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Line shares soars in largest tech IPO of the year

Line shares soars in largest tech IPO of the year

Line, operator of a Japanese messaging app popular in several Asian countries, soared in its debut on the New York Stock Exchange on Thursday morning after completing the largest public offering of any tech company this year.

Line, trading under the ticker symbol “LN,” opened at $42. The stock dipped slightly in later hours, but ended the first day of trading at $41.58, up 27% from its IPO price — with a market value of about $8 billion.

The debut performance was evidence of strong investor demand despite lingering concerns over user growth and Line’s ability to compete against apps from Facebook and WeChat.

The company raised $1.3 billion from selling shares on the stock market in New York and in Tokyo, where it begins trading on Friday.

Executives rang the opening bell while standing next to a life-sized frowning brown bear and winking rabbit, paying homage to two of the many virtual stickers that drive more than $250 million a year in sales for the company.

“We have evolved to a one-stop service where you can enjoy everything you want in a smartphone environment,”

Jung-ho Shin, chief global officer of Line, told CNNMoney’s Paul La Monica on the floor of the stock exchange. That includes providing music streaming, payments, news and entertainment.

The exec added that he sees “big opportunities” for Line well beyond messaging — as well as expanding to other geographic regions.

The public debut is a long time coming. Line previously pulled plans for an IPO in 2014. But this year it’s a hot commodity.

The messaging app maker is just the fifth tech company to go public in 2016, as billion-dollar startups wait out the volatile global markets and lean on private venture funding instead. A strong public debut for Line could push companies to reconsider that strategy of staying private.

For investors, the appeal of Line is similar to the appeal of social networks like Facebook (FB,Tech30) and Twitter (TWTR, Tech30). It has a large audience of devoted users who practically live inside the app — and the potential to make money off of them through ads, virtual goods and transactions.

“It’s a near-monopoly messaging platform in Japan,” Atul Goyal, an analyst with Jefferies, wrote in an investor note this week. “This position is similar to that of Tencent (China), Kakao (Korea), and Facebook (Western markets).”

If Facebook and Twitter are any indication, though, the real test will come in the next few months as investors scrutinize its user and sales growth.

Line’s user growth has slowed to a halt in recent quarters, hitting 218 million monthly actives in March. It has also struggled to gain traction in markets outside Japan, Thailand, Indonesia and Taiwan. Sales climbed to more than $1 billion in 2015 for the first time, but the company is not consistently profitable.

Maybe that’s why the bear was frowning at the stock exchange.

  • Line shares soars in largest tech IPO of the year

  • Line shares soars in largest tech IPO of the year

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Nokia 7 Plus Sold Out In 5 Minutes In China

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Nokia 7 Plus Sold Out In 5 Minutes In China

Nokia 7 Plus Sold Out In 5 Minutes In China

The first batch of Nokia 7 Plus  releases in China has reportedly sold out in 5 minutes. Can I imagine ?

As soon as the virtual shop doors opened at 10:07am, it took only 5 minutes for all available units of the new Nokia phone to be sold out.

The phone sold for CNY 2,300 for the 4GB/64GB version and CNY 2,500 for the 6GB/64GB version (that’s €239 and €318 respectively).

There will be another batch available in about a week – on March 15 at 10:07am. Chances are that the new batch will be gone just as quickly. Of course, neither HMD nor the stores will say how many phones are in a batch.

As for people not in China, we’ll have to wait until April. The Nokia 7 plus is set to cost €400 in Europe (and it doesn’t look like the Old Continent will get the 6GB RAM version).

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BMW Recalls 11,700 Cars over Wrong Engine Management Software

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BMW Recalls 11,700 Cars over Wrong  Engine Management Software

BMW Recalls 11,700 Cars over Wrong Engine Management Software

BMW has announced the recall of over 11,700 cars last Friday after it discovered an issue with the engine management software.

The German auto brand are recalling the cars because a wrong engine management software had been installed on its luxury 5- and 7-Series models. The statement read;

“In the course of internal tests, they discovered that a correctly developed software update was mistakenly assigned to certain unsuitable model-versions”.

BMW issued the statement after a report suggested it had installed software that manipulated emissions of harmful gases such as nitrogen oxide, something its management has always denied.

Years ago Volkswagen was hugely penalized and also reached a multi-billion-dollar U.S. settlement after admitting installing so-called “defeat devices” on its diesel models designed to game emissions tests.

The Dieselgate” emissions scandal has forced VW to set aside 25.8 billion euros ($31.7 billion) to cover fines and related costs, of which it has paid out nearly 20 billion euros.

The models affected were 5- and 7-Series cars made between 2012 and 2017 containing high-performance diesel engines and three turbo chargers.

BMW said the offending software was mistakenly loaded into cars with a different system for removing harmful nitrogen oxides (NOx) from the exhaust than originally intended.

“Corrected software will be made available for these vehicles after approval by the relevant authorities”.

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4 FUTO Students Builds Surveillance Drone as School Project

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4 FUTO Students Builds Surveillance Drone as School Project

4 FUTO Students Builds Surveillance Drone as School Project

Four students of the Federal University of Technology Owerri (FUTO) successfully constructed a drone as they rounded up their engineering course.

The four students namely, Ekeh Isidore, Kizito Onyema, Aloysius Nwokedike, and John Kenedy Kalu built the quadcopter surveillance drone for the university campus as a school project.

The Drone has a wooden constructed Controller and First Person View (FPV) system, the drone pilot sees the video footage of the campus in real time.

See more pictures of the four amazing students below.

4 FUTO Students Builds Surveillance Drone as School Project

4 FUTO Students Builds Surveillance Drone as School Project

Watch the Video of the Drone flying:

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