Victoria Fox's Blog, page 178
November 28, 2023
Immensa, a MENA-based additive manufacturing and digital inventory platform, raises $20 million
The global energy spare parts market is valued at over $90 billion, with the Middle East representing about 35% of this sector. This sector remains largely untapped by existing additive manufacturing and digital inventory platforms that have spread footprints across medical, aviation, automotive and jewelry industries.
Unlike these industries, which have embraced additive manufacturing and 3D printing for over a decade, the energy sector only began adopting it not too long ago, and one of the startups at the forefront of this innovation is MENA-based Immensa.
Founded by Fahmi Al Shawwa, the Dubai-founded startup commenced operations in 2016, focusing on harnessing additive manufacturing and 3D printing for industrial applications. Two years later, it identified the energy sector as its target market and has now secured $20 million in Series B financing.
Globally, several industries face significant global supply chain issues as legacy structures often struggle to meet customer needs effectively. Industries such as oil and gas, petrochemicals and power generation have one of the most complex supply chains in the world. In an interview with TechCrunch, Al Shawwa noted that some of the largest companies, for example, Equinor, ConocoPhillips and Saudi Electricity Company, each sit on over a billion dollars worth of spare parts, most of which are manufactured in regions outside their headquarters. What additive manufacturing brings to the fray is allowing these conglomerates to access spare parts on demand without mass manufacturing in hubs across Southeast Asia, China, or Latin America.
In Immensa’s case, it assesses these parts for its clients and determines the percentage that qualifies for on-demand production, thereby diminishing its clients’ heavy reliance on imports. To illustrate, if a factory near London experiences turbine issues requiring an impeller replacement, the typical process involves placing a request with the procurement warehouse. If the warehouse possesses the part, it is sent; otherwise, the manufacturer is contacted. The manufacturer, based in Germany, collaborates with a contract manufacturer in China, leading to the production of the part. After quality control in Germany, the part is shipped to London and then to the client. This shipping-intensive process contributes to a carbon footprint that is likely 50% or more than what local production would entail.
Immensa’s approach is to streamline the process. When a part breaks, clients can go online, locate the required part and place an order. It can then direct the order to the nearest qualified 3D printing facility, often around Heathrow or outside London. The part is produced swiftly and delivered within days, slashing lead times. This not only reduces overall costs but also eliminates customs and shipping hassles from the equation.
This substantially reduces the spare parts balance sheet by $200-300 million for most of these energy conglomerates, according to Al Shawwa; annually, these companies grapple with unnecessary losses estimated at $30 billion. The transition to a digitized supply chain also offers significant environmental benefits like minimizing wastage and reducing the carbon footprint.
“Today, we are by far the largest company that focuses on digital inventory for the energy sector and the energy sector is effectively oil and gas refineries, petrochemicals, power generation, power distribution, utilities, water, nuclear and renewables,” said the founder, who holds multiple certifications in additive manufacturing and is one of the pioneers of additive manufacturing in the Middle East.
“These all fall under the energy industry specifications and this is where we focus on what we do to simplify as an offering: We go to large companies, we take a look at their physical warehouses, and we try to assess how much of this can be converted to a digital warehouse or a virtual warehouse whereby they can press a button and get the part produced on demand.”
The UAE-headquartered startup claims to be the only company to own and control the entire digital supply chain of the energy sector. Operating on the DIS RT platform, it provides comprehensive solutions spanning assessment, digitization and production-on-demand, effectively addressing the intertwined issues of data security and quality control, as all processes are conducted in-house or on-premise. The company also highlights integrating proprietary AI tools into DIS RT, enabling the management of extensive data volumes for real-time information processing. Immensa, which has over 100 additive manufacturing specialists and engineers, also claims to have developed its proprietary hardware systems, enhancing its competitive edge in the market.
Over the past six years, Immensa has meticulously assessed over a million parts, producing more than 15,000 components. It started in the UAE and Kuwait before expanding into Saudi Arabia. It operates from two main hubs — facilities located in Dubai and Saudi Arabia — serving clients across the Middle East, North Africa and soon North America as it gears up to extend reach to clients in the U.S., said Al Shawwa.
