RIYADH: Saudi Arabia began courting Toyota two years ago to build a large car plant as part of Crown Prince Mohammed bin Salman's grand plan to wean the kingdom off oil revenues and create jobs for young Saudis.But the Japanese carmaker has rebuffed Riyadh's overtures following talks that dragged on without tangible results because high labor costs, a small domestic market and a lack of local supplies gave Toyota pause for thought, four sources said.Securing a deal with a major automaker by 2020 for a car plant is a key target in the Gulf state's national industrial strategy, part of a broader agenda to diversify the economy of the world's largest oil exporter.Failure to do so would be a setback for Prince Mohammed, coming after the listing of oil giant Saudi Aramco was shelved and the killing of journalist Jamal Khashoggi tarnished the kingdom's image."Nobody would say 'No, full stop' ... but they politely conveyed they're not interested," said an industry source familiar with the … [Read more...] about Toyota snub dents Saudi Arabia’s manufacturing drive
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There was a time when people were blowing into little plastic cartridges, hopeful of getting their copy of Contra to work properly with their Mitashi (or N64 or Atari, depending on the location). Today, streamers are screaming at screens in frustration when a little lag in PUBG causes them to lose their dinner.The ability to play video games without having to download them is an enticing notion for gamers and corporations alike. Instant delivery of content and no requirements for the showroom. It's a win-win, and the scene is already shifting from brick-and-mortar stores to digital retail. Steam, GOG, Humble and other digital game providers have been major perpetrators of this change in cahoots with the console manufacturers themselves.Now, we have software giants releasing "exciting" cloud gaming services – Stadia, ProjectX, Apple Arcade – it is obvious that people will soon have an additional monthly expense apart from today's video or music streaming platforms. This … [Read more...] about Can cloud gaming turn the tide for the industry?
MUMBAI (BLOOMBERG) - Mukesh Ambani, Asia's richest man, sealed another deal to expand his retail footprint and add heft in a battle with Amazon.com and Walmart in India. Reliance Brands Ltd agreed to purchase the 259-year-old British toy store chain Hamleys from C Banner International Holdings Ltd for an undisclosed amount, the unit of Ambani's Reliance Industries said in a statement late on Thursday (May 9). The transaction would "catapult Reliance Brands to be a dominant player in the global toy retail industry," it said. The acquisition is the latest in a string of purchases in Ambani's push into the consumer business, which he says will contribute nearly as much as to the conglomerate's total earnings as its core energy business by the end of 2028. Adding Hamleys would give Reliance 167 stores across 18 countries. The company is already a master franchisee of the toy store in India, where it operates 88 outlets. For Hong Kong-listed C Banner, the sale would mark a retreat from the … [Read more...] about Asia’s richest man buys iconic British toy store chain Hamleys
BANGKOK (REUTERS) - Thailand's King Maha Vajiralongkorn, who will be officially crowned on May 4 as part of elaborate three-day coronation ceremonies, has been listed as the world's richest monarch by publications such as Business Insider in 2018. His father, King Bhumibol Adulyadej, was also listed by Forbes magazine as the world's richest royal ruler in 2011, edging out the Sultan of Brunei. Estimates of King Vajiralongkorn's personal wealth start at US$30 billion (S$41 billion), according to Business Insider. That puts him among the wealthiest individual rulers, although when it comes to royal families, Saudi Arabia's tops the list with an estimated US$1.7 trillion, according an MSN Money report in 2019. The Thai royal family ranked fifth in that list. Reuters was unable to independently confirm those estimates. The Crown Property Bureau did not respond to Reuters'request for comment. The Bureau of the Royal Household did not respond to written questions about the value of royal … [Read more...] about Thai King Maha Vajiralongkorn among world’s wealthiest monarchs