Connect with us

TECH

US corporate tax offer to the world, ShareChat valued at $2.1bn, Vaccitech IPO

US corporate tax offer to the world, ShareChat valued at .1bn, Vaccitech IPO


The start-up that owns the biotechnology behind the Oxford/AstraZeneca vaccine has confidentially filed for an initial public offering in the US, Indian social media group ShareChat has raised more than $500m to grow its popular short-video app Moj, and Austrian activist Max Schrems has filed a privacy complaint against Google in France. Plus, the FT’s Washington bureau chief James Politi has details on the US’s offer to the rest of the world to tax multinational companies. 

US offers new plan in global corporate tax talks

https://www.ft.com/content/847c5f77-f0af-4787-8c8e-070ac6a7c74f

Biotech start-up behind AstraZeneca vaccine files for US listing 

https://www.ft.com/content/ff260c57-66f9-474b-9643-7640dc918009

ShareChat valued at $2bn in wake of TikTok ban 

https://www.ft.com/content/3a5e44e2-b2c0-4f37-9c4a-f51c6ef46eb6?

Max Schrems accuses Google of illegally tracking Android users

https://www.ft.com/content/4617cc99-3ed2-49e1-b97f-db4f1b45b5db?


See acast.com/privacy for privacy and opt-out information.

A transcript for this podcast is currently unavailable, view our accessibility guide.



Source link

Advertisement
Click to comment

TECH

Is Twitter down? Users worldwide report logout error, failure to tweet, more

Is Twitter down? Users worldwide report logout error, failure to tweet, more


Popular micro-blogging app Twitter seems to be creating problems for most users worldwide as they report logout errors and other failures.

Several users around the world are taking to the platform to report multiple issues ranging from search terms and tweets failing to load, retrieving tweets and more, especially at the time of refreshing their homepage.

Currently, as per Downdetector, over 900 users, in realtime, are reporting issues regarding Twitter’s desktop app, and its app on Android and iOS. However, the app’s third-party app Tweetdeck seems to be working fine as of now.

Earlier on Friday too, Twitter services were down for a large number of users.

Around 40,000 users reported issues with the social media platform Friday, according to outage monitoring website Downdetector.com

The company had said late on Friday that it was working on fixing an access issue after thousands of users reported problems with the platform.

“Tweets may not be loading for some of you. We’re working on fixing a problem and you’ll be back on the timeline soon,” the company said in a tweet.

Downdetector tracks outages by collating status reports from a series of sources, including user-submitted errors on its platform. The outage could have affected a larger number of users.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Continue Reading

TECH

'Multiple vulnerabilities': India's cyber agency cautions users against WhatsApp use

'Multiple vulnerabilities': India's cyber agency cautions users against WhatsApp use


New Delhi: Country’s cyber security agency has cautioned WhatsApp users about certain vulnerabilities detected in the popular instant messaging app that could lead to breach of sensitive information.

A “high” severity rating advisory issued by the CERT-In or the Indian Computer Emergency Response Team said the vulnerability has been detected in software that has “WhatsApp and WhatsApp Business for Android prior to v2.21.4.18 and WhatsApp and WhatsApp Business for iOS prior to v2.21.32.”

The CERT-In is the national technology arm to combat cyber attacks and guarding the Indian cyber space.

“Multiple vulnerabilities have been reported in WhatsApp applications which could allow a remote attacker to execute arbitrary code or access sensitive information on a targeted system,” the advisory said.

Describing the risk in detail, it said that these vulnerabilities “exist in WhatsApp applications due to a cache configuration issue and missing bounds check within the audio decoding pipeline.”

“Successful exploitation of these vulnerabilities could allow the attacker to execute arbitrary code or access sensitive information on a targeted system,” it said.

The advisory added that users of the app (application) should update the latest version of WhatsApp from Google Play store or iOS App Store to counter the vulnerability threat.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Continue Reading

TECH

Chewy cashed in on pandemic pet boom but now must keep leash on Amazon

Chewy cashed in on pandemic pet boom but now must keep leash on Amazon


While many ecommerce retailers watch anxiously to see if demand will persist after lockdowns end, Sumit Singh, chief of online pet supplies store Chewy, is confident revenues from the recent boom in animal ownership are for life — not just for the pandemic.

“That puppy is going to grow up, eat more food, shred more toys,” he said in a recent interview with the FT.

Over the past year, Americans turned to pets in record numbers, with some 4m households welcoming their first animal, according to estimates from research group Packaged Facts.

