Tag Archives: Plug

Don’t pull the plug on your 401(K)! Soaring number of workers are dipping into their retirement savings to make ends meet – but here’s what experts say they should do instead – Daily Mail

  1. Don’t pull the plug on your 401(K)! Soaring number of workers are dipping into their retirement savings to make ends meet – but here’s what experts say they should do instead Daily Mail
  2. Retirement Savings: Gen Z and Millennials Are Increasing Their Contribution Rates — Why You Should Too Yahoo Finance
  3. More Americans are withdrawing from retirement savings accounts: BofA survey Yahoo Finance
  4. How you can get money from an old 401K account you have? Marca
  5. Americans are still ransacking their retirement savings Yahoo Finance
  6. View Full Coverage on Google News

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New suppliers race to plug in to electric car market

WOKING, England, Jan 23 (Reuters) – The global auto industry has committed $1.2 trillion to developing electric vehicles (EVs), providing a golden opportunity for new suppliers to grab contracts providing everything from battery packs to motors and inverters.

Startups specialising in batteries and coatings to protect EV parts, and suppliers traditionally focused on niche motorsports or Formula One (F1) racing, have been chasing EV contracts. Carmakers design platforms to last a decade, so high-volume models can generate large revenues for years.

The next generation of EVs is due to hit around 2025 and many carmakers have sought help plugging gaps in their expertise, providing a window of opportunity for new suppliers.

“We’ve gone back to the days of Henry Ford where everyone is asking ‘how do you make these things work properly?’,” says Nick Fry, CEO of F1 engineering and technology firm McLaren Applied.

“That’s a huge opportunity for companies like us.”

Bought from McLaren by private equity firm Greybull Capital in 2021, McLaren Applied has adapted an efficient inverter developed for F1 racing for EVs. An inverter helps control the flow of electricity to and from the battery pack.

The silicon carbide IPG5 inverter weighs just 5.5 kg (12 lb) and can extend an EV’s range by over 7%. Fry says McLaren Applied is working with around 20 carmakers and suppliers, and the inverter will appear in high-volume luxury EV models starting January 2025.

Mass-market carmakers often prefer to develop EV components in-house and own the technology themselves. After years of pandemic-related parts shortages, they are wary of over-reliance on suppliers.

“We just can’t afford to be reliant on third parties making those investments for us,” said Tim Slatter, head of Ford (F.N) in Britain.

Traditional suppliers, such as German heavyweights Bosch and Continental (CONG.DE), are also investing heavily in EVs and other technologies to stay ahead in a fast-changing industry.

But smaller companies say there are still opportunities, particularly with low-volume manufacturers that cannot afford huge EV investments, or luxury and high-performance carmakers seeking an edge.

Croatia’s Rimac, an electric hypercar maker part-owned by Germany’s Porsche AG (P911_p.DE) that also supplies battery systems and powertrain components to other automakers, says an undisclosed German carmaker will use a Rimac battery system in a high-performance model – with annual production of around 40,000 units – starting this year, with more signed up.

“We need to be 20%, 30% better than what they can do and then they work with us,” CEO Mate Rimac says. “If they can make a 100-kilowatt hour battery pack, we must make a 130-kilowatt pack in the same dimensions for the same cost.”

NO TIME TO LOSE

Some suppliers like Cambridge, Massachusetts-based Actnano have had long relationships with EV pioneer Tesla (TSLA.O). Actnano has developed a coating that protects EV parts from condensation and its business has spread to advanced driver-assistance systems (ADAS), as well as other carmakers including Volvo (VOLCARb.ST), Ford, BMW (BMWG.DE) and Porsche.

California-based startup CelLink has developed an entirely automated, flat and easy-to-install “flex harness”, instead of a wire harness to group and guide cables in a vehicle. CEO Kevin Coakley would not identify customers but said CelLink’s harnesses had been installed in around a million EVs. Only Tesla has that scale.

Coakley said CelLink was working with U.S. and European carmakers, and with a European battery maker on battery wiring.

Others are focused on low-volume manufacturers, like UK startup Ionetic, which develops battery packs that would be too expensive for smaller companies to make themselves.

