Month: August 2022

Categories
Business

Online brokerage company Robinhood lays off almost a quarter of its staff

Online brokerage company Robinhood lays off almost a quarter of its staff

A US online trading platform, which experienced a boom in customers during the pandemic, has slashed its staff by 23 per cent after being hit by the cryptocurrency market crash and record inflation.

It’s the second round of staff sackings for the company called Robinhood, which laid off 9 per cent of its 3,900 employees in April.

Yesterday’s announcement saw the company shed 23 per cent of remaining positions — about 815 jobs — meaning the company will have sacked more than 1000 employees in a matter of months between the two rounds of redundancies. Roles in operations, marketing and program management the most impacted by yesterday’s decision.

Robinhood was embroiled in the Gamestop controversy early last year when Reddit renegades and amateur investors blew up the share price of the brick-and-mortar video game retailers, but this momentum has failed to continue.

Robinhood’s chief executive Vlad Tenev said that letting go of 9 per cent the workforce in April to focus on “greater cost discipline” for the organization “did not go far enough” in a blog post on the company’s website.

“Since that time, we have seen additional deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash. This has further reduced customer trading activity and assets under custody,” Mr Tenev said.

“Last year, we staffed many of our operations functions under the assumption that the heightened retail engagement we had been seeing with the stock and crypto markets in the Covid era would persist into 2022.

“In this new environment, we are operating with more staffing than appropriate. As CEO, I approved and took responsibility for our ambitious staffing trajectory – this is on me.”

Last year, Robinhood grew from 700 roles at the end of 2019 to nearly 3,900 by the first half of 2021, but its 2,022 cuts take its total workforce down to 2,600.

Mr Tenev said staff would receive an email and Slack message with their employment status after the company wide meeting announced the redundancies on Tuesday.

He added the cuts were a “painful decision” and meant the company would be “parting ways with many incredibly talented people”, although staff would be given the opportunity to remain with the company until October 1.

Robinhood also revealed its second quarter results which showed its monthly active years plunged to 14 million down by 34 per cent from a year earlier.

Revenue also plummeted by a whopping 44 per cent to $US318 million ($A461 million).

Robinhood became a trading phenomenon during the pandemic as it offered an easy to use, mobile first platform and in the second quarter of last year it boasted more than 21 million active users who were keen to trade crypto and meme stocks.

But with lockdowns in the past, revenue tied to customer’s trading dropped 55 per cent in the latest quarter to $US202 million ($A292 million).

The company has also been slugged with a $US30 million ($A43 million) fine from the New York State Department of Financial Service for alleged violations of anti-money laundering and cybersecurity regulation in its cryptocurrency trading unit.

A global tech bloodbath has seen a spate of companies laying off staff.

In Australia a crypto company called Immutable, which valued at $3.5 billion, is facing a fierce backlash after sacking 17 per cent of its staff from its gaming division, while continuing to “hire aggressively” after raising $280 million in funding in March.

Meanwhile, Australia healthcare start-up Eucalyptus, which provides treatments for obesity, acne and erectile dysfunction fired up to 20 per cent of staff after an investment firm pulled its funding at the last minute.

Debt collection start-up Indebted sacked 40 of its employees just before the end of the financial year, despite its valuation soaring to more than $200 million, with most of the redundancies made across sales and marketing.

Then there was Australian buy now, pay later provider Brighte, that offers money for home improvements and solar power, which let go of 15 per cent of its staff in June, with roles primarily based on corporate and new product development.

Another buy now, pay later provider with offices in Sydney called BizPay made 30 per cent of its redundant workforce blaming market conditions for the huge cut to staffing in May.

Earlier this year, a start-up focused on the solar sector called 5B Solar, which boasts backing from former prime minister Malcolm Turnbull, also sacked 25 per cent of its staff after completing a capital raise that would inject $30 million into the business

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Categories
Technology

Samsung launches user self-repair kits for Galaxy Devices

Samsung launches user self-repair kits for Galaxy Devices

Way back in March, Samsung joined a growing number of hardware makers announcing self-repair initiatives. The list, which includes similar offers from both Apple and Google, finds companies proactively reacting to potential right to repair legislation. Both Samsung and Google teamed up with popular repair site iFixit for their offerings, providing low-cost tools to fix common device issues.

Beginning today, the companies are providing kits to repair broken screens, back glass and charging ports on the Galaxy S20, S21 and Tab S7+ tablet to users in the States. The kits include parts, tools and step-by-step repair instructions, coupled with a return label to send the broken bits back to Samsung. Kits for additional devices and repairs will roll out down the line.

