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For its year of achievements, NJHMFA honored as statewide leader by NJBIZ

TRENTON, N.J. —  The New Jersey Housing and Mortgage Finance Agency (NJHMFA) has been honored as a 2023 Leader in Real Estate, Construction, and Design by NJBIZ.

This recognition joins many awards the Agency won in 2023 for its work on promoting affordable and mixed-income housing construction and economic development across New Jersey.

This most recent award recognized NJHMFA’s role in making high-quality, accessible, affordable housing construction possible through its financing capacity, innovative programs, and collaborative partnerships. Since 2021, NJHMFA has undergone a record expansion of the Agency’s core multifamily programs, which now produce more than $1.3 billion in annual construction.

“NJHMFA is committed to ensuring that New Jersey residents have access to high-quality affordable housing near the schools, jobs, transportation, services, and other amenities that their households require,” said Executive Director Melanie R. Walter. “We are honored that NJBIZ has recognized our successful efforts to provide these housing opportunities by naming us as a Leader in Real Estate, Construction, and Design for 2023.”

Among the projects that were cited as part of NJBIZ’s recognition are Hinchliffe Residences and Barclay Place. Both projects, which opened in the summer of 2023, are examples of how NJHMFA financing can help municipalities further their planning, growth, and housing goals, while simultaneously creating a thriving inclusive community for all who live there.

Hinchliffe Residences was a key component of the long-awaited redevelopment and revitalization of Hinchliffe Stadium in Paterson. Hinchliffe Residences reflects and embraces the unique architecture and history of the adjacent Hinchliffe Stadium, one of the only four standing stadiums that once hosted Negro League baseball games. This development seamlessly integrates historical essence with modern planning elements, including affordable senior housing, a daycare, and a new parking deck. The project is the state’s largest-ever historic preservation project and a key piece of the city’s future. The Hinchliffe redevelopment has received a 2023 Smart Growth Award from NJ Future, the 2023 Outstanding Implementation Award from the New Jersey Chapter of the American Planning Association, and the 2023 Governor’s Excellence Award for Innovative Economic Development.

The Barclay Place development is the first completed project financed through the NJHMFA’s Hospital Partnership Subsidy Program. This program, serves as a national model, with other states now replicating the way NJHMFA leverages hospitals’ status as anchor institutions to improve community health outcomes through the creation of affordable and supportive housing. NJHMFA, Saint Joseph University Medical Center, NJCDC, NJCC, and other partners received a 2023 Smart Growth Award from NJ Future, the 2023 Project of the Year Award from the Supportive Housing Association of New Jersey, and the 2023 Governor’s Excellence Award for Housing Development for this remarkable supportive housing community.

Other projects that have received recognition in 2023 include the Gordon H. Mansfield Veteran’s Community in Tinton Falls, NJ, a 70-unit community for military veterans that won the NAA Excellence Award for New Construction Community of the Year; One Thompson Place in Dover, which received a 2023 Smart Growth Award; and Freedom Village at Hamilton Woods, which was cited as part of the NJBIZ award. Other landmark projects in the development pipeline include Hospital Partnership Subsidy Program projects in Newark and Camden, and 28 Walnut in Madison, which was among the first projects to receive Affordable Housing Production Fund Support.

About Us: The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs. To learn more about NJHMFA, visit: https://NJHousing.gov/

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PARTS iD announces delisting from NYSE American

CRANBURY, N.J. — (BUSINESS WIRE) — PARTS iD, Inc. (NYSE American: ID) (“PARTS iD” or “the Company”) on Wednesday announced that it received notification from the New York Stock Exchange (“NYSE”) that the NYSE has initiated proceedings to delist the Class A common stock of PARTS iD, Inc. from NYSE American.

 

The NYSE also indefinitely suspended trading of the Company’s Class A common stock effective Dec. 26, 2023. PARTS iD does not intend to appeal the NYSE’s determination.

 

The NYSE determined that the Company is no longer suitable for listing and will commence delisting proceedings pursuant to Section 1003(c)(iii) of the NYSE American Company Guide in light of the disclosure on Dec. 26, 2023 that the Company filed a voluntary petition for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware.

 

About PARTS iD, Inc.

PARTS iD is a technology-driven, digital commerce company focused on creating custom infrastructure and unique user experiences within niche markets. Founded in 2008 with a vision of creating a one-stop eCommerce destination for the automotive parts and accessories market, we believe that PARTS iD has since become a market leader and proven brand-builder, fueled by its commitment to delivering a revolutionary shopping experience; comprehensive, accurate and varied product offerings; and continued digital commerce innovation.