Chewy, which sells everything from treats to remote healthcare, has emerged as a big winner. Its revenues for its fiscal year 2020, which ended on January 31 2021, increased 47 per cent on 2019 to $7.2bn, and it recorded its first ever quarterly profit in the period between November to January, at $21m. This week, shares in Chewy were trading at around triple their pre-pandemic price.

Now, as Covid-19 restrictions ease, the company is looking to capitalise on the accelerated rollout of its pet healthcare service; Connect With a Vet has hosted more than 30,000 remote consultations since October, while fending off the growing threat of Amazon and the re-emergence of bricks-and-mortar stores.

Crucial to that initiative is Chewy’s data-driven recommendation engine, which is powered in part by the creation of “pet profiles” for which users upload information about their animals, such as breed and date of birth.

“We have 170m data points,” Singh said. “Imagine the power of this data. We know if ‘Dave’ has a Labrador, and that Lab is six years old, at year seven it might display hip dysplasia, and that allows me to recommend Cosequin as a medical supplement.”

‘A $220 orthopaedic dog bed’

At stake is a bigger slice of the increasingly lucrative US pet market, which is projected to be worth $117bn this year, rising to as much as $155bn by 2025, according to Packaged Facts.

Chewy was founded in 2011, with Singh taking over from Ryan Cohen — who is expected to become chair of video games retailer Gamestop — in 2018. Singh steered the company through a successful IPO the following year, and built out the store’s selection from around 35,000 items to roughly 75,000 today.

“Two years ago on Chewy’s website,” Singh said, “you would have seen one $45 dog bed. And that’s it. Today, you can buy a $220 orthopaedic dog bed from us. Customers love that. I didn’t even know orthopaedic dog beds was a category.”

Chewy is looking to capitalise on the accelerated rollout of its pet healthcare service Connect With a Vet, which has hosted more than 30,000 remote consultations since October
Chewy is looking to capitalise on the accelerated rollout of its pet healthcare service Connect With a Vet, which has hosted more than 30,000 remote consultations since October

Chewy’s goods are delivered using a network of 14 dedicated warehouses, with its first “fully automated” facility opening last October. However, the threat from Amazon is growing as it builds out its own pet business, declaring it a priority in 2018 and bringing more pet products into its one-day delivery selection.

Yet Singh argues that Amazon’s core advantage in other product categories — fast delivery — holds less importance in the pet sector. Almost 70 per cent of Chewy’s total sales come via its Autoship programme, where customers sign up for regular deliveries of food or other essentials, often at a discount.

That means fewer costly delivery “surprises”, Singh said, with logistics planned weeks or months in advance. “Customers aren’t waking up and saying: ‘Oh shoot, I need my catheter delivered in the next two hours.’”

Instead, he said, it is Chewy’s expertise in pets that gives it an advantage over Amazon, noting that more than 10 per cent of the calls made to its customer service line are for care advice.

“We’ve been growing at a premium rate with Amazon’s presence in the category, not outside of it,” he said.

Dog eat dog

Analysts say however that Chewy’s future competition could come less from Amazon than from established bricks-and-mortar players adapting to the new era of retail.

Chewy’s former parent company, PetSmart, recently announced a tie-up with delivery app DoorDash, offering essential items with same-day delivery. Walmart and Target, meanwhile, have also been building their online pet strategies, leaning towards more in-person services.

Column chart of $bn showing Chewy's growing revenues

“Being able to come into a retail store and have your pet groomed, or get trained, is something that the online folks largely can’t compete with,” said Steve King, chief executive of the American Pet Products Association. “[And] you’re more likely to identify a new product that meets a particular need by going into your local pet store and getting some advice.”

There is also a degree of worry, he said, around new pet owners suddenly regretting their commitments once workplaces reopen, though he hopes the trend for employers to offer more pet-friendly environments will continue.

“There is concern about the separation anxiety that some animals get when they spent a lot of time with their owners,” he said.

Singh sees ample opportunity to take care further with its tele-health service, Connect With A Vet. Originally set to launch in about three years’ time, the plans were brought forward during the pandemic as veterinary clinics began to reduce their hours or shut their doors completely.

“Veterinarians, traditionally, are great doctors, but they’re not technologists,” said Singh. “So I think there’s an opportunity for us here to drive greater collaboration.”

Standing in his way, however, are rules around remote care for animals, which currently insist on an existing in-person relationship between vet and pet before all but the most basic advice can be offered over the internet. Singh wants to see that change.

“Companies like us, who are doing pioneering work in this category, we believe will provide some tailwind to be able to start unlocking these barriers in the near future,” he said.

But while acknowledging the growth of remote services during Covid-19, Dr Douglas Kratt, president of the American Veterinary Medical Association, cautioned that tele-health had to remain an adjunct to traditional care. “The ability to diagnose accurately is impacted when a veterinarian can’t physically examine the animal,” he said.