“Currently it costs just too much to electrify, which is why you see some manufacturers delaying their electrification launch,” CEO James Eaton said.

Since 1971, Swindon Powertrain has developed powerful motorsports engines. But it has now also developed battery packs, electric powertrains, e-axles and is working with around 20 customers, including carmakers and an electric vertical take-off and landing (eVTOL) aircraft maker.

“I realized if we don’t embrace this, we’re going to end up working for museums,” said managing director Raphael Caille.

But time may be running out.

Mate Rimac says major carmakers scrambled in the last three years to roll out EVs and now have strategies largely in place.

“For those who haven’t signed projects, I’m not sure how long the window of opportunity will remain open,” he said.

($1 = 0.8226 pounds)

Reporting by Nick Carey
Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

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With record covid cases, China scrambles to plug an immunity gap

Comment

A coronavirus outbreak on the verge of being China’s biggest of the pandemic has exposed a critical flaw in Beijing’s “zero covid” strategy: a vast population without natural immunity. After months with only occasional hot spots in the country, most of its 1.4 billion people have never been exposed to the virus.

Chinese authorities, who on Thursday reported a record 31,656 infections, are scrambling to protect the most vulnerable populations. They have launched a more aggressive vaccine drive to boost immunity, expanded hospital capacity and started to restrict the movement of at-risk groups. The elderly, who have an especially low vaccination rate, are a key target.

These efforts, which stop short of approving foreign vaccines, are an attempt to keep the virus from overwhelming a health-care system ill-prepared for a flood of very sick covid patients.

More intensive-care beds and better vaccination coverage “should have started 2½ years ago, but the single-minded focus on containment meant fewer resources focused on this,” said Yanzhong Huang, a senior fellow for global health at the Council on Foreign Relations.

Huang believes that even mRNA boosters, which have proved more effective at fighting disease from the latest omicron variants, wouldn’t now resolve the fundamental problem with China’s goal of eliminating infection rather than mitigating symptoms. To raise immunity by allowing a degree of community transmission “is still not acceptable in China,” he said.

China’s strategy of smothering outbreaks originally protected everyday life and the economy while preventing severe illness and death. But it has become increasingly costly as ever-stricter measures fail to keep up with more-transmissible variants.

Earlier this month, the government announced what on paper appeared to be the most significant easing of controls so far, with shorter quarantine times and fewer testing requirements. Officials insist that the 20-point “optimization” plan is not a prelude to accepting outbreaks.

But the effort to break cycles of disruptive lockdowns has had a rocky start. Some cities relaxed measures, while districts in others ordered residents not to set foot outside their homes. The result: confusion, fear and anger.

Confrontations have erupted in a few locations, most prominently at a huge Foxconn plant in central China that makes half the world’s iPhones. The scene there turned violent this week as thousands of workers protested the company’s failure to isolate people testing positive and to honor the terms of employment contracts.

Curbing outbreaks is again taking priority. Shijiazhuang, a city of 11 million about 185 miles from the capital, suspended its reduced requirements for mass testing on Monday and announced five days of citywide screening.

The first deaths to be reported since May — though only one or two per day — have intensified concerns that hospitals are poorly prepared to handle a surge in severe cases. Bloomberg Intelligence estimated that fully relaxing coronavirus controls could leave 5.8 million Chinese needing intensive care in a system with only four beds per 100,000 people.

At a news conference Wednesday, Chinese health officials said the 100-plus critical cases meant more hospital beds and treatment facilities were “very necessary” given the health risks for the elderly and individuals with preexisting conditions. The spread of infection was accelerating in multiple locations, they added, with some provinces facing their worst outbreaks in three years.

Major cities including Beijing, Guangzhou and Chongqing have ordered residents in certain neighborhoods to stay at home. Shopping malls, museums and schools have been closed once more. Major conference centers are being turned back into temporary quarantine centers, reflecting the approach adopted in Wuhan at the start of the pandemic. Some of the tightest restrictions are for nursing homes, with 571 such facilities in Beijing implementing the strictest tier of control measures and preventing all but essential exit and entry.