 

Cautionary Note Regarding Forward-Looking Statements

All statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other such matters, including without limitation, expected future performance, consumer adoption, anticipated success of our business model or the potential for long term profitable growth, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict,” “potential,” “confident,” “look forward,” “optimistic” and similar expressions and their variants, as they relate to us may identify forward-looking statements. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us, particularly those associated with the COVID-19 pandemic and the conflict in Ukraine, which have had wide-ranging and continually evolving effects. We caution that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time, often quickly and in unanticipated ways.

 

Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements include risks and uncertainties, including without limitation: the ongoing conflict between Ukraine and Russia has affected and may continue to affect our business; competition and our ability to counter competition, including changes to the algorithms of Google and other search engines and related impacts on our revenue and advertisement expenses; the impact of health epidemics, including the COVID-19 pandemic, on our business and the actions we may take in response thereto; disruptions in the supply chain and associated impacts on demand, product availability, order cancellations and cost of goods sold including inflation; difficulties in managing our international business operations, particularly in the Ukraine, including with respect to enforcing the terms of our agreements with our contractors and managing increasing costs of operations; changes in our strategy, future operations, financial position, estimated revenues and losses, product pricing, projected costs, prospects and plans; the outcome of actual or potential litigation, complaints, product liability claims, or regulatory proceedings, and the potential adverse publicity related thereto; the implementation, market acceptance and success of our business model, expansion plans, opportunities and initiatives, including the market acceptance of our planned products and services; developments and projections relating to our competitors and industry; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; our ability to maintain and enforce intellectual property rights and ability to maintain technology leadership; our future capital requirements; our ability to raise capital and utilize sources of cash; our ability to obtain funding for our operations; changes in applicable laws or regulations; the effects of current and future U.S. and foreign trade policy and tariff actions; disruptions in the marketplace for online purchases of aftermarket auto parts; costs related to operating as a public company; the Company’s intention to continue operations during the Chapter 11 Cases; the Company’s ability to conduct its business in an uninterrupted manner during the Chapter 11 Cases; the potential outcome and timing of the delisting of the Company’s Class A common stock; the Company’s ability to obtain timely approval of the Bankruptcy Court with respect to motions filed in the Chapter 11 Cases; and the possibility that we may be adversely affected by other economic, business, and/or competitive factors.

 

Further information on the factors and risks that could cause actual results to differ from any forward-looking statements are contained in our filings with the SEC, which are available at https://www.sec.gov (or at https://www.partsidinc.com). The forward-looking statements represent our estimates as of the date hereof only, and we specifically disclaim any duty or obligation to update forward-looking statements.

Contacts

Investors:

Brendon Frey

ICR

ir@partsidinc.com

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Filing: Fidelity marks down the value of its X stake,  from 33% in May 2023 to ~28% of the $44B that Elon Musk paid 

Dan Primack / Axios:

 

 

—  Fidelity has again marked down the value of its shares in X Holdings, which the mutual fund giant helped Elon Musk buy for $44 billion when the company was known as Twitter.

 

By the numbers: Fidelity believes that X is worth 71.5% less than at the time of purchase, according to a new disclosure that runs through the end of November 2023 (Fidelity revalues private shares on a one-month lag).

 

  • This includes a 10.7% cut during November, during which time Musk told boycotting X advertisers to “go f**k yourself” during an on-stage interview with the New York Times.
  • In terms of publicly traded comps, Meta stock rose 4.9% in November while Snap shares climbed 38.2%.

 

The big picture: Fidelity began marking down its Twitter shares the first month after Musk’s buyout. It increased the share value or kept it stable for a few months earlier in 2023.

 

Behind the scenes: Fidelity doesn’t necessarily have much, if any, inside information on X’s financial performance, despite being a shareholder in the privately held business. Other shareholders may value their X stock differently.

 

 

— Techmeme

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DLA, LLC announces January 2024 staff promotions

DLA recognizes exceptional performance

 

FAIRFIELD, N.J. — (BUSINESS WIRE) — DLA, LLC (DLA), a leading provider of internal audit, technology, and accounting advisory services, announces 2024 new year staff promotions.

