Industry Leaders Magazine http://www.jhqmy.cn Aspiring Business Leaders Worldwide Mon, 15 Jun 2020 05:59:31 +0000 en-US hourly 1 http://www.jhqmy.cn/wp-content/uploads/2015/08/favicon-114-83x83.png Industry Leaders Magazine http://www.jhqmy.cn 32 32 Yum Brands Sues Grubhub for Reneging On Delivery Agreement http://www.jhqmy.cn/yum-brands-sues-grubhub-for-reneging-on-delivery-agreement/ http://www.jhqmy.cn/yum-brands-sues-grubhub-for-reneging-on-delivery-agreement/#respond Mon, 15 Jun 2020 05:59:31 +0000 http://www.jhqmy.cn/?p=44748 Yum Brands, the fast-food corporation that owns KFC, Taco Bells, and Pizza Hut has sued Grubhub, the delivery provider, for reneging on a two-year-old ...

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Yum Brands, the fast-food corporation that owns KFC, Taco Bells, and Pizza Hut has sued Grubhub, the delivery provider, for reneging on a two-year-old agreement on rates.

Yum says that Grubhub is asking for an exorbitantly high price for delivering Taco Bell and KFC food to customers. The company has increased its prices by nearly 40 percent, which the customers would have to pay.

The lawsuit, filed in a New York court says that Grubhub reneged on a mutual service agreement “without warning or justification”. The agreement between the two also came with a termination fee clause, which has not been honored, according to Yum.

GrubHub-App

“Grubhub’s improper efforts to rid itself of a deal it no longer wanted and to line, its pockets will cause enormous harm to consumers at a time when they can least afford it,” Yum Brands argued in its complaint.

Grubhub has denied the allegations. “We vigorously deny the allegations in the complaint,” the company said in a statement. “It is unfortunate that Yum has taken this step and we are very sorry about the situation Yum franchisees are in with millions of dollars at risk, especially in the midst of this challenging environment.

“We’re happy to work with Yum to resolve our contract dispute, but we intend to ensure that Grubhub and its stakeholders are protected against Yum’s breach of the exclusivity provisions of the agreement.”
The lawsuit follows the recent announcement that the delivery provider Grubhub has been sold to the Amsterdam-based delivery provider Just Eat Takeaway in a $7.3 billion deal.

Earlier in 2018, Yum had bought a 3 percent stake in Grubhub for $200 million in 2018 and chalked out a Master Service Agreement for a concessional rate and preferable services for delivery of KFC and Taco Bell food. The agreement had a $50 million termination fee, which acquires significance after Grubhub’s deal with Just Eat.

Additionally, Pizza Hut CEO Artie Starrs was made a director of Grubhub. Under the deal, Grubhub received some exclusive marketing and advertising rights with Taco Bell and KFC. Taco Bell and KFC promoted Grubhub deliveries in all the franchises since the start of the agreement, Yum said.

At the heart of the dispute between Yum and Grubhub is the use of other delivery services such as Postmate and UberEats, which Yum says it is perfectly within its rights to do so and the pandemic situation in the US required additional such services to be used. “The pandemic increased the importance, for consumers and small-business restaurant owners alike, of reliable and accessible delivery across every part of the country,” Yum explained.

Grubhub CEO Matt Maloney sent an email to Yum Brands saying that Yum breached the agreement by working with competing delivery providers. And under the circumstances the various requirements under the deal no longer were relevant.

The letter laid out news fee terms that included order processing fees of 3.05 percent plus 30 cents per transaction, and a 17 percent surcharge on consumers on their orders.

Another letter was sent to all KFC and Taco Bell operator saying “all fees would be paid by the diner.”
Before the sales agreement with the Dutch Just Eat, Grubhub was in talks with Uber Eats for a deal.

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Under Armour’s UA Sportsmask aimed at athletes sells out in an hour of launch http://www.jhqmy.cn/under-armours-ua-sportsmask-aimed-at-athletes-sells-out-in-an-hour-of-launch/ http://www.jhqmy.cn/under-armours-ua-sportsmask-aimed-at-athletes-sells-out-in-an-hour-of-launch/#respond Sat, 13 Jun 2020 08:09:47 +0000 http://www.jhqmy.cn/?p=44742 Under Armour launched a new facemask specifically aimed for sportspeople, making it easier to breathe while exercising.?The UA Sportsmask was sold out online within ...

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Under Armour launched a new facemask specifically aimed for sportspeople, making it easier to breathe while exercising.?The UA Sportsmask was sold out online within an hour of its launch, according to Patrick Frisk, the CEO of the company. Under Armour will be introducing newer stock in July.

A New Mask for Working Out

Health officials and organizations all recommend keeping the face covered with masks to escape the Covid-19 virus, which travels by air in the form of droplets.

Under Armour's UA Sportsmask, specifically seeks to serve athletes as it is designed for exercise and easier breathability. Ordinary masks and even those with a ventilator are oppressive and uncomfortable, especially if one is indulging in some form of exercise, then having a mask covering the mouth and nose becomes doubly difficult for breathing.

UA-Sportsmask-Deonte-Harris-Training

Football wide receiver Deonte Harris training to get ready for the upcoming season. (Image: Under Armour)

Under Armour, during its launch, showed clips of celebrity athletes such as lacrosse midfielder Taylor Cummings, NFL player Deonte Harris, and Baltimore-based basketball program Team Thrill exercising while wearing the Under Armour mask.

Under Armour is one of the few sports retailers to come up with a mask explicitly addressing the Covid-19 situation for athletes.

"We knew our athletes would need us to come through quickly with a solve to aid their return to training, one that would put health and safety first and adhere to current CDC guidelines," said Kyle Blakely, vice president of materials innovation at Under Armour.

UA Sportsmask Patent

The new UA Sportsmask was developed by Under Armour's innovation team. The company is also manufacturing ordinary masks and other personal protective equipment (PPE) for health care and community organizations.

The UA Sportsmask is a reusable, water-resistant performance face mask. The top of the mask features a moldable nose-bridge to help secure it in place and stops air from fogging up glasses.

The UA Sportsmask features a unique, three-layer model:

  • The first layer is made of?SPACER FABRIC and has?air pockets for structure, so it stays off the mouth and nose for better airflow.
  • The second layer is made of open-cell foam that is also breathable and soaks up moisture and sweat.
  • The third layer is made of UA ISO-chill. It is a cooling fabric and is treated with PROTX2?, a non-metal anti-microbial technology which inhibits the growth of bacteria on the mask.

The Coronavirus Fight

PROTX2 has been shown in laboratory tests to destroy COVID-19 and is being reviewed by the US Environmental Protection Agency (EPA) to confirm the efficacy of the substance. Under Armour also has a patent pending on its design and construction of the mask.

Under Armour is selling the UA masks for $30 online. They come in four sizes and only in black for now. The company will retail these masks in countries worldwide by this fall. As Under Armour receives customer feedback on the UA Sportsmask, it will be incorporated into future iterations of the mask.

As a promotional effort, some student-athletes were given these UA masks by the sports company.

Under Armour was losing market share to bigger sports brands like Nike and Reebok in sportswear before the pandemic.

In light of the global health pandemic, CEO Frisk was hopeful that the company would benefit from renewed interest in health, fitness and wellness from consumers while locked down at home.

The Under Armour mask has come shortly after the company reopened its stores on May 28 following the pandemic lockdown. The company's sales plunged 23 percent in the first quarter resulting in a loss of $590 million, according to its Q1 report. The company’s fourth quarter results were also not very good with a reported loss of $15 million.

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Musk’s The Boring Company To Finish Underground 2.8 Mile Loop In 4 Years http://www.jhqmy.cn/musks-the-boring-company-to-finish-underground-2-8-mile-loop-in-4-years/ http://www.jhqmy.cn/musks-the-boring-company-to-finish-underground-2-8-mile-loop-in-4-years/#respond Fri, 12 Jun 2020 14:25:53 +0000 http://www.jhqmy.cn/?p=44738 Elon Musk, the prolific (or profligate, depending on who you ask) tech giant spearheading Tesla also incorporated The Boring Company (TBC): an American infrastructure ...

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Elon Musk, the prolific (or profligate, depending on who you ask) tech giant spearheading Tesla also incorporated The Boring Company (TBC): an American infrastructure and tunnel construction company, under the Tesla umbrella in 2016. TBC’s most recent undertaking proposes to connect Rancho Cucamonga to Ontario International Airport in California, via a 2.8 mile long loop.

The proposed underground tunnel is to be 35 feet deep and 14 feet wide. A San Bernardino County transportation agency unanimously voted to pursue the project proposed by The Boring Company on the 3rd of June, 2020. The County Supervisor, Curt Hagman, was quoted saying the tunnel is projected to ferry 1200 people a day, which amounts to about 10 million a year. He went on to add that “It gets us thinking in a new way. This is something that can be done relatively quickly and inexpensively."

The-Boring-Company-Underground-Tunnel

The Boing Company - Underground tunnel.

While the original proposal detailed modified Tesla vehicles as the passenger cars, the transport agency finally voted in favor of electric vans that could seat up to 12 people and their luggage at a time. Tesla is working to provide such vehicles, which are to run on rubber tires at speeds of up to 127 miles per hour. The loop will enable passengers to cover the 2.8 mile trip between 90 seconds and two minutes of time. The San Bernardino County will oversee the project, and has reportedly abandoned other studies for rail projects in favor of TBC’s project.

The loop is also relatively inexpensive, costing the county just 75 million dollars and will take four years to build once the proposal is passed and money approved. In contrast, a light-rail extension, 8.5 miles long from Pomona city to the airport, was billed at an estimated 1.5 billion dollars and would have taken 10 years to build.

As early as 2016, Tesla was talking about making an electric powered minibus. While those plans didn’t come to fruition, they did provide a glimpse into what “Tesla’s Master Plan Part Deux” might entail. It promised an electric-powered “high passenger density urban transport” vehicle alongside the electric heavy-duty trucks that were the Tesla Semis. Like the original minibus, the new electric van is based on the design of the Tesla Model X. In a tweet in 2016, Elon Musk noted that the “population-density potential” of a vehicle so modeled was “surprisingly high.”

The county is to work with The Boring Company to put out a report addressing routes, costs and environmental concerns by either August or September.

The automotive sector has taken note. Scott Phillippi, UPS’ senior director of engineering and fleet maintenance spoke about GM’s electric van, codenamed BV1, targeted at commercial enterprises looking to transport cargo, saying "It’s going to be similar to what the (Tesla) Model 3 has done for the consumer market. Now all of a sudden, we’re off to the races.”

As car manufacturers scramble to future-proof for an all electric automobile industry as fossil fuels are phased out, Tesla may well eventually get its electric van on the road after it proves itself in the tunnel.

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US Chapter 11 Bankruptcies See a Surge during Corona Crisis http://www.jhqmy.cn/us-chapter-11-bankruptcies-see-a-surge-during-corona-crisis/ http://www.jhqmy.cn/us-chapter-11-bankruptcies-see-a-surge-during-corona-crisis/#respond Fri, 12 Jun 2020 11:59:26 +0000 http://www.jhqmy.cn/?p=44733 The COVID-19 pandemic has disrupted many businesses leaving them in financial shambles and forcing others to opt for bankruptcy protection - under Chapter 11 ...

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The COVID-19 pandemic has disrupted many businesses leaving them in financial shambles and forcing others to opt for bankruptcy protection - under Chapter 11 or Chapter 7.

Although almost all industries have suffered a setback, some have been affected more than others. The industries facing?extreme financial loss?include retail, restaurants, energy, industrial, and hospitality. Retail is probably one of the hardest-hit industries to date.

Weak companies are filing for Chapter 11 bankruptcy

In the US, the CARES Act has provided loans and grants to certain businesses under particular criteria. If a business is able to take advantage of these loans and grant programs, they could weather the storm, but for others,?bankruptcy?is the only option.

Generally, there are two ways to file for?bankruptcy—under Chapter 11 or Chapter 7.?It all depends on the financial state of the business, its liquidity status, and whether it can survive in these uncertain times.

People who believe they can survive the bad times and have a chance of operating post the pandemic can opt for?Chapter 11,?but those who are doubtful of that can make good their losses and sell off their assets and liquidate the business under?Chapter 7.

Hertz-Bankruptcy-Filings-Coronavirus-Chapter-11

Hertz, the nation's largest car rental company, had already furloughed or laid off 20,000 employees, or roughly 50 percent of its global workforce, in response to the coronavirus pandemic before filing for bankruptcy protection.

Recent data show 722 companies sought?bankruptcy protection?around the US last month, a 48% increase from last year during the same period. In fact, corporate?Chapter 11 filings?increased to a record 560 new cases during the month of April, which is a 26% increase from the 444 filings the previous year.

"This is a sign that already weak companies are succumbing to the lockdown recession," Chris Kuehl, an economist with the National Association of Credit Management, which tracks?bankruptcies,?said in a research note. Businesses that were struggling before the pandemic "are starting to get in some real trouble," he added.

Some prime examples are JC Penney, Neiman Marcus, Centric Brands, and J. Crew – all of which filed for bankruptcy the past month to seek?protection under Chapter 11.

To be fair, these retail companies were already struggling to hold their heads afloat before the pandemic. The new ways of retail functioning and online shopping shift had already eaten into their profits.

Other big companies that filed for?Chapter 11?are Gold's Gym and Hertz. Energy companies such as Whiting Petroleum and Diamond Offshore Drilling have joined in stemming the tide by filing for bankruptcy protection.

Hertz says it intends to stay in business while restructuring its debts and emerging a financially healthier company. "The impact of Covid-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company's revenue and future bookings," said the company's statement. "Uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today's action."

Gym chain Gold’s opted for a permanent closure of 30 company-owned gyms.?More than 700 gyms operate around the world under the Gold's brand, most of which are franchises.

JC-Penney-Bankruptcies

Whiting Petroleum, the Denver-based company,?filed for bankruptcy?on April 1. Under a restructuring plan, they will cut $2.3 billion of their $3.6 billion debt. The company will hand over 97% of its equity to creditors and give existing shareholders 3% of the reorganized company's shares, according to the filling.

Diamond Offshore Drilling filed for?bankruptcy protection?in Texas. In all 15 of its group companies have sought protection under Chapter 11. The company cited the fall in demand for oil due to oversupply and the price war between the OPEC countries and Russia as the reason for the Chapter 11 filing.

The five biggest energy companies in Europe and the US have cut spending on oilfield equipment and services.

How bad is filing for bankruptcy?

A?bankruptcy filing?does not mean a company will be forced out of business. In fact, it protects a company from complete closure and buys it time to regroup and find sources of finance. Most companies hire professionals to come up with plans to restructure their budgets and debt ratios. Many companies have gone through the process and gone on to post record profits, including automaker General Motors and many of the nation's airlines.

Although there are many that have not survived the process. It all depends on a lot of factors, including their financial health before a crisis, the market scenario, industry health, and more.

Most companies mentioned above are hopeful of coming out of the crisis by August end.

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Return of the prodigal: Chris Cox rejoins Facebook as chief production officer http://www.jhqmy.cn/return-of-the-prodigal-chris-cox-rejoins-facebook-as-chief-production-officer/ http://www.jhqmy.cn/return-of-the-prodigal-chris-cox-rejoins-facebook-as-chief-production-officer/#respond Fri, 12 Jun 2020 10:53:35 +0000 http://www.jhqmy.cn/?p=44728 Chris Cox, the chief production officer of Facebook, who resigned?a year ago over differences with his boss,?Mark Zuckerberg's?style of handling the company, has joined ...

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Chris Cox, the chief production officer of Facebook, who resigned?a year ago over differences with his boss,?Mark Zuckerberg's?style of handling the company, has joined back in the same position.

"Facebook?and our products have never been more relevant to our future,"?Cox?wrote in a Facebook post announcing his return. "It's also the place I know best, and the best place for me to roll up my sleeves and dig in to help."

Chris-Cox

Chris Cox, Chief Production Officer, Facebook.

Cox was a close friend of Zuckerberg and one of the earliest engineers to join?Facebook. He was in charge of developing News Feed and oversaw Facebook's entire family of apps, including WhatsApp, Messenger, and Instagram. At one time it was speculated that he might take over from?Zuckerberg?as company head in the future.

Cox?resigned?in March of last year after an announcement was made about end-to-end-encryption across its suite of products and planned to reshape the company around private messaging apps. He was also unhappy with how the company was embroiled in privacy scandals and did not like the way it was handled. In an interview, he was quoted as having "artistic difference" with?Zuckerberg,?but he also added that he had great respect and affection for Mark and would not like to elaborate on the reasons.

“Facebook is the place I know best, it's a place I've helped to build, and it's?the best place for me to roll up my sleeves and dig in to help."

Chris Cox

Zuckerberg announced his?departure?in a blog note but did not specify the reason why. Cox, on his part, did the same in a personal blog. He wrote," This will be a big project, and we will need leaders who are excited to see the new direction through."

Cox walked away from more than $170 million in unvested stock options when he left in March.

In the last one year, Cox has been very active in climate change efforts and political causes and has donated and acted as an advisor to Acronym, a Democratic effort to register voters and push people to vote.

Cox has indicated in the note that he reached out to the company in an effort to help in these tough times. He wrote, "Then 2020 refocused us all, on a public health crisis, an economic crisis, and now a reckoning of racial injustice. The world is unsettled, divided. People are struggling when things were already hard."

"I reached out to Mark awhile ago, and I told him I'd be interested to help. I've been following Facebook, and I've been encouraged by progress on so many of the big issues facing us."

Cox will be rejoining the company on June 22.

In another Facebook-related news, the social media giant announced that its chief diversity officer, Maxine Williams, will have a broader role to play in the company to "elevate the importance of Diversity & Inclusion in our business."

Williams was earlier reporting to the human resource department but now will be directly under Sheryl Sandberg, the chief operating officer of the company.

"We look forward to making more progress by elevating this important work and bringing more diverse voices into our efforts as a company," Sandberg said in a statement.

Recently,?Facebook?has been facing flak and?discontent among its staff?for not flagging incendiary content regarding the "Black Lives Matter" campaign and also President Trump's remarks about the current state of affairs in the US, which some consider divisive and lacking in empathy.

Facebook announced that it will be marking?Juneteenth?commemorating the end of slavery in the US.

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Dale Earnhardt, the Intimidator of NASCAR http://www.jhqmy.cn/dale-earnhardt-the-intimidator-of-nascar/ http://www.jhqmy.cn/dale-earnhardt-the-intimidator-of-nascar/#respond Fri, 12 Jun 2020 03:26:37 +0000 http://www.jhqmy.cn/?p=44721 NASCAR or the National Association for Stock Car Auto Racing is a popular racing sport with a huge fan following of the teams and ...

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NASCAR or the National Association for Stock Car Auto Racing is a popular racing sport with a huge fan following of the teams and the individual drivers that compete in it. The history of NASCAR has been determined and enriched by the men and women who race the lean, mean machines.

The various cup series attract huge crowds with loyal fans thronging the venues, which can be tiny race tracks to huge ones spread across the US. There are three main championships held under NASCAR viz:

  1. Sprint Cup Series
  2. Nationwide Series
  3. Camping World Truck Series

Among the above, the Sprint Cup Series has a huge fan following. The NASCAR Sprint Cup series features 36 races on 22 different race tracks. 34 of these are held on ovals or D-shaped race tracks, only two are held on road courses. The biggest Sprint Cup race of the year is the Daytona 500, which is the very first race of the year. Some other big races are the Brickyard 400, the Bristol Motor Speedway, and the Memorial Day Weekend Coca-Cola 600.

NASCAR-Racing--Dale-Earnhardt-Most-Wins

Of the hundreds of men and women drivers, only a few have made it to the NASCAR hall of fame. Very few drivers have won races, and even fewer have won a championship.

Here we bring you our pick of the greatest race drivers that NASCAR has ever seen.

Dale Earnhardt

Earnhardt was born in 1951 and was a native of Kannapolis, North Carolina. His family was into race car driving, and he picked up the sport as a matter of course. He was the third child of racing driver Ralph Earnhardt. He began his career in 1975 in the World 60 as part of the Winston Cup Series.

Dale-Earnhardt

Dale Earnhardt, the Intimidator of NASCAR

He chalked up seven championships and 76 wins in his career. All his winnings came in the modern NASCAR era, i.e., post-1972. He was known by the nickname, the intimidator.

This was due to his aggressive style of racing. He would push competitors aside, and his moves on the track were often controversial, but his racing talent was unquestioned. On the track, he was feared for his competitive spirit that led him to adopt a no-prisoners-taken attitude.

But away from the track, he was a good friend and kept a large heart. He donated anonymously to many charities under the NASCAR aegis.

Earnhardt won seven NASCAR Winston Cup (Sprint Cup) titles in 1980, 1986, 1987, 1990, 1991, 1993, and 1994. The last six championships were with Richard Childress Racing. In 1987, Earnhardt won four consecutive races and won five out of seven races. The year, by far, was the best in his 22-year racing career.

The Daytona 500 eluded Earnhardt for a long time; he finally achieved that crown in 1994.

In 2001, February 18, it was on this same track that Earnhardt lost his life in a crash. This was the year the Daytona race attracted the biggest audience as it made it to the national spotlight.

And the biggest audience witnessed the popular sport claiming its hero.

Earnhardt became one of Daytona’s biggest heroes and was honored with a statue out front of the racetrack holding his most prized possession.

His infamous black and red paint scheme with the white No. 3 is one of the most well-known cars in all of NASCAR history.

Continuing the family tradition of racing is Dale Earnhardt Jr, Earnhardt’s son, who is also a NASCAR racer.?In fact, in 2001, he was a part of the racing lineup.

The Earnhardt legacy lives on with fans and professionals still discussing his last lap tactics and his winner-takes-all attitude.

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Coachella Pushed To 2021, Live Events Companies Carry Out Deep Cuts http://www.jhqmy.cn/pandemic-effect-coachella-pushed-to-2021-live-events-companies-carry-out-deep-cuts-furloughs/ http://www.jhqmy.cn/pandemic-effect-coachella-pushed-to-2021-live-events-companies-carry-out-deep-cuts-furloughs/#respond Thu, 11 Jun 2020 11:17:22 +0000 http://www.jhqmy.cn/?p=44715 The Coronavirus pandemic's tentacles have managed to strangulate almost every industry across the world. Some have suffered more than others, especially those profited from ...

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The Coronavirus pandemic's tentacles have managed to strangulate almost every industry across the world. Some have suffered more than others, especially those profited from human interactions and collaborations like entertainment, live events & concerts, tourism, hospitality, and such.

It is believed that live concerts and venue events will take a long time to come back fully. Additionally, the Coachella Valley Music and Arts Festival and country music festival Stagecoach, which were rescheduled for October, may now stand canceled for this year. This is bound to leave millions of fans and performers disappointed.

Coachella-Live-Events-Pandemic-Job-Cuts

The entertainment, media and music industry is also facing trouble with approximately 45,000 full-time employees furloughed or laid off and another 300,000—400,000 part-time and freelance employees out of work this summer, according to Billboard. AEG, the global music event management company that is owned by billionaire Phil Anschutz announced job cuts, payouts, and furloughs this Monday, citing the pandemic situation. It laid off 15 percent of its workforce, sent 100 employees on temporary leave, and levied 20-50 percent pay cuts across all divisions.

Though some sports events are taking place in empty stadiums or even with attendance in some countries, health experts declare that these are pre-emptive and may lead to cluster spread of the virus.

"Our businesses were among the first to close," AEG chief executive Dan Beckerman?said in a news conference, referring to state-mandated postponements of gatherings, including tours for Justin Bieber and Billie Eilish, "and unfortunately will be among the last to reopen. Despite the drastic measures we've taken to avoid?staff reductions, unfortunately, it is clear that this step is unavoidable."

"Every employee worldwide will be impacted in one form or another," Beckerman wrote in a note to employees. "It is an agonizing decision, but sadly, a necessary one."

"It is clear now that live events with fans will not resume for many months and likely not until sometime in 2021," Beckerman wrote.

The company stressed that?laid-off workers?will receive competitive severance packages and that?furloughed workers?will continue to receive health coverage.

Live events industry needs to reinvent post COVID-19

As far as the return of?the Coachella Music Festival?is concerned, it is even doubtful that the event will be held in its full glory in April of 2021. The two-week festival attracts nearly 125,000 people every day. The organizers at Goldenvoice, an offshoot of AEG that oversees the festival, are still not sure that the coming April can handle many people packed in a venue if the pandemic is not brought under control.

The more prudent approach would be, they feel, to push the festival to October 2021.

About 40% of ticket buyers have requested refunds for this year's festival. Goldenvocie is still considering holding the festival at 60 percent capacity in the coming April. But a final decision is always dependant on how the pandemic pans out in the coming months.

The company says?touring shows and theatre performances?will resume at the earliest only by the end of this year or early next year.

AEG says it will decide on reinstating its furloughed employees?only after a decision is made on tour diaries and?performance?schedules in the coming months. But they are sure it is going to be a prolonged recovery.

