Some blame the recession and the weak economy for many businesses failing: small, medium and large. But Finland's Prime Minister Alexander Stubb suggested that Apple is the company that killed two of its important export industries. The first one is paper, the second one in Finnish-based, once-dominant and well-known maker of phones, Nokia.
During an interview with CNBC, Finnish PM said, "I guess one could say that the iPhone killed Nokia and the iPad killed the Finnish paper industry,". He added, "The iPhone killed Nokia and the iPad killed the paper industry, but we'll make a comeback". Recently, ratings agency Standard & Poor's downgraded the country's rating from AAA to AA+. Finland's GDP has been taking a nose dive for three years in a row, and started to reflect a negative perspective about the country's economy.
Though blaming Apple (or anyone) is simply wrong. Nokia's dominance collapsed not only it stuck with Symbian OS to a point that switching to other OS was too late. Android and iOS picked up the pace and dominated, not to mention Samsung's various smartphones and feature phone spree in almost every price range. Paper on the other hand gets replaced with other electronic devices, especially e-readers and tablets. Even airline pilots have slowly started replacing manuals and maps for a tablet where required information is easily available. At one point, even Apple had trouble and was in the brink of collapse, which was the turning point when the company brought back Steve Jobs in the '90s.
Amazon might have completely changed the landscape for retailers and shoppers across the world, but according to a report published today by the Wall Street Journal, it seems that the online giant is not beyond taking on traditional bricks and mortar stores more aggressively, by opening their own physical store in downtown New York.
To be located across from New York icon and tourist mecca the Empire State Building, the store is said to serve multiple purposes, including acting as a showcase for Kindle devices, allowing customers to collect online orders, but also act as a distribution center for couriers and delivery services.
Amazon have yet to confirm the store opening, but it is said to be opening in time for the holiday season.
Flipkart barely can step out of the oven now that the Indian government plans to crack down 'predatory discount' and unfair trade practice claims. But now its all ready to be grilled thanks to top electronic makers like LG, Sony and even Samsung.
While Flipkart claimed that its Big Billion Day Sale was a HUGE success despite the server downtime issues it faced, consumer good manufacturers were not amused. The companies dis not like what Flipkart did, and are considering legal action over 'predatory pricing and discount scheme' allegations. Several personnel assumed that Flipkart intends to disrupt the livelihood of the organized retail market in India.
One of the company personnel also claimed that goods that are sold via Flipkart with unrealistic pricing are via unauthorized channels. Therefore, they will be compelled not to provide warranty to those consumers who have purchased from such sites. An executive said,"This is a clear case of predatory pricing just to shoot up traffic at their website, and build up valuations unrealistically. This is not acceptable and we will ensure that this does not happen again."
The Government of India's Commerce and Industry minister said that the government will investigate Flipkart over numerous complaints made during and after the e-commerce site's 'Big Billion Day' sale on October 6th. These complaints are accompanied by several hashtags like fraudkart, Big Scam Day and Big Billion. The company co-founders did issue a statement of apology via its company blog, but it didn't have any affect on most consumers.
Numerous consumers and potential buyers complained that Flipkart was luring in consumers. Throughout the day of the sale, many said via Twitter that Flipkart already increased the prices of products before the sale. It was followed with complaints for lack of stock for several items that was listed as available in search results and website outage complaints.
Besides the consumers, retailers and traders have also serious concerns over Flipkart's 'predatory discount'. They've claimed that the e-commerce is damaging many small and larger retail businesses that find it impossible to compete with Flipkart's unrealistic discount offers. The Confederation of All-India Traders also pressured the Commerce and Industry Ministry to intervene in this matter, and implement procedures to monitor and control such predatory pricing and allegedly unrealistic sales. The Enforcement Directorate will also be investigating Flipkart after an order from the Reserve Bank of India.
As a part of its ongoing cost-cutting exercise, Yahoo laid off 600 employees from its engineering and product development division. Yahoo India R&D centre in Bangalore was considered as the second largest Yahoo offices outside the US, before the lay-off.
Despite the massive lay-off, Yahoo India executives said that the R&D center will still continue to operate, but with better efficiency.