 

DLA Founder & CEO, David Landau, expresses, “We are thrilled to be able to recognize and acknowledge the remarkable talent within our team. We are promoting 10 individuals that demonstrated commitment, dedication, and expertise, which reaffirm DLA’s core values and unwavering dedication to excellence. Congratulations to each esteemed team member on their well-earned promotion.”

 

In honoring these well-deserved advancements, we turn our attention to the accomplished individuals who have reached significant milestones in their careers at DLA.

 

Administration Team

Ashley Junco – Promotion to Senior Office Coordinator

Ashley’s contributions extend well beyond her coordinator role, overseeing the administrative office and playing a vital part in marketing initiatives. Her multi-faceted role reflects dedication to both employees and the overall success of the firm.

 

Danielle Krause – Promotion to Recruitment Manager

In her impactful year at the firm, Danielle has showcased unwavering commitment to elevating recruitment processes. Her dedication to candidates and loyalty to the firm are commendable, making her an integral guide in the evolution of recruitment strategies.

 

Internal Audit Team

Ryan Delaney – Promotion to Senior

An incredible team player, Ryan’s versatility and dedication shine as he seamlessly handles multiple engagements. He has become a trusted contact for clients, and we look forward to watching him excel in his new role.

 

Spencer Javras – Promotion to Director

Starting as an intern, Spencer has set the gold standard on the Internal Audit team. His hard work, dedication, and technical expertise make him an exemplary resource to the firm. We are excited to watch his bright future with DLA.

 

Sarah Karmazyn – Promotion to Senior

Since joining DLA, Sarah has been a valuable resource, quickly becoming an engagement leader and delivering work of the highest quality. Her ability to operate at the next level ensures continued success at DLA.

 

Derek Spambanato – Promotion to Manager

Instrumental in the Internal Audit team, Derek stepped into managerial roles on several engagements. His excellent work ethic, positive attitude, and commitment make him a valuable asset, showcasing exceptional skills.

 

Forensic Valuation Litigation Support (FVLS) Team

Jason Addesso – Promotion to Partner

Jason’s rise through the ranks at DLA is an example of what the firm stands for. Starting as a manager in June 2016, he has been promoted to Senior Manager, Director, Managing Director, and now Partner. Jason’s client service is second to none, and he thrives as a trainer and mentor to the FVLS staff. He is growing as a highly respected accounting expert in the matrimonial litigation industry in New Jersey. Jason’s future is extremely bright, and we look forward to his continued growth within the firm and his future efforts as a partner.

 

Elizabeth Goeller – Promotion to Lead Paraprofessional

Beth epitomizes teamwork within the FVLS group, known as the Swiss Army Knife for her ability to perform various functions. Her high-level contributions include billable accounting, administrative assignments, training staff, and mentoring.

 

Andrew Kyriacou – Promotion to Senior

A valuable resource for the FVLS group, Andrew takes initiative on all engagements and is always willing to help. He has begun to train and mentor FVLS new hires, demonstrating exceptional skills and attention to detail on large and complex engagements. The operating committee continues to receive positive feedback about Andrew’s work and efforts, and we look forward to his continued success.

 

Accounting Advisory Team

Alice Chen – Promotion to Senior Manager

In the short time since joining in May 2023, Alice has made an exceptional impact on the Accounting Advisory group. Her handling of technical areas and commitment to client service position her as a valuable leader in her new role.

 

To quote DLA President and CFO, Phil Ramacca, “The promotions announced today are a testament to the caliber of talent within DLA. These individuals have consistently demonstrated excellence, contributing to the firm’s success. We look forward to their continued growth and leadership.”

 

The DLA Operating Committee extends heartfelt congratulations to these promoted professionals, who embody the spirit of excellence that defines DLA’s commitment to delivering top-tier services to clients and the firm.

 

About DLA, LLC

Founded in 2001, DLA provides internal audit, technology, and accounting advisory services to hundreds of clients. DLA’s leadership team averages 30+ years of experience and is led by Big Four veterans with deep industry expertise. DLA specializes in internal audit, accounting advisory, forensic accounting, valuation and litigation support, tax, risk management, and IT advisory services. The company is headquartered in Fairfield, New Jersey.

 

For further information about DLA, LLC, please visit us at www.dlallc.com.

Contacts

Danielle Dietrich 973.575.1565

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Sources: ASML cancels shipments of some high-end chipmaking equipment to China, at US’ request, weeks before bans took effect

—  ASML canceled shipments of a limited number of devices

— Biden is cracking down on Beijing’s semiconductor industry

 

 

Bloomberg:

 

ASML Holding NV canceled shipments of some of its machines to China at the request of U.S. President Joe Biden’s administration, weeks before export bans on the high-end chipmaking equipment came into effect, people familiar with the matter said.