It’s a different approach than Apple’s which finds the company shipping iPhone owners professional-grade equipment, including the same glue-melting machine its Geniuses use in-store. The offering has received negative reviews for inaccessibility and pricing, leading many to suggest that making self-repair difficult is, perhaps, part of the point. The iFixit tools, meanwhile, lower the barrier of entry considerably, but likely lack some of the precision of the pro-level offerings.

Image Credits: Samsung

I’d say anything that makes repairs more accessible to users — and delays devices’ end of life — is probably a net positive. How many people will actually take them up on that offer is another question entirely.

The kits are available through iFixit and Samsung retail stores.

Categories
Entertainment

Warners Abruptly Scraps “Batgirl” Release

First Photo Leslie Grace As Batgirl

First Photo Leslie Grace As Batgirl
hbo max

In a move that has sent shockwaves in the industry, Warner Bros. Pictures has abruptly scrapped any planned release of its “Batgirl” movie which cost $90 million to produce.

First reported in The New York Post and subsequently confirmed by the trades and The Wrap, the film will not premiere on any platform at the studio – neither theatrically nor on HBO Max.

The same goes for “Scoob!: Holiday Haunt,” a follow-up to the 2020 animated Scooby-Doo film “Scoob!”. Footage from that film was shown in a sizzle reel for HBO Max back in December and Warners is taking a relatively smaller $40 million bath on that one. Producer/writer Tony Cervone has already responded to the news, saying on Twitter: “The movie is practically finished and turned out beautifully. I am beyond heartbroken.”

The “Batgirl” scrapping is the real surprise as the project wrapped filming months ago with directors Adil El Arbi and Bilall Fallah well into the final stages of post-production with the project in the middle of test screenings. The original NY Post report says those test screenings were not going well and claims “the studio decided to cut its losses and run”. Deadline disputed the claim, saying one screening was held and the result “wasn’t that bad”.

“Batgirl” stars Leslie Grace as Batgirl/Barbara Gordon along with JK Simmons as Commissioner Jim Gordon, Brendan Fraser as the villain Firefly and Michael Keaton as Batman/Bruce Wayne.

Initial reports suggested the decision was driven entirely by a desire for the studio’s slate of DC features to be at a blockbuster scale and “Batgirl” was budgeted as a direct-to-HBO Max release. However a quick follow-up report in Variety has several sources suggesting a more basic reason to the outlet – a tax write-off.

“Batgirl” was greenlit and made under the previous regime at Warners before the newly formed Warner Bros. Discovery and its CEO David Zaslav took over this Spring. Zaslav has made it clear he intends to commit to releasing first-run feature films in theaters before putting them on HBO Max.

Thus “Batgirl” was in a bind. Expanding the scope of the film with additional filming along with releasing the movie theatrically backed by a large marketing campaign could’ve nearly doubled its costs at a studio newly focused on belt-tightening.

An HBO Max debut would seem obvious, but by shelving it and the “Scoob!” sequel, the company will almost certainly take a tax write-down on both films, according to the trade’s sources. Financially it will allow them to recoup the costs, but by doing so Warner Bros. cannot monetize either movie so no streaming release and no selling it off to another studio or streamer.

Deadline adds that as the company has changed hands and changed strategy from the previous regime, the opportunity for such a ‘purchase accounting maneuver’ expires in mid-August and so they don’t expect other films to get killed like this because the window to do so will be closed shortly.

Warner Bros Discovery has also released a statement: “The decision to not release Batgirl reflects our leadership’s strategic shift as it relates to the DC universe and HBO Max. Leslie Grace is an incredibly talented actor and this decision is not a reflection of her performance. We are incredibly grateful to the filmmakers of Batgirl and Scoob! Holiday Haunt and their respective casts and we hope to collaborate with everyone again in the near future.”

Categories
Sports

AFL Teams Chopping Block: Melbourne duo, Brisbane veteran set to face the ax

AFL Teams Chopping Block: Melbourne duo, Brisbane veteran set to face the ax

mitch robinson is likely to face the chopping block this week as Daniel Rich is set to return from a concussion bout that kept him from the Richmond match at the MCG.

Brisbane somehow didn’t come away with the four points, despite leading by 42 points in the second quarter and will need to make some tough calls for the clash with Carlton at the Gabba.