Al Shawwa says Immensa’s clientele predominantly comprises major oil and gas conglomerates, including renowned entities such as Aramco, Adnoc and Schlumberger. While its focus is on clients’ quality, the seven-year-old has successfully serviced a substantial number in the energy sector, including at least 40 companies, encompassing end users and original equipment manufacturers (OEMs), the players whose market it’s disrupting.
“Until a year and a half ago, most OEMs fought us and accused us of counterfeit and copying,” said Al Shawwa. “We take a lot of caution and care about not infringing on copyright and intellectual property because we also create our copyright and aside from being part of our core values and ethics, if I copy someone’s asset, someone else is going to copy mine.”
Focusing on obsolete parts and those outside warranty or not being serviced, Immensa has found itself in an advantaged position. Interestingly, by the end of last year, OEMs started approaching the company; now, it has struck partnerships with four such companies, producing their parts under license, helping them digitize 3D-print components, and paying them royalties in return. This shift reflects a positive evolution in its relationships within the industry.
Revenues for the Dubai-based startup are generated through the assessment, digitization and platform exchange of these parts. Last year, it reached over $10 million in revenue, marking profitability; it plans to double these figures by the end of 2023.
MENA-focused venture capital firm Global Ventures led the latest funding round for Immensa. The investment attracted participation from new backers, including Endeavor Catalyst Fund and EDGO and continued support from existing investors, such as Energy Capital Group (ECG), Shorooq Partners and Green Coast Investments. This comes two years after Immensa raised $7 million in Series A investment.
Immensa says the funds secured will propel it from a regional entity to a prominent global solutions provider as it aims to construct the largest digital warehouse in the energy sector. The investment will also enhance DIS RT and fortify its AI tools, it said in a statement. In addition, Immensa plans to bolster its current operations in Saudi Arabia and the UAE, anticipating entry into at least two additional regional countries within the next six months, with Oman likely being one of them. The company is active in Kuwait, Bahrain, Qatar and Jordan. Meanwhile, expansion into North America is on the horizon within the next 12-18 months, while potential projects in Southeast Asia are currently under evaluation.
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Pro Kabaddi League at 10: The improbable league that captured hearts
Before Pro Kabaddi hit the television screens in 2014, Kailash Kandpal, CEO of Insurekot Sports, which owns one of the founding teams, Puneri Paltan, recalls the endeavour being regarded with a level of ridicule. The early 2010s was indeed the golden period for sporting leagues in India. The Indian Premier League (IPL), launched in 2008, had unpacked a host of possibilities for other sports and new leagues in hockey, tennis, wrestling—even futsal—had cropped up.
“Back in 2014, when I used to tell people we have a kabaddi team, people used to wonder,” Kandpal tells Lounge. Insurekot Sports was just dipping its feet into the world of sports, and the Pune kabaddi franchise was their first venture. “They would say anything happens in India; any league comes up. But the opening which it got, from the fans in the stands, back home people watching it on TV, that set the tone.”
On July 26, 2014, curtains were raised on the Pro Kabaddi League (PKL), in front of packed crowds in Mumbai. Rishank Devadiga, a Mumbai boy, playing for the city franchise U Mumba, remembers the wall of noise that met him as he entered the darkened NSCI Dome, lit up by sweeping spotlights.
Gujarat Giants head coach Ram Mehar Singh poses along with the team. (ANI)
“My school friends, locality friends, everyone had come to watch the match. I could hear those screams from my friends,” he says. “It was something new for us. On the first day, we were told there will be a lot of crowd; celebrities will be coming to watch the match. All the kabaddi players were pumped up. The game was already very popular in the rural areas. Wherever we used to go to play local matches or departmental matches, hundreds and thousands used to come and watch it. Kabaddi just needed that opportunity to be on the big screen, that’s what PKL provided.”
Pro Kabaddi yanked India’s rural sport into the 21st century, from mud to mat; from the sidelines into the spotlight. While other leagues have come and gone, Pro Kabaddi has become a permanent fixture on the Indian sporting calendar. Wowed by the athleticism and pace of the game, the audience has kept coming back for more. 2 December marks the start of the tenth season of a league that remains Indian sport’s most improbable success story.
Keeping pace: An ancient Indian sport, kabaddi didn’t really need an introduction to the audience in the country. But the League, founded by Mashal Sports and televised by Star Sports, brought the sport into living rooms in high-definition. But it was still the recognisable contact sport of the villages and small towns, re-imagined as a sport that was also quick and fast paced. A 30-second time limit was slapped on each raid and every third raid was made a do-or-die attempt, to add more jeopardy.
