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A method and apparatus for providing trade financing to inventory suppliers (210), manufacturers (230), or both, on the basis of a zero inventory model. The method and apparatus involves the generation of a security on the basis of inventory ownership combined with either or both of a purchase guarantee from an inventory purchaser and an assignment of accounts receivable by an inventory supplier (210). The invention also involves an integrated supply chain process (S1-S4-S11-S13) and event notification interface (30) that can perform financial transactions and electronic proof of delivery in support of such zero inventory model financing.
1. A method of financing the provision by at least one supplier of goods to at least one manufacturer via a supply chain intermediary, comprising:
placing a quantity of goods in inventory by said at least one supplier;
taking ownership and control by said supply chain intermediary of said quantity of goods in inventory from at least one supplier; and
securing by said supply chain intermediary a purchase guarantee from at least one manufacturer requiring purchase of said quantity of goods in inventory; and
securing financing by said supply chain intermediary from a financing entity, on the basis of the ownership of said quantity of goods in inventory and said purchase guarantee.
2. The method of
incrementally purchasing goods by said at least one manufacturer under said purchase guarantee;
delivering incrementally purchased goods by said supply chain intermediary to said at least one manufacturer, on a just in time basis, and
making payment by said manufacturer to said supply chain intermediary as said goods in inventory are delivered on a just in time basis.
3. The method of
4. The method of
5. The method of
6. The method of
7. The method of
reducing the pledged value of inventory as the manufacturer takes possession of inventory incrementally based on just in time delivery.
8. A method of
implementing asset securitization of said inventory by said supply chain intermediary, on the basis of said purchase guarantee and said ownership of said quantity of goods.
9. A method of
creating a negotiable bankable instrument on the basis of said purchase guarantee and said ownership of said quantity of goods.
10. The method of
providing a payment by said at least one supplier for said quantity of goods in inventory by said supply chain intermediary from said financing, said payment being discounted for supply chain services and costs of said financing.
11. A method of financing the provision by at least one supplier of goods to at least one manufacture via a supply chain intermediary, comprising:
placing a quantity of goods in inventory by said at least one supplier;
taking ownership and control by said supply chain intermediary of said quantity of goods in inventory from said at least one supplier in exchange for an agreement by said supply chain intermediary to pay for said quantity of goods, creating at least one supplier account receivable;
obtaining by said supply chain intermediary assignment of said at least one supplier account receivable; and
securing financing by said supply chain intermediary from a financing entity, on the basis of the ownership of said quantity of goods in inventory and said assignment of said at least one supplier account receivable.
12. The method of
obtaining by said supply chain intermediary assignment of additional assets from said at least one supplier; and
said securing financing step is further based on said assignment of additional assets.
13. The method of
14. A method of
implementing asset securitization of said inventory by said supply chain intermediary, on the basis of at least said assigned accounts receivable and said ownership of said quantity of goods.
15. A method of
creating a negotiable bankable instrument on the basis of said purchase guarantee and said ownership of said quantity of goods.
16. The method of
incrementally purchasing goods by said at least one manufacturer from said supply chain intermediary;
delivering incrementally purchased goods by said supply chain intermediary to said at least one manufacturer, on a just in time basis, and
making payment by said manufacturer to said supply chain intermediary as said goods in inventory are delivered on a just in time basis.
17. A method of financing the provision by a supplier of goods to at least one manufacturer, comprising:
the supplier placing a quantity of goods in inventory;
a financing entity taking ownership and/or control of said quantity of goods in inventory from said supplier;
a financing entity obtaining assignment of at least a part of said supplier's account receivables; and
creating a negotiable instrument by said financing entity on the basis of its ownership and/or control of said quantity of goods in inventory and said assignment of said at least a part of said supplier's account receivable.
18. The method of
obtaining by said financing entity an assignment of additional assets from said at least one supplier; and
said securing financing step is further based on said assignment of additional assets.
19. The method of
20. The method of
21. A method of securitization, involving:
a supply chain intermediary taking ownership of inventory from at least one inventory supplier and securing at least one of a purchase guarantee from an inventory purchaser and an assignment of accounts receivable from said inventory supplier; and
issuing a financial instrument on the basis of a combination of said ownership and at least one of said purchase guarantee and said assignment of accounts receivable.
22. The method as claimed in
said supply chain intermediary obtaining financing on the basis of said financial instrument; and
said supply chain intermediary making payment to said inventory supplier for said inventory from said financing.
23. The method as claimed in
permitting said manufacturer to purchase said inventory from said supply chain intermediary on a just-in-time basis;
obtaining payment from said inventory purchase with each said purchase; and
paying down said financing on the basis of said payment.
24. The method as claimed in
25. The method as claimed in
26. The method as claimed in
net value of inventory assigned to the instrument,
net value of accounts receivables assigned to the instrument,
net amount payable to the intermediary due to services provided to the supplier.
27. A supply chain system adapted to support a zero inventory model of financing, comprising:
a supply chain management system controller,
data access and storage means coupled to said controller,
communications means coupled to said controller and being operative to send addressable and broadcast messages, and to receive messages, and
a plurality of remote communication units coupled to said controller via said communications means for receipt of at least one of addressable and broadcast messages and for transmission of messages to said controller, said communication units including at least financial institution units and inventory units, said inventory units being at least one of disposed or disposable at an intermediary warehouse site, transportation site or customer site.
28. A system as claimed in
wherein said supply chain management system controller is adapted to send a message to a specific remote communications unit or plural remote communication units related to said condition and said degree of urgency.
29. A system as claimed in
said remote communications units are adapted to send messages related to an electronic proof of delivery to any number of additional registered remote communication units.
30. A system as claimed in
said controller is adapted to transmit a request for confirmation of a transaction status regarding delivery of inventory;
said remote communications units are adapted to receive such request and to transmit a reply regarding acceptance and receipt of inventory; and
said controller is adapted to notify plural remote communications units of the transaction status of said delivery following receiving said reply.
31. A system as claimed in
32. A system as claimed in
means to select a delivery order identifier, and
means to allow said selected delivery order identifier to be further coupled with transaction status information, wherein the transaction status information includes at least one of delivery order completed, delivery order not completed, delivery order delayed, delivery order pending due to exception, delivery order not possible due to recipient not available at location of delivery, and
wherein said selected order identifier and transaction status information is transmitted to the controller and may serve as an electronic proof of delivery.
33. A system as claimed in
means to accept a range of electronic broadcast messages from plural registered remote communications units; and
means for generating in response to selected ones of said messages, electronic commands to direct the flow of inventory from multiple locations to a single central location for at least one of warehousing, assembly or packaging.
34. A system as claimed in
means to accept a range of electronic broadcast messages from plural registered remote communications units; and
means for generating in response to selected ones of said messages, electronic commands to direct the flow of inventory, comprising at least one of warehoused, assembled or packaged goods, from a single central location to multiple, designated locations for delivery.
35. A system as claimed in
means for directing the movement of inventory from one location to another based on the systemic issuance and acceptance of broadcast messages from any of plural remote communication units.
36. A system as claimed in
means to generate instructions to direct the movement of inventory from one location to another for purposes of at least one of warehousing, assembly and packaging said inventory, and
means to match and generate said instructions based on stored parameters about locations that can facilitate the at least one of warehousing, assembly and packaging of predetermined inventory types.
37. A method of implementing an electronic proof of delivery process with regard to an order for delivery of inventory in a supply chain involving at least an intermediary and one of an inventory supplier and an inventory purchaser, comprising at least one of:
(1) directing the movement of inventory from an inventory supplier location to an intermediary location, whereby said inventory is moved for at least one of warehousing, assembly and packaging requirements;
(2) directing the movement of inventory from an intermediary location where said inventory is at least one of warehoused, assembled or packaged, to at least one designated intermediary purchaser location; and
(3) transmitting information regarding movement of inventory from a delivery location to at least one other location.
38. The method of
electronically transmitting a request for confirmation of a transaction status regarding delivery of inventory;
electronically transmitting a reply regarding acceptance and receipt of inventory; and
electronically transmitting to plural locations the transaction status of said delivery following receiving said reply.
39. The method of
40. The method of
The present invention relates to a method and apparatus for providing trade financing to inventory suppliers, manufacturers, or both, within an integrated supply chain system. The present invention further relates to a process and event notification interface that can perform financial transactions and electronic proof of delivery.
The introduction of supply chain management (SCM) has revolutionized the ability of businesses to control and regulate the flow of inventory and to smooth the flow of inventory from inventory suppliers to manufacturers. Optimization of financial performance is possible since SCM can reduce inventory stock levels to the minimum that is then required for the manufacturer. In achieving such optimization, valuable capital can be freed up for the operation of the business, instead of being tied up to buffer excessive inventory levels. Integration into SCM of various operational and physical aspects of a business is a key to achieving the best managed flow of inventory, while at the same time minimizing the financial impact of holding inventory for the business.
However, one of the key problems encountered in SCM is the multi-tier process of successive ownership transfer from one inventory supplier to another, whether or not additional value is added. Even though the inventory eventually ends up with the manufacturer, it is accompanied by a rather high mark-up on top of the original value of the inventory plus value added, due to such a multi-tier ownership process.
Despite such increased costs, manufactures do not wish to hold inventory for an excessive time period, since it will reduce the amount of free capital available to them, increase their direct storage and warehousing costs, and generally restrict the manufacturer's ability to optimise inventory management.
Currently, there are two prevailing financing models used in SCM and the logistics industry in general, Supplier Owned Inventory (SOI) and Manufacturer Owned Inventory (MOI), with several variations also existing, such as VMI (Vendor Managed Inventory). These (VMI, SOI) are solutions made to ensure that manufacturers do not hold inventory until they require such inventory for actual manufacturing.
