- ReWalk Robotics Ltd plans to launch its wearable robotic exoskeleton device in India by the second quarter of 2015, Chief Executive Larry Jasinski said. The device, ReWalk, provides powered hip and knee motion to enable people with lower-limb disabilities, such as paraplegia, to stand upright, walk, and in some cases, climb stairs."We ship the first few units within the next 10 days," Jasinski told . "We'll go through a period of training preparation with the distributor."The device, already available in several countries including Australia, Germany, Japan and Taiwan, is powered by a rechargeable battery encased in a backpack worn by the patient.ReWalk, approved in the United States and the European Union, was invented by the company's Israeli founder, Amit Goffer, a quadriplegic.The company will launch the device in north India through a deal with New Delhi-based surgical products distributor Saimed Innovations.India, the world's second most populated country, is a largely untapped market for such advanced devices, with most patients currently using crutches, wheelchairs and rigid braces for support.ReWalk Robotics estimates there are about 800,000 paraplegics in India. A number of patients have already made inquiries and are waiting to the see the product and test it, said Rishi Kapoor, a partner at Saimed Innovations. Jasinski declined to estimate how many devices the company expected to sell in its first year in the country.ReWalk Robotics, which went public in the United States in September, has a market value of about $162 million. The company sold 74 devices in 2014.ReWalk Robotics plans to sell the device at about 4.6 million-4.7 million Indian rupees ($73,217-$74,808), similar to the pricing in the United States and Europe.The company and its Indian partner are looking at various options including working with government agencies and not-for-profit organizations to make the device more accessible."For instance, the device can be introduced in government rehabilitation centers, where patients can be rehabilitated on a rental model," Kapoor said.ReWalk Robotics shares closed at $13.52 on Thursday on the Nasdaq. Up to Thursday's close, the stock had nearly halved in value since its strong debut on Sept. 12. ($1 = 62.83 Indian rupees) (Editing by Sriraj Kalluvila)
Friday, March 27, 2015
New Czech gaming law faces delay, tax still to rise
- A new Czech law that will sharply raise taxes on betting companies could be delayed by up to one year until 2017, although the finance ministry is preparing a smaller tax rise until then, an official said on Friday. Deputy Finance Minister Ondrej Zavodsky said the new law was ready to go to the center-left government's legislative council but still faced other procedures that will likely mean a delay."It is not clear whether everything will be managed by Jan. 1, 2016," he said, referring to the previous expected launch date of the new legislation.The ministry said that because of the likely delay to the new law it was preparing an amendment to the existing law to increase the betting sector tax to 25 percent, up from 20 percent of winnings which betting companies currently pay on top of the standard 19 percent corporate tax rate.Zavodsky told the ministry was proposing to raise the gambling tax element to up to 35 percent in its new gambling law. This includes taxing fixed odds betting at 25 percent, which has been softened from a previous plan of 30 percent. The lottery business will see a 30 percent sector tax under the new gambling law while betting machines will be taxed at the highest rate.The bookmaking market is dominated by five domestic firms, including Prague-listed Fortuna Entertainment Group.(This version of the story adds quotes, details on law, market) (Reporting by Petra Vodstrcilova; Writing by Jason Hovet; Editing by Elaine Hardcastle)
Testing of software adds to urgency in race for driverless cars
