(Bloomberg) -- U.S. prosecutors who said last week they have an “exceedingly strong” tax-fraud case against a top American executive at Russian gas producer Novatek PJSC now want to delay his trial to gather more evidence from overseas.
The request to push back Mark Gyetvay’s Nov. 1 trial date by at least six months was filed Wednesday with a federal judge in Florida. Gyetvay, Novatek’s deputy chief executive officer, was accused in a Sept. 22 indictment of failing to pay taxes on $40 million in income and hiding $93 million in Swiss bank accounts from the Internal Revenue Service.
Under the Speedy Trial Act, U.S. defendants are entitled to a trial within 70 days of their indictment. Judges often are willing to push back trials in complex white-collar cases, if both sides agree. Prosecutors in the Gyetvay case asked for more time even though the gas executive, who pleaded not guilty and denies wrongdoing, opposes the request.
“We are going to do everything we can do to ensure Mr. Gyetvay’s constitutional rights to have a trial occur within 70 days of the indictment,” his attorney, Kevin Downing, said in an interview.
In their filing, prosecutors said courts routinely push back trials when other countries haven’t acted on requests for evidence. They said Russia and Cyprus provided evidence, while the U.K. and Switzerland have not. A “court challenge has been leveled in Switzerland” that could take “several months if not longer” to resolve, according to the filing.
Last week, prosecutors initially asked a judge to detain Gyetvay without bail, saying he could flee his southwest Florida home, that he holds passports from the U.S., Russia and Italy, and “the evidence against him is exceedingly strong.” Gyetvay was released on an $80 million bond, with GPS monitoring and house arrest. He also surrendered his passports.
At a hearing Thursday, a judge relaxed his bail terms, saying the defendant no longer had to be held under house arrest. He must remain under GPS monitoring and a curfew at night.
Last week, Gyetvay took to Twitter to say he’ll fight the charges.
Gyetvay was one of more than 30,000 Americans who sought to avoid stiff tax penalties by declaring they had innocent reasons for failing to disclose offshore holdings. Under the so-called streamlined program, U.S. residents paid penalties of 5% of their undisclosed offshore assets. But they got no guarantees they wouldn’t be prosecuted.
Another 54,000 Americans took a more arduous route in voluntarily disclosing their offshore accounts to the IRS, including their dealings with bankers and advisers. They faced penalties of as much as 27.5% of their assets, as well more than $8 billion in back taxes and other penalties. But the government agreed to never prosecute them over the disclosures.
Prosecutors said in court documents last week that Gyetvay filed a false voluntary disclosure “under a program for which he did not qualify, in which he lied about the reason for his failure to comply with his U.S. tax obligations.”
In an interview, Downing said: “All of the financial information included on the tax returns filed in the voluntary disclosure is true and correct.”
The case is U.S. v. Gyetvay, 21-cr-83, Middle District of Florida (Fort Myers).
Only a few hundred tickets are still available for each night of OktBorderFest in Point Edward this weekend.
The Glorious Sons headline Friday night and Barenaked Ladies take the outdoor concert stage with Kim Mitchell Saturday at the waterfront park, under the Blue Water Bridge.
Bluewater BorderFest Director Mark Perrin said ticket sales have been capped at 3,500 each night.
“VIP has been sold out for a few weeks now and general admission tickets are moving quickly,” said Perrin. “There’s still a couple hundred left, but we are expecting by the weekend those to likely be sold out and we’re encouraging people to get tickets sooner, rather than later.”
Perrin said the forecast looks good and COVID-19 safety measures will be in place.
“Live Nation policies (state that) if you’re vaccinated to show proof of vaccination, and if you’re not vaccinated to have a negative test within 72 hours. That can be done at any local clinic, doctors office, anyone that provides the proper documentation for either a rapid or antigen test.”
Perrin said on-site testing will also be offered.
“We’re the first event in Ontario to offer on-site rapid testing at the gate. We just want to make sure that everyone can attend, but attend safely.”
Perrin said it will be great to reconnect fans with the artists.
“This will be The Glorious Sons first show back from this whole pandemic, so they are ecstatic to be playing. Barenaked Ladies have played a couple shows, but I believe it is Kim Mitchell’s first show back as well.”
Perrin said six charity groups will receive funding from the event.
“There’s just a big need for entertainment, music, and events, and we’re excited that everyone has been able to work in a short period to put this thing together and it’s only a few days away.”
Nomadic Value Partners recently released its Q2 2021 Investor Letter, a copy of which you can download here. In the second quarter, the fund posted returns of 9.6% compared to 8.6% total return for the S&P 500 Index. You should check out Nomadic Value's top 5 stock picks for investors to buy right now, which could be the biggest winners of this year.