Opening to a world that’s now mostly living with the virus would cause a wave of deaths, officials fear. China’s vaccines initially were limited to adults ages 19 to 60, a policy that continues to have repercussions for vaccination rates today. Just 40 percent of Chinese older than 80 have received a booster shot, despite months of campaigning and gift-giving to encourage uptake. (Among people older than 60, two-thirds have gotten a booster.)

Since the beginning of the pandemic, China has relied solely on domestic vaccine makers. It approved nine locally developed options, more than any other country, with the earliest and most-used vaccines coming from state-owned Sinopharm and privately owned Sinovac. Both received approval from the World Health Organization early last year after being found to significantly reduce deaths and hospitalizations.

Sinopharm and Sinovac distributed their products widely throughout the world as part of a Chinese push to become a leading provider of global public goods and to improve China’s image. Yet in late 2021, demand for Chinese vaccines started to dry up as Pfizer’s and Moderna’s production and distribution increased.

China has still not approved any foreign vaccines or explained its decision to shun what could be an effective way to plug its immunity gap. A visit by German Chancellor Olaf Scholz to Beijing in early November ended with an agreement for the Pfizer-BioNTech vaccine to be made available to foreigners living in China via the company’s Chinese partner, Shanghai Fosun Pharmaceutical.

BioNTech has a development and distribution deal with Fosun that gives the Chinese company exclusive rights to supply the country. But Chinese regulators have repeatedly delayed signing off on the vaccine, despite it being made available in Hong Kong, Macao and Taiwan.

When asked last week if the government would approve BioNTech for public use, the director of the Chinese Center of Disease Prevention and Control said authorities were working on a new vaccination plan to be released soon.

Without access to the most effective mRNA-based candidates from Pfizer-BioNTech and Moderna, which have been updated to fight the omicron variant, the world’s most populous country remains reliant on vaccines developed using the original strain of the virus.

Some health experts consider Beijing’s reticence hard to justify. “China should approve the BioNTech and Moderna vaccines for the general Chinese population as soon as possible,” said Jin Dong-yan, a virologist at the University of Hong Kong. “It’s ridiculous that they only allowed foreigners in China to receive the BioNTech vaccine. It is as if they think Chinese people are inferior to foreigners.”

China is instead trying to develop 10 of its own mRNA candidates. The one furthest along is from biotechnology group Abogen Biosciences and the state-run Academy of Military Medical Sciences. Indonesia approved it for emergency use in September, but it has not received the nod from Chinese regulators and may not get that until data is available from Phase 3 clinical trials in Indonesia and Mexico. The trials are expected to conclude in May.

Other options in China include an inhalable vaccine developed by CanSino, which has been available in Beijing, Shanghai and Hangzhou since October. A Chinese-developed antiviral drug, Azvudine, originally used for HIV patients, was approved to treat covid in July. Traditional Chinese medicines are widely used.

But new and more-effective vaccines remain a top priority, and the country’s leading pharmaceutical companies are poised to mass-produce them. CanSino is completing a production facility in Shanghai that will be able to manufacture 100 million doses a year — after receiving approval.

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NVIDIA’s 16-Pin Connector on GeForce RTX 4090 Graphics Card Burns Up, Melts The Cable & The Plug

The first case of an NVIDIA 16-pin connector, powering the GeForce RTX 4090, burning up and melting the plug has been reported over at Reddit.

NVIDIA 16-Pin Connector Burns Up! Melts The Power Connector On GeForce RTX 4090 Graphics Card

Update: Another graphics card, this time the ASUS GeForce RTX 4090 TUF Gaming OC, has been affected by the same issue. As tweeted by @Vectral555, we can see that the 16-Pin connector and the power plug on the PCB, both have burned up. Meanwhile, NVIDIA has reached out to the OP & we’ll keep you updated on how things work out.

Redditor, u/reggie_gakil, posted on the NVIDIA subreddit a picture of the NVIDIA 16-pin connector all burned up. The connector was powering his brand-new GeForce RTX 4090 (custom model). The pictures show that both the power adapter which includes a 16-pin to 4 x 8-pin plug and the power connector on the PCB ended up in flames and melted. The graphics card was the Gigabyte GeForce RTX 4090 Gaming OC.