Source link

Continue Reading

TECH

Netscape 2.0: Coinbase stock debut rekindles memories of web breakthrough

Netscape 2.0: Coinbase stock debut rekindles memories of web breakthrough


For cryptocurrency enthusiasts, this week’s blockbuster US stock market listing for Coinbase is the modern equivalent of the Netscape debut that thrust the internet on to the mainstream of finance a quarter of a century ago.

The initial public offering of the web browser — then a Silicon Valley start-up — came well before Microsoft bundled Internet Explorer into its best-selling PC software. It was the moment to get in on the ground floor of a life-changing technology.

Still, the 1995 launch left some fund managers scratching their heads: how do you value this company? Is it really a game-changer?

A similar conversation is taking place across Wall Street today after more than 120m Coinbase shares — worth $43bn — changed hands on Wednesday and Thursday, pushing its valuation to $65bn, just below that of Intercontinental Exchange, the owner of the New York Stock Exchange.

The public-market launch of the company, which holds digital assets for 56m retail customers and operates the largest digital coin exchange in the US, was the latest in a long line of examples of how bitcoin and other digital assets are moving from the fringes to the main stage.

Coinbase shares whipsaw but the company’s price tag is still $65bn

The Netscape IPO “was the moment it was printed on the public psyche: ‘What is the internet? What is the web?’,” said Tom Jessop, the president of Fidelity Digital Assets. “This transaction is probably that significant.”

Several asset managers have filed plans to launch bitcoin exchange traded funds with the Securities and Exchange Commission. Goldman Sachs is restarting a crypto derivatives trading desk as institutional money managers warm to the market. The chief executive of the New York investment bank, which advised Coinbase on its flotation, told investors this week that he wanted to “look for ways to expand our capabilities” in crypto.

A handful of companies, including Tesla and payments group Square, have bought bitcoin to hold on their balance sheets. And this week hedge fund Brevan Howard moved to invest up to 1.5 per cent of its main fund in cryptocurrencies, according to a person briefed on the matter.

Sceptics note that cryptocurrencies have yet to achieve widespread adoption in payments and other core areas of the financial system. Jay Powell, chair of the Federal Reserve, on Wednesday called cryptocurrencies “vehicles for speculation”, reflecting a view that is still prevalent among key policymakers around the world.

GM170428_21X_Coinbase read

Cryptocurrencies have also drawn the ire of prosecutors and regulators, concerned over money laundering and risks to the investing public given their high volatility, as well as alarm over the environmental damage caused by bitcoin mining. In 2018, Bank for International Settlements head Agustín Carstens said “cryptocurrencies are, in a nutshell, a bubble, a Ponzi scheme and an environmental disaster”.

Though the Coinbase debut marks a critical juncture for crypto markets, the company had to put some of its more ambitious plans on hold. A sale of tokens, a type of digital asset that would have formed a class of Coinbase stock, was ultimately cancelled after the company struggled to find a large enough pool of brokers licensed to trade them, according to people involved in the process.

The Coinbase listing, which raised at least $3.4bn for shareholders who sold at the opening trade on Wednesday, does not guarantee a solid trajectory for the exchange or for cryptocurrencies. The rally in bitcoin prices has helped drive investor interest in the digital currency, and a reversal could prove damaging to its prospects. Already, the surge in retail trading that captivated Wall Street and the investing public in January and February has begun to fade.

Bitcoin and other assets have appeared to be on the verge of mainstream adoption before; in one high-profile setback in 2019, the derivatives exchange Cboe pulled the plug on bitcoin futures due to a lack of investor interest.

Line chart of Daily median bitcoin transaction fee ($)  showing Trading crypto is proving to be lucrative as transaction fees climb

Still, more crypto listings are in the pipeline. Bakkt, the Intercontinental Exchange-backed provider of crypto wallets, is going public through a merger with a shell company. The chief executive of Kraken, a Coinbase rival, has also laid out his ambitions to go public. Shares in the company have recently changed hands at prices that would give it an implied valuation of $10bn to $15bn, according to people briefed on the trades.

Coinbase has already shown it is profitable, recording net income of at least $730m from about $1.8bn in revenue during the first quarter. That suggests that, compared to the fees that established brokers and exchanges can earn from processing much larger volumes of stocks trades, this is a lucrative business. Coinbase’s regulatory filings, including quarterly and annual reports and investor presentations, will now offer a peek into the business in a way not seen by the public before.

“It’s now a phenomenon traditional institutions cannot ignore,” Jessop said, noting the company’s large user base. “Clearly that’s an attractive pool of revenue.”