In the Q2 2021 Investor Letter, the fund highlighted a few stocks and Fastenal Co (NASDAQ:FAST) is one of them. Fastenal Co (NASDAQ:FAST) is engaged in wholesale distribution of industrial and construction supplies. In the last three months, Fastenal Co (NASDAQ:FAST) stock gained 2%. Here is what the fund said:
"In mid-June we completely sold out of Fastenal (FAST). Although we had been using FAST as a source of liquidity for a few months already, it still feels bad to say an official goodbye to such an amazing company. However, we must stay focused on the math and the math concludes a difficult task to get our return hurdle going forward. The last time FAST traded at a forward P/E ratio of 34x (the multiple at our exit), the year was 2012. The company had been growing at 20% per year, and the US was about to embark on a shale oil boom, sustaining a low-teens growth trajectory. Today, FAST’s sales growth could turn anemic as the surge for COVID safety products is waning and heavy construction and resources customers are slow to return. An investor must have an optimistic view towards 5+ years of strong real GDP growth as well as sustained inflation. If one lowers the growth assumption to a more likely outcome, then the implicit bet is that low to negative real interest rates will persist and the forward P/E multiple will stay elevated4. I do not want to make such a strong macro bet as the justification for owning a stock. Fastenal is a cyclical business with a growth model proven to take market share secularly, but the time to buy FAST (the stock) will be when we are in the depths of an industrial recession. Stay tuned."
Fastenal
Credit: Wikipedia Commons
In August, we published an article revealing that investment management firm Madison Funds also sold Fastenal Co (NASDAQ:FAST)stock.
In Q1 2021, the number of bullish hedge fund positions on Fastenal Co (NASDAQ:FAST)stock decreased by about 20% from the previous quarter (see the chart here), so a number of other hedge fund managers don't believe in FAST's growth potential. Our calculations showed that Fastenal Co (NASDAQ:FAST)isn't ranked among the30 most popular stocks among hedge funds.
The top 10 stocks among hedge funds returned 231.2% between 2015 and 2020, and outperformed the S&P 500 Index ETFs by more than 126 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds' poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&P 500 ETFs. Here you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.
At Insider Monkey we leave no stone unturned when looking for the next great investment idea. For example, artificial intelligence is one of the fastest-growing industries right now, so we are checking out stock pitches like this emerging AI stock. We go through lists like the 10 best hydrogen fuel cell stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage.
Disclosure: None. This article is originally published at Insider Monkey.
Deliveroo Plc is expanding its partnership with U.K. grocery chain
Wm Morrison Supermarkets Plc, testing a mini-fulfillment center in London to offer rapid delivery of essential items.
The two companies have already
collaborated to let Deliveroo customers order goods from Morrison’s supermarkets. However, the new offering will allow Deliveroo to fulfill orders made on its app directly from a small urban warehouse in as fast as 10 minutes, the companies said in a statement, confirming an earlier Bloomberg report.
If results fall completely his way, Sebastien Ogier could clinch his eighth World Rally title in nine seasons with two rounds to go in Finland this weekend.
The Frenchman, who has announced he is retiring after this season, is 44 points ahead of Welsh Toyota team-mate Elfyn Evans, 50 ahead of Belgian Thierry Neuville of Hyundai and 51 ahead of the revelation of the season, Finn Kalle Rovanpera, who also drives for Toyota.
With a maximum 30 points available if he wins and takes the power-stage bonus, Ogier could build a lead of 61 points or more and go into the last two rallies of his career, in Spain and Italy, already champion.
Yet Ogier has only won the "rally of the 1000 lakes" once before, in 2013. A more realistic target could be protecting his lead and then clinching in two weeks in Catalonia, where he sealed his 2014 and 2016 titles.
"Nothing is decided in the championship yet, so let's see what approach we will take on this rally, but I'm looking forward to driving those roads in this car," said Ogier.
To allow fans to attend, the rally was moved from its usual midsummer dates to October for the first time, while an Arctic Rally was added in the country in February.
The Finland Rally is one of the fastest on the calendar: a sprint on gravel punctuated by spectacular jumps.
But the autumn dates mean cooler, wetter conditions are likely and some stages will be run after nightfall.
"We can expect the grip from the stages to be lower than usual, and if the weather is bad it could be very slippery," said Jari-Matti Latvala, the Toyota team principal and a Finn.
The Toyota team, Latvala pointed out, are based in Finland.
"Our car has been developed on Finnish roads and we know that we should be strong there."
- 'One of the coolest things' -
Neuville has finished runner-up to Ogier four times in the championship without collecting a title. He also came second in 2019.
"One of the high-speed events in the season, one of the challenging events for myself," said the Belgian. "But I still enjoy the driving, at that speed with the jumps and the precision you need...it makes it very special."
Evans finished runner-up last season after crashing out of the season finale.
"The speed is always a shock," said Evans. "Regardless of how much testing you do before the event, when you get going and start the stage then it's very fast.
"The Finns, generally speaking, tend to settle in a little bit quicker than anybody else and that's the key."
Estonian Ott Tanak, a Finnish resident who interrupted Ogier's title reign in 2019 and who won the Arctic Rally this year and the Finland Rally in 2018 and 2019, agreed.
"One of the biggest challenges is the speed and the big jumps, it's always important to get the confidence very early as it's so fast it's difficult to get big gaps," he said.
A more likely local contender is the 20-year-old Rovanpera, who became the youngest ever rally winner in Estonia in July and then won again on the last outing in Greece.
This will be his first Rally Finland and gives him an opportunity to shine on home ground. He was born in Jyvaskyla, where the rally operates from.
"Driving Rally Finland in a World Rally car is going to be one of the coolest things for me in my career so far," said Rovanpera.
"It's going to be really nice to see the fans cheering for us on the stages."
Today we will take a look at the fast charging capability of a pre-production prototype of the upcoming Kia EV6, which earlier this month was tested by Out of Spec Reviews' Kyle Conner in Germany.