Looking closely at the pictures, it seems like the issue occurred around the main 12-pins under the four additional pins on the top. But looking at the adapter, almost the entirety of it has burned up and melted. The cable is supplied and confirms the official NVIDIA specifications and we already stated that bending or putting too much stress on the cable can lead to abnormal temps that can end up causing issues such as these.

The user reports that he was playing Red Dead Redemption 2 on his NVIDIA GeForce RTX 4090 PC when the card went up in flames and burned the power connector. He also states that it could be a faulty cable and will RMA it though we won’t be able to get to the bottom of this issue until we get more information.

PCI-SIG Internal Investigation of The Issue (Image Credits: GamersNexus):

It was recently spotted that the NVIDIA 16-pin adapter cable for the GeForce RTX 4090 graphics cards is just too thick and not easy to manage in smaller PC cases as it hits the side panel really often. So users will have to bend the cable a lot to close the panel but once again, this bending is not recommended as it could heat up the cables and cause the adapter to burst up in flames.

More on that here. Custom cable manufacturers and modding companies are trying to overcome this issue by offering 90-degree angled connectors which should go up on sale in a few weeks.

But this is just one report and the issue doesn’t seem to be too widespread otherwise we would have been hearing multiple reports. But users only had two weeks at max with the cards & most people are still waiting to get their shipments. So if the adapter or the plug on the NVIDIA GeForce RTX 4090 graphics cards is really faulty, we will know for sure in the coming months.

Cablemod 12VHPWR 16-Pin Cable Guide (Image Credits: Sebastian Castellanos):

News Source: Buildzoid

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Comcast Pulls Plug On G4 TV, Ending Comeback Try For Gamer-Focused Network – Deadline

EXCLUSIVE: Comcast’s Spectacor division is pulling the plug on video game-centric network G4 TV, whose early incarnation in the 2000s remains a cultural touchstone for many millennials, just a year after its relaunch.

In a memo set to be sent out to all employees, Spectacor CEO Dave Scott explained that the company’s investment and efforts to revive the network just didn’t gain traction.

A few dozen employees and contract workers are affected by the shutdown. Comcast said it will assist them with outplacement and consider some for internal opportunities.

The departure over the summer of Russell Arons, an experienced digital media exec who had come aboard as G4’s president in 2021, was a precursor to today’s news. Her duties were added to the portfolio of Joe Marsh, a Comcast Spectacor vet who has been CEO of T1, an international esports joint venture with Korea’s SK Telecom.

The current iteration of G4 is smaller and less focused on traditional linear TV than was its predecessor. It has announced a programming slate including a revived version of original G4 mainstays Attack of the Show! and Xplay, plus comedy Boosted, Japanese competition series Ninja Warrior, esports competitions and Dungeons & Dragons limited series.

Along with putting content on YouTube and social media, G4 has a multi-year agreement with Twitch and pay-TV distribution deals with Verizon FiOS, Cox, Xfinity TV and Philo.

Several media and tech ventures centered on the gamer community have hit turbulence recently, with Facebook shutting down its gaming app and Google winding down gaming service Stadia. VENN, a start-up billed as the “MTV of video games,” also just went bust.

G4’s initial run began in 2002 under co-owners NBCUniversal and Dish Network. The network was created by former Disney TV exec Charles Hirschhorn, who saw it as a successor to MTV in its potential to tap into youth culture. A number of notable personalities appeared as hosts on G4 in its early run, among them Olivia Munn, Chris Hardwick, Kevin Pereira and Grace Helbig.

After it went dark in 2014, G4’s place on the dial was taken over by the Esquire Network, which would prove to be a short-lived branding exercise. Amid a groundswell of enthusiasm on social media, new owner Comcast Spectacor revealed plans at Comic-Con’s virtual 2020 edition for the network’s return.

Spectacor’s main business focus is on sports and live events, with the division owning the NHL’s Philadelphia Flyers as well as their home arena, the Wells Fargo Center, along with numerous other assets. The results of G4 were never particularly material to Spectacor, but the division has avidly pursed esports, making the G4 revival a logical thing to attempt.

