Latest news with #RIM
IOL News
21 hours ago
- IOL News
Robben Island to host G20 delegations, tours suspended for renovations
A complete shut-down of Robben Island for maintenance and upgrade from 16 June to the end of August 2025 was announced at a media briefing hosted by the Robben Island Museum (RIM) Council. Robben Island, a cornerstone of South Africa's historical and cultural identity, is about to step into the global spotlight as the nation gears up to host the G20 summit later this year. As part of the preparations to welcome dignitaries from around the globe, the Robben Island Museum has announced a crucial decision: all public tours will be suspended from June 16, 2025, until September 1, 2025. This temporary closure aims to facilitate essential maintenance and renovations necessary for the preservation of this iconic site.
New Straits Times
2 days ago
- Business
- New Straits Times
#SHOWBIZ: AIM24 returns with new categories and greater rewards
KUALA LUMPUR: The 24th edition of Anugerah Industri Muzik (AIM) is back this Sept 13 at the Arena Of Stars in Resorts World Genting. AIM 24 was announced by the Recording Industry Association of Malaysia's (RIM) chairman Rosmin Hashim at the Bukit Kiara Equestrian Club here today, and it will be broadcast live at 9pm from Radio Televisyen Malaysia (RTM). Rosmin said that the nation's premiere music awards show, which has upheld artistic merit and industry standards since 1993, continues to evolve in tandem with the country's rich and diverse music scene, and will be introducing three new award categories. They are the Best Unity Song that recognises musical works that promote Bangsa Malaysia, the Best Traditional Song which honours compositions rooted in traditional music, and the Best Collaboration By A Local Artiste And Foreign Artiste/Composer which shines a spotlight on Malaysian artistes who go global. Rosmin said that in a significant boost to the industry, the Communications Ministry will be awarding RM700,000 to 11 award winners. "These funds are part of My Creative Ventures' (MyCV) Creative Content Fund to support the production, promotion and distribution of creative content of high commercial and artistic value," he said. RTM television programme division director Reza Sariman Othman said: "We are pleased to work with RIM and serve as the official broadcaster of Malaysia's premiere music awards show. "We strongly believe in the power of music as a cultural force and a unifying element in society." The nominations for awards are for songs in Malay, English, Chinese and Indian, released from July 1, 2022 to Dec 31, 2024. The submission of nominations ends at 5pm on July 4. There are 31 award categories in three segments namely the main categories, the pre-award categories, and the Sri Wirama Award for lifetime achievement in music. The main categories are Best New Artiste, Best Male Vocalist, Best Female Vocalist, Best Group, Best Band, Best Duo/Collaboration, Best Music Video, Best Original Soundtrack, Best Rock Song, Best Pop Song, Best Hip-Hop Song, Best Electronic/Dance Song, Best English Song, Best Chinese Song, Best Indian Song, Best Malay Song By A Foreign Artiste, Best Collaboration By A Local Artiste And A Foreign Artiste/Composer, Best Nasyid Song, Best Ethnic Song, Best Unity Song, Best Traditional Song, Album Of The Year and Song Of The Year. The pre-award categories are Best Album Cover, Best Engineered Song, Best Engineered Album, Best Musical Arrangement In A Song, Most Streamed Song, Most Watched Music Video On YouTube and Most Viewed Song On TikTok. The final five nominees for each category will be announced in August.
Yahoo
20-05-2025
- Business
- Yahoo
Walmart's warning of higher prices puts spotlight on ‘RIM accounting' practice favored by big retailers
Retail giant Walmart is known for low prices, but those prices are about to go up. On its latest earnings call, CEO Doug McMillon and CFO John David Rainey warned that the company cannot absorb all the cost increases resulting from President Trump's tariffs, even after some rates were reduced following negotiations. The executives said Walmart will begin raising prices on certain products as early as the end of May, with more noticeable increases expected in June. 'The level of tariffs that result from those discussions and the timing of when they ultimately become final may cause larger swings in our financial performance from one quarter to the next,' Rainey said on the May 15 call. The veteran CFO also gave a brief lesson on Walmart's method of accounting for the cost of inventory for the majority of its U.S. business. Known as the retail inventory method, or RIM, this practice makes these swings more difficult to forecast. 'We've always used RIM in Walmart U.S.,' Rainey said. 'It's not new for us, and it's a common method of accounting in the retail industry.' RIM accounting applies a ratio of the actual cost of the inventory to its retail price to calculate ending inventory and, therefore, derive cost of goods sold, he said. Rising prices can lead to higher inventory markups and increased margins, but later markdowns may offset these gains, Rainey explained. The resulting fluctuations in costs are unprecedented for Walmart and could cause significant swings in quarterly margins and earnings, he said. According to Sang Hyun 'Sam' Park, an associate professor at Augusta University's Hull College of Business, U.S. GAAP gives retailers two main ways to price inventory at period-end: the use of RIM or tracking every SKU's exact cost. Walmart isn't the only big box retailer to use RIM, which means the implications of see-saw tariffs on this accounting method may be wide-reaching. RIM is popular at chains that sell millions of low-ticket items, like Walmart, Target, and Home Depot, because management already knows each product's shelf price but not its precise landed cost until weeks later, Park told Fortune. 'By applying a single 'cost-to-retail' percentage to the ticket price, the accountant can finish the books quickly without scanning every purchase order,' Park explained. Modern enterprise resource planning (ERP) systems, which automate core processes such as accounting, can handle item-level data, he said. 'But for high-volume, low-margin general merchandise, the faster, cheaper RIM shortcut still wins,' Park said. He further explained how RIM is affected by tariffs. Landed cost is the all-in amount it takes to bring goods to the shelf: a total of supplier invoice, freight, insurance, import duty (tariff), and brokerage fees. Under RIM, that amount feeds the 'cost' side of the cost-to-retail ratio. Tariffs wind up squeezing the margin. 'Tariffs inflate landed cost, nudging the cost-to-retail ratio higher,' Park said of Walmart's situation. 