Conglomerate company – Sony CP http://sony-cp.com/ Sat, 18 Sep 2021 19:46:57 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://sony-cp.com/wp-content/uploads/2021/06/icon-2021-06-29T124317.391-150x150.png Conglomerate company – Sony CP http://sony-cp.com/ 32 32 SoftBank’s Marcelo Claure is coming to Disrupt next week – TechCrunch https://sony-cp.com/softbanks-marcelo-claure-is-coming-to-disrupt-next-week-techcrunch/ https://sony-cp.com/softbanks-marcelo-claure-is-coming-to-disrupt-next-week-techcrunch/#respond Sat, 18 Sep 2021 16:24:15 +0000 https://sony-cp.com/softbanks-marcelo-claure-is-coming-to-disrupt-next-week-techcrunch/ SoftBank is in turmoil in Latin America. The Japanese investment conglomerate has just announced that it has launched its second Latin America-focused fund with a $ 3 billion capital commitment from the company that could grow as the fund explores “options for raise additional capital, ”according to SoftBank. The vehicle closely follows SoftBank’s first Latin […]]]>

SoftBank is in turmoil in Latin America. The Japanese investment conglomerate has just announced that it has launched its second Latin America-focused fund with a $ 3 billion capital commitment from the company that could grow as the fund explores “options for raise additional capital, ”according to SoftBank. The vehicle closely follows SoftBank’s first Latin America-focused fund, announced in March 2019 with an initial committed capital of $ 2 billion.

It’s easy to see what it is. Led by Marcelo Claure, CEO of SoftBank Group International and COO of SoftBank Group Corp., the company’s roughly four dozen employees – who operate from Miami, São Paulo, and Mexico City – helped SoftBank identify and fund 48 startups he’s logged into. $ 3.5 billion and, according to the firm, which have a combined net IRR (on paper, in particular) of 85%.

Some of the so-called unicorns that SoftBank has supported – and, in some cases, helped enter unicorn territory – include QuintoAndar, Rappi, Mercado Bitcoin, Gympass, and MadeiraMadeira. Recently, he also co-led a $ 350 million Series D in Argentina’s personal finance management app Ualá.

It’s so busy he just brought on board two new managing partners at the end of last week to help with all that investment.

Surprisingly, overseeing investments in Latin America is just one of the many roles Claure, originally from Bolivia, plays for SoftBank. (He also oversees a broad portfolio of SoftBank operating companies, including Arm, Brightstar, Fortress, SB Energy, and Boston Dynamics; he oversees SoftBank’s stake in T-Mobile US; and he is executive chairman of WeWork, which he led as interim CEO after founder Adam Neumann was forced to step down.) Still, it feels like this may be his biggest passion right now, and we’re excited to say he will join us at Disrupt the morning of Thursday, September 23, to talk about all that.

If you care about where SoftBank is shopping in Latin America right now – or if you generally want to better understand what triggered the scorching pace of investing the industry has seen over the past 18 months – it’s a conversation you won’t want to miss.

Best of all, Claure joins a host of incredible speakers at Disrupt, including Canva CEO Melanie Perkins, actor-entrepreneur Ryan Reynolds and Coinbase CEO Brian Armstrong.

The show is fast approaching. Get your ticket now for less than $ 100 before the price goes up in a few days; We will meet over there.


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A securities company seized in connection with the dismantling of the holding of tomorrow is blocked https://sony-cp.com/a-securities-company-seized-in-connection-with-the-dismantling-of-the-holding-of-tomorrow-is-blocked/ https://sony-cp.com/a-securities-company-seized-in-connection-with-the-dismantling-of-the-holding-of-tomorrow-is-blocked/#respond Sat, 18 Sep 2021 01:31:31 +0000 https://sony-cp.com/a-securities-company-seized-in-connection-with-the-dismantling-of-the-holding-of-tomorrow-is-blocked/ Shareholders in a securities firm linked to ousted tycoon Xiao Jianhua’s Tomorrow Holding Co. Ltd. have put up for sale their combined 98.24% stake as regulators take another step in dismantling the once free financial conglomerate. The eight largest shareholders of New Times Securities Co. Ltd., some of whom are linked to Tomorrow Holding, are […]]]>

Shareholders in a securities firm linked to ousted tycoon Xiao Jianhua’s Tomorrow Holding Co. Ltd. have put up for sale their combined 98.24% stake as regulators take another step in dismantling the once free financial conglomerate.