"When we can reopen, it will take time until we see our fans, partners, and sponsors fully return," Beckerman said. "This means that our revenues will continue to be significantly impacted for an extended period."

AEG's future planning on?tours?was incumbent on the discovery of a vaccine, but the enthusiasm of?music fans?seems to have changed their plans. The company says that refund rates for?arena shows?have been at about 20%, and only about 10–15% of fans have requested refunds for?shows at clubs and theaters.?This has forced them to consider holding shows with social distancing norms and lesser attendance and renegotiated contracts with artists and venue owners.

In the new norm, streaming events and concerts are doing well, but this is nothing compared to the money raked in by live shows and concerts.

Outlook & recovery timeline

Until COVID-19, the?concert business?was a lucrative business with 2020 expected to rake in $12.2 billion in live revenue.

Other companies in the business that have had jobs and pay cuts?and?furloughs?are Live Nation, the country's largest promoters. They furloughed?20% of its staff, along with 50%?pay cuts?for executives. Chief Executive Michael Rapino declined a salary for the remainder of the furlough period. Talent agencies like WME and Paradigm also announced?deep cuts in staff?in April because of the fallout from COVID-19.

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Fed Chief: American Jobs in Peril, Millions Won’t Return To Work http://www.jhqmy.cn/fed-chief-american-jobs-in-peril-millions-wont-return-to-work/ http://www.jhqmy.cn/fed-chief-american-jobs-in-peril-millions-wont-return-to-work/#respond Thu, 11 Jun 2020 08:18:04 +0000 http://www.jhqmy.cn/?p=44707 Federal Reserve officials predict that millions of Americans who have lost their jobs due to the Coronavirus Pandemic may never get them back. “Unemployment ...

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Federal Reserve officials predict that millions of Americans who have lost their jobs due to the Coronavirus Pandemic may never get them back.

“Unemployment remains historically high,” Jerome H Powell, the Federal Reserve Chairman, said during a news conference Wednesday. “My assumption is there will be a significant chunk ... well into the millions of people, who don’t get to go back to their old job ... and there may not be a job in that industry for them for some time.”

Federal-Reserve-Chief-Jerome-Powell-American-Jobs

FOMC Chair Powell answers a reporter's question at the March 3, 2020 press conference. (Image: Federal Reserve)

Slow Economy Recovery May Shed American Jobs

Unemployment fell to 9.3 percent by May-end, and it is predicted that it will be around 6.5 percent by the end of 2021. The Bureau of Labor Statistics’ latest news release puts the figures at 13.3 percent, and in numbers; 21.2 million people in the US are without jobs. “The unemployment rate and the number of unemployed persons are up by 9.8 percentage points and 15.2 million, respectively, since February,” the release states.

The number of unemployed persons who were on temporary layoff decreased by 2.7 million in May to 15.3 million, following a sharp increase of 16.2 million in April. Among those not on temporary layoff, the number of permanent job losers continued to rise, increasing by 295,000 in May to 2.3 million.

A Coronavirus Recession?

The Organization for Economic Cooperation and Development said that the global economy is going through the deepest recession since the Great Depression of the 1930s.

To pull the country out of this depression, the Fed has come up with some recovery measures. It has promised to keep interest rates at zero through 2022 if needed. It will continue its extensive bond-buying programs too. The Fed Reserve has also unveiled nine emergency lending programs in partnership with the Treasury Department. But some economists are cautioning against such pre-emptive moves. It could fuel the Fed’s balance sheet to $10 trillion, widen the recession, and deepen the economic divide between the rich and poor, the economists say.

Low-interest rates are benefitting Wall Street rather than ordinary citizens. The stock market has shown the biggest rebounds in recent times with the S&P making good all its losses of the pandemic scare and the NASDAQ tech stocks doing a bullish run, Lower interest rates are supposed to promote purchases of mortgages, cars, business loans, etc. but people need a steady income and access to this credit to qualify. Instead, the stock market is benefitting from this bonanza.

“The Fed’s response has deepened wealth inequality. They’ve produced an incredible recovery in asset prices, and most of these assets are owned by the rich and the white segment of the population,” said Mohamed A. El-Erian, chief economic adviser at Allianz to The Washington Post. “All they can say is the alternative would have been worse. 40 percent of households do not have enough cash."

According to data available, nearly 40 percent of households do not even have $400 to cover any emergency. Any loss of income puts them in further poverty.

Jerome Powell, the Fed agency’s head, defended the recovery programs by saying that the central bank’s swift intervention helped prevent the health and economic crisis from turning into a financial panic that would have created more job losses and bankruptcies.

“Many borrowers will benefit from these [Fed] programs, as will the overall economy,” Powell said, but he noted there are limits to what the central bank can do. “Direct fiscal support may be needed. Elected officials have the power to tax and spend and to make decisions about where we, as a society, should direct our collective resources.”

Powell has continuously stressed the role of government policies in stemming any further slide in the economy.

According to him, the Federal government has to play a greater role in deciding how to help out people left out of the stimulus deal.

Funding Coronavirus Fight

The ongoing protests and the continued spread of the virus have put state governments in a bigger economic and fiscal quandary. The rebound on the stock market is adding to the fallacy of an economic resurgence and the government has hit a pause button on any rigorous aid package to the state governments.

“The low end of the income spectrum really needs a Marshall Plan from the government,” said Sung Won Sohn, president of SS Economics. “The U.S. government has done a good job so far of preventing the economy from going into a depression, but going forward, we need to have a balance between economic growth and income distribution.”

The Fed and some politicians including those in the opposition want the Congress to come out with measures to benefit the maximum people and propagate a fiscal policy that narrows the divide between the rich and poor, which includes equitable taxation reforms.

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Google Maps to Include Covid-19 Related Restrictions for Safer Travel http://www.jhqmy.cn/google-maps-to-include-covid-19-related-restrictions-for-safer-travel/ http://www.jhqmy.cn/google-maps-to-include-covid-19-related-restrictions-for-safer-travel/#respond Thu, 11 Jun 2020 03:05:28 +0000 http://www.jhqmy.cn/?p=44701 Alphabet Inc. the parent company of Google Maps, announced that the map service will now alert users about Covid-19 related travel restrictions on your ...

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Alphabet Inc. the parent company of Google Maps, announced that the map service will now alert users about Covid-19 related travel restrictions on your travel route.

The new facility is available in some countries, including Argentina, Australia, Belgium, Brazil, Colombia, France, India, Mexico, the Netherlands, Spain, Thailand, the United Kingdom, and the United States. More countries are expected to be added to the system soon.

Google-Maps-COVID

The travel alert will display on the directions screen if your interstate or international route is impacted. These alerts will also appear when you visit a Covid testing facility or medical unit to verify any guidelines or eligibility criteria. This feature is at present available in Canada, Mexico, and the United States.

Google has been working on this system for some months and has been collecting data received from concerned governmental authorities and nodal medical centres. Google has also been tracking location data of its users from 131 countries to understand mobility under lockdown. This information was shared with health authorities to keep a check on people’s movements under lockdown.

Google Maps will provide information on the local bus and train schedules in the Covid-19 situation and even about the number of people expected at a particular time in trains or buses to avoid a crowded transit.

Having this information before and during your trip will help people navigate safely to work as more and more countries reopen.

This data is fueled by tens of millions of contributions from Google Maps users who ride public transit. Google used data analyses and deep learning to make predictions about the train and bus station crowd strengths. And users can now even contribute their experiences on the updated app.

One needs to go to Transit directions, see the crowdedness predictions and add your own input, like “very crowded” or “not too crowded,” or other measures. One can even see historical data to know when the stations are most crowded. One can also look at live data by searching for a station in Google Maps.
Google intends to add to this feature by adding a departure display board along with busyness display.

In its press release, Google said that the data is collected from users who have opted in to Google Location History. This setting is switched off by default, and Google only displays the data when it has enough input to meet privacy thresholds.

These services will be available for Google Maps on Android and iOS.

Google Maps had announced in February new insights such as temperature, accessibility, and security onboard, as well as designated women’s sections in regions where transit systems have them. These insights are now rolled out globally, and give feedback from past riders and allow one to add one’s own experience.

Google has also added more granular information for wheelchair accessibility, and one can find out where all these are available, including facilities like wheelchair-accessible doors, seating, stop buttons, and more.

The Covid-19 coronavirus pandemic has changed the way people go about their business, and with countries around the globe reopening and resuming normal activities, it is imperative that people observe necessary social distancing and other norms. Services and information provided by Google Maps make this transit to a new norm safer and healthier.

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Facebook Content Moderation Inadequate and Ignores Mental Health of Moderators, Says Report http://www.jhqmy.cn/facebook-content-moderation-inadequate-and-ignores-mental-health-of-moderators-says-report/ http://www.jhqmy.cn/facebook-content-moderation-inadequate-and-ignores-mental-health-of-moderators-says-report/#respond Thu, 11 Jun 2020 02:55:54 +0000 http://www.jhqmy.cn/?p=44699 A new report by the New York University Stern Center for Business and Human Rights explores the consequences of outsourcing content moderation to third ...

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A new report by the New York University Stern Center for Business and Human Rights explores the consequences of outsourcing content moderation to third parties by social media platforms and how the content affects the mental health of the moderators. The report also indicts the platforms for failing to provide adequate review of hate speech and other material that can spark animosity and violence in developing countries.

The case study focuses on Facebook mainly although it does look into Instagram, Twitter, and YouTube too. According to the study, the sheer volume of content generated on these platforms is unmanageable, and the number of Facebook moderators employed is not enough to perform the tasks adequately.

Facebook-Moderators-lawsuit

At present, Facebook employs 15,000 workers, the overwhelming majority of them employed by third-party vendors. They police Facebook’s main platform and its Instagram subsidiary. About 10,000 people scrutinize YouTube and other Google products. Twitter, a much smaller company, has about 1,500 moderators. Facebook has also partnered with 60 journalist organizations to implement fact-checking, the number of items sent to these groups far exceeds their capacity to verify most claims.

Every day, billions of posts and uploads appear on Facebook, Twitter, and YouTube. On Facebook alone, more than three million items are reported on a daily basis by users and artificial intelligence screening systems as potentially warranting removal.

“Content moderators are the people literally holding this platform together,” a Facebook design engineer reportedly said on an internal company message board during a discussion of moderator grievances in early 2019. “They are the ones keeping the platform safe. They are the people Zuck [founder and CEO Mark Zuckerberg] keeps mentioning publicly when we talk about hiring thousands of people to protect the platform.”

But the coronavirus pandemic has made the task doubly tricky with moderators now forced to do content weeding from home. But privacy and security issues have forced the companies to adopt the Artificial Intelligence route to act as gatekeepers of objectionable content. The role of AI is limited to nudity and similar easily identifiable objectionable content. But the nuanced and hate speech and libelous content need the human element to police.

The report says that users and the company’s artificial intelligence report an error rate of 10% on 3 million uploads by moderators spread across 20 sites, which means Facebook makes about 300,000 content moderation mistakes per day.

The marginalizing of the content moderators due to the coronavirus has led to some harmful content inciting religious and ethnic strife escaping any moderation and appearing on these sites. Another lacuna that the study authors pointed out was that third-party contractors employed underpaid staff that was barely up to the task of performing the job.

The study’s principal author, Paul Barrett, interviewed a number of former content moderators and found that the hiring companies ignored mental health issues among the content recruits. The report calls for improved working conditions that include better physical and mental health care for moderators who are subjected to disturbing content throughout the workday.

“While the third-party vendors that oversee this activity on paper provide a fair amount of benefits related to mental health, this offering was consistently described as being not particularly serious in practice, given how potentially traumatic this activity is,” Barrett said.

The content moderation model is based on making maximum money at the least cost. The task of the moderators is to keep harmful content out of the site and Facebook operates on offering captive, targeted audiences in large numbers to advertisers. These advertisers would quickly disappear if such platforms allowed discontented and unacceptable content to populate the sites.

“One of the revelations for me was realizing just how central the function [of moderation] is to the companies, and therefore how anomalous it is that they hold it at arm’s length,” said Barrett, who is deputy director of the Stern Center. “The second surprise was the connection between the outsourcing issue and the problems they have experienced in what they call ‘at-risk countries."

The report proposes eight steps to remedy the situation:

  • Hire in-house content moderators with substantial pay and benefits.
  • Double the number of content moderators to improve the quality of reviews.
  • A content overseer or high-level executive should be appointed to see that the task is carried out appropriately and meet the standards.
  • Invest in content moderation for “at-risk countries” in Asia and Africa and employ local moderators who understand the culture, languages, and nuances of the region.
  • Provide on-site medical care.
  • Sponsor academic research into the health risks of content moderation.
  • Encourage governments to come up with more regulations to prevent harmful content from appearing so regularly and widely.
  • Expand the scale of fact-checking to attack disinformation and fake news.

Demand for changes in the way social platforms disseminate information has gone up. Internally also Facebook is facing a demand by employees for a more stringent stand on events of import. Mark Zuckerberg has acknowledged that sensitive content moderation has to be done in-house for the time being. Also, AI cannot be relied upon to do a thorough job of gatekeeping, and a human element is necessary to keep things more acceptable to a vast majority.

“It is a very ambitious ask,” Barrett said of the proposal to scrap outsourcing. “But my attitude is if the current arrangement is inadequate, why not just go for it and urge [the company] to remedy the problem in a big way. I don’t think Mark Zuckerberg is going to [smack himself on the head] and say, ‘Oh my god, I never thought of that!’ But I do think it’s possible the company is ready to move in that direction.”

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What Makes Hyundai Venue A Popular Choice among Women? http://www.jhqmy.cn/what-makes-hyundai-venue-a-popular-choice-among-women/ http://www.jhqmy.cn/what-makes-hyundai-venue-a-popular-choice-among-women/#respond Wed, 10 Jun 2020 05:17:18 +0000 http://www.jhqmy.cn/?p=44684 The Hyundai Venue is a popular car with Gen X (people born between 1965 and 1979), Y (those born between 1980 and 1994) and ...

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The Hyundai Venue is a popular car with Gen X (people born between 1965 and 1979), Y (those born between 1980 and 1994) and Z (people born between 1995 and 2015). It seems female buyers form a large part of its customer base, according to a first-quarter buyer study done internally by the Korean carmaker.

The Hyundai Venue enjoys the highest percentage of these much sought after consumers—63 percent, making it a real stand-out among Hyundai’s line-up.

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Hyundai Venue USA (Image: Hyundai)

Hyundai Venue USA Pricing & Maintenance?

The Hyundai Venue USA is powered by a 1.6-liter gasoline engine. 2020 Venue has an attractive starting price of $17,350, complimentary maintenance, and America’s Best Warranty. This makes the Hyundai Venue stand-out among the Korean carmaker’s lineup.

The complimentary maintenance is of 3 years or 58,000 km and a 5-year/96,500 km new vehicle limited warranty- this is in addition to the 10-year/ 1,61,000 km power plant limited warranty.

The Venue comes packed with advanced technologies not typically found in the compact segment. “Venue is a fun, sporty vehicle that digital natives will love,” said Angela Zepeda, CMO, Hyundai Motor America. “Whether a first-time car buyer entering the workforce or a young established professional, Venue offers tech that’s got people talking and safety that checks all of the boxes for those constantly on-the-go.”

Hyundai Venue 2020 is Loaded With Features

The Hyundai Venue USA is loaded with features like 3.5-inch TFT instrument cluster, keyless entry, 8-inch touchscreen infotainment system with Apple CarPlay and Android Auto, and automatic climate control, cruise control, automatic headlamps, steering mounted controls, USB charging for front row and much more.

Moreover, the compact SUV is loaded with safety features like multiple airbags; Forward Collision-Avoidance Assist with Pedestrian Detection, Traction control, Vehicle Stability Management and Electronic Stability Control.

Venue includes a 60/40 split, flat-folding rear seatback that allows space to store anything from farm/garden produce to musical instruments. Venue’s SUV makes it an ideal choice for anyone seeking versatility and creative cargo space. The Venue allows for dual-level cargo storage flexibility. One can have the floor of the cargo area in either the top position-level with the seats when folded down or at a lower position to accommodate more cargo.

Furthermore, the Hyundai Venue is run by a 1.6-liter, Smartstream four-pot petrol engine, which churns out 121bhp of power. The engine comes paired with a CVT gearbox sending power to the front wheels.

Venue includes three trim levels: SE (Manual Transmission) or SE Intelligent Variable Transmission (IVT) automatic, SEL (IVT), or the two-toned exterior Denim (IVT), according to its press release.

Hyundai Venue 2020 Won Several Accolades

The Venue was recently recognized by Consumer Guide as a 2020 Best Buy and 2020 Kelley Blue Book 5-Year Cost to Own Award for the subcompact crossover segment.

The Venue competed in the 2019 WesBank Fuel Economy Tour before its official launch, returning an average fuel consumption of 5.8 l/100 km over the five days, 2 500 km event.

Hyundai launched the Venue in December 2019 in South Africa for the African, Indian, and Middle-Eastern markets. It was earlier revealed at the New York International Auto Show. There was no campaign teased to announce its arrival by the company.

Hyundai has recently been talking about moving into smarter mobility innovations and not just remain a mobility brand. Another focus of Hyundai nowadays is to give a simple brand name to the cars. One global name for one model.

Venue denotes a place to be, and the car is the functionality of that Venue.

Other popular brands of Hyundai in this category are the Creta and Kona. Kona is the baby of the group, and Creta is a bulkier SUV, so it seems the Venue falls between these two brands.

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Boeing Stock Soars as U.S. Reopens http://www.jhqmy.cn/boeing-stock-soars-as-u-s-reopens/ http://www.jhqmy.cn/boeing-stock-soars-as-u-s-reopens/#respond Tue, 09 Jun 2020 16:45:07 +0000 http://www.jhqmy.cn/?p=44679 Aerospace giant Boeing Co. shares skyrocketed 58% in June as the United States opens its airspace and the economy resumes, and the aircraft maker ...

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Aerospace giant Boeing Co. shares skyrocketed 58% in June as the United States opens its airspace and the economy resumes, and the aircraft maker rode a wave of investor optimism. On Monday, the shares surged 12% to $230.50, in the sixth consecutive winning session. Boeing's performance also fuelled a rally in the Dow Jones Industrial Average, adding 580.60 points to the Dow's total gain of 2189.33 points in June, making it the most significant contributor of the index's 30 members.

This rebound in Boeing erupted alongside a broader rally in other stocks, including the airlines, cruise operators and retail sector which faced huge losses during COVID-19 pandemic. The rally by Boeing is more significant because of two reasons- Boeing struggling with the crises of a COVID-19 slump in air travel and the grounding of its super 737 MAX jet, which lasted for more than a year after two consecutive crashes.

Boeing-Dreamliner

The Boeing stocks were down by 29% since the start of 2020. The company lost more than two-thirds of their share value from February to March as the COVID-19 pandemic led governments imposed rigid travel restrictions, air traffic collapsed, and lockdown affected the global economy. Last week, shares of Boeing witnessed a boost after carriers like American Airlines Group Inc. and Delta Air Lines Inc. reported progress in restoring flights this summer. This share surge was further fuelled by the report that indicated that the U.S. economy is on a better footing, unlike the investors' predictions.

Recently, analysts at Goldman Sachs Group Inc. raised their price target for Boeing shares to $238 from $209, stating that airlines weren't cutting back their plane-delivery plans in contrast to market expectations. On Monday, brokerage Seaport Global Securities began publishing research on Boeing, positively recommending that investors purchase it and give a price target of $277 a share. 'Absent another Covid-19 wave, and we think the worst is now being priced in.' Seaport stated.

Boeing Co also recently divulged plans to restart jetliner manufacturing in Seattle area soon, ending a shutdown that began with the pandemic. As per a company statement, around 27,000 people will return to final assembly lines for twin-aisle jets like the 747, 777 and 787 Dreamliner. Boeing Chief Executive Officer Dave Calhoun stated that a deal between U.S. airlines and the Treasury Department on a $25 billion aid package helped boost Boeing's confidence in reopening its largest industrial centre amid the crisis. "Our industry took a step on the long road to recovery from the Covid-19 crisis this week," Calhoun stated. The CEO also hinted of a closedown on a deal of its own to boost financial reserves. "Our team continues to focus on the best ways to keep liquidity flowing through our business and to our supply chain until our customers are repurchasing aeroplanes," Calhoun said. "We continue to believe strongly in the future of aviation and Boeing as the industry leader and are willing to borrow against that future."

Boeing Company is summoning its employees back to the factories during a time when the infection rates are starting to plunge in Washington.

The aerospace giant is adopting a phased approach to getting its factories back on track, with regulated shift times. The precautions applied include face coverings and use of floor markings and signs to maintain physical distance. The company will also provide protective gear for employees where gap can't be sustained.

"This phased approach ensures we have a reliable supply base, our protective equipment is readily available, and we have the necessary safety measures in place to resume essential work for our customers," said Stan Deal, head of the company's jetliner division.

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Nearly 1.9 Million Altima Sedans Face Recall Over Faulty Hood Latch http://www.jhqmy.cn/nearly-1-9-million-altima-sedans-face-recall-over-faulty-hood-latch/ http://www.jhqmy.cn/nearly-1-9-million-altima-sedans-face-recall-over-faulty-hood-latch/#respond Tue, 09 Jun 2020 16:30:24 +0000 http://www.jhqmy.cn/?p=44677 Nissan has recalled nearly 1.9 million midsize cars in the U.S. and Canada due to a persistent latch problem with its hoods that fly ...

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Nissan has recalled nearly 1.9 million midsize cars in the U.S. and Canada due to a persistent latch problem with its hoods that fly open in moving cars. This is the fourth such recall by the company. The latest recall involves the Altima from 2016 to 2018 models and also includes the earlier cars from 2013 through 2015 model years that were recalled earlier. The total count comes to o 1,831,818 vehicles that might have been affected by this problem.

Nissan recalled some cars in 2014 and 2015 regarding the same problem in both cases, dealerships fixed a lever and adjusted and lubricated the secondary latches. But it seems the problem persisted with the cars, and in 2016, Nissan was forced to recall again, this time replacing the latches with new ones. All the cars were manufactured at Nissan factories in Smyrna, Tennessee, and Canton, Mississippi.

2020-Nissan-Altima

Nissan’s explanation for the hood coming off was that the coating on the secondary hood latches wears off sometimes, leaving the metal exposed to the elements. This sometimes leads to rusting and the latch unhooking. If the primary latch isn’t closed correctly and the cars are driven, the secondary latch may not hold the hood down as designed, Nissan said.

The company says it has 16 reports of minor crashes and-or injuries due to the problem, all in cars that did not get the replacement latches. There are no reports of crashes or injuries in cars with new latches, Nissan added.

The company is now recalling Altimas from 2013 through 2018 after getting reports of hoods opening unexpectedly in moving cars. Preliminary examinations have found that the primary hood latch does not close properly once the secondary hood latch is affected by rust or other contaminates.

Nissan is sending advisories to car owners with instructions for proper latch inspection and maintenance until it develops a fix. After finding the correct solution, it will send letters telling owners to take the cars to the dealers for replacements.

“All affected vehicle owners should inspect and lubricate the hood latch per the owner’s manual instructions and always ensure the hood is fully closed after it is released,” Nissan’s statement said.

In the description of the defect, the National Highway Safety Traffic Administration (NHTSA) noted that “over time, build-up caused by driving with the primary hood latch disengaged allows excessive, corrosive contaminants to contact the hood latch assembly. This build-up, combined with a lack of proper inspection and maintenance of the secondary hood latch, can create a mechanical binding that could cause the secondary hood latch to remain in the open position after it has been disengaged.”

The NHTS note also says that this recall applies to all vehicles covered by 16V-029 even if those repairs have already been performed.

In February 2019, Nissan recalled 2015-2017 Altima sedans for a fault in its rear doors. The rear doors flew open when its power windows were lowered.

The Altima was once Nissan's top-selling vehicle in the United States, but in recent years it has been supplanted by the Rogue small SUV.

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Will India’s Jio Triumph Over All Other Telcos? http://www.jhqmy.cn/will-indias-jio-triumph-over-all-other-telcos/ http://www.jhqmy.cn/will-indias-jio-triumph-over-all-other-telcos/#respond Mon, 08 Jun 2020 16:36:33 +0000 http://www.jhqmy.cn/?p=44668 Reliance Industries Limited and Jio Platforms Limited have raised Rs 5,683.50 crore from the Abu Dhabi Investment Authority(ADIA), which is the eighth such deal ...

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Reliance Industries Limited and Jio Platforms Limited have raised Rs 5,683.50 crore from the Abu Dhabi Investment Authority(ADIA), which is the eighth such deal in seven weeks that the company has announced. Jio has in total raised Rs 97,885.65 crores or $12.96 billion from leading global investors, which includes Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR , Mubadala and ADIA.

Reliance Jio sold 1.16 per cent stake in its digital unit to ADIA. All the investments that Reliance Jio has been able to raise will help it to pare its debt that the company, which is majorly moving from oil to telecom, is trying to shed completely. Reliance Industries has now sold 21.06 percent stake in its digital assets unit through the eight fundraising deals, or $12.96 billion.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am delighted that ADIA, with its track record of more than four decades of successful long-term value investing across the world, is partnering with Jio Platforms in its mission to take India to digital leadership and generate inclusive growth opportunities. This investment is a strong endorsement of our strategy and India’s potential.”