Here is Scott’s full memo, which Deadline obtained from a source:

Team:

As you know, G4 was re-introduced last year to tap into the popularity of
gaming. We invested to create the new G4 as an online and TV destination for fans
to be entertained, be inspired, and connect with gaming content.

Over the past several months, we worked hard to generate that interest in G4, but
viewership is low and the network has not achieved sustainable financial
results. This is certainly not what we hoped for, and, as a result, we have made the
very difficult decision to discontinue G4’s operations, effective immediately.
I know this is disappointing news, and I’m disappointed, too. I want to thank you
and everyone on the G4 team for the hard work and commitment to the network.

Our human resources team is reaching out to you to provide you with support,
discuss other opportunities that may be available, and answer any questions you
may have.

Thank you again for all of your hard work for G4.

Sincerely,

Dave Scott
Chairman and CEO
Comcast Spectacor



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The CPSC Says Plug To Socket, Not Plug To Plug, Please

When the power goes out, it goes without saying that all the lights and sockets in a house stop working. Savvy rural homeowners stock up with candles, batteries, LED lights, and inverters.  More foolhardy folks simply hook up their home electrical system to a generator using a mains lead with a plug on one end between the generator and a wall socket. This should be so obviously dangerous as to be unnecessary, but it’s become widespread enough that the US Consumer Product Safety Commission has issued a warning about the practice. In particular, they’re concerned that there’s not even a need to wire up a lead, as they’re readily available on Amazon.

The dangers they cite include electrocution, fire hazard from circumventing the house electrical protection measures, and even carbon monoxide poisoning because the leads are so short that the generator has to be next to the socket. Hackaday readers won’t need telling about these hazards, even if in a very few and very special cases we’ve seen people from our community doing it. Perhaps there’s a flaw in the way we wire our homes, and we should provide a means to decouple our low-power circuits when there’s a power cut.

It’s likely that over the coming decades the growth of in-home battery storage units following the likes of the Tesla Powerwall will make our homes more resilient to power cuts, and anyone tempted to use a plug-to-plug lead will instead not notice as their house switches to stored or solar power. Meanwhile, some of us have our own ways of dealing with power outages.

Plug image: Evan-Amos, Public domain.

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Why it Matters that I just saw a Google Nest Hub control an Apple HomeKit smart plug

Matter, the upcoming standard that’s attempting to give the smart home a single unifying language, is almost here — and I was just treated to an early demonstration of the kinds of cross-platform compatibility that it should enable in the future. The demonstration was given by Eve, which produces a range of smart plugs, radiator valves, lighting, and security devices.

Historically, Eve has only ever worked with Apple’s HomeKit smart home platform. This is because it didn’t want to use cloud-to-cloud platforms, preferring to keep its devices on locally-controlled platforms for privacy and security. Eve has had an iOS app but no Android app, and it didn’t support Samsung’s SmartThings, Amazon’s Alexa, or Google Home. So it was notable to see all four platforms represented as I approached Eve’s booth at the IFA trade show in Berlin.

The reason for the shift is Matter. It’s perhaps the most significant thing to happen to the smart home since its inception, and in theory, we’re just months away from it becoming publicly available. Eve also announced it’s launching an Android app as a counterpart to its existing iOS app, but the big deal with Matter is that you don’t technically need a device manufacturer’s app at all. You can just set up and control your Matter-enabled devices with existing apps, whether it’s Apple HomeKit, Google Home, Amazon Alexa, or Samsung SmartThings apps.

That’s exactly what Eve was demonstrating at IFA. The Matter specification hasn’t been finalized yet, so none of the devices were running their final Matter-enabled firmware, but it was enough to see the kinds of functionality we might be able to expect when Eve’s devices get updated to support it.

A fourth-gen Amazon Echo controlling an Eve Energy.

The Amazon table contained a fourth-generation Echo speaker, along with a typical non-smart bulb plugged into an Eve Energy smart plug. Right now, Echo speakers can’t control Eve products, because the latter aren’t Alexa-enabled. But both products are compatible with Thread, one of the wireless protocols Matter works over and which can run locally. Eve was showing off how Matter will enable these two previously incompatible devices to speak to one another.