The Kia EV6 is based on the same E-GMP platform as the Hyundai Ioniq 5, which is a fast charging titan, so we expect a similarly great performance from the EV6 as well.
However, the Kia EV6 has a different battery than the European Ioniq 5 (77.4 kWh according to Kia). The all-wheel-drive car is expected to offer a WLTP range of 506 km (314 miles). The rear-wheel-drive version should be able to go about 4% further on a single charge - 528 km (328 miles).
Kyle Conner conducted multiple tests at IONITY fast chargers, noting a highly volatile charging curve (even more volatile than in the Hyundai Ioniq 5). The first one, on which we will focus, is the 0-100% State of Charge (SOC) test with a pre-conditioned battery temperature. The second one in the video, starts at 40% SOC.
Let's get into details.
The test reveals that the charging power almost immediately starts to increase above 200 kW, before even reaching 2% SOC. That's really awesome, especially since the highest power output was maintained up to about 46% SOC.
The peak charging power is about 233 kW (we even saw 234 kW for an ultra short while).
The things get complicated after 46% SOC, when the power output starts to decrease - in instant steps - reaching about 186 kW at 47% SOC, then 116 kW at 58% SOC and finally 30 kW at 63% SOC. That's an extraordinary sight.
Not only that. Then, the power output increases in a very short time up to over 191 kW at 66% SOC, and starts to decrease more linearly from then. Around 78% SOC it hits a 62 kW dip, and another one of just 6 kW at 82% SOC.
The good thing is that even at 92% SOC, the power was above 50 kW, and about 20 kW at 98% SOC.
We assume that the hardware and software in the pre-production prototype of the Kia EV6 is simply raw and over-sensitive to temperatures inside the battery pack. If Kia manages to smooth the charging curve, so it would gradually decrease from 46% SOC, it will be one of the best on the market right now.
Depending on the starting point and initial battery temperature, the charging curve might vary.
The entire charging session (0-100% SOC), according to the charger, took about 48 minutes. Charging from 20% to 80% SOC took about 18 minutes.
The weak point is the 82% SOC, when the car stuck for 4 minutes or so at 6 kW. An obvious thing to improve in the production version.
Kia says that the production car in optimum conditions will need 18 minutes (see European and U.S. specs) to recharge from 10-80% SOC at an 800 V ultra-fast charger with a peak of 239 kW and that 100 km (62 miles) of range can be replenished in 4.5 minutes.
The chart below is only for illustrative purposes:
The average power in the very important range from 20% to 80% SOC is 151 kW, which is 65% of the peak value.
That's already one of the best results on the market and we assume it will be noticeably better in the production car (at least 170 kW).
Kia says that the EV6 is equipped with a 77.4 kWh but does not explain whether it's usable or total capacity. The charger indicates that the car consumed 81.6 kWh, which might be 77.4 kWh of usable capacity and 4.2 kWh of losses (95% efficiency). If the 77.4 kWh would be the total value and the net capacity would be lower, then it would mean that the losses are even higher, like 8 kWh or 10% (sounds high).
For the sake of today's analysis,we will assume that the total battery capacity is 82 kWh and 77.4 kWh is net usable.
The peak C-rate* - charging power in relation to the total battery capacity of 82 kWh - would be over 2.8C. The average C-rate when charging from 20% to 80% SOC is 1.85C. Those are among the highest values in the industry.
*C-rate tells us how the charging power relates to the battery pack capacity. For example: 1C is 1-hour charging power (current), when the power value in kW is equal to the battery pack capacity in kWh. 2C would be enough to recharge in half an hour.
The net battery capacity of 77.4 kWh would stand for about 94% of the total battery capacity.
The rate of range replenishing depends on the energy consumption and the energy consumption depends on the use case.
The tested prototype is an AWD car (the RWD is expected to have 4% more range and thus 4% higher range replenishing speed).
WLTP
Taking into consideration the WLTP range of 506 km (314 miles) and available battery capacity of 77.4 kWh, we can assume energy consumption of 153 Wh/km (246 Wh/mile).
The effective average speed of range replenishing when charging from 20% to 80% SOC would be then 16.5 km/minute (10.3 miles/minute).
The average result here is one of the best and might improve to the Hyundai Ioniq 5 level after the charging curve is improved.
Let's note also that the U.S. version of the Hyundai Ioniq 5 will have the same battery capacity as the Kia EV6 (77.4 kWh), while in Europe there are two other versions (58.2 and 72.6 kWh).
We complained a little bit about the dips in the Hyundai Ioniq 5's charging curve, but in the pre-production prototype of the Kia EV6 it's even worse.
On the other hand, the EV6 has much better charging output in the beginning! Assuming that the red line will be smoothened, the Kia EV6 has clear potential to beat the Hyundai Ioniq 5.
As of today, the average power in the 20-80% SOC window is better in the Hyundai Ioniq 5:
DC Fast Charging Comparison by InsideEVs
Model
[data source]
Drive /
Battery
(kWh)
Max
Power
Avg
Power
(20-80%)
2021 Kia EV6 Prototype (77.4 kWh, AWD)
[Out of Spec Reviews]
Overall, the Kia EV6 in its pre-production prototype version appears to be a diamond that needs to be polished. The charging results are already very good.