While these models solve problems of manufacturers, they create problems for the inventory suppliers, who become laden with the obligation of holding such inventor in their accounting books. As a result, the inventory supplier must now find trade financing from a financial institution. However, the inventory supplier faces significant limitations in obtaining favorable terms for such financing, both as to rate and loan amount.
Typically, a supplier of goods will strive to operate on a cash-on-delivery or cash-on-purchase order basis in an ideal environment. However, notwithstanding the advantages of modem commercial practices, such as are provided by B2B and B2C systems and techniques, two basic financing approaches still are used, "accounts receivable financing" and "inventory financing."
In current "accounts receivable financing" (AR financing) practices, for example, a supplier may sell $1,000,000 worth of computer hard-drives to a manufacturer of computer systems, and provide a credit term of 60 days to the manufacturer. The manufacturer, being a $20 billion conglomerate, with credit ratings that may exceed those of third world countries, can provide the supplier recourse. The supplier then offers its sale receipts or invoices to a financier for immediate payment of the sale value, less a discount that the financier will charge the supplier. The rate of discount depends on the credit rating of the manufacturer. At the end of the 60 days, the financier will receive the full payment ($1,000,000) from the manufacturer. The above method uses financial instruments such as commercial notes.
The alternative "inventory financing" method involves the supplier pledging the ownership or title of goods of a certain value to the financier, in return for operating cash. This may be favorable in the case where the supplier may be selling goods that have a very short turnover time (time of inventory to time of sale to customer). For example, an oil trader may have on hand $1,000,000 worth of crude oil that is typically sold within a 7-day period to a variety of customers. The oil trader may need money for the transport of the oil to the various customers in a multitude of destination countries. In effect, the oil trader will "mortgage" the oil inventory to the t financier for cash. The rate and schedule of charges that the financier will impose on the supplier depends on the quality of the pledged inventory. Oil is a commodity with a generally short-term price stability, and a long-term market. On the other hand, semiconductor chips have neither price stability nor long term market value. Thus, a financier would not release $1,000,000 to a supplier of DRAM chips for a 60-day period, when the prices of DRAM chips may be 30% down in a period of 10 days,
It also is quite rare, if not impossible, for a bank to accept inventory that the customer does not own (because it has sold than in exchange for accounts receivables) as collateral for a loan. Thus, where there is a need for financing for $1 million worth of inventory, but half is already sold, and the other half is allocated for sale due to a third party arrangement with the customer, such as a conditional purchase forecast (common in the industry), inventory financing is limited. A bank will simply finance $500,000 at best. In the case where half is allocated for sale, but there is no existing sale invoice from the customer, since the customer only has a conditional forecast that the other half of the inventory may be sold to one or more manufacturers within a period, the bank would not finance the remaining $500,000 of inventory. In short, the inventory supplier can not make use of inventory sold to customers as collateral to obtain a lower cost of financing.
There are further differences between the case where a customer simply pledges accounts receivables and the case where there is inventory financing.
For example, the bank may offer different rates based on different collateral being pledged by the customer (inventory may be financed at 8% pa, up to 50% of the value of inventory, while accounts receivables maybe financed at 6% pa, up to 80% of the value of account receivables)
Thus, there is a clear need to find a way to optimize the use of inventory ownership and/or control so that the most favorable financing terms can be achieved, yet quick payment to supplies and just in time delivery to manufacturers can be attained as well. The present invention satisfies such need, including but not limited to offering the inventory supplier a single low rate of financing.
The financing requirements of the manufacturer and inventory supplier are further amplified by the way certain physical processes in the logistics chain are separated from current electronic SCM systems, particularly certain financial processes that are crucial in the entire SCM process. One such financial process is inventory financing.
Existing SCM electronic systems are built and operated with emphasis on operations and processes directly related to supply chain management. However, there is no "real" or direct integration of financial processes commonly required by the inventory supplier, manufacturer, or both, such as inventory financing etc. Currently, "integrated" supply chain systems are ones that are capable of merging supply chain data and generating invoices, purchase orders, or electronic documents related to shipping and handling etc. The problem arising from such "integrated systems" is the lack of true physical integration of certain process into the supply chain, such as the delivery of inventory from the supply chain intermediary to the inventory purchaser, typically the manufacturer. When the inventory is physically delivered, and possession, ownership and/or control handled over to the inventory purchaser, the purchaser will typically sign on an invoice receipt commonly deemed as a "proof-of-delivery". The invoice receipt will then be routed back to a human operator naming the supply chain system, who will manually update related information in the system database, and thus start the financial process (i.e., payment) related to such a delivery. Clearly, this adds cost to the overall process and is generally not efficient. Moreover, there maybe inaccuracies and delays in recording and communicating the related events or activities, since the physical activities (such as the delivery and handing over of inventory) are not electronically connected to the supply chain management system.
Clearly, there is a need for the supply chain processes to be capable of sending system information on the status of each process and/or event, and to be able to automatically trigger other related activities and SCM processes. The goal is to dramatically improve the overall efficiency of the supply chain management system and provide the supply chain intermediary with the ability to perform and complete services accurately and in the least amount of time.
The present invention concerns a zero inventory model for financing the production, sale, storage and delivery of goods in a supply chain having just in time capability. The invention further concerns a supply chain system for implementing such zero inventory model, including rapid and efficient event notification and the provision of electronic proof-of-delivery.
In traditional financing, the inventory supplier can raise money from the pledging of sale receipts to the financier. In zero inventory model (ZIM™) financing, the supply chain intermediary secures title and/or control of inventory and combines such asset with purchase guarantees and/or assigned accounts receivable to securitize the financing.
In one exemplary embodiment of the present invention, the supply chain intermediary owns the inventory and secures the purchase guarantee from the subsequent purchaser of the inventory. In another exemplary embodiment, the supply chain intermediary also owns the inventory but secures an assignment of accounts receivable from the supplier. In both embodiments, the supply chain intermediary is in possession of two different assets, and uses that combination to create a negotiable bankable instrument that can be used for asset securitization and subsequently funding This method creates a very safe security for the supply chain intermediary to obtain a very low cost of financing. The inventory supplier does not need to present sale receipts or collateral to the supply chain intermediary to get a shorter payment cycle. This is because the supply chain intermediary has taken the role of securing the purchase guarantee from the manufacturer, while at the same time holding ownership to the inventory that is tied to such a guarantee. Alternatively, the supply chain intermediary has combined an assignment of account receivables from the supplier, while at the same time holding ownership and control of the inventory that is tied to the account receivable.
The only party that is physically and financially-positioned to offer such safe security is the supply chain intermediary, since inventory is physically delivered in succession from the supplier to the manufacturer. Zero inventory model (ZIM™) financing, in one exemplary embodiment, is a method whereby the supply chain intermediary secures a purchase guarantee from the manufacturer or assignment of accounts receivable from the supplier, and ownership of inventory from the supplier, attaches the two instruments into a single security for a financier to provide a very low cost of financing to the supplier, manufacturer or both This satisfies the requirements of two parties involved in the supply chain. First, the supplier gets a shorter payment cycle at a lower rate. Second, an inventory purchaser (e.g., a manufacturer) can receive the benefit of just-in-time access to inventory.
Each financial process (to make payment available for the inventory) may be any kind of arrangement that the intermediary may implement with any other third party such as a financial service provider. Significantly, the two financing methods do not involve a brokering model, since the supply chain intermediary takes physical ownership and/or control of the inventory prior to the provision of the inventory to the manufacturers.
The possession and control of the inventory by the supply chain intermediary permits the intermediary at the request of the inventory supplier, the manufacturer, or both, to perform additional value-adding actions or steps to the physical inventory. For example, the manufacturer may require a supplier of computer display devices to label such devices with a sticker label of the manufacturer, before the manufacturer purchases the devices from the supplier. Because the supplier is usually an OEM (original equipment manufacturer) of the device, under conventional arrangements, labeling of such devices may require yet another third party to perform the additional steps (plus contracting, delivering and receiving activity). Very often, such a device is labeled and then handled over to the supply chain intermediary for storage management. The supply chain intermediary can easily provide the additional labeling service for the supplier, since the inventory (of such devices) will ultimately be handed over to the intermediary anyway.
The inventory supplier will also face the issue of getting paid for the devices supplied to the manufacturer after a stipulated time (credit period). The supply chain intermediary, should it perform similar services to a multitude of suppliers, can consolidate the financing requirement of the collective group of suppliers and provide a shorter payment cycle. At the same time, the intermediary can implement additional value added services, including manufacturing or assembly processes for the suppliers.
This two-into-one service provision to the suppliers can dramatically improve the entire supply chain process, as the amount of physical transfer and ownership transfer is reduced. For example, there is no need to ship the devices from supplier to a labeling company, and then to the supply chain intermediary. The vital role that the supply chain intermediary plays with respect to the manufacturer, inventory supplier or both is its ability to undertake processes to physically enhance or prepare the inventory for subsequent processes along such a supply chain.
Since the supply chain process contemplates that the supply chain intermediary will take ownership and/or control of the inventory, the supply chain intermediary will have the ability to make use of its own internal financing sources to raise finds to implement the actions or steps required to perform this "value-added" service. Financing to the inventory suppliers, the manufacturers, or both, becomes a favorable process that can reduce the cost of financing for the inventory supplier, the manufacturer, or both. This is because the supply chain intermediary is able to make use of the collective store of inventory from a plurality of inventory suppliers to secure a much lower cost of funds than that available through the individual financing efforts of each inventory supplier.