Eve’s booth reps were pretty insistent that no one other than them uses voice commands to control each of their smart plugs, so I was reliant on them to issue the commands that would control Eve’s devices. “Alexa, turn off my Eve Energy,” one rep asked a fourth-generation Amazon Echo. After an (admittedly quite long) beat, a bulb plugged into an Eve Energy smart plug clicked off.

Matter’s design makes it simple and seamless for users across different platforms to control the same smart home products natively. The result is a more cohesive experience, where whichever voice assistant you choose to use can control all your Matter-enabled devices and where configuration changes made to a device via one ecosystem will automatically be reflected everywhere else. Each of the four demo stations was using the same model of Eve Energy smart plug, without the need for separate models for different ecosystems. Because the accessory already supports Thread, updating it to support Matter was a relatively seamless process, Eve’s PR Director Lars Felber tells me.


A Nest Hub (2nd gen) turning off an Eve Energy via voice command.

On the Google table, there was both a Thread-enabled second-generation Nest Hub and a Google Pixel 6 Pro running the Google Home app. First, Felber told the Nest Hub, “Ok Google, turn on my lights.” The instant the Google smart display recognized the command, the Eve Energy smart plug behind it clicked on the attached light bulb. The smart display had sent a signal to the smart plug over Thread to turn it on, thanks to Matter.

Using the Android phone running the Google Home app was less seamless in my demonstration. “Phones don’t do Thread,” Felber explained to me. As a result, the handset needed to communicate with the Nest Hub over a local Wi-Fi network for the smart display to send the command to the smart plug via Thread. Unfortunately, attempting to control the smart plug from the phone straight up didn’t work. The icon on the phone responded to my taps, but the light remained unchanged.

It was a shame to not see Matter working flawlessly, but trade show floors are admittedly one of the worst possible places to demonstrate technology like this. Felber told me that there were around 50 overlapping Wi-Fi networks in the trade show hall we were in, and even the least congested Wi-Fi channel still had nine devices on it. The Thread protocol also uses the same 2.4Ghz frequency as Wi-Fi, resulting in more interference. The amount of noise also made issuing voice commands difficult without yelling inches away from the stand’s various smart speakers. Plus, the Matter standard currently isn’t final — so some bugginess is perhaps to be expected.

A SmartThings Hub was hidden underneath the table.

A third table showed off Matter’s integration with SmartThings. Confusingly, there was only a single Samsung phone (a Galaxy S22) on this table, with no Thread border router in sight. But Felber confirmed to me that the company was using an Aeotec-manufactured SmartThings Hub — that for some reason was hidden inside the table — to transmit the signal to the Eve Energy. While totally misleading, the demo worked well. Using the SmartThings app to control the smart plug felt instantaneous.

Finally, there was the Apple table, the least surprising of the four because it demonstrated a hardware setup that the HomeKit-exclusive Eve lineup already supports just fine — albeit now updated to use Matter rather than just Apple’s HomeKit. Alongside the smart plug and bulb on that table was an iPhone 13 and a HomePod Mini smart speaker acting as a Thread border router. Controlling the smart plug via either was very responsive.

The Eve Energy controlled by a HomePod Mini and and iPhone.
Photo by Jon Porter / The Verge

Although the launch of the Matter standard means Eve’s devices are about to get a lot more functional, existing owners shouldn’t need to buy new hardware to reap the benefits. Felber says Eve plans to push an OTA update to all its Thread-enabled products (which account for 14 of its 18-strong product lineup) to use Matter. The Eve Energy will be first, hopefully by the end of the year, with other devices like the Eve Door & Window, the Eve Weather, the Eve Motion, and the Eve Thermo following afterward.

Turning light bulbs on and off is a simple smart home party trick, and there are plenty of other examples of smart devices that work across different ecosystems. But seeing a currently Apple-exclusive accessory work (relatively) seamlessly across all these different ecosystems, with both voice and app control, has me pretty excited for what Matter might be able to achieve when it launches this fall.

