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Telecoms watchdog says Swisscom overcharged rivals

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Telecoms watchdog says Swisscom overcharged rivals

FILE PHOTO: The logo of Switzerland’s Swisscom telecommunications is seen at an office building in Zurich, Switzerland November 22, 2016. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) – Switzerland’s Federal Communications Commission (ComCom) has retroactively cut some regulated prices that Swisscom charges rivals, the agency said on Tuesday after concluding that some of its prices were too high.

“Responding to requests from Sunrise and Salt, the Federal Communications Commission has reviewed the prices charged for the regulated telecoms services offered by Swisscom. In many cases, these prices have been reduced with retroactive effect for the 2013–2016 period,” it said in a statement.

The regulator made the move after calculating prices for the first time on the basis of modern fibre-optic technology rather than conventional copper cabling as in the past.

Swisscom said it was considering whether to file an appeal with the federal administrative court. The government-controlled telecommunications company said it had already built financial reserves for the case and reaffirmed its 2019 outlook.

Its shares nevertheless turned negative after the news and were down 0.4 percent by 0835 GMT.

ComCom determined that rates for unbundled copper subscriber lines should have been some 10–25 percent lower than those offered by Swisscom, while rates for carrier line services were to be reduced by between 65 and 80 percent.

The regulator saw no problem with cable duct prices but lowered average costs for network interconnection by around 10 percent.

Swisscom took issue with some of ComCom’s conclusions. “It is only the reductions for leased lines of between 65 percent and 80 percent that Swisscom finds difficult to comprehend,” the company said.

Reporting by Michael Shields; Editing by John Miller

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Audi helps you avoid red lights by suggesting speeds

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Speed suggestions and TLI are available as part of an Audi Connect Prime feature on 2017 and newer models outside of the A3 and TT. You’re still limited to using them in certain areas, however. TLI is currently available in 13 urban regions, including Dallas, Denver, Gainesville, Houston, Kansas City, Las Vegas, Los Angeles, New York (White Plains), Orlando, Phoenix, Portland, the San Francisco Bay Area (Palo Alto and Walnut Creek) and Washington, DC.

The technology could become more useful in the future, though. Future TLI upgrades might use a car’s automatic stop/start system to restart the engine when a red light is turning green, and a navigation tie-in could plan routes that minimize stops. Think of this as another small step toward autonomous cars. You might still have to take the wheel, but computers are minimizing many of the little annoyances.

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SoftBank and Mubadala grow closer – TechCrunch

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SoftBank and Mubadala grow closer – TechCrunch

The Japanese conglomerate SoftBank and Mubadala, the Abu Dhabi state investment company, have a closely intertwined relationship, and it’s one that the two are further cementing. According to the Financial Times, SoftBank has just committed half the capital for a new $400 million fund from Mubadala that aims to back European startups.

Industry observers might remember that Mubadala committed $15 billion to SoftBank’s massive Vision Fund as it was first being put together in 2017. Soon after, Mubadala opened a San Francisco office, as well as structured a $400 million fund designed to invest in early-stage startups to which SoftBank committed some capital.

The pact was understandable, including because Mubadala’s early-stage fund could theoretically provide SoftBank with a better idea of what’s happening at companies that are earlier in their trajectories than SoftBank typically sees. The move was also meant to better enable Mubadala to oversee the money it committed to SoftBank.

The newer fund appears to be raising questions, however.  At least, the FT notes that the timing is “unusual” given that SoftBank is currently saddled with $154 billion in gross debt. The new fund also “raises the prospect that Mubadala’s influence with the Vision Fund will only grow by allowing it to shape SoftBank’s tech investments,” as suggest the FT’s sources.

Yet SoftBank may not have much choice but to work increasingly closely with Abu Dhabi. As the company’s CEO, Masayoshi Son, said earlier this month, the Vision Fund has spent about $50 billion of its approximately $99 billion in capital. Given the rate at which it has been investing (it just plugged nearly $1 billion into a company last week), its remaining funds might not last through 2020.

Meanwhile, it isn’t clear whether SoftBank enjoys the solid relationship that it once did with the Vision Fund’s biggest anchor investor, the kingdom of Saudi Arabia, which provided SoftBank with a $45 billion commitment for its current fund and that SoftBank was largely counting on to be its biggest backer in a second Vision Fund.