(This version of the March 26 story has been refiled to change carmakers to drivers in the seventh paragraph) By Edward Taylor - In the race to build a self-driving car, German automakers are hitting a road block in their efforts to test vehicles so complex they need more than 10 times the amount of software found in a fighter jet.German laws currently place limits on testing on public roads.Automakers fear this is allowing U.S. competitor Google to pull ahead in developing software, specifically programs that will give cars the correct reflexes in real-life traffic situations. For years, so-called "autonomous vehicles" have been a distant dream but technological advances and a push by Google, with its huge financial resources, to introduce a model in 2012 has kicked the race build them into high gear.Volkswagen Chief Executive Martin Winterkorn told : "We are currently testing at our research facilities, some of them in the United States. The question is: do we only test these cars on public roads in the United States or can we also do it in Germany. Not enough has been done."Mercedes-Benz, BMW and Audi already have prototype autonomous vehicles out on German roads but they lack the ability to legally test one of the most difficult parts of the journey - handing control back to a distracted driver. Drivers in Germany are legally not allowed to be distracted during the testing process on public roads. E-mailing in a moving car on a public road is forbidden, for example. "How much warning does a driver need to take back control of a vehicle after they were e-mailing? Is five seconds enough, or do they need 20? These are just some of the issues that need to be resolved," Daimler spokeswoman Katharina Becker said. Mercedes-Benz wants cars with highly autonomous functions to be on the road by 2020.OK COMPUTERSThe importance of carmakers putting their feet to the pedal on software verification is evident from looking at the aircraft industry, which has 40 years experience of developing vehicles that run on computers. Lockheed Martin's $400 billion F-35 Joint Strike Fighter program, which began in 2001, is still being held up by software glitches, despite the company having more than 500 software engineers. Eric Feron, a professor of Aerospace engineering at Georgia Tech, said the auto industry faces a massive challenge to verify software in autonomous cars."Cars need much more software than aircraft. The environment in the air is easier, there are no obstacles and they are driven by professional pilots. It is much more complicated on the ground," Feron said.The F-35 has between 5 million and 10 million lines of software code, compared with 100 million lines in a modern car.According to auto supplier Bosch, automation in passenger cars started with safety systems that intervened without asking the driver for permission, such as the introduction of anti-lock brakes in 1978, followed by traction control in 1986. These systems have since evolved to include adaptive cruise control, predictive emergency braking, lane-keeping support, and automatic parking assistance systems. A recent drive on an autobahn in a Mercedes-Benz S-Class on the outskirts of Stuttgart showed how far car technology has already advanced. The limousine cruised comfortably in busy traffic, keeping in lane and maintaining the distance to a truck in front, no matter how curvy the route or how slow the traffic ahead. That model can be bought in showrooms today. ETHICAL DECISIONSIn August 2013, Mercedes-Benz responded to Google's push by developing a version of its S-class limousine which drove between Mannheim and Pforzheim, a 103 km (64 mile) stretch, without any driver input. Now carmakers are testing prototypes on both sides of the Atlantic. While motoring in Germany commonly takes place on narrow roads, highways in the United States are frequently wider and may have more than six or eight lanes. The location of traffic lights and shape of road signs also vary. In September last year, California granted Mercedes-Benz a license to test autonomous cars in daily traffic if specially trained test drivers were able to override the autonomous mode at any time. California was following in the footsteps of Nevada, which passed a law in June 2011 to allow test drives of autonomous vehicles there, a factor that helped Google test its own autonomous prototype in 2012.Analysts at Exane BNP Paribas estimate global sales of semi-automated vehicles to reach 8.7 million by 2020, rising to 22.7 million by 2025. Sales of highly automated vehicles, ones where permanent active input from the driver is not required, will not start until 2020, but then rise to around 9 million by 2025. But despite progress in technological matters, carmakers are still struggling with ethical challenges posed by autonomous cars. For example if a small car suddenly pulls out in front of a truck that was obscuring the view and the car is faced with a choice of hitting either the truck or the car. What is the correct reflex for software programmers to code, Winterkorn asked. "Technologically we can do fully automated self-driving, but the ethical framework is missing," Winterkorn said. (Additional reporting by Andrea Shalal, Editing by Angus MacSwan)