India-Jio
Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said, “Our investment in Jio is a further demonstration of ADIA’s ability to draw on deep regional and sector expertise to invest globally in market-leading companies and alongside proven partners.”

ADIA’s investment at an equity valuation of Rs 4.91 lakh crore and enterprise valuation of Rs 5.16 lakh crore comes close on the heels of its counterpart Mubadala Investment Company’s purchase of 1.85 percent in Jio Platforms for Rs 9,093.6 crore and the second round of investment by private equity giant Silver Lake and co-investors.

In the second round of investments, Silver Lake plans to invest Rs 5,655.75 crore into Jio Platforms. This investment values Jio Platforms at an equity value of ? 4.90 lakh crore and an enterprise value of ? 5.15 lakh crore and represents a 12.5% premium to the equity valuation of the Facebook investment announced on April 22, 2020.

The series of investments in Jio, which runs movie, news, and music apps as well as the telecom company Jio Infocomm, was led by a 9.99 percent stake sale to Facebook Inc for Rs 43,574 crore on April 22.

Jio Platforms is a wholly-owned subsidiary of Reliance Industries Limited. It is a next-generation technology company that has brought together Jio’s digital apps, digital ecosystems, and a high-speed connectivity platform under one umbrella. Reliance Jio Infocomm Limited provides digital connectivity to over 388 million subscribers,. Jio plans to connect the 1.3 billion people and businesses throughout India, especially small merchants, micro-businesses and farmers.

These investments, raised by Jio in the wake of the severe economic disruptions caused by the COVID-19 pandemic, globally and especially within India, says a lot about its strength.

The various investments in Jio are a testament of the growing appeal of Jio Platforms to foreign investors looking for a slice of the world’s second-largest internet market. Players all over the world want a piece of the 1.3 billion population that is a ready-made market for digital connectivity.

“The incumbent players (Airtel, Vodafone, Idea, BSNL) in India did the opposite of what companies in their position do elsewhere in the world when a new player emerges in the market. The existing players expect the newcomer to compete aggressively on price. They often lower their prices – some times steeply — to reduce the latter’s attractiveness. Newcomers often complain to the regulators about anti-competitive practices of incumbents,” said Mahesh Uppal, director of communications consultancy firm Com First, to TechCrunch.

“In India, the opposite happened. It was the existing players who ran to regulators with complaints. So we saw a major miscalculation from incumbent players that had already missed out on taking any major step before the launch of Jio,” he said.

Amazon is considering buying in a stake worth $2 billion in Bharti Airtel, India’s third-largest telecom operator, while Google is reportedly holding talks with Vodafone Idea, the second-largest telecom operator.

Jio says that comprehensive digitization will be a vital component of the revitalization of the Indian economy. Jio’s digital platform is built by leading technologies, such as Broadband connectivity, Smart Devices, Cloud and Edge Computing, Big Data Analytics, Artificial Intelligence, Internet of Things, Augmented and Mixed Reality and Blockchain.

Reliance Industries Limited (RIL) RIL is India’s largest private sector company, with a consolidated turnover of INR 659,205 crore ($87.1 billion), cash profit of INR 71,446 crore ($9.4 billion), and net profit of INR 39,880 crore ($5.3 billion) for the year ended March 31, 2020. RIL is in petroleum refining and marketing, petrochemicals, retail, and digital services. RIL is the top-most ranked company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’ – currently ranking 106th in terms of both revenues and profits. Jio Platforms Limited is a wholly-owned subsidiary of Reliance Industries Limited. It is the only network conceived and born as a Mobile Video Network from the ground up and supporting Voice over LTE technology.

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Buick GX Essence Packs Power and Safety and Is High On Compact Cuteness http://www.jhqmy.cn/buick-gx-essence-packs-power-and-safety-and-is-high-on-compact-cuteness/ http://www.jhqmy.cn/buick-gx-essence-packs-power-and-safety-and-is-high-on-compact-cuteness/#respond Mon, 08 Jun 2020 16:26:19 +0000 http://www.jhqmy.cn/?p=44665 The Buick Encore GX is a five-person SUV that is made for the urban mover. It is stylish and nimble and fits the compact ...

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The Buick Encore GX is a five-person SUV that is made for the urban mover. It is stylish and nimble and fits the compact is big concept. It comes in three variants; select, preferred, and essence—starting at $24,500.

The 2020 Encore GX is a second-generation hatchback built by GM Korea and exported to the United States. The Buick Encore GX Essence is the top brand with all the premium trims above the less expensive select and preferred iteration.

The Buick Essence comes fully loaded with all safety features and driver assistance technology that makes driving safer and convenient in today’s environment.

Buick-Encore-GX

2020 Encore GX

The exterior is stylish and athletic. It comes with a signature grille, its stylish red white and blue trishileld badge, which sits on the grille.

It has fog LED premium lighting and wide wheelbase. As the company states in its brochure, it is stylish and primed. The elegant red white and blue badge can be seen a the tailend too. The Buick has an aerodynamic build with a slanting roof and a trim back window. Its interiors are as advanced as the exterior. The Encore GX comes with a modern infotainment system that includes Amazon Alexa integration and a built-in 4G LTE wifi hotspot. It comes with a GPS and Bluetooth pairing and USB ports. It also has a wireless device charging feature. The Buick has enough storage to please a family. Without the second row of seats, the cargo capacity is 50 cubic feet.

The Buick’s compact features make it easier to navigate city traffic and ease out of tight parking slots. The safety features of the SUV are first grade and can keep you safely on the road. The wheels are 18-inch machined aluminum, called the Medium Android by the company, and it comes with disc brakes on all four corners. It also has dual exhaust ports.

Buick GX Encore’s safety features include the following innovative technology features: Forward Collision Alert, Automatic Emergency Braking, Lane Keep Assist with Lane Departure Warning, Following Distance Indicator, IntelliBeam headlamps, and Front Pedestrian Braking.

New intelibeam headlamps turn on the high beam automatically when sensors sense ambient light conditions and turn it off when lights change or when another car is detected approaching.

Front pedestrian braking for pedestrian alert in front at speeds below 50mph is available. The Encore can even apply hard braking and help reduce collision severity; this feature is restricted to nighttime.

When in reverse, the standard Rear-Vision Camera or available HD Rear Vision Camera provides a display of the scene directly behind the vehicle to help you park and avoid objects when in reverse at low speeds.

StabiliTrak automatically intervenes when it senses a loss of traction to help you maintain control on uneven surfaces. Its intelligent All-Wheel Drive sends power to the wheel(s) with the most grip to maximize traction in slippery road conditions and helps improve cornering and acceleration on dry roads, according to the press statement. It has a Head-Up Display (HUD) that comes on at a touch to display vital information conveniently in the field of your vision.

The below the hood features include an Ecotec 1.3l turbo engine, with a 5000 horsepower and torque with 162 rpm at 2500. It has a three-cylinder engine. The Essence comes with a nine-speed automatic that fuels the front wheels. The fuel economy is 30 mpg in the city and 32 on a highway. The all-wheel-drive version of the Essence is slightly more expensive at $31,000.

The Buick Essence is a cute SUV that is compact with all the worthy features that one expects from a new-age car. The Encore lineup has done well since it was introduced and has sold over 102,000 units in 2019. The GX Essence, with its high-end safety features and up-do-date infotainment system, is sure to attract a lot of buyers.

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Tax Benefits for Individuals and Companies from IRS Due to the Pandemic http://www.jhqmy.cn/tax-benefits-for-individuals-and-companies-from-irs-due-to-the-pandemic/ http://www.jhqmy.cn/tax-benefits-for-individuals-and-companies-from-irs-due-to-the-pandemic/#respond Sun, 07 Jun 2020 12:04:50 +0000 http://www.jhqmy.cn/?p=44657 The pandemic has forced many people to make changes in their finances. For businesses, the Covid-19 virus has become a bane. The Federal Government ...

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The pandemic has forced many people to make changes in their finances. For businesses, the Covid-19 virus has become a bane. The Federal Government has done its part by coming up with stimulus packages and giving unemployment benefits. The Coronavirus Aid, Relief and Economic Security Act ("CARES Act") provides several relief measures to aid businesses get through the coronavirus pandemic.

Rules have been modified to help overcome net operating losses and interest expense deductions, minimum tax credits, and more. Employers now have several tools at hand to reduce tax liabilities and increase cash liquidity.

US-IRS-Tax-benefit-

Most people were preparing to file tax returns when the virus hit. The government moved the federal tax filing and payment deadline to July 15, 2020 for those who did not seek any extension for filing. If additional time for filing is needed, seeing the situation playing out in the US, then businesses can apply for one through Form 7004.

The government is offering deferrals in employer payroll taxes. But it is important to note that employers availing the Payment Protection Program funds are not eligible for such deferments.

The new tax laws may allow companies to adjust their net operating losses against profits for the previous two years. If you paid tax on earnings in recent years, the exact period is yet to be determined, then you might be able to claim losses for 2019 and 2020 against those profits and apply for a refund. Businesses that paid taxes for 2019 profits may be able to adjust the 2020 losses against it. All companies need to keep track of all losses of income and Covid-19 related costs to ensure recovery from the previous year’s performance.

Tax deductibles over loan interest up from 30 to 50 per cent

One of the provisions is allowing businesses to increase their tax deductibles over loan interests from 30 to 50 per cent, which will amount to a nearly $13 billion tax break in total and save millions for companies who may not be too overburdened by the pandemic.

Under the 2017 tax reform, the interest that can be deducted by most taxpayers is 30 per cent of the adjusted taxable income. But under the revised provisions under CARE, taxpayers can increase this limit on allowable business interest deduction from 30 percent to 50 percent of adjusted taxable income (ATI). This is allowed for both 2019 and 2020. The taxpayers can also use their ATI in 2019 in place of their 2020 ATI for purposes of determining the deductibility of their business interest expense for 2020, which could increase the business interest deduction.

"It has a huge impact," said Mark Peltz, a senior advisor at accounting firm Mazars USA LLP to Business Insider. "A lot of our clients are in desperate need of cash right now. They're trying to survive, they're just trying to make their payroll."

It is this provision that is leading to some concerns among tax experts and economists who believe that this provision will end up benefiting bigger companies who do not need the leverage to see them through the pandemic.

"I really don't see how this provision is addressing the COVID-19 crisis, particularly when it's not really targeted," said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy. Manufacturing, telecommunications, and oil and gas are most likely to benefit as they borrow heavily to facilitate expansion and equipment upkeep. Most such companies go into debts heavily to pay for acquisitions, or to stay afloat. Also, companies that borrow for acquisitions and mergers will see a benefit as their tax bills will definitely lower.

"I think you're definitely going to see a lot of companies benefit from this," said Amanda Wilson, a tax attorney at Lowndes, a Florida law firm.

Another critical factor of the CARES Act is that it allows the 2019 income to be included in the interest calculation for 2020. This will help many companies tremendously as otherwise, interest will form a greater part of most companies' costs this year as earnings are sure to decline in 2020, and many will be pushed over to the interest deduction cap.

Tax credit for leaves

According to the IRS, “The paid sick leave credit and paid family leave credit are available for eligible employers who pay qualified sick leave wages and/or qualified family leave wages from April 1, 2020, through December 31, 2020, and who have fewer than 500 employees.” The terms keep on changing so keep updated by visiting the IRS site.

The PPP also has provisions for fund forgiveness under special cases, like using 75 per cent of the loan amount for payroll. Also payment deferrals are being provided under special cases, the latest updates need to be checked constantly from the SBA disaster loan programs.

Economic Impact Payment

The IRS has come up with a non-filers tool on its site for non-taxpaying Americans to get the benefit of the Economic Impact Payments."IRS employees worked around the clock to deliver the Economic Impact Payments and new tools to help taxpayers in record time," said IRS Commissioner Chuck Rettig. "Even with these unprecedented steps, there remain people eligible for these payments who need to take action. Registering to receive the payments is easy, and millions of non-filers have already taken this step. We urge everyone to share this information widely to help more people receive these payments."

In the past two months, more than 159 million Americans have received Economic Impact payments totaling almost $267 billion.

Qualified Opportunity Funds?

The IRS recently released guidance for Qualified Opportunity Funds (QOFs). The IRS has extended time for people to invest property gains. Taxpayers who sold a property for an eligible gain and who would have had 180 days to invest in a QOF to defer that gain, may have additional time. Notice 2020-39 provides that if a taxpayer's 180th day to invest in a QOF would have fallen on or after April 1, 2020, and before December 31, 2020, the taxpayer now has until December 31, 2020 to invest that gain into a QOF. Some further concessions have been given on investment in QOFs.

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Toyota Unveils New Improved HiLux Model http://www.jhqmy.cn/toyota-unveils-new-improved-hilux-model/ http://www.jhqmy.cn/toyota-unveils-new-improved-hilux-model/#respond Fri, 05 Jun 2020 16:17:25 +0000 http://www.jhqmy.cn/?p=44654 Toyota’s hardy pickup truck is built to last and is reliable. Time and again, the Toyota Hilux has proved its toughness through years of ...

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Toyota’s hardy pickup truck is built to last and is reliable. Time and again, the Toyota Hilux has proved its toughness through years of driving in rough terrains including both the Poles and an erupting volcano, the company is not resting on its laurels and has come up with a new version, the Hilux 2021.

Fernando Alonso, the two-time Formula 1 champion and currently a test driver for Toyota’s kazoo racing team, recently drove the Hilux at the Dakar rally, which is scheduled to be debuted later this year.

The Japanese carmaker has set forth a teaser video for the pickup in anticipation of the launch. The Hilux has got a major overhaul under the hood with an updated 2.8-liter engine for more power and cleaner emission.

Toyota-Hilux-2020

The diesel pickup has a four-cylinder engine that runs at 174bhp and 450Nm. "The upgraded HiLux range retains a 2.4-liter turbo-diesel and a 2.7-liter four-cylinder petrol engine along with three transmissions, 4x2 and 4x4 drive, three body styles (single, extra and double cabs), two configurations (pickup or cab-chassis) and five equipment levels (in ascending order: Workmate, SR, SR5, Rogue and Rugged X)," the media statement from Toyota says.

After seeing the Hilux’s performance in the Dakar Rally, where it stood 13th, its suspension and chases is more than ready for any challenges in terrains. Following tests on a gravel and dirt special stage, Alonso said, “the Hilux is an icon and I’ve always been a fan. It was good to test the new Hilux in a challenging environment and to push it to the limits. The new engine behaves well and the new suspension feels great. Even when you push it, the comfort is still there.”

Hilux has a new front-end with a three-dimensional grille and bumper. New LED light clusters have been added for higher beam and tailend. The truck will now be available in an additional color of bronze metallic.

Inside, the infotainment system has been updated with an 8.0-inch screen with new software that is more responsive and less distractive.

It comes with an Apple CarPlay and Android Auto features. The sound system is an 800W, 9-speaker JBL. The new 2.8-liter engine takes the Hilux from 0-100kph in ten seconds flat – a full 3.2 seconds faster than the 2.4-liter version.

The Hilux’s suspension and steering have been tweaked with improved shock absorbers and redesigned leaf springs, which give a smoother ride. It now comes with a lower engine idle speed, revised stability control, and a new tire angle monitor. The throttle pedal response has also been improved.

A range-topping Invincible X model has been added to the Hilux line-up in international markets, with a variety of styling upgrades, inside and out, over the standard model.

Pricing for the new Toyota HiLux is yet to be announced, but increases are likely when the range arrives in local showrooms.

The Hilux will most probably come with a service interval of six months/10,000km, similar to its earlier models.

Hilux’s towing capacity – currently 3200kg on the auto and 3500kg on the manual – is now 3500kg on both models.

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Is Mercedes Benz GLS Worth the Money? http://www.jhqmy.cn/is-mercedes-benz-gls-worth-the-money/ http://www.jhqmy.cn/is-mercedes-benz-gls-worth-the-money/#respond Fri, 05 Jun 2020 15:45:31 +0000 http://www.jhqmy.cn/?p=44651 Mercedes Benz recently announced its luxurious news SUV; the GLS model. It comes now with an updated exterior and interior styling along with upgraded ...

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Mercedes Benz recently announced its luxurious news SUV; the GLS model. It comes now with an updated exterior and interior styling along with upgraded technology. The launch was announced by Martin Schwenk, the CEO and MD of Mercedes-Benz, on a social media platform.

The seven-seater, three-row GLS is a fully-revised third-generation model, which was first unveiled at the 2019 New York Auto Show. The GLS is Mercedes' biggest SUV and measures over 5 meters in length. Compared to its predecessor, the wheelbase of this vehicle grew 60 millimeters to 3,135 millimeters, stretching the total length of the vehicle to 5.22 meters, providing more legroom, especially to the last row.

The exteriors feature a chrome-covered grille, a muscular-looking bonnet, and angular looking headlamps. The twin-blade radiator grille and two power domes on the hood add to the masculine appeal of the vehicle.

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Image: Mercedes Benz GLS

It comes with roof rails, alloy wheels, and chrome highlights around the windows.

Inside, the new Mercedes-Benz GLS is the epitome of all things luxurious. The interior of the vehicle has been designed under the German automaker's design philosophy of "sensual purity." Both the second and third-row seats can be automatically folded, offering up to 2,400 liters of space when completely folded.

Think lush seats, climate control, and the ultimate in infotainment. The GLS SUV has a sunroof, automatic climate control, adjustable heated seats made of leather, and a multifunctional steering wheel with capacitive touchpads.

The seats are covered in high-quality napa leather with a diamond pattern stitch. There is Alcantara upholstery on the headliner and rear-seat neck pillows, with deep-pile lambswool mats. No one can argue that Mercedes has gone all out to make the GLS the ultimate luxury experience. The car comes with two 11.6-inch touchscreens in the rear row, gesture-control functionality, etc. It has nine airbags, wireless charging, active brake assist, blind-spot monitoring, etc. The SUV comes with additional features of electrical lowering trunk and a car wash mode.

It also offers a 12.3-inch MBUX (Mercedes-Benz User Experience) system touchscreen infotainment panel with all high-end connectivity and has an auto parking feature.

Mercedes-Benz's latest version of the driving assistance package has been applied to the new GLS as default. This allows the vehicle to automatically control the space between the car in the front by optimizing the speed through a system called Active Distance Assistance Distronic.

Under the hood, the brand new GLS will likely come with a 3.0-liter petrol engine giving 367hp and 500Nm of torque. A diesel 3.0 liter unit with 286hp/600Nm, will sustain this model as more people are likely to opt for this iteration. A 9-speed automatic will be standard as will Merc's all-wheel-drive system.

The diesel version is powered by the OM 656 engine, which Mercedes-Benz said is the most powerful six-cylinder in-line diesel engine in the brand's history. The diesel model accelerates from 0 to 100 kilometers per hour in 6.3 seconds, while the gasoline model reaches the speed in 5.7 seconds.

Internationally, the 2020 Mercedes-Benz GLS SUV is also available with an electrified V8 petrol engine with a 48-volt on-board electrical system and integrated starter-generator. This engine delivers an output of 482 bhp with 700 Nm of torque as standard, while an additional 250 Nm of torque and 22 bhp is also available via the EQ Boost.

Pricing: The petrol basic model will start at $119,000. In the US, the 2020?GLS?450 has a starting MSRP of $75,200. Pricing for the?GLS?580 starts at $97,800

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SpaceX Launches 60 Starlink Satellites for Megaconstellation http://www.jhqmy.cn/spacex-launches-60-starlink-satellites-for-megaconstellation/ http://www.jhqmy.cn/spacex-launches-60-starlink-satellites-for-megaconstellation/#respond Thu, 04 Jun 2020 16:36:06 +0000 http://www.jhqmy.cn/?p=44647 California-based rocket builder?SpaceX?successfully launched a new batch of Starlink internet satellites into orbit late on Wednesday. A group of 60 satellites were launched and ...

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California-based rocket builder?SpaceX?successfully launched a new batch of Starlink internet satellites into orbit late on Wednesday. A group of 60 satellites were launched and also nailed a rocket landing at sea to top off the mission. The launch is the second event in five days for SpaceX.

On Saturday, a separate Falcon 9 rocket sent NASA astronauts Bob Behnken and Doug Hurley aboard a Crew Dragon capsule to the ISS. This kicked off the SpaceX's landmark Demo-2 mission. The two astronauts docked with the orbiting lab around 19 hours later and will remain in the ISS for 1-4 months. The Falcon 9, whose first stage had already flown four times before, lifted off at 9:25 p.m. EDT from the Space Launch Complex 40 at Cape Canaveral Air Force Station in Florida. The rocket used in the satellite launch is the second Falcon 9 first stage to fly five times. The booster previously launched two other Starlink missions as well as a batch of Iridium NEXT satellites and a Canadian communications satellite.

 

SpaceX-Starlink

SpaceX plans to build a constellation of Starlink satellites 12,000 strong.

The first attempt at flying a booster by SpaceX's did not go as planned. That early stage, which launched 60 Starlink satellites this past March,?experienced an engine anomaly?as it climbed into the sky. Though the satellites launched into orbit, the booster missed its landing on a drone ship at sea and was successfully destroyed. An investigation revealed that some residual cleaning agent was trapped in the engine, which caused the anomaly.

The recent satellite launched rocket landing involved the drone ship 'Just Read the Instructions.' The ship, which was initially based on the West Coast, was moved to the East Coast last year. This is the first mission it was used since the shift. This is because SpaceX's first drone ship, "Of Course I Still Love You," was busy bringing the?Demo-2 booster back to port. This is the first time that SpaceX has had both of its drone ships operational in the same ocean.

The latest flight is the eighth 60-satellite mission for SpaceX's Starlink project, which brings the total number of satellites launched for the nascent broadband network to 482. The launch was initially planned to take off in mid-May but was duly postponed due to poor weather and schedule conflicts.

SpaceX plans to build a constellation of Starlink satellites 12,000 strong. The project is designed to provide high-speed internet service to customers worldwide, especially to people in remote areas. SpaceX founder and CEO?Elon Musk?stated that at least 400 Starlink crafts are needed before SpaceX can roll out minimal internet coverage. The company requires at least 800 satellites to provide moderate coverage. That service could start later in 2020.

With the considerable number of satellites in orbit, SpaceX is operating the most extensive satellite fleet ever in orbit. However, ever since the first launch, SpaceX company is always under fire from astronomers as well as scientists over concerns that the constellation's apparent brightness will?disrupt astronomical observations.

SpaceX has been rigorously experimenting with different ways of reducing the satellites' brightness. Musk and SpaceX stated that they would add unique sunshades to the upcoming Starlink satellites. These sunshades would act as a visor of sorts that would limit the craft's reflectivity. The first such visor-equipped Starlink craft took flight on the recent mission.

To get Starlink started and running, SpaceX needs more than just satellite launches. It also requires user terminals. In March 2020, SpaceX was approved for up to one million user terminals as part of a?blanket license. The hardware used will be simple enough that anyone can install it, and according to Musk, who stated that the terminals look like a "UFO on a stick." The terminals would be available with two simple instructions — the plugin and point at the sky instruction— and would be equipped with actuators that ensure they're pointing where they should be at all times. Following the satellite launch successful liftoff, the veteran Falcon 9 booster landed on a floating platform at sea, marking the company's 53rd successful recovery. SpaceX has two more flights on the pipeline for June, another batch of Starlink satellites, and an upgraded GPS satellite for the?U.S. Space Force.

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Fitbit Developed ‘Fitbit Flow,’ A Low-Cost Ventilator To Help COVID-19 Patients http://www.jhqmy.cn/fitbit-developed-fitbit-flow-a-low-cost-ventilator-to-help-covid-19-patients/ http://www.jhqmy.cn/fitbit-developed-fitbit-flow-a-low-cost-ventilator-to-help-covid-19-patients/#respond Thu, 04 Jun 2020 13:15:44 +0000 http://www.jhqmy.cn/?p=44644 Fitbit?recently announced a significant development of a high-quality, low-cost, easy-to-use emergency ventilator, named Fitbit Flow. In response to the COVID-19 pandemic, the company created ...

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Fitbit?recently announced a significant development of a high-quality, low-cost, easy-to-use emergency ventilator, named Fitbit Flow. In response to the COVID-19 pandemic, the company created the ventilator, which obtained?Emergency Use Authorization?(EUA) from the U.S. Food & Drug Administration (FDA) for use during the COVID-19 public health emergency.

‘Push the boundaries of innovation and creativity’

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Fitbit Flow (Image: Fitbit)

Fitbit applied its deep in-house experts and researchers in advanced sensor development and hardware design to create Fitbit Flow quickly, an automatic resuscitator inspired by the?MIT E-Vent Design Toolbox?and based on specifications for?Rapidly Manufactured Ventilation Systems. Fitbit consulted with Oregon Health & Science University emergency medicine clinicians during the development and testing process, collaborated with the specialists who are caring for COVID-19 patients at OHSU Hospital, and worked with the?Mass General Brigham Center for COVID Innovation?working group on the design.