On October 3rd of last year, Bloomberg journalists talked with Saudi Arabia’s Crown Prince Mohammed bin Salman (or MBS), and he said he planned to invest a further $45 billion in SoftBank. Yet what few knew then was that five days earlier, journalist and Saudi regime critic Jamal Khashoggi had vanished after going into the Saudi consulate in Istanbul. As questions, and concern, began to spread over MBS’s involvement in the disappearance, many business executives canceled plans to visit Riyadh, where Saudi Arabia hosted an investment conference in the middle of October. Son was among them, even as he tried hedging his bets by visiting privately with MBS in Riyadh the night before the event began.

Whether that move angered MBS remains to be seen. It also isn’t clear whether the CIA’s eventual findings that MBS ordered Khashoggi’s murder, or the unflattering attention paid to Saudi Arabia because of that murder, is impacting where SoftBank is able to invest its capital.

Son, for his part, declined to say earlier this month whether he would consider taking more money from Saudi sources — which is perhaps telling in itself.

In the meantime, it’s barreling ahead with Mubadala, which will reportedly use its new fund to write checks to European startups of between $5 million and $30 million.

As with Mubadala’s San Francisco-based team, the idea appears to be to act as a funnel for SoftBank’s Vision Fund, steering it deals that Mubadala’s team sees as the most promising in its portfolio.

Mubadala’s European venture fund will be run out of a new office in London, which is expected to open this spring. The Vision Fund is currently also headquartered in London, with another office in San Francisco and soon, offices expected in Shanghai, Beijing and Hong Kong.

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The superfans behind the Instant Pot hype

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The superfans behind the Instant Pot hype

As Fox raced around Naples, Florida, two other Instant Pots cooked away on her counter, perfecting brown rice and broccoli, respectively. A fourth “spare IP in the original box” squatted in the garage, in case of an emergency. “I should own stock in brown basmati, bone broth and sauce packets by Frontera,” she quipped.

Meanwhile, in Portland, Oregon, 42-year-old Andrea Evans had just branched out from cheesecakes to cannabis-infused coconut oil. Besides being an ingredient in muffins, she says she utilizes the oil for “massaging muscles, and as a sex lube,” proving that you really can use the Instant Pot for anything.

Both Fox and Evans are part of a Facebook group called “Best F*cking Instant Pot Recipes Ever,” which features a photoshopped picture of Beyoncé clutching the stainless steel kitchen contraption. It numbers almost 5,000 members, which, in the scheme of IP groups, is a drop in the pressure cooker.

The official Instant Pot group has 1.8 million members, and Facebook boasts hundreds run by the community, including my favorite, “”Dump and Push Start” Easy Instant Pot Recipes,” with 86,000 members. The device is listed as No. 4 in Amazon’s best-sellers in kitchen and dining, but other appliances don’t garner this level of online devotion.

In fact, the other items in Amazon’s top 10 list have an average of only 4,000 reviews each, and the IP has garnered more than 28,000. People love their Instant Pots so much they buy 3D-printed dragon steam vents for them, make birthday cakes in the shape of them, and even dress up as them for Halloween. Last November, Alexandria Ocasio-Cortez, who at 29-years-old had just been elected to the House of Representatives, made mac and cheese in her Instant Pot for a group of several hundred thousand viewers on Instagram Live.

In other words, Instant Pot users are fanatical, intensely devoted to their devices. Some have even called it a cult. Who are the acolytes using the IP, and why does it mean so much to them?

The Instant Pot is not that different from Grandma’s traditional pressure cooker. The big change? It uses electricity, not the stovetop, and it has self-regulating safety features. In other words, it’s not going to blow up your batch of Bolognese.

The Instant Pot — which can also be a slow cooker, steamer and yogurt maker among other functions — has been around for about a decade, though its popularity skyrocketed in the past two years. In 2008, former Nortel engineer Robert J. Wang realized how hard it was to cook healthy meals for his two young children and set about creating a gadget to solve this. He spent 18 months and more than $300,000 of his own personal savings working with a team of “telecom engineers” — according to Inc — to create the Instant Pot.

After the co-sign of influencers like Jill Nussinow and Michelle Tam followed by a 2016 Amazon Prime Day promotion, the Instant Pot got gushing coverage from both The New York Times and home cooks like like Brittany Williams. (Williams lost over a hundred pounds cooking with her IP, her Instant Loss Cookbook is a national best-seller and her Facebook community has 97.8k members).

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