BlackBerry reports fiscal fourth-quarter profit
- BlackBerry Ltd (BB.TO)(BBRY.O) posted a fiscal fourth-quarter profit on Friday, offering some signs its turnaround efforts may be beginning to gain traction. Waterloo, Ontario-based BlackBerry reported a net profit of $28 million, or 5 cents a share, in the quarter ended Feb. 28. That compared with a year-earlier loss of $148 million, or 28 cents a share. Excluding one-time items, the company quarterly profit was $20 million, or 4 cents a share. Quarterly revenue, however, slid to $660 million from $793 million. (Reporting by Euan Rocha; Editing by Jeffrey Benkoe)
Thursday, March 26, 2015
Amazon in talks to buy online luxury retailer Net-a-Porter: Forbes
- Amazon.com (AMZN.O) is in talks to buy online luxury retailer Net-a-porter in what could be the biggest acquisition yet for the e-commerce giant, but the negotiations are in early stages and could fall apart, Forbes reported, citing a person familiar with the matter. The potential deal, first reported by Women's Wear Daily, could value Net-a-Porter lower than the valuation of 2 billion euros reported by the fashion industry trade journal, Forbes said, citing the person. (onforb.es/1IBlus9)Seattle-based Amazon has long eyed the high-end fashion retail sector and any deal for Net-a-Porter would mean a new commitment in an area where the company lacks a strong presence, Forbes said."It's Day 1 in the category," Amazon Chief Executive Jeff Bezos told the New York Times in an interview in 2012, saying the company was making a "significant" investment in fashion to convince top brands that it wanted to work with them, not against them. (nyti.ms/1IBnGjk)Media reports in 2014 said Amazon was in talks to buy Indian fashion retailer Jabong.com for $1.2 billion.Net-a-Porter is owned by luxury goods group Richemont (CFR.VX), which bought the London-based company for 392 million euros in 2010.Amazon.com, Net-a-Porter and Richemont could not be immediately reached for comment outside regular business hours. (Reporting by Ankush Sharma in Bengaluru; Editing by Anupama Dwivedi)
The $50 device that symbolizes a shift in North Korea
- A $50 portable media player is providing many North Koreans a window to the outside world despite the government's efforts to keep its people isolated - a symbol of change in one of the world's most repressed societies. By some estimates, up to half of all urban North Korean households have an easily concealed "notel", a small portable media player used to watch DVDs or content stored on USB sticks that can be easily smuggled into the country and passed hand to hand.People are exchanging South Korean soaps, pop music, Hollywood films and news programs, all of which are expressly prohibited by the Pyongyang regime, according to North Korean defectors, activists and recent visitors to the isolated country."The North Korean government takes their national ideology extremely seriously, so the spread of all this media that competes with their propaganda is a big and growing problem for them," said Sokeel Park of Liberty in North Korea (LiNK), an organization that works with defectors."If Pyongyang fails to successfully adapt to these trends, they could threaten the long-term survival of the regime itself." North Koreans have been spending money more openly, a sign that some forms of entrepreneurship are increasingly tolerated and that the state is easing some of its harsh controls over the economy. In recent months, consumption has become more conspicuous."The variety and number of places for locals to spend money has really increased," said one regular visitor to Pyongyang, declining to be identified. "People seem a lot more confident flashing the cash than they used to be. I've seen people spend $500 on a phone with no hesitation, for example."There is no sign, however, that the regime in nuclear-capable North Korea is loosening its grip, looking to make substantial reforms or making any change in its unpredictable ways of dealing with the outside world.But along with rising incomes, more goods are available in the impoverished country, mostly on the black market but also in some state-controlled stores.CHEAP AND VERSATILENotel or 'notetel' - the name is a uniquely North Korean word combining 'notebook' and 'television' - are easily found on the black