Yahoo said via a press release,"As we ensure that Yahoo! is on a path of sustainable growth, we're looking at ways to achieve greater efficiency, collaboration and innovation across our business. To this effect, we're making some changes to the way we operate in Bangalore leading to consolidation of certain teams into fewer offices. Yahoo! will continue to have a presence in India and Bangalore remains an important office."
For the last few weeks, the United Kingdom has been hotly debating whether Scotland will vote to cede from the United Kingdom, with the world watching and huge ramifications for the worldwide economy. Today, as votes continue to be counted, it's become clear that the expected knife edge results have come down in favour of the status quo - Scotland has rejected the proposal.
Many of the UK's celebrities have weighed in on the debate, with Scotland's most famous son; Sean Connery leading the charge for the 'yes' camp, alongside Alan Cumming, whilst Helena Bonham Carter, Steve Coogan, Simon Cowell, Dame Judi Dench, Michael Douglas, Richard Dawkins, David Gilmour, Stephen Hawking, Mick Jagger, Eddie Izzard, Paul McCartney, Andrew Lloyd Webber, Susan Boyle, Sting,Gerard Butler, JK Rowling and even Captain Picard himself - Patrick Stewart firmly in the 'no' camp.
The once in a generation campaign for an independent Scotland, led by former BBC Scotland head Blair Jenkins has been years in the making.
For far too many years, Sony has been bleeding cash, facing increased competition and selling off key assets and even business, such as the VAIO computing arm in a desperate effort to stay afloat. Now, things are getting a lot worse.
According to the Wall Street Journal, the struggling Japanese giant is set to announce a $2.15B loss for the last financial year, four and a half times the previously forecast loss, in results that are set to be published shortly.
Whilst specifics are forthcoming, it is expected that the former jewel in the companies crown; television, will continue to cause heavy losses, whilst the mobile division which encompasses tablets, phones and peripherals is also expected to post significant write downs.
Anyone who has ever handed the keys to their car over to a valet at an event or restaurant has felt the fear at wondering what the valet will do to your car while you are gone. People with nice cars like the new Corvette Stingray may feel a bit more fear than others. Valets are known to be rather hard on some cars.
GM has announced that the 2015 Corvette fitted with the Performance Data Recorder option will have a slick Valet mode that will record the antics of the Valet while you are inside eating. GM says that the system is rather like a baby monitor for your car.
In addition to turning on the recorder, the valet mode will also lock the storage bin behind the center stack display, lock the glove box, and disable the radio and infotainment system. The Data recorder in the car records video for the front of the car overlaid with speed, engine RPM, gear, and g-force.
In the last hour, reporters from the UK are sending word that Wikileaks founder Julian Assange may be preparing to leave the Ecuadorian embassy, where he has been holed up for the last two years under the protection of the country.
If Assange leaves the safe house, he will be immediately arrested by London police and likely extradited to Sweden to answer allegations of sexual assault. Assange fears that he may be further extradited to the United States with a long outstanding warrant issued regarding his Wikileaks activities.
Assange is said to be suffering worsening health, which has formed his decision to leave the embassy.
Whether or not Assange is walking out today, he certainly managed to get media attention... pic.twitter.com/lQEXJkHSTl- NickdMiller (@NickdMiller) August 18, 2014
More as it breaks.
An auction was held this week for high-end cars and at the auction was one very special vehicle, a Ferrari 250 GTO. The car sold at the auction at a price that has set a record for the most money ever paid for an automobile at auction, the Ferrari was purchased for $38,115,000.
That sales price bested the previous highest price of $29,650,000 significantly. That second most expensive car ever sold was a 1954 Mercedes-Benz W196 Formula One car. The Ferrari did fall a bit shy of setting a record for the most expensive car ever sold. That distinction goes to a 1963 Ferrari 250 GTO that sold for $52 million in a private sale.
The Ferrari 250 GTO is considered the Holy Grail in the collector car world with only 39 having been produced and some having impressive racing pedigrees. The GTO was both a racing car and a road car when it was built. This car was the 19th 250 GTO to be built and finished second overall in the 1962 Tour de France car race.