“Since the advent of Pro Kabaddi, the game has become very fast and strategic,” says Jeeva Kumar, a star PKL defender and now the defensive coach of U Mumba. “Because of the third raid (do-or-die), teams have to think tactically whom to send in first raid, second and third raid. The method has changed completely. Earlier strength and power were important, now it is about speed and technical and tactical awareness. Now you can’t be predictable, you have to keep upgrading, adding to skills every year.”
For Iranian superstar Fazel Atrachali, who has been playing the League since season 2, kabaddi has undergone a massive change. “Now kabaddi is totally different,” he says. “For example, 10 years ago dubki skill was not there. It was more about power. Before all players were like 80kg-90kg, but now they are all between 70 and 75kg, they have more speed. It has become more about mind, rather than just power.”
Upward curve: In the player auction for the inaugural edition of the PKL, teams were given a modest purse of ₹60 Lakh. Former India captain Rakesh Kumar was the most expensive buy at ₹12.8 lakhs. Eight teams competed in season 1, which lasted just over a month and 60 matches.
Since then, the League has gone from strength to strength. The number of teams was increased to 12 in season 5 in 2017—no other Indian league has as many teams, even IPL has 10. It also transitioned from a one-month jamboree to more serious three-month league the same year. The tenth edition of Pro Kabaddi will have 132 league-stage matches spread over three months.
At the player auction, the ₹1-crore mark was breached in style in season 6. Six players went under the hammer for a crore or more in 2018, as raider Monu Goyat was picked up by Haryana Steelers for ₹1.51 crores, making him the most expensive buy of the year.
The Pro Kabaddi League’s Greatest Hits.
The total team purse was increased ahead of this season’s auction to ₹5 crore. The most expensive player, for a second season running, was Pawan Sehrawat, who was signed on by Telugu Titans for a hefty sum of ₹2.605 crore. Irani defender Mohammadreza Shadloui Chiyaneh was snapped up by Pune for ₹2.31 crore, making him the most expensive overseas player in the PKL’s history.
While players would earlier depend on public sector jobs for their livelihood, they now get paid as top-tier professional athletes. “It is not just about Iran, but all over the world people want to play Pro Kabaddi,” adds Atrachali. “I have a friend in Poland, in Pakistan, in Sri Lanka, they all want to play in Pro Kabaddi. Because in PKL, you are on TV for 3-4 months, everybody likes that. Here you have money, everybody likes that. Here you are more famous, everybody likes that. PKL changed the life of a lot of players and now some players have a better car, a better house.”
Changing lifestyles: Pro Kabaddi has not just changed players lives, but also their lifestyle. “Before the League there was no real understanding of fitness,” says Kumar. “We used to run for fitness, jog a few rounds before a match as warm up. Now everything is planned, scheduled accordingly. What are we doing each day. What is to be done in the morning session, evening session. Earlier no one really paid any attention to diet. People would eat whatever they liked. Now they are told what to eat, what not to eat, how much to eat. Even players have understood that they need to follow this.”
The fact that the League now lasts for more than three months has put added emphasis on fitness. Add to it the travel fatigue, the weight limit (85 kg) and the higher impact on mat vs. mud, and players can’t afford to slack off. “The intensity is the same from the first match to the last,” says Devadiga. “It has now become a game of survival of the fittest.”
To ensure that players last the season, teams have also started taking a more scientific approach. “In Puneri Paltan, now the support staff is almost equal to the number of players we have,” says Kandpal. “We have coaches, team managers, physios, analysts, masseurs, photographer, videographer etc. The entire eco-system has grown.” Teams have also started investing heavily in youth programs to make sure they keep the conveyor belt of talent running.
And all this has happened because the enterprise, built on that one opportunity to strike it big, is showing no signs of slowing down. As Pro Kabaddi enters its tenth season, it remains in a league of its own.
Deepti Patwardhan is a Mumbai-based sportswriter.
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Delhi pollution: AQI improves after light rain today; Ban on BS-III petrol and BS-IV diesel cars lifted
The air quality in Delhi improved on Wednesday following light rainfall and wind speed under the influence of a western disturbance. At 9 am, Delhi’s air quality index (AQI) improved to 258 on Wednesdayfrom 365 at 8 am on Tuesday.