Robinson was serviceable on Sunday, collecting 14 touches and a goal but missed a crucial shot late in the last quarter that would’ve put the Lions up by five points.

The returning Rich will most likely mean that the former Blue will make way, but could see some reprieve if Zac Bailey and Jarrod Berry are unable to get up for the game.

Melbourne could make two changes heading into the intriguing contest with Collingwood on Friday night at the MCG, as Ben Brown and James Harmes are expected to be available.

Despite defeating Fremantle at Optus Stadium, the Demons could look at dropping Sam Weideman and Jayden Hunt for the duo as Simon Goodwin’s side is almost at full strength.

Weideman had no impact on the game, gathering one disposal and kicking one major from 77 per cent game time in a disappointing outing.

Hunt didn’t play too bad, amassing 12 possessions from 86 per cent game time from the half back.

However, Goodwin is likely to push Brayshaw back into the backline meaning Harmes will play alongside the wing and midfield to combat the Pies’ unpredictable setup.

Travis Coleman is also one who may be put back into the reserves this week, struggling to get his hands on the ball and pressure the Melbourne defence.

Known for his speed, Colyer managed to only lay four tackles in a contested game, as well as collecting six touches from 76 per cent game time.

The small, forward fleet that worked for the majority of the season for the Dockers does need a revamp, as they have struggled to tear games a part like they did previously.

Darcy Tucker could make his way back into the senior side after an impressive WAFL performance with the former Bomber being the unlucky one to miss out.

The imminent return of premiership Tiger and rebounding half back Brandon Ellis into the Gold Coast side has some players worried, with out-of-favour Rory Atkins the most likely of them all.

The former Crow has struggled to cement his spot in the team in 2022 after signing a five-year deal at the end of 2020.

Atkins gathered 17 disposals and played his role in the win against West Coast, but coach Stuart Dew will feel inclined to bring back Ellis, who was a late withdrawal from the Eagles clash due to a minor shoulder injury.

More: Want more AFL? Watch Warriors On The Field celebrating Aboriginal Australia and its long history and association with the AFL. Streaming on AMAZON PRIME VIDEO

Categories
US

How Abortion Rights Supporters Won in Conservative Kansas

How Abortion Rights Supporters Won in Conservative Kansas

Supporters of abortion rights won a huge and surprising victory on Tuesday in one of the most conservative states in the country, with Kansas voters resoundingly rejecting a constitutional amendment that would have let state legislators ban or significantly restrict abortion.

Results were still coming in as the night wore on, but with more than 90 percent of ballots counted, the pro-abortion-rights side was ahead by about 18 percentage points, a staggering margin in a state that voted for President Donald J. Trump in 2020 by a margin of just under 15 percentage points.

Here is a look at what happened.

Going into Election Day, many observers believed the outcome of the referendum would be determined in increasingly Democratic areas like the Kansas City suburbs — that is, by whether enough voters turned out there to compensate for the very conservative lean of the rest of the state. But abortion opponents did surprisingly poorly even in the reddest places.

Consider far western Kansas, a rural region along the Colorado border that votes overwhelmingly Republican. In Hamilton County, which voted 81 percent for Mr. Trump in 2020, less than 56 percent chose the anti-abortion position on Tuesday (with about 90 percent of the vote counted there). In Greeley County, which voted more than 85 percent for Mr. Trump, only about 60 percent chose the anti-abortion position.

We can talk about the cities all day long, but Kansas is known as a rural Republican state for a reason: Rural Republican areas cover enough of the state that they can, and almost always do, outvote the cities. The rejection of the amendment has as much to do with lukewarm support in the reddest counties as it does with strong opposition in the bluest ones.

Certainly, though, the cities and suburbs deserve some credit. The comparatively slim margins of victory for abortion opponents in western Kansas left the door wide open, but abortion rights supporters still had to walk through it, and they did.

Wyandotte County, home to Kansas City, Kan., voted 65 percent for Joseph R. Biden Jr. in 2020, but 74 percent for abortion rights on Tuesday. Neighboring Johnson County, the state’s most populous, voted 53 percent for Mr. Biden but more than 68 percent for abortion rights.

What was striking, in fact, was the degree to which the picture was similar everywhere. From the bluest counties to the reddest ones, abortion rights performed better than Mr. Biden, and opposition to abortion performed worse than Mr. Trump.

We won’t know exactly how many people voted, much less their partisan breakdown or demographic characteristics, until the results are fully counted. But we can already say that statewide turnout was much higher than expected — nearly as high as it was in the last midterm election.

Roughly 940,000 Kansans voted in the referendum, according to preliminary New York Times estimates, compared with about 1.05 million people in the November 2018 midterm election. The gap between turnout in primaries and general elections is usually much larger than that.

Before Tuesday, the Kansas secretary of state’s office predicted a turnout of about 36 percent. But as voting ended, Secretary of State Scott Schwab told reporters that anecdotal evidence indicated turnout might hit 50 percent, an extraordinary increase over what was expected. The Times’s 940,000 estimate would mean a 49 percent turnout.

The voters who would have been expected to show up on Tuesday, under normal circumstances, would mostly have been Republicans. That is not only because registered Republicans significantly outnumber registered Democrats in Kansas, but also because most of the contested races on the ballot were Republican primaries, giving Democrats little reason to vote — except to oppose the constitutional amendment.

Abortion opponents’ strategic decisions around the amendment started with the choice to put it on Tuesday’s ballot in the first place. The primary electorate was expected to be small and disproportionately Republican, and it seemed like a reasonable assumption that the amendment would have a better chance of passing in that environment than on a general election ballot.

The overturning of Roe v. Wade in June upended that strategy, turning what might otherwise have been an under-the-radar ballot measure into a nationally scrutinized referendum on abortion rights. Many voters might previously have seen the stakes as theoretical: If the US Constitution protected abortion rights, how much did it really matter whether the Kansas Constitution did? But then the Supreme Court undid the first part of that equation, and Kansas abruptly became an island of abortion access in a sea of ​​Southern and Plains states banning the procedure.

Groups on both sides blanketed the state with millions of dollars in advertising. Democrats who would otherwise have stayed home, knowing their party had few competitive primaries on the ballot, turned out specifically to vote against the amendment. Supporters of abortion rights were gripped with that great political motivator: anger.

On Tuesday, the results were clear.

Categories
Technology

‘Halo Infinite’s open-world was scaled back before launch

'Halo Infinite's open-world was scaled back before launch

According to 343 Industries, halo-infinite‘s open-world map underwent “significant scaling back” before it was released.

Speaking to the Academy of Interactive Arts & Sciences on August 1, 343 Industries’ head of creative Joseph Staten revealed that the studio made a lot of changes and cutbacks to halo-infinite‘s map (via TechRadar).

“The team went through a lot of iterations on scope and biome variety before I joined,” Staten said. “Even after I joined the team, we had to make choices about where to scale back.”

Staten added that the team didn’t have the time to create the world they originally envisioned while also delivering on the quality level. I explained that meeting the detail and world depth players expected wasn’t possible and the studio had to make cuts.

halo-infinite
Halo Infinity. Credit: 343 Industries

“We didn’t end up cutting that much ultimately from the open world, but I know from the original designs there was a pretty significant scaling back of what the team had hoped at one point that they could deliver on,” he continued.

“We knew that we needed to truly deliver a quality experience. [and] scope our ambitions to make sure that the stuff that we did ship met expectations.”

Staten also touched on how the team managed expectations of what an open-world game it would mean to the Halo franchise. “We wanted to free ourselves from a lot of the expectations of open world games, which is why we struggled for a long time in terms of how to talk about it in terms of our marketing promotion because we didn’t want people to get the wrong impression.

“We are like an open world game in as much as our game is a lot more open than it used to be,” he added. “Halo‘s always been a relatively open game in terms of its geometry for a shooter, but for us, we weren’t layering on a whole bunch of systems.”

In other news, a Riot Games developer has pushed back on accusations that he is “completely and purposefully full of it” following criticism of Valorant’It’s new smurf detection feature.

Categories
Entertainment

Conservator allegedly attempts to marry Ferris Bueller’s Day Off star Edie McClurg, family claims she is a victim of elder abuse

Ferris Bueller’s Day Off actress Edie McClurg is a victim of elder abuse, according to her family.

The star, 77, suffers from dementia and her family alleges she has been victimized by a man who claimed to be a “long-time” friend of hers, who is currently her conservator.

According to court documents filed in the Superior Court of California and viewed by The New York Post and TMZMcClurg’s conservatorship has been in place since 2019, and placed the man, identified as Michael L Ramos, in trusted companionship for McClurg.

The documents reveal Ramos has been living with the famous actress at her home in Los Angeles since 2017.

Watch a clip of McClurg in the film above.

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Edie McClurg as Grace Wheelberg in Ferris Bueller's Day Off
Edie McClurg as Grace Wheelberg in Ferris Bueller’s Day Off (Paramount Pictures)

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McClurg has been acting for nearly 50 years, with more than 200 acting credits to her name.

as well as Ferris Bueller’s Day OffMcClurg is known for her roles in Plans, Trains and Automobiles and Fluberand for her voice work in A Bug’s Life, cars and Wreck It Ralph.

According to the documents, Ramos is unemployed and does not pay rent or any other expenses.

The documents also allege McClurg’s current caregiver – a role that is different to Ramos’, who is a companion to McClurg – was sexually assaulted by Ramos. The caregiver reportedly has serious concerns McClurg has been sexually assaulted by Ramos as well.

Per The New York Postthe court filings reveal the caregiver is “worried” Ramos “has or may be assaulting the Conservatee [McClurg] and that she may not even know that it is happening to her.”

Ferris Bueller's Day Off actress Edie McClurg
Edie McClurg pictured in 2010. (Getty)

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Ramos has denied assaulting or sexually abusing McClurg and her caretaker, and has filed his own objection to an emergency motion that calls for him to be removed from the actress’ home.

In the time Ramos has been living with McClurg, the two have also “never been involved” [in] a romantic relationship,” the filings read.

The documents reveal McClurg’s family now want to remove Ramos as conservator completely, despite being the ones to ask for the legal arrangement back in 2019.

Per the documents, McClurg’s family requested a conservatorship for the actress after claiming she had been living with a “male companion” who was verbally abusive and tried to influence the handling of her estate by reportedly getting her to sign documents.

Howard Hesseman, Edie McClurg and writer Carl Gottlieb
Celebrated actor Howard Hesseman, Edie McClurg and writer Carl Gottlieb in 2010. (Getty)

A 2019 neuropsychological evaluation report obtained by The New York Post also revealed that McClurg “suffers from a progressive, unreversible neurodegenerative disorder.”

According to this report, McClurg was allegedly taken advantage of a number of times, including by a married contractor who did work on her home and later reportedly “proceeded to live” in her home, claiming to be “her boyfriend.”

The neuropsychological report also notes McClurg was “befriended” by Ramos in 2012 or 2013.

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Kim Kardashian shares bikini pic with 'message' to Kanye West.

This photo has fans predicting a Kimye comeback

Categories
Sports

Peter V’Landys accuses NSW Premier Dominic Perrottet of reneging on handshake deal

A frustrated Peter V’landys has accused NSW Premier Dominic Perrottet of breaking promises, as the stoush over renovations to several stadiums in Sydney continues.

A deal was put in place earlier this year to keep the NRL grand final in Sydney for another 20 years, and V’landys said he was told by the premier that planned upgrades for Shark Park, Leichhardt Oval, and Brookvale Oval would go ahead.

A handshake deal took place inside Perrottet’s office in April, according to the NRL powerbroker.

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“We looked the premier in the eye, we shook his hand, we did a deal and he’s just blatantly reneged,” V’landys told 2GB this morning.

“That’s the summary. When you do a deal and you shake someone’s hand you honor that agreement.”

But the premier fired back a couple of hours later, saying the ARLC boss was not the person he answered to.

“When circumstances change, priorities change – and ultimately, I’m not accountable to Peter V’landys. I’m accountable to the people of NSW, they are my priority, and I will always act in the interests of the people of our state.”

Perrottet defended allegations of pork barreling in regards to Penrith receiving funding for a new stadium, while others may be set to go without.

Perrottet said it had always been his view that the ‘three great cities’ in Sydney would each have a world class stadium in the new SFS, the new Parramatta Stadium and the soon to be new Penrith Stadium.

“We have been committed to a suburban stadium policy, and I’ve made that very clear. We’ve made decisions along the way; whether it’s a suburban stadium in Penrith, or whether it’s the centers of excellence that were funded in this year’s budget.”

V’landys yesterday accused the state government of using the recent floods as a political tool to renege on the deal, despite multiple conversations to the contrary this year.

“This is about the fourth or fifth excuse that’s been given to us,” he said.

Both the Sea Eagles’ and Sharks’ stadiums were earmarked for $100m in funding, with another $50m for Leichhardt Oval.

“We won’t give up, we’re the custodians of the game and we’re going to make sure that the fans do get the facilities,” V’Landys said.

