Forbes

2022-05-26 17:05:01 Airbnb Reportedly Shutting Down Listings In China

Airbnb plans to shut down all its listings in China by this summer, following years of pandemic-related difficulties and increasing competition from Chinese businesses, even as the hospitality industry and Airbnb begin to bounce back.

The short-term vacation rental company will remove all listings for homes and activities in China, but will keep a Beijing office with hundreds of workers.

Airbnb stays in China have accounted for just 1% of the company’s revenue in recent years, but the company still plans to focus on booking stays in other countries for outbound travelers from China.

Though the hospitality industry has begun to bounce back from Covid-19 as lockdowns end and Covid-19 concerns diminish, CNBC says Airbnb’s operations have been slow to recover in China, where the government’s strict “zero-Covid” policy has extended lockdowns. Open / Comment

2022-05-26 14:05:02 SpaceX Reportedly Seeks Up To $1.7 Billion In New Investments

SpaceX is seeking up to $1.725 billion in new funding, CNBC reported Sunday, as the aerospace firm looks for capital for projects like its Starship rocket and Starlink satellite internet service.

If the deal to acquire $1.725 billion closes, it could drive SpaceX’s valuation up to $127 billion, a 25% increase since February.

The aerospace company is conducting a separate sale of as much as $750 million in stock to prior investors and company insiders, a standard occurrence, according to CNBC.

The New York Post was first to report Wednesday that SpaceX was seeking additional funding, but it said that there was “very tepid demand,” citing unnamed sources. Open / Comment

2022-05-25 21:05:01 Singapore’s MatchMove Buys E-Commerce Startup Shopmatic In $200 Million Deal

Fintech company MatchMove has acquired e-commerce startup Shopmatic in a $200 million deal to create an end-to-end service to digitalize the startup.

Shopmatic, also headquartered in Singapore, provides small businesses an e-commerce presence by developing web stores and automating access to the world’s largest e-marketplaces. The acquisition will enable MatchMove to provide its fintech services, such as banking apps, to Shopmatic’s million customers.

The combined entity, now operating under the MatchMove Group name, will target revenue of $400 million and four million customers across 15 countries by 2026.

This deal is the first in a series of planned acquisitions of Southeast Asian companies for MatchMove. Open / Comment

2022-05-25 17:05:02 Thai Billionaire Isara Vongkusolkit’s Banpu Buys Exxon Mobil’s Texas Gas Fields For $750 Million

Banpu — controlled by billionaire Isara Vongkusolkit and his family — has agreed to buy natural gas fields in Texas from Exxon Mobil for $750 million as the Thai coal miner accelerates its transition into cleaner energy.

Under the deal announced late Friday, Banpu’s BKV Corp. will acquire 160,000 net acres in the Barnett Shale field — which holds about 93% stake across 2,100 wells that produce 225 million cubic feet equivalent (CFE) of natural gas per day — from Exxon Mobile subsidiaries XTO Energy and Barnett Gathering. The transaction will boost Banpu’s natural gas output by about 32% to 5.8 trillion CFE per day.

Banpu is deepening investments in power projects that use cleaner fuel to achieve its goal of expanding the group’s electricity generation capacity to 6,100 megawatts by 2025 from over 3,300 megawatts currently. Open / Comment

2022-05-24 21:42:00 New Asmodee Game Studio Launches Cognitively Accessible Versions Of Its Classic Games

Asmodee announced its Access+ board game studio that will adapt existing games for players with cognitive disabilities. It draws on clinical data from its research and focuses on making its games more accessible and welcoming for patients, families and caregivers. This will start with Spot It!, Cortex and Timeline.

While the long term driver here is accessible and approachable games in general, Asmodee is starting with a specific scenario in mind. Games that accommodate cognitive disabilities in a healthcare environment. It aims to leverage games as a therapeutic tool in healthcare system that offer an easy way for children and carers to play together. To start with this is about approachability and inclusivity for this particular audience, rather than wide ranging accessible in broad terms. Open / Comment

2022-05-24 17:05:01 One Of The Best Netflix Sci-Fi Shows Just Returned With A Terrific New Season

One of the very best, most creative and innovative science-fiction shows on Netflix just returned to Netflix.

