Tag Archives: Drop

Smugglers Caught Using Drones to Drop $80 Million Worth of iPhones Into China
March 30, 2018 6:32 pm|Comments (0)

Chinese customs officers have arrested smugglers who attempted to drop millions of dollars worth of iPhones from drones into China.

Twenty-six suspects were arrested in China recently after they tried to use drones to fly two 660-foot cables from Hong Kong to Shenzhen, according to Reuters. Those cables were going to be used to lift iPhones worth 500 million yuan ($ 79.6 million) to the mainland, where they could be sold via the black market for a hefty profit, according to the report. A local Chinese report from the Legal Daily said it was the first time drones were employed to smuggle phones.

The operation was set to go off at night, where smugglers would pack small bags with approximately 10 iPhones and attach them to the drones. Those drones would then fly from Hong Kong to the mainland in just a matter of seconds. According to Reuters, the smugglers had the ability to transport up to 15,000 iPhones each night.

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Smuggling of high-value products—like iPhones, jewelry, and luxury products—is nothing new in China. In fact, the government has been working hard to crackdown on the practice and do a better job of breaking up what has become an increasingly powerful black market.

Smuggling gangs often steal devices or buy them at a deeply reduced rate and sell them for a higher price in China. They’re careful, however, to keep their prices below the going rate for those who purchase products legitimately. The result is a profitable business for smugglers and an opportunity for Chinese consumers to get authentic goods at a cheaper price.

Despite breaking up the drone attempt, Shenzhen officials warned that smuggling would continue. According to Reuters, the customs officers are planning to use several types of equipment to thwart other attempts by the smugglers.

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China's Leshi says $890 million of debts due this year, shares drop 10 percent
February 5, 2018 6:00 am|Comments (0)

HONG KONG (Reuters) – China’s Leshi Internet said about 5.62 billion yuan ($ 890 million) of its debts would be due by the end of this year, or almost two-thirds of the company’s total loans and liabilities, sending its shares down for a ninth day.

This is the first time the video-streaming firm – which is battling the fallout from a severe cash crunch at its founder Jia Yueting’s embattled technology conglomerate LeEco – has provided an estimate for its debt in 2018.

Earlier, the company had said that a part of its total loans and financial liabilities of 9.29 billion yuan ($ 1.5 billion)would be due this year, without giving any further details.

Leshi shares plunged by the daily limit of 10 percent on Monday. Nine days of declines, since the stock resumed trading in January after a nine-month suspension, have knocked 37.5 billion yuan off the company’s market capitalization, that is currently at 23.7 billion yuan.

At its peak in 2015, Leshi was valued at 153 billion yuan.

Just last week, Leshi flagged that it expected a loss of 11.6 billion yuan for 2017, more than five times its combined profits since listing on the Shenzhen stock exchange in 2010, due to the ongoing crisis at LeEco.

LeEco was once China’s Netflix-to-Tesla contender but ran into a cash crunch since late 2016 after expanding too fast. Leshi used to be the main listed unit of the conglomerate.

But under the control of property developer Sunac China – its second-largest shareholder, Leshi is now trying to distance itself from the LeEco brand.

Leshi says its largest shareholder Jia and related LeEco units owe it 7.5 billion yuan ($ 1.19 billion). LeEco disputes the figure.

Shares of Sunac plunged as much as 6 percent, lagging a nearly 2 percent fall for the benchmark index.

Reporting by Sijia Jiang; Editing by Himani Sarkar

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AMD forecasts first revenue drop in seven quarters, shares plummet
October 25, 2017 12:00 am|Comments (0)

(Reuters) – Advanced Micro Devices Inc on Tuesday flagged competitive pressures with a forecast that pointed to the first revenue drop in seven quarters, sending the chipmaker’s shares plunging 11 percent in after-hours trading.

FILE PHOTO: AMD Opteron 6000 series processor is seen on a motherboard during a product launch in Taipei April 14, 2010. REUTERS/Pichi Chuang/File Photo

The company, which has gained from a surge in demand for its chips from cryptocurrency miners, also sought to tamp down expectations of benefits from the boom.

“We’re also predicting that there will be some leveling off of some of the cryptocurrency demand,” said Chief Executive Lisa Su on a post-earnings call.

AMD’s underwhelming forecast overshadowed a strong third-quarter performance, which was aided by a slew of launches this year such as the Epyc processors for servers and a new range of Ryzen desktop processors.

The company said it expects fourth-quarter revenue to fall about 12 percent to 18 percent from the third quarter. This implies a revenue of about $ 1.35 billion to $ 1.44 billion, according to Reuters calculation.

“AMD has headwinds with competition from Intel and Nvidia among other worries,” Daniel Ives, chief strategy officer at GBH Insights said.

Bigger rival Intel Corp recently launched its new line of Coffee Lake processors, which analysts said could challenge AMD’s Ryzen processors.

AMD’s total revenue surged 25.7 percent to $ 1.64 billion in the third quarter, beating analysts’ average estimate of $ 1.51 billion.

Sales in its graphics and computing business, which makes processors for servers and gaming consoles such as Microsoft Corp’s Xbox and Sony Corp’s PlayStation, surged 73.5 percent to $ 819 million.

“We anticipate seasonal demand to remain healthy as our customers enter the holiday sales cycle with Sony’s PlayStation 4 Pro and Microsoft’s Xbox One X,” Lisa Su said on the call.

France-based company Atari said last month that its latest gaming console Ataribox would feature AMD’s customised processor Radeon.

AMD reported a net income of $ 71 million, or 7 cents per share, in the quarter ended Sept. 30, compared with a loss of $ 406 million, or 50 cents per share, a year earlier.

Excluding items, the company earned 10 cents per share, topping analysts’ estimate of 8 cents, according Thomson Reuters I/B/E/S.

AMD’s shares have risen 25.7 percent this year, outperforming the S&P 500’s nearly 15 percent increase but underperfoming the Philadelphia semiconductor index’s 37 percent gain.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila

Our Standards:The Thomson Reuters Trust Principles.

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Oculus price drop proves competition is key to VR success
March 24, 2017 10:20 am|Comments (0)


Gaming in VR has a bit of a barrier to entry. Nestled between the phone-based headsets and the high-end experiences is the PlayStation VR, but that’s still $ 399 plus the PlayStation itself. For Oculus or HTC you’re looking at $ 800-plus and a high-end gaming rig that should set you back at least a grand. Oculus today narrowed the margin, if only slightly. The company today announced a price drop on its Rift headset with Touch controllers. The bundle will now sell for $ 598, down from the $ 798 retail price it’s typically listed at. If you already have Rift, you can…

This story continues at The Next Web


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