Volkswagen Group Increases Provision Charge by €2.5 billion for North America Settlement 

Volkswagen Group Increases Provision Charge by €2.5 billion for North America Settlement

Volkswagen Group will increase provision charge by €2.5 billion for the buyback & retrofit program for 2.0l TDI vehicles.  The charge is part of the settlements in North America for using illegal software to cheat U.S. diesel emissions tests, known as the “Dieselgate” scandal, which the group admitted in September 2015.

” Volkswagen Group will increase provision charge by €2.5 billion for North America Settlement “

The settlement had proven to be far more technically complex and time consuming.  The complete interim report of the Volkswagen Group for the period January-September 2017 will be published on 27th October 2017.

Source: Official Press Release, Reuters

 

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About Volkswagen Group

The Group comprises twelve brands from seven European countries: Volkswagen Passenger Cars, Audi, SEAT, ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN. In addition, the Volkswagen Group offers a wide range of financial services, including dealer and customer financing, leasing, banking and insurance activities, and fleet management.

Visit: Volkswagen Group

 


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Music Streaming Spotify Valued at $16 Billion in Private Trades

Music Streaming Spotify Valued at $16 Billion in Private Trades

Music streaming company is valued at $16 billion and is expected to be public-floated with a valuation of at least $20 billion, according to Reuters (Private Sources).  The private market for shares allow the employees & founders of tech startups such as Spotify, Airbnb and Uber to sell their shares for cash, instead of awaiting an exit or IPO.

” Spotify valued at $16 billion in Private Trades “

To-date, Spotify has more than 60 million subscribers, 140 million users, over 30 million songs and is available in 61 countries.  It has also paid more than $5 billion to rights holders (the owners of the music).  Spotify AB was founded in 2006 by Daniel Ek & Martin Lorentzon and officially launched in 2008.

Source: Reuters

 

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Porsche Mission E – 100% Electric Car by 2020

Porsche Mission E – 100% Electric Car by 2020

Porsche announced the green light for Mission E – the first 100% electrically powered Porsche, and the vehicle to be ready by 2020.  In Stuttgart-Zuffenhausen alone, 700 million euros will be invested and more than 1,000 new jobs will be created.

” Porsche on Mission E – 100% Electric Car by 2020 “

The Mission E concept car was introduced at the Frankfurt International Motor Show (IAA) in September 2017. Visitors were gripped above all by its highly emotional design. The four-door car with four individual seats has a system power output of over 600 hp (440 kW), achieve both acceleration of 0 to 100 km/h in under 3.5 seconds and a range of more than 500 kilometres. It will be charged via an 800-volt charger unit specially developed for the car, which is twice as powerful as today’s quick-charge systems, the lithium-ion batteries integrated within the vehicle floor have enough power again for 80 percent of the range after just 15 minutes.

Source: Official Press Release

 

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About Porsche History

History is written by people. For example, by Ferdinand Porsche who established an engineering office in Stuttgart in the 1930s, laying the foundation for the company. Cars with sporty genes were designed there as early as 1931. After his son Ferry Porsche took over, this idea was carried forward and evolved into the Porsche 356. The first Sports Car to carry the Porsche name was manufactured as a production model from 1950 onwards in Zuffenhausen. From 1964 onwards, the 356 was replaced by another classic: the Porsche 911. Porsche officially launched the 7th generation of the Sports Car icon at the 64th International Motor Show (IAA) in Frankfurt/Main in 2011.

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ZhongAn Online Plans IPO at $11 Billion Valuation in Hong Kong

ZhongAn Online Plans IPO at $11 Billion Valuation in Hong Kong

ZhongAn Online Property and Casualty Insurance is planning an IPO that is valuing the company at $11 billion.  The IPO will raise an estimated $1.5 billion, valuing the company between $9.9 billion to $11 billion.

” ZhongAn Online plans IPO at $11 Billion Valuation in HK “

It is China’s first internet-only insurer, and is backed by Jack Ma’s Ant Financial with a 16% stake.  Ping An Insurance and Tencent hold 12% stake each.  JPMorgan Chase & Co., Credit Suisse Group AG, UBS Group AG and CMB International Capital Ltd. are joint sponsors of the offering.

Source: Reuters, Bloomberg

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Chinese Man Bid $41,000 for Used iPhone Online in Error

Chinese Man Bid $41,000 for Used iPhone Online in Error

A Chinese man had bid $41,000 in error for a used iPhone in an online auction.  The starting bid was 100 yuan and after 708 bids, the phone was sold at 270,550 yuan, or approximately $41,000.

” Chinese man bid $41,000 for a used iPhone in error “

The winning bidder, named Che, refused to honour the auction, insisting he had misidentified the price.  He was summoned to the Nanjing Qinhuai People’s Court and was fined 10,000 yuan.  The phone was a used rose gold iPhone 7 (128 G)

Source: South China Morning Post,

 


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GoGoVan is the First Unicorn in Hong Kong after Merger

GoGoVan is the First Unicorn in Hong Kong after Merger

GoGoVan becomes the first unicorn (worth more than $1 billion) in Hong Kong after the merger with 58 Suyun, the freight business of mainland Chinese online classifieds giant 58.com.  Steven Lam, founder of GoGoVan in 2013,  is the new CEO after the merger.

