Dyson to move its headquarters to Singapore
Billionaire’s company said decision had nothing to do with impending UK departure from EU
James Dyson, the UK inventor and a prominent Brexit supporter, is moving his business headquarters to Singapore as the maker of vacuum cleaners pivots towards the expanding Asian market for high-end consumer goods.
The billionaire’s privately owned company said the decision had nothing to do with Britain’s impending departure from the EU and that any reduction in its tax bill as a result of the move would be “negligible”.
Dyson already manufactures all its products in Asia, where the group generates more than half its profits, and is building a factory in Singapore that will produce its planned electric vehicle.
Jim Rowan, chief executive, said the relocation was designed to make sure the company was “future-proofed” and would allow management to keep an eye on its investments in the region.
“What we’ve seen in the last few years is an acceleration of opportunities to grow from a revenue perspective in Asia,” he said in a call with journalists. Markets where Dyson is enjoying strong growth include China, South Korea and India.
As part of the move, only two employees — the company’s chief financial officer and its chief legal officer — will move to the city state. Dyson would continue to invest in the UK and increase headcount at its two research and development facilities in Wiltshire, said Mr Rowan.
However, the decision is likely to generate controversy given Sir James’ status as one of Britain’s most celebrated entrepreneurs and his vocal backing of Brexit. Dyson ceased manufacturing in the UK in 2003.
Singapore’s headline rate of corporate tax is 17 per cent, compared to 19 per cent in the UK. Mr Rowan declined to offer more details on the company’s tax affairs, but said the difference would be “negligible”.
The news came as Dyson revealed that its core profits had broken the £1bn mark for the first time in 2018, with earnings before interest, tax, depreciation and amortisation at £1.1bn — a one-third increase on the year before. Revenue increased 28 per cent to £4.4bn.
Sir James was not available for comment.
CRON US -Seeing call activity - 1000 Mar 16 calls trade at $1.73
CRON +5.7%
Volume : 1.5 Average daily already 12.3mil shares and 23mil yesterday
BEIJING/SHANGHAI (Reuters) - Chinese authorities have collected more than 11 billion yuan ($1.62 billion) in unpaid taxes from celebrities and entertainment companies since they hit the industry with a crackdown, state media Xinhua reported on Tuesday.
The most famous star to get caught up in the campaign was actress Fan Bingbing who has 62 million online followers.
She was ordered to pay about $129 million in overdue taxes and fines in October, after a four-month disappearance from the public eye, Xihua reported earlier.
Fan issued an apology after being ordered to pay up, saying she accepted the decision, would overcome “all difficulties” to pay the penalties and would step up supervision of her companies.
Industry insiders have lamented that a “cold winter” has descended on the business since authorities launched the checks, with film projects stalling and investors selling off related company shares.
Huayi Brothers Media Corp (300027.SZ), a company linked to Fan Bingbing, has seen its share price halved since last year, while movie box office revenue growth in the world’s second-largest movie market after the United States, slowed last year.
Authorities said the industry should set its mind at rest and focus on work, but added that it would continue to target companies and individuals deemed highly exposed to tax-related risks.
Industry workers should “practise socialist core values ... and strive to be entertainment workers with belief, empathy and sense of responsibility in the new era”, authorities said, according to Xinhua.
MacBook Pro stage light fault: Apple’s design turns $6 fix into a $600 nightmare, says iFixit
Some MacBook Pro owners have complained of a ‘stage light’ effect, where they see uneven backlighting at the bottom of the display. For some, the symptom is only the first stage, with the backlight failing altogether.
iFixit says that it has identified the cause – and the way in which Apple changed the design of the Touch Bar generation for the MacBook Pro turns what would otherwise be a $6 fix into a $600 nightmare …
The problem, says the company, is caused by Apple using much thinner ribbon cables instead of the thicker wires used in previous generation MacBook Pro models.
The issue is fairly simple: the current generation of MacBook Pro laptops (2016–present) uses flexible ribbon cables to connect the display to a display controller board beneath the Touch Bar. These cables wrap over the board, where they’re secured by a pair of spring-loaded covers—and they’re subjected to the stress of bending with every opening and closure of the laptop. Within a seemingly short time, those cables are starting to fatigue and tear. The backlight cable is generally the first to go, producing the infamous “stage light” symptoms, and eventually giving out entirely when the laptop is opened more than about 40°.
When it first debuted, the design seemed fine. But as always, the devil is in the details. Apple opted for thin, fragile flex cables as opposed to the beefier wire cables used in previous designs that could be routed through the hinge instead of wrapped around it, helping mitigate the stress of repeated openings and closings.
In theory, you should be able to replace the cables for $6. But Apple’s design makes that impossible, says iFixit.
In an apparent effort to make the display as thin as possible, Apple designed the cables as part of the display, so they cannot be replaced. This means that when (not if) those cables start to fail, the entire display unit needs to be replaced, as opposed to one or two little cables—effectively turning a $6 problem into a $600 disaster.
The problem so far doesn’t appear to be affecting too many people, but a petition started by Apple DIY repair guru Louis Rossmann, calling for an extended warranty program, has so far gathered more than 2,000 signatures. Apple already has a free repair program for certain MacBook and MacBook Pro models with sticky or unresponsive keys.
Have you experienced the problem? Please let us know in the comments.
Ebay shares jump after Elliott reveals stake and calls for shake-up
Activist hedge fund urges online retailer to sell assets including StubHub and Classifieds portfolio
Elliott Management disclosed a 4 per cent stake in eBay Inc and called for a shake-up of the company’s portfolio that could see its shares being worth as much as double their price today.
Shares in eBay jumped 11.6 per cent in pre-market trading on the news.
Paul Singer’s activist hedge fund is urging the online retailer to review its portfolio and shed some of its assets including StubHub and its Classifieds portfolio in order to focus on its core Marketplace business, and to “ensure that it has the right, most experienced talent in place to oversee the portfolio review and operational improvements.”
“Today eBay suffers from an inefficient organisational structure, wasteful spend and a misallocation of resources,” the hedge fund said. “By increasing operational efficiency, eBay can free up capital to invest in capability- and revenue-enhancing activities.”
Shares, which closed at $31 on Friday, could be worth $55 to $63 by the end of next year, the hedge fund said in a letter to the San Jose, California-based company’s board on Tuesday morning.
“In addition to eBay’s share price underperformance, the rapid deterioration in its valuation reflects a profound loss of confidence by investors,” Elliott partner Jesse Cohn said in the letter.
“EBay is at a critical moment, embarking on several major platform initiatives while grappling with inconsistent execution, a loss of investor confidence and a rapidly evolving e-commerce landscape,” the letter said.
“We firmly believe that now is the time to undertake the necessary actions” in the hedge fund’s plan “and to establish the right foundation for a streamlined eBay to be successful in these efforts.”
Elliott’s stake is worth about $1.4bn.