market for around 300 Chinese yuan ($48), and are also available in some state shops and markets.The device was legalized last year, according to defector-run news outlets in Seoul - one of many recent measures taken by the state to accommodate grassroots change. The new rules, however, also require North Koreans to register their notel, enabling authorities to monitor who is most likely to be watching banned foreign media.North Koreans do not have access to the internet - those who can go online are limited to a state-run intranet, while the country's 2.5 million mobile phone subscribers are not allowed to call outside the country.The notel comes from China, either smuggled or legally imported.Lee Seok-young, a defector from the North, said he smuggled 18,000 Chinese-made notel into the country last year. He said he ordered them directly from a factory in Guangzhou that was likely still in production solely to satisfy the demands of the North Korean market.The devices have lost their popularity in China over the years, but still sell well in the provinces bordering North Korea, according to data on the China-based online shopping website Taobao. When asked to quote a wholesale price for notel, one Chinese trader in the border city of Yanji said: "You want to send them to North Korea? How many do you want to send? They sell well there."The low-voltage notel differs from the portable DVD players of the late 1990s in that they have USB and SD card ports, and a built-in TV and radio tuner. They can also be charged with a car battery - an essential piece of household equipment in electricity-scarce North Korea.Legally-registered notel must be fixed to official state television and radio channels, according to the Daily NK, a Seoul-based news organization run by defectors.Lee, the defector, said the device's multi-function nature makes it easier for users to get away with watching illegal material. "To avoid getting caught, people load a North Korean DVD while watching South Korean dramas on a USB stick, which can be pulled out," he said. "They then tell the authorities, who feel the heat from the notel to check whether or not it has been recently used, that they were watching North Korean films". Park at the LiNK organization added: "They are small enough to roll up in a blanket and hide in a wardrobe. They have become so popular because they are perfect for overcoming the twin barriers to foreign media consumption: surveillance and power outages."If you were to design the perfect device for North Koreans, it would be this." (Additional reporting by Ju-min Park and the Beijing Newsroom; Editing by Tony Munroe and Raju Gopalakrishnan)
RadioShack rescue deal dogged by fights, demands for new auction
- RadioShack Corp's rescue deal to keep 1,740 stores open was attacked on Thursday by the bankrupt retailer's top creditor, a failed bidder who called the auction a sham and sought a new sale. RadioShack, which filed for bankruptcy last month, told a U.S. Bankruptcy judge it had selected the Standard General hedge fund as the winning bidder in the private four-day auction, which ended just before Thursday's hearing. The hedge fund plans to operate the stores in conjunction with wireless phone company Sprint Corp.While RadioShack's attorney told the court the deal saved 7,500 jobs and was $23 million more than a bid by liquidators, the deal provided little cash. The hearing to approve the agreement quickly deteriorated into disputes among lenders over the complex agreements that governed the repayment among creditors.An attorney for Salus Capital Partners, which is owed $150 million and is RadioShack's largest creditor, blasted the auction process and called for the auction to be reopened."It's a charade, judge," Salus' attorney, Jay Goffman, told the court. Salus said in court papers it had bid $271 million in cash, compared to $16 million by Standard General.Goffman said there was little activity during the auction, and Standard General did not attend much of it. "We know a sham when we see one."Most of the two-hour hearing prior to a lunch break focused on complicated agreements that lenders negotiated among each other. The lenders sparred over the question of whether those agreements allowed Standard General to pay for its proposal by forgiving some of its debt, a process known as credit bidding.
U.S. Bankruptcy Judge Brendan Shannon called for witnesses in the afternoon to testify about the auction to help determine if the process was fair.
