Business
Coalition warns Philadelphia 76ers’ new arena plan could spell ‘the demise of Chinatown’
- A Sixers arena will be built at the nearby Philadelphia Fashion District at 10th and Market Streets in Chinatown and is scheduled to open in 2030.
- In light of the new plan, four broad-based Chinatown groups have united to create a committee that is dedicated to reviewing how the arena may improve or threaten Philadelphia’s Chinatown community.
- The groups have been meeting with the Sixers arena developer David Adelman and his team.
- Adelman, who stresses the support of business groups outside the neighborhood, has reportedly offered to negotiate a community-benefits agreement that involves business opportunities.
Four Chinatown groups have united to form a committee dedicated to reviewing the conditions in Chinatown in light of the Philadelphia 76ers’ new plan to build an arena in the area.
The $1.3 billion arena, which will be built at the nearby Philadelphia Fashion District at 10th and Market Streets, is scheduled to open in 2030 after the expiration of the basketball team’s contract at Comcast’s Wells Fargo Center.
Asia’s richest man to develop India’s largest slum, the site of hit film ‘Slumdog Millionaire’
- Gautam Adani, Asia’s richest person, has won the rights to redevelop Mumbai’s Dharavi neighborhood after a 50-billion rupee (approximately $616 million) bid on Tuesday.
- Dharavi, which first gained world recognition after appearing in the 2008 film “Slumdog Millionaire,” is currently the site of some 60,000 shanty homes with around one million residents.
- Multiple attempts have been made over the decades to redevelop the neighborhood, which is considered India’s largest slum.
- Adani’s redevelopment plan is expected to be completed in 17 years, followed by seven years of rehabilitation.
Indian business tycoon Gautam Adani, Asia’s richest person, plans to redevelop India’s largest slum after a successful bid on Tuesday.
Adani Properties, the real estate unit of Adani Enterprises, reportedly outbid leading developers with 50 billion rupees (approximately $616 million) to win the rights to renovate Dharavi, a dense neighborhood of 60,000 shanty homes with a million residents.
Vietnamese EV maker VinFast ships 999 cars for US debut
- Vietnamese electric vehicle (EV) maker VinFast shipped its first batch of 999 EVs to the U.S. on Friday.
- “The export of the first 999 VF 8s is a significant event for VinFast and Vingroup and a proud historical milestone for the Vietnamese automotive industry,” Nguyen Viet Quang, the vice chairman and CEO of Vingroup, VinFast’s listed parent company, said in a press release.
- The VF 8, which comes in two versions – the Eco and Plus – is a five-seater SUV in the D segment that comes packed with various features, such as an advanced driver assistance system with highway assist, lane changing assist and smart parking assist.
- In a statement issued last week, VinFast said California-based Autonomy, which is reportedly the largest car subscription company in the country, placed 2,500 orders for its vehicles, making the transaction the Vietnamese company’s largest-ever corporate order.
- Besides Autonomy, the EV manufacturer noted that it has received almost 65,000 orders globally and expects to sell even more cars – as much as 750,000 annually – by 2026.
- VinFast is also waiting for further regulatory approval from officials to build an EV plant in North Carolina, with production expected to start by 2024, VinFast Chief Executive Le Thi Thu Thuy told Reuters.
VinFast, a Vietnamese electric vehicle (EV) maker that has been compared to Tesla, has sent its first batch of 999 EVs to the U.S.
The shipment of the EVs, which consists of VinFast’s VF 8 electric SUV, kicked off with a ceremony celebrating the company’s venture into international markets on Friday, according to a recent press release.
Durian Milk Tea protein powder turns the fruit’s pungent power into gains
- Adventurous fitness enthusiasts and boba fans alike can now add Durian Milk Tea flavor protein powder to their post-workout routine.
- Far East Alchemy, an Asian Australian-owned fitness supplement brand, is offering the unique flavor on their website for a limited time.
- The protein supplement is made from real monthong durian and pre-blended with black tea powder, allowing consumers who are new to the fruit to enjoy its flavors without being overwhelmed while maintaining the distinct flavor fans know and love.
- According to its nutrition facts, one 35 gram serving of Durian Milk Tea protein powder contains 139 calories, 23.5 grams of protein, 2.2 grams of fat and 6.8 grams of carbohydrates.
- The powder is also made with lactase enzymes for those with a lactose intolerance.
Adventurous fitness enthusiasts and boba fans alike can now add Durian Milk Tea flavor protein powder to their post-workout routine.
Far East Alchemy, an Asian Australian-owned fitness supplement brand, is offering the unique flavor on their website for a limited time.