'A quick shelf-price hike can mask that hit for a while, but markdowns later force the higher cost back into earnings.' During the earnings call, Rainey also said he is concerned about the possibility of LIFO-related charges as prices go up. LIFO, short for Last-In, First-Out, is an inventory accounting method where the most recently purchased or produced goods are assumed to be sold first. To address these accounting challenges, Park foresees Rainey using a new playbook when it comes to data granularity, scenario planning, and governance—but not an accounting policy overhaul. 'What Walmart's CFO hints at is the need for supplementary tools,' he said. That includes more frequent recalibration of cost complements, layered RIM pools (such as separating tariff-sensitive imports), richer disclosure, and tighter forecasting analytics. For the first quarter, Walmart's revenue increased 2.5% year over year to $165.6 billion, U.S. same-store sales increased 4.5%, and its e-commerce business reached profitability for the first time. This story was originally featured on
The South African
20-05-2025
- The South African
Why you should AVOID the Robben Island ferry for your own safety
The Robben Island Museum (RIM) is facing serious scrutiny following revelations that it operated a ferry with significant safety defects during peak tourist season, potentially endangering passengers en route to the UNESCO World Heritage Site. An investigation by the South African Maritime Safety Authority (SAMSA) uncovered alarming deficiencies in the ferry's condition. The report highlighted inadequate maintenance, poor monitoring of weather conditions, and non-compliance with basic maritime safety protocols. Notably, the ferry was operated without full awareness of prevailing sea conditions – a factor previously linked to other safety incidents involving RIM ferries. Critics say the findings reflect a deeper issue of operational negligence. The ferry, tasked with transporting thousands of visitors between Cape Town and Robben Island, was not adequately equipped for the often-treacherous waters in the region. The use of substandard vessels and a failure to adopt improved safety practices have prompted calls for stronger oversight and stricter enforcement of maritime safety standards. Following past incidents, RIM had promised to implement several safety enhancements, including better weather monitoring systems and a stricter maintenance regime. However, the latest SAMSA findings suggest these commitments have not been fully realised. The museum's management has yet to issue a comprehensive response, deepening public concern over whether safety is being prioritised adequately. As investigations continue, tourism industry stakeholders and safety advocates are calling for greater transparency and accountability. They argue that the safety of visitors – and the reputation of one of South Africa's most important historical sites – must be protected. The incident has reignited discussions about the need for robust governance within heritage institutions and a renewed focus on public safety. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
New Straits Times
06-05-2025
- Business
- New Straits Times
#SHOWBIZ: AI-generated music: Unregulated development threat to music industry
KUALA LUMPUR: The Recording Industry Association of Malaysia (RIM) is sounding the alarm over the escalating threat posed by unregulated artificial intelligence (AI)-generated music to Malaysia's music industry. As AI technologies rapidly advance, RIM is calling for urgent attention and action from government regulatory bodies to address the serious implications for the local music scene. "While AI offers potential for enhancing creativity and production efficiency, its unregulated use poses a significant danger that could undermine the very foundation of Malaysia's vibrant music industry," said RIM chairman, Rosmin Hashim, in a statement today. A primary concern is copyright infringement, with AI generative models being trained on copyrighted music without proper authorisation. "Without clear regulations, human creators risk having their works exploited without consent or fair compensation. "We've recently seen this with AI-generated versions of Datuk Seri Siti Nurhaliza's 'Aku Cinta Padamu,' mimicking the vocals of Dayang Nurfaizah, which raises serious copyright issues and questions of ownership over these AI-generated songs," he added. The potential economic fallout is substantial. A global study commissioned by the International Confederation of Societies of Authors and Composers (CISAC) projects losses of 10 billion Euros to the music industry by 2028 due to AI-generated music. The study concluded that, under the current regulatory framework, human creators face a double threat: lost revenue from unauthorised use of their work by AI models, and displacement by AI-generated content competing with human-made creations. "These losses will impact everyone in the local music ecosystem, including songwriters, singers, musicians, and record companies, and will lead to significant job losses across the industry in the near future," Rosmin said. The rise of AI-generated music is already eroding royalties for human creators on streaming platforms. "For example, over 20,000 AI-generated tracks are being uploaded to Deezer daily, now accounting for approximately 18 per cent of their total music content. "If unchecked, AI-generated music will eventually overwhelm human-created content on these services, severely impacting the royalties earned by our artistes," he added. The global music industry is actively challenging AI companies to protect copyright holders. Cases include lawsuits by Universal Music Group, Concord, and ABKCO against Anthropic for training its AI chatbot, Claude, on lyrics from artistes like Beyonce and The Rolling Stones without permission, and a lawsuit by the Recording Industry Association of America (RIAA) on behalf of major labels against AI music generation services Suno and Udio. "A comprehensive legal framework is crucial in Malaysia to ensure that both AI companies and copyright holders can benefit from AI-generated music. "The EU has enacted the Artificial Intelligence Act, requiring AI developers to obtain permission for using copyrighted content in training. "The ELVIS Act in Tennessee protects individuals from unauthorized AI-generated likenesses. "Malaysia must now legislate similar safeguards to protect our copyright holders." RIM is urging Malaysian policymakers to enact legislation that protects human creativity and mandates transparency, requiring AI developers to disclose the copyrighted music used in training their models. "This will ensure that AI technologies are developed in a way that supports, rather than undermines, human creativity and our cultural heritage," said Rosmin.