"COVID-19 has challenged all of us to push the boundaries of innovation and creativity, and use everything at our disposal to more rapidly develop products that support patients and the health care systems caring for them," said James Park, co-founder, and CEO of Fitbit. "We saw an opportunity to rally our expertise in advanced sensor development, manufacturing, and our global supply chain to address the critical and ongoing need for ventilators and help make a difference in the global fight against this virus."

The Fitbit Flow ventilator builds on standard resuscitator bags, like those used by paramedics, with sophisticated instruments, sensors, and alarms that work together to support automated compressions and patient monitoring. The device is designed to be an automatic and simple-to-use tool and would reduce the strain on specialized staff required to assist and operate a commercial ventilator.

Fitbit Flow isn’t a long term solution

?"Fitbit Flow is a great example of the incredible innovation that emerges when academia and industry employ problem-based innovation to respond quickly to an important need. COVID-19 is a new illness, and we still have much to learn about the progression, treatment, and potential recurrence of this disease. We must develop solutions that can help ensure health systems have the equipment they need now, and in the future if we do see a resurgence of COVID-19," said David Sheridan, MD, MCR, Assistant Professor of Pediatric Emergency Medicine and Co-Director of Emergency Clinical Innovation Oregon Health & Science University.

The Fitbit Flow isn't a long-term solution as the conventional ventilators would still be required. Instead, the Fitbit Flow is intended to act as a temporary stopgap keeping patients alive until they can be put on a standard machine. "We know from some conversations that physicians are already trying to work out the ethics in deciding who gets the ventilator and who doesn't, due to shortage of supply," said Dr. Tony Faranesh, a Fitbit research scientist who helped develop the ventilator. "The goal here is to support life if one's not available until one might become available."

Fitbit company aims at leveraging the vast infrastructure and manufacturing capabilities of the organization. The company currently produces millions of Fitbit devices every year to quickly produce large volumes of these emergency devices. The goal is to supply these devices to health care systems across the world. Fitbit Flow is designed to be used only when a traditional commercial ventilator is not available.

Fitbit is also in talks with state and federal agencies to understand the current domestic needs for emergency ventilators and further plans to work with the U.S. and global aid organizations on the pandemic. Though world governments are gradually easing?lockdown restrictions, the coronavirus pandemic is still going on. As of 3rd June, the?World Health Organisation?reported approximately 6.3 million confirmed cases globally, including 380,000 deaths. The United States accounts for the most substantial proportion of the COVID-19 numbers, with around 1.8 million cases and 105,000 deaths, and thousands more are diagnosed daily.

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Moderna Racing towards Second Phase of COVID Vaccine Trials http://www.jhqmy.cn/moderna-racing-towards-second-phase-of-covid-vaccine-trials/ http://www.jhqmy.cn/moderna-racing-towards-second-phase-of-covid-vaccine-trials/#respond Wed, 03 Jun 2020 15:14:52 +0000 http://www.jhqmy.cn/?p=44640 The COVID-19 coronavirus pandemic has affected 6 million people worldwide since it started spreading nearly six months ago. There have been 376,000 reported deaths ...

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The COVID-19 coronavirus pandemic has affected 6 million people worldwide since it started spreading nearly six months ago. There have been 376,000 reported deaths worldwide. A ?concerted effort is being made to find an effective medicine or a vaccine to fight this highly contagious disease.

US-based Moderna Therapeutic, a biotech company, has reached the next phase of testing with 600 volunteers already chosen for its vaccine against the Covid-19 virus. The company revealed that it had already given the vaccine to two groups of people—adults under 55 and those older.

Moderna-Theurapetic-COVID-Vaccine

Earlier, Moderna had revealed eight patients' data in its first phase of testing. It said that the patients had developed antibodies to the SARS-CoV-2 virus that caused Covid-19 comparable to the antibodies it got in labs tests done on rats. And the vaccine till this phase appeared safe.

But there were reports of possible side-effects in volunteers who had taken part in the trial. One of the patients in the trial reported chills, nausea, muscle cramps, and pain after getting the second dose for the same.

Phase 2 of the vaccine trial will inject the two groups of 300 volunteers, each with the genetic material of the virus. They will get a booster shot after a month. Meanwhile, fast-tracking the project, Moderna and NIH will try Phase 3 of the trial in July, based on whatever information they gather from the present experiment.

Moderna hosted a “science day” on Tuesday to review its technology. Moderna’s vaccine introduces genetic material to cause human cells to manufacture harmless pieces of the Cover virus, which will then prompt the body to produce antibodies. hopefully, these antibodies will be strong enough to fend off the harmful virus.

Moderna is the only company that has reached this far in its vaccine trials using the genetic component method. Other biopharma companies such as Merck are taking the traditional route to develop the vaccine.

Moderna hopes to get approval for the vaccine next year from the U.S. Food and Drug Administration. If successful, the company will have to go in for mass production of the vaccine to fulfill the demand. It has already made an agreement with the Swiss-based Lonza Group to help in manufacturing the doses.
Goldman Sachs analyst Salveen Richter expressed optimism about the vaccine in an analyst note. She believes the vaccine has a 75 percent chance of being successful. She reiterated her Buy recommendation on Moderna’s stock.

Moderna is also developing another vaccine to fight the Ebola virus.? According to the analyst, the company could reach over $10 billion in revenue by 2022 with an earning of $4.72 per share, if it is successful in finding a vaccine for the virus in time.

There are many other companies that are racing against time to develop a vaccine. Bharat Biotech International Limited is collaborating with the Indian Council of Medical Research (ICMR). They are hopeful of reaching a critical stage in the trials by next month.

Serum Institute of India has partnered with Oxford University in its vaccine clinical trials. The Chinese pharma company, Sinovac Biotech, is working on a vaccine named CoronaVac and is 99% sure that the vaccine could help curb the spread of the virus.

The company, too, is in stage 2 of trials. The vaccine has shown promising results in the first phase, where it was tested on monkeys, and stage 3 trials will be kickstarted soon.

 

Whether you want to stay up-to-date on the latest business news, read in-depth CEO interviews, or find new ideas on leadership, management and innovation, Industry Leaders Magazine is here to suit your needs and help you stay more informed.

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Apple May Reach $2 Trillion Valuation in 4 Years, Says Analyst http://www.jhqmy.cn/apple-may-reach-2-trillion-valuation-in-4-years-says-analyst/ http://www.jhqmy.cn/apple-may-reach-2-trillion-valuation-in-4-years-says-analyst/#respond Wed, 03 Jun 2020 13:45:41 +0000 http://www.jhqmy.cn/?p=44637 Apple, the Cupertino based tech company, could reach a valuation of $2 trillion in the coming four years, according to a research analyst at ...

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Apple, the Cupertino based tech company, could reach a valuation of $2 trillion in the coming four years, according to a research analyst at Evercore ISI.

Currently, Apple is the world’s most highly valued company, with a market capitalization of $1.389 trillion. Evercore’s analyst Amit Daryanani is sure that the company can achieve a much higher valuation based on its steady performance in the past. Apple stocks reached a record closing level of $327.20 in February. And with a steady appreciation of about 12-15 percent, the company will surely reach the figure in 4 years.

Apple-Park-Visitor-Center-Trillion-Valuation

Apple Park Visitor Center in Cupertino, California. (Image: Apple)

Daryanani has listed four basic elements that will help Apple achieve that figure. A key element is Apple’s growing services and wearable businesses. The analyst expects growth of nearly $60 billion with the expansion of Airpods and Apple Watch. The services business additionally could grow to $100 billion in the next four years.

As iPhone sales dip amid supply and demand uncertainties, and the coronavirus hitting the supply chain timelines, the services segment for Apple has seen strong year-over-year growth of 17 percent with a high revenue of $13.3 billion in the company's March quarter results this year.

The App Store, Apple Music, Video, cloud services, its App Store search ad business, AppleCare, Apple TV Plus, Apple Arcade, Apple News Plus and Apple Card all have shown record returns in the last quarter.

Luca Maestri, Apple's CFO, confirmed that new services such as Apple TV Plus, Apple Arcade, Apple News Plus and Apple Card are attracting new users with the addition of new content and features and aiding the growth of the overall service.

Apple now has over 515 million paid subscriptions across the services on its platform, up 125 million from a year ago.

The March quarter results of the company showed wearables, Home and Accessories segment record revenue of $6.3 billion, up 23 percent year-over-year.

Apple Watch is finding fresh customers across the world, with over 75 percent of buyers being first time purchasers, according to Maestri.

Another avenue of continued growth for the company, according to the renowned analyst, is higher profits and aggressively buying back stock. He predicts that the company could reach a value of $23 per share in autumn 2024, almost double of $12.72 per share estimate in the coming months. The company will see an EPS growth of 14 percent annually driven by “operational tailwinds and buyback support.”

"Apple would reduce its share count by about 1 billion shares in the forecast period, from 4.6 billion at the end of fiscal 2019 to 3.6 billion in fiscal 2024.

"At that share count, the market cap would hit $2 trillion if the stock price was just over $550," Daryanani wrote.

“Apple continues to offer the best risk/reward in large-cap tech and long-term investors should use any weakness to add to positions,” Daryanani concluded. He rated the company at Outperform and lifted his target for the price to $360, from $345.

Apple’s services segment keeps a gross margin in the mid-60% range, compared to a 30 percent margin operation of the corporation as a whole. The service sector of Apple is growing at a faster rate than the hardware segment benefitting the corporate as a whole.

 

Whether you want to stay up-to-date on the latest business news, read in-depth CEO interviews, or find new ideas on leadership, management and innovation, Industry Leaders Magazine is here to suit your needs and help you stay more informed.

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Big Companies Like Apple and Amazon to Close Shops, Defer Deliveries http://www.jhqmy.cn/big-companies-like-apple-and-amazon-to-close-shops-defer-deliveries/ http://www.jhqmy.cn/big-companies-like-apple-and-amazon-to-close-shops-defer-deliveries/#respond Tue, 02 Jun 2020 14:06:19 +0000 http://www.jhqmy.cn/?p=44632 Businesses and retailers, who welcomed the resumption of economic activities, are facing another crisis—protests and demonstrations against the death of an African American due ...

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Businesses and retailers, who welcomed the resumption of economic activities, are facing another crisis—protests and demonstrations against the death of an African American due to excessive use of police force. This has forced even big retailers like Amazon and Apple to scale back deliveries and shut retail stores. Apple kept some outlets shut, while Target Corp. extended store closures nationwide.

“We are monitoring the situation closely and in a handful of cities we adjusted routes or scaled back typical operations to ensure the safety of our teams,” an Amazon spokeswoman told Bloomberg News.

Retail stores in Chicago, Los Angeles, New York, and Minneapolis and many other states and cities have faced looting and breakage of store properties.

Apple-Fifth-Avenue

The redesigned Apple Fifth Avenue, one of New York's most recognized landmarks.

Target has closed 32 stores in Minneapolis, where George Floyd died. The company announced the temporary closure of a dozen more outlets across the nation.

Apple had reopened about 130 of its 270 stores following the coronavirus pandemic, but most of them were again shut after the protests gained momentum all over the states.

Amazon has deferred the delivery of packages and adjusted routes to meet the new situation. Amazon was the only retailer generating some business during the pandemic. This additional crisis is sure to hit its bottomline a little. But it is the brick-and-mortar stores like Target, Costco, and smaller grocery shops and retail businesses hoping for some footfall resumption, which will be the hardest hit.

During the protests in New York, ?groups of people poured down the sidewalks in Manhattan, breaking into Rolex, Kate Spade and Prada boutiques and electronics stores. Hundreds of people were arrested.
Thousands of people have come out on the streets to protest over Floyd's May 25 death.

Amazon’s spokesperson told news outlets that the company was taking all precautions to protect their delivery personnel in the cities hit by the protests. In cities like New York, Los Angeles, and Chicago, the company advised it drivers: “If you are currently out delivering packages, stop immediately and return home. If you have not completed your route, please return undelivered packages to the pick-up location whenever you’re able to do so.”

Amazon said it was “in close contact with local officials and will continue to monitor the protests.”
The company said it will only resume operation once the situation is under control. They are monitoring protests in every zip code.

Following six days of protests some cities have imposed curfews in the evening and night hours. There is an 11 p.m. to 5 a.m. curfew in New York.

Restaurants and eateries that have opened up recently are facing threats and heckling from protesters and are losing customers. Some restaurants have been put on fire. Along with demonstrations against racial profiling and police brutality, the outcry has also engulfed the economic disparities amongst the haves and have nots. The pandemic has forced many people out of jobs with millions applying for employment aid. The pandemic, racial unrest, and growing fears of recession and poverty have brought matters to a head.

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500 Exclusive Ducati Superleggera V4 Will Sell At $100,000 http://www.jhqmy.cn/500-exclusive-ducati-superleggera-v4-will-sell-at-100000/ http://www.jhqmy.cn/500-exclusive-ducati-superleggera-v4-will-sell-at-100000/#respond Tue, 02 Jun 2020 13:51:40 +0000 http://www.jhqmy.cn/?p=44629 Ducati officially unveiled its new Superleggera V4, the most powerful?motorcycle ever made by the Borgo Panigale manufacturer costing around $100.000. The bike is a ...

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Ducati officially unveiled its new Superleggera V4, the most powerful?motorcycle ever made by the Borgo Panigale manufacturer costing around $100.000. The bike is a limited edition of just 500 and will be individually numbered.

The Superleggera V4 is the world's only street-legal motorcycle with the entire load-bearing structure of the chassis (frame, subframe, swingarm, and wheels) made from composite material, achieving a 6.7 kg reduction in weight thanks to these components, says the press statement from the company.

The bike has made extensive use of carbon fiber, titanium and magnesium components, which has driven up the prices titanium and carbon fiber are both expensive materials. The Superleggera V4 has a dry weight of just 159 kg resulting in a power-to-weight ratio of 1.41 hp/kg. Switching the bike to its track configuration boosts power to 234 hp, the weight drops to 152.2 kg and the power-to-weight ratio rises to 1.54 hp/kg.

The components have been molded to get aerodynamic fluidity, inspired by the 2016 Ducati MotoGP. It gives a downforce of 50 kg at 270 kph. The downforce improves acceleration and increases braking stability.

Ducati-Superleggera-V4-Model-Preview

Image: Ducati Superleggera V4 Model Preview

The length of the swingram has been extended for optimized track use. This has improved the performance in deceleration, sharper bend control, and lean time.

To ensure the highest quality and safety standards, these components are 100% tested using the most sophisticated techniques borrowed from the aerospace industry, such as thermography, ultrasound inspections, and tomography.

On a track test around the Mugella circuit undertaken by Alessandro Valia, an official Ducati rider, the bike recorded 1:52:45, less than two seconds from the lap time of the Panigale V4 R SBK, winner of the 2019 Italian Motorspeed Championship (CIV) with Michele Pirro.

The bike comes with?the Desmosedici Stradale R engine. The 998 cm3 90° V4 powers the Superleggera V4 and weighs,2.8 kg less than the 1,103 cm3 V4. It has an improved exhaust and gives 224 CV in road-legal configuration of EU. On track with the titanium Akrapovi? exhaust, it gives 234 CV.

A special engine calibration for the racing exhaust gives riders access to a “RaceGP” display. This is for track use only and has design inputs by Andrea Dovizioso, inspired by the instrument panel on the Desmosedici GP20.

The electronic controls enhance the racing nature of this motorcycle. They come with a default three reprogrammed Riding Modes— Race A, Race B, and Sport. There are five additional Riding Modes that can be personalized with the rider's preferred settings. Riders can monitor lap times via the upgraded Lap Timer, which can record finish line and split times coordinates for five favorite circuits.

The exclusive 500 bikes will be all individually numbered and provided with a certificate of authenticity. The bike ID number (XXX/500), which matches the VIN, will be displayed on the frame, fork yoke, and ignition key.

Bike deliveries are planned for June 2020 in Europe and, initially, only five bikes will be delivered a day. But all will be delivered by end-2020.

Superleggera customers also have the option to buy an exclusive Superleggera V4 premium leather suit with an integrated airbag and a carbon fiber helmet.

And the lucky 500 can also have access to the "SBK Experience", allowing owners to ride the Panigale V4 R, which competes in the SBK World Championship, on a test track at Mugello. Thirty lucky ones can enjoy the ultimate dream of “MotoGP Experience” and ride a circuit on the Desmosedici GP20 used by Dovizioso and Petrucci, with the close support of the Ducati Corse technicians.

The Superleggera V4 is a dream bike for biking enthusiasts designed to achieve maximum on-track performance and ensure all the reliability and rider-friendliness of a road-legal sportbike.

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COVID-19 Takes A Bite Out of Global Smartphone Sales http://www.jhqmy.cn/covid-19-takes-a-bite-out-of-global-smartphone-sales/ http://www.jhqmy.cn/covid-19-takes-a-bite-out-of-global-smartphone-sales/#respond Mon, 01 Jun 2020 17:21:32 +0000 http://www.jhqmy.cn/?p=44624 It’s a tough year for smartphone vendors. First, the oversupply of devices that affected key markets and now the ongoing coronavirus pandemic that has ...

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It’s a tough year for smartphone vendors. First, the oversupply of devices that affected key markets and now the ongoing coronavirus pandemic that has set a number of industries on the path to losses. According to Gartner’s latest report, the global sales of smartphones to end users declined 20.2 percent in the first quarter of 2020.

All global top-five smartphone manufacturers saw large declines in Q1 2020, save for Xiaomi, which saw an uptick of 1.4 percent. Chinese manufacturers made healthy sales in international markets. Unfortunately, Samsung, Huawei, and Oppo saw double-digits slump at 22.7%, 27.3% and 19.1%, while Apple fell down to 8.2%. Other companies combined for a disappointing 24.2% loss for the first quarter.

Smartphone-Sales-Global

Even though Samsung’s smartphone sales declined 22.7 percent in Q1 2020, the company still managed to stay on top position with 18.5% market share. Anshul Gupta, a senior research analyst at Gartner, pointed to the coronavirus scare as a barrier to Samsung’s smartphone sales during the quarter. However, the decline would have been shattering. Samsung’s limited presence in China and the location of its manufacturing facilities outside of China prevented it from suffering greater losses.

Huawei saw the worst performance, seeing a sales decline of 27.3 percent, although it held onto its number two perch with 14.2 percent, down from 15.6 percent the previous year. The smartphone maker is going to have a difficult time maintaining its position due to the newly built Huawei Mobile System (HMS) ecosystem which lacks popular Google apps and Google Play Store.

Apple’s slide wasn’t as bad as Huawei, Oppo or Viva, which are heavily reliant on Chinese manufacturing hubs. Although, it hit a production snag and store closures which negatively impacted iPhone sales in Q1 2020.

Apple’s iPhone sales declined 8.2 percent, totaling 41 million units in the first quarter. It’s a stark contrast from the 66 million units it shipped in fiscal Q1 2019.

Oppo’s smartphone sales fell 19.1 percent in the first quarter of 2020.

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BMW Head Teases M5: Experts Predict 600,620 Horsepower & Cabin Changes http://www.jhqmy.cn/bmw-head-teases-m5-experts-predict-600620-horsepower-cabin-changes/ Sun, 31 May 2020 13:28:48 +0000 http://www.jhqmy.cn/?p=44613 The CEO of BMW, Markus Flasch, revealed on a social media platform that a revised M5 will be premiered in a couple of weeks. ...

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The CEO of BMW, Markus Flasch, revealed on a social media platform that a revised M5 will be premiered in a couple of weeks. The 2021 BMW 5 Series LCI models were recently revealed, ?all in the series undergoing a facelift with a new look and some additional features.? As usual, people were more anxious to see the changes that would be brought about in the M5 series, which is slated for release in mid-2020 as a 2021 model.

Flasch, in his Instagram story, showed a glimpse of the M5 car. The images showed a bright orange-colored M5 and black wheels, which suggests it might be the Competition version. Headlights with suggestions of laser light technology were visible. The taillights will most likely be the same as the older series, but the redesigned bumper seems to be exclusive to the M5.

The M5 sedan is expected to come in two versions: the 600 PS and a competition version with 620 PS. Under the hood, the engine is expected to be 4.4 liters twin-turbo V8 with an eight-speed automatic transmission and all-wheel-drive system.

BMW-M5-2020

BMW M5 Sedan (Image: BMW)

Rumors point to a more turbocharged V-8 being used in the M5 CS, though there's been no mention of the engine ending up in other M5 variants. Likewise, there are no clear indications of any changes that are likely to be carried out in the M5 cabin other than what the LCI model series are getting—an updated infotainment system and new electronic driver-assist features.

The reveal was sketchy, hence, other details are awaited. Although Flasch talked of future electrification of BMW cars, but said, there were no immediate plans for electric M5s. The new M5 most likely will be the last of internal combustion engine run cars as it is expected that the later versions will be hybrid.
The earlier released unveiling of the BMW series will have the 248-horsepower 530i, the 335-horsepower 540i, the 523-horsepower M550i, which is leading to most excitement, and the 288-horsepower 530e plug-in hybrid.

While the 530i's turbo-four engine remains unchanged, the 540i gets a 48-volt hybrid system that can offer a slight electric boost to overcome any turbo lag. This will help in fuel-saving, and the car will have a smoother auto start/stop function now.

The 530e plug-in-hybrid gets a boost from a 107-horsepower electric motor that is integrated into its eight-speed ZF automatic.

The facelifted 5-series looks more angular and has a protruding grille. It looks wider and slightly bigger, and its grille is similar to the 7 series and X7.

The interior design changes in the series are minimal from what can be seen. The infotainment system comes with new cloud-based maps, and the driver assistance system has seen some improvements to assist you in distraction less driving.

The updated 5-series starts at $55,195 for the 530i sedan, $58,195 for the 530e hybrid, $60,445 for the 540i, and $77,795 for the M550i xDrive. BMW says that the 2021 5-series models will be available with dealers in July this year.

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Covid-19 Pandemic Changing Industry Conferences & Events. http://www.jhqmy.cn/covid-19-pandemic-changing-industry-conferences-events/ Sat, 30 May 2020 16:51:33 +0000 http://www.jhqmy.cn/?p=44610 ?The global COVID-19 pandemic has changed the world and many industries and businesses. One such badly hit industry is the event/exhibitions industry. Till then, ...

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?The global COVID-19 pandemic has changed the world and many industries and businesses. One such badly hit industry is the event/exhibitions industry. Till then, virtual meetings and conferences would be the thing. Many conferences, meeting and events across the world were canceled and postponed indefinitely owing to the global pandemic and social distancing rules implemented to secure oneself from the dangerous virus. There were also instances of transforming the conferences to a digital platform and conducting them virtually over a small audience and with lesser output.?

What would it take to organize events post COVID-19?

Hosting meetings and events post COVID-19 would require people and event management companies to adjust on a large scale. It would require a combined effort of all the sectors to kickstart the industry again. For holding events and conferences, deciding venues would also require focusing on the primary requirements of health and safety protocols, social distancing arrangements, and safe food and beverage to ensure a healthy and safe environment. Venues play a crucial part in an event, and to organize an event in the post-COVID-19 world, the organizers will have to implement distancing practices in the venues and adhere to extra precautions.

COVID19-Industry-Events-conferences

One of the real problems the industry would face in the long run is that it would be tough to re-organize an event when they don't have any timescale. As there is no specific time limit of complete eradication of COVID-19 or its control, it is hard to predict any rescheduling of events soon. To add to the woes of the events industry, there have also been media reports which suggested that Coronavirus could re-surface next winter, making event organizers more nervous about committing time and money to rescheduled events.

How will event organizers prepare for post-COVID-19 events?

The venues of events should be fully equipped with thermal scanning facilities, as this is must-have security for people willing to attend the event. A lack of thermal scanning equipment would add an element of risk for the attendees.

Having a proper sanitation policy is another critical requirement for any event organizer looking to prepare for future events. It is essential to have a ready plan for handling the attendees who may contract the virus at a hotel or while attending an event at the hotel. The organizers should practice:

Social distancing & protective equipment

Temperature checks

Isolating & contact tracing

Sanitation & disinfection of common areas

Policies and procedures for workforce contact following positive coronavirus tests

When it comes to food and beverage arrangements in the events, buffets would be a thing of the past, and seated dining would be a much viable alternative. Another effective option would be pre-packed meals that attendees would pick up, or have the boxed meals that can be placed at their seats during the event.

Things to consider for meetings, events and COVID-19

In the present scenario, preparedness and crisis management should be the two most essential things for event planning. For an event post-COVID-19, organizers need to consider five primary things:

Cancellation

2020 saw the cancellation of many significant events like the Mobile World Congress, IMEX, ITB Travel Trade Show, or the Geneva Auto Show. If an organizer thinks they wouldn't be efficient to arrange the safety of participants, or if they foresee any logistics issues due to travel restrictions, it would be a good thing to cancel the event. the organizers should then communicate the adverse effects of the cancellation and delivering high standards of service to suppliers, sponsors, and the attendees who had registered. A clear and professional communication strategy would also be needed, and the message should be delivered openly and clearly to avoid any miscommunication.?