This supply chain arrangement is desirable for the supply chain intermediary as well, since its ownership and/or control of the inventory allows the intermediary to also easily perform additional "value-added" services that the manufacturers demand from the inventory suppliers.
The foregoing financing methods take advantage of the requirement of the manufacturers, and/or inventory suppliers to provide another useful service to both entities.
In another preferred embodiment, the supply chain intermediary may also undertake to perform the additional steps while a third party implements financing to the inventory supplier, manufacturer, or both, similar to methods described in the first exemplary embodiment.
The present invention can also electronically broadcast messages, data and/or information relating to a particular or a series of supply chain processes or events, to a plurality of mobile devices such as a mobile phone, mobile computer etc. The system can require that several conditions or parameters must be met prior to the electronic broadcasting of the messages. For example, the system can monitor the quantity of current inventory, and once such inventory meets certain pre-stored conditions, trigger the system to broadcast a message to a predetermined device. The invention can also allow for different type of devices to be notified of the message, depending on the conditions set on the system. Preferably, the invention can send a simple email message, if the condition set by the system is not an urgent (or time sensitive) notification. Preferably, the invention can send the message to a mobile phone if the inventory under monitoring falls within a condition that warrants immediate attention. Thus, the invention provides a unique system whereby conditions of each supply chain process can be programmed into the system, and the conditions can provide the users of the system the ability to determine the urgency of each condition, and to broadcast the message to a specific device, including but not limited to mobile phones, mobile computers, personal digital assistants etc.
The present invention can also allow the supply chain intermediary to electronically initiate a mobile device (that had pre-registered with the supply chain system of the supply chain intermediary) owned by the manufacturer, to input a password or PIN and electronically validate a transaction, approve the delivery of inventory at hand, and at the same time, via the mobile device, instruct payment instructions to be made from the manufacturer to the pre-determined bank account of the supply chain intermediary. This electronic method to validate a "proof-of-delivery" (ePOD) between the supply chain intermediary and the manufacturer, and also integrates the financial processes (in this case the direct payment instructions from the inventory purchaser to the supply chain intermediary) alongside the supply chain process. A dramatic increase in efficiency and speed in such a transaction is achieved since two processes are simultaneously performed at the time when such a process is taking place, or has already been finished (such as the delivery and handing over of inventory to the manufacturer). In addition, this electronic ePOD can also initiate the transfer of ownership of the inventory from the supply chain intermediary to the manufacturer. Mobile devices or dedicated computer units are also attached to the various components of a supply chain electronic system operated by the supply chain intermediary.
In order that the invention may be more clearly ascertained, preferred embodiments will now be described, by way of example, with reference to the accompanying drawings, in which:
In order that the invention may be more clearly ascertained, exemplary and preferred embodiment are subsequently described that by way of example and with reference to the accompanying drawings, provide an enabling description of the invention. These exemplary embodiments are not intended to be limiting, but to provide some examples of the manner in which the invention may be made and used One skilled in the art would be enabled to make and use the invention according to other embodiments based upon these teachings, and such additional embodiments are within the scope of the present invention.
In a typical scenario for implementing zero inventory (ZIM™) financing, at least three of the following four parties would be involved:
a supply chain intermediary;
an inventory supplier;
a manufacturer; and
a financier.
Typically, the "supply chain intermediary," or "service provider" is the operator of the technology behind ZIM™ financing, and may comprise one or more parties. At a minimum, the intermediary would (1) supply the actual operational services involved in ZIM™ financing and (2) operate and implement the contractual and data processing aspects of ZIM™ financing. Preferably, these two functions would be performed by separate, although related, entities.
The "financier" will be the entity that evaluates the credit ranking and financial considerations of a typical ZIM™ transaction, and makes use of securities that may be provided by the supply chain intermediary to procure financing for the intermediary.
The "inventory supplier" is the ZIM™ service consumer who provides the inventory and has an immediate requirement for a shorter payment cycle, comparatively lower transaction cost and lower interest rate, as compared to those available from conventional financing products, such as account receivable financing and inventory financing.
The "manufacturer" or other "inventory purchaser" is a ZIM™ service consumer who desires to purchase inventory, but has an immediate requirement for deferred delivery and ownership of inventory, usually on a just-in-time basis, from the supplier.
In either AR financing or inventory financing, there is usually a base cost attached to the risk that is being perceived by the financier. The riskier the deal, the higher the charges, or in many cases, the financier will not even consider funding the supplier.
However, if the supplier can finance the sale (for $1,000,000 worth of hard-drives) via a sale invoice and collateral of the inventory (the hard-drives), the risk level is significantly decreased, and so is the cost of financing. This scenario is akin to the supplier selling the hard-drives to the manufacturer, selling the invoices to get financing and asking the manufacturer to pledge the inventory to the financier. In this example the manufacturer is a computer notebook maker, with a multitude of suppliers for the various components required for the manufacture and assembly of the notebook. It will be understood, however, that the manufacturer could be a producer of essentially any goods.
A single supplier of such components, who will be referred to as the "inventory supplier," will be described, however, it will also be understood that a manufacturer could obtain components from a plurality of such suppliers. The supplier supplies computer hard-drives to the manufacturer, using the supply chain intermediary as the supply chain manager. The manufacturer currently only wishes to hold inventory (of the hard-drives) that is adequate for the actual current manufacturing requirements. The supplier, however, will only sell the inventor in a specific wholesale quantity. As a result, the supplier will usually own the entire value of the inventory until the manufacturer actually purchases the inventory.
The supplier complies with the manufacturer's wish by finding a source for financing. Conventionally, the supplier will pledge the inventory as collateral to the intermediary (inventory financing), or obtain financing from the sale receipts of the inventory from the manufacturer (accounts receivable financing).
In the case of inventory financing, inventory that is pledged to the intermediary will be discounted by the intermediary by a certain percentage, for example, computer hard-drives may be discounted by 15% for a financing period of 60 days. The supplier may have $1,000,000 worth of bard-drives in actual inventory—and therefore will perhaps obtain only US$850,000 in financing. This is due to the existence of a possibility of obsolescence of the inventory. The intermediary may also charge the supplier an interest rate of about 7% per annum.
In the financing method of pledging sale receipts (accounts receivable financing), the financier will evaluate the credit worthiness of the supplier's customer—which in this case, is the manufacturer of the notebooks. The financier may finance the supplier in the variety of ways—usually the required amount that the supplier has requested for ($1,000,000), plus an interest rate. The interest rate in this case may vary, depending on the risk assessment by the financier of the manufacturer. The problem may arise when the supplier has very tight profit margins of the computer hard-drives (inventory). This may make the cost of financing relatively expensive to the supplier.
The supplier cannot combine the two forms of financing because the supplier cannot obtain inventory financing if the inventory is sold to the manufacturer.
A low cost of financing can be obtained in the case where the sold inventory is collateral, and either a purchase guarantee is obtained from the manufacturer (inventory purchaser) or the sale receipts are pledged to the financial intermediary. The former is akin to the supplier selling the hard-drives to the manufacturer, pledging the sale receipts to the intermediary, and asking the manufacturer to pledge the sold inventory to the intermediary. The inventory supplier cannot implement such financing technique,—but the supply chain intermediary can, easily do so.
In the case of the supply chain intermediary, the inventory is physically residing within the intermediary's storage facilities for a time period, before being actually delivered to the manufacturing facilities of the manufacturer. The intermediary is in a good position to take ownership of the inventory. The intermediary also may be in a good position to secure a guarantee from the manufacturer to purchase the inventory within a pre-agreed time period. The intermediary alternatively may be in a good position to obtain an assignment of accounts receivable from the inventory supplier. In either case, the intermediary can have possession, ownership and/or control of the inventory, and at least one of a guarantee to purchase inventory from the manufacturer or an assignment of accounts receivable from the inventory supplier The intermediary has the unique ability to bundle these assets together and generate a credible basis for financing.
In such a case, the intermediary can obtain a lower cost of financing from the financier than can the supplier. The intermediary can give the inventory supplier a much shorter payment cycle than the manufacturer, while at the same time charge a much lower interest rate than the supplier can where the supplier approaches the financial intermediary individually.
In implementing zero inventory method financing, according to one exemplary embodiment, the intermediary win (1) obtain possession, ownership and/or control of the inventory, and (2) the intermediary will establish contracts with both the manufacturer and the inventory supplier for implementing zero inventory model (ZIM) financing, as illustrated in the flowchart of
The intermediary will secure a contract with the inventory supplier as represented by step S1 with the following exemplary terms, although many others may be used:
That the supplier will supply inventory to the supply chain intermediary within 3 days of receiving an intermediary purchase order form, from the intermediary.
That the supplier shall supply the intermediary inventory according to data contained in all intermediary purchase order forms transmitted from the intermediary to the supplier within a 60-day period, at the fixed unit price.
That the supplier will issue an invoice electronically to the intermediary with the following details:
The intermediary also will enter into a contract with the manufacturer, as represented in step S2, with the following exemplary terms, although many others maybe used:
Referring to
In the exemplary embodiment according to the flow chart of
Referring to
Alternatively, with reference to
In yet another variation, an alternative asset of the supplier may be used instead of accounts receivable, and may include an inventory consumption forecast, provisional purchase order, purchase order, or provisional contract for purchase, from either the supplier and/or the intermediary's own clients/buyers of inventory.
Whether operating in accordance with the arrangement of
When calculating the amount of financing to be provided to the supplier based on the relevant asset values, some or all of the following steps may be taken: (1) computing the net value of the inventory assigned from the supplier to the intermediary; (2) computing the net value of the accounts receivables assigned from the supplier to the intermediary; (3) deriving a combined value of the two assets assigned from the supplier to the intermediary; and (4) attaching a financing cost chargeable to the supplier based on the combined value.