Photography by Jon Porter / The Verge

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Apple to pull the plug on iPod after 20 years

May 10 (Reuters) – Apple Inc (AAPL.O) is discontinuing the iPod more than 20 years after the device became the face of portable music and kickstarted its meteoric evolution into the world’s biggest company.

The iPod Touch, the only version of the portable music player still being sold, will be available till supplies last, Apple said in a blog post on Tuesday.

Since its launch in 2001, the iPod took on a storm of competing music players before being eclipsed by smartphones, online music streaming and within the Apple pantheon, by the rise of the iPhone.

The iPod has undergone several iterations since its inception featuring a scroll wheel, the capacity to store a 1,000 songs and a 10-hour battery-life. The version that has been carried till date – the iPod Touch – was launched in 2007, the same year as the iPhone.

Apple stopped reporting iPod sales in 2015.

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Reporting by Yuvraj Malik in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.

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New York City Pulls Plug on Second Homeless Shelter in Chinatown

For the second time in less than a week, New York City canceled plans on Monday for a shelter in Chinatown, where community opposition has complicated Mayor Eric Adams’s efforts to move homeless New Yorkers off the streets.

The 94-bed shelter would have been in a closed hotel at the busy intersection of Grand Street and Bowery. The location is near where an Asian American woman was murdered in February in an attack for which a homeless man has been charged. The shelter’s would-be operator, Housing Works, had planned to allow illegal drugs in the building, a move that drew fierce condemnation from local residents.

Both canceled shelters are of a specialized type known as safe havens or stabilization hotels, which offer more privacy and social services and fewer restrictions than traditional shelters. Mr. Adams announced plans last week to open at least 900 rooms in such shelters by mid-2023.

The city Department of Homeless Services, which had previously said that the large street-homeless population in the neighborhood made it a crucial place to add shelter capacity, said on Monday that it would instead open a facility in an area with fewer services for the homeless.

The department said in a statement, “Our goal is always to work with communities to understand their needs and equitably distribute shelters across all five boroughs to serve our most vulnerable New Yorkers.”

This was the same reason that city offered last week when it announced it would not open the other Chinatown shelter, at 47 Madison Street.

But uncertainty about which union’s workers would staff the shelter may have also played a role in the shelter’s cancellation.

Charles King, the C.E.O. of Housing Works, said that the organization was required to use workers from the Retail, Wholesale and Department Store Union, which represents Housing Works’ employees.

But the powerful New York Hotel and Gaming Trades Council, which has close ties to the mayor and is better known as the Hotel Trades Council, said that it has an existing contract with the owner of the building, a former Best Western hotel, requiring the building to use its workers.

“There’s only one contract with this building, and it’s ours,” said Rich Maroko, president of the Hotel Trades Council.

Mr. King said that Housing Works proposed a compromise under which the building owner would hire eight Hotel Trades Council workers. But he said Gary Jenkins, the city commissioner of social services, who oversees the Department of Homeless Services, told him that the city was pulling the plug on the shelter at the Hotel Trades Council’s insistence.

“It’s really clear to me that the mayor is more concerned about pleasing this one union than he is about addressing the needs of homeless people,” Mr. King said.

The Department of Homeless Services did not respond to a request for comment on Mr. King’s assertion. Mr. Maroko said that the hotel union had urged City Hall not to go through with the shelter conversion.

The R.W.D.S.U., which is in contentious contract negotiations with Housing Works, said for its part, “We have no desire to displace hotel workers or see this hotel converted.”

During the 2021 mayoral campaign, the hotel union, which has nearly 40,000 members, gave Mr. Adams his first major labor endorsement.

Susan Lee, founder of the Alliance for Community Preservation and Betterment, a Chinatown group that mobilized protests against the shelter, applauded the city for “listening to the concerns of the Chinatown community.”

She said she hoped the hotel would reopen as a tourist hotel and help the neighborhood recover from the pandemic.

Dana Rubinstein contributed reporting.