For the wider cryptocurrency ecosystem, the Coinbase listing “legitimises the industry in a new way”, said Stephen Wink, a partner at law firm Latham & Watkins, which advised banks on the transaction. “Folks understand that the SEC process for becoming a public company is a rigorous one, and that gives some comfort that what they’re doing is on solid ground. That lends real credence to do all this.”



Source link

Continue Reading

TECH

Automakers Are Going All In on Electric Pickups. Will Anyone Buy Them?

Automakers Are Going All In on Electric Pickups. Will Anyone Buy Them?


Mitchell Yow’s pickup truck has decals advertising that the vehicle is all-electric, but sometimes people aren’t convinced. “That’s not really electric, is it?” bystanders will ask, often approaching him in grocery store parking lots in Surprise, Arizona, where Yow and his company Torque Trends, which makes gearboxes for converting gasoline vehicles to electric, swapped out the hulking Ford F-150’s V8 engine for an electric motor. The result doesn’t look like any zero-emissions vehicle most people have seen. “Even though they see it, and they read it, they don’t believe it,” says Yow. “They’ve never heard of an electric truck.”

That’s likely about to change. As automakers’ investments in electric vehicles (EVs) ramp up, pickup trucks are fast becoming a new front in the electrification wars. Manufacturers from Tesla to Ford are unveiling electric pickups—just last week, General Motors said it will deliver a 400-mile-range electric Chevrolet Silverado—though they have yet to hit the market. For automakers, the potential rewards are huge, as pickups accounted for one in five new cars sold in the U.S. in 2020. Environmental gains could be big, too. When it comes to typical highway or city driving, pickups are disproportionately wasteful; even the newest models have dismal fuel economy ratings. Getting pickup drivers to switch to more efficient options is essential if the U.S. is to decarbonize its economy, and electric pickups could also help automakers reach fleetwide fuel efficiency targets.

But for now, the possibility of mass conversion to electric pickups seems tenuous at best. Most EV buyers so far have been wealthy coastal dwellers, while pickup buyers tend to live in different areas of the country, often with different values and needs. “We’ve been thinking about it for a long time,” says Autotrader analyst Michelle Krebs. “We’re always saying internally, ‘Do you think anybody really wants an EV pickup truck?’”

Mitchell Yow’s fully electric Ford F-150

For one thing, there might not be a huge overlap between people currently interested in EVs and those who buy pickups. Historically, EV adoption has been the highest in liberal-leaning coastal states, especially California and Washington. States where pickups rule the roads, like Texas, Wyoming, and North Dakota, tend toward big skies and conservative values. On an individual basis, survey data have shown EV and hybrid buyers tend to lean Democratic, while pickup drivers lean Republican. One Oct. 2020 Strategic Vision survey showed that more than 50% of heavy-duty pickup buyers identify as Republicans, while less than 10% say they are Democrats. Meanwhile, Democrats bought 36% of midsize hybrids and EVs, compared to less than 20% bought by Republicans. Electric pickups’ potential is further limited by the fact that many states with high numbers of pickup drivers tend to have the worst EV charging infrastructure.

There’s also a deeper issue with some of the upcoming vehicles themselves. Auto industry analysts say that many of the new electric pickup trucks set to hit the market, like the Tesla Cybertruck, the Rivian R1T, and GM Hummer EV, appear to be aimed more at wealthy “lifestyle” buyers (coders who go rock climbing on the weekends, for instance) than “traditional” pickup truck buyers (who are more likely to use them for, say, pulling equipment around a farm or hauling building materials). That might mean that, in the near term, electric pickups might cut into sales of luxury EVs like the Tesla Model S rather than reduce demand for internal-combustion pickups.

“There is a bit of cannibalization within the [EV] segment; people will shift to whatever the cool thing is to have at the time, sadly,” says Jessica Caldwell, executive director of insights at Edmunds. “You may not necessarily be getting a lot of new buyers.”

But at least some longtime pickup owners are looking to switch. Matt Gehrisch, a 43-year-old information security consultant from northern-central Ohio—and a proud owner of a 2004 Chevy pickup—is excited about the upcoming EV options. “They’re going to have the kind of torque and performance that a diesel has, but without the diesel maintenance costs,” he says. “It’s gonna be really cool.” With no major EV pickups on the market, it remains to be seen how many drivers are similarly excited to switch. For now, it’s rare to find someone carting around building materials on electric power—though some are so impatient for zero-emissions pickups that they’re taking matters into their own hands. Simone Giertz, a YouTuber and inventor, went to the trouble of cutting up a Tesla Model 3 to make her own handicraft electric pickup. “I use her everyday, but she’s not waterproof, the trim is a little bit off, and the tailgate doesn’t work,” Giertz says. “She’s a little bit annoying to drive because it’s like waving a giant flag of ‘Look at me.’”

