the transition from play and should have left it alone. Muppets.
"Epic Fail" …Why? Once again the 'Board Room' listen to so-called experts in addition to patting themselves on the back for every monumental decision.
When will they listen to Jo-Average who is the lifeblood of any business, the consumer?
For years, many associates and I spent hundreds of pounds regularly with Play.com because of the exceptional service. New release entertainment media was Always delivered on the Friday or Saturday prior to the Monday release = Geek Heaven for the weekend viewing/gaming.
'Play-Trade' was always a Big Bonus for casual/private sellers who wanted to off-load old media with No upfront costs.
Did the 'Executives' not realise that Sellers are Buyers too…? Preventing someone selling reduces their disposable income which inevitably reduces spending.
Once the above factors were removed, there was No Unique Selling Proposition or "why on earth would I shop with Rakuten? They don't offer me anything that I can't get, and receive within the same time, elsewhere…."
Listen to the Geek.


text:
(Boulder-CO) Today's date is December 16th, and on this day:
'61- Wilt Chamberlain of the Philadelphia Warriors began a streak of seven consecutive games in which he scored 50 points or more, another of Chamberlain's many NBA records.
'93- Patrick Ewing moved past Walt Frazier to become New York's all-time leading scorer, with 14,618 career points, after hitting a second-quarter jumper during the Knicks' 108-85 win over the visiting Los Angeles Lakers.
'97- Houston's Clyde Drexler had five steals to give him a career total of 2,115 and move him into fourth place on the all-time steals list.
Enjoy your day!