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Toyota Joins Flying Car Project

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Toyota Motor Corporation has announced that it will finance a flying car project that is expected to take off by 2018 but adds that the sky drive car will be unveiled this year.

A flying car is a type of personal air vehicle that provides door-to-door transportation by both road and air, according to wikipedia.org.

Before now, the biggest story in the auto industry was the production of autonomous or self-driving vehicle. But the project has been enmeshed in controversy even before it could properly get off the ground.

Until the latest development, there had also been talks about flying cars, which experts viewed as future rides, with prototypes exhibited by sponsors but none had reached the production stage.

According to multiple online sources, including independent.co.uk, Toyota plans to give engineers £274,000 to develop the jet-propelled vehicle that will travel up to 10 metres from the ground.

It says some of Toyota’s young employees have been voluntarily working on the project led by a start-up group called ‘Cartivator’.

The report recalled that the project began in 2012 and the project members had hitherto donated free time to the goal of developing a ‘flying car’ or drone capable of carrying a person (the ‘Sky drive’ prototype has three wheels and four rotors).

A news agency, Nikkei, says Toyota has agreed, in principle, to provide some 40 million yen to Cartivator, which has so far relied on online crowd-funding and other means for financing.

It adds that the group plans to develop a prototype for a manned test flight by the end of 2018 and hopes to commercialise the flying car in 2020, when Tokyo hosts the Olympics.

Drone technology, it says, is being used to power the three-wheeled prototypes, which measure just nine-and-a-half feet by four feet, with projected top speed of 62mph.

Another report by Autoblog.com also confirms that so far crowd-funding has paid for the development of the Sky drive car, which uses drone technology and has three wheels and four rotors.

It adds that the Sky drive cars have been masterminded by a crowd-funded group, Cartivator, based in Japan.

A group of Toyota engineers had been working for them voluntarily, according to the Nikkei Asian Review.

They hope early models could be used to light the Olympic flame at the 2020 summer games in Tokyo, with a manned test flight planned for the end of 2018, it says.

The report also says other firms in the United States, China, Germany, and the Netherlands have been attempting to develop flying cars.

“Lilium, a Munich-based group backed by Skype co-founder Niklas Zennström, completed successful test flights of a flying five-seater taxi in April,” it says, adding, that the company says its jet has a range of 190 miles and a top speed of 186mph.

Multiple flying cars will be unveiled this year, says a report by electronicproduct.com. Already, it notes that Slovakia-based AeroMobil has started taking pre-orders for its 500-unit flying car.

“Kitty Hawk, the flying car company financed by Google founder Larry Page, unveiled the first video of its prototype aircraft set to sell later this year. The government of Dubai wants to offer rides in flying taxis from EHang beginning this July,” the report says.

It also states, “AeroMobil’s flying car is ahead of full anticipated production. Users can drive it up to 160 km/h (99 mph) on the road and pull into an airport to convert it into a plane in less than three minutes with the touch of a button. You will need a pilot’s licence if you intend to fly the vehicle.

“During the conversion process, the wings fold out, the front wheels tuck into the chassis, and a pitch pusher folds out of the back. A custom 2.0-litre turbo engine switches 300 horsepower between the front wheels and the pusher prop via a modified transmission.”

It quotes the FAA regulations as stating that the flyer is an ultra-light aircraft, which is why no pilot’s licence is required, and it is intended for recreational flying in uncongested areas.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Madica Empowers African Startups with $200,000 Investments Each

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Madica, a structured investment program dedicated to nurturing pre-seed stage startups in Africa, has announced its inaugural investments in three innovative ventures.

Each of these startups is set to receive up to $200,000 in funding from Madica and will participate in the program’s comprehensive 18-month company-building support initiative.

The investment program provides a personalized curriculum, hands-on mentorship, founder immersion trips, executive coaching, and access to Madica’s extensive global network of investors for follow-on funding.

The primary objective of this support is to drive growth and ensure the long-term success of the startups.

Emmanuel Adegboye, Head of Madica, expressed his excitement regarding the investments, highlighting the abundant talent and innovation present in the African tech ecosystem.

He said Madica is committed to supporting African founders who often face challenges in accessing necessary support due to perceptions of risk among global investors.

Madica employs an open application process, collaborating closely with local ecosystem players such as incubators, accelerators, and angel networks to identify and support promising entrepreneurs.

The selection process remains rigorous, with investments made on a rolling basis throughout the year.

With plans to invest in up to 10 additional startups this year, Madica aims to expand the reach of venture capital and founder mentorship across Africa, addressing the existing imbalances in funding availability.