Ex-CEO fired for alleged LSD use files discrimination suit, says startup sacked him for being Asian
- Justin Zhu, co-founder and former CEO of Iterable, has filed a federal lawsuit against the company, citing anti-Asian discrimination.
- Zhu was fired from the cross-channel marketing platform in April 2021 over a 2019 incident that allegedly saw him take LSD before an important meeting.
- The $2 billion startup cited violations in company policy as grounds for terminating Zhu, but the ex-chief executive believes he was ousted for his East Asian background.
- In his complaint, Zhu details anti-Asian experiences in the company, including being told that he did not look like a CEO.
- The former chief executive also allegedly heard comments that he was “not passionate enough,” “not forceful enough,” “conflict averse” and needed “more presence,” which all “fell along the lines of common stereotypes about Asian Americans.”
- Zhu has since co-founded Stand with Asian Americans, a national advocacy group that tackles workplace justice issues for Asian Americans.
Justin Zhu, co-founder and former CEO of cross-channel marketing platform Iterable, has filed a federal lawsuit against the company, citing anti-Asian discrimination.
Zhu is credited for spearheading the startup toward a $2 billion valuation last year. But just as he was taking the company to new heights, he was abruptly fired for a 2019 incident in which he allegedly took LSD ahead of an important meeting with investors.
Balenciaga files $25 million suit against producers of ‘malevolent’ ad
- Balenciaga has filed a suit against the producers of its campaign ad that included an image of a Supreme Court decision on child pornography laws.
- The French fashion house is seeking $25 million from production company North Six, Inc. and set designer Nicholas Des Jardins, who both allegedly included the document without its knowledge.
- The ad, featuring a $3,000 purse from Balenciaga’s Spring/Summer 2023 collection, was unearthed on the heels of another controversial ad by the company, in which children were shown holding teddy bears dressed in bondage.
- A representative from North Six reportedly claimed that the company managed the logistics and contracted the set designer, while Des Jardins’ agent said Balenciaga was present in every step of the production process.
- Meanwhile, the renowned photographer of the teddy bear photoshoot maintained that he had no hand in choosing the models or objects involved.
- Balenciaga has released back-to-back apologies amid allegations that it promotes child abuse.
Balenciaga has filed a $25 million lawsuit against the producers of its campaign ad that featured a Supreme Court decision on child pornography laws.
The photo ad of a $3,000 purse from Balenciaga’s Spring/Summer 2023 collection included a printout of the 2008 United States v. Williams decision, which ruled on the constitutionality of a federal law banning the “pandering” of child pornography.
Foxconn apologizes after violent protests erupt at its iPhone factory in China
- Thousands of workers gathered at the Zhengzhou factory in China on Tuesday to protest poor pay and unsanitary working conditions at Foxconn, the largest contract assembler of smartphones for Apple.
- According to protesters, the company unlawfully changed its policies for incoming workers who were hired with the promise of higher pay.
- Videos of the violent protests circulating on social media show groups of workers clashing with local police dressed in white hazmat suits.
- On Thursday, Foxconn addressed their employees’ wage complaints and blamed the issue on a technical error.
- The company offered to pay up to $1,400 to newly recruited workers who choose to leave, while those who wished to stay were promised “comprehensive support.”
- The protests come amid frustrations over COVID-19 restrictions that have confined millions of people to their homes and forced employees to live at their workplaces.
Foxconn, the largest contract assembler of smartphones for Apple and other global brands, apologized for their company’s wage discrepancies after violent protests broke out in Zhengzhou, China.
Thousands of workers gathered at Foxconn’s Zhengzhou factory on Tuesday to protest poor pay and unsanitary working conditions at Foxconn’s facility.
Judge reverses fraudulent sale of Las Vegas apartment after owner Tony Hsieh’s death
- A Las Vegas judge has ruled that the sale of an apartment building owned by the late Tony Hsieh was fraudulent, leaving its buyer without ownership rights.
- The property, located at 319 S. Ninth St., was allegedly sold by a man named Santiago Espinosa for $1.2 million in March, but lawyers for Hsieh’s estate did not learn of the sale until May.
- Hsieh’s estate disputed a signed warranty deed that listed Espinosa as a managing member of the late entrepreneur’s limited liability company that owned the building, adding that they do not know a “Santiago Espinosa” at all.
- The reversal of the sale does not affect the money exchanged, leaving buyer Galaxy Home Buyers LLC with a $1.2 million loss.
- Hsieh, who last served as chief executive officer of online shoe and clothing retailer Zappos, died at the age of 46 in November 2020 due to complications he had suffered from a house fire in Connecticut.
A Las Vegas judge has ruled that the sale of an apartment building owned by the late Tony Hsieh was fraudulent, leaving its buyer without ownership rights.
The property, an apartment complex known as Cassia located at 319 S. Ninth St., was allegedly sold by a man named Santiago Espinosa for $1.2 million in March. However, lawyers for Hsieh’s estate did not learn of the purchase until May, the Las Vegas Review-Journal reported.
‘It’s Japan-centric’: Elon Musk names Japan as Twitter’s ideal market
- Elon Musk reportedly told employees on Monday that Japan’s strong usage of Twitter is what the company should aim for “ideally in every country without exception.”
- Despite having a smaller population, Japan has roughly the same number of daily active users as the U.S., Musk said.
- For this reason, the world’s richest man branded his newly acquired platform as “Japan-centric” instead of “U.S.-centric.”
- Twitter’s popularity in Japan reportedly rose in 2011 out of a need for updates surrounding the Tohoku earthquake-tsunami and Fukushima nuclear disaster.
- Musk, who is reportedly hiring again, is also planning to “decentralize” his social media company by installing engineering teams in Japan, India, Indonesia and Brazil.
Owner and Chief Executive Officer Elon Musk wants Twitter to view Japan as a model for other markets instead of the U.S.
In an all-hands meeting on Monday, Musk said Japan’s strong usage of Twitter is what the platform should aim for “ideally in every country without exception,” according to The Verge.
Jimmy O. Yang praised for refusing to promote crypto platforms in wake of FTX lawsuit
- Comedian Jimmy O. Yang revealed in July that he had refused multiple offers to promote crypto-related platforms because he did not want to influence fans into investments that they might eventually regret.
- In the wake of the recent collapse of cryptocurrency exchange FTX, Yang looked back at the interview and shared that while he loves making money, it should not be “at the expense of others.”
- Social media users commended Yang for not following in the footsteps of other celebrities who endorsed companies like FTX, which suffered an estimated $8 billion liquidity shortfall due to an alleged improper use of client funds.
- Yang’s post comes days after celebrities Tom Brady, Steph Curry, Shaquille O'Neal, Shohei Ohtani, Naomi Osaka, Larry David and Kevin O'Leary, among others, were included in a lawsuit filed against former FTX CEO Sam Bankman-Fried.
Comedian Jimmy O. Yang is earning praise online for refusing to advertise crypto companies to his fans long before the collapse of the cryptocurrency exchange FTX.
Earlier this year, the actor shared with Vice’s Motherboard how he refused multiple offers to promote crypto-related platforms because he did not want to influence fans into investments that they might eventually regret.
Sweet or sour? Panda Express teams with Uprisers for Chinese takeout-inspired fashion
- Panda Express and Asian American and Pacific Islander-owned streetwear brand Uprisers are collaborating on a new limited-edition collection called “Future Is Now.”
- The full collection will make its introduction at ComplexCon, which will be held in Long Beach, California, from Nov. 19-20.
- Four early access items are available online to customers right now until Nov. 17.
- The entire collection was inspired by the Los Angeles-based clothing brand’s slogan, “what you wear is what you represent,” and celebrates both companies’ cultural roots.
- Ten percent of proceeds from the Uprisers x Panda Express collection will be donated to the Filipino Migrant Center in Long Beach.
Panda Express and Asian American and Pacific Islander-owned streetwear brand Uprisers are collaborating on a new limited-edition collection called “Future Is Now.”
The full collection will make its introduction at ComplexCon, which will be held in Long Beach, California, from Nov. 19-20.
$2 billion Taipei Twin Towers aims to boost tourism
- Construction of the Taipei Twin Towers is now underway with an aim to revitalize the local tourist industry in Taiwan.
- Plans to build two skyscrapers by Taipei Main Station were announced by Taipei City Mayor Ko Wen-je and Hsu Kun-tai, chairman of Taiwanese computer maker Clevo Co., in December 2019.
- One of the towers will have 74 stories, while the other building will hold 55 stories.
- The space is expected to take up 31,728 square meters and a total floor area of 561,850 square meters.
- The Department of Rapid Transit Systems estimates the Taipei Twin Towers will generate an estimated 16,000 jobs as well as more than $3.2 billion for the city.
Construction of the Taipei Twin Towers is now underway with an aim to revitalize the local tourist industry in Taiwan.
Plans to build two skyscrapers by Taipei Main Station were announced by Taipei City Mayor Ko Wen-je and Hsu Kun-tai, chairman of Taiwanese computer maker Clevo Co., in December 2019, Taiwan News reported.