The intermediary may also include in the financing cost the supplementary costs and expenses relating to its provision of services to the supplier, including, but not limited to: (1) the net cost of information technology; (2) the net cost of warehousing, logistics and transportation; and (3) the net cost of risk, insurance, inventory insurance, and accounts receivables administration. Some or all of such net costs would be added to said financing cost to derive a total cost of service. The cost of service may be expressed as a percentage of the total value of the inventory, and the intermediary may conveniently offer its services as a percentage of the total value of the inventory.
Consequently, the intermediary can make use of assigned assets from the said customer to consolidate into a single financial instrument that is fully negotiable, having a value comprising of the following:
When the zero inventory model (ZIM™) is applied to a one-to-many model, the benefits are amplified even finer, particularly where there are plural manufacturers from different industries, for example, and/or where the supply chain intermediary is dealing with a multitude of suppliers. For example, assuming a case where there are 5 manufacturers and 1000 suppliers, with a uniform division of just 200 suppliers per manufacturer, the benefits may be significant. Further assume that only 10% of the suppliers are interested in zero inventory model financing, but they sell a collective value of inventory worth $100 million, with an average turn-around of 15 days. The suppliers may have a group median of about 7% for the cost of AR financing. The financier may offer funds ($100 million) for 3.25% if:
This can only be possible if the financier implements asset securitization of the collective cache of guarantees and collateral presented. Asset securitization may be obtained in any of a number of ways, including discounting the face value of the secured asset against the seller of the securitization paper, issuing rights to different buyers of the securitization paper at separate rates of discount, etc. The financier must use securitization and cannot provide a bank loan to the supply chain intermediary for 3.25%, since the cost of capital is probably pegged to the bank's deposit rates. The supply chain intermediary charges a flat rate of 4.1% to the suppliers—who can can't get rates that are competitive to the one offered by the intermediary. The supply chain intermediary makes a spread of 0.85% on $100 million worth of zero inventory model financed instruments.
Assuming the group median credit term of the 5 manufacturers is 60 days, a simple calculation will mean that the ZIM™ process may be repeated 6 cycles in one year. $5,100,000 of recurring revenue earned each year. This return is obtained from 10% of 1,000 suppliers spanning 5 manufacturers, with a collective inventory value of $ 100 million.
Clearly, in the case of zero inventory financing, there is a primary party driving the financing flow, typically, the supply chain intermediary. The driving party is (1a) securing a guarantee from another entity, or (1b) securing assignment of accounts receivable from another entity, and (2) tying such a guarantee or assignment to another security (such as inventory as collateral) from a financier. The driving party is then making use of this consolidated instrument to procure finding, particularly providing money at a lower cost to the supplier or intermediary. Notably, using this arrangement, the driving party can provide the finds to a consolidated group of entities, or secure the consolidated instruments from such a group to perform financing.
The securitization of a zero inventory model (ZIM™) instrument with a purchase guarantee and pledging of inventory may have the following structure:
The above structure does not allow for the pledged inventory to go beyond the control of the inventory owner—which in this case will no longer be the supply chain intermediary. The ownership now resides with the purchaser of the security (e.g., the financier), since the supply chain intermediary will need to sell the security to the financier to obtain cash for payment of inventory to the supplier. However, as the manufacturer makes incremental purchases, the value of the pledged inventory will have a mechanism to incrementally reduce the pledged value, and the corresponding liabilities of parties involved. The purchase guarantee must also reflect the change in liabilities of the manufacturer.
Notably, this arrangement is in compliance with current Financial Accounting Standards Board rules, particularly FAS Rule 125 regarding the transfers and servicing of financial assets and extinguishment of liabilities, since the treatment of liabilities and asset obligations is recognized and derecognized at appropriate times when the control of assets changes significantly, as specified in sections (a)-(c) in paragraph 4 of FASB Rule 125. The operating and accounting impact on the manufacturer in one instance is significant, since the manufacturer has the advantage of making incremental purchases on a just-in-time basis by using its rights under the ZIM™ initiated purchase guarantee with the intermediary. The manufacturer benefits from flexibility in operating cash flows, since inventory can now be purchased on a just-in-time basis—however, the financial impact is just the same, since improved cash flow is countered by the issuance of a purchase guarantee to a third party (the supply chain intermediary). Compliance with the FAS 125 rule, however, will mean the presence of operating liabilities (or accounts payable).
The technology involved with the zero inventory model must consider the needs of the several parties, particularly the financier who is asked to take the risk and advance funds on the basis of the securitization issued by the intermediary. Generally, the financier would require the several technology-based assurances before committing to some kind of arrangement to procure and raise funds under the ZIM™ arrangement. First, the financier would have to be satisfied that an electronic message coming from a particular computer system, especially one not under its control, or regulated by rules of a governing authority, is really what it claims to be. The financier will typically engage an independent third party auditing company to implement such system. Today, the system would need to have at least the normal security features of current computer systems, so that the transaction channel would fully mesh with the financier's own internal systems. Some of the following are implementations, which are currently adopted by financiers:
There are of course many other forms and embodiments where separate and distinct systems are used (such as NT, Linux, UNIX-SCO etc.), although there are seldom wide variations in the above configuration.
The technical integration of newer systems such as the AS400 to older mainframes (still forming the bulk of back-end infrastructure) are dependent on the basis for electronic communications between the interfaces that operate transaction processing etc.
The zero inventory model (ZIM™) for trade financing offers a revolutionary shift in financing for suppliers in almost every industrial segment today, since the supply chain intermediary or service provider covers virtually every industry sector. In an operating environment, a small spread of just 25 basis points of the value of the securitized asset can yield minions of dollars in recurring revenue from a relatively small cache of inventory. ZIM™ has the capability of changing the entire financing service level currently in place with tens of thousands of suppliers that power the manufacturing output of the world's largest companies, brands and services. To this end, in implementing zero inventory model financing, certain important components that should be addressed are:
Consideration of these components, as would be understood by one skilled in the art, would lead to a supply chain system that is adapted to providing low-cost financing for suppliers using a zero inventory model, while being compliant with applicable FAS guidelines.
The supply chain system that would implement the zero inventory model would require a reliable and secure event notification system. The system would be adapted to receive electronic data from a multitude of physical manufacturing and storage management computer units and sensors, and would be adapted to securely transmit messages to any device that is connected or registered on the system via public and private systems, including switched networks, wired and wireless systems and the Internet. Referring to
The storage 20 also stores selections that a registered user of the system pre-programs. For example, the registered user can program the following:
The storage 20 also can include signal indicator numbers that interface units 30, 40 and 50 may transmit and which correspond to the programmed event or process. The storage 20 also store database tables having reference data fields that match each the urgency level (B), (C) and (D) to each of the device names (E), (F) and (G).
A further desirable system feature, but not necessarily a requirement for the zero inventory model is an electronic proof-of-delivery (ePOD) process. With reference to the sub-system illustrated in
For example, a device 170 may have a capability and display for displaying an electronic menu of options during a delivery of goods from inventory to a intended recipient by delivery personnel. The menu could have one or more of the following menu items and associated implementing software and hardware at unit:
The menu selection can result in a transmission of a message to the controller that establishes an electronic proof of delivery (ePod).
The software and hardware at the supply chain management system controller 10, including the interface components 40 and 50, may comprise a means to accept a range of electronic messages from any number of registered users. On the basis of such messages, the controller 10 may generate electronic commands to direct the flow of inventory from multiple locations to a single central location for one or more of warehousing, assembly and packaging. The messages may also cause the controller to generate electronic commands to direct the flow of inventory either being warehoused, assembled or packaged, from a single central location to multiple, designated locations for delivery. In general such commands will allow for instructions to direct the movement of inventory from one location to another based on the systemic issuance and acceptance of messages from any given number of users having being registered onto the said system. The instructions may include having all information related to inventory being stored onto the system accompanied by data such as assembly/packaging requirements, and having the system to match and generate instructions based on stored parameters about locations that can facilitate the warehousing, assembly and/or packaging of pre-determined inventory type.
The supply chain management system controller 10 also may have software and hardware that comprise a transaction means to allow for other related supply chain processes to be triggered, notified, implemented, and/or alerted to any number of registered users pending the broadcast of individual delivery transaction status and/or confirmation.
The supply chain management system controller 10 will also have software and hardware that enables a user to effect payment 160 of inventory via the user's financial institution 120 to an interface 110 operated by the supply chain intermediary. The payment 160 is effected after mobile device 170 has completed any user input that is required prior to the initiation of payment 160.
The implementation of the functions described herein are readily implemented by those skilled in the art without undue experimentation. Moreover, there are many other modifications that can be made within the spirit and scope of the invention, as would be readily understood by persons skilled in the art. It is to be understood, therefore, that this invention is not limited to the particular embodiments described by way of example herein.
Referenced by
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Discover a selection of top forums scania looking on the internet. Come to share your passion on forums scania looking and meet other fans of scania looking. Then, why don't you create your own forum of scania looking ?