The Dutch manufacturer had licenses to ship three top-of-the-line deep ultraviolet lithography machines to Chinese firms until January when new Dutch restrictions take full effect. However, U.S. officials reached out to ASML to ask them to immediately halt pre-scheduled shipments of some of the machines to Chinese customers, according to people familiar with the matter, who asked not to be identified because the discussions were confidential.

U.S. National Security Adviser Jake Sullivan had called the Dutch government about the matter late last year, the people said, and Dutch officials asked the U.S. to contact ASML directly about shipments of the equipment, called immersion deep ultraviolet lithography machines. Shipments of a limited number of machines were canceled following the U.S. request, they said, though it wasn’t immediately clear how many were involved. In an industry where devices typically cost $10 million, ASML commands about $180 million for its current top-end machine.

Biden is cracking down on Beijing’s attempts to create its own advanced semiconductor industry, and the U.S. and its allies are blocking access to imported technology. China’s Huawei Technologies Co. produced a smartphone to rival Apple Inc.’s iPhone last year using top-of-the-line chips made with ASML’s immersion lithography machines, Bloomberg News has reported.

ASML, Europe’s largest technology company, confirmed that the Dutch government partially revoked licenses recently for the shipment of certain lithography systems to China, affecting a small number of customers there. In a statement issued after Bloomberg’s report, the company said it’s held recent discussions with the U.S. about the scope and impact of its export control regulations, without elaborating. ASML said it doesn’t expect the latest blockade to have a “material impact on our financial outlook for 2023.”

Spokespeople for the White House National Security Council and the Dutch Ministry of Foreign Affairs declined to comment.

Chinese imports of ASML’s lithography gear surged in 2H23

Dutch in June published new curbs that will become effective in 2024

Source: China Customs

A spokesman for the Chinese Foreign Ministry called the U.S.’s intervention in China’s access to technology an act of “hegemony” and urged the Dutch government to “respect the spirit of the contract and world order, to safeguard the mutual benefits of the two countries.”

Chipmakers in China dropped after the news. Semiconductor Manufacturing International Corp., the semiconductor company that helped Huawei produce the 7-nanometer processors for its new smartphone, fell as much as 3% in Hong Kong trading on Tuesday. Hua Hong Semiconductor Ltd. declined as much as 2.8%.

ASML’s U.S. shares fell 5.3% to $716.92 at the close Tuesday in New York. All 30 members of the Philadelphia Semiconductor Index declined, with the index as a whole dropping 3.7% as part of a broad market downturn.

This most recent crackdown — which may have hit SMIC, one of China’s top-tier chipmakers — will ultimately motivate Beijing to accelerate the development of its own technology, moving toward independence from international suppliers, according to Equita SIM analyst Gianmarco Bonacina.

U.S. pressure on the Veldhoven-based company started in 2019, when President Donald Trump’s administration pushed the Dutch government to ban sales of ASML’s top-of-the-line extreme ultraviolet lithography machines to China. ASML is the only company that makes this technology, which is used to create semiconductors that power everything from smartphones to sophisticated military gear.

Then, pushed by Biden’s administration, the Dutch government tightened export controls on China further last year, restricting the DUV machines, the second most advanced product line the company offers from Jan. 1. China has been rushing to stockpile them since.

Between July and November, China’s imports of lithography machines surged more than five times to $3.7 billion, according to Chinese customs data. China accounted for nearly half of ASML’s sales in the third quarter — compared with 24% in the previous quarter and 8% in the three months ending in March — as companies there rushed to import its machines before export controls take effect.

China now accounts for almost half of ASML’s sales

Source: ASML

 

ASML’s outgoing Chief Executive Officer Peter Wennink toldinvestors in October that the new curbs will affect as much as 15% of the firm’s sales in China.

Wennink has publicly opposed the measures and warned they might encourage China to develop competing technology. “The more you put them under pressure, the more likely it is that they will double up their efforts,” he said last year in an interview with Bloomberg News.

— With assistance from Ian King, Mackenzie Hawkins, Fran Wang, James Mayger, Sunil Kesur, and Dan Murtaugh

(Updates with sector share decline in the ninth paragraph.)