The eight largest shareholders of New Times Securities Co. Ltd., some of whom are linked to Tomorrow Holding, are getting rid of 2.9 billion shares on the China Beijing Equity Exchange, a property rights exchange platform based in the capital city. They aim to raise no less than 13.1 billion yuan ($ 2 billion), according to a file (link in Chinese) on the exchange Thursday.

New Times Securities is one of nine financial firms controlled by Tomorrow Holding that were acquired by financial regulators in July 2020 as part of efforts to unravel the sprawling financial empire of the secret conglomerate which also included Baoshang Bank Co. Ltd., the regional lender seized by regulators in 2019. The buyout of the nine companies, which have played a key role in Xiao’s business and supported many of its major acquisitions, was initially only expected to last for a year, but was expanded for an additional 12 months in July of this year.

Founded in 1999, Tomorrow Holding has grown into a conglomerate with activities as diverse as banking, securities, insurance, coal and real estate. Through complicated and sometimes illegal shareholder agreements, Tomorrow Holding controlled a large number of financial institutions that helped finance Xiao’s business expansion. Chinese authorities arrested the tycoon in January 2017 as part of a corruption investigation.

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Five things to know about the dismantling of the Xiao Jianhua holding company of tomorrow

There are conditions for new owners of New Times Securities – they shouldn’t consist of more than three entities and include one that is willing to take a controlling interest in the brokerage, according to the filing. They will be required to cooperate with regulators to deal with asset management products sold by New Times Securities which are now in default, and must also agree to maintain the stability of the brokerage’s business operations and staff.

At least four of the brokerage’s eight major shareholders have direct ties to Tomorrow Holding, and Caixin revealed (link in Chinese) in July that shares were pledged by Tomorrow Holding as collateral for loans of around 12 billion yuan.

The conglomerate owns 40% of Shanghai Yili Industrial Development Co. Ltd., 98.6% of Baotou Beipu Industrial Co. Ltd., 99.9% of Weifang Chuangke Industry Co. Ltd. and 2% of Beijing Xintiandi Interactive Multimedia Technology Co. Ltd. – respectively the largest, third, fourth and fifth shareholders of New Times Securities, with respective holdings of 45.5%, 10%, 9.8% and 7.8%,

In 2020, New Times Securities reported net profit of 36.5 million yuan on revenue of 1.6 billion yuan, according to the document filed Thursday. Its net assets stood at 10.2 billion yuan at the end of last year, the annual report 2020 (link in Chinese) showed.

In February, a consortium led by China Chengtong Holdings Group Ltd., an investment company overseen by the State Council’s State Council for Supervision and Administration of State-Owned Assets, offered to buy New Times securities at a price to book (PB) ratio of 1 – an offer price equivalent to the broker’s net assets and a valuation below the industry average.

New Times Securities rejected the offer and demanded a higher price after finding out that Guorong Securities Co. Ltd. was in talks to sell a stake for 8 billion yuan with a PB ratio of 2.88. Experts said a PB ratio of 1.6 would be reasonable for New Times Securities, suggesting a price of 16 billion yuan.

Unrolling the complex network of companies controlled by Tomorrow Holding and selling its assets has been a difficult task for regulators. They began to separate the conglomerate in 2019 with the seizure of Inner Mongolia-based Baoshang Bank over its “severe credit risk” which threatened the stability of the banking system. The good assets of the lender were then taken over by Mengshang Bank, whose major shareholders include a national deposit insurance fund managed by the central bank, the government of the Autonomous Region of Inner Mongolia and Huishang Bank Corp. Ltd, based in Anhui.

Read more
Chinese Graft Busters Reveal ‘Shocking’ Corruption Among Local Regulators at Bankrupt Baoshang Bank

In addition to cleaning up New Times Securities, the China Securities Regulatory Commission was tasked with sorting out another brokerage firm, Guosheng Securities Co. Ltd., and a futures company, Guosheng Futures Co. Ltd. Their day-to-day operations are handled by CSC Financial Co. Ltd., Avic Securities Co. Ltd., China Merchants Securities Co. Ltd. and Guotai Junan Futures Co. Ltd.