If the manufacturer will tweak the charging system, which is probably over-sensitive to battery temperatures (or voltage), it should become state-of-the-art in terms of charging speed, at least on par with the Hyundai Ioniq 5.
We look forward to test and analyze the final product that in Europe and South Korea will be delivered to customers .
2021 Kia EV6 Prototype (77.4 kWh, AWD) :: DC Fast Charging Summary by InsideEVs
Drive: AWD; Battery pack (net / total): 77.4 / 82 kWh
[Data source: Out of Spec Reviews]
Peak Power
Peak C-rate
Average Power (20-80% SOC) Average-to-Peak Power
Average C-rate (20-80% SOC)
Time (20-80% SOC)
233 kW
2.8
151 kW 64%
1.9
18 min
Range Replenishing Speed (Average 20-80% SOC):
WLTP
16.5 km/min (10.3 mi/min)
General info:
* Some values on the charts are estimated from the data source.
** Temperature of the battery cells might highly negatively affect charging capabilities. We don't have data about temperatures of the battery at the beginning and during the charging process. In cold or hot weather, as well as after driving very dynamically, charging power might be significantly lower than shown on the charts (in extreme cases charging might be impossible until the battery temperature will not return to an acceptable level).
City staff are not recommending a blanket reduction in speed limits on local roads in Orillia.
A draft report that will be presented to council committee in November was shared with Orillia Police Services Board members Tuesday.
It was in response to council’s request in November 2020 that staff look into the feasibility of lowering the speed limit on all local roads to 40 km/h “to enhance pedestrian safety and encourage active transportation.”
A local road is “primarily used to gain access to a property bordering it,” staff explained in the report, noting they are defined in the city's Official Plan as roads that are “designed to accommodate only low volumes of traffic at low speeds and generally only serve local area trips.” There are about 260 of them in Orillia.
Lisa Dobson, transportation technologist with the city, provided reasons for staff’s recommendation to not lower the speed limit.
She cited a 2014 study regarding speed limit reduction from 50 km/h to 40 km/h in urban areas that concluded drivers who reduced their speed to 40 km/h were the ones who had been adhering to the 50 km/h limit.
“The drivers that were speeding in a 50 km/h zone were continuing to speed in a 40 km/h zone,” Dobson said.
Staff also looked at local traffic data. From Jan. 1, 2016, to May 1, 2021, eight collisions were reported in Orillia — an average of 1.6 per year — in which speeding was cited as a driver action.
Impaired driving was a factor in three of those collisions, and all eight crashes were on collector or arterial, not local, roads.
None of the collisions involved a pedestrian and a speeding vehicle.
Data relating to 22 local roads in the city show 85 per cent of drivers travelled at 47.7 km/h, while the average speed was 38.8 km/h.
“While there are some outliers, the data collected by staff shows that, in general, there is not a speeding concern on local roads in the city,” the report stated.
In researching previous studies, staff found “both traditional police enforcement and automated speed control, including the use of mobile cameras, backed up by effective penalties, are needed to complement the speed-management measures such as reducing speed limits, in order to achieve their full effect.
“Therefore, a reduction in actual travel speeds is not a likely outcome with just a reduced posted maximum speed limit.”
Some municipalities have permanent digital signs that display a vehicle’s speed, but that isn’t the case in Orillia, which has one set of signs that are moved to different locations for, typically, seven to 10 days at a time.
“Unfortunately, like a lot of them, people get used to seeing them. They’re great. They’re effective for the first week or two …” Dobson said.
Staff have looked into permanent digital speed display signs, she said, but it’s a question of where they would be installed.
Coun. Rob Kloostra suggested University Avenue near, interestingly, the new Orillia OPP detachment.
He said he is often asked by residents who they should contact if they want speeding enforcement.
Insp. Coyer Yateman, Orillia OPP detachment commander, suggested people report speeding incidents on the OPP website or by calling the OPP non-emergency line at 1-888-310-1122.
He said police conduct focused patrols every month based on data, so the more complaints or reports that are lodged regarding a specific area, the more likely police are to patrol there.
(Bloomberg) -- Deliveroo Plc is expanding its partnership with U.K. grocery chain Wm Morrison Supermarkets Plc, testing a mini-fulfillment center in London to offer rapid delivery of essential items, according to a person familiar with the matter.
The two companies have already collaborated to let Deliveroo customers order goods from Morrison’s supermarkets. However, the new test will allow Deliveroo to fulfill orders directly from a small urban warehouse for even faster delivery, the person said, asking for anonymity because the plans are private.
A representative for Morrison declined to comment. A representative for Deliveroo didn’t immediately respond to a request for comment outside of regular business hours.
Morrison’s has been dramatically expanding its online business in recent years and sells products on its own website as well as through partnerships with Amazon.com Inc. and Deliveroo.
Grocery delivery surged during the pandemic, and venture capitalists have been pouring billions of dollars into startups that operate “dark stores” in cities to offer a smaller selection of items delivered to the door in less than 15 minutes.
Major delivery companies are also investing in the model, with DoorDash Inc. and Delivery Hero SE set to fund startups Flink SE and Gorillas Technologies GmbH, respectively. Some of Europe’s largest grocery chains are also entering the sector, with Carrefour SA funding French startup Cajoo and German supermarket operator REWE Group partnering with Flink.