 

 

 

— Techmeme

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Amazon Prime Video plans to start showing ads on Jan. 29, with option for customers to pay extra $2.99 per month for no ads

Movies and TV shows on Amazon’s streaming service will start getting broken up with ads in January — unless you’re willing to pony up an extra fee each month.

 

 

Chris Welch / The Verge:

 

 

—  Earlier this year, Amazon announced plans to start incorporating ads into movies and TV shows streamed from its Prime Video service, and now the company has revealed a specific date when you’ll start seeing them: it’s January 29th.

 

“This will allow us to continue investing in compelling content and keep increasing that investment over a long period of time,” the company said in an email to customers about the pending shift to “limited advertisements.”

 

“We aim to have meaningfully fewer ads than linear TV and other streaming TV providers. No action is required from you, and there is no change to the current price of your Prime membership,” the company wrote. Customers have the option of paying an additional $2.99 per month to keep avoiding advertisements.

 

The rest of the email summarizes the many benefits of a Prime subscription — no doubt an attempt to keep customers from canceling over this decision. Verge readers were none too pleased about the initial news back in September:

 

Amazon Prime currently costs $14.99 each month or $139 annually. (Prime Video can be subscribed to individually for $8.99/month.) The new charge for ad-free streaming would bring Prime to just under $18, and would push standalone Prime Video to just under $12.

 

Amazon also operates Freevee, a free, ad-sponsored streaming service. The company’s email notes that “live event content such as sports, and content offered through Amazon Freevee will continue to include advertising.”

 

The move comes as competing streaming services continue to raise subscription rates across the board and push ads upon customers on their cheapest monthly plans. Disney Plus, Hulu, Max, Netflix, and Paramount Plus all include ads on their most affordable tiers. The monthly cost of Amazon Prime itself isn’t changing, but if you want to preserve the same experience you have today starting on January 29th, you’ll end up paying more.

 

 

Read more:

Amazon Prime Video plans to start showing ads starting on January 29, with an option for customers to pay an additional $2.99 per month to avoid the ads

 

 

— Techmeme

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After testings, South Korean Internet giant Naver plans to let companies use its Rookie office helper robots to deliver meals and parcels

—  Korean tech company ready to export IT systems that direct automated workforce through the 5G cloud

 

 

Song Jung-a / Financial Times:

 

 

At a Starbucks in the futuristic headquarters of Naver, South Korea’s biggest Internet company, a line of robots is on standby to fetch coffee for the company’s employees.

 

About 100 robots on wheels — called Rookies — wander around the offices, carrying out simple tasks such as delivering meals and parcels and testing the boundaries of human interaction with machines in one of the first examples of a robot-friendly building.

PHOTO: Naver’s Rookie robots act as office helpers as they roam from floor to floor in its futuristic headquarters in South Korea © Naver

 

Naver has been experimenting with integrating service robots into office life for more than a year in the 36-storey building on the southern outskirts of Seoul. These “brainless” robots roam around the building, rolling through security gates and taking lifts, powered by Naver’s cloud system that enables them to see, recognize and operate seamlessly.

 

The company is now keen to export the cutting-edge 5G-based cloud robotics technology, with many countries in Europe as well as Japan and Saudi Arabia expressing interest in benchmarking its system.

 

“There are not many companies globally who can offer this high-quality robot service at this scale,” said Seok Sang-ok, chief executive of Naver Labs, Naver’s research and development unit, in an interview with the Financial Times.

 

“This requires a lot of seamless co-operation with many of our affiliates. Naver’s wide-ranging services, including search engines, online shopping and social networking, have allowed us to experiment with various robot technologies and services, all in-house.”

 

Like Amazon, Naver sells products online and operates a sizeable cloud business. It spends about a quarter of its annual sales on R&D with Naver Labs in charge of developing artificial intelligence, robotics and autonomous driving. Naver’s “digital twin” technology — a 3D scan of cities and buildings — also helps the robots to recognise their surroundings and find the most efficient routes. As they operate with just a normal video camera and without advanced processors and navigation tools, it costs much less to make them, Naver says.

 

“We’ve tested the robots for more than a year and now have a lot of data on human interaction with robots,” said Seok.

 

“We’ll focus on exporting IT services, as I believe our robotics technology using the cloud will become much better in two to three years.” Park Sang-soo, a researcher at the Korea Institute for Industrial Economics and Trade, said Naver faced export challenges, with the complexity of its technology meaning it was not as easy as “selling just a fleet of robots.”