The other six companies included in the nine seized by regulators in 2020 – four insurers and two trust companies – are handled by the China Banking and Insurance Regulatory Commission. https://www.caixinglobal.com/2020-07-17/china-seizes-billion-dollar-financial-firms-controled-by-mysterious-tycoon-101581449.html

Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Nerys Avery (nerysavery@caixin.com)

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South Korean government sees tech companies as the new chaebol https://sony-cp.com/south-korean-government-sees-tech-companies-as-the-new-chaebol/ https://sony-cp.com/south-korean-government-sees-tech-companies-as-the-new-chaebol/#respond Fri, 17 Sep 2021 13:52:41 +0000 https://sony-cp.com/south-korean-government-sees-tech-companies-as-the-new-chaebol/ A SOME MONTHS A few years ago, Kim Beom-su looked like the face of responsible capitalism in South Korea. In March, the billionaire founder of Kakao, which runs the country’s most popular messaging app and many other digital services, pledged to donate half his fortune to charity, the second Korean tycoon to make the pledge. […]]]>


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[MARKET EYE] Hyundai Motor’s succession plan is a puzzle for the Hyundai Card https://sony-cp.com/market-eye-hyundai-motors-succession-plan-is-a-puzzle-for-the-hyundai-card/ https://sony-cp.com/market-eye-hyundai-motors-succession-plan-is-a-puzzle-for-the-hyundai-card/#respond Fri, 17 Sep 2021 02:38:00 +0000 https://sony-cp.com/market-eye-hyundai-motors-succession-plan-is-a-puzzle-for-the-hyundai-card/ Hyundai Motor Group Chairman Chung Euisun (left) and Hyundai Card Vice Chairman Chung Tae-young (courtesy of the respective companies) As the independence of Hyundai Motor Group’s financial arms seems increasingly likely, concerns are growing that they will face higher debt financing costs as a result. The outlook was raised amid signs of restructuring governance for […]]]>



Hyundai Motor Group Chairman Chung Euisun (left) and Hyundai Card Vice Chairman Chung Tae-young (courtesy of the respective companies)

As the independence of Hyundai Motor Group’s financial arms seems increasingly likely, concerns are growing that they will face higher debt financing costs as a result.

The outlook was raised amid signs of restructuring governance for Hyundai Motor Group to allow for a full family succession that would consolidate control over President Chung Euisun.

A separation of financial arms is key to transforming Hyundai Motor Group into a holding company under Korea’s antitrust rules. Korean law describes the doctrine of the separation of industrial and financial capital, prohibiting a non-financial conglomerate with a holding structure from owning a stake in a financial services company.

But a separation could increase the cost of debt financing at home and abroad for Hyundai Motor’s financial subsidiaries.

Hyundai Card and Hyundai Capital’s credit ratings – the key factor in determining credit quality and the cost of debt financing – rely heavily on institutional support from the group’s flagship automaker, Hyundai Motor.

Hyundai Card is a consumer credit company, while Hyundai Capital Services is dedicated to auto finance.

The two companies’ credit ratings for senior debt by Korean rating agencies – Nice Investors Service, Korea Investors Service and Korea Ratings – were downgraded at the end of 2019 from AA + to AA, alongside the downgrade of Hyundai Motor and Kia. Hyundai Card and Hyundai Capital ratings have yet to recover.

The global rating agency Fitch Ratings has assigned Hyundai Card a BBB rating and Hyundai Capital a BBB + rating since 2012. But its analysts believe that the independence of financial branches vis-à-vis the conglomerate could lead to a reassessment.

“Our take on the parent company’s strong propensity to support Hyundai Card is driven by the card operator’s strong ties to the group,” said Matt Choi, director of APAC Banks at Fitch Ratings.

Choi added that Fitch expects the group’s majority ownership in Hyundai Card to continue for at least the next 18 months.

“If the ownership of the group were significantly reduced for any reason, we would reassess its ties to the group to decide whether parents’ propensity to support has indeed reduced,” he said.

The total amount of financing for the Hyundai Card stood at 14.9 trillion won ($ 12.7 billion) at the end of June, with domestic financing amounting to about 90 percent, according to the company. Hyundai Capital was worth 27.4 trillion won.

The president of Hyundai Motor is seen to be paving the way to take control of the auto construction conglomerate. At the same time, the group is seeking to unwind the circular cross-shareholding structure to gain transparency, as part of a restructuring announced for the first time in 2018.