Grocery is a growing part of London-based Deliveroo’s business, accounting for 7% of total transaction value in the first half. While giving an overview of the company’s latest financial report, Deliveroo Chief Executive Officer Will Shu said he saw some benefits in the micro-fulfillment center model, such as inventory management.
Read more: Delivery Hero Said to Invest in Gorillas at $3 Billion Value
Editor’s note: Veteran entrepreneur and investor Donald Thompson writes about leadership, entrepreneurship and equality every week for WRAL TechWire. His columns appear on Wednesdays.
RESEARCH TRIANGLE PARK – Here’s the paradox about practicing patience as a leader: If you want your company to progress more quickly, you need to slow down the way you manage it. Practicing patience is harder than it sounds, especially in today’s noisy, 24/7 business market, but if you ignore this fundamental law of business physics, you will frustrate yourself and inadvertently decelerate your company. On the other hand, if you can infuse the power of patience into how you lead and manage your teams, you’ll achieve your business goals more rapidly.
For instance, when you’re hiring and you need to find a new resource with urgency, it’s tempting to fill your open position with someone who is conveniently available and eager to get started. Even though you may consciously recognize thatfinding the right candidate depends on the quality of a hiring process, not its speed, it’s also common to prioritize speed over fit. Instead, practice patience. Slow down and gather more information that will help you determine if this individual can do the best possible work. Short-term contracts and freelance assignments are great ways to test a person’s skills, and they help you develop your capacity for patience. Moments like these help us grow as leaders and understand when we should apply speed and when we should press pause for greater outcomes.
Here, we’ll dive into the power of patience as a leadership competency and how you can better identify key moments when you need to slow down for your business to go fast.
Patience is Power
In business and in life, frustrations are inevitable. They’re part of the process of everything we do, but somehow they still manage to surprise us. When people aren’t doing what they’ve agreed to do, or when objectives aren’t materializing as quickly as you expected, you can feel irritable, agitated or even undermined. You may quickly give up on someone who’s frustrating you or attempt to force a different outcome. While these are common human reactions, they’re unfortunately self-defeating for you, your team and your business.
Acting out of frustration can alienate others, activate feelings of rebellion, resistance, or helplessness, and bring out the worst in your team. As psychiatrist and author Judith Orloff describes it, “frustration is not the key to any door.” To flip this scenario in your favor, take a step back. Transform your frustrations into patience. And if you think that “being patient” is synonymous with being passive or resigned, shift your perspective to embrace patience as a leadership skill. It’s part of your emotional intelligence and will help you nurture a more inclusive, collaborative work environment in the long run.
Think of patience not as resignation but as the active and intentional practice of stepping back, regrouping, and then making your movewhen you know the time is right. Your business will benefit when you can stay calm and centered, instead of acting impulsively. David Sluss, associate professor of organizational behavior atGeorgia Tech’s Scheller College of Business, puts it this way “Leading effectively — especially during a crisis — takes patience. If you can’t retain your composure in the face of frustration or adversity, you won’t be able to keep others calm. When your direct reports show signs of strain, you need to support them, not get irritated.”
Your Need for Speed: Operational v. Strategic
To keep a competitive edge in the market, you may feel pressured by the constant drive to move faster and accomplish more. Before you charge ahead, it’s important to recognize the difference between operational and strategic speed. “Operational speed” means making a process move more rapidly (e.g. running the production line faster). It may generate greater results on a short-term basis, but overdoing things can lead to more errors and subsequent reductions in quality, value, and profits.
On the other hand, increasing your “strategic speed” means pausing at key moments to ensure you’re on the right track. It means periodically removing yourself from workinginthe business so you can workonthe business instead, improving thequality and efficiencyof your processes instead of just pressing them to go faster.
The good news is that studies have shown “slowing down to speed up” really works. In fact, according toHarvard Business Reviewand research from The Forum Corporation, companies that focused on strategic speed over operational speed averaged 40% higher sales and 52% higher operating profits over a 3-year period. In terms of corporate culture, they found that these higher-performing companies engaged everyone in designing the initiative — from senior leadership through frontline workers — were open to ideas and discussion, encouraged innovative thinking, and allowed their teams the time to reflect and learn before simply plowing ahead. That’s what strategic speed looks like in practice.
The U.S. Navy SEALs also use these methods and train their teams according to the core philosophy that “slow is smooth, and smooth is fast.” Over many decades of experience, they’ve found that clearly defining objectives up front and always operating in a patient, methodical manner helps them avoid strategic mistakes, reduces the need to course correct, and speeds up achievement of the mission. Some part of that may be that we act more rationally when we practice patience instead of chasing speed.
How to manage and lead for speed
How can you put strategic speed in action at your business? First, remember that even though you obviously want to generate deliverables as quickly as you can, you don’t want lackluster, mediocre output. Often,fast + sloppy = slowespecially if you don’t have the right procedures in place for your team to follow in order to move fast. Finding the right balance between high-quality work, speed and efficiency usually means taking ample time up front to define your intention (why), objectives (what) and process (how). Then, openly communicate those three elements in clear, standardized language to everyone involved.
Also, remind yourself that solutions and strategies, once designed, still take time to learn and implement. When circumstances get stressful, you can avoid an out-of-order “ready, fire, aim” approach by engaging your team with the power of patience. For instance,when you are delegating a project, take time to clearly communicate instructions, name available resources that the other person can draw on, and tell them why this assignment is strategically important to the organization. With clear parameters and directions in place, you’ll see your team respond with greater creativity, collaboration, and productivity.
