Rabu, 27 November 2019

Like the Queen selling Buckingham Palace to Airbnb: Why some experts are dismayed at sale of dot-org registry - CBC.ca

The sale of the dot.org domain to an investment firm is stoking fears around platform access and rising costs for the non-profits that primarily rely on the system, according to the leader of the Save DotOrg campaign. 

"It's really disappointing to see it being sold off to a private equity firm," said Jacob Malthouse, former vice president of the Internet Corporation for Assigned Names and Numbers (ICANN), which coordinates the domain name system.

"For me, dot-org has really come to represent the online conscience of the internet … a symbol of doing good, doing better, aspiring for something."

When ICANN awarded control of dot-org in 2002 to the Internet Society — an organization founded to provide leadership in internet-related standards and access — Malthouse said they "claimed that they were going to steward it on behalf of non-profits, and in the interests of non-profits." 

But earlier this month, the Internet Society announced it had been approached by private equity firm Ethos Capital, and had agreed to sell dot-org for an undisclosed sum.

Jacob Malthouse said he sees the dot-org domain as the online conscience of the internet. (Lisa Johnson/CBC)

The agreed sale is due to be finalized early next year. The Internet Society says it will use proceeds to focus on its core work of getting more people connected to the internet worldwide.

"Imagine the Queen waking up one morning and telling everyone she'd sold off Buckingham Palace to Airbnb, but you know, it's fine because the monarchy is going to make a whole bunch of money," Malthouse told The Current's Laura Lynch.

Ethos was set up six months ago, but is headed by people who have been in the field for a long time. Investors include funds related to Republican politicians Mitt Romney and the late Ross Perot. 

The sale has been condemned by many within the industry, including the Netherlands chapter of the Internet Society. On Wednesday, Malthouse tweeted that more than 9,000 people had used the Save DotOrg campaign website to send letters calling for the sale to be stopped.

He wants the Internet Society to suspend the sale, and hold a global consultation on the future of dot-org.

"Don't just sell it to a private equity firm — stand up and ask the question to all the non-profits around the world who rely on this infrastructure: 'What should we do?'"

Fears over pricing and access

Earlier this year, ICANN agreed to a new contract for how domains like dot-org are managed, which included removing price caps on what can be charged.

An individual address costs between $10-$20 annually, but Charlie Cray, political and business strategist at Greenpeace, said increased fees could make a big difference to smaller non-profits.

"We have many allies in a movement that is largely grass roots, in its reach and in its size," he told The Current.

Ethos Capital has issued a statement saying it is committed to keeping dot-org accessible and reasonably priced — but Malthouse is worried about what happens after the registry moves into private ownership.

"Ethos can turn around and flip this to somebody else within a couple of months," he said.

Greenpeace activists chained themselves to a fence in protest of the Trans Mountain pipeline expansion in 2013. If ownership of dot-org websites changes, some experts worry a protest like this in an authoritarian country could mean Greenpeace's website is taken down. (CBC)

Cray said organizations who use "tactics like non-violent, direct civil disobedience protests" could become vulnerable to crackdowns from authoritarian regimes.

"Conceivably, there might be countries where non-violent public protesting is illegal," he said.

"A government in such a circumstance might petition the company and say: 'This is an organization that regularly breaks the law, and you shouldn't allow them to be registered on the internet.'"

CEO says deal 'good for everyone'

Andrew Sullivan, president and CEO of the Internet Society, which is selling control of dot-org, says the organization has no special responsibility to non-profits.

"The basic idea that the dot-org TLD [top-level domain] is better for the non-profit world because it is owned by the Internet Society is not really in any of the agreements — it's not really in any of the history," he said.

He says the Internet Society exists to build, promote and defend the internet, and to get more people online globally.  

That work has been funded with proceeds from dot-org sites, which generated over $90 million in both 2017 and 2018, of which Sullivan said the Internet Society receives roughly half. 

We concluded that this transaction was in the interests of the people who are registered in dot-org ... and also it's good for the growth of the Internet. - Andrew Sullivan, CEO of the Internet Society

But that has also meant overseeing the administration of those fees, which is "not really our core business," he says.

He said the Internet Society was approached by Ethos Capital, who wanted to buy and "invest in this top-level domain for the benefit of their customers."