Postponement

Significant events like the Olympics, the ILC International Liver Congress or Open Networking & Edge Summit have postponed their event dates owing to the pandemic. Postponement, though, is not a unilateral decision as hosting an event at a later time requires the approval from venue managers, suppliers, as well as sponsors. Organizers should advise and seek opinions from the attendees before choosing this option. However, the postponement of an event may not be an option for the ones where the focus is on the delivery of cutting-edge information or time-sensitive data.

Relocation

The third option to consider is a relocation that is maintaining the event date but choosing a new location. However, relocation may leave organizers with limited choices of venues, travel arrangements, and accommodation. Also, there are added financial costs to be incurred in this owing to the pre-reservation of venue and accommodation. Once the event is decided to be relocated, organizers should communicate the new details promptly to everyone involved in the event.

Over the last few years and in 2020 itself, the world has witnessed a breakthrough of new technologies that have transformed the events industry. One such breakthrough is virtual meetings as an alternative meeting format that allows the attendees to meet and interact with one another remotely. Virtual and hybrid events are the two emerging options to consider in case the event cannot be cancelled, postponed or relocated.?

Virtual events allow attendees to be present irrespective of the travel restrictions. The attendees receive the same information as in a person-to-person meet. Virtual events are a perfect option for event marketing and sponsorship strategies where planners are always ready for any eventuality.?

Hybrid events are another option which include a mix of live and virtual components. In this kind of event, a particular count of people may be present in a physical location, while the influential audience would attend the event remotely.

Every kind of event has its pros and cons- be it an in-person or a remote experience! For the organizers, the challenge lies in identifying the meeting model that would suit the situation well and go forward with it efficiently. In the present state, however, hybrid and live events are an optimum choice. They should be a primary consideration for organizations that have significant events lined up shortly.

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Baluchon’s Mogote, a $87,500 Tiny House on Wheels http://www.jhqmy.cn/baluchons-mogote-a-87500-tiny-house-on-wheels/ Fri, 29 May 2020 16:10:42 +0000 http://www.jhqmy.cn/?p=44607 Baluchon, a French company that builds customized small houses, has launched a tiny house on wheels named Mogote that can comfortably sleep four people. ...

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Baluchon, a French company that builds customized small houses, has launched a tiny house on wheels named Mogote that can comfortably sleep four people.

A loft-style tiny house on wheels

The Mogote house on wheels is 6 meters or around 20 feet in length. It comes clad in red cedar and blue standing seam aluminum. It has a large picture window that opens onto the living room. A sofa bed offers sleeping space for two guests and a storage shelf that spans from the wall to the bedroom loft.

Baluchon-Mogote-Tiny-House-on-Wheels

Mogote tiny home can sleep up to 4 and is eco-friendly and light.

The kitchen has used spruce and oak finish and includes a two-burner cooktop, under-counter refrigerator, and single bowl sink. It even has a table that can seat three people.

The bathroom is fitted with an 80x80cm shower, dry toilet, a wardrobe, and a small hand-basin and storage drawers.

The bedroom is on a level above, extended by a storage mezzanine. The bedroom has two large bookcases.

The house is fully insulated with hemp, cotton, and linen for floor and walls and wood fibre for the ceiling. The windows are made of aluminum wood and are double glazed. It has a ventilator for airflow. 97% of the materials used during the manufacturing of Baluchon tiny houses are recyclable. Most of the homes weigh around 7,716 pounds. They can be towed by pickup vans, four by fours, and vans. A 1-kilowatt electric heater or gas or wood-burning stove is enough to heat the tiny home in winters.

The tiny homes built by Baluchon come in the range of €80,000 or about $87,500.

Mogote’s tiny house….

The tiny Mogote house was built for a client that will use it as a primary residence in the Nantes vineyard area of France. Some modalities need to be followed if you want to own a tiny house. One needs a permit from the concerned authorities to own one, called the trailer permit or EB. It can be obtained by paying a fee of about €700. It can be parked on private land, and at the moment, France does not have any legislation regarding tiny houses. Since these houses are built on wheels, they do not need any building permit. But it is advisable to get clearance from the concerned municipal authorities.

They deliver in France and some surrounding countries as they believe transporting thousands of miles away adds to the carbon footprint.

Tiny homes are touted as the answer to the housing crisis that most densely populated cities face. Affordability is another factor. For some who are passionate about living simply and minimally, tiny houses are the perfect answer. Their usability is varied. They can be an affordable option for single mothers finding it tough to find viable economical options, grandma’s pads in the backyard, an Airbnb house, or a small shop.

Tiny home size can be anywhere between 100 square feet to 500 square feet and is portable. The cost of an average size 2400 square foot home can be anywhere from $300,000 upwards. Even at the high end of the tiny home market, which ranges from $10,000 DIY jobs to decked-out $100,000 models, the savings are substantial.
Future of Affordable Housing

These are viable options for urban housing woes. They save a lot in mortgages, have little or no carbon footprints, and are sustainable and viable. In fact, tiny home advocacy groups are looking to develop sustainable building regulations, and encourage municipalities to adopt creative zoning and ordinance policies for tiny homes. Construction consultant Chris Galusha and president of the American Tiny House Association, says that the overwhelming reason for the increased interest is cost.“I don’t get emails from people saying they want to save the planet,” he says. “They say they’re tired of [renting], and it’s all they can afford. I live on the western edge of the Dallas-Fort Worth metroplex, and there isn’t a home for sale in my area under $250,000. When a living wage is considered $12.50 an hour, you’ll never buy a home. You’ll be renting forever.”

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Know the Top Pharma CEOs in the World http://www.jhqmy.cn/know-the-top-pharma-ceos-in-the-world/ Fri, 29 May 2020 15:55:18 +0000 http://www.jhqmy.cn/?p=44603 As we grapple the ongoing COVID-19 crisis, there are certain measures that industry leaders will take in order to effectively respond to severe business ...

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As we grapple the ongoing COVID-19 crisis, there are certain measures that industry leaders will take in order to effectively respond to severe business setbacks and strategize for recovery. The long-term impact of COVID-19 is clearly visible in many industries, including health care and pharmaceutical. But, a clear winner in the crisis remains to be top pharma CEOs who have grasped the opportunity to become a global manufacturing hub.

Currently, there are about 200 major pharmaceutical companies in the world, and some of them are headed by dynamic pharma CEOs who have turned the way the business is run and made tremendous profits for the companies and invested in some path changing pharma research.

Top Pharma Industry CEOs

In our list, the world’s top pharma CEOs aren’t a household name. But, their long-term focus on social and environmental issues have helped them carve a niche for themselves.

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Our list of top pharma CEOs goes beyond annual results and truly evaluates their long-term performance in the ever-thriving pharmaceutical industry.

Werner Baumann, Bayer

Werner Baumann is from Germany and he joined Bayer in 1988 in the finance department. He gradually made his way up to the position of CEO in 2016, having spent nearly 30 years in the company.

Baumann in his tenure since 2016 has made some bold moves, the most traumatic being the Monsanto Bayer merger. The $63 billion deal has landed Bayer with a slew of lawsuits, nearly 42,000 in numbers, and damage payments running into millions and still counting.

Bayer’s market capitalization is now close to what the company paid for Monsanto alone. Shareholders passed a no-confidence motion against the CEO in 2019, a first in the recent history of Germany.

Baumann has tried to stem the tide with a deal offering a total of roughly $10 billion for current and future plaintiffs who allege the company’s Roundup herbicide causes cancer.

He has started to build back investor confidence with the support of board members and held town hall meetings with company employees all over the world to rebuild trust.

People who know him call him astute and cerebral. He is known to remember the minutest details and can reel off the number of participants in any ongoing clinical trial in his company. Baumann studied economics at RWTH Aachen University and the University of Cologne.

Oliver Brandicourt, Sanofi

Oliver Brandicourt, was CEO of Sanofi till 2019. Brandicourt is a medical doctor and was with Pfizer earlier. He was CEO of Bayer Healthcare AG, before being appointed as CEO of Sanofi in April 2015. The company has more than 110,000 employees. As CEO, Brandicourt grappled with many issues. The company’s mainline diabetes drug was facing pressure due to competition and pricing, and the company had no new drugs being developed in its labs.

Faced with a tough situation, he came up with a restructuring plan of cost-cutting, focusing on key areas, and working on its rare disease group Genzyme.

Brandicourt also went about scouting for acquisitions. Sanofi inked deals with Ablynx and Bioverativ, boosting its rare disease presence. The company also made a swap deal with Boehringer Ingelheim in 2016, exchanging its animal health group for Boehnringer’s consumer healthcare business.

Brandicourt’s tenure was marred by the launch of the dengue vaccine Dengvaxia. In 2017, in Philippines, it was found to cause serious bouts of Dengue in people who had not had the disease earlier.

Olivier Brandicourt studied medicine in Paris where he specialized in Infectious Diseases and Tropical Medicine (University of Paris V). Brandicourt has 28 years of global experience in the pharmaceutical industry.

John Milligan, Gilead Sciences

John Milligan is CEO of Gilead Sciences, a California-based company, which was set up in 1987. Milligan has been with Gilead since 1990. He was appointed CEO of Gilead Sciences in 2016.

He previously worked in a variety of positions in the biotechnology business. Milligan received his bachelor's degree from Ohio Wesleyan University and a doctorate from the University of Illinois-Urbana-Champaign.

Most recently, in 2016, he was named in the Forbes Global Game Changers List, which represents exceptional leaders and innovators in various industries.

He has been a key player in a number of acquisitions for the company. He paid $11 billion in 2012 to buyout Pharmasset Inc. That transaction allowed Gilead to transition from a developer of HIV drugs to become a leader in new treatments for hepatitis C. Gilead recently acquired Kite Pharma for $12 billion, a leader in cell therapy treatments.

John Milligan received compensation last year totaling nearly $26 million.

Alex Gorsky, Johnson & Johnson

Alex Gorsky is chairman and CEO of Johnson & Johnson. He joined the company in 1988 as a sales representative. In 2001, he was appointed president of Janssen, and in 2003, he was named Company Group Chairman of Johnson & Johnson's pharmaceuticals business in Europe, the Middle East and Africa.

Gorsky left Johnson & Johnson in 2004 to join the Novartis Pharmaceuticals Corporation. He returned to Johnson & Johnson in 2008 as company group chairman. Gorsky became chief executive officer on April 26, 2012, and chairman on December 28, 2012.

Gorsky has been named one of the “100 Most Inspiring Leaders” by Pharma Voice. He is known as an advocate of diversity and equality at the workplace.
Gorsky is a member of the board of directors of IBM, and the Congressional Medal of Honor board of directors. In 2014, Gorsky was given the Joseph Wharton Leadership Award and the CADCA Humanitarian of the Year Award, as well as an Honorary Doctorate from Thomas Jefferson University.
Alex Gorsky has seen his fair share of scrutiny while the company has been embroiled in lawsuits regarding its baby powder. But it did not affect his personal bottom line much in 2019.

Gorsky scored $25.37 million in total pay, a nearly $5 million boost over 2018, thanks to an increase in the value of his pension.

Gorsky invokes some strong feelings about his leadership style. He has been named as CADCA’s "Humanitarian of the Year" and one of Pharma Voice’s “100 Most Inspiring People” and also reviled for marketing J&J’s Risperdal drug to the elderly and children – despite its disturbing side effects. The fines for the medicine cost the company $2 billion, but the sales brought them a profit of $30 billion.

Grosky has many challenges ahead and only time will tell if his “get things done at all costs” and “end justifies the means" style of functioning works for the company’s falling share prices.

Alex Gorsky joined the army and attended the U.S. Military Academy at West Point. He graduated in 1982 and served as an Army Ranger before finishing his service with the rank of captain.

Stephane Bancel, Moderna Therapeutics

Stéphane Bancel is a French businessman and the CEO and 9 percent owner of Moderna, an American biotechnology company.

Stéphane Bancel joined Moderna Therapeutics in 2011 leaving his position as CEO at bioMérieux as he wanted to be a part of the novel platform developing messenger RNA therapeutics.

Bancel has helped Moderna Therapeutics raise significant venture funding.
Bancel is credited with filing nearly 45 patents in the field of messenger RNA technology. Development of mRNA therapeutics creates the ability to produce therapeutic proteins in vivo, allowing for drug development in multiple disease areas, including cardiovascular, oncology, and rare diseases.
Under his leadership, BioMerieux saw tremendous growth in sales, and he acquired 10 companies in the U.S., Europe and Asia/Pacific.

During his tenure, Bancel also enhanced bioMérieux’s position as a global leader in clinical microbiology. Before joining bioMérieux, Bancel was Managing Director of Eli Lilly in Belgium and Executive Director of Global Manufacturing Strategy and Supply Chain at Eli Lilly in Indianapolis. He was also a senior partner at the leading venture capital firm Flagship Ventures.

Bancel holds a Master of Engineering from école Central Paris, a Master of Science in Chemical Engineering from the University of Minnesota and an MBA from Harvard Business School. He was elected a 2009 Young Global Leader by the World Economic Forum in France. He was also named the Best CEO in the Biotechnology sector in 2011.

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iPhone 12 Release Date Delays: Apple’s Manufacturing Woes Continue http://www.jhqmy.cn/iphone-12-release-date-delays-apples-manufacturing-woes-continue/ Fri, 29 May 2020 15:38:27 +0000 http://www.jhqmy.cn/?p=44599 Apple’s 2020 iPhone 12 release date could be much later than we thought. Apple's latest iPhone iteration, the iPhone 12 with 5G connectivity, which ...

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Apple’s 2020 iPhone 12 release date could be much later than we thought.

Apple's latest iPhone iteration, the iPhone 12 with 5G connectivity, which was facing a possible delay of months in its launch, will be seeing a November unveil, according to media reports.

Earlier, a Nikkei report had said that the final decision on the date of the launch will be taken in May.

A new report from Cowen investment bank says production output will be 35 million units in Q2 2020 and iPhone 12 will be coming in 4 new models, all supporting 5G connectivity. The screen size will range between 5.4 and 6.7 inches with two 6.1 inches models.

New iPhone 12 Release Data, Leaks, and Everything We Know

It is expected to be square in shape and will come with OLED panels. RAM on the entry-level 5.4" and 6.1" iPhones will start at 4GB while the premium 6.1" and 6.7" models will get 6GB RAM and up to 512GB storage. There's also talks of a 128GB base storage option replacing the current 64GB one.

The latest update from people familiar with the matter is that Apple is developing three processors known as systems-on-a-chip, similar to what it intends to use in the new iPhones. This project is codenamed as Kalamata. It is based on its A14 technology. Apple is expected to debut its A14 chipset in the 5-nanometer range, which will give it anywhere near a 24-hour run.

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To date, rumors were that the iPhone 12 release date will be in the first week of September, as is the Apple custom around the WWDC annual event.

Apple designs its smartphone chips with technology from Arm Inc. The transition to in-house Apple processor designs would likely begin with a new laptop. It will be a kind of dry run for future MacBooks.

'Fudge, another outlet giving reliable reports on the new iPhone images and design, which according to it is hidden in the iOS 14 code, states that the iPhone will not transition to USB-C but stick to the Lightning port. It seems that Apple intends to fully transition to a portless design in the coming years with its Smart Connector option.

The outlet adds that the Smart Connector, which has been out with Apple iPad Pro since 2015, has not done much for charging speed increase. He says Apple's 2021 iPhone plans seem to be focused on wireless charging with the smart connector added to introduce a new range of smart accessories, which they can charge for.

The 2021 models will be compatible with available wireless charging standards. An added shocker to this is that Apple will no longer bundle AirPods with its new phones.

This means that Apple is bent upon encouraging its in-house developed tech like the Smart Connector and not depend on the USB-C; hence, it can charge accessory makers a license fee. For consumers, the advantage is that the Smart Connector is magnetic, so snap-on accessories will be easier to connect.

But now the same cable will not be able to charge your iPhone and Macbook. Apple recently launched the 2020 iPad Pro and a new MacBook Air with some new products like the Magic Keyboard.

Apple Investors Could be Disappointed in 2020

Apple, as almost all big companies, has already warned investors of not meeting its quarter's revenue targets, and this may extend to the whole year.

Apple depends heavily on China and the Asian region for its components. The coronavirus pandemic spread has played havoc with its supply chain. Apple's travel restrictions on employees inside and outside China stopped the prototype iPhone 12 testing, which has delayed the production.

Another reason for the delay, according to reports, is that Apple did not want to launch its star phone at such a time. Especially since this is the first time, it is launching a phone with 5G connectivity. Even if the Pandemic settles down, the 2020 iPhone release date may not attract much attention, it might be lost in all the media coverage of the Coronavirus.

To date, rumors were that the iPhone 12 release date will be in the first week of September, as is the Apple custom around the WWDC annual event. Although there is no news of the cancellation of the event, it has been modified with no face to face contact with the developers, and some of the events might be held virtually. Apple schedules most of its launches during September as it boosts sales for the coming holidays.

Missing the September date will inevitably affect the Cupertino giant's annual revenue figures along with that of its suppliers, who are already facing economic hardships due to the virus outbreak.

Before the Coronavirus struck, the world was already going through a recession. Smartphones are also seeing a lack of demand the world over. China is currently Apple's second-largest market behind the United States, and iPhone sales in the region saw a decline of almost 60 percent in February, with the spread of the Covid-19 Coronavirus.

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Ford’s New Software Will Disinfect Police Vehicles http://www.jhqmy.cn/fords-new-software-will-disinfect-police-vehicles/ Thu, 28 May 2020 18:25:59 +0000 http://www.jhqmy.cn/?p=44587 In New York City, around 7,000 police officers – 20 percent of the force – called out sick in April, with nearly 2,000 testing ...

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In New York City, around 7,000 police officers – 20 percent of the force – called out sick in April, with nearly 2,000 testing positive for the coronavirus and thousands more forced to self-quarantine to curb exposure. Evidence suggests that frontline workers like police officers and doctors appear to have much higher rates of infection than the general public.

Beginning in late-March, engineers at Ford Motor Company were hard at work to try and find ways to protect police officers from the risk of exposure. They came up with an innovative software designed to kill off over 99% of the virus in a police cruiser.

Helping police vehicles kill coronavirus

The coronavirus that causes COVID-19 has a limited temperature range in which it can survive. You get the cabin of police vehicles hot enough and the virus dies. As it turns out, the climate control system isn’t designed to get the cabin that hot.

Researchers at the Ohio State University have determined that a 15 minute soak at 133 degrees Fahrenheit will kill off virus in the cabin, including surfaces that might be missed during a cleaning.

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The All-New 2020 Police Interceptor Utility (Image: Ford)

Ford Motor Company engineers have modified the software in the powertrain control and body control computers to turn on a new heat soak mode.

“Our studies with Ford Motor Company indicate that exposing coronaviruses to temperatures of 56 degrees Celsius, or 132.8 degrees Fahrenheit, for 15 minutes reduces the viral concentration by greater than 99 percent on interior surfaces and materials used inside Police Interceptor Utility vehicles,” Jeff Jahnes and Jesse Kwiek, laboratory supervisors in the OSU department of microbiology, said in a?statement.

Ford Motor Company’s new lineup of Police Interceptor Utility vehicles will reduce the exposure of officers to the coronavirus. The automaker has come up with a novel software solution that bakes it away from the interior of the vehicles.

The new software update, called “Interior Cabin Heat Soak,” allows police vehicles to heat their interior cabins to deactivate the virus.

The new software will be rolled out on the Explorer-based Police Interceptor utility vehicles from 2013-2019. As for 2016 and later models, pressing a specific sequence will activate the heat soak. When the heat soak mode is on, the engine will run at higher than normal idle speed to kill off the virus.

"Officers can now use this self-cleaning mode as an extra layer of protection inside the vehicle in areas where manual cleaning is prone to be overlooked," Stephen Tyler, Ford police brand marketing manager, said in a statement. "This virus is an invisible enemy, and we are proud to provide a solution to help the law enforcement community fight it."

Whether you want to stay up-to-date on the latest business news, read in-depth CEO interviews, or find new ideas on leadership, management and innovation, Industry Leaders Magazine is here to suit your needs and help you stay more informed.

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7 Clear-Cut Signs that Multitasking is NOT for You! http://www.jhqmy.cn/7-clear-cut-signs-that-multitasking-is-not-for-you/ Thu, 28 May 2020 17:58:55 +0000 http://www.jhqmy.cn/?p=44584 Multitasking is an overrated term in the present world. Almost every second person says that they multitask without even knowing the true essence or ...

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Multitasking is an overrated term in the present world. Almost every second person says that they multitask without even knowing the true essence or method of it. Job applicants often have this term in their resumes, but it is unrealistic to believe that they have those skills!

Multitasking is the skill that is defined as a person's ability to manage or execute more than one task at a single time. Just because everyone manages households and also talk on the phone at the same time doesn't mean they can multitask! But not everyone can multitask. Some people work proficiently, focusing on only one task, and getting that task done. Some signs show that the person can't multitask, with few of them being the following:

Signs-multitasking-is-not-for-you

This could be you.

Distracted when Interrupted

If you find switching to a different task each time you're interrupted, you are not good at multitasking. Getting interrupted frequently will only lead to the projects and tasks at hand being delayed. If you find yourself losing your thoughts and attention when interrupted, erase the interruptions and give yourself some uninterrupted time to complete the task. Leave phone calls, clients, or people around you and focus on completing that task!

Forget Important Things?

Forgetting important things often are signs that you don't excel in multitasking. This means you are handling too many tasks at once, which is distracting and making you forget the essential things in mind.

Overwhelmed all the Time

If you feel overwhelmed most of the time at work, or you often lost track of thoughts, you are handling too many tasks and undoubtedly not good at multitasking. Instead of taking up all the work to yourself, delegate some tasks to colleagues. This will ensure you finish your assigned tasks efficiently and in perfect time. If you are continuously overstressed at work, you are not great at multitasking for sure. People who multitask often deal with more stress than the regular way and have difficulty focusing on a single project. It is always best to figure out the process that works best for the work habits, before calling yourself a good multitasker!

Lag of Important Tasks?

Another vital sign that you are not good at multitasking is finding yourself completing the more manageable ad fun tasks and leaving out the most important works. If you inadvertently miss the important ones more than once because you prioritize the easier ones, then better drop the idea of multitasking. When that happens, prioritize your tasks, streamline them throughout the day, and focus on one after the other.

Unsatisfactory Results

If your work often has errors and is poor, you are not at all good in multitasking. Taking too many tasks at hand and hastily finishing one after another is not multitasking and never gives good results! People who can multitask efficiently can complete each task satisfactorily, not only excellent at one but also at every task.

Slowing Down

If a task takes a long period to finish, then you are not good at multitasking. It will probably take you longer than the specified time to complete two projects when switching back and forth to the two tasks. In such a case, focus on one entirely, make it happen, and then switch to another. Each task at hand requires a specific mindset, and you can't concentrate on both together with two different perspectives at once.

Hampers Creativity

Multitasking requires 'working memory' or temporary brain storage. When the working memory is all used up, it hampers the creativity of a person. Using the memory reduces the ability to think creatively and be open to the work. Also, over focussing on multiple projects will only harm performance on creative problem-solving tasks.

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13 Definite Signs You’re a Born Leader http://www.jhqmy.cn/13-definite-signs-youre-a-born-leader/ Thu, 28 May 2020 17:42:25 +0000 http://www.jhqmy.cn/?p=44581 Not everyone is cut out to be a remarkably great leader. But if you have these leadership traits, you might be a born leader. ...

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Not everyone is cut out to be a remarkably great leader. But if you have these leadership traits, you might be a born leader.

Becoming a good leader is a blessing in disguise, and improving oneself to be one is a never-ending process. A good leader is loved and followed by all, and they serve as an inspirational example for others.

13 Signs that Prove You’re a Born Leader

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Image: Lincoln Memorial

There are certain traits that a good leader possesses, that portray the person as a great leader. Some things will boost the leadership and also things that will hold the person back. Everyone has the potential to be a good leader; it is up to the person to nurture them and improve the mindset. Some of the significant signs of a born leader:

Curiosity

A good leader is always curious and eager to learn new things. They never leave any opportunity to learn new things or new skills. They take in every information and knowledge they can to broaden their knowledge span and mind. Their love of learning is immense.

Positivity

Great leaders are always positive, and they see the bright side of things. Even when they face any terrible situation, or lousy phase comes in, they look at the brighter side of it and are optimistic about it. Good leaders know the importance of positivity. Life can easily turn one into a pessimist, and it is upon the person how they take things in hand and look at it.

Good Listener

A good leader is a good listener, too, as communication is the key to outstanding leadership. A good leader listens to the followers and the people around them. Great leadership means a person being a great listener and encouraging others to share their thoughts and perspectives.

Openness

Great leaders have an open mind, be it to people, ideas, and situations. They don’t have a narrow eye to the situations and people; they are not narrow-minded. If a person allows others to share their thoughts, ideas, and visions and listens to them with all ears and hearts, that person has an open mindset and can be a good leader.