The weather office has predicted a cloudy sky with the possibility of drizzle during the day.
GRAP III restrictions lifted in Delhi-NCR as air quality improves
Yesterday the Centre revoked restrictions under Stage-III of GRAP in the entire NCR with immediate effect. Post this decision, the ban on BS III petrol and BS IV diesel four-wheelers in Delhi, Gurugram, Faridabad, Ghaziabad, and Gautam Budh Nagar has been lifted.
On 2 November, the pollution control panel of the Central government implemented Stage-III restrictions, instructing the cessation of non-essential construction work, mining, and stone-crushing.
Delhi AQI improves to ‘very poor’ following rain
Delhi Environment Minister on Wednesday will convene a meeting, to review the situation after the removal of anti-air pollution measures under GRAP-3.
“A review meeting has been called today to ensure continued implementation of GRAP-1 & 2 anti-pollution measures. With the removal of GRAP-3 measures, the ban on construction & demolition activities has been lifted”.
Experts tell what North India can learn from South India in alleviating smog
Rai said, “A few days back, Delhi’s AQI had reached the ‘Severe’ category. On Monday, the city received light rain because of which there has been an improvement in pollution. The fluctuation will carry on. I request the people in Delhi and NCR to be alert.”
Gopal Rai further said that stubble burning in Punjab stopped but the activities in NCR region were currently having a big impact on pollution.
“Stubble burning has stopped in Punjab but due to vehicle pollution especially as the wedding season is going on, vehicle movement has increased multiple times during the night. The activities in the NCR region are also making a big impact. I request people that although there is improvement people should still be alert. The monitoring of GRAP III is going on strictly, he added.
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Updated: 29 Nov 2023, 11:46 AM IST
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Salman Khan receives threat through Facebook post, security reviewed
Bollywood Actor Salman Khan has received a threat through a Facebook post after which his security has been reviewed, Mumbai Police said on Wednesday.
(This is a developing news)
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Updated: 29 Nov 2023, 11:37 AM IST
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Uttarkashi tunnel rescue: ‘From yoga to walk’, rescued workers tell how they survived for 17 days
After being trapped for 17 days inside a tunnel, the trapped workers have finally been rescued by the efforts of multiple-agencies, including the Indian Army. Uttarakhand Chief Minister Pushkar Singh Dhami, who monitored the entire operation for the past 17 days, said the health of all the workers is ‘fine’. A prolonged rescue operation came to an end on Tuesday night (28 November) when a team of 12 rat-hole miners and NDRF personnel rescued the workers between 7:45 pm to 9 pm.
Uttarkashi tunnel rescue LIVE
The rescue workers on Wednesday shared the experience they underwent inside the Silkyara tunnel in Uttarkashi.
Several workers said they ‘never lost hope’. Saba Ahmed, a worker from Bihar said that though they were stuck in the tunnel for days, they did not feel any fear or nervousness.
Uttarkashi tunnel collapse rescue: 10 things to know
“We were like brothers, we were together. We used to take a stroll in the tunnel after dinner. I used to tell them to do morning walks and yoga,” Ahmed said.
Vishal, a resident of Himachal Pradesh’s Mandi said, “The initial few hours were difficult because we felt suffocated. But soon after, contact was made with people outside and everything slowly became normal”.
Celebrate the tunnel rescue but don’t overlook the hard questions
“We never lost hope… I am absolutely fine. All of us are fine and I am thankful to everyone for evacuating us safely,” he added.
Former advisor to the Prime Minister’s Office Bhaskar Khulbe, who has been supervising the rescue efforts praised the workers for showing courage. ” The courage shown by the 41 workers demonstrates that one should never lose hope. Difficulties do come in life,” Khukbe said.
Uttarkashi tunnel rescue: ‘Indian jugaad wins over machines,’ Netizens hail rat-hole miners
All the 41 workers rescued from the tunnel have been kept under observation at a hospital in Chinyalisaur. They will likely be taken to AIIMS-Rishikesh before allowing them to go back to their homes.
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Updated: 29 Nov 2023, 11:04 AM IST
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Tribunal set up to adjudicate ban on Meitei extremist groups. Details here
Ministry of Home Affairs (MHA) has constituted the Unlawful Activities (Prevention) Tribunal consisting of Justice Sanjay Kumar Medhi, Judge of the Gauhati High Court, to adjudicate whether there is sufficient cause for declaring the Meitei Extremist Organizations of Manipur along with all their factions, wings and front organizations as “unlawful associations”.