Home of Acceleration
acceleration, #scania, forum, guild, accer, heartlanaz, pinksinbabe, lovegistic, friendly, active, bossing, recruiting, maple, story

subset: commoncrawl


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Marcellus, Friday Energy Facts: Utica Provide 85% of U.S. Shale Gas Production Growth Since Start of 2012
The productivity of natural gas wells in the Marcellus Shale and the neighboring Utica Shale is steadily increasing because of ongoing improvements in precision and efficiency of horizontal drilling and hydraulic fracturing occurring in those regions.[read more]
Four Things to Look for in EPA's New Voluntary Methane Reduction Proposal
The EPA will soon propose its "enhanced" Natural Gas STAR program, providing guidelines for oil and gas companies that want to voluntarily reduce methane emissions. Calls for voluntary measures to address pollution have increased recently, as the EPA is set to release its first-ever methane rules this summer.[read more]
The Reality of Energy Storage Policy Is Different From What Solar-Storage Vendors Expect
California may in fact be one of the country's great key emerging markets for battery-backed distributed solar energy. But that promise of energy resource transformation is made up of a complex set of equal parts opportunity and uncertainty.[read more]
How EV Chargers and Energy Storage Can Make Good Grid Partners
Electric vehicles could be a challenge or a resource, according to utilities plotting ways to turn EV charging stations into smart, grid-responsive resources. But the first steps toward making EV charging an asset may come from the demand charges that penalize utility customers for spikes in their electricity consumption.[read more]
Dramatic Growth of Energy Storage Depends on Natural Gas Prices
The case for the dramatic growth of energy storage on the grid is really a case against a long term stable price for natural gas. Hockey stick projections for the storage market fundamentally depend on the assumption that gas prices will rise and/or that grid operators will hedge against that possibility.[read more]
Department of Energy Sharpens the Budget Axe for South Carolina MOX Plant
As part of a unique nonproliferation agreement with Russia, the US is building a mixed oxide fuel production plant in South Carolina to downblend 34 tonnes of weapons grade plutonium with uranium oxide (U308) to make it into mixed oxide fuel (MOX). The Russians are disposing of a similar tonnage of plutonium.[read more]
Removing Toxic Electronics From New York City's Waste
While the dangers of climate change attract more attention than other environmental issues, the problems of waste and toxics also persist - and are worthy of attention and action. One of the fastest growing environmental problems of the past decade has been the rapid increase in electronic waste.[read more]
Entrepreneurial Startups Tackle Advanced Nuclear Reactor Designs
Almost three dozen firms representing $1.3 billion of investor money are pursuing technological innovations in the field of nuclear energy. A June 2015 report by the Third Way, a Washington, DC, think tank, details the mix of firms includes small startups and big-name investors like Bill Gates.[read more]
Commentary: Cracking Open A Window for Iran to Attain its "Economy of Resistance"
As news of a deal between Iran and the P+1 group intensifies, markets and companies will increasingly focus on what it will mean for oil. There are already hints that any deal will involve inspections, followed by affirmation of compliance, by the International Atomic Energy Agency which could take up to six months.[read more]
Last Monday's Large Percentage Decline in Crude Oil Prices was Relatively Rare
The front-month futures price for crude oil benchmark West Texas Intermediate (WTI) declined 7.7% on Monday, July 6, the largest single-day decline in percentage terms since February 4. With this decline, oil prices fell below the trading range established over the past few months.[read more]
Reliability Is Key Issue For Electric Utilities In Changing Market
In a recent article in Utility Dive, Tucson Electric Power's Carmine Tilghman made a big deal about the unfavorable economics of Tesla's current 7 kilowatt-hour Powerwall battery option, which he said would cost consumers $7,000 installed.[read more]
Cyberattack on U.S. Power Plants Could Cause $1T in Economic Damage
Let's imagine an "improbable, but not impossible" cyberassault on the U.S. power grid. A shadowy group of skilled and malicious actors spend years implanting a piece of malware, dubbed the "Erebos" trojan, in the control systems of power plants across the Northeastern United States.[read more]
My Dr. Strangelove Moment: How I Came to Love Clean Coal
I recently returned from a two week barnstorming trip that took me to see the newest clean coal power plants that employ carbon capture and sequestration (CCS). CCS is the practice of physically capturing carbon dioxide molecules from the exhaust streams of large fossil fuel burners like power plants.[read more]
What Greece, Cyprus, and Puerto Rico Have in Common
We all know one thing that Greece, Cyprus, and Puerto Rico have in common–severe financial problems. There is something else that they have in common–a high proportion of their energy use is from oil. Figure 1 shows the ratio of oil use to energy use for selected European countries in 2006.[read more]
Energy Storage and the Cost of Going Off-Grid
Last month's Annual Energy Conference of the EIA included speakers and panels on topics such as crude-by-rail, potential oil exports, and the role of the Strategic Petroleum Reserve, all of which should be familiar to my readers here. However, the topic that really caught my interest this year was energy storage.[read more]
What are the emerging energy and utility trends?
Learn more in an exclusive, free ebook:
"The Future of Energy and Utilities: An IBM Point of View."
|More coming soon...
"I do not mind the IMF doing this sort of analysis.However what I do mind is them ignoring the positive affects of this fossil fuel use. Every country that has existed has relied on acess to energy to increase the living standards. Fossil fuels are still the primary route for this access. Ignoring this is not painting a true and accurate picture. "
"Great article Schalk, I was rather expecting you to be the person to filet this report.Thanks.One quible though. It is not clear from your article that this report is a "work in progress" and does NOT necessarily represent the views of the IMF. On the IMF webpage and in the introduction of the report, this is very explicitly stated.IMF Working Papers describe research in progress by the author(s) ..."
"Why do they need the tax incentives? It seems as if all the solar and wind articles that I read state that the industry is already competitive with fossil fuel and nuclear power sources. They already have requirements on utilities to meet state mandated renewable power percentages so ..."
"Since our earth observation satellites can detect methane emissions, and combined with our global positioning system can have about 10 feet resolution, maybe they can be used to detect methane leaks, from drilling/fracking sites, pipelines, and natural sources like the methane burps along the ..."
Scott Edward Anderson is a consultant, blogger, and media commentator who blogs at The Green Skeptic. More »
Christine Hertzog is a consultant, author, and a professional explainer focused on Smart Grid. More »
Elias Hinckley is a strategic advisor on energy finance and energy policy to investors, energy companies and governments More »
Gary Hunt Gary is an Executive-in-Residence at Deloitte Investments with extensive experience in the energy & utility industries. More »
Jesse Jenkins is a graduate student and researcher at MIT with expertise in energy technology, policy, and innovation. More »
Kelly Klima is a Research Scientist at the Department of Engineering and Public Policy of Carnegie Mellon University. More »
Jim Pierobon helps trade associations/NGOs, government agencies and companies communicate about cleaner energy solutions. More »
Geoffrey Styles is Managing Director of GSW Strategy Group, LLC and an award-winning blogger. More »
The Energy Collective
- Rod Adams
- Scott Edward Anderson
- Charles Barton
- Barry Brook
- Steven Cohen
- Dick DeBlasio
- Senator Pete Domenici
- Simon Donner
- Big Gav
- Michael Giberson
- Kirsty Gogan
- James Greenberger
- Lou Grinzo
- Jesse Grossman
- Tyler Hamilton
- Christine Hertzog
- David Hone
- Gary Hunt
- Jesse Jenkins
- Sonita Lontoh
- Rebecca Lutzy
- Jesse Parent
- Jim Pierobon
- Vicky Portwain
- Willem Post
- Tom Raftery
- Joseph Romm
- Robert Stavins
- Robert Stowe
- Geoffrey Styles
- Alex Trembath
- Gernot Wagner
- Dan Yurman


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- Ohm Youngmisuk, ESPN Staff Writer
- 0 Shares
- Comment
The Giants have signed quarterback Curtis Painter, one of 13 players inked to reserve/future contracts.
Painter is Peyton Manning's former backup in Indianapolis, where he started eight games in 2011 when Manning was out. Painter might have an opportunity to back up Eli Manning, with David Carr set to become one of the Giants' unrestricted free agents.
The Giants signed Painter, linebacker Jake Muasau, wide receiver Brandon Collins, cornerback Trumaine McBride, wide receiver Kevin Hardy, guard Michael Jasper and defensive tackle Bobby Skinner to reserve/future contracts.
Earlier in the week, the Giants signed tackle Matt McCants, tackle Levy Adcock, guard Stephen Goodwin, tight end Larry Donnell, defensive end Matt Broha, and cornerback Laron Scott to reserve/future contracts. All six were on the Giants' practice squad this past season.
ROLLE FINED: Safety Antrel Rolle and Eagles tackle King Dunlap were both fined $7,875 for "unnecessary roughness" by the NFL for their skirmish during last Sunday's regular season finale.
Don't forget about Rueben Randle in Giants' WR corps
17mDan Graziano
Giants GM has spoken with Pierre-Paul, agents
6hDan Graziano
NFL Nation: QB auditions highlight early camp storylines
8hScott Symmes
How's Victor Cruz doing? Giants so far seem pleased
22hDan Graziano
Geoff Schwartz sits out Giants practice with sore foot
22hDan Graziano
Bennett Jackson enters Giants' unsettled safety picture
22hDan Graziano
Because you asked: A little Giants training camp Q&A
2dDan Graziano
Giants' latest trio of backs ready to figure out roles
2dOhm Youngmisuk
James Jones already familiar with Giants, Ben McAdoo's offense
2dOhm Youngmisuk
Giants are hoping Landon Collins is a quick study
2dDan Graziano
Giants sign Painter to reserve/future deal


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16 Matches for Eric Pelz
Eric Pelz 27 yrs, sloggi_one
Eric Pelz is 27 years old. He lives in Birkenwerder, Brandenburg. Online, Eric goes by the alias sloggi_one.What is PeekScore?
Eric E. Pelz 34 yrs, fyrftr
34-year-old Eric E Pelz lives in Wheaton, IL, but has also spent time in Chicago, IL. He went to school at the Central High School and Parkland College. Companies in which he has a work history include Grand Teton National Park and Alaska Fire Service. Jobs he has held in the past include Digger. Eminem, Country Music, Elliott Smith, Death Cab For Cutie, The Postal Service, Jimmy Eat World, The Fray, Billy Madison, Ben Harper, Ryan Adams, Bone Thugs-n-harmony and Johnny Cash are his favorite bands. Among his favorite movies are Gladiator, Braveheart, The Big Lebowski, Love Actually, Super Troopers, Good Will Hunting, Men Of Honor and Tango & Cash. On the web, Eric goes by the alias fyrftr.What is PeekScore?