” GoGoVan becomes Hong Kong’s first Unicorn – $1 Billion Value “

GoGoVan early investors was led by Centurion Private Equity and in the later stages, includes New Horizon Capital, Singapore Press Holdings and the Alibaba Hong Kong Entrepreneurs Fund.  Steven Lam founded the company with 3 co-founders (Nick Tang Kuen-wai, and Reeve Kwan Chun-man) in 2013, and started with only HKD 20,000.

Source: South China Morning Post

 

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About GoGoVan

GoGoVan is Asia’s pioneer app platform that connects users with a network of drivers for same day on-demand delivery and transportation needs. We aim to redefine the everyday logistics experience by providing convenient and efficient service.  Established in Hong Kong since 2013, GoGoVan has successfully expanded to 13 cities in Hong Kong, Singapore, China, Taiwan, South Korea and India. With over 1.3 million app downloads and a driver network of 150,000, GoGoVan has completed more than 7.5 million orders with an aggregate transaction value in excess of US$200 million in 2016.

Visit: GoGoVan

 


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The Vision Mercedes-Maybach 6 Cabriolet – Electric Car Launched

The Vision Mercedes-Maybach 6 Cabriolet – Electric Car Launched

Mercedes-Benz presented the Vision Mercedes-Maybach 6 Cabriolet at the Pebble Beach in California.  It is designed as an electric car, with an output of 550 kW (750 hp), a range of over 500 kilometres.  The electric car can accelerate from 0‑100 km/h in under four seconds, and the top speed electronically governed at 250 km/h.

” Vision Mercedes-Maybach 6 Cabriolet Released “

The elegant cabriolet made its debut at the Monterey Car Week at the Monterey Peninsula in California between 15th and 20th August 2017.  The final event was at the traditional Pebble Beach Concours d’Elegance, on 20th August 2017.

Source: Official Press Release

 

 

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About Mercedes-Maybach

Mercedes-Maybach stands for the ultimate in exclusivity and individuality. The target group includes customers who place value on exquisite luxury, perfect workmanship and exceptional appointments. The latest vehicles include models launched in July 2017, namely the Mercedes-Maybach S 560 4MATIC, (fuel consumption combined: 9.3 l/100 km; combined CO2 emissions: 209 g/km) and the S 650 (fuel consumption combined: 12.7 l/100 km; combined CO2 emissions: 289 g/km), which blends the perfection of the Mercedes-Benz S‑Class with the exclusivity of Maybach.

Visit: Mercedes-Mayback


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Expedia CEO is Now CEO of Uber

Expedia CEO is Now CEO of Uber

Uber has appointed the CEO of Expedia, Dara Khosrowshahi, as the new CEO to lead world’s largest ride-sharing technology company.  He takes over the responsibilities from Travis Kalanick, who was ousted in June 2017.

” Uber appoints CEO of Expedia as New CEO “

In an internal meeeting, his plans include doing an IPO in 18 months to 36 months time.  In 2005, he became CEO of Expedia, which he built into one of the world’s leading travel and technology companies, now operating in more than 60 countries.

Source: Uber, South China Morning Post

 

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New McLaren 570S Spider Launched at £165,000

New McLaren 570S Spider Launched at £165,000

McLaren has released their new Spider model, the McLaren 570S Spider, that can reach 100km/h in just 3.2 seconds.  It has a top speed of 328 km/h and 315km/h with the roof down.  The car is  available in three colors: Curacao Blue, Sicilian Yellow and Vega Blue and is priced from £164,750.

” McLaren 570S Spider priced at £164,750, Top Speed 328 km/h “

 

It is available for order from more than 80 McLaren retailers worldwide,  which made its global public debut at the Goodwood Festival of Speed at the end of June 2017.  The supercar is hand-assembled at the McLaren Production Centre in Woking, England.

 

About McLaren Automotive:

McLaren Automotive is a British manufacturer of luxury, high-performance sports and super cars, located at the McLaren Technology Centre (MTC) in Woking, Surrey. For the past 30 years, McLaren has pioneered the use of carbon fibre in vehicle production and since introducing a carbon chassis into racing and road cars with the 1981 McLaren MP4/1 and 1993 McLaren F1 respectively, McLaren has not built a car without a carbon fibre chassis.

Visit: McLaren Automotive

 

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Top Fund Managers Markdown Uber’s Valuation by Almost 15%

Top Fund Managers Markdown Uber’s Valuation by Almost 15%

Top fund managers, Vanguard Group, Principal Funds and Hartford Funds have re-valued Uber downwards by 15% to $41.46 in June, according to the fund managers’ filing.

” Top Fund Managers Markdown Uber’s Valuation by 15% “

Another fund manager, T. Rowe Price Group lowered the value by 12% to $42.73 while Fidelity Investments retained its valuation at $48.77.  The world’s largest asset manager, Blackrock, lowered its estimate marginally, maintaining the company value around $53.88. The company is privately held, and valuation of the popular car-sharing technology company ranges from $60 billion to $69 billion.

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