Empathy

Being emphatic to people is a good trait in a leader; it allows the leader to connect with people easily and feel their emotions and situations. Showing care and compassion to others is a sign of a good leader.

Resourcefulness

Leaders are resourceful. They know how to utilize the limited resource at hand and make the best use of them. Even at a time of crisis, they know how to use the resources to be the best.

Change?

Nothing is permanent, and new times bring in new changes. Good leaders know that, and they are ready for anything the future brings to them. Outstanding leadership means accepting the changes.

Communication

Good leaders know how to communicate with their followers and team, be it good or bad news. They share their visions and thoughts clearly with utmost sincerity and transparency.

Connection

Great leaders know the importance of being connected. They work hard to create and maintain excellent relationships, and it is a priority for them to inspire, teach, support, and encourage others.

Confidence

Good leaders are confident. They face every situation with great confidence. Even if they are accountable for anything, they face it bravely and admit it with confidence. They have a confident mindset.

Solution-seeking

Good leaders have a solution to problems and situations. Problems are everywhere, and good leaders bring out solutions to them effectively. A leader would look outside the boundary to search for answers to problems.

Credit to the Right Person

Good leaders know whom to give the right credit; they don’t reap in the fruits of labour all by themselves. Good leaders don’t soak in the limelight. They highlight individual work and speak of ‘we’ rather than ‘I’. True leaders know that they are nothing without the people around them and they are not afraid of focusing them.

Cause, not a Promotion

A good leader knows what it is to have an ambition and they work for it. They dedicate the energies foremost to the cause, then team and lastly to themselves.

Good leadership comes from imbibing a positive ad a great mindset. It is essential always to absorb information from the environment.

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New Antiviral Fabric Coating Could Protect You From COVID-19 http://www.jhqmy.cn/new-antiviral-fabric-costing-could-protect-you-from-covid-19/ Wed, 27 May 2020 18:41:05 +0000 http://www.jhqmy.cn/?p=44567 Giancarlo Beevis, the CEO of the Canadian biotech firm?Intelligent Fabric Technologies North America?(IFTNA), introduced a proprietary anti-viral chemical—PROTX2 AV, that destroyed 99.9% of COVID-19 ...

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The antiviral chemical—PROTX2 AV, destroys 99.9% of COVID-19 virus within 10 minutes, with residual killing power for 24 hours.

Giancarlo Beevis, the CEO of the Canadian biotech firm?Intelligent Fabric Technologies North America?(IFTNA), introduced a proprietary anti-viral chemical—PROTX2 AV, that destroyed 99.9% of COVID-19 virus within 10 minutes, with residual killing power for 24 hours. The fabric chemical penetrates the virus's outer shell and destroys its replication process. This chemical can be effectively applied to the textile finishing process without requiring additional machinery or steps. The material went through tests under the American Association of Textile Chemists standards, making it the first antimicrobial textile chemical to be proven, as per U.S. codes, to deactivate the SARS-CoV-2 virus.

Passing a COVID-19 test on a dry textile is tricky, says Beevis, as the antimicrobial fabrics often need moisture, like sweat or ambient water vapor, to activate, and COVID-19 replicates faster and stays on surfaces for longer in comparison to other viruses.

Antiviral Coating: All you need to know

Having been passed the test and with permission from the Environmental Protection Agency (EPA), brands across the world be able to create PROTX2 AV-treated textiles. They will earn a scientific and marketing edge over products. The EPA will eventually decide whether the company can claim its product kills COVID in its marketing.

Though many antimicrobial textile companies cite protection against COVID-19, it is the non-COVID-19 viruses they?do?kill in actuality. The uninformed consumers may consumers might interpret this message as protection against COVID-19, which would be false. However, there are several kinds of viruses that affect humans, and those products/materials do kill them, but not COVID-19. Although SARS-CoV-2 is a type of viruses, it doesn't don't react the same way to the same chemicals.

CEO Giancarlo Beevis stated, 'What makes it difficult is that we don't know much about COVID or how it's going to react. That's what makes it different than the human coronavirus. The human strain is like the common cold. With COVID-19, we don't know what?that?virus is going to do."

This qualifying test would have significant market implications, as loosening restrictions threaten COVID-19 resurgence. The U.S. accounts for 1.6 million of the world's 5.5 million cases. Analysts anticipate that the global surgical apparel market to reach?nearly $19 billion?by 2025 and the antimicrobial textile market to?surpass $20.5 billion?by 2026.

The surge in interest for an anti-viral product has IFTNA creating a PROTX2 AV-treated laundry additive for home laundering by fall. The company is also starting to produce its protective equipment (PPE) and will launch a lifestyle travel brand called Underit later in 2020 or by 2021. The PPE and the portion of the Underit line will be treated with the anti-viral chemical.

The manufacturing partners of PROTX 2 AV- which includes several well-known consumer labels- plans to incorporate PROTX 2 AV into their products. Careismatic Brands, a global healthcare apparel and footwear company, has already begun corroborating tests in anticipation of creating anti-viral products, like scrubs, lab coats, gowns, and masks. "The antimicrobial textile market is going to be one of the rare markets that will experience a short-term bounce from the COVID pandemic as well as long-term growth," says Scott Pantel, CEO of Life Science Intelligence. "Companies like Google, Amazon, and Microsoft are all coming into the healthcare space, and consumer demand for antimicrobial material is going to be massive. If these guys are the first to test against COVID successfully, they're going to be huge winners."

A little bit of history

In 2012, IFTNA developed its anti-viral version, which didn't earn much interest at that time. "No one wanted it," Beevis says. "The big deal in healthcare environments is bacteria. Their highest costs involve bacterial infections that make people stay longer, cause complications, or create readmittance. Viruses, like SARS or the flu, come and go. But it's not the main concern in a healthcare facility."

In the same year, Beevis also unsuccessfully tried to introduce PROTX2 AV to the cruise line industry to control Norovirus outbreaks traced to reusable polyester napkins. "We got blocked out by a massive cleaning company," says Beevis. The cruise line looked for adding a PROTX2 AV treatment to washes instead of purchasing a new inventory of pre-treated napkins and linens. The cleaning company associated with it wanted to know the kinds of chemicals being used, and IFTNA declined to release the proprietary ingredients and risk intellectual property theft. "These were much larger companies than we were. They didn't care enough to make it work, so it stayed on the shelf," says Beevis.

What's next?

Beevis is now awaiting regulatory approval. IFTNA is in connection with the EPA to fast-track its application, under an emergency-use provision, to allow manufacturing partners using PROTX2 AV to claim their textiles have been proved to kill COVID-19 legally. It's also talking to the Federal Drug Administration about approving specific PROTX2 AV-treated devices.

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Japan Delivers World’s Biggest Stimulus Package http://www.jhqmy.cn/japan-delivers-worlds-biggest-stimulus-package/ Wed, 27 May 2020 18:10:06 +0000 http://www.jhqmy.cn/?p=44556 The Japanese government will inject a new lease of life into the nation’s recession-hit economy as it introduces a new $1.1 trillion stimulus package. ...

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The Japanese government will inject a new lease of life into the nation’s recession-hit economy as it introduces a new $1.1 trillion stimulus package. This is the world’s biggest stimulus package offered by any country to minimize the economic dent due to the ongoing COVID-19 pandemic.

According to reports, Japan’s $1.1 trillion stimulus package includes significant direct spending to cushion the fallout to roughly 40 percent of the nation’s Gross Domestic Product (GDP).

Japan-Stimulus-Package

Japan’s first stimulus package was centered on cash payouts to households in a bid to help them cope the damaging effects of the COVID-19 pandemic.

The stimulus package will include a significant amount of direct spending with more subsidies for COVID-hit businesses, support for businesses struggling to pay rent, support for students, and increased expenditure on healthcare.

Ready to tackle any wave of epidemic

In a meeting with the nation’s lawmakers on May 27, Prime Minister Shinzo Abe noted the government must be ready to tackle any wave of the coronavirus epidemic.

“We must protect business and employment by any means in the face of the tough road ahead,” Abe told a meeting of ruling party lawmakers. “We must also take all necessary measures to prepare for another wave of epidemic.”

Japan’s dependency on the United States and China has made it vulnerable to the domino effect brought on by the pandemic. It’s the worst slump since the times of world war.

Japan will issue an additional 31.9 trillion yen in government bonds as a second supplementary budget for the current fiscal year ending in March 2021.

Bonds Issuance to Exceed 230 Trillion Yen

The government ended its nationwide state of emergency earlier this week. While the number of new cases have dramatically reduced, the economic outlook is still uncertain. Analysts are pointing out that Japan’s GDP may shrink by more than 20 percent this quarter. Moreover, the recovery could be slow as tourism, exports and other businesses struggle.

Today’s figure matches the overall size of April’s trillion package, bringing the total to 234 trillion yen. The government spending comes amid reassurances from the Bank of Japan that it won’t allow super-long bond yields to rise.

“The BOJ's yield curve control should prevent a spike in long-term interest rates,” Chotaro Morita, chief bond strategist at SMBC Nikko Security, said. “Volatility in the JGB market will depend on the BOJ's ability to control its bond purchases.”

Japan’s first stimulus package was centered on cash payouts to households in a bid to help them cope the damaging effects of the COVID-19 pandemic.

According to strategists, there’s a possibility of a third extra budget.

 

 

Whether you want to stay up-to-date on the latest business news, read in-depth CEO interviews, or find new ideas on leadership, management and innovation, Industry Leaders Magazine is here to suit your needs and help you stay more informed.

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Boeing Job Cuts Coming This Week http://www.jhqmy.cn/boeing-job-cuts-coming-this-week/ Wed, 27 May 2020 18:05:54 +0000 http://www.jhqmy.cn/?p=44555 Boeing Co. is expected to announce job cuts in the United States this week after disclosing last month it planned to axe 10% of ...

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Boeing Co. is expected to announce job cuts in the United States this week after disclosing last month it planned to axe 10% of its global workforce of 160,000.

The Society of Professional Engineering Employees in Aerospace (SPEEA) union that represents roughly 17,600 Boeing employees was informed to expect layoff notices soon.

Boeing-Co-787-at-Everett-Factory

Boeing 787 jets at its Everett factory.

A Big Blow to Airline Business

Back in April, Boeing Chief Executive Dave Calhoun said the company had begun wielding the axe on its workforce through a combination of voluntary layoffs, involuntary layoffs, and natural turnover.

"The demand for commercial airline travel has fallen off a cliff," said Calhoun. "The pandemic is also delivering a body blow to our business."

The company’s voluntary layoff package has been offered to 70,000 employers so far.

"That's a big number of offers," he said. "We are hoping we get a reasonably big number [of voluntary departures]."

Boeing made a roadmap which involved making 15 percent reductions across its commercial airplanes and service businesses, as well as corporate functions.

According to the SPEAA, around 1,300 Boeing workers applied for voluntary layoffs.

Boeing told union leaders to expect cuts of between 15 to 20 percent of its membership, which represents technical workers and engineers in southern California and Washington State.

It shouldn’t come as a surprise that a renowned name in the airline industry has been rocked by the COVID-19 pandemic. In April, Boeing recorded zero sales for the second time this year. Its customers canceled 108 orders for its grounded 737 MAX plane. 2020 has proved to be Boeing’s worst year since it was founded in 1962.

COVID-19 Impact on Aviation Worsens

The airline industry faces an unprecedented crisis in the wake of the COVID-19 pandemic. According to the International Air Transport Association, the global airline industry will lose $252 billion in 2020.

It’s not just Boeing that has taken to cost-cutting measures. Most airlines are now cutting up to 90% of their daily flight capacity. On March 1, roughly two million Americans were flying per day. Today, it’s fewer than 100,000 people seen at the airports.

If this continues, the federal government bailout fund may only subside a portion of the losses airlines face in the coming months. More than 200 airlines have applied for the cash grants.

American Airlines will receive $5.8 billion, Southwest $3.2 billion, and Delta $5.4 billion among others. Another $4 billion will go for cargo airlines and $3 billion to assist contractors.

Not much has changes on the other side of the Atlantic. Global airline industry is now dependent on government handouts to keep themselves afloat.

Boeing will need some serious cash to get through the crisis. Its rival Airbus has also been hit by the COVID-19 effect as it faces canceled orders and postponed deliveries.

 

Whether you want to stay up-to-date on the latest business news, read in-depth CEO interviews, or find new ideas on leadership, management and innovation, Industry Leaders Magazine is here to suit your needs and help you stay more informed.

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Nuclear Fusion Startup Bags $84 Million http://www.jhqmy.cn/nuclear-fusion-startup-bags-84-million/ Tue, 26 May 2020 15:48:24 +0000 http://www.jhqmy.cn/?p=44549 U.S. clean energy startup, Commonwealth Fusion Systems (CFS), bagged an additional $84 million from investors in Europe and Asia. This money would help the ...

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SPARC-Fusion-Nuclear

Visualization of the proposed SPARC tokamak experiment. (Image: MIT)

U.S. clean energy startup, Commonwealth Fusion Systems (CFS), bagged an additional $84 million from investors in Europe and Asia. This money would help the Cambridge-based spin off deliver the fastest path to commercial fusion energy.

Singapore-based Temasek Holding PTE and Norway’s Equinor ASA were among the equity investors in CFS’s latest funding round.

According to Chief Executive Officer Bob Mumgaard, the now rich coffers would help build a headquarters and manufacturing facility. “We’re entering the next phase,” Mumgaard said. “It’s time to put down some roots, get us all under one roof, and build some hardware for the future fusion business line.”

The Fusion Revolution

Commonwealth Fusion Systems has a long list of competitors to bury. Most fusion energy companies are operating out of New York, the State of Washington, southern California, and elsewhere. It’s a new market but a tough one to crack.

More than $1.2 billion has poured into fusion energy startups, including U.K’s Tokamak Energy Ltd, TAE Technologies Inc. outside Los Angeles, and Canada’s General Fusion Inc.

The International Thermonuclear Experimental Reactor in the south of France is being build using public funding of $22 billion from over 35 countries. It expects to begin testing by 2025.

The world is moving towards a clean energy future. More investment is being poured into renewable energy companies and startups that make technologies like long-duration energy storage.

It’s not just private and public investors that are backing the fusion revolution. In October 2019, the U.K. announced its plans to develop a fusion power plant by 2024. It aims to be the first country to make commercially viable machine.

A significant development is pushed by government in Germany, Japan, Russia, and South Korea. With the help of resources, we’ll see an advanced fusion reactor pop up within the next five years in one of these countries.

As for the United States, it aims to develop fusion power plants for military purposes. Lockheed Martin is hard at work to create “compact fusion energy” capable of powering space vehicles, ships and aircrafts.

A nuclear fusion power plant could also help us power colonies on Mars and the Moon. NASA is developing a lightweight nuclear reactor that would one day advance space colonization. All in all, nuclear fusion is going to play a pivotal role in mankind’s transition to clean energy.

About Commonwealth Fusion Systems

Commonwealth Fusion Systems was founded by researchers at MIT’s Plasma Science and Fusion Center in 2018. The initial monetary support came from MIT, including a $50 million investment from Italian energy company ENI. In the following years, CFS raised an additional $115 million investors including Breakthrough Energy Ventures and?Khosla Ventures. It’s the only fusion startup to have the financial support of oil companies.

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7 Types of Entrepreneurs: Which one are you? http://www.jhqmy.cn/7-types-of-entrepreneurs-which-one-are-you/ Tue, 26 May 2020 15:46:02 +0000 http://www.jhqmy.cn/?p=44547 Entrepreneurship is an innovative way to run a business or venture. Innovation does not mean any kind of brilliant technical innovation, it is just ...

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Types-of-Entrepreneurs-and-Entreprenurship

Richard Branson, Founder, The Virgin Group

Entrepreneurship is an innovative way to run a business or venture. Innovation does not mean any kind of brilliant technical innovation, it is just the application and the taking forward of an idea into a gainful business.

As Peter Drucker in his book ‘Management – Task, Responsibilities and Practices” has pointed out, the two are the primary functions of every business. “Entrepreneurs innovate. They exploit change as an opportunity for a different business or a different service by innovation”. Innovation without marketing of a product, its commercialization, or useful adaptation is just an invention. Still, when an idea is taken to the market and becomes a valuable product, then it becomes an enterprising innovation. Innovators are entrepreneurs who anticipate the market changes, customer needs and try to fill that need with a service and product.

What are the different types of entrepreneurs?

So, who are the people that can take an idea and run with it to make it into a profitable enterprise?

Most typify entrepreneurs as the innovators, the imitators, the cautious ones or Fabians, the conservationist or the Drones, the researchers, the salesmen, and the hustlers.

We have already talked of innovation and entrepreneurship above. An innovative entrepreneur is one who turns an idea into a viable business. Apple and Steve Job, Mark Zuckerberg with Facebook, and Uber are all innovative ideas and business savviness married together.

Imitators

The world is full of people who have taken a business idea and improved upon it. Entrepreneurship does not end at innovativeness. It is also about the ability to duplicate an idea in a better form and find success. The best part here is that one can learn from the mistakes of the original idea and avoid them and even use it as a benchmark for improved performance. All businesses in the aggregating platform are a twist on the original idea. Etailers, ride-hailing sites, delivery sites are all imitators of the original design of offering a service through the internet.

Researchers

They are more often than not engineering or scientific entrepreneurs. Such entrepreneurs take a long time to come to the market. They thoroughly research the idea, the market, the supply and distribution side of their business, and even plan out the hiring and financials.
Nothing is left to chance. They are more data-driven and leave a very small margin for mistakes. Generally, such businesses do take off although they traverse a safe and slow path and take a long time to turn in big profits.

The Fabians

Fabian entrepreneurs can be a bit like imitators. Though what defines them is their cautious approach. They view any new ideas or suggestions with skepticism. They move forward only when it becomes clear that failure to do so would result in being left behind in the race.

Auto companies that took long to change over to EVs (electric vehicles) and hybrids are good examples of this Fabian mentality.

Drones

These are characterized by a refusal to adopt change even at the cost of profitability. They are conservative in outlook and see any significant change in productivity or manufacturing as harmful to the system.Such entrepreneurs may also suffer from losses, but they are not ready to make changes in their existing methods. Major departmental stores like Macy's and JC Penny that refused to see the change in consumer behavior and shopping methods are a good example.

Hustlers

They are the fast movers and are generally who start small and think big. They are good at networking, hardworking, and focused. They are risk-takers and think out-of-the-box. They aim to negotiate and come up with a winning deal. These entrepreneurs are more about being enterprising than about building big brands or companies. Such entrepreneurs are known more for themselves rather than their businesses. Mark Cuban was a hustler in his initial days.

The salesman

Such entrepreneurs are part hustlers and part salesmen. They are good at selling their ideas, product, services, and getting investments and deals done. They network well and generally move enterprise to enterprise. They are the ones who never settle for one business. They are the restless discontented lot, which psychologists talk about as an essential ingredient for gaining success in any venture.? For them, the glass can be filled a little bit more always. It is neither half full or half empty.

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What Are the Dos and Don’ts Of Running a Startup? http://www.jhqmy.cn/what-are-the-dos-and-donts-of-running-a-startup/ Tue, 26 May 2020 15:34:58 +0000 http://www.jhqmy.cn/?p=44544 Startups are what the name suggests, starting off an enterprise from scratch. It is the millennial term to encompass the information technology-based businesses that ...

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Dos-and-Donts-of-running-a-startup

Startups are what the name suggests, starting off an enterprise from scratch. It is the millennial term to encompass the information technology-based businesses that have cropped up to service the industry and add to the technical know-how with innovative products and ideas.

If you are considering to strike off on your journey of entrepreneurship, you must have a strong desire to build your product or service. A startup involves a lot more than just a good idea for a business. It requires discipline, hard work, financial planning, skills, and perseverance.

Some Dos and Don'ts of Running a Successful Startup

About?90% of all startups fail. Hence, you must persevere in your passion and start right.?Here is a list of Dos and Don’ts that need to be kept in mind for any startup to be successful.

Research

First off let us go by the premise that you are in that particular business because you love what you do and have a passion to succeed. For that to come to fruition, one needs to do a thorough recce of the field one wants to enter.

Research the market, the competition, and the suppliers. Find out the potential risks and benefits of entering that sector. Do not blindly copy a successful idea that has worked. Bring value to the table, fill a gap in the business cycle of your choice.

Be flexible

If you have a business plan and along the way you discover some other realities, then be flexible enough to change course slightly. If a small tweak in the business in terms of product design, supply chain, pricing, or sales makes a difference, then incorporate it. When a business needs some infusion of ideas for betterment, then adapt to the change. Bring in the innovative ideas, even if it means taking a 180-degree turn.

?Knowledge and skill set

It is necessary to acquire information and knowledge of the journey you intend to take. From formal education to gaining experience in the market, building networks and exchanging and imbibing knowledge, all are useful skills.

Building a team

Even if there are just two people in the team, see that you are in synergy, and each brings a different expertise to the table. Feed off each other and complement.

When hiring, do not get taken in by a brilliant resume, look to fill in your needs. A good hire is worth four people, and a bad hire can cost you 30 percent of an year’s earnings.

Financial planning

How are you going to fund the project? A business loan, personal money, or are you looking for angel investment? Some people believe that they can plonk some cash into a business account, and things will work out by themselves.

That is a fallacy. Many a business have run aground because people got trigger happy with the initial seed money they got.

Plan to be soluble for two years and no profit no loss is a good way to begin with in terms of expectations.

?Network

Having just an idea is not enough, but knowing the right people to go to or leverage is essential. Right from financing to marketing to supply chain building, if you know the people, then the process becomes more manageable. You have to form new connections and nurture old ones.

Social media marketing is cost-effective and far-reaching.

Some Don’ts for start-ups are:

Wrong choice of products or services to sell. People get into business without doing due diligence or researching the market potential for the business of your choice.?According to a survey, nearly 45 percent of startups failed to take off because of the wrong service or product choice.

?Do not follow in the footsteps of successful ventures. They have already found their niche; copying them is not the answer.?Instead, try to fulfill a gap in their product cycle or supply chain.

Money running dry

This is a common story among startups. Quite a lot of them are able to raise initial investments. But most do not know how to handle it. Hire a professional if you are not good with budgeting and financial planning. Expect to be in a tight situation money wise for at least two years. Most businesses take that much time to show any profits.

The second most common reason for the failure of startups is that almost 20 percent of startups fail due to running out of money, says a?market research?company.

Team

Get the right hire. Do not go on a hiring spree just because you have the money.?Do not hire because he is your friend and somebody’s niece or nephew. Fill a job, not obligations.

Funding

Do not go for funding immediately. Sweat equity is the best equity, if you want to be independent and implement your ideas fully. First, build the business, then look for investment if needed. Mark Cuban suggests crowdfunding platforms like Kickstarter to try out first.

Market data says 47% of Series A startups spend $400k or more per month.?Only?2 in 5?startups are profitable, and other startups will either break even (1 in 3) or continue to lose money (1 in 3).

Many people dream of starting their own business and going solo rather than making it big in paid employment. Starting an enterprise gives you the opportunity to operate independently, be innovative, implement changes, and indulge a passion.

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Pleasant Surprise for Skincare Industry Post COVID-19 http://www.jhqmy.cn/pleasant-surprise-for-skincare-industry-post-covid-19/ Mon, 25 May 2020 15:53:45 +0000 http://www.jhqmy.cn/?p=44421 Almost all industries are feeling the COVID-19 effect, and the beauty industry is no exception. With livelihoods in peril due to the lockdown and ...

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Global-Skincare-Beauty-Industry-COVID-Coronavirus

Global skincare industry is outperforming on the high street.

Almost all industries are feeling the COVID-19 effect, and the beauty industry is no exception. With livelihoods in peril due to the lockdown and faced with recession and rising unemployment, people are budgeting and spending only on essentials.

Companies were hoping for the lipstick effect to kick in to save the industry. Lipstick effect is an economic phenomenon in which consumers spend money on smaller indulgences in times of recessions and economic downturns. But that seems a long way off.

The global beauty industry generates $500 billion in sales a year and accounts for millions of jobs, directly and indirectly. In 2019, the global beauty industry was valued at $532 billion, with cosmetic products – inclusive of eye, face, nail and related accessories – accounting for $6 billion of sales in the US.

But the first-quarter sales have been weak, and there have been widespread store closures all over the world. Another effect of the pandemic has been the work from home phenomenon, and the promotion of masks and social distancing has led to people not being too taken up with makeup.

A McKinsey report estimates that the global beauty-industry revenues could fall 20 to 30 per cent in 2020. And a second wave in the latter part of the year could lead to a 35 per cent decline.

Traditionally cosmetic purchases have been made in-store. In-store shopping accounted for up to 85 per cent of beauty-product purchases prior to the COVID-19 crisis. Even the younger generation of millennial and Gen Z, who are tech-savvy and prefer shopping online, made 60 per cent of their cosmetic purchases in stores.