One example is Hyundai Engineering’s impending initial public offering, in which the company hopes to target 10,000 billion won in equity value. This is seen as a way for Hyundai Motor Group Chairman Chung to obtain liquidity, with the proceeds likely to be used to increase his stake in what could be the group’s holding company, or to pay taxes. that would result from changes in ownership, such as donation tax.

Chung owns an 11.72% stake in Hyundai Engineering, with the other stakes held by Hyundai Engineering & Construction, Hyundai Glovis, Kia and Hyundai Mobis.

Hyundai Engineering has not yet filed an application to enter the market with the exchange operator, the Korea Exchange.

A governance restructuring is also underway within Hyundai Motor’s financial branches, including a consolidation of the influence of Vice Chairman Chung Tae-young’s management over the companies in which he and his wife Chung Myung-yi. have holdings, the financing branch of Hyundai Commercial companies.

The brother-in-law of Hyundai Motor group president Chung offered to leave Hyundai Capital earlier in September and has pledged to focus on two more subsidiaries, Hyundai Commercial and Hyundai Card.

Chung and his wife Chung together own 37.5% of Hyundai Commercial, and Hyundai Commercial owns about 30% of Hyundai Card.

Meanwhile, the moderate growth of Korea’s credit industry puts Hyundai Card’s IPO plan in disarray, as the company has said it has no plans to IPO at following the change of its shareholders to Fubon, based in Taiwan.

Hyundai Card declined to comment on the implications of Chung’s retirement from the Hyundai Capital job or the group’s family succession plan.

By Son Ji-hyoung (consnow@heraldcorp.com)


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Tata Group conglomerate makes offer for struggling Air India https://sony-cp.com/tata-group-conglomerate-makes-offer-for-struggling-air-india/ https://sony-cp.com/tata-group-conglomerate-makes-offer-for-struggling-air-india/#respond Thu, 16 Sep 2021 16:19:30 +0000 https://sony-cp.com/tata-group-conglomerate-makes-offer-for-struggling-air-india/ NEW DELHI: Indian steel tea conglomerate Tata Group has confirmed that it has submitted an offer to buy the debt-crippled national carrier Air India, which it owned decades ago before the airline’s nationalization. The Indian government has sought to sell its entire stake in the struggling company, setting a deadline for offers for Wednesday after […]]]>

NEW DELHI: Indian steel tea conglomerate Tata Group has confirmed that it has submitted an offer to buy the debt-crippled national carrier Air India, which it owned decades ago before the airline’s nationalization. The Indian government has sought to sell its entire stake in the struggling company, setting a deadline for offers for Wednesday after previously failing to secure interest in majority stock.

“We made an offer,” a spokesperson for the Tata group told AFP on Wednesday evening, without giving further details. Tata has already invested in airlines AirAsia India and Vistara. The founder of Indian low-cost airline SpiceJet, Ajay Singh, also submitted an offer in a personal capacity, The Times of India reported. SpiceJet did not respond to an AFP request for comment.

The secretary of the government department of investments and public asset management, Tuhin Kanta Pandey, confirmed that the offers had been received. “The process is now moving into the final stages,” he tweeted on Wednesday. Tata Group in 1932 pioneered commercial air transport in India with Tata Airlines. Once affectionately known as the “Maharaja of the Heavens”, the airline was later taken over by the government and renamed Air India.

But it lost money for more than a decade, taking billions of dollars in debt and losing market share to its low-cost rivals in one of the fastest growing airline markets. , but very competitive. Besides Air India, the government also plans to raise billions of dollars through the privatization of Bharat Petroleum and the sale of shares of a major insurer. In August, New Delhi said it was looking to lease state-owned assets from the private sector to raise six trillion rupees ($ 81 billion) to fix public finances affected by the pandemic and finance new infrastructure. . -AFP


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Tata Group conglomerate bids for indebted Indian national carrier https://sony-cp.com/tata-group-conglomerate-bids-for-indebted-indian-national-carrier/ https://sony-cp.com/tata-group-conglomerate-bids-for-indebted-indian-national-carrier/#respond Wed, 15 Sep 2021 18:01:46 +0000 https://sony-cp.com/tata-group-conglomerate-bids-for-indebted-indian-national-carrier/ Indian steel tea conglomerate Tata Group confirmed on Wednesday that it had submitted an offer to buy the debt-crippled national carrier Air India, which it owned decades ago before the airline’s nationalization. The Indian government has sought to sell its entire stake in the struggling company, setting a deadline for offers for Wednesday after previously […]]]>

Indian steel tea conglomerate Tata Group confirmed on Wednesday that it had submitted an offer to buy the debt-crippled national carrier Air India, which it owned decades ago before the airline’s nationalization.