The Ministry made the announcement in a notification issued late on November 28– a move taken almost 15 days after it declared several Meitei extremist organisations, their factions, wings and front organisations as unlawful associations under Unlawful Activities (Prevention) Act for a period of five years.
“In exercise of the powers conferred by sub-section (1) of section 5 of the Unlawful Activities (Prevention) Act, 1967 (37 of 1967), the Central Government hereby constitutes “The Unlawful Activities (Prevention) Tribunal” consisting of Justice Sanjay Kumar Medhi, Judge of the Gauhati High Court, for the purpose of adjudicating whether or not there is sufficient cause for declaring the Meitei Extremist Organizations of Manipur, viz the Peoples’ Liberation Army generally known as PLA, and its political wing, the Revolutionary Peoples’ Front (RPF), the United National Liberation Front (UNLF) and its armed wing, the Manipur Peoples’ Army (MPA), the Peoples’ Revolutionary Party of Kangleipak (PREPAK) and its armed wing, the “Red Army”, the Kangleipak Communist Party (KCP) and its armed wing, also called the “Red Army”, the Kanglei Yaol Kanba Lup (KYKL), the Coordination Committee (CorCom) and the Alliance for Socialist Unity Kangleipak (ASUK) along with all their factions, wings and front organizations as ‘Unlawful Associations’,” the notification read.
The MHA on November 13 declared several Meitei extremist organisations, their factions, wings and front organisations as unlawful associations under Unlawful Activities (Prevention) Act for a period of five years.
These organisations are the Peoples’ Liberation army (PLA) and its political wing; the Revolutionary Peoples’ Front (RPF); the United National Liberation Front (UNLF) and its armed wing the Manipur Peoples’ Army (MPA); the Peoples’ Revolutionary Party of Kangleipak (PREPAK) and its armed wing; the Red Army; the Kangleipak Communist Party (KCP) and its armed wing also called the Red Army; the Kanglei Yaol Kanba Lup (KYKL); the Coordination Committee (CorCom); and the Alliance for Socialist Unity Kangleipak (ASUK) along with all their factions, wings and front organisations.
The ministry had declared Meitei extremist organisations as unlawful associations by exercising “the powers conferred by the proviso to sub-section (3) of section 3 of Unlawful Activities (Prevention) Act.
As per the then notification, the order will be effective from November 13, 2023 for a period of five years.
The MHA then clarified that the action was based on inputs that all the Meitei extremist organisations– the PLA and its political wing RPF, the UNLF and its armed wing MPA), the PREPAK and its armed wing “Red Army”, the KCP and its armed wing also called the “Red Army”, the KYKL, the CorCom and the ASUK– have as their professed aim of establishing an independent nation by secession of Manipur from India through armed struggle and to incite indigenous people of Manipur for such secession.
Besides, the MHA had said, these Meitei Extremist Organisations have been engaging in activities prejudicial to the sovereignty and integrity of India; employing and engaging in armed means to achieve their aforesaid objectives; attacking and killing the Security Forces, the Police and Civilians in Manipur; indulging in acts of intimidation, extortion and looting of civilian population for collection of funds for their Organisations; making contacts with sources abroad for influencing public opinion and for securing their assistance by
way of arms and training for the purpose of achieving their secessionist objective; and maintaining camps in neighbouring countries for the purpose of sanctuaries, training and clandestine procurement of arms and ammunition.
The Ministry had also said that the activities of the Meitei extremist organisations were considered “detrimental to the sovereignty and integrity of India and that they are unlawful associations”.
Considering all these facts, the MHA had said there was need for immediate curb and control of the Meitei extremist organisations as they were suspected to take the opportunity to mobilize their cadres for escalating their secessionist, subversive, terrorist and violent activities; propagate anti-national activities in collusion with forces inimical to sovereignty and integrity of India; indulge in killings of civilians and targeting of the police and security force personnel; procure and induct illegal arms and ammunitions from across the international border; and extort and collect huge funds from public for their unlawful activities.