Consumer shift to skincare

Most people who are either working from home or are in a stay at home situations are not too taken up with keeping up with appearances. All A grade brands have seen a 55 to 75 per cent fall in fragrances and cosmetic purchasing. But not all sub-categories of beauty care are seeing a decline. Skincare and hair care products and bath-and-body products are seeing renewed interest.

Zalando, Europe's largest fashion and lifestyle e-commerce marketplace, has reported an uptick in pampering and self-care beauty categories such as skin-, nail, and hair-care, and aromatherapy, candles and detox products; all are up 300 per cent, year on year. Amazon has reported a similar trend. Though it has seen a decline in makeup sales in the US, sales for nail-care products (218 per cent), hair coloring (172 per cent), and bath-and-body products (65 per cent) are way up.

This phenomenon of personal care products seeing better sales had been happening before Covid-19. There has been a shift in consumer preferences to skincare rather than cover-ups. Especially the younger generation is showing a shift away from cosmetics like makeup to a healthier outlook of preservation rather than indulging in expensive purchases of makeup. Skincare industry, which focuses on remedy and preventive measures, was ignored in preference of glamorous cosmetics products earlier, but not anymore.

Stephan Kanlian, head of a think tank at New York's Fashion Institute of Technology, said in a news report that 2018 was the first year skincare sales outpaced cosmetics in the beauty industry, much of which was due to the growth of social media. "Today's consumers are more sophisticated in their searches for beauty and skincare products, however. Shoppers want clean ingredients, eco-friendly packaging and relatability. Social media content empowers consumers to quickly find the products they identify with their values and needs," he added.

The global skincare market grew 42 per cent from 2012 to 2019 and is expected to reach a valuation of $189 billion by 2025. Senior Research Analyst Erinn Murphy says, "The increased use of skincare is cannibalizing some makeup usage, and so it becomes a bit of a self-reinforcing cycle — when consumers start to feel better they feel less need for coverage, and so less makeup is needed."

Digital Marketing and Promotions Route

Several luxurious brands are offering discounts online of up to 40 per cent. Promotions help move unsold seasonal inventory. This route will be seen even when stores reopen to regain footfall and get rid of seasonal make up inventory build-up. Online sales have picked up as reported by Amazon and other brands selling online, but they have not offset the in-store purchase loss. Reopening of China has shown no resurgence in shopping for beauty products. Retailers and brands are turning to digital marketing and promotional sales online with tie-ups with social media platforms and influencers to make up for the losses and to clear up inventories.

Social media influencers are affecting brand sales by promoting indie and homegrown skincare brands. So many brands now rely on social media channels as an extension of their customer's buying experiences, encouraging seamless transaction journeys from "like" to cart. Market research firm NDP reports that online sales of self-care products went up 24 per cent from 2019 in the first quarter of 2020.

L'Oreal, the leading global beauty company, reported an increase of 52 per cent in ecommerce sales in its first-quarter financial results. The company attributes its online sales performance to the Coid-19 situation and the brand's digital media and content expertise. Most leading brands in the beauty industry will have to adopt digital marketing strategies to remain profitable. Focusing on content, tie-ups, diversity, inclusion and social responsibility along with ease of transactions, variety and affordability are the new ways to promote sales and stay relevant.

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Boom Time for Food Delivery Platforms, But Still Not Profitable http://www.jhqmy.cn/boom-time-for-food-delivery-platforms-but-still-not-profitable/ Mon, 25 May 2020 15:48:58 +0000 http://www.jhqmy.cn/?p=44424 Food delivery businesses are looking for survival and profitability in difficult times. The restaurant business has been one of the hardest hit due to ...

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Food-Delivery-platforms-Companies

Food delivery businesses are looking for survival and profitability in difficult times. The restaurant business has been one of the hardest hit due to the pandemic, and one of the ways adopted by those that have not shut down is to transition to takeaways and use the delivery services.

There is intense competition among the food delivery businesses to get a share of the market. For the restaurants, the answer is to get on to as many delivery platforms as possible to increase their orders. GrubHub, Doordash, Uber Eats, and Postmates are the primary delivery players in the US. In a latest development, Uber Eats of Uber Technologies is considering buying a stake in Grubhub.

Though the delivery players are seeing a rush of orders with people stuck at home, and even the orders sizes are large, there are still some hurdles. Almost all the delivery players have reduced their fees to help keep the restaurants in business. The business might be looking up for these players, but it has hardly turned in significant profits.

Bernstein analyst Sara Senatore writing about the profitability in food delivery says that the lockdown has forced a massive change in the behavioral pattern of consumers and the food suppliers both. "New users, more restaurants, increased order frequency, bigger ticket size, and favorable supply-side dynamics have all contributed to improving food delivery numbers," she writes.

Grubhub saw April sales increase 50%, while Uber Eats' sales expanded close to 90%. She thinks DoorDash grew faster still. She notes that the food-delivery companies have "sought to cement their market share with customer incentives, and that the pace of promotion and marketing spending appears to be increasing." Senatore adds that for restaurants, "the transition away from exclusive aggregator partnerships—already underway—accelerated in pursuit of as many off-premise customers as possible."

The spike in volume of orders has not translated into good profitable numbers for the food delivery aggregators.

Senatore believes that the waiver of fees has seen the various delivery companies lose out on the margins, though the sheer volume is showing an uptick in profitability.
The businesses need to improve the losses per order from the $2 range to about $1.20, which is an improvement but still not in the desirable range. Grubhub's financial forecasts for the June quarter points to slimmer margins, while Uber's outlook suggests continued improvement, she said.

Quarterly revenue from restaurant food deliveries rose by more than 50% to $819 million yearly, but yearly revenue growth at the unit decelerated significantly from the previous quarter, reports Reuters.

Uber Eats is generating good reviews among investors. Recently, while announcing the latest job cuts at Uber, the CEO Dara Khosrowshahi said Uber needed to concentrate on UberEats and the cab ferrying business.

Uber has withdrawn its 2020 financial guidance report saying that the Covid-19 coronavirus pandemic has made it difficult to predict how the market will play out for the company.

"Given the evolving nature of Covid-19 and the uncertainty it has caused for every industry in every part of the world, it is impossible to predict with precision the pandemic's cumulative impact on our future financial results," the company said in a statement.

In a call with analysts, Dara Khosrowshahi had assured investors that it had a cushion of nearly $4billion to see it through the crisis.

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How is COVID-19 Affecting US Businesses http://www.jhqmy.cn/how-is-covid-19-affecting-us-businesses/ Sun, 24 May 2020 15:32:17 +0000 http://www.jhqmy.cn/?p=44418 The ongoing Coronavirus pandemic has threatened the livelihood of many small and medium enterprises. The prolonged shutdown of non-essential businesses all over the world ...

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COVID-Affected-US-Businesses

The ongoing Coronavirus pandemic has threatened the livelihood of many small and medium enterprises. The prolonged shutdown of non-essential businesses all over the world has led to small offices, factories, retailers, hoteliers and restaurant owners facing an uncertain future.

The biggest problem that small businesses face is that of cash liquidity. Small and middling enterprises always work on a tight budget and barely have cash in hand to cover a month’s expenses. And a sustained downturn surely breaks the cycle for them. The coronavirus downturn has been a prolonged one.

Data from credit-card companies reveals that 30 per cent of small businesses have shut down during the pandemic. Transaction volumes have dipped. Travel agencies are down 98 per cent, photography studios 88 per cent, day-care centres 75 per cent, and advertising agencies 60 per cent,
says an Atlantic report.

According to a study conducted by Thryv Inc and America’s Small Business Development Centres in late March, almost three-quarters of US small businesses experienced a substantial drop in business. The same number were planning to let go of employees or reduce hours.

Almost 50 per cent then showed interest in applying for loans. Most (63 percent), said they were likely to be fully open by mid-April, while 27 percent were unlikely.

“Based on this wave of data, while 36 percent feel confident, we know roughly 60 percent are quite rationally concerned about their long-term recovery,” said Charles “Tee” Rowe, president and CEO at America’s SBDC. “SBDCs can connect local business owners with the right resources to deal
with these difficult times and help navigate the loan process.”

A recent Goldman Sachs survey reported that 50 per cent of business owners that were surveyed said they didn’t think they could continue business operations for more than three months.

The Federal government has come up with a $350 billion plan to provide forgivable loans to small businesses, now boosted by a second tranche of $320 billion.

Some specific loans for small businesses have been put out such as the Paycheck Protection Program, where small firms can apply to retail banks and credit unions for loans of upto $10 million, intended for expenses such as rent, insurance, utilities, and wages. The PPP loans become grants,
provided that employers retain their employees and spend 75 per cent of the money on payroll.

But declaring help and seeing its implementations is a different matter.

Nobody is clear, neither the banks nor the applicants, on who qualifies for how much and how to disperse the loans.

A survey by the National Federation of Independent Business showed that four in five applicants for the emergency funds did not know whom to apply to and whether they qualified for the loans, and the first tranche had already been exhausted before people were aware of the stipulations.

 

Whether you want to stay up-to-date on the latest business news, read in-depth CEO interviews, or find new ideas on leadership, management and innovation, Industry Leaders Magazine is here to suit your needs and help you stay more informed.

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Hertz Bankruptcy Filing Reflects Grim COVID-19 Realities http://www.jhqmy.cn/hertz-bankruptcy-filing-reflects-grim-covid-19-realities/ Sat, 23 May 2020 14:57:59 +0000 http://www.jhqmy.cn/?p=44411 Hertz Global Holdings Inc., one of the nation’s largest car-rental companies, is the latest victim of an economic downturn spurred by the COVID-19 pandemic. ...

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Hertz-Bankruptcy-Protection

Hertz is the largest U.S. car rental company by sales. (Image: Hertz Car Rental Location.)

Hertz Global Holdings Inc., one of the nation’s largest car-rental companies, is the latest victim of an economic downturn spurred by the COVID-19 pandemic.

The Estero, Florida-based company which stated with a fleet of a dozen Ford Model T’s over a century ago filed for Chapter 11 bankruptcy protection after it was unable to reach long-term relief agreements with its creditors.

Hertz sought help from the United States government, “but access to funding for the rental car industry did not become available.”

The company had already furloughed or laid off 20,000 employees, or roughly 50 percent of its global workforce, in response to the coronavirus pandemic.

It also announced pay cuts for senior leader in March. A decision that was reversed not so recently.

Hertz will continue to operate while restructuring its debts.

It’s a very tough business

The COVID-19 pandemic has brought the travel industry to a standstill. Business travelers and family vacationers have shelved their travel plans. The company noted that uncertainty regarding when revenue will return and when the car rental market will reopen for sales “necessitated today’s action.”

Hertz, which also owns the Dollar and Thrift brands, had piled up $17 billion in debt. The economic downturn due to the coronavirus pandemic came as “a rapid, sudden and dramatic” blow.

“Hertz has over a century of industry leadership and we entered 2020 with strong revenue and earnings momentum,” CEO Paul Stone said in the news release. “With the severity of the COVID-19 impact on our business, and the uncertainty of when travel and the economy will rebound, we need to take further steps to weather a potentially prolonged recovery.”

Hertz bankruptcy protection filing is hardly a surprise for industry analysts. In its Q1 2020 report filed earlier in May with securities regulators, the car rental company said it may not be able to repay or refinance debt.

There is about in the company’s ability to continue operating from the issuance date of the quarterly report.

Under a Chapter 11 bankruptcy filing, Hertz creditors will have to settle for less than complete repayment. Hertz isn’t the first American company to come face bankruptcy due to the ongoing pandemic. The car rental firm joins department store J.C. Penney, J. Crew, Stage Stores and Neiman Marcus.

According to FactSet, Icahn’s holding company is Hertz’s largest shareholder with a 39 percent stake in the company.

 

Whether you want to stay up-to-date on the latest business news, read in-depth CEO interviews, or find new ideas on leadership, management and innovation, Industry Leaders Magazine is here to suit your needs and help you stay more informed.

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90 Percent Indian Startups Facing Capital Crunch http://www.jhqmy.cn/90-percent-indian-startups-facing-capital-crunch/ Sat, 23 May 2020 14:38:31 +0000 http://www.jhqmy.cn/?p=44406 Startups in India are witnessing a massive downturn following the Coronavirus pandemic. Nearly 90 percent of startups are facing a capital crunch, and 70 ...

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Indian-Startups-Capital-Crunch

Startups in India are witnessing a massive downturn following the Coronavirus pandemic. Nearly 90 percent of startups are facing a capital crunch, and 70 percent of them barely have enough capital to last them through three months, according to a survey undertaken by the National Association of Software and Service Companies (NASSCOM), a trade body of the IT industry.

The National Association of Software and Service Companies undertook a month-long e-survey of about 250 startups to ascertain the impact of the COVID-19 pandemic on their business.

The survey found that around 40 percent of startups have either temporarily shut down operations or are on the verge of shutting down; 75 percent, which are customer-focused businesses, have less than three months to zero runway cash. Only 8 percent of those surveyed said they had cash to seem them through the year.

“Out of the blue, this flourishing growth has suddenly been hit by a roadblock… the COVID roadblock. There is no country, business or living being that has not been affected by the COVID pandemic. While governments have been working diligently to protect and save human lives, businesses have been hit, and small businesses and startups have been the most affected,” said Debjani Ghosh, President of Nasscom, in the report.

This is the scenario when investors believe that businesses need to have at least 24-36 months’ liquidity in hand to escape the effects of the Covid-19 impact. It will take nearly two years to recover from the losses inflicted by this pandemic. In an open letter, investors have advised startups not to expect any fresh infusion of money and be prepared to make hard decisions.

India, which is the second-largest ecosystem for startups, has seen major hospitality, delivery aggregates, and healthcare space companies announcing job cuts. Some of the major startups, such as Oyo, Swiggy, Zomato, and Curefit have already laid off hundreds of employees to trim overheads and cut costs.

Across the board, cost-cutting measures have been implemented. From pay cuts to no incentives, to shopping for lower-priced vendors and cutting all marketing and advertisement costs, the startups are busy floating a lighter and leaner ship.

Startups that are in the business to business space are reporting stalling of business activity as their bill reimbursements are getting delayed, which is having a domino affect. Nearly 69 percent of startups in the fintech and retail sector are facing delay in payments.

The pandemic is forcing the startups to take a fresh look at their business and even try some dramatic changes or adopt innovations. About 54 percent of the 250 respondents said they were looking to pivot to new business opportunities, and 40 percent said they were planning to diversify into new growth opportunities like healthcare.

Along with the hospitality and delivery sector, it is the transport and travel industry that is facing a severe crunch. With most countries enforcing a lockdown and domestic and international travel at a standstill, startups in this space are critically hit. Nearly 78 percent of respondents said that they were rethinking their business models and tweaking their products following the current scenario.

Most companies are adopting distancing and hygienic norms to stem the onslaught and stave off complete shutdowns. Work form home is another option that is coming in handy. Oyo, the budget hotel aggregator, recently unveiled new steps that it has taken at its hotels to ensure safety for operators and customers.

With consequent lockdowns easing travel and work norms, more than two-thirds of startups also said they were looking for policies that eased regulations and compliances, and offered fiscal policies and government support. They were also looking at taxation reliefs for a few years. They want the government to push the Made in India concept and support startup products and services. They want an ecosystem where the various governments, organizations, and trade bodies collaborate for ease of business.

Earlier this month, India announced a $266 billion stimulus package to help revive the stalled economy. The finance minister has promised that startups will be able to access this relief money, but the details are still sketchy.

The last five years have seen India achieve healthy growth in startups. They have shown a consistent growth of 12 to 14 percent. In 2019, startups raised a record $14.5 billion from investors.

 

Whether you want to stay up-to-date on the latest business news, read in-depth CEO interviews, or find new ideas on leadership, management and innovation, Industry Leaders Magazine is here to suit your needs and help you stay more informed.

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Post-COVID Credit Suisse: Jobs may go missing in next few years http://www.jhqmy.cn/post-covid-credit-suisse-jobs-may-go-missing-in-next-few-years/ Sat, 23 May 2020 14:24:55 +0000 http://www.jhqmy.cn/?p=44403   Credit Suisse Group AG expects fewer staff in post-COVID adjustment as it faces the prospect of slower growth and imminent credit defaults. Online ...

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Credit Suisse Hong Kong

Credit Suisse Group AG expects fewer staff in post-COVID adjustment as it faces the prospect of slower growth and imminent credit defaults.

Online banking is becoming more imperative and will lead to a rise in the importance and number of branches, CEO Thomas Gottstein said in an interview with Swiss newspaper NZZ.

“Medium-term, we will certainly be able to get by with fewer staff - primarily, as we continue to automate business,” Gottstein said in the interview, published on Saturday. “Many processes can still be streamlined. That is one of my priorities. But we also want to grow, especially in our business with very wealthy clients and in our Asian business.”

Credit Suisse could streamline

Credit Suisse is likely to need less office space as the staff could work remotely for 10% to 20% of their time. The bank will benefit from a reduction in travel as video conferencing becomes the new normal.

We might see fewer Credit Suisse branches operate in the near future, as online banking gets a boost in a post-COVID world.

“As universal banks, we can learn a great deal from (digital providers such as Revolut and N26), especially when it comes to offering customers services via digital channels in the simplest, quickest and most convenient way possible,” Gottstein said. “In the coming months, we will respond to these new competitors with various offerings.”

Gottstein believes the bank’s losses are correctly positioned from a strategic point of view. This comes after the bank’s return on tangible equity in Q1 2020 exceeded its full-year target.

 

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Apeel Sciences’ Plant Coating Extends Shelf Life of Perishables http://www.jhqmy.cn/apeel-sciences-plant-coating-extends-shelf-life-of-perishables/ Fri, 22 May 2020 14:08:31 +0000 http://www.jhqmy.cn/?p=44331 Apeel Sciences is a Santa Barbara, California-based startup that is battling food waste through its specially developed thin-film coating tech called Apeel that extends ...

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Apeel Sciences is a Santa Barbara, California-based startup that is battling food waste through its specially developed thin-film coating tech called Apeel that extends the shelf life of fruits and vegetables.

The company, founded by James Roger in 2012, is backed by Bill and Melinda Gates Foundation as well as investment firms Viking Global Investors and Andreessen Horowitz and has raised a total of $110 million in funding.

The United Nations estimates that food waste costs the world roughly $2.6 trillion each year, mainly due to spoilage of perishable consumables like fruits and vegetables.

Roger James, the founder of the company, believes that their innovation, a thin plant-based coating, can help solve the world food shortage problem. “Apeel can keep produce like avocados or oranges from going bad for weeks longer than usual — it can double the shelf life in some cases — even without refrigeration.”

Apeel has used nature’s preservative qualities to design a solution to preserve food in a sustainable and ambient environment.

Apeel is a thin peel of edible plant material that engulfs the fruits and slows down oxidation and loss of water that leads to fruit spoilage. It uses the plant kingdom’s own evolved defence to bolster produce that have shorter shelf life. The company has replicated the natural protective layering of peels that almost all fruits and vegetables have to protect them from rotting away.

“Our philosophy is: The only thing that belongs on food is food,” Rogers tells CNBC Make It.

Roger used the same principle as the naturally occurring waxy barrier called?cutin, made of fatty acids that seals around the plant, helping keep moisture in.

The company says it can reduce water loss by 30 percent compared to untreated avocados, and the softening rate by 60 percent. Treated avocados saw a fivefold reduction in damage.

Apeel makes its invisible coating out of the fatty acids and other organic compounds taken from the peels, seeds and pulp of other fruits and vegetables. It has got approval from the FDA as a safe product. Avocados sprayed with Apeel are already being sold at grocery stores such as Kroger, Costco and Harps Food Stores across the U.S.

the company says it can reduce water loss by 30 percent compared to untreated avocados, and the softening rate by 60 percent. And it claims a fivefold reduction in damage to its treated avocados.

Apeel’s business is starting to take off thanks to selling the coating to major fruit and vegetable producers like Del Rey Avocado, Horton Fruit and Eco Farms and, and partnering with U.S. retailers. Citrus and asparagus suppliers have also been using Apeel’s coatings.

Apeel can be sprayed on fruits and is available in powder form that can be mixed with water.

Rogers, 33, while doing his Ph.D. in materials science at U.C. Santa Barbara, got the idea for Apeel. A report on world hunger where ever one person in 10 goes hungry set him wondering. There was enough food being produced to feed all, so what was the reason behind this problem.

“The problem came down to distribution,” Rogers says he came to learn. “We couldn’t get the food that was being grown to where the people were who need to eat it. And so I was curious what precludes us from distributing food, and it all comes down to this notion of perishability.”

He thought of how the steel industry prevented rusting by coating and wanted to use the same principle for perishables.

He thoroughly studied the science of plants and won a grant from the Bill and Melinda Gates Foundation to develop his idea. He came up with Apeel.

At present Apeel is being used on avocado but its use is being extended to other fruits too. The chemistry of the film coating has to be changed for each produce.

 

 

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AstraZeneca to Begin Supplying COVID-19 Vaccine in September http://www.jhqmy.cn/astrazeneca-to-begin-supplying-covid-19-vaccine-in-september/ Fri, 22 May 2020 13:56:27 +0000 http://www.jhqmy.cn/?p=44328 The University of Oxford and AstraZeneca Plc have begun recruiting over 10,000 subjects for advanced human trials of experimental COVID-19 vaccine. If everything goes ...

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New Cambridge R&D Centre and Global HQ (Image: AstraZeneca Plc)

The University of Oxford and AstraZeneca Plc have begun recruiting over 10,000 subjects for advanced human trials of experimental COVID-19 vaccine. If everything goes as planned, the drug maker will make first deliveries starting September 1.

A smaller part of the COVID-19 vaccine trial will expand the age range of testing to children from 5 to 12 years old and adults 56 and older. The larger stage will test the coronavirus vaccine’s effectiveness in volunteers 18 and older.

Pharmaceutical companies across the globe are in a race against time to develop an effective COVID-19 vaccine. A lot of these manufacturers are doing it for no profit.

COVID-19 Vaccine Production

AstraZeneca recently got a boost in its efforts to get the vaccine tested and ready for use when the United States pledged $1.2 billion on Thursday.

Adult subjects for the trial will be randomly chosen to receive one or two doses of the Oxford candidate or a licensed vaccine against meningococcus for comparison.

Volunteers will be recruited across the United Kingdom and will record their reactions in a journal as well as attend follow-up visits. Some of the volunteers will also be given swabs for taking samples at home.

This COVID-19 vaccine is made from a weakened version of a common cold virus that’s genetically modified to make it unable to grow in the human body. Over 1,000 volunteers have already received the coronavirus vaccine during an early-stage trial that began in April.

AstraZeneca Plc. plans to make over 30 million doses available in the United Kingdom as early as September. Meanwhile, the United States could begin receiving the COVID-19 vaccine as early as October.

A challenge for all of humanity ?

AstraZeneca will be producing coronavirus vaccine in more than one country. The pharmaceutical company thanked the US and UK governments for significant support to accelerate the development and production of the COVID vaccine.

The drugmaker is also in discussions with the Serum Institute of India and other potential partners to increase COVID-19 vaccine production.

AstraZeneca said it is capable of producing one billion doses of the COVID vaccine this year and next. The company will make “every effort we can deliver these doses at no profit while at the same time working on parallel supply chains to supply the world.”

AstraZeneca CEO Pascal Soriot described the global coronavirus pandemic as a “global tragedy” and a “challenge for all of humanity.”

Whether you want to stay up-to-date on the latest business news, read in-depth CEO interviews, or find new ideas on leadership, management and innovation, Industry Leaders Magazine is here to suit your needs and help you stay more informed.

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COVID-19 is Giving Us a Glimpse of the Future of Work http://www.jhqmy.cn/covid-19-is-giving-us-a-glimpse-of-the-future-of-work/ Fri, 22 May 2020 12:45:26 +0000 http://www.jhqmy.cn/?p=44325 Could remote working be the future of work? As coronavirus lockdowns ease, many tech giants are now grappling with the new realities of work ...

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Could remote working be the future of work?

As coronavirus lockdowns ease, many tech giants are now grappling with the new realities of work life. On Thursday, Spotify announced it will not let employees work from home until the end of this year.

The Stockholm, Sweden-based music streaming giant will follow suit of companies like Google and Apple. Meanwhile, there are also companies in Silicon Valley that have now permanently embraced working from home. Among these are social media rivals Facebook and Twitter.

Facebook CEO Mark Zuckerberg announced on Thursday that it will now accelerate the tech sector’s geographic diversification away from its home in California. The company will take a “measured approach” with the existing employees based on job function and past performance and update the company on their new locations for tax purposes.

“These aren’t necessarily offices,” Zuckerberg said, although the company would likely create “some kind of physical space” to foster community. “The idea for these hubs is that we want to create scale. We want to focus the recruiting energy in some cities where we can get to hundreds of engineers.”

Zuckerberg’s announcement follows suit of other companies, including Twitter and Square which made the announcement to allow staff to work from home permanently if they choose.

The Future of Work

The future of work incorporates this new trend of working from home. The pandemic has become a tipping point for companies that were hinging towards remote work in the last decade.