Business consulting legend Peter Drucker famously said that “management is doing things right, while leadership is doing the right things.” Both your management and leadership will benefit from an injection of patience. When your business is moving slower than you want, you may be tempted to look for a quick fix. Instead, use these suggestions to avoid the twin pitfalls of chasing operational speed and viewing patience as passivity. Keep calm, and apply the power of patience. What you’ll find is that slowing your leadership process down will help you speed your company up.
About the Author
Donald Thompson is an entrepreneur, public speaker, author, podcaster, Certified Diversity Executive (CDE) and executive coach. With two decades of experience growing and leading firms, he is a thought leader on goal achievement, influencing company culture, and driving exponential growth. He is also co-founder and CEO ofThe Diversity Movement, a results-oriented, data-driven strategic partner for organization-wide culture change through diversity, equity, and inclusion (DEI) initiatives. Donald serves as a board member for several organizations in marketing, healthcare, banking, technology and sports. His autobiography, “Underestimated: A CEO’s Unlikely Journey to Success” will be available in 2022.
Hello and welcome back to Equity, TechCrunch’s venture-capital-focused podcast, where we unpack the numbers behind the headlines.
We got the crew together — Natasha and Danny and Alex — this time ’round to talk fraud, one of our favorite topics. Sure, we’ve riffed on the ups and downs at Luckin, and we’ve spent more time talking about WeWork’s implosion than we want to admit. But that’s not the most recent stuff. There’s been a raft of fraud lately which caught our eye. The heart of today’s episode is a question about fraud, and what more of it might mean: Does more fraud indicate that we’re in a growing bubble, or that we’re in the later-stages of a bubble about to burst?
Here’s what we got into to help us understand our question:
Turning to historical examples, we also brought up Nikola and Luckin and Theranos to help us draw a line around what its fraud, and what is not.
With definitions out of the way, we ended this episode by trying to answer our complex, core question. We won’t spoil the eventual conclusion, but here’s a hint: checks are flying fast into startups with minimal due diligence, and it looks like there’s much more money is coming.
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New capability enables one-click checkout at the moment inspiration strikes - within articles and ads from publishers like Apartment Therapy at live events such as Tampa Bay Lightning games and via connected TVs
SAN FRANCISCO, Sept. 29, 2021 /PRNewswire/ -- Fast, the world's fastest online checkout experience, announced today at CommerceNext 2021 the launch of headless checkout to enable one-click purchasing virtually anywhere, including in-person events, online articles, display ads and connected TVs. The capability – live on sites run by leading publishers like Apartment Therapy, and The Kitchn as well as AMALIE Arena (home of the Tampa Bay Lightning) – lets consumers find and buy in one click, without the hassle of navigating through multiple sites and online payment fields.
(PRNewsfoto/Fast)
Fast headless checkout allows consumers to purchase a product at the point of discovery with one-click –- by clicking Fast Checkout directly from a product review or advertisement or by scanning a QR code. It eliminates redirects to a merchant's website where the buyer is sent through a cumbersome checkout flow that requires them to add the item to their cart, login and enter their information. One click and it's done.
"Fast headless checkout is what e-commerce has been driving toward for years. We can completely transform the content industry by eliminating friction and enabling people to get anything they want right at the moment of inspiration in just one click," said Fast CEO and Co-Founder Domm Holland. "Consumers can now instantly buy products from anywhere they are, whether that's online while reading a review about a skincare product, in person while cheering for a favorite team or from the couch while watching TV."
Fast headless checkout is now available in the following places:
Publisher articles and display ads: While reading select custom features on Apartment Therapy, The Kitchn, or other sites, readers can instantly purchase products from sellers like Prima Coffee by simply clicking the Fast Checkout button.
In-person events: Fast has partnered with Vinik Sports Group and the Tampa Bay Lightning to equip 10,000 cup holders in AMALIE Arena with QR codes powered by Fast headless checkout – allowing fans to scan and purchase merchandise instantly from their seat.
Connected TV: TV is shoppable through QR codes within ads on select networks and content provider apps. Consumers can scan a QR code on an advertisement from merchants like Gerard Cosmetics, to instantly purchase an item.
"By incorporating headless checkout into select branded content features, we're able to offer a seamless purchase process that delivers real value to both readers and merchants," said Lauren Murphy, SVP Marketing and Brand Strategy, Apartment Therapy Media. "Everyone wins with headless checkout – our readers can stay on the article they're reading while they make a purchase and our advertisers generate revenue by removing friction from website redirects."
Fast headless checkout allows merchants to sell products instantly through the online and mobile advertising channels they already rely on. The feature is secure and – true to Fast's name—works instantly, removing extra clicks from the online buying process.
"Being the first professional sports team to partner with Fast is both an honor and a unique opportunity to enhance the fan experience year-round at AMALIE Arena," said Vinik Sports Group Chief Marketing and Revenue Officer Jarrod Dillon. "Our partnership will allow Vinik Sports Group to enable fast and easy purchasing via QR code and one-click checkout to our fans on TampaBaySports.com."
"As an emerging company in a crowded space, we need to make it as easy as possible for customers to find and try our products," said Gerard Cosmetics CEO Jen Gerard. "Fast headless checkout makes it easier for our customers to discover our products and make a purchase quickly."