 

“Naver’s robots are working well in its offices because the building was designed for that purpose, but it should consider the non-technological factors of the target countries such as their IT infrastructure and regulation to sell its platform solution,” he said.

 

South Korea has a thriving domestic robot industry, most of them being deployed in factories, as the country sees AI and robots as key to alleviating labour shortages in the face of the world’s lowest birth rate.

 

According to the International Federation of Robotics, South Korea has the highest “robot density” in the world, with 1,000 industrial robots per 10,000 manufacturing employees, compared with 399 in Japan, 322 in China, and 274 in the US. Robots are widely used in Korea’s car and semiconductor plants, but they are also becoming an increasingly visible part of day-to-day life.

 

Sales of service robots in South Korea are expected to almost double from $530mn this year to $1bn in 2026, an average annual increase of 23 per cent, according to the Korea Institute of Science and Technology Information. Naver is looking to sell a combination of systems for industrial and server robots. Last month, it opened Asia’s largest data centre to accelerate its push into AI and the cloud. In the vast building in Sejong City that houses 600,000 servers, multiple robots carry heavy servers between IT warehouses and server rooms, while self-driving shuttles are in operation for employees and visitors to the campus.

PHOTO: Naver uses a variety of robots in its vast new data centre, opened in November in Sejong City © Naver

 

“We have a full portfolio [of technologies] that can cover many new use cases,” said Albert Wang, Naver Labs’ principal researcher.

 

“A lot of companies focus on single applications. We are really looking at the system levels. We have multiple types of robot systems co-operating together.”

 

Despite being a technology powerhouse, South Korea remains weak in software development, with its tech exports mostly confined to hardware such as chips, electronics and electric vehicle batteries. Naver is trying to change that picture, with exports of IT services like digital twins, robotics and AI tools, although it has so far failed to gain a foothold abroad with its powerful search engine. Earlier this year, the country won its first major high-tech export contract to the Middle East to build and operate digital twins or virtual versions of five cities including Riyadh, Medina and Mecca, for five years. It is also looking to offer tailored versions of its latest ChatGPT-like artificial intelligence model to foreign governments concerned about US data controls.

 

“We are just beginning to export our IT services, which can become the country’s new export driver,” said Seok. “We aim to become the leading exporter of the country’s IT services in the medium to long term.”

 

 

 

— Techmeme

​

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China struggles to contain a shadow market for business data, as most companies shun the 48 official gov. data exchanges

—  Dozens of marketplaces have sprung up since a 2020 initiative but most transactions still happen on the black market

 

 

Financial Times:

 

China is struggling to reduce the influence of a shadow market for business data, as companies shun the official exchanges that have been set up to tighten control over the sale of information.

 

Local governments across the country have established 48 exchanges, most of them coming after Beijing enshrined data as a national priority in 2020, making it a fifth pillar of production alongside land, labour, capital and entrepreneurship. Under regulatory supervision, government bodies, state-owned enterprises and private companies can buy and sell data on everything from weather patterns to city traffic flows.

 

However, industry insiders and experts say there is no clear incentive for companies to participate in these fledgling marketplaces and that most data sales are still happening off the exchanges.

 

“We are having difficulty attracting participants to enter the marketplace,” said an employee at a state-backed data exchange, adding that the majority of data sales occurred elsewhere.

 

A report published by the Shanghai Data Exchange last month forecast that by 2025, only 10 per cent of data sales would occur on exchanges.

 

The initiative has been part of broader reforms to increase authorities’ control over data after two decades when internet companies such as Tencent and Alibaba created economic fiefdoms powered by vast troves of consumer data. Since 2021, Big Tech has suffered fines for data violations and the Cyberspace Administration of China has been given stronger regulatory powers over how companies procure, manage and store data.

 

Since the 2020 move by the State Council, the country’s cabinet, to make data a factor of production, “the government has put data on a pedestal as something that can be traded”, said Xiang Li, an expert on data management in Hong Kong.

 

Beijing’s stated aim is to unleash productivity by giving more companies access to data that will enable them to deploy artificial intelligence in everything from smart manufacturing to autonomous driving. The value of data bought and sold in China is expected to increase from Rmb88bn ($12.3bn) last year to Rmb516bn ($72.5bn) by the end of the decade as the use of AI grows, according to the Shanghai Data Exchange report.

 

But experts say that the government faces an uphill battle in convincing private companies to sell their data on centralized exchanges rather than through a data broker.