Remote work seems like the only logical solution until we find a vaccine. But the bitter truth is that a large number of American workers do not have access to the internet at home. Many work in industries that require in-person work.

Three-quarter of American workers have internet service at home, according to the Pew Research Center. The study, however, pointed towards a grim reality – racial minorities, rural residents, older adults and people with low levels of education and income are not likely to have internet service at home. Moreover, one in five Americans access the internet using their smartphone and do not have access to broadband service.

California and New York are among the few states in America that have enacted policies for people to stay at home as we fight the ongoing pandemic. This could change the future of work.

But what does this mean for American workers who cannot earn a living without access to broadband at home?

 

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Macy’s Forecasts Q1 2020 Loss Above $1 Billion http://www.jhqmy.cn/macys-forecasts-q1-2020-loss-above-1-billion/ Thu, 21 May 2020 15:38:37 +0000 http://www.jhqmy.cn/?p=44288 Macy’s Inc. forecast a Q1 2020 loss of up to $1.11 billion on Thursday, as the retailer was forced to close stores due to ...

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Close up of Macy's store sign in a mall in Pittsburgh, Pennsylvania, USA. Macy's is an American department store chain founded in 1858.

Macy’s Inc. forecast a Q1 2020 loss of up to $1.11 billion on Thursday, as the retailer was forced to close stores due to the ongoing COVID-19 pandemic. The Cincinnati-based retailer said it expects to post an operating loss of between $905 million and $1.11 billion. It also forecasts first-quarter sales in the range of $3 million to $3.03 billion, a plunge from $5.50 billion a year earlier.

Macy’s Inc. had earlier this month announced that it would report its Q1 2020 earnings on July 1 due to significant delays caused by the pandemic.

Statement from CEO Jeff Gennette:

“We closed all of our stores -- Macy’s, Bloomingdale’s and Bluemercury -- on March 18, which had a significant impact on our first-quarter results. Looking back, our performance in February was solid and in line with our expectations, but we saw a precipitous decline in sales with the stores closure in March.”

Macy’s Inc. cash and cash equivalents increased by 107 percent to $1.52 million at the end other quarter as debt rose to $5.66 billion from $4.72 billion. The retailer is in talks with financial institutions for additional aid that will improve its financial flexibility.

Macy’s stores reopened on May 4. Around 190 Macy’s and Bloomingdale’s stores are now operating at full capacity. Another 80 stories are most likely to reopen for Memorial Day weekend.

“We expect business to recover gradually,” Macy’s Chief Executive Officer Jeff Gennette said.

Q1 2020 Profits Take the COVID-19 Heat?

The lockdown has revived online sales of retailers. Gennette said Macy’s could not offset the losses relating to store closures. Retailers have now taken to offering services such as curbside pickup to boost sales.

Macy’s Inc. recorded inventory writedowns of $300 million at the end of Q1 2020.?Several categories such as fine jewelry, kids and home performed better than others during the lockdown period.?Macy’s expects to expand its packaged food, home office and cooking and baking offerings, said Gennette.

Unlike its competitors. Macy’s Inc. has yet to face bankruptcy challenges. Although, it’s facing an additional debt in order to face the economic downturn.

About Macy’s Inc.

Macy’s is the largest department store operator by sales in the United States. Macy’s shares were down 1.38% at $5.00 in premarket trading.

 

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2021 Toyota Sienna Review, Price and Pictures http://www.jhqmy.cn/2021-toyota-sienna-review-prices-and-pictures/ Thu, 21 May 2020 11:17:08 +0000 http://www.jhqmy.cn/?p=44280 The 2021 Toyota Sienna is a new version of a minivan with a standard hybrid engine and an all-wheel available drive. The 2021 Toyota ...

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2021 Toyota Sienna (Image: Toyota Newsroom)

The 2021 Toyota Sienna is a new version of a minivan with a standard hybrid engine and an all-wheel available drive. The 2021 Toyota Sienna minivan will come with an all-wheel-drive, a hybrid that Toyota estimates will also get 33 mpg combined. This is the fourth-generation minivan and comes with more advanced and standard features, updated technology, more premium options, and a brand new look inside and out.

The Sienna, at its core, is a minivan that can seat up to eight people comfortably and comfort with ease. The cabin is streamlined and uncluttered, though most people would be more tempted to ride in the second row as there are ottoman footrests available kicking up from the captain’s chairs. The 2021 Toyota Sienna will go on sale towards the end of 2020.

The vehicle has a combined 243-horsepower hybrid powertrain with or without all-wheel drive is the only offered across the LE, XLE, XSE, Limited, and Platinum lineups. The standard features on the redesigned Toyota Sienna include second-row sunshades, three-zone climate control, high powered windows and power sliding doors, a 9.0-inch touchscreen with Apple CarPlay, Android Auto, and Amazon Alexa compatibility, Bluetooth connectivity, seven USB ports as well as SiriusXM and wi-fi trial subscriptions. The standard safety equipment includes automatic emergency braking with pedestrian detection, adaptive cruise control, active lane control, automatic high beams, a rear-seat reminder, and blind-spot monitors with rear cross-traffic alerts. There are affordable options available that include a built-in vacuum, a refrigerator, and up to 18 cup holders.

Style and Performance

Designed and built in the United States, the 2021 Sienna is much sportier than its predecessor. There is a crease that extends from the side rocker panel up over towards the rear wheel into the slim horizontal taillights. The front part has a broad lower grille, honeycombed in XSE trim, and a much more convenient flowing, subtle trapezoidal style with LED headlights sweeping back into the body.

According to Toyota, this style is inspired by a Japanese bullet train.? The standard seating for eight people can be upgraded to fit two captain’s chairs with collapsing ottoman footrests for optimal comfort. The additional seats can slide up to 25 inches to optimize the space for the ones sitting there. The seats don’t stow in the floor, though the middle second-row seats can be removed and moved in the standard set up. There is more space on the front side. The stretched horizontal display of the dashboard conceals a generous storage area beneath the center console.

The Sienna uses the two-motor hybrid system, which is also found in the 2020 Toyota Highlander Hybrid. The 2.5-liter inline-4 engine pairs with two motors in front-drive makes 243 hp and returns a Toyota-estimated 33 mpg combined. Available all-wheel drive adds a third motor to power the rear axle. Electric-only driving of the minivan is available at low speeds under light throttle. An 8-year/100,000-mile warranty covers the hybrid power train.

Comfort and Features

If the driver wishes to play with the drive system or customize the hybrid display, they can use the 7.0-inch vehicle info display or the 9.0-inch touch screen standard available across the lineup. The Sienna seems to be much roomier than its predecessor. The LE and XLE versions are available with eight seats and a second row that houses only two captain’s chairs split by a middle seat that can be stowed. Some of the XLE models, and Limited and Platinum trims, has seven seats and second-row captain’s chairs. The Front-drive versions of Limited and Platinum have ottomans.

The LE model has cloth seats that seal the base, while the XLE model has synthetic leather, heated front seats, and a power-adjustable driver’s seat. The Limited and Platinum models have leather, heated and cooled front seats and a power telescoping steering wheel.

The 2021 Toyota Sienna also has a power-tilting moon roof, a 10.0-inch head-up display, and an available HD rear entertainment centre with 11.6-inch displays. There is a digital rearview mirror that projects images/video from the rear camera. A surround-view camera system also provides a 360-degree birds-eye view around the vehicle, and in parallel parking situations if there is a curb view. The top Platinum model comes with a vacuum and a refrigerator.

 

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Disney Chief Becomes Tiktok CEO http://www.jhqmy.cn/disney-chief-becomes-tiktok-ceo/ Thu, 21 May 2020 09:53:36 +0000 http://www.jhqmy.cn/?p=44277 Disney's chief Kevin Mayer is stepping down from the company to become the boss of social media platform TikTok. Mayer has been named the ...

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ByteDance Shanghai Office (Image: ByteDance)

Disney's chief Kevin Mayer is stepping down from the company to become the boss of social media platform TikTok. Mayer has been named the chief executive officer of TikTok and chief operating officer of ByteDance, the platform's Chinese parent company.

TikTok is a popular video-sharing social networking platform that is owned by ByteDance, a Chinese company founded in the year 2012 by Zhang Yiming. TikTok platform is used to create short dance, lip-sync, comedy, and talent videos. The platform has millions of users from across the globe. The TikTok app has been downloaded more than 2 billion times across iOS and Android since it was launched globally in the year 2017. The app allows users to create videos up to 15-seconds long with music in the background. The COVID-19 pandemic has helped boost its popularity further with thousands of users making comical or musical videos of their experiences during the quarantine period.

The TikTok platform has witnessed an explosion of growth since its launch in the United States. However, this increased popularity has led to scrutiny by the United States government over its ties with China. Kevin Mayer will be responsible for ByteDance's "global development" including emerging business, gaming as well as music. "I'm excited to help lead the next phase of ByteDance's journey as the company continues to expand its breadth of products across every region of the world," Mayer stated. He will be the first CEO of TikTok and will join ByteDance on June 1.

United States Concern

TikTok having a Chinese parent company has worried many US politicians. Many of them have raised concerns about ByteDance allowing the Chinese government censorship or data collection on TikTok users. However, ByteDance denies both the charges.

Disney Success

In Disney, Kevin Mayer was responsible for overseeing the successful launch of the streaming service of the platform, Disney Plus in November of the year 2019. The Disney streaming service had earned more than 54 million subscribers by May 2020. Mayer also managed the firm's other streaming investments including Hulu, Hotstar, and sports streaming services ESPN plus. He was also considered a key figure in the company's acquisitions of Lucasfilm, Pixar, and Marvel.

The departure of Kevin Mayer is a surprising one, but again he wasn't the chosen one to replace Bob Iger as Disney's CEO in early 2020. That role ultimately went to Bob Chapek, who served as chairman of Disney Parks, Experiences and Products. "I am very proud of what our extraordinarily talented Direct-to-Consumer and the International team has accomplished in creating and delivering a world-class portfolio of streaming services, particularly Disney+," Mayer stated.

TikTok is the sole social media network owned by a Chinese company that becomes significantly outside China. However, the platform still faces stiff competition from established players, like Facebook, Instagram, and YouTube. Though that app is much popular with the teens, it recently witnesses a further surge of interest among the millennials and Gen X people. It is during the quarantine period that many people have embraced the favorite dance challenges and other trends offered by the TikTok app.

Disney on its part announced that Rebecca Campbell would be replacing Mayer as the new head of Disney's streaming division. Campbell most recently served as the president of the company's Disneyland Resort in California. The news of Kevin Mayer's departure comes at the rough time for Disney, as the COVID-19 pandemic has hit nearly every part of its business. It has severely affected businesses in its parks and resorts as they have been closed down across the world, and major films like "Mulan" and "Black Widow" are delayed. Also, ESPN, one of its biggest media networks, is scrambling to fill the airtime due to a lack of sports activities. The company earlier reported that its profit dropped a staggering 91% in the last quarter. The only positive side in this pandemic situation is the Disney+, as in just five months, the company's streaming service garnered 50 million paid subscribers globally. This is a number the company earlier predicted to score in four years!

 

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Intel Aims to Reach 100% Renewable Energy Use, Zero Waste By 2030 http://www.jhqmy.cn/intel-aims-to-reach-100-renewable-energy-use-zero-waste-by-2030/ Wed, 20 May 2020 09:52:22 +0000 http://www.jhqmy.cn/?p=44274 Tech giant Intel unveiled its environmental goals for 2030 recently, committing to cut down its greenhouse gas emissions and waste significantly. By the end ...

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A 2017 photo shows Intel Corporation’s Ocotillo, Arizona, campus, where the company has built special solar parking structures that keep employees’ cars shaded from 100-degree summer temperatures and generate solar power for on-campus use. The company has installed more than 8,000 solar parking spots worldwide. New solar projects are planned or underway at many Intel campuses, including those in Ocotillo; Chandler, Arizona; India; Vietnam; and Malaysia. (Credit: Intel Corporation)

Tech giant Intel unveiled its environmental goals for 2030 recently, committing to cut down its greenhouse gas emissions and waste significantly. By the end of the decade, Intel aims at relying primarily on renewable energy for its global electricity use and eliminate the trash that is being sent to the landfills. It also announced that it would fulfill much of the targets it set for the year 2020.

Currently, the company is recycling more than 90% of its trash and sending almost no hazardous waste to the landfills. The number of greenhouse gases the company pumps out also dropped to roughly 30% since the year 2010, although its annual emissions crept up each year since 2016 as more business under it grew. In terms of water use, Intel cut down its consumption by 38%, which is saving 44 billion gallons in the past decade. “What runs through all of this is that it’s an integrated approach across all of Intel at all levels of the organization, it’s tied back to our purpose as a company,” Suzanne Fallender, Intel’s director of corporate responsibility, tells The Verge.

As scientists warned of an impending catastrophic climate change if greenhouse gases don’t get close to zero by 2050, many tech giants like Intel made sweeping environmental goals to reach in its wake.?Dell too plans to cut greenhouse gas emissions?from its operations and electricity use to half by the year 2030. Microsoft set an ambitious?goal in January?recently of drawing down more carbon dioxide than it emits by the year 2030. The company has too virtually eliminated its carbon footprint since 2012 by cutting down much of its planet-heating pollution and then offsetting or capturing the rest of the emissions.

Intel plans to cut down another 10% of carbon dioxide that comes from its factories, and that’s generated from its electricity use. Last year, those carbon emissions amounted to 2.79 million metric tons— less than the amount one coal plant might pump out in a year. It already purchases enough renewable energy to cover more than 70 percent of its electricity consumption worldwide

?The bulk of Intel’s contribution to the climate crisis comes from its indirect emissions, the ones generated along the supply chain for its products or released as a result of consumers using those products. In 2019, the indirect emissions from Intel amounted to roughly the same amount of carbon dioxide that more than five coal-fired power plants would exhale in a year. Tackling those emissions would be a greater challenge, which the company says it is working on it by make its products more energy efficient. Intel’s notebooks have become 14 times more energy-efficient since the year 2010. Its data center products too at present are 8.5% more efficient.

Intel also hopes to work with subsequent PC manufacturers that buy its chips from, to cut down the carbon footprint of computing. “We think we can take that to a whole other level in looking at sustainability factors,” Fallender says. “We know that our customers in that space also have strong aspirations there, so we think there’s a lot of great opportunity for collaboration.”

Reducing waste has also been a big priority for companies like Intel and Dell to earn green points. Intel is now sending less than 1% of its hazardous waste to landfills by finding ways to reuse it or treat it so that it’s no longer toxic. The ammonia that it leaves behind from manufacturing is reused in the form of fertilizers. The calcium fluoride waste is reused in cement. The environmental announcements by Intel came alongside other goals the company has made as part of its CSR report. The company also wishes to double the number of women and underrepresented minorities in senior leadership positions over the next decade.

 

 

Whether you want to stay up-to-date on the latest business news, read in-depth CEO interviews, or find new ideas on leadership, management and innovation, Industry Leaders Magazine is here to suit your needs and help you stay more informed.

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5 Mistakes Startups Make That Hurt Their Revenue http://www.jhqmy.cn/5-mistakes-startups-make-that-hurt-their-revenue/ Tue, 19 May 2020 10:53:42 +0000 http://www.jhqmy.cn/?p=44167 Part of surviving in the startup world is learning from your mistakes. Sometimes, both yours and others’. You can learn valuable lessons from mistakes ...

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Part of surviving in the startup world is learning from your mistakes. Sometimes, both yours and others’. You can learn valuable lessons from mistakes startups make before making the startup plunge.

Many people dream of starting their own business and going solo rather than making it big in paid employment. Starting an enterprise gives you the opportunity to operate independently, be innovative, implement changes, and indulge a passion.

5 Mistakes Startups Make

A startup involves a lot more than just a good idea for a business. It requires discipline, hard work, financial planning, skills, and perseverance. About?90%?of all startups fail. Hence, it is imperative that you start off right in your venture. Some mistakes startups make that leads to their failure are:

Wrong choice of products or services to sell

According to a survey, nearly 45 percent of startups failed to take off because of the wrong service or product choice.

It is not enough to have a passion for the product; due diligence needs to be done. Explore and investigate the market thoroughly before getting into the business. Do not follow into the footsteps of successful ventures. They have already found their niche; copying them is not the answer.

Instead, try to fulfill a gap in their product cycle or supply chain.

Money running dry

This is a common mistake startups make. Quite a lot of them are able to raise initial investments. What does not work out is the investment in the business and making enough money to see them through the next two years.

Most times, the product fails to generate enough interest, the marketing is week, and investors are not convinced about the product tow spend good money over bad.

It is not always about the money. Sometimes the enterprise fails due to the lack of right talent. Leadership qualities are missing in the founding members. There is a failure to build the right team and attract the right talent.

Overcompensating new hires

Another mistake that startups make is go the other way round and hire indiscriminately in order to justify the investment. There is a tendency to overcompensate hirees, which hikes up the running costs.

Some people believe that they can plonk some cash into a business account, then things will work out by themselves.

That is a fallacy. Many a business have run aground because people got trigger happy with the initial seed money they got.

A fundamental business rule is that you need to put in money to earn more money. Especially in a startup, you need to budget out everything. Hiring indiscriminately and spending money on salaries is not conducive to good budget practices.

If you are not good at managing the money, then take professional advice.

Market data says 47% of Series A startups spend $400k or more per month.

Only?2 in 5?startups are profitable, and other startups will either break even (1 in 3) or continue to lose money (1 in 3).

Flexibility

A business evolves as it takes shape. Once you start a business, your idea may need a little bit of tweaking or even some drastic changes.

One needs to adjust to the market or even sometimes abandon the initial idea or product and adjust according to the market need. But some people are 100 percent sold to their initial idea and cannot make the necessary adjustment.

Perseverance and seeing it through

10% of startups fail within the first year. Learn what needs to be done. If in the journey you need to do some heavy lifting on the job, then learn the skills or apply them or gather experience to do it right, but persist in your goal. The process may take time but see it through. Most startups lose steam halfway and fail to convince investors to put in more money or to raise initial funding after starting not their own.

Whether you want to stay up-to-date on the latest business news, read in-depth CEO interviews, or find new ideas on leadership, management and innovation, Industry Leaders Magazine is here to suit your needs and help you stay more informed.

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Cruise To Let Go Of 8 Percent of Its Employees http://www.jhqmy.cn/cruise-to-let-go-of-8-percent-of-its-employees/ Mon, 18 May 2020 17:23:35 +0000 http://www.jhqmy.cn/?p=44163 Cruise, the self-driving car unit owned by General Motors Co., has decided to lay off 8 percent of its full-time employees to cut costs ...

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Cruise car 'Origin' in Hayes Valley, San Francisco

Cruise car in Hayes Valley, San Francisco

Cruise, the self-driving car unit owned by General Motors Co., has decided to lay off 8 percent of its full-time employees to cut costs due to the coronavirus pandemic. Cruise has a 1.800 strong workforce. The cut will affect more than 150 workers. Employees affected are from recruiting, design, product, and business strategy,

Cruise, along with being funded by GM to the tune of $1 billion yearly, has backing from SoftBank Vision Fund, Honda, and T. Rowe Price & Associates. Honda had recently announced a plan to invest $2.7 billion in the self-driving venture through 12 years. The company has a valuation of $19 billion. Hence, the cut has come as a surprise to many.

The CEO of the company, Dan Ammann, wrote in a staff memo, “These are very difficult decisions to make, and we do not make them lightly. These changes are the right choice for the mission.”

Cruise will offer the affected workers financial support plus health-care coverage through the end of the year to help them through the crisis. The memo also said that the company needed to shift resources to where they are needed most. Cruise is also closing its Pasadena, Calif. office, where it worked on lidar. The lidar team will be moved to the San Francisco office. Despite these layoffs, Cruise will continue hiring engineers, according to the memo.

The company will “continue to hire aggressively in the most critical areas within engineering, which right now means doubling down on senior leadership and senior IC roles to further support out improving core tech objective,” Ammann wrote in the memo. “From here we expect to recruit and grow across our engineering teams for the balance of the year.”

“In this time of great change, we’re fortunate to have a crystal clear mission and billions in the bank,” spokesman Milin Mehta said in a statement. “The actions we took today reflect us doubling down on our engineering work and engineering talent.”

Since the lockdown in March, Cruise’s fleet of self-driving cars in San Francisco has been lying idle. Recently, the company brought out its vehicles to do food delivery work for two Bay Area food banks.

General Motors, on its part, has not laid off any employees, though some pay cuts have been declared. About 20 percent of salaried employees’ compensation payment has been deferred to later this year. Cruise launched Origin, a self-driving vehicle for shared ride-hailing in January this year. The company aims to go into competition with Uber and Lyft in the near future. It also plans to get into delivery.
According to Layoffs.fyi, nearly 400 people in the self-driving vehicle space have lost their jobs due to the Covid-19 pandemic. Other companies that have let go off employees are: Zoox, Ike, Kodiak Robotics, Velodyne, and Starship Technologies.

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Tesla Plans to Debut Long Lasting, Low Cost “Million Mile” Batteries Soon http://www.jhqmy.cn/tesla-plans-to-debut-long-lasting-low-cost-million-mile-batteries-soon/ Mon, 18 May 2020 15:22:16 +0000 http://www.jhqmy.cn/?p=44160 Tesla is on the verge of debuting long-lasting, cheaper batteries called the “million mile” later this year or in early 2021. All things going ...

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Tesla-Million-Mile-Batteries

Tesla Super Charging station on Stockdale Hwy and the 5 fwy. Tesla Supercharger stations allow Tesla cars to be fast-charged at the network within an hour.

Tesla is on the verge of debuting long-lasting, cheaper batteries called the “million mile” later this year or in early 2021. All things going right in these uncertain times of the Coronavirus pandemic, the battery will be launched in Tesla’s Model 3 sedan in China.

The battery is made in partnership with China’s Contemporary Amperex Technology Ltd (CALT). Tesla hopes that these batteries will help lower the cost of electric vehicles compared to internal combustion energy run cars. Tesla Chief Executive Elon Musk has been teasing with promises to reveal significant advances in battery technology during a “Battery Day” in late May. The low-cost batteries on the anvil are designed to last for a million miles of use.

Tesla has a fleet of over one million electric vehicles on roads that are capable of sharing power with the grid. Tesla’s goal is to become a power company, competing with such traditional energy providers as Pacific Gas & Electric and Tokyo Electric Power, reports Reuters. It is believed that the "million miles" battery will be introduced in North America and China, initially. The batteries will utilize low cobalt, chemical additives and coating that will reduce internal stress and enable the batteries to store power for longer stretches, said Reuters.

During an analysts call, Musk had elaborated on the company’s plans to introduce terafactories, about 30 times the size of Tesla's gigafactory in Nevada. Here, the auto company plans to manufacture batteries using processes that are fast, automated and less labor-intensive.

“We’ve got to really make sure we get a very steep ramp in battery production and continue to improve the cost per kilowatt-hour of the batteries — this is very fundamental and extremely difficult,” Musk told investors in January. “We’ve got to scale battery production to crazy levels that people cannot even fathom today.”

To aid the process, Tesla is working on recycling and recovery of metals such as nickel, cobalt and lithium, through its partner company Redwood Materials. It also plans to reutilize electric vehicle batteries in grid storage systems similar to what it did in South Australia in 2017. The plan is to get into electricity supply to consumers and businesses, but no details have been given yet by the company.

Tesla is already in advanced talks with CATL to use its lithium iron phosphate batteries in EV. These batteries do not use cobalt, which is an expensive metal. Secondly, CATL will supply to Tesla with an improved long-life nickel-manganese-cobalt (NMC) battery whose cathode is 50% nickel and only 20% cobalt. Additionally, CATL has developed a method of packaging batteries that eliminate the step of bundling cells; it directly goes from cell-to-pack. This reduces the weight and cost of bundling of batteries.
Presently, Tesla produces nickel-cobalt-aluminum (NCA) batteries with Panasonic in Nevada and buys NMC batteries from LG Chem in China.

In all, Tesla’s plans to realign and redefine the way batteries are manufactured and the effort to replace expensive metals used in manufacturing with more accessible technology, all point to reducing the cost of ?EVs. CATL and Tesla have been working on these battery innovations since 1996 in a Halifax lab in Nova Scotia. CATLS has been able to bring down the cost of the cobalt-free lithium iron phosphate battery packs below $80 per kilowatt-hour, with the cost of the battery cells dropping below $60/kWh. CATL’s low-cobalt NMC battery packs cost $100/kWh, reports Reuters.
Experts say $100/kWh for battery packs is a feasible price for EVs and makes it competitive with internal combustion run vehicles.

Tesla's capital expenditure of $1.33 billion in 2019 was mainly towards building new factories and the production of new models. Its ?Shanghai Factory, the company’s newest production unit, has an annual capacity of manufacturing 150,000 Model 3 vehicles.

 

Whether you want to stay up-to-date on the latest business news, read in-depth CEO interviews, or find new ideas on leadership, management and innovation, Industry Leaders Magazine is here to suit your needs and help you stay more informed.

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