Simone Giertz’s heavily modified Tesla Model 3

Automakers like Ford—maker of the F-150, the best-selling pickup in the U.S.—believe other pickup fans are ready to go electric, too; it’s making a big bet on an electric F-150 expected out in 2022. “[Pickup drivers] have to rely on these products for their businesses and the tasks they’re doing, and so they’re very cautious about adopting a new technology, unless they know it is reliable,” says Ford Electric Vehicles general manager Darren Palmer. “They are naturally more cautious, because they need to rely on [their trucks] so much, but they are more open to it than we might have imagined.”

Pickup drivers have adapted to changes before. Some were skeptical, for instance, when Ford released an F-150 with a lighter, mainly aluminum body and smaller engine in 2014, but the change didn’t put a dent in sales. Ford’s new hybrid F-150 Powerboost, meanwhile, has been a hit. In the long run, converting pickup drivers to electric—and getting low-economy older models off the roads—may be less a matter of lifestyle branding or flashy styling than of offering reliable, cost-effective vehicles capable of meeting pickup drivers’ needs. “At the end of the day, I don’t need all the luxury,” says Gehrisch. “I just need a good, solid, reliable truck.”



Source link

Continue Reading

TECH

Apple Music reveals how much it pays when you stream a song

Apple Music reveals how much it pays when you stream a song


Apple Music told artists it pays a penny per stream in a letter reviewed by The Wall Street Journal.

The disclosure, made in a letter to artists delivered Friday via the service’s artist dashboard and sent to labels and publishers, is part of a growing effort by music-streaming services to show they are artist-friendly. For Apple Inc., it can be seen as a riposte to Spotify Technology SA, which last month shared some details of how it pays the music industry for streams on its service.

Apple’s penny-per-stream payment structure—which music-industry experts say can dip lower—is roughly double what Spotify, the world’s largest music-streaming service, pays music-rights holders per stream. Spotify pays an average of about one-third to one-half penny per stream, though its larger user base generates many more streams. Apple’s payments come out of monthly subscription revenue from users.

Artists, managers and lawyers, still reeling from the loss of touring revenue during the pandemic, have been calling for higher payouts from music streaming, which has grown rapidly in the past year. Many fans have joined the push to raise artists’ compensation.

Apple last reported more than 60 million Music subscribers in June 2019. Spotify leads the industry in subscriptions with 155 million, out of 345 million total active users including those who listen for free to the ad-supported tier. Amazon said early last year that its music subscription offerings had 55 million subscribers.

“As the discussion about streaming royalties continues, we believe it is important to share our values,” Apple said in the letter. “We believe in paying every creator the same rate, that a play has a value, and that creators should never have to pay for featuring” music in prime display space on its service.

Artists aren’t paid directly by streaming services, so a single play of a song doesn’t result in a penny going into that artist’s account. Instead, streaming services pay royalties to rights holders, which include labels, publishers and other distributors, which in turn pay artists based on their recording, publishing and distribution agreements. Both Apple and Spotify pay rights holders based on the share of total streams their artists garner on each service.

Yet artists cite the per-stream pay rate as an indicator of their earnings. Major labels say the average monthly streams per user is a better measure of the streaming economy, and growing numbers of streams mean more money coming in for artists. Both Spotify and Apple, they say, are at or near the 1,000 streams per listener per month benchmark that is seen as a success.

In the letter, Apple says it pays 52% of subscription revenue, or 52 cents of every dollar, to record labels. Spotify, which generates revenue both from subscriptions and its free ad-supported tier, says it pays ⅔ of every dollar of revenue to rights holders, with 75% to 80% of that going to labels, which translates to 50 to 53 cents on the dollar, depending on agreements between the service and different labels.

Spotify delivers much more revenue to the music industry than Apple does, since it has many more users. Its average per-stream payout rate is lower, though, because the average Spotify subscriber listens to more music per month than listeners on other services do. Plus, on Spotify’s free tier, ads don’t generate as much revenue as its premium service does. Spotify has said that while its free version generates less income than its paid one, it brings in eventual subscribers.

“We’ve conducted extensive testing that consistently shows that when we take the free service away, those listeners turn to non-revenue-generating alternatives, meaning the collective music industry is missing out on revenue,” the company says in “Loud and Clear,” an online report about payments to artists.

This story has been published from a wire agency feed without modifications to the text.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Continue Reading
Advertisement

Recent Posts

Advertisement
Advertisement

Popular

close