At the same time, the Internet Society would "receive a significant amount of money," which would allow them to focus on "connecting three billion people around the world who can't afford internet access at all."

"We concluded that this transaction was in the interests of the people who are registered in dot-org ... and also it's good for the growth of the Internet," he told Lynch.

"We thought it was good for everyone."


Written by Padraig Moran. Produced by Julie Crysler. 



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November 28, 2019 at 04:43AM

Black Friday "Deals" That Are HUGE Wastes of Money - The Motley Fool

In this episode we're talking about Black Friday and whether the shopping day is actually a good thing for consumers and stores, and which items you should be wary of buying at places like WalMart, Target, and Best Buy on America's biggest shopping day of the year.

Last year, Black Friday was the biggest day of retail sales in the U.S., with consumers spending 121% more than they do on an average day.

Clothing in particular is in demand on Black Friday, with sales jumping 246% higher than on an average day of spending.

But over the years, the importance of Black Friday has shifted a bit, as more retailers have started to offer deals much earlier in the shopping season than before.

Which is why it's helpful to take a look at sales from all of November and December to get a better picture of just how big the U.S. holiday shopping season is.

This year, the National Retail Federation estimates that holiday retail sales during these two months will be about $729 billion, which is an increase of about 4% from 2018.

When you break that down by individual consumer spending, the average U.S. consumer will spend about $1,047 this holiday season.

With all of this spending being spread out over two months, the importance of Black Friday has faded a little.

And not all stores benefit from the massive shopping day. Smaller malls that have lost some of the bigger anchor stores and don't get a lot of foot traffic to begin with, probably won't see a huge boost from Black Friday shopping.

And the data suggests that Black Friday may not be all that it's cracked up to be for consumers either.

Nearly 48 million Americans are still paying credit card debt from last year's holiday shopping season.

Unfortunately, more than 60% of U.S. shoppers have already felt pressure to overspend on gifts and travel this year.

Cutting off all holiday gift buying may be too drastic for many Americans, but there a few items and Black Friday sales that you should wary of.

The first one is toys. Generally speaking, toys go on sale closer to Christmas day, rather than earlier. So if you see Black Friday deals for some of this year's hottest toys, it may not be the best deal you can get this holiday season.

TVs are also a popular item for Black Friday, but many times the models being sold are either older or not name brand. These TVs may be of lower quality than you expect. So if you find a Black Friday TV deal from a brand you've never heard of, keep in mind might not be a purchase you'll be happy with a year from now.

Additionally, if you're looking to buy a new gaming console, you may want to wait. New versions of Sony's PlayStation and Microsoft's Xbox are coming out later next year. You may be able to get a good deal on current versions now, but just know that a newer one is right around the corner.

Finally, any deal where you have to submit a mail-in rebate may be a good one to skip. It's easy to forget to submit your rebate, especially during the holidays, which means you may end up paying full price for something, when you thought you were getting a good deal.

As you shop this holiday season, remember that setting a budget and sticking to it is one of the best ways to keep yourself from overspending.

Also, do your homework to make sure that any deal you think you're getting is in fact a good deal. Do some basic comparison shopping and don't be sucked in by a low price tag.

Finally, remember that it's easy to get caught up in all of the shopping and forget that spending too much money this holiday season will likely just add to your credit card balance, without adding much to your overall happiness.

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November 28, 2019 at 12:36AM

Hudson’s Bay Co takeover battle heats up as Catalyst tops Richard Baker’s $1.9 billion bid - Financial Post

The struggle for Hudson’s Bay Co. escalated on Wednesday after Catalyst Capital Group Inc. announced intentions to buy the department store chain for $11 a share, outdoing a bid from HBC chairman Richard Baker and his group of investors.

The two sides traded public barbs throughout the day, with Baker’s group dismissing the Catalyst offer as “highly conditional” and accusing the private equity firm of attempting to mislead shareholders. Catalyst responded by claiming Baker’s group had achieved “the height of shareholder abuse.”

A special committee, struck by the HBC board of directors to analyze the Baker group offer, said Wednesday that it is now also reviewing the Catalyst offer with its independent legal and financial advisors “to determine the course of action that is in the best interests of HBC and its minority shareholders.”

“There can be no assurances that any transaction with Catalyst will occur,” the committee said in a statement.