The third season of Love, Death & Robots just came to the streaming giant on May 20th and it’s excellent.

Season 3 has a total of 9 episodes. One is a continuation of a story that began in Season 2, the first time this show’s short films have gotten a sequel.

Even just the episode titles are enough to get you in the mood for some crazy, bizarre sci-fi — not to mention the stories they’re based on and the talented directors and animation studios who created them. David Fincher makes his Love, Death & Robots debut this season as well. Open / Comment

2022-05-24 14:05:02 Apple Reportedly Aims To Ramp Up Production Outside China Due To Covid Restrictions

Apple is working to increase production of its products outside China, according to the Wall Street Journal, in an attempt to reduce reliance on the nation, where strict Covid restrictions have disrupted business.

Apple has informed some of its China-based assemblers of its ambitions, according to the Journal, citing sources with knowledge of discussions.

The company is reportedly eyeing Vietnam or India as countries to ramp up production in, though political tensions between Beijing and New Delhi could make it difficult for Apple’s Chinese contract manufacturers to set up shop in India.

China has long been the hub for Apple production, with factories there churning out more than 90% of the company's major products, like iPhones, MacBooks and iPads. Open / Comment

2022-05-23 21:05:01 Hyundai Is Tesla’s Latest Challenger With Plan For $5.5 Billion U.S. EV, Battery Plant

Hyundai Motor Group intends to invest $5.54 billion in its first dedicated electric vehicle and battery plant in the U.S., joining General Motors, Ford, Volkswagen and other global auto giants that seek to dethrone Tesla as the world’s top EV brand.

The Seoul-based carmaker intends to build the factory on a 2,923-acre site in Bryan County, Georgia, with production there to begin in the first half of 2025. The facility will have the capacity to produce 300,000 vehicles annually and should employ more than 8,000 workers.

Hyundai’s multibillion U.S. investment plan follows similar announcements from GM and Ford which are also pouring billions of dollars into new and expanded factories to churn out electric vehicles amid pressure to reduce climate-damaging emissions from cars and trucks. The company has set a goal of ranking among the top three EV sellers in the U.S. by 2026. Open / Comment

2022-05-23 17:05:01 Netflix Founder Joins NFT Photo Platform Cheeze, Inc.

Cheeze, Inc. has announced that Netflix co-founder Marc Randolph is joining its board of directors. The news follows a second seed round that was launched by Cheeze last month in which Randolph continued his investment from the firm’s initial seed round led by Olive Tree Capital.

The platform brings photography to the blockchain through the launch of NFT photo galleries. It enables anyone to purchase a photo gallery on its platform and lease out the space to photographers who want to showcase their collections.

The aim is to change the creator economy, by giving creators complete control over their work, the narrative, and how it is monetized.

Cheeze built its platform on the FLOW blockchain, where there are no gas fees for minting. Therefore, photographers can mint NFTs on Cheeze for free. Open / Comment

2022-05-23 14:05:02 Billionaire Enrique Razon Steps Up Expansion Of Philippine Casino Empire

Billionaire Enrique Razon Jr. is stepping up the expansion of his Philippine casino empire, with his Bloomberry Resorts Corp. planning to build an integrated casino resort in the province of Cavite, south of Manila.

Bloomberry, operator of the Solaire casino resort in Manila, has agreed to buy 2.8 million square meters of waterfront properties in Ternate, Cavite, about two hours’ drive from the Philippine capital, for 7.55 billion pesos ($144.6 million) from a group of landowners including Boulevard Holdings and Puerto Azul Land.

The property will be developed into an integrated resort and entertainment complex with a world class casino, hotel and golf course as well as commercial and residential buildings. The project will be implemented once the Solaire casino resort in Quezon City in northern Metro Manila starts operating. Open / Comment