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Facebook and AR : The end of smartphones and TVs is coming

As The New York Times notes, Zuckerberg has long been disappointed that Facebook never built a credible smartphone operating system of its own.

Boris Sullivan

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It’s no secret Mark Zuckerberg is pinning Facebook’s prospects on augmented reality — technology that overlays digital imagery onto the real world, like Snapchat’s signature camera filters.

At this year’s F8 conference, taking place this week, Zuckerberg doubled down on the company’s ambitious 10-year master plan, which was first revealed in 2016.

To accelerate the rise of augmented reality, a big part of the plan, Zuckerberg unveiled the Camera Effects platform — basically a set of tools for outside developers to build augmented-reality apps that you can access from the existing Facebook app’s camera.

That would theoretically open the door for Facebook to host the next phenomenon like “Pokémon Go.”

While this announcement seems pretty innocuous, make no mistake — Facebook is once again putting itself into direct competition with Google and Apple, trying to create yet another parallel universe of apps and tools that don’t rely on the smartphones’ marketplaces.

As The New York Times notes, Zuckerberg has long been disappointed that Facebook never built a credible smartphone operating system of its own.
This time, though, Facebook is also declaring war on pretty much everyone else in the tech industry, too. While it’ll take at least a decade to fully play out, the stuff Facebook is talking about today is just one more milestone on the slow march toward the death of the smartphone and the rise of even weirder and wilder futures.

Why buy a TV?

Zuckerberg tipped his hand, just a bit, during Tuesday’s Facebook F8 keynote. During a demo of the company’s vision for augmented reality — in the form of a pair of easy-to-wear, standard-looking glasses — he showed how you could have a virtual “screen” in your living room, bigger than your biggest TV.

“We don’t need a physical TV. We can buy a $1 app ‘TV’ and put it on the wall and watch it,” Zuckerberg told USA Today ahead of his keynote. “It’s actually pretty amazing when you think about how much of the physical stuff we have doesn’t need to be physical.”

That makes sense, assuming you’re into the idea of wearing a computer on your face (and you’re OK with Facebook intermediating everything you see and hear, glitches and all).
But it’s not just TVs.

This philosophy could extend to smartphones, smartwatches, tablets, fitness trackers, or anything else that has a screen or relies on one to work. Zuckerberg even showed off a street art installation that’s just a blank wall until you wave the Facebook camera app over it to reveal a mural.
For Microsoft, which has already dipped its toe in this area with its HoloLens holographic goggles, this is a foregone conclusion. HoloLens boss Alex Kipman recently called the demise of the smartphone the “natural conclusion” of augmented reality and its associated technologies.
Source: Mark Zuckerberg: The end of smartphones and TVs is coming | World Economic Forum

Ecommerce

How will oil prices shape the Covid-19 recovery in emerging markets?

Oxford Business Group

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How will oil prices shape the Covid-19 recovery in emerging markets?

– After falling significantly in 2020, oil prices have returned to pre-pandemic levels
– The rise has been driven by OPEC+ production cuts and an improving economic climate
– Higher prices are likely to support a rebound in oil-producing emerging markets
– Further virus outbreaks or increased production would pose challenges to price stability

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A combination of continued production cuts and an increase in economic activity has prompted oil prices to return to pre-pandemic levels – a factor that will be crucial to the recovery of major oil-producing countries in the Middle East and Africa.

Brent crude prices rose above $60 a barrel in early February, the first time they had exceeded pre-Covid-19 values. They have since continued to rise, going above $66 a barrel on February 24.

The ongoing increase in oil prices, which have soared by 75% since November and around 26% since the beginning of the year, marks a dramatic change from last year.

Following the closure of many national borders and the implementation of travel-related restrictions to stop the spread of the virus, demand for oil slumped globally.

In the wake of the Saudi-Russia price war in early 2020, Brent crude prices fell from around $60 a barrel in February that year to two-decade lows of $20 a barrel in late April, as supply increased and demand plummeted. The value of WTI crude – the main benchmark for oil in the US – fell to record lows of around $40 a barrel last year on the back of a lack of storage space.

While global demand for oil remains low, one factor credited with reversing the trend is the decision to make significant cuts to oil production, which subsequently tightened global supplies.

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Tech

How the Rural-Urban Divide Plays Out on Digital Platforms

It is one thing for entrepreneurs, whether urban or rural, to create and operate an online store, as some digital platforms have made it relatively easy to manage an e-store – even by using just a smartphone.

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In the West, villages are emptying out due to the lack of economic opportunities. Consider Italy where, in a bid to attract newcomers, a handful of municipalities have turned to selling houses for €1.

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Ecommerce

Will South-east Asia’s tech giants turn to SPACs to boost post-pandemic growth?

Oxford Business Group

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Will South-east Asia’s tech giants turn to SPACs to boost post-pandemic growth?
– SPACs have become a hot-button topic in global finance
– The vehicle is widely used to help tech start-ups go public
– Both Singapore’s and Indonesia’s exchanges are set to allow SPACs
– Several South-east Asian tech unicorns may use SPACs to list publicly

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South-east Asia is seeing a wave of interest in special purpose acquisition companies, or SPACs, with various major tech players considering them as a means to fast-track public listings. In parallel to this, several exchanges in the region are moving to allow SPAC listings, with a view to boosting post-coronavirus growth.

SPACs are shell companies set up by investors and then listed on a given stock exchange. Their sole function is to acquire a private company, enabling it to go public without having to go through a traditional initial public offering (IPO).

A SPAC does nothing beyond its essential function – it neither produces nor sells anything, and a SPAC’s only assets are the funds raised from its own IPO.

Crucially, people who buy into a SPAC do not know what its eventual acquisition target or targets will be. This is why SPACs are often referred to as “blank cheque companies”: they give the founders a free rein to back their choice of private company. A key feature of SPACs is that they are often headed by big-name business executives or fund managers, who trade on past successes to inspire trust in investors.

While they are far from a novel phenomenon, SPACs have become a hot button topic in recent times: SPAC initial offerings quadrupled last year, with the vehicles raising a record $80bn.

Merging with a SPAC enables a company to go public and raise capital more quickly and painlessly than with a traditional IPO, circumventing some of the volatility that Covid-19 unleashed on global markets. At the same time, they function rather like venture capital, helping investors to buy into high-growth start-ups on the ground floor.

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