Remember when you tried to return that overdue VHS video to Blockbuster and they slapped you with a late fee? There was no negotiation and no excuses - everybody had to pay.
You might think, then, that the home video behemoth's hard-line approach to paying on time would extend all the way to the company's accounting department. Think again.
Once the scourge of independent video rental stores the world over, Blockbuster has amassed a hefty late fee of its own in recent years. The retailer has racked-up a debt of $1 billion (Dh3.7bn) due to declining public DVD sales and a failure to compete with the rise of movie streaming websites and disc-in-the-mail services, such as Netflix.
It's closest high-street rival in the US, Hollywood Video, closed its doors earlier this year and, according to the Los Angeles Times, Blockbuster is preparing to file for Chapter 11 bankruptcy protection in mid-September, despite efforts to expand into online services.
But the yellow-and-blue stores, the first of which opened in 1985, may not be shuttering their doors quite yet. Chapter 11 would allow the management to remain in control of Blockbuster while it restructures the business with the agreement of creditors, essentially a last-ditch effort to turn things around. The company has already closed 507 underperforming outlets in the US this year and more closures are expected - 3,500 US stores now remain.
Many of the 2,600 international Blockbuster stores, from South America, to Europe and the Far East, are financially independent and could remain open even if the company goes into liquidation.
Executives from the Dallas-based firm met with representatives from the six major Hollywood studios last week to ask them to continue supplying its stores with the latest releases so it can remain competitive. As the world's largest movie rental company, Blockbuster continues to be a huge revenue source for studios. The company would not comment directly on the reports.
"We can't all act surprised at the same time. For years now, Blockbuster has been dwindling in importance. The store was once the face of movie renting, and now it's the face of what used to be," wrote Ray Willington on the tech website Hothardware.com.
"Ever since Netflix stormed onto the scene with a more convenient method of renting DVDs, Blockbuster has been declining. Stores have started to shut down, and even Blockbuster's attempts to mimic Netflix never really worked out. And once Netflix launched their Watch Instantly streaming service, the final nails began to sink into Blockbuster," he continued.
On the same day that news broke about Blockbuster's potential bankruptcy plans, Netflix began offering its video streaming services on Apple's iPhone. By downloading the Netflix app, users can now choose from thousands of films and TV shows to watch on the move, over a 3G connection.
In 2008, the company began streaming content to homes of Watch Instantly subscribers, through a set-top box.
Netflix launched its DVD rental subscription service in 1999, charging customers a monthly flat-rate fee. Subscribers receive and return DVDs and Blu-Ray discs in pre-paid postal packages and are not charged late fees if they decide to keep the disc for a long period of time. In 2009 it offered over 100,000 different titles.
Blockbuster launched a similar service in 2004, sparking a price war with the online seller. Netflix sued Blockbuster for infringement of patent, so Blockbuster counter-sued, alleging the patent was designed to maintain an illegal monopoly.
Another of Blockbuster's US competitors, Redbox, uses a different approach. Rather than mailing DVDs, customers pick-up and return discs at self-service kiosks in metropolitan areas.
If Blockbuster's days truly are numbered, who knows what the knock-on effects for America could be? The death of the rental monolith is likely to result in fewer 17 year olds in gainful employment, a national surplus of extra large tubs of caramel popcorn - and then there's the potential environmental cost. Somewhere there's a landfill being prepared for 50 million copies of Finding Nemo.
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
COMPANY%20PROFILE
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Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
The%20Sandman
%3Cp%3ECreators%3A%20Neil%20Gaiman%2C%20David%20Goyer%2C%20Allan%20Heinberg%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Tom%20Sturridge%2C%20Boyd%20Holbrook%2C%20Jenna%20Coleman%20and%20Gwendoline%20Christie%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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Company%20profile
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
COMPANY%20PROFILE%20
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Company%20Profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Results
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Winner: Barack Beach, Richard Mullen (jockey), Satish Seemar (trainer).
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Winner: Tradesman, Pat Dobbs, Doug Watson.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners