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Cyberpunk 2077 Launch Issues Cost The Founders $1 Billion – We Got This Covered

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CD Projekt RED has been dealt yet another blow in the sorry story that has become Cyberpunk 2077‘s launch.

The highly anticipated RPG, which currently is only available for last-gen consoles (Xbox One/One X and PlayStation 4/Pro) and PC, has been utterly slammed by many for falling far short of performance standards, not only for struggling to maintain a consistent frame rate, but a cavalcade of technical issues ranging from visual glitches to outright game-breaking bugs. So huge has the discrepancy been between versions, in fact, that aggregate sites and reviews have since taken steps to inform consumers of the differences, with some even going so far as to accuse the developer of intentionally preventing console footage from being shown to the press or public until after launch.

CDPR has since outlined a series of patches on course to arrive throughout December and the New Year aimed at fixing the most egregious problems, though some fans have opted instead to request full refunds.

Cyberpunk 2077

The bad news doesn’t end there, either, as a recent report published by Bloomberg now suggests that company co-founders and executives Marcin Iwinski, Adam Kicinski and Piotr Nielubowics, three of Poland’s wealthiest people, have suffered a loss of around $1 billion on the Warsaw Stock Exchange. Collectively, the trio own a 34% stake in CD Projekt RED which, as of Tuesday’s market close, was valued at roughly $3 billion.

Can the studio ever hope to recoup its losses and reestablish trust with consumers? It’s certainly not impossible, though a statement provided to Bloomberg by industry analyst Tomasz Rodak believes that mending broken bridges will take “much time and effort” as there is “now a huge scar on the reputation of both the studio and its management.”

We suspect this won’t be the last occasion that Cyberpunk 2077 makes headlines for all the wrong reasons, but in the meantime, be sure to let us know what you think of these latest developments in the usual place below.

Source: Bloomberg

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

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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 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 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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