Eric Pelz 25 yrs, fyrfytr81
Eric Pelz, 25 years old, lives in Fairbanks, AK, but has also spent time in Thomaston, CT. He is employed by Government. On the web, Eric goes by the alias fyrfytr81.What is PeekScore?
Eric T. Pelz 35 yrs, warriorangel1
Eric Thomas Pelz is 35 years old. He lives in Fort Wayne, Indiana, but has also spent time in Fenton, Michigan. He works at Martial Arts Instructor. His favorite bands are Incubus, Sublime, Mudvayne, Slipknot, Godsmack, Korn, Weezer, Pantera, Static-x, Deftones, Soundgarden, Nonpoint, Stone Temple Pilots, Nine Inch Nails, Rap Music, Beastie Boys, Dave Mathews, The Toadies, Marvin Gay, R&b, System Of A Down, Bob Marley and Led Zeppelin. Goodfellas, Scarface, The Crow, Forrest Gump, Reservoir Dogs, 50 First Dates, Enter The Dragon, Pulp Fiction, The Doors and Oh Brother, Where Art Thou are some of the films Eric loves. Online, Eric goes by the alias warriorangel1.What is PeekScore?
Eric M. Pelz 41 yrs
Eric M Pelz is 41 years old. Eric lives in New York, NY.What is PeekScore?
Eric S. Pelz 22 yrs
Eric Seth Pelz is 22 years old. He lives in Boca Raton, FL.What is PeekScore?
Eric M. Pelz 33 yrs
Eric Mark Pelz, 33 years old, lives in Champaign, Illinois, but has also spent time in Chicago, Illinois.What is PeekScore?
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We went by the flea market today and spotted a Latina with some car troubles in the parking lot. We stopped to help her out and convinced her to come over the house while the car got towed. This hot Latina was nice and petite with a killer tight body to boot. After some convincing we get her to show off all the goods and show us her other skills. After giving some great head we see how much she loves to ride cock, super hot.
"Nipple Nibble"
Ariel Teens
"All About Abby"
Abby Lee Brazil
"Turkey Stuffing"
"Latin Lovers"
Patty Cat
"Fire Hot"
"Playfull By The Pool"
Vicki Chase
"Touch Me"
Janelle James
"Beauty Buns"
Allison Banks
"Mi Amour"
Chloe Amour
Priscilla Millan


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"My message is that we'll stand up for Scotland," Nicola Sturgeon, leader of the Scottish National Party (SNP), told supporters after casting her ballot in a Glasgow suburb.
"It's almost impossible for him to still take a place at the table" after more than 60 percent Greeks rejected the terms, Roemer said.
Hillary Rodham Clinton ignored her primary challengers to focus instead on the expanding field of Republican presidential contenders.
As both sides brace for a confrontation, Cameron is offering Scotland the "the strongest devolved government anywhere in the world", with more powers to set income tax rates and influence welfare spending.
A French court dismissed demands for an emergency ban on Sarkozy's plan to change his party's name from the clunkier Union for a Popular Movement (UMP).
The prospect that Trump might leave the Republican primaries and run for president on his own has started to cast a shadow on the race.
For his Republican rivals, Donald Trump's surge in the polls in the 2016 US presidential nomination fight is like a summer squall that will eventually blow itself out.
RPI(A) Vice President Vivek Pandit has written to the Hotels Association to facilitate compulsory inclusion of authentic Maharashtrian cuisine in the menus.


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Written on: 25/10/2009
I went to myholidayhomerental.com to search for a vacation rental home. I ended up renting the home they featured on their homepage under the "Home of the Week" section.
It turns out the home was a complete fraud and we lost our $4000 and now have no place to go (and no extra money) to go away at Christmas.
Be very careful if renting from this website. They do not screen any of the homes posted on their site.
As rated by our community of reviewers
" Sunshine at its best " Read More
" The Hotel pineda palace was good and the staff were brilliant,shame... " Read More
" House trip " Read More
" Excellent, personalized service. " Read More
" Terrible time trying to book with them " Read More


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Talents View in Talent Calculator
- Spectral Guise
- Body and Soul
- Mindbender
- Dominate Mind
- Power Infusion
- Cascade
- 100
Spectral Guise
30 sec cooldown Instant
Your shadow blurs into the darkness, leaving your true form behind. As a shadow you are stealthed, but remain in combat. Lasts 6 sec or until your true form is hit by 3 direct attacks.
Body and Soul
Your Power Word: Shield and Leap of Faith also increase your target's movement speed by 60% for 4 sec.
40 yd range
1 min cooldown Instant
Creates a Mindbender to attack the target. Caster receives 0.75% mana when the Mindbender attacks. Lasts 20 sec.
Replaces Shadowfiend.
Replaces Shadowfiend.
Dominate Mind
30 yd range 0.5% of base mana
1.8 sec cast
Controls a mind up to level 103 for 30 sec. Does not work versus Mechanical beings. This spell shares diminishing returns with other incapacitating effects.
Power Infusion
2 min cooldown Instant
Infuses the Priest with power for 20 sec, increasing haste by 25% and reducing the mana cost of all spells by 20%.
40 yd range 2.4% of base mana
25 sec cooldown 1.5 sec cast
Launch a Holy bolt that grows in power with distance, healing an ally for up to 1,475, and then bouncing to additional allies 4 times. Each time it bounces, it splits into 2 bolts.
Major Glyphs
Glyph of Prayer of MendingPassiveThe first charge of your Prayer of Mending heals for an additional 60% but your Prayer of Mending has 1 fewer charge.
Glyph of Spirit of Redemption
HolyPassiveIncreases the duration of Spirit of Redemption by 10 sec.
Glyph of Lightwell
HolyPassiveYour Lightwell no longer automatically heals nearby targets, but can be clicked by players to deal 50% more healing than normal.
Minor Glyphs
Glyph of the Val'kyr
HolyPassiveWhile Spirit of Redemption is active, you now appear as a Val'kyr.
Glyph of the HeavensPassiveYour Levitate targets will appear to be riding on a cloud for the duration of the spell.
- Desperate Prayer
- Angelic Feather
- Surge of Darkness
- Dominate Mind
- Shadowy Insight
- Cascade
- 100
Desperate Prayer
2 min cooldown Instant
Heals the caster for 34,821.
Angelic Feather
40 yd range
Place a feather at the target location, granting the first ally to walk through it 60% increased movement speed for 6 sec. Max 3 charges. Only 3 feathers can be placed at one time.
Surge of Darkness
Your Vampiric Touch and Devouring Plague damage has a 12% chance to cause your next Mind Spike not to consume your damage over time effects, be instant, and deal 50% additional damage. Can accumulate up to 3 charges.
Dominate Mind
30 yd range 0.5% of base mana
1.8 sec cast
Controls a mind up to level 103 for 30 sec. Does not work versus Mechanical beings. This spell shares diminishing returns with other incapacitating effects.
Shadowy Insight
Your Shadow Word: Pain damage over time and Mind Spike damage has a 5% chance to reset the cooldown on Mind Blast and make your next Mind Blast instant.
40 yd range 0.75% of base mana
25 sec cooldown Instant
Launch a Shadowy bolt that grows in power with distance, damaging an enemy for up to 6,270, and then bouncing to additional enemies 4 times. Each time it bounces, it splits into 2 bolts.
Major Glyphs
Glyph of Mind Spike
ShadowPassiveYour successful non-instant Mind Spikes reduce the cast time of your next Mind Blast within 9 sec by 50%. This effect can stack up to 2 times.
Glyph of Reflective ShieldPassiveCauses 70% of the damage you absorb with your own Power Word: Shield to reflect back at the attacker. This damage causes no threat.
Glyph of Dispersion
ShadowPassiveReduces the cooldown on Dispersion by 15 sec.
Minor Glyphs
Glyph of Shadow Ravens
ShadowPassiveYour Shadow Orbs now appear as Shadow Ravens.
Glyph of the HeavensPassiveYour Levitate targets will appear to be riding on a cloud for the duration of the spell.
Glyph of Dark Archangel
ShadowPassiveWhen you apply Devouring Plague to a target, you take on the form of a Dark Archangel for 8 sec.
- Health134940
- Mana150000
- Intellect 2009
- Spell Power 2581
- Multistrike 12.16%
- Spirit 729
- Crit 7.52%
- Haste 10.79%
- Mastery 35.75%
- Versatility 3.09%
- Intellect 2009
- Spell Power 2581
- Haste 10.79%
- Crit 7.52%
- Mastery 35.75%
- Multistrike 12.16%
- Versatility 3.09%
- Strength 786
- Agility 996
- Intellect 2009
- Stamina 2249
- Damage 243–366
- Attack Power 0
- Speed 2.98
- Spell Power 2581
- Mana Regen 6004
- Armor 325
- Dodge 3.00%
- Parry 0.00%
- Block 0.00%
- Crit 7.52%
- Haste 10.79%
- Mastery 35.75%
- Spirit 729
- Bonus Armor 0
- Multistrike 12.16%
- Leech 0.00%
- Versatility 3.09%
- Avoidance 0.00%
Recent Activity
- Completed step of achievement Working Many Orders.
- 1/16/2015
- Obtained Shadowveil Treads.
- 1/16/2015
- Obtained Bloodbathed Outcast Robes.