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Updated: 29 Nov 2023, 11:01 AM IST
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Fire breaks out at chemical plant in Surat: 24 workers injured after explosion in storage tanker
24 workers have been injured as fire breaks out at a chemical plant in Gujarat’s Surat city after an explosion in storage tanker, PTI reported while citing an official.
The fire broke out in the factory at Sachin GIDC area in Surat, ANI reported. As soon as information was received, the fire department reached the spot.
More than a dozen vehicles of fire brigade and private companies were at the scene.
(This is a developing story. Check back for more details.)
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Updated: 29 Nov 2023, 09:53 AM IST
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November 27, 2023
TikTok Owner Bytedance Poised to Close ‘Marvel Snap’ Game Publisher Nuverse
Bytedance, the unlisted Chinese tech giant that owns TikTok, is poised to slash part of its games operations, including Nuverse, which publishes ‘Marvel Snap,’ according to financial news sources.
News was reported by Bloomberg, Reuters and other tech news providers The Information and The Verge on Monday that Bytedance will retreat from its mainstream video games operation with the loss of some 1,000 jobs.
“We regularly review our businesses and make adjustments to centre on long-term strategic growth areas,” a ByteDance representative said in a statement sent to some media. “Following a recent review, we’ve made the difficult decision to restructure our gaming business.” Variety has also reached out to Bytedance for comment.
Nuverse, the unit for most of Bytedance’s games, is understood to have told employees that it will halt nearly all games that have not yet launched. And two of its recently- launched titles – anime-style role-playing game “Crystal of Atlan” and survival game “Earth: Revival” – may be sold to other publishers. It plans to keep the smaller social games activities that can be played within Douyin, the Chinese twin of TikTok.
‘Marvel Snap’ is a digital collectible card game developed by Second Dinner and published by Nuverse.
Bloomberg also reported that Bytedance is considering selling Shanghai Moonton Technology, a games company it paid $4 billion for in 2021.
The moves would re-focus Bytedance on social video – Tiktok and Douyin – and e-commerce. It has also made moves into music streaming and AI this year.
Games have been increasingly heavily regulated within China over the past three years, with authorities increasingly stringent about protecting young users’ health. They have intervened by delaying new license approvals or permits allowing monetization and the introduction of requirements that platforms limit game-play by minors. The cycle of regulation may now have turned more favorable and permits are being green-lighted again, but analysts suggest that the games market is headed for slower growth than in recent times.
Bytedance is privately-held and is not required to publicly disclose its financial position. However, occasional disclosures to investors have been reported by financial media. These show that Bytedance is approaching Facebook owner Meta in term of revenue. The company was reported as having $85 billion of revenue in 2022, while revenue for the first half of 2023 was reported as $54 billion.
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Pakistan Oscar Contender ‘In Flames’ Wins Mannheim-Heidelberg Prize – Global Bulletin
Zarrar Kahn‘s “In Flames,” Pakistan‘s submission to the Oscars‘ international feature category, has won the International Newcomer Award for the best film in competition at the 72nd International Film Festival Mannheim-Heidelberg, Germany. The award carries a cash prize of €30,000 ($32,850).
“In Flames,” a Pakistani Canadian horror-drama about a Karachi woman and her mother who are beset by malevolent figures from their past after the family patriarch dies, premiered at the Cannes Directors’ Fortnight and has had considerable festival play since, including at Toronto, Busan, Sitges, Sao Paulo and Pingyao.
The award’s jury members, Elisa Schlott, Denis Dercourt and Goran Stolevski, stated: “Our award goes to a filmmaker who manages to shift and play with genre while maintaining a connection both to his audience as well as his protagonist throughout the film. The main character is a young woman who is allowed to be both brave and fragile, and she is brought to life through a wonderful debut performance that complements the mise-en-scene.”
The film will be playing in competition at the upcoming Red Sea Film Festival. Distributed by Game Theory Films, who picked up U.S. and Canada rights at AFM, the film due release in April 2024.
DOUYU DECISION MAKERSDouYu International, the Chinese live-streaming firm whose chairman and CEO Chen Shaojie was recently arrested by police in Chengdu, has formed a new interim management committee. It includes Mr. Su Mingming, a director and chief strategy officer of the company, Mr. Cao Hao, a director and VP of the company, and Ms. Simin Ren, a newly appointed VP.
“The board is confident that the company will continue to maintain its normal operations under the leadership of the interim management committee. The management committee members’ years of experience at the company and in the industry will provide steady leadership while Mr. Chen focuses on his situation,” the company said in a filing.
