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Coronavirus forces closure of more Toronto restaurants – NOW Magazine

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Coronavirus forces closure of more Toronto restaurants – NOW Magazine


A second rent day has come and gone during the coronavirus pandemic, and more Toronto restaurants hamstrung by dining room closures and inaccessible financial relief have thrown in the towel for good.

Lambretta Pizzeria on Roncesvalles warned last week that without immediate rent relief, they would be shuttered permanently.

“Sadly, our landlord will not assist us with rent relief, and we can’t keep waiting for a miracle,” the pizzeria’s owners said on social media Wednesday. As it stood, they added, Saturday would be their last day.

Those predictions came true: Early Sunday morning, Lambretta announced their five-year run on Roncy was over.

“We can’t thank you enough for all the kindness, support and encouragement that we have received during this COVID19 pandemic. Unfortunately, we didn’t survive this crisis but we’re grateful for the many friends, loyal guests and families that enjoyed many great memories with us,” they wrote.

Meanwhile, Cajun eatery Southern Accent also shut down for good this weekend after nearly four decades in operation and a move from their original Mirvish Village location.

“COVID-19 has forced our hand,” said co-owner Frances Wood in a statement. “We are closing our doors and saying goodbye to all the wonderful customers we’ve gotten to know and love over the last 37 years.”

A number of restaurants and bars have also closed permanently in the wake of the pandemic, including Shore Leave, Vesuvio’s, the Hideout and more.

The Southern Accent team said the original fixtures from the Mirvish location would go back into storage. “Who knows, someday there may be a rebirth of Southern Accent with the bar in tow and someone else at the helm,” Wood said. “If so, we’ll be there to help if called upon.”

Lambretta’s owners, meanwhile, are also holding out hope the business might eventually return.

“Stay safe and maybe we’ll see you again at a different location with a reasonable landlord,” they wrote.

@nataliamanzocco

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Britain in talks with 6 firms about building gigafactories for EV batteries

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Britain in talks with 6 firms about building gigafactories for EV batteries

Britain is in talks with six companies about building gigafactories to produce batteries for electric vehicles (EV), the Financial Times reported on Wednesday, citing people briefed on the discussions.

Car makers Ford Motor Co and Nissan Motor Co Ltd, conglomerates LG Corp and Samsung, and start-ups Britishvolt and InoBat Auto are in talks with the British government or local authorities about locations for potential factories and financial support, the report added .

 

(Reporting by Kanishka Singh in Bengaluru; Editing by Himani Sarkar)

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EBay to sell South Korean unit for about $3.6 billion to Shinsegae, Naver

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eBay Sells Classifieds Business For Nearly  Billion – WebProNews

EBay will sell its South Korean business to retailer Shinsegae Group and e-commerce firm Naver for about 4 trillion won ($3.6 billion), local newspapers reported on Wednesday.

EBay Korea is the country’s third-largest e-commerce firm with market share of about 12.8% in 2020, according to Euromonitor. It operates the platforms Gmarket, Auction and G9.

Shinsegae, Naver and eBay Korea declined to comment.

Lotte Shopping had also been in the running, the Korea Economic Daily and other newspapers said, citing unnamed investment banking sources.

South Korea represents the world’s fourth largest e-commerce market. Driven by the coronavirus pandemic, e-commerce has soared to account for 35.8% of the retail market in 2020 compared with 28.6% in 2019, according to Euromonitor data.

Shinsegae and Naver formed a retail and e-commerce partnership in March by taking stakes worth 250 billion won in each other’s affiliates.

($1 = 1,117.7000 won)

 

(Reporting by Joyce Lee; Editing by Edwina Gibbs)

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Canada launches long-awaited auction of 5G spectrum

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Canada launches long-awaited auction of 5G spectrum

Canada is set to begin a hotly anticipated auction of the mobile telecommunications bandwidth necessary for 5G rollout, one that was delayed more than a year by the pandemic.

The 3,500 MHz is a spectrum companies need to provide 5G, which requires more bandwidth to expand internet capabilities.The auction, initially scheduled for June 2020, is expected to take several weeks with Canadian government selling off 1,504 licenses in 172 service areas.

Smaller operators are going into the auction complaining that recent regulatory rulings have further tilted the scales in the favour of the country’s three biggest telecoms companies – BCE, Telus and Rogers Communications Inc – which together control around 90% of the market as a share of revenue.

Canadian mobile and internet consumers, meanwhile, have complained for years that their bills are among the world’s steepest. Prime Minister Justin Trudeau’s Liberal government has threatened to take action if the providers did not cut bills by 25%.

The last auction of the 600 MHz spectrum raised C$3.5 billion ($2.87 billion) for the government.

The companies have defended themselves, saying the prices they charge are falling.

Some 23 bidders including regional players such as Cogeco and Quebec’s Videotron are participating in the process. Shaw Communications did not apply to participate due to a $16 billion takeover bid from Rogers. Lawmakers and analysts have warned that market concentration will intensify if that acquisition proceeds.

In May, after Canada‘s telecoms regulator issued a ruling largely in favour of the big three on pricing for smaller companies’ access to broadband networks, internet service provider TekSavvy Inc withdrew from the auction, citing the decision.

Some experts say the government has been trying to level the playing field with its decision to set aside a proportion of spectrum in certain areas for smaller companies.

Gregory Taylor, a spectrum expert and associate professor at the University of Calgary, said he was pleased the government was auctioning off smaller geographic areas of coverage.

In previous auctions where the license covered whole provinces, “small providers could not participate because they could not hope to cover the range that was required in the license,” Taylor said.

Smaller geographic areas mean they have a better chance of fulfilling the requirements for the license, such as providing service to 90% of the population within five years of the issuance date.

The auction has no scheduled end date, although the federal ministry in charge of the spectrum auction has said winners would be announced within five days of bidding completion.

($1 = 1.2181 Canadian dollars)

 

(Reporting by Moira Warburton in Vancouver; Editing by David Gregorio)

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