- 1/16/2015
- Completed step Shrimp Dumplings of achievement Pandaren Delicacies.
- 1/16/2015
Player vs. Player
- 16755 Honorable kills
Challenge Mode
Raid Progression
Last updated on 01/16/2015


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Primavera Sound 2015 on Tom Tom TV
Q+A with Joana Rubio of Stars at Night
Name: Joana Rubio Age: 26 Born in: Los Angeles, CA Current home: East Los Angeles, CA Band: Stars At... Continue reading →
Video Premiere: "Operation #2″ by Dog Party
Photo by Natly G Paco Sacramento-based band Dog Party is made of up sisters Gwendolyn and Lucy Giles. Both in... Continue reading →
Video of the Week: "Circé" by Elmapi
The video of the week comes from Elmapi, a Paris-based synthpop band. The video for their song "Circé" is super... Continue reading →
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Thrifts and Mortgage Finance
Company Overview of Newcastle Investment Holdings LLC
BOARD MEMBERS AFFILIATED WITH Wesley Robert Edens *
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Irina answered our ad and came by to check out the place. As soon as we saw her gorgeous legs walk out of the elevator, we knew we would have to work out some kind of deal with her and see if we could peel off her tight cut-off jean shorts. She wanted to stay for a whole month and tried to work us down to our two week rate. We told her how we had a special deal where she would be able to stay for free as long as she let us have some fun with her. It did not take long for her to accept and get into some heavy petting. The clothes came off and things got going. Irina had such a nice ass and was all about the anal.
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Join Date: Apr 2003
Location: Louisiana
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Suze Orman strongly warns against it:
Also, never ever borrow against your 401k plan because you will pay double taxation on the money you borrow. Because you don't pay taxes on the money you put into a 401k, when you pay back the loan (which you must do within five years, or 15 years if used to buy a home), you pay it back with money you have paid taxes on. Then, when you retire and take the money out again, you end up paying taxes on it a second time. And that isn't even considering the penalties you have to pay if you change jobs/quit/lose your job, in which case the money is due immediately and subject to taxes and a 10% penalty.
I took out all the money in my 401K as a distribution to buy a house and I got hammered on taxes and penalties. I would not make that choice again. l ended up losing about 35% of the amount I took out when you factored in the penalty and taxes.
Unfortunately for most withdrawing from retirement account now, you can't take a loss on funds in you retirement accounts. You pay on capital gains in a regular, taxable, non-retirement accounts, but in tax deferred retirement accounts like a traditional IRA or 401(k)/403(b) accounts, you pay regular income tax on your withdrawals (not capital gains tax) and you cannot use a loss in that account to offset taxes or other capital gains.
Your idea would apply if you had money in a regular taxable account of stocks, mutual funds etc tho.
My question is, if you have a 401k and lost a huge amount of money can that help you get your taxes down? I know you pay on capital gains so why not beneift tax wise from he lost of money. I know many lost 50 percent of their 401 k this year. That means if they had $400 k and now have $200 k would they be able to take money out and not have to pay taxes being they lost so much money? How does it work?
|...if you change jobs/quit/lose your job, in which case the money is due immediately and subject to taxes and a 10% penalty.
Jenna ~ mommy to Sophia Elise (1/06), Oliver Matthew (7/07) and Avery Michael (3/10)
Wading slowly and nervously into this homeschooling thing.
I'd do it. The market could tank considerably next year and the balance you think you have now could go down quite a bit. "A bird in the hand is better than two in the bush."
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Latest on Rajendra Srivathsa Kondapalli »
As school autorickshaw and van drivers went on strike in Hubballi on Friday, deputy commissioner Rajendra Cholan visited four schools -- KLES MR Sakhare School, Rotary School, Saint Mary's School and VS Pillay School -- to take stock of the situation
The Special Task Force of the Crime Branch on Friday arrested five persons of a family from Berhampur, including a woman, in connection with an illegal kidney transplantation carried out at a hospital in Colombo recently.
His first notable performance was singing in the chorus as the legendary K.L Saigal warbled "Mere Sapnon ki Rani" ("Shahjehan"), but Mohammad Rafi soon himself became Bollywood's most recognised playback singer.
Activists have demand that the Pune Municipal Corporation (PMC) demolish the illegal religious structure constructed on a municipal playground in Kalyaninagar.
As if onion on its own was not enough, now the price of the kitchen staple is leaving people teary eyed.
Rajasthan High Court on Friday set a time frame for the shifting of the illegal occupants from Khadda basti on Moti Dungri Road to Daluwala .
City-based Indian School of Business on Friday named Rajendra Srivastava, an IIT Kanpur alumnus, as its new dean effective January 1, 2016.
Aurangabad has found a place in the list of ten cities shortlisted by the state government on Friday for the Centre's ambitious Smart City project.
As school autorickshaw and van drivers have gone on strike in Hubballi on Friday, deputy commissioner Rajendra Cholan visited four schools -- KLES MR Sakhare School, Rotary School, Saint Mary's School and VS Pillay School -- to take stock of the situ
he crime branch of the Pune police recently arrested three men from Latur and seized 8.5kg of marijuana worth Rs 1 lakh from them.
Speed News
Center and Bihar government will on January 25 (Sunday) sign a Memorandum of Understanding (MoU) to covert the existing Rajendra Agriculture University in the state into a central university.
Government proposes to convert the Rajendra Agriculture University, Pusa, Bihar into a Central Agricultural University. MoU to this effect has been sent to the Bihar government.


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DETROIT (AP) - Fiat Chrysler says its U.S. sales rose 4 percent in May on strong demand for its Jeep and Ram brands.
NEW YORK (AP) - U.S. stocks are closing modestly higher after some encouraging economic reports and a big acquisition in the semiconductor industry.
DALLAS (AP) - Airlines are trying to save time by speeding up a part of flying that sometimes creates delays even before the plane leaves the ...
NEW YORK (AP) - Bruce Jenner made his debut as a transgender woman in a va-va-voom fashion in the July issue of Vanity Fair.
WASHINGTON (AP) - The Supreme Court on Monday threw out the conviction of a Pennsylvania man prosecuted for making threats on Facebook, but dodged the free-speech ...
NEW YORK (AP) - U.S. stocks rose modestly in early afternoon trading Monday following a rise in a key manufacturing index and news of a ...
CENTRAL, S.C. (AP) - South Carolina Sen. Lindsey Graham has kicked off his presidential campaign.
WASHINGTON (AP) - The Obama administration says a new federal rule regulating small streams and wetlands will protect the drinking water of more than 117 million ...
ZURICH (AP) - Invigorated by his FIFA election win, Sepp Blatter dismissed any suggestion Saturday that the American investigation into soccer corruption could yet lead to ...
KIEV, Ukraine (AP) - Russia pressed hard Monday for Ukrainian politicians to return to the Feb. 21 agreement that promised a new unity government - with fugitive President Viktor Yanukovych back in power - would rule until an early election no later than December.
NEW YORK (AP) - Global stocks fell sharply on rising tension over Russia's military advance into Ukraine and the threat of possible sanctions by Western governments. Treasurys and gold prices rose as investors bought safer assets.
ST. LOUIS (AP) - When Deacon Wissam Akiki is ordained as a Maronite Catholic priest Thursday night in St. Louis, he's expected to have hundreds of supporters there for him, including his wife and daughter.
ATLANTA (AP) - Atlanta police are searching for a woman dressed in a Waffle House uniform who walked into a restaurant pretending to be an area manager - and left with about $100 in cash from the register.
PHOENIX (AP) - Republican Arizona Gov. Jan Brewer slapped down the right wing of her own party, vetoing a bill pushed by social conservatives that would have allowed people with sincerely held religious beliefs to refuse to serve gays.
WASHINGTON (AP) - Those "Nutrition Facts" labels that are plastered on nearly every food package found in grocery stores are getting a new look.
PHOENIX (AP) - The bill has galvanized business leaders and gay-rights supporters nationwide, united libertarians and Christian conservatives and stirred up a passionate debate on topics like religion and discrimination.
A seemingly endless movie awards season finally concludes Sunday with the Academy Awards. By now, many of the front-runners have established themselves, but the night's big honor - best picture - remains a dramatic question mark.
LOS ANGELES (AP) - The next time you start shaking your finger and shouting "Shame on you!" because your dog chewed up your favorite fuzzy slippers, just remember that no matter how guilty your dog looks, it doesn't know what your rant is about.
BARCELONA, Spain (AP) - Samsung's upcoming Galaxy S5 smartphone will be at least the third to have a fingerprint sensor for security but it's alone in letting you use that for general shopping, thanks to a partnership with PayPal.
WASHINGTON (AP) - Even the scoreboards in high school gyms will have to advertise only healthy foods under new rules announced Tuesday by the Obama administration.
FORT EUSTIS, Va. (AP) - Preliminary results from a survey of the Army's nearly 170,000 women show that only a small fraction of them would like to move into one of the newly opening combat jobs. Those who do want to make the move say they want a job that takes them right into the heart of battle.
WASHINGTON (AP) - For women who carry a notorious cancer gene, surgery to remove healthy ovaries is one of the most protective steps they can take. New research suggests some may benefit most from having the operation as young as 35.
LOS ANGELES (AP) - CNN's prime-time talk show "Piers Morgan Live" is coming to an end, the news channel said Sunday.
MIDDLESBORO, Ky. (AP) - A snake-handling pastor who appeared on the National Geographic television reality show "Snake Salvation" has died after being bitten by a snake during a weekend church service in Kentucky.