The Indian government has sought to sell its entire stake in the struggling company, setting a deadline for offers for Wednesday after previously failing to secure interest in majority stock.

“We made an offer,” a spokesperson for the Tata group told AFP on Wednesday evening, without giving further details.

Tata has already invested in airlines AirAsia India and Vistara.

The founder of Indian low-cost airline SpiceJet, Ajay Singh, also submitted an offer in a personal capacity, The Times of India reported.

SpiceJet did not respond to an AFP request for comment.

The secretary of the government department of investments and public asset management, Tuhin Kanta Pandey, confirmed that the offers had been received.

“The process is now moving into the final stages,” he tweeted on Wednesday.

Tata Group in 1932 pioneered commercial air transport in India with Tata Airlines.

Once affectionately known as the “Maharaja of the Heavens”, the airline was later taken over by the government and renamed Air India.

But it’s been bleeding money for over a decade, taking billions of dollars in debt and losing market share to its low-cost rivals in one of the fastest growing airline markets, but very competitive.

Besides Air India, the government also plans to raise billions of dollars through the privatization of Bharat Petroleum and the sale of shares of a major insurer.

In August, New Delhi said it was looking to lease state-owned assets from the private sector to raise six trillion rupees ($ 81 billion) to fix public finances affected by the pandemic and finance new infrastructure. .

grk-ng / sw


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Do you have $ 1,000? 4 Buffett stocks to buy and hold forever https://sony-cp.com/do-you-have-1000-4-buffett-stocks-to-buy-and-hold-forever/ https://sony-cp.com/do-you-have-1000-4-buffett-stocks-to-buy-and-hold-forever/#respond Sat, 11 Sep 2021 12:30:00 +0000 https://sony-cp.com/do-you-have-1000-4-buffett-stocks-to-buy-and-hold-forever/ When Warren Buffett took over Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) in 1965 the company was valued at $ 19 per share. Today, the investment conglomerate’s Class A shares are trading at around $ 424,200, which represents growth of about 2,226,200% across the stretch. With this kind of incredible performance, it’s no wonder he’s widely regarded […]]]>

When Warren Buffett took over Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) in 1965 the company was valued at $ 19 per share. Today, the investment conglomerate’s Class A shares are trading at around $ 424,200, which represents growth of about 2,226,200% across the stretch. With this kind of incredible performance, it’s no wonder he’s widely regarded as one of the best investors in history.

Berkshire’s massive stock size means its days of explosive growth are likely behind us, but investors will likely still be able to cash in on solid gains by following the actions of the company and its CEO. Read on to discover four Buffett backed stocks that look set to deliver long term gains.

Image source: The Motley Fool.

1. Berkshire Hathaway

If you want to replicate the Oracle of Omaha investment strategy, the best way to do that is to own Berkshire Hathaway shares. Led by Buffett, Vice President Charlie Munger and a team of expert analysts, Berkshire has been one of the best-managed investment conglomerates of the past half century.

Berkshire Hathaway has investment holdings spanning multiple sectors and a legendary management team, so buying its stocks is a great way to add a mix of diverse and relatively low risk holdings to your portfolio. Investing in the company provides a convenient and reliable vehicle for broad exposure to the stock market and participation in other businesses and assets under the Berkshire umbrella.

In addition to the other stocks described in this article, Berkshire Hathaway offers investors exposure to companies such as Coca Cola, Bank of America, American Express, and many more. While Berkshire has a reputation for focusing on value games in proven business categories, the company has gradually evolved to accommodate a more technology-driven approach to investing. Buffett and Munger’s investment philosophy still plays a key role in guiding the business, but Berkshire is also building positions in forward-looking technology players, and this should benefit shareholders in the long run.