APPOINTMENTSBBC News has promoted senior news editor, digital live, Kevin Ponniah, to head of digital news for North America. He will be responsible for all U.S. and Canada digital news reporting across BBC platforms, leading on developing BBC News’ offering on BBC.com and working closely with BBC Studios, the BBC’s commercial arm, on growing audiences, impact and revenue. The role will be based in Washington D.C, working alongside teams in London and around the world.
Pnniah’s elevation follows the appointment of Laura Norkin as executive managing editor, global features, earlier this year. Based in New York, Norkin oversees BBC.com’s multimedia features sections, covering areas including culture, travel, sustainability, business, science and innovation.
TRAILERZee Studios has released a trailer for Devashish Makhija‘s “Joram,” starring Manoj Bajpayee, who plays a father who is on the run with his baby girl to escape the ghosts of his past and the forces that want him dead. The Indian survival thriller began its festival journey at Rotterdam earlier this year and has played at the Sydney, Busan, Chicago, Jio MAMI Mumbai film festivals and at Durban, where it won two awards.
The trailer was premiered at the ongoing International Film Festival of India, Goa, where Bajpayee delivered a masterclass. The film is produced by Shariq Patel, Ashima Avasthi Chaudhuri, Anupama Bose and Makhija. The cast also includes Mohammed Zeeshan Ayyub, Smita Tambe and Tannishtha Chatterjee.
“Joram” releases theatricallyworldwide on Dec. 8.
Watch the trailer here:
[embedded content]
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TVB, Hong Kong’s Top Broadcaster, to Lay-Off 300 Staff and Cut Channels
Television Broadcasts (TVB), long the dominant free-to-air TV operator in Hong Kong is to dismiss 300 staff, or 8% of its already reduced workforce, in a further cost cutting move.
The company said in a regulatory filing on Monday that it will shed 200 staff from its program production operations, merge two of its five channels and reduce its Zstore e-commerce business, with the loss of an additional 100 jobs.
The moves, some of which require regulatory approval, are the second staff reduction to be announced this year. In March, TVB cut 255 employees, taking its headcount to 3,600 as of June.
TVB is proposing to merge its J2 channel (offering content and programs aimed at a young audience) with its TVB Finance, Sports & Information channel and to create TVB+.
The new channel will create “a diverse range of young audience content, including dramas and variety shows, sports, and informational programs.” It will also “link up free-to-air TV content with interactive content on our digital platforms such as myTV SUPER and TVB social media accounts.”
Financial news will no longer have a dedicated channel and, instead, content will be dissipated across the remaining channels Jade and TVB+ channels.
“We expect TVB+ will appeal to a larger combined audience than our current J2 and FSI channels, and thus also deliver a stronger value proposition to advertisers,” TVB said in the filing.
“We will reduce our production budgets for fringe-hour content and discontinue any programs that fall short of their desired audience or commercial impact. As a result, in addition to the HK$260 million ($33.3 million) of annual cost savings we announced in March 2023 and are on track to achieve by year-end 2023, we expect to save a further HK$100 million ($12.9 million) in content cost in 2024. At the same time, we will reduce headcount in this business unit by over 200 staff,” TVB explained.
“We will merge our current Ztore online platform with Neigbuy, with Ztore becoming an integral part of Neigbuy. Neigbuy stands out from traditional e-commerce platforms with its pre-sale model whereby customers order and pay for a product before Neigbuy purchases the stock. This model not only alleviates inventory pressure and reduces inventory holding risk, but also allows Neigbuy to adapt quickly to changing market dynamics and seize any new opportunities that arise,” TVB said.
The company has recorded five consecutive years of losses. These rose from HK$281 million in 2020 to HK$647 in 2012 to HK$807 million in 2022.
In the first half of 2023, losses were up again to HK$407 million ($51.9 million), an increase of 84% from HK$224 million.
The broadcaster reported a HK$406.7 million loss (US$51.89 million) in the first half of the year, an 81 per cent increase, or HK$224 million, compared with the same period in 2022, a e-commerce revenues suffered a post-pandemic retreat.
The post TVB, Hong Kong’s Top Broadcaster, to Lay-Off 300 Staff and Cut Channels appeared first on Victoriafox.
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