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Last update: Wednesday 15 April 2015 [74 news items]
TSMC disposes of more Taiwan Mobile shares
Stockwatch - Mar 2, 13:41
Taiwan Semiconductor Manufacturing Company (TSMC) released a total of five million Taiwan Mobile shares at a per unit price of NT$103.75 (US$2.94) between February 24 and 27, according...
Taiwan market: Taiwan Mobile launches HTC Touch HD to compete with iPhone 3G
Dec 12, 17:31
Taiwan-based telecom carrier Taiwan Mobile on December 12 launched the HTC Touch HD handset from High Tech Computer (HTC) in the Taiwan market, just prior to the official debut of...
Taiwan market: Taiwan Mobile offers free handsets to promote BlackBerry Service
Aug 22, 15:39
Taiwan-based 3G telecom operator Taiwan Mobile (TWM) on August 21 launch an aggressive campaign aiming to promote the sale of BlackBerry services in the Taiwan market.
Taiwan market: Taiwan Mobile teams up with Garmin to launch GPS service
Aug 12, 13:42
Taiwan Mobile (TWM) launched a customized GPS service in the Taiwan market in cooperation with Garmin on August 11.
ASE expects to post revenue growth through 4Q15
Bits + chips | 6h 25min ago
Coretronic reports 2Q15 performance
Displays | 6h 26min ago
Taiwan market: Chunghwa Telecom sees 4G user base increase to 2.9 million
Mobile + telecom | 6h 27min ago
Energy management revenues for healthcare markets expected to reach US$2.2 billion by 2024, says report
Green energy | 6h 29min ago
Hua Hong Semiconductor, QST announce 3-axis gyroscope SoC
Bits + chips | 6h 30min ago
UMC slows 28nm ramp
Bits + chips | 6h 32min ago
Taiwan IC design houses expect orders for handsets to pick up in August
Before Going to Press | 6h 53min ago
China market: Meizu to launch inexpensive smartphone
Before Going to Press | 6h 54min ago
Notebook component makers shift to server applications along with ODMs
Before Going to Press | 6h 55min ago
Hua Hong Semiconductor, QST announce 3-axis gyroscope SoC
Before Going to Press | 6h 56min ago
Taiwan market: Samsung launches Galaxy Tab 4 7.0, Galaxy Grand Prime
Before Going to Press | 6h 56min ago
Silicon Motion to offer solutions for 3D XPoint devices
Before Going to Press | 6h 57min ago
UMC slows 28nm ramp
Before Going to Press | 6h 58min ago
Adlink Technology posts 1H15 net EPS of NT$1.77
Before Going to Press | 6h 59min ago
Digitimes Research: China smartphone AP shipments to grow 23.5% in 2H15
Before Going to Press | 7h ago
Silitech Technology nets NT$0.47 per share for 1H15
Before Going to Press | 7h ago
AMOLED smartphone panels increase 20% in 1H15
Before Going to Press | 7h 1min ago
Hydis continuing with factory shutdown despite ongoing protests
Before Going to Press | 7h 1min ago
Innolux conservative about 2H15 performance
Before Going to Press | 7h 2min ago
Taiwan market: Xiaomi cooperates with Uber to deliver smartphone purchases
Before Going to Press | 7h 3min ago
ASE expects to post revenue growth through 4Q15
Before Going to Press | 7h 5min ago
- Corning announces 2Q15 core sales of US$2.5 billion
- PC replacement pushed by Windows 10 may come slowly, say Taiwan makers
- UMC expects wafer shipments to drop in 3Q15
- Silicon Motion expects to deliver another year of record sales
- Digitimes Research: Taiwan 2Q15 small- to medium-size panel shipments drop 0.4%
- High-end graphics cards become new focus for vendors
- Delta Electronics starts integration of Norway-based Eltek
- Wistron chairman expresses concerns about China supply chain takeover
- Taiwan IC firms positive about demand for USB 3.1 Type-C solutions
- Getac launches new ruggedized tablet with improved gear
- GCL-Poly Energy has no plans to produce solar cells
- China Internet user base over 667 million at end of June 2015, says CNNIC
- Motorola launches 3 smartphones
- Taiwan market: TWM, FET maintain monthly price of NT$998 for unlimited 4G use
- China imports 10,942 tons of polysilicon in June
- Testing service provider Sporton reports strong 2Q15 earnings
- HTC to make investment in VR application provider WEVR
- Tsunami of M&A deals underway in 2015 chip industry, says IC Insights
- TPK reports 22% on-year decline for 2Q15
- AUO expects weak panel demand in 2H15
- China adds PV installation capacity of 7.73GWp in 1H15, says NEA
- Demand for UV-A LED may take off in 2015, say Taiwan makers
- Digitimes Research: Taiwan makers to see flat growth for large-size panels in 2H15
- Asia Tech Image to ship CIS modules to China-based ATM maker
- Taiwan, China firms to jointly set up cloud-based educational platform
- Releases
- White papers
- Bulletin
- GrassWonder Selfie Robot opens up a value chain full of creativity
- Imagination joins 5G Innovation Centre to drive development of next-generation mobile data networks
- Conexant preps for growth in Asia Pacific region, expands into new facility
- Robotic Automation Propels Manufacturing Transformation
- Smart Taiwan Pavilion at MWC Shanghai: Exploring innovative Taiwan 4G mobile applications
- Unisys IT Implementation of Unisys Stealth Solution for Data Center Segmentation
- AccuTouch Five Wire Resistive Touchscreens
- Getting the Most Out Of Your Next Generation Digital Security Surveillance System
- Embracing the New Generation Intel Atom Family with DDR3 Memory Support
- Got The Message? Ensuring efficient and reliable delivery of content across a mission critical digital signage network
30-Jul-2015 markets closed
|TSE electronic
|OTC electronic
- China shares continue to slide after massive sell-off (Jul 28) - BBC News
- New York backs down in Uber fight (Jul 23) - BBC News
- Imagination appoints industry veteran to lead its expanding China operations (Jul 22) - Company release
- Toshiba chief executive to resign over scandal (Jul 21) - BBC News
- Jet.com takes on Amazon with the promise of lower prices (Jul 20) - TechCrunch
- Micron does not believe deal with Tsinghua is possible (Jul 20) - Reuters
- Corning announces US$2 billion share repurchase program (Jul 15) - Company release
- Crystalsol announces development of fully printed flexible photovoltaic film using silver nanowires from Cambrios (Jul 14) - Company release
- Digitimes Research: Shrinking tablet market prompts China touch panel supply chain to look for growth elsewhere
- Digitimes Research: Apple to push forward with In-Cell touch technology in 2015 but highly considering G/G for 2016
- Digitimes Research: Tsinghua Unigroup acquisition of Micron faces difficulties, but is a must for China for further development
- Digitimes Research: Qualcomm to push inexpensive mobile device market with Microsoft and Allwinner solutions
- Digitimes Research: Touch IC developers turning to fingerprint sensors
Security a must for IoT market: Q&A with NXP EVP Steve Owen
The acquisition of Freescale by NXP Semiconductors will make NXP the world's second largest MCU supplier...
Gigabyte to stay competitive in VGA market with new technology: Q&A with Eddie Lin, associate vice president of Gaming Product Business Unit
Competition in the graphics card market has grown fierce as demand for graphics cards from the gaming...
Japan startup Socionext aiming big in IT industry
Socionext, a Japan-based corporation focused on the design, development, and sales of system-on-chip...
TCA chairman optimistic about Taiwan ICT industries despite challenges
Computex has evolved into one of the biggest and most important ICT trade shows in the world since...
- Smartphone and tablet industry: The view from Taiwan - May 2012
Taiwan-based companies have a long and successful history of involvement in the supply chain for mobile devices, which for the purposes of this article consist...
- Taiwan motherboard industry overview - May 2012
The year 2011 saw the motherboard industry reverse its trend of declining shipments year-on-year, to post a slight 0.2% growth. This upturn in fortunes was expected...
- Notebook market overview - Jun 2011
The notebook industry in 2010 experienced several major events that significantly changed the industry's ecosystem for the year and the industry is also believed...
- LCD TV overview - Jun 2011
Growth of the global LCD TV market was not as strong as expected in 2010 as the market continued to feel the aftershocks of the economic recession that had hit...
- Wireless broadband developments in Southeast Asia markets
As of 2013, the 10 ASEAN nations had a total of over 700 million mobile subscriptions, with the CAGR from 2003-2013 reaching 24%. This Digitimes Research Special Report analyzes the various mobile broadband markets in ASEAN and looks at the respective trends in 4G LTE development for those markets.
- 2015 global tablet demand forecast
This Digitimes Research Special Report provides a 2015 forecast for the global tablet market and analyzes the strategies of key market players such as Google, Apple, Intel, and Microsoft.
- 2015 China smartphone panel trend forecast
This Digitimes Research Special Report analyzes the strategies of key China-based major panel makers BOE, Tianma and IVO for attacking the different market segments through technology and pricing, and their relationship to local vendors Huawei, Lenovo, ZTE, Xiaomi and Coolpad.


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Watching this trailer, I get flashbacks to my youth and possibly too much time spent with Micro Machines 2: Turbo by Codemasters. Table Top Racing seems to capture a similar feel, but imbues it with a lot of the tropes of more modern kart racers. Not too surprising seeing that the designer was apparently one of the co-creators of the original Wipeout. Have a look at the trailer for yourselves, and if you like what you see, Thursday is not too far away at all.
By Dave Flodine, on January 30, 2013
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Latest Comments
1 day, 20 hours ago
This game really reminds me of Star Legends; it's okay. The game is very grindy, there are only…
2 weeks, 1 day ago
No way Peter? I really did not recognize you.It still is hilarious to watch ;-) Cheers!
2 weeks, 2 days ago
Peter is hella taller than I imagined!
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