According to research from McKinsey, the COVID-19 pandemic spurred a global shift in purchasing habits, with 65 percent of people worldwide trying new forms of commerce. As a result, the first half of 2020 saw more growth in online commerce than in the previous 10 years, and e-commerce innovations emerged that let people buy what they want, when they want it, through the online and mobile channels they know and trust. Headless checkout from Fast is at the forefront of those innovations.
About Fast Fast's mission is to make buying online faster, safer and easier for everyone. Its Fast Login and Fast Checkout product enable a one-click sign-in and purchasing experience that makes it easier for people to buy and merchants to sell. The company's products work on any browser, device or platform for consistent, stress-free purchasing, either on a merchants own domain or through headless checkout on any other website. Fast invests heavily in its user privacy and security, with a Zero Fraud Guarantee on chargebacks for sellers. Headquartered in San Francisco, Fast is a privately held company founded by Domm Holland and Allison Barr Allen and funded by Stripe, Addition, Index Ventures, Susa Ventures and Sugar Capital. To learn more, visit fast.co.
Fast Travel Games announced today that is opening a new publishing sector to its business. Like with its own games, this will focus on VR.
The Swedish studio has appointed Patrick Liu as its new head of publishing. Lui has over 15 years of experience in the industry and was most recently head of games at Mojang Studios.
“We’ll be looking quite broadly across genres, since we ourselves have been creating very different types of games in the past,” Fast Travel Games CEO and co-founder Oskar Burman told GamesBeat when asked what kinds of titles it’s planning to publish. “However, we’re looking for games built ground up for VR and really using the advantages of this new medium, as those are the games we’ve seen work really well with our audience. We’re definitely interested in games with strong retention, that you could be playing for 100 hours plus, for example multiplayer games.”
Fast Travel is expecting the VR market to grow in the coming years, and this move into publishing can help the company take advantage of that expanding business.
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“Every game we’ve launched so far has sold faster than the previous one, a healthy sign of a larger addressable audience,” Liu told GamesBeat. “Oculus Quest has been instrumental for us, and while PSVR used to be our largest platform, a majority of our revenue is now coming from the Quest platform. On the horizon we have the next generation VR for PS5 which we believe will grow the market even further, and who knows what Apple and Valve have up their sleeves in the coming years.”
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The University of Western Australia's Institute of Agriculture has collaborated with international researchers to develop a roadmap to fast-forward breeding for accelerated crop improvement and rapid delivery systems, which will lead to a food-secure world.
Two papers, recently published in Trends in Genetics and Nature Biotechnology, were the result of a Perth-based workshop organised by The UWA Institute of Agriculture and the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), and attended by research institutions from Australia, India, Austria, China, Mexico and the United Kingdom.
The current world population of 7.8 billion is predicted to reach 10 billion by 2057. Future access to affordable and healthy food will be challenging, with malnutrition already affecting one in three people worldwide. The papers recognized that global crop production systems need to expand their outputs sustainably to feed this rapidly growing human population.
The fast-forward breeding framework provided a strategy for integrating advanced technology in crop genome sequencing, phenotyping and systems biology, together with efficient trait mapping procedures and genomic prediction (including machine learning and artificial intelligence).
This would lead to establishing rapid delivery systems into global farming practices, which is required to achieve sustainable food security in the developing world.
Hackett Professor Kadambot Siddique, the Director of UWA Institute of Agriculture, worked with ICRISAT's Accelerated Crop Improvement Research Program Director and Adjunct Professor from UWA and Murdoch University, Rajeev Varshney, to develop the strategy and opinion papers.
"Realizing desired productivity gains in the field is imperative for securing an adequate future food supply for 10 billion people," Professor Siddique said.
"We need to establish and deploy rapid delivery systems to ensure farmers can access high quality seeds and appropriate agronomy packages."
Professor Varshney said increasing adoption of machine learning algorithms would provide valuable data about the genetic basis and molecular mechanisms of crops.
"This improved understanding is crucial to develop varieties faster," he said.
The fast-forward breeding framework demonstrated that emerging breeding approaches, such as optimal contribution selection (alone or in combination with genomic selection), would enhance the genetic base of breeding programs while accelerating genetic gains.
"Integrating speed breeding with new-age genomic breeding technologies could relieve the long-standing bottleneck of lengthy crop breeding cycles and contribute sustainable food security," Professor Varshney said.
More information: Rajeev K. Varshney et al, Fast-forward breeding for a food-secure world, Trends in Genetics (2021). DOI: 10.1016/j.tig.2021.08.002
Rajeev K. Varshney et al, Rapid delivery systems for future food security, Nature Biotechnology (2021). DOI: 10.1038/s41587-021-01079-z
Provided by International Crops Research Institute for the Semi-Arid Tropics (ICRISAT)
Citation: Fast-forward breeding and rapid delivery systems for food security (2021, September 28) retrieved 28 September 2021 from https://ift.tt/3m6lP0U
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
Wondering how to fast travel in New World? Aeternum is massive—did you expect anything less from an MMO?—but fortunately, there are some fast travel options. If running around between various locations during a fetch quest isn't for you, you can opt to fast travel to towns and hamlets you've previously visited. It isn't free, though, so you can't just skip about the map with wild abandon. Let's get down to business and see how you can get about Aeternum a little bit faster.