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Rio Tinto shares slump as Serbia pulls plug on its $2.4 bln lithium project

  • Serbia revokes Rio’s lithium exploration licences
  • Share prices drop as cancellation seen as major setback
  • Cancellation will mean greater shortage of lithium – analyst

MELBOURNE, Jan 21 (Reuters) – Shares in Rio Tinto tumbled on Friday after Serbia revoked its lithium exploration licences over environmental concerns, hurting the Anglo-Australian miner’s ambition to become Europe’s largest supplier of the metal used in electric vehicles.

The decision by Serbia comes as it approaches a general election in April, and as relations between Belgrade and Canberra have soured after Sunday’s deportation of tennis star Novak Djokovic from Australia over its COVID-19 entry rules.

It is also a major setback for Rio (RIO.L), (RIO.AX), which was hoping the project would help make it one of the world’s 10 biggest producers of lithium, a key ingredient in batteries.

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The mine is Rio’s only lithium project and the company announced just a month ago a deal to buy a second lithium asset for $825 million, as it looks to build its battery materials business.

Rio’s shares in Australia closed down 4.1% after falling as much as 5.1% in the Australian stock market, its worst intra-day drop since August 2021. The benchmark index ended down 2.3%.

In London, Rio’s shares were down more than 3% by 0855 GMT, slightly underperforming their peers.

Serbian Prime Minister Ana Brnabic told a news conference in Belgrade that the decision came after requests by various green groups to halt the $2.4 billion Jadar lithium project that had planned to start production in 2027.

Thousands of people blocked roads last year in a protest against the government’s backing of the project, demanding Rio Tinto leave the country and forcing the local municipality to scrap a plan to allocate land for the facility.

The decision came days after ties between Australia and Serbia hit rock bottom as tennis star Djokovic was deported before he could play in the Australian Open.

Djokovic spoke out in support of “clean air” in a December Instagram story post captioning a picture of the anti-mining protests, which was published by digital sports platform The Bridge.

Twitter users were quick to joke about Rio being deported from Serbia.

Rio said it was “extremely concerned” by Serbia’s decision and was reviewing the legal basis for it.

The Australian government said it regrets Serbia’s decision to revoke Rio’s licences.

“We note the strong economic benefits of the significant investment by Rio Tinto in Serbia. Australian resources companies have an outstanding reputation around the world, particularly when it comes to their expertise,” the government said in a statement to Reuters.

Rio has already spent US$450 million in pre-feasibility, feasibility and other studies on Jadar to understand the nature of the deposit, the company said in a project fact sheet in July.

“The level of opposition to it has really ratcheted up over the last six months,” Credit Suisse analyst Saul Kavonic said of the Jadar mine.

“We’ve been highlighting for a while now there would be about $2 a share at risk if the government cancels it,” Kavonic said.

This week, Rio pushed back the timeline for first production from Jadar by one year to 2027, citing delays in approvals. read more

‘EVEN GREATER SHORTAGE’

At full capacity, the Jadar mine was expected to produce 58,000 tonnes of refined battery-grade lithium carbonate a year, making it Europe’s biggest lithium mine by output.

Experts said the world’s shortage of lithium had been forecast to last for another three years at least, but with the cancellation of the Jadar project, the shortfall would now last for several years. read more

“We’re at the point now where lithium supply is going to set the pace of electric vehicle rollout,” Kavonic said.

Robust global demand for the metal far outstripping supply growth has pushed lithium prices to a record in recent years.

Lithium futures , which started trading on the CME in May last year, have jumped 171% to a record $38/kg on Thursday, according to Refinitiv data.

In China, cash prices of lithium hydroxide monohydrate are trading around a record 262,500 yuan ($41,387.47) per tonne, up by more than 400% from a year ago.

Its state planner said on Friday that restrictions on purchases of new energy vehicles including EVs will be gradually removed in a “vigorous” push to promote “green consumption”, a plan likely to further increase demand for lithium. read more

($1 = 6.3425 Chinese yuan)

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Benchmark lithium hydroxide prices surge to record highs on global demand boom

Reporting by Sonali Paul in Melbourne; additional reporting by Florence Tan in Singapore; writing by Praveen Menon; editing by Kenneth Maxwell and Raju Gopalakrishnan

Our Standards: The Thomson Reuters Trust Principles.

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