2. Apple

Apple (NASDAQ: AAPL) stands as the largest equity portfolio in the Berkshire Hathaway portfolio. While Buffett is known to have been generally averse to tech stocks due to their complex businesses and growth-dependent valuations, that has started to change in recent years, and his company has added more tech stocks to its holdings. . Berkshire’s big investments in Apple can be seen as the company’s emerging technology foundations.

Apple has built one of the strongest brands in consumer hardware, and that has paved the way for a robust ecosystem of subscription software and services as well. Apple will likely continue to occupy leading positions in mobile hardware and software, and it stands out as a likely beneficiary of new long-term growth trends including wearable computing, 5G, and augmented reality.

3. Verizon

Buffett is known for liking companies that have strong brand strength, and Verizon (NYSE: VZ) certainly tick this box. The telecommunications company has the largest wireless subscriber base in the United States and regularly wins awards for having the best network coverage and customer service in the industry. As the availability of 5G is still ongoing and phones supporting next-gen network services are just starting to become widely available, Verizon is likely in the early stages of benefiting from a major transition.

And when it’s time to roll out the next generations of wireless networks and take a leap forward in upload and download speeds, there’s a good chance Verizon will continue to be at the forefront. Access to reliable, high-quality Internet service will only become increasingly central to business and daily life, and Verizon is a prime candidate to take advantage of this long-term trend.

4. Amazon

Amazon (NASDAQ: AMZN) is one of the most influential companies in the world, and the tech giant is likely to continue to improve and innovate. With leading positions in e-commerce and cloud infrastructure services, Amazon is at the forefront of incredibly important industries that have far-reaching connections with a wide range of businesses. The company has also used its strengths in online retail and data analytics to establish a third place in the digital advertising market, and it looks set to continue to benefit from the continued growth in digital advertising.

The e-commerce, cloud services and digital advertising sectors still have long avenues for growth, and there is a good chance that Amazon can use its immense resources to expand into new categories of growth that strengthen overall activity. The stock has already performed exceptionally well and continues to offer attractive risk-return dynamics for long-term investors.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are heterogeneous! Questioning an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.


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In the metaverse, will big game eventually become big tech? https://sony-cp.com/in-the-metaverse-will-big-game-eventually-become-big-tech/ https://sony-cp.com/in-the-metaverse-will-big-game-eventually-become-big-tech/#respond Sat, 04 Sep 2021 14:22:43 +0000 https://sony-cp.com/in-the-metaverse-will-big-game-eventually-become-big-tech/ Sep 4, 2021 IN “READY TO PLAYER ONE”, a science fiction novel set in 2045, people can escape a horrific world of global warming and economic chaos by teleporting to the OASIS, a parallel universe where they can change their identity, stroll and forget the miseries of everyday life. In the book, published in 2011, […]]]>

IN “READY TO PLAYER ONE”, a science fiction novel set in 2045, people can escape a horrific world of global warming and economic chaos by teleporting to the OASIS, a parallel universe where they can change their identity, stroll and forget the miseries of everyday life. In the book, published in 2011, the OASIS is the brainchild of a gaming mogul who has everyone’s best interests at heart. Innovative Online Industries, an evil internet conglomerate that intends to take over everything and reap the rewards for itself, is lurking in the background.

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There are echoes of that “good v greedy” tale in the way Tim Sweeney, founder of Epic Games, creator of “Fortnite,” an online gaming phenomenon, talks about the metaverse. The idea is buzzing in Silicon Valley and is seen as the next big thing on the internet. No one is quite sure what the term means; at its most futuristic, the OASIS is a pretty good analogy to what tech utopians have in mind. For now, suffice it to say, if you think you’ve spent more than enough time online during the covid-19 pandemic, think again. Using virtual and augmented reality, realistic computer avatars and imagery, the Metaverse will further erase the boundaries between people’s online and physical lives. Unsurprisingly, big tech salivates at the prospect of yet more areas of human existence open to data mining.

The same goes for Mr. Sweeney, who creates a mini-metaverse for the 350 million monthly users of “Fortnite”, immersing them not only in fantastic games, but also in virtual pop concerts and the like. However, he is determined to prevent today’s Silicon Valley elite from reaping all the rewards of this visionary future. Its ambition is dynamic competition, fair remuneration for creators and incomparable economic efficiency on the Web today. How realistic or sincere is that?