Baker’s offer of $10.30 per share is still scheduled to be put to a shareholder vote on Dec. 17. Though it already has the board’s blessing, the Baker group needs approval from a majority of the minority shareholders for the deal to go through. But Catalyst, which says it has enough support to block the deal, wrote in a letter Wednesday that it believes the special committee can conclude, and announce, that the $11-per-share offer is a “superior proposal” in the 21 days before the vote.

Baker’s group of investors — with a 57 per cent total stake in HBC — have said they will not support competing bids, stressing in a note to shareholders earlier this week that they were “buyers, not sellers.”

In a statement, Baker’s group took aim at Catalyst’s reluctance to identify its specific sources of financing. Catalyst said it will rely mostly on “large international financial institutions” to come up with the roughly $3.5 billion it says is needed for the takeover. A source close to Catalyst said the firm can’t name those financial institutions because it hasn’t yet received approval to do so.

“We believe Catalyst’s ‘offer’ is in fact a highly conditional, non-binding and non-executable proposal that is not supported by fully committed financing, and is intended to mislead HBC shareholders,” the Baker group said. “We are confident that HBC shareholders recognize that our all-cash, fully financed premium offer of $10.30 per share provides them with immediate and certain value in a highly uncertain retail environment.”

Catalyst spokesman Dan Gagnier said because there wasn’t an open bidding process, Catalyst had to make its offer conditional on customary due diligence.

“They de facto ensured that any bidder would require a condition of some confirmatory due diligence,” Gagnier said in an email. “To then complain that their rigged process resulted in anything other than a ‘conditional bid’ and then frighten them (shareholders) to accept the ‘certainty’ of $10.30 is not only representative of coercive behavior and self interest, but the height of shareholder abuse.”

Catalyst, HBC’s largest minority shareholder with roughly 17.48 per cent of outstanding common shares, is part of a group of activist shareholders that have dogged Baker throughout his group’s attempt to take HBC private, accusing them of undervaluing the retailers’ real estate holdings. On Wednesday, Catalyst invited other shareholders to join its offer as co-equity sponsors.

Land and Buildings Investment Management LLC, a prominent minority shareholder and longtime Baker critic, said it was considering taking Catalyst up on its invitation.

“We continue to believe that the offer from the Richard Baker Group woefully undervalues Hudson’s Bay and its real estate,” Jonathan Litt, Land and Buildings founder, said in a statement. “Land & Buildings is interested in financially participating in this transaction with Catalyst should it move forward.”

A TD Securities fairness opinion, commissioned by a special committee of the board of directors tasked with analyzing the Baker group deal, put the value of HBC real estate at $8.75 per share, well below previous company estimates in the range of $28 to $35 per share. Last week, the special committee released independent appraisals on each of HBC’s 79 properties — most notably the company’s Saks Fifth Avenue flagship department store in Manhattan, which saw its valuation fall from $4.8 billion in 2014 to $2.1 billion this year.

“It has been a revelation to us how far Richard Baker will go to acquire this iconic company for as cheaply as possible, without putting up a penny of his own money,” Catalyst managing director Gabriel de Alba said in a statement Wednesday. “Last year insiders disclosed a value of $28 per share for the real estate and now they want us to believe that over $2.5 billion of value has conveniently and suddenly disappeared.”

Catalyst said it has filed a complaint with the Ontario Securities Commission, accusing the Baker group of putting forward “a coercive offer through a non-arm’s length process that sought to preclude alternative bidders.” The OSC declined to comment on Wednesday morning.

“If this type of transaction and conduct is condoned,” Catalyst said, “it would serve to undermine confidence in the fairness and integrity of the capital markets overall.”

• Email: jedmiston@nationalpost.com | Twitter:



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November 28, 2019 at 06:09AM

TransLink texts falsely tell riders buses not operating hours after deal reached - CityNews Vancouver

VANCOUVER (NEWS 1130) – Did someone forget to tell TransLink that a strike involving bus and SeaBus workers wasn’t going ahead?

That’s what it almost seemed like early Wednesday morning when, hours after the strike was averted with a last-minute deal between Unifor and Coast Mountain Bus Company, the transit authority’s Next Bus SMS service was telling transit users that buses weren’t operating.