He also said he had cleared his schedule through Monday to decide if the sale to Standard General should be approved.RadioShack entered Chapter 11 bankruptcy in February with more than 4,000 stores, most of which have been closed.Founded in 1921, the chain was once the go-to retailer for electronics, but became increasingly irrelevant in the digital age.The case is In Re: RadioShack Corp, U.S. Bankruptcy Court, District of Delaware, No. 15-10197 (Reporting by Tom Hals in Wilmington, Delaware; Editing by Tom Brown)
Amid trial, Kleiner Perkins recruits next generation of partners
- For the past month, the name most associated with venture capital firm Kleiner Perkins Caufield & Byers is former partner Ellen Pao, who took the firm to trial for gender discrimination and retaliation. Now the company is searching for new names, at a more intense level than is typical in venture capital, leaders who will take over the firm in coming years as current partners retire.“You can imagine that over the next 18-24 months we’ll be adding people to the firm,” said Mike Abbott, 42, one of the newest Kleiner partners, and himself a contender to one day take over the mantle of the firm from its current de facto leader, 63-year-old John Doerr.Describing the effort as “a big focus,” Abbott said in a telephone interview with on Thursday that he is actively recruiting, along with Doerr and longtime partners, Ted Schlein and Juliet de Baubigny.The question around the next generation of leaders at Kleiner is taking on added significance because of Pao's lawsuit, which is highlighting gaffes by current and previous partners. Any fallout from the trial, where the jury began deliberations on Wednesday in a California courtroom after 4 -1/2 weeks of testimony, is being taken as a lesson in Silicon Valley. Once the dominant force in venture capital, backing Google and Amazon, Kleiner has delivered a more mixed record in the past several years. Its most recent flagship fund totaled $450 million, compared to $650 million three years earlier. The firm reorganized in 2013 and 2014, saying it wanted to be smaller and more agile. In the process, many younger partners left.Abbott said the Pao lawsuit had not had an impact on the recruiting drive. “I think it’s a pretty different environment,” at Kleiner, Abbott said, compared to the male-dominated one that Pao’s lawyers have described in court. Abbott joined the firm three years ago, after most of the events covered in the trial. Abbott declined to identify potential recruits, both men and women. Negotiations could “take a long period of time,” he said.To deepen its bench, Kleiner could poach from other venture firms. It could also hire founders or operators from fast-growing start-ups, perhaps those backed by Kleiner.It could also try to buy a smaller venture partnership. Talks between Kleiner and Social + Capital, a firm created by former Facebook executive Chamath Palihapitiya, fell through around the turn of the year, Fortune reported in January. The firm declined to comment on the talks.NEW BLOOD NEEDEDFormerly vice president of engineering at Twitter, Abbott is known as the vanquisher of the "Fail Whale," Twitter's signal of its once frequent infrastructure-based outages. And as part of a special team, he also helped the U.S. government revamp www.HealthCare.gov, the online market for health insurance coverage that made a rocky start in late 2013."I enjoy building things from scratch or fixing things," Abbott said.Privately, some venture-fund investors say Kleiner, which is emerging from years of backing “green” technology companies that largely failed to deliver the anticipated returns, could use some of that same build-and-repair touch.Partly that is because of the bad publicity around the trial, where Pao said she was discriminated and retaliated against after she ended a brief affair with another partner, amid a climate that was overall unfriendly to women. Kleiner denied the charges and testified 20 percent of its investment partners are women, far higher than the industry average.But partly, it is also about performance.“They’re not popping out Instagrams,” said one Kleiner investor, referring to the photo-sharing service that sold to Facebook for $1 billion three years ago, making hundreds of millions for its venture backers, Kleiner not among them. The investor declined to be identified to avoid offending the firm.Kleiner counts Nest, a thermostat company that sold to Google last year for $3.2 billion, among its recent successes. Investors hold high hopes for companies such as Airware, a drone business that Abbott backed last year. It could take years to see if Abbott's investments, including photo-sharing service Snapchat, deliver large returns.In the meantime, investors can consider the successful leadership transitions Kleiner has made in the past.Founding members Tom Perkins and Brook Byers handed the mantle to Doerr in the 1990s. The firm, already known for backing winners like biotechnology business Genentech and electronics manufacturer Flextronics, then doubled down on its winning streak, harnessing the rise of the Internet.That legacy is a big part of the appeal and pitch to potential partners, says Abbott when asked about the difficulty of recruiting given the Pao lawsuit. “No matter how much you spend on PR, you can’t buy a platform or brand like Kleiner Perkins,” Abbott says. (Editing by Peter Henderson and Grant McCool)
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