Epic, a private company partly owned by Tencent, a Chinese tech giant, is already describing the creation of the Metaverse as a competition to kill giants. It is part of the backdrop of its recent legal battles against Apple (a verdict is expected soon) and against Google (a lawsuit has not yet started). Primarily, the antitrust cases involve the iPhone App Store and Google’s Android Play Store, which Epic describes as strongholds of price gouging, particularly cutting in-app purchases by up to 30% and refusing to let developers use alternative payment methods. processing platforms. But in court, Mr Sweeney told the judge in the Apple case that the problem was also “existential” for the creation of the Metaverse. Epic’s goal, he said, was to turn “Fortnite” into a platform on which independent developers could distribute their games and other forms of online entertainment and earn more profits themselves. “With Apple taking 30% off the top, they make it difficult, very difficult for Epic and the creators to exist in this future world,” he said.

Apple and Google deny these claims. In court, Apple retorted that its commissions were an industry standard and that it had invested in creating a user-friendly environment. But he is forced to cede ground elsewhere. In a recent partial settlement of a class action lawsuit in America, Apple agreed to make it easier for app developers to contact customers about alternative payment methods. Then, on August 31, South Korea passed a law allowing smartphone users to pay developers directly. Google is calling Epic’s claims baseless. Where does that leave Mr. Sweeney’s vision for the new web? And what is the likelihood of that happening?

The vision certainly looks appealing. No “mega-company” would be dominant. Instead, the Metaverse will be built by millions of creators, programmers, and designers, earning a greater share of the awards than the tech giants currently allow. Instead of the siled state of the internet today, he says there should be free flow of gaming between gaming networks, such as Microsoft’s Xbox and Sony’s PlayStation. The state-of-the-art “engines” that the gaming industry uses to perform real-world simulations should be based on common standards so that they are also interoperable. Decentralized tools such as blockchain and cryptocurrencies could add to economic efficiency.

Mr. Sweeney does not hesitate to oppose such open competition to the current situation. This will not deter the giants of Silicon Valley from seeking a future big role. Game companies such as Epic, Roblox, and Minecraft are the most advanced at bringing metaverse-like aspects to their platforms; Minecraft has a virtual library of newspaper articles censored to encourage freedom of thought in autocratic regimes. But the tech giants are on their heels. Facebook boss Mark Zuckerberg believes his Oculus Quest headsets will be part of a virtual and augmented reality future that could replace the smartphone. In August, Facebook introduced Horizon Workrooms in its headsets, allowing workers to attend virtual meetings as avatars. Satya Nadella, from Microsoft CEO, talks about building a “corporate metaverse”. Without a doubt, they want to make the Metaverse more of a walled garden than Mr. Sweeney does.

Load of old Roblox?

As for Mr. Sweeney’s apparent selflessness, it’s probably wise not to take it at face value. Epic and other game companies could presumably one day continue to dominate a three-dimensional internet similar to high-tech in the two-dimensional. As Daniel Newman of Futurum Research, a consulting firm, puts it, from Microsoft in the 1980s to Apple, Google, Facebook and Amazon in the 2010s, all of the tech giants began to offer unique services that consumers loved. and fought for more open competition against incumbents. Over time, as their leadership positions strengthened, their missionary zeal diminished. It’s hard to imagine a world, however futuristic, in which this pattern does not persist.

Right now, big game companies can’t think of themselves as cartoon villains. And the metaverse may indeed be too large to be dominated by a single company. But whatever parallel universes they construct, the desire to create not only fantastic dystopias, but also ditches against competition is the capitalist path par excellence.

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This article appeared in the Business section of the print edition under the title “Epic’s battle royale”


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Automotive Supplier Joyson Safety Systems Appoints Next CEO https://sony-cp.com/automotive-supplier-joyson-safety-systems-appoints-next-ceo/ https://sony-cp.com/automotive-supplier-joyson-safety-systems-appoints-next-ceo/#respond Wed, 01 Sep 2021 18:41:40 +0000 https://sony-cp.com/automotive-supplier-joyson-safety-systems-appoints-next-ceo/ Guido Durrer, who led Joyson Safety Systems for more than three years after its takeover of Takata Corp., plans to retire as president and CEO on December 31. Starting Jan. 1, the top position will be held by Tao Liu, who recently joined the Auburn Hills-based automotive supplier as deputy CEO to learn the ropes […]]]>

Guido Durrer, who led Joyson Safety Systems for more than three years after its takeover of Takata Corp., plans to retire as president and CEO on December 31.