The free service allows riders to find out when their bus is coming by texting 33333 with the bus stop number and bus route number. Instead of getting bus times, riders got a text that read, “Buses are not operating today (Nov. 27, 28 and 29) due to job action.”

Some transit users noticed the mistake, prompting some confusion as they tweeted TransLink to ask whether buses were actually running and when the Next Bus SMS service would once again provide bus information.

Without saying why exactly the texts were sending false information, TransLink said it was working to “restore full functionality of the texting service” and by 6:30 a.m., after several hours of incorrect texts, the Next Bus SMS service was once again providing bus information.

Unifor — which represents bus drivers, SeaBus operators, and maintenance workers — and Coast Mountain Bus Company reached the tentative agreement at 12:30 a.m. on Wednesday, avoiding a three-day shutdown of buses and SeaBuses and ending job action that began at the start of the month with a uniform and overtime ban by some workers.



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November 27, 2019 at 10:38PM

Catalyst makes rival takeover offer for Hudson’s Bay Co. - 680 News

Catalyst Capital Group Inc. is making a rival takeover offer for Hudson’s Bay Co.

The investment firm is offering $11 per share in cash, topping an offer of $10.30 made by a group of investors led by HBC executive chairman Richard Baker.

Catalyst already holds a roughly 17.5 per cent stake in HBC and has said it plans to vote against the offer by the group led by Baker.

Gabriel de Alba, managing director and partner of Catalyst, says the firm’s offer is independently financed, superior in both value and treatment of shareholders and can be completed in a timely manner.

In making its proposal, Catalyst also filed a complaint with the Ontario Securities Commission regarding the Baker group bid.

It alleges the insider issuer offer is the result of a flawed process and asked the regulator to examine the proposal and take appropriate action.



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November 27, 2019 at 09:10PM

Ski-Doo maker BRP 'unstoppable' as value eclipses Bombardier - BNNBloomberg.ca

BRP Inc. jumped after it raised its full year profit and sales forecast, adding more fuel to a rally that has made the Ski-Doo maker more valuable than its struggling former parent, Bombardier Inc.

Shares of the power-sports vehicle maker jumped as much as 7.5 per cent in Toronto at 10:09 a.m. in Toronto, taking gains to 81 per cent this year for a market value of $5.7 billion. That’s more than the $5-billion value of Bombardier, which BRP was spun out from in 2003 before being listed in 2013.

BRP, which also makes Sea-Doos and all-terrain vehicles, has become an “unstoppable” force with its solid third-quarter results and 2020 outlook, said Desjardins analyst Benoit Poirier.

The Valcourt, Quebec-based company said full year revenue will rise by 12 per cent to 14 per cent amid robust retail growth. It had previously guided a 10 per cent to 13 per cent gain. BRP also lifted the lower end of its normalized earnings-per-share forecast to $3.70 from $3.65 and kept the higher end of that range at $3.80. Third-quarter profits and sales came in above the highest analyst estimates.

“Despite its recent price performance, we still see potential upside for the stock at current levels given the robust retail sales growth across all markets globally, which should support favorable earnings revisions,” Poirier said. He has a buy rating on the stock.

“Our industry is performing well globally, and we continue to outpace it with double digit growth,” José Boisjoli, chief executive officer, said in a statement Wednesday. “Our efforts are paying off and we don’t intend to ease up.”

Embedded Image

--With assistance from Sandrine Rastello.



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November 27, 2019 at 10:26PM

Black Friday Sales In Canada For All Of Your Holiday Shopping Needs | HuffPost Life - HuffPost Canada

Canadians, the most crowd-trampling, hanger-grabbing, and wallet-emptying time of the year is upon us once again.

It’s easy to feel overwhelmed by the Black Friday and Cyber Monday deals running rampant on our social media feeds, but don’t despair! Whether you’re a discount enthusiast or just someone who likes to judge the rest of us greedy consumers for shopping for the holidays, we’ve found great deals out there for Canadians to keep track of. Buying local can be a breeze too; look out for the maple leaf emoji ( 🍁) beside the names of Canadian retailers.

These are our picks for what’s worth buying on Black Friday and Cyber Monday. Check back often, as we’ll be updating this list with deals as they are announced.

Looking to save even more? Cashback programs like Rakuten will be boosting rewards for buyers who use their affiliates for Black Friday.



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November 27, 2019 at 05:05AM