How to fast travel in New World
First off, if you want to fast travel anywhere, you'll need to have discovered the place you want to travel to. You can either use the Fast Travel function to reach a settlement, or the Recall to Inn function if you have visited and stayed at an inn.
The Recall to Inn function has a cooldown of around an hour, so only use it if you're sure you want to head to that specific location. It's worth using to join your friends in a specific location you've all previously visited, rather than using up resources to fast travel. The downside here is that you need to register at the inn—as in, check in and stay there—and you can only be registered to one in at a time, so you won't have a roster of inns you can choose from.
(Image credit: Amazon)
But fast travel comes with a cost—Azoth. You can earn this blue resource by completing quests. How much Azoth you'll need to spend in order to fast travel depends on the location's base cost, the distance cost—the further you go, the more Azoth you'll need—and the encumbrance cost, which takes into account how much gear you're carrying. You can acquire fast travel discounts by joining a New World faction or a Company, and you might get a further discount if your faction controls the area.
Exploring the map on foot is the best way to familiarise yourself with Aeternum, as well as finding all manner of quests. But the option to get around faster is always there. There were fast travel shrines available in the beta, but we're yet to come across any now the game is fully released.
VANCOUVER, British Columbia, Sept. 28, 2021 (GLOBE NEWSWIRE) -- ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) ("ElectraMeccanica" or the "Company"), a designer and manufacturer of electric vehicles revolutionizing the urban driving experience, today announced that its revolutionary SOLO EV was honored in Fast Company’s Innovation by Design Awards for 2021 in the General Excellence and Mobility categories.
The 10th anniversary of the awards, which can be found in the October 2021 issue of Fast Company, recognize people, teams, and companies that transform businesses, organizations, and society through design. One of the most sought-after design awards in the industry, Innovation by Design is the only competition to honor creative work at the intersection of design, business, and innovation, recognizing the people, companies, and trends that have steadily advanced design to the forefront of the business conversation.
The SOLO is a purpose-built, three-wheeled, all-electric vehicle ideal for use in urban environments. Sporting a range of 100 miles and a top speed of 80 mph, it is highway-capable and fully loaded with modern conveniences. The SOLO integrates next-generation safety features in its design such as front and rear crumple zones, side impact protection, roll bar and torque-limiting control, all at an accessible price point of $18,500. Pre-orders for the SOLO are available here.
“Our flagship SOLO EV is at the heart of a transportation revolution that is providing a purpose-built solution to solve today’s urban driving challenges that provide drivers a better, more efficient way to drive,” said Kevin Pavlov, CEO of ElectraMeccanica. “This recognition is a testament to the many years of hard work that our team has put in, and we are humbled to be honored in Fast Company’s Innovation by Design Awards.”
“Design is not just a beauty contest,” said Stephanie Mehta, editor-in-chief of Fast Company. “It’s something that can change the world and create solutions in a time when we face pressing global issues such as systemic racism, climate change, and a global pandemic. Many of these entries showcase these challenges while providing hope for the future through their steadfast commitment to elevate design.”
Honorees for the 2021 awards were selected in the following categories: Apps and Games; Cities; Data Design; Design Company of the Year; Experimental; Fashion and Beauty; Finance; General Excellence; Graphic Design; Health; Home; Learning; Mobility; Packaging; Products; Retail Innovation; Social Good; Spaces and Places; Sports and Recreation; Students; Sustainability; User Experience; Wellness; Workplace; Best Design Asia-Pacific; Best Design Europe, Best Design Middle East, and Best Design Africa; Best Design Latin America; and Best Design North America. New categories included Advertising, Branding, Impact, Materials, Pandemic Response, Real Estate, and Years in Business.
The judges include renowned designers from a variety of disciplines, business leaders from some of the most innovative companies in the world, and Fast Company’s own writers and editors. Entries are judged on the key ingredients of innovation: functionality, originality, beauty, sustainability, user insight, cultural impact, and business impact.
Winners, finalists, and honorable mentions are featured online and in the October issue of Fast Company magazine, on newsstands September 28, 2021.
About ElectraMeccanica Vehicles Corp.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a Canadian designer and manufacturer of environmentally efficient electric vehicles (EVs). The company’s flagship vehicle is the innovative, purpose-built, single-seat EV called the SOLO. This three-wheeled vehicle will revolutionize the urban driving experience, including commuting, delivery and shared mobility. Engineered for a single occupant, it offers a unique driving experience for the environmentally conscious consumer. The SOLO has a range of 100 miles and a top speed of 80 mph, making it safe for highways. The SOLO also features front and rear crumple zones, side impact protection, roll bar, torque-limiting control as well as power steering, power brakes, air conditioning and a Bluetooth entertainment system. It blends a modern look with safety features at an accessible price point of $18,500. The SOLO is currently available for pre-orders here. InterMeccanica, a subsidiary of ElectraMeccanica, has successfully been building high-end specialty cars for 61 years. For more information, please visit www.electrameccanica.com.
ABOUT FAST COMPANY
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. The editor-in-chief is Stephanie Mehta. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication, Inc., and can be found online at fastcompany.com.
Safe Harbor Statement Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the automotive industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
Investor Relations Contact
MZ Group
(949) 259-4987 SOLO@mzgroup.us