 

The majority of existing data sold on these platforms comes from government bodies, including local transportation and weather bureaus, or from state-owned enterprises (SOEs), which are easier to cajole into handing over their data than private companies, said Kendra Schaefer, head of tech policy at the Beijing-based consultancy Trivium China.

 

According to a Financial Times analysis, the majority of data sold by the 700 merchants on the state-backed Guiyang Global Big Data Exchange, the country’s first such platform, are from state agencies and SOEs.

 

The government of Guizhou province in south-west China, where Guiyang is the capital, has also introduced draft regulations that compel local government bodies and SOEs to hand over their data to the exchange.

 

Companies such as China Southern Power Grid sell customers’ electricity consumption data on Guiyang’s exchange to credit agencies as a new tool to conduct credit checks, according to domestic media reports.

 

The official data exchanges are also designed to provide ways for companies, cash-strapped local governments, and state-owned enterprises to monetise data resources amid slowing economic growth.

 

The official exchanges in Guiyang, Shanghai and Beijing are offering subsidies to incentivise companies to participate.  Even with such incentives, companies are still showing reluctance owing to concerns about getting on the wrong side of data laws restricting the sale of consumer data, according to Trivium’s Schaefer.

 

“We’re at an interesting point in history. Companies are buying and selling this critical economic resource, but the laws surrounding how trading works for this resource don’t exist yet,” she said.

 

The employee at the state-backed exchange, who did not wish to be named, acknowledged that this legal uncertainty prevented it from onboarding new merchants.

“Current data laws are not specific about the legality of data exchanges,” they said.

 

The CAC did not respond to a request for comment.

 

While Beijing had hoped to court data hawkers with the promise of new revenue streams for their data, Schaefer said many companies were also deterred by the high expense of cleaning up their data in preparation for selling on a centralised exchange.

 

“Many companies have poor data management processes, so they need to clean it up before they sell it, which is costly,” she said.

 

“The state wanted companies to jump on board and say: ‘This is an amazing way to make additional revenue from a resource I generate already’,” said Schaefer.

 

“But the reality is that it’s risky and expensive for companies to stick their data on the platforms. The benefit for the companies is unclear.”

 

 

 

— Techmeme

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Amazon faces challenges in selling cars in the US: Only 11% of its customers report buying $1k+ items, dealerships sell most new cars

—  Company aims to make online car purchases as seamless as getting everyday essentials

 

Sebastian Herrera / Wall Street Journal:

 

—  Willie Hall loves to browse and buy cars online, but he wants more options. Soon, he may turn to Amazon.com.

 

“I’m already a Prime member,” said Hall, who lives in Colorado and bought a used Fiat 500 Abarth on Carvana in 2021. “I’ve been with Amazon for God knows how long and know the way they operate.”

 

Amazon AMZN -0.01%decrease; red down pointing triangle is eager to see just how many Willie Halls there are in the U.S. The company last month said shoppers next year will be able to browse, finance and complete a purchase of Hyundai vehicles on Amazon. Shoppers will only have to visit a dealership to pick up their car; the company is also working on delivering the vehicles.

 

Car sales represent Amazon’s next bet in e-commerce dominance and come after the Covid-19 pandemic made online car purchases more popular. Amazon executives want to make buying vehicles through its website as simple as purchasing toilet paper or dog food, and the company is looking to strike broad partnerships with carmakers.

The company is set to face several challenges in expanding the program beyond a pilot phase for employees starting early next year: One is dealerships, which remain at the center of most new-car sales and depend on service revenue for profit incentives. A second will be trying to get customers who visit its website mainly for lower-priced items to turn to the platform for one of the biggest purchases of their lives. Amazon also will have to navigate different government regulations.

 

“Customers tell us it’s really hard to buy a car,” Fan Jin, Amazon’s director of vehicle sales, said in an interview. Vehicle-buying software is fragmented, with dealers using a range of software providers. Varying regulations across states also make it difficult. “It’s a process that we’ve heard time and again could use improvement, and we have an opportunity to go and prove it,” she said.

When the new service launches later next year, Amazon said shoppers will be able to complete every step of the car-buying process through its website. Only new Hyundai vehicles will be available at the start. Consumers will have different financing options, but the company said it is still working through details. Eventually, Amazon wants to expand to trade-in vehicles and used cars.

Many dealers might be loath to accept a high volume of online sales because they make a significant amount of money on service and warranty deals that customers agree to when they finance a car purchase.