Starting Jan. 1, the top position will be held by Tao Liu, who recently joined the Auburn Hills-based automotive supplier as deputy CEO to learn the ropes of Durrer over the next four months, announced on Wednesday. the company in a press release.

Liu joins the company as she revamps plant operations amid the COVID-19 pandemic with a focus on security and as she tries to shake Takata’s troubled reputation, which has been doomed by an airbag scandal that lasted for years. Formerly known as Key Safety Systems, Joyson is a subsidiary of the Chinese company Ningbo Joyson Electronic Corp. It bought Takata’s assets for $ 1.6 billion in 2018.

“We will be eternally grateful for the legacy Guido has carved into our entire organization, including his leadership through our corporate integration and his strong guidance during the challenges of the pandemic,” said Jeff Wang, President by Joyson, in the press release.

Durrer took over as head of the company in 2018 after 30 years in leadership roles in the automotive industry, including 10 years as CEO of ThyssenKrupp Presta AG, the auto-management subsidiary of German conglomerate ThyssenKrupp AG.

Following his retirement, Durrer will assume an advisory role in the office of the president and will continue to serve on the board of directors of the company.

Liu joins Joyson from Auburn Hills-based Nexteer Automotive where he worked for 12 years, most recently as Global President and CEO. Previously, he served for 13 years as Director of China Operations for Delphi Automotive Systems.

Joyson has implemented new operating policies in its more than 50 factories, emphasizing standardized quality and reporting practices, as well as waste reduction programs, Automotive News reported in April.

The company reported 2020 revenue of $ 4.66 billion. It employs approximately 50,000 people at 76 locations around the world, including 675 in the metro Detroit area.


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Sources say Emirates Global Aluminum is considering IPO – Aluminum Insider https://sony-cp.com/sources-say-emirates-global-aluminum-is-considering-ipo-aluminum-insider/ https://sony-cp.com/sources-say-emirates-global-aluminum-is-considering-ipo-aluminum-insider/#respond Sat, 28 Aug 2021 17:03:29 +0000 https://sony-cp.com/sources-say-emirates-global-aluminum-is-considering-ipo-aluminum-insider/ Sources say Emirates Global Aluminum PJSC (EGA) is considering a possible initial public offering (IPO) in 2022 after the company refinanced a significant portion of its debt this week. Press Agency Reuters is report a trio of sources claiming to be in the know told them that the UAE aluminum smelter plans to offer between […]]]>

Sources say Emirates Global Aluminum PJSC (EGA) is considering a possible initial public offering (IPO) in 2022 after the company refinanced a significant portion of its debt this week.

Press Agency Reuters is report a trio of sources claiming to be in the know told them that the UAE aluminum smelter plans to offer between ten and twenty percent of its company to outside investors. Experts estimate the company’s total present value to be between $ 16 billion and $ 19 billion.

A source said Reuters that it anticipates that financial institutions will reassess its total value as well as determine what investor interest may exist in such an offer. If an IPO does take place, sources say international investment banks and domestic financial firms would be involved, including Emirates NBD and First Abu Dhabi Bank.

Neither EGA, Emirates NBD, nor First Abu Dhabi Bank commented on the matter.

EGA previously considered an IPO in 2018, but was thwarted by former US President Donald Trump’s imposition of general tariffs on aluminum imports from a wide range of foreign suppliers, including EGA. Although he revoked the tariffs just before leaving office, current President Joe Biden reinstated them when he took office.

EGA’s possible IPO is part of the country’s larger effort to increase the number of listed companies. Several other UAE entities are at various stages considering conducting similar offers.

Based in Abu Dhabi, United Arab Emirates, Emirates Global Aluminum is an aluminum conglomerate created by the merger between Dubai Aluminum (DUBAL) and Emirates Aluminum (EMAL) in 2013. EGA had an estimated enterprise value of $ 15 billion. US dollars at the time of the merger. took place. The company is equally owned by Mubadala Development Company of Abu Dhabi and Investment Corporation of Dubai. Emirates Global Aluminum holds interests in the bauxite / alumina and primary aluminum smelter.


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