The announcement of these investments marks a significant milestone for the selected startups, providing them with vital financial support as well as access to invaluable resources and networks to propel their growth and success in the competitive landscape of the African startup ecosystem.

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Meta’s Revenue Woes Shake Tech Industry Confidence

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The tech industry faced a wave of uncertainty as Meta Platforms Inc., formerly known as Facebook, delivered a disappointing earnings report that sent shockwaves through the market and dented investor confidence.

Meta’s forecast of weaker-than-expected sales for the current quarter, coupled with plans for higher capital expenditures, rattled investors who were eagerly anticipating robust results.

Shares of Meta plummeted by as much as 19% in after-hours trading to trigger a cascade effect across the tech sector.

The tech-heavy Nasdaq 100 Index experienced a decline of up to 1%, reflecting broader concerns about the health of the industry.

Analysts and investors alike expressed dismay at Meta’s inability to meet revenue expectations, citing uncertainties surrounding the company’s adoption and monetization of artificial intelligence (AI) technologies.

Jack Ablin, Chief Investment Officer at Cresset Wealth Advisors, highlighted the disappointment on the revenue front, overshadowing any optimism about AI adoption.

Questions lingered regarding the efficacy of AI investments and their potential benefits to users, leading to increased skepticism among stakeholders.

The repercussions of Meta’s earnings miss extended beyond its own stock, impacting other tech giants slated to report earnings in the coming days.

Alphabet Inc., Amazon.com Inc., and social media companies like Snap Inc. and Pinterest Inc. all witnessed notable declines, signaling a broader sentiment shift within the industry.

The fallout from Meta’s revenue woes reverberated across the tech landscape, affecting chipmakers, server manufacturers, and software firms. Nvidia Corp., Micron Technology Inc., and International Business Machines Corp. were among the companies affected, as investor concerns over AI investment and revenue growth cast a shadow over the sector’s outlook.

As the tech industry grapples with Meta’s disappointing results, stakeholders are left to ponder the implications for future investments and strategic decisions.

The episode serves as a stark reminder of the inherent volatility and uncertainty within the tech sector, underscoring the importance of diligent risk management and strategic foresight in navigating turbulent markets.

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TikTok Vows Legal Battle Amid Threat of US Ban

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As the specter of a US ban looms large over TikTok, the popular social media platform has declared its intention to wage a legal battle against potential legislation that could force its Chinese-owned parent company, ByteDance Ltd., to divest its ownership stake in the app.

In what amounts to a fight for its very existence in one of its most crucial markets, TikTok is gearing up for a high-stakes showdown in the courts.

The alarm bells were sounded within TikTok’s ranks as Michael Beckerman, the company’s head of public policy for the Americas, issued a rallying cry to its US staff.

In a memo obtained by Bloomberg News, Beckerman characterized the proposed legislation as an “unprecedented deal” brokered between Republican Speaker and President Biden, signaling TikTok’s readiness to challenge it legally once signed into law.

“This is an unprecedented deal worked out between the Republican Speaker and President Biden,” Beckerman stated in the memo. “At the stage that the bill is signed, we will move to the courts for a legal challenge.”

The urgency of TikTok’s response stems from recent developments in the US Congress, where lawmakers have fast-tracked legislation mandating ByteDance’s divestment from TikTok.

The bill, intricately linked to a vital aid package for Ukraine and Israel, has garnered significant bipartisan support and is expected to swiftly pass through the Senate before landing on President Biden’s desk.

Beckerman minced no words in his critique of the proposed legislation, labeling it a “clear violation” of TikTok users’ First Amendment rights and warning of “devastating consequences” for the millions of small businesses that rely on the platform for their livelihoods.

TikTok’s defiant stance reflects the gravity of the situation facing the tech giant, which has spent years grappling with concerns from US officials regarding potential national security risks associated with its Chinese ownership.

Despite extensive lobbying efforts led by TikTok CEO Shou Chew to allay these fears, the company now finds itself at a critical juncture, where legal action appears to be its last line of defense.

ByteDance, TikTok’s Beijing-based parent company, has also signaled its intent to challenge any US ban in court, signaling a united front in the face of mounting pressure.

However, navigating the legal landscape will not be without its challenges, as ByteDance must contend with both US legislative measures and potential obstacles posed by the Chinese government, which has reiterated its opposition to a forced sale of TikTok.

As TikTok prepares to embark on what promises to be a protracted legal battle, the outcome remains uncertain.

For the millions of users and businesses that call TikTok home, the stakes have never been higher, as the platform fights to preserve its presence in the fiercely competitive landscape of social media.

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