 Caption – Amazon and Hyundai executives spoke during a press conference in Los Angeles last month. PHOTO credits: ROBYN BECK/AGENCE FRANCE-PRESSE/GETTY IMAGES

Mike Sullivan, who runs a Hyundai dealership in Santa Monica, Calif., that is part of the pilot program, views the Amazon partnership as a positive step. Salespeople at the dealership could make half as much per sale in commission in online sales versus in person, he said, but the upside is the time spent on those sales is expected to be far less. Overall compensation could increase, he said.

During the height of the pandemic, Sullivan and many auto-sales professionals learned to embrace online sales. His dealerships sold about 300 cars online during the health crisis. Selling with Amazon could be easier, because “we now have the power of Amazon guiding these people to us,” he said.

Another issue is that Amazon will be trying to get customers to think of its platform for car-buying. The typical transaction on Amazon is under $50, according to a recent survey by Consumer Intelligence Research Partners, which studies Amazon customer habits. Only 11% of customers surveyed reported spending $1,000 or more on a single item.

“They’re great at getting you to spend $30 or $40, but it’s hard to break through to the bigger stuff,” said Josh Lowitz, co-founder of the research firm. “The bigger stuff is more infrequent, and so it’s more special for the customer.”

Jin, Amazon’s director of vehicle sales, said while many people go to Amazon for everyday purchases, the company also has an established base that makes infrequent, higher-priced purchases for items such as furniture and electronics.

Some analysts estimate that two-thirds of customers already know what they want before purchasing their vehicles, with many people conducting their research on the web. But even if Amazon customers are ready for online car purchases, signing new carmakers will be complex and will depend on how much the Hyundai partnership succeeds, said Chris Sutton, vice president of automotive retail at consumer-data analytics firm J.D. Power.

Amazon and Hyundai first partnered in 2021 through an online Hyundai showroom where viewers could “build” a car and locate inventory. Amazon said consumers responded positively to the showroom, and the company surveyed shoppers who indicated they were interested in going through the entire car-buying process with Amazon.

To entice Hyundai, Amazon struck a broad business partnership that included cloud computing, advertising and integration of its Alexa technology in the brand’s cars beginning in 2025. It is also expected to provide dealers with performance data. AWS customers who make long-term cloud commitments can pay lower rates.

The company has turned to more corporate partnerships in numerous other business segments in recent months, including a partnership with Meta Platforms’ Instagram for product sales and a logistics deal with Canadian e-commerce company Shopify.

 

 

— Techmeme

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Cenntro regains compliance with Nasdaq minimum bid price rule

FREEHOLD, N.J. — (BUSINESS WIRE) — Cenntro Electric Group Limited (NASDAQ: CENN) (“mCenntro” or “the Company”), a leading electric vehicle technology company with advanced, market-validated electric commercial vehicles, announced today that on Dec. 22, 2023, the Company received written notice from The Nasdaq Stock Market LLC (“Nasdaq”) that for the ten consecutive business days from Dec. 8, 2023, to Dec. 21, 2023, the closing bid price of the Company’s common stock has been at $1.00 per share or greater. Accordingly, Cenntro has regained compliance with Nasdaq Listing Rule 5550(a)(2).

About Cenntro Electric Group Ltd.

Cenntro Electric Group Ltd. (or “Cenntro”) (NASDAQ: CENN) is a leading designer and manufacturer of electric commercial vehicles. Cenntro’s purpose-built ECVs are designed to serve a variety of organizations in support of city services, last-mile delivery, and other commercial applications. Cenntro plans to lead the transformation in the automotive industry through scalable, decentralized production, and smart driving solutions empowered by the Cenntro iChassis. For more information, please visit Cenntro’s website at: www.cenntroauto.com.

 

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as “may,” “believe,” “anticipate,” “could,” “should,” “intend,” “plan,” “will,” “aim(s),” “can,” “would,” “expect(s),” “estimate(s),””project(s),” “forecast(s)”, “positioned,” “approximately,” “potential,” “goal,” “strategy,” “outlook” and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management’s current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see disclosures contained in Cenntro’s public filings with the SEC, including the “Risk Factors” in Cenntro’s Annual Report on Form 10K/A filed with the Securities and Exchange Commission on July 6, 2023 and which may be viewed at www.sec.gov.

Contacts

Investor Relations Contact:
Chris Tyson

MZ North America

CENN@mzgroup.us
949-491-8235

Company Contact:
PR@cenntroauto.com
IR@cenntroauto.com