He also said that the $800m upgrades for Stadium Australia at Homebush were a ‘white elephant’ and instead suggested that the money be used to give suburban grounds a facelift.

Now, he said, trust could potentially be gone forever.

“They’ve just blatantly reneged – and it’s very disappointing. How is any organization or business going to make an agreement with the NSW government when it’s got a precedent of reneging?”

The premier defended his stance, refusing to buckle to pressure from the sport, even if it meant losing the NRL grand finale.

“That would be incredibly disappointing if we lost the grand finale,” he told reporters.

“But the reality is I have to make decisions in the best interests of the people of New South Wales, and we have gone through a very difficult time as a state, I have over 1000 people without a home, based on the flooding that we have been seen across New South Wales.

“The cost to the taxpayers, in respect of that event is going to be significant, and my job as premier, when circumstances change, priorities change as well.”

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Commonwealth Games in pictures: English swim star Adam Peaty apologises for ‘arrogant’ interview

Categories
US

Indian start-up Zepto’s founders share tips on how to build a business

Indian start-up Zepto's founders share tips on how to build a business

When Kaivalya Vohra wanted to drop out of Stanford University to run his startup, it took “a couple of long conversations” to convince his parents.

But bringing them on board wasn’t too difficult, he said.

“They saw how this business was growing in front of them, they saw how quickly we achieved what we achieved.”

It took just nine months for Vohra and his co-founder, Aadit Palicha, to bring Zepto — an app from India that promises to deliver groceries in less than 10 minutes — to a valuation of $900 million.

Going in with the mindset that you’re wrong and learning where to get right… that journey has been humbling.

Addit Palicha

Co-founder and CEO, Zepto

How did two teenagers build one of India’s fastest-growing quick commerce apps? CNBC Make It finds out.

1.Talk to customers

Finding a good product-market fit is important, said Vohra. His advice from him on how to do that?

“Speak to customers. Just use that as a holy grail [to] ensure you’re on the right track to finding product market fit.”

“One of the hardest things is actually getting to that point where you have a product that people love… It is much easier and much faster if you’re constantly speaking to customers, getting feedback from them and learning from them,” he added.

In the early days of Zepto, the 19-year-olds handled customer support themselves and delivered groceries to consumers just so that they could have a quick chat with them.

Zepto isn’t the only quick commerce startup in India, and competition is heating up both domestically and globally. The country’s online grocery market is set to be worth around $24 billion dollars by 2025, according to Redseer.

Zepto

“We still do it till this day… We’ve got millions of customers, with hundreds of thousands of orders every day. [We still] spend a significant amount of time just speaking to customers, learning from them,” said Palicha.

“Going in with the mindset that you’re wrong and learning where to get right… that journey has been humbling.”

2. Fall in love with your product

Palicha and Vohra weren’t always taken seriously — not just because of their age, but also because of the “craziness” of an under-10 minute delivery idea.

“When we started this 12 months ago, every conversation we had was, ‘You’re totally out of your mind, this is never going to work,'” said Palicha.

But their conviction in their product kept them going.

“Kaivalya and I fell in love with the product so much that we just saw ourselves as custodians of what would probably end up being a large phenomenon in consumer internet in India,” said Palicha.

“If we don’t build it, somebody else will. When you operate with that mentality, everything becomes less intimidating.”

Falling in love with the product and building that conviction really just pushes you to… see that product through.

Addit Palicha

Co-founder and CEO, Zepto

That’s why the duo could take on “challenging conversations” with investors, senior executives, and even a government official, Palicha added.

Despite being just one of many businesses to join the instant commerce wave, it has caught the attention of investors. Its latest cash injection of $200 million in May brought Zepto one step closer to unicorn status.

“Falling in love with the product and building that conviction really just pushes you to… see that product through,” said Palicha.

3. Be accountable

Palicha and Vohra have been friends since they were seven-year-olds — a major advantage as they turned from childhood pals to business partners.

“Kaivalya and I really complement each other’s skill set. He has always been more technically sound than I am, so he’s made a great chief technology officer,” said Palicha.

“12 months ago, when we were building the first iteration of the product, I don’t think we’d been able to get it off the ground [without him].”

Kaivalya Vohra (left) and Aadit Palicha are the teenagers behind Zepto, a startup from India that promises to deliver groceries in less than 10 minutes.

Zepto

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Categories
Business

Queensland family criticized after requesting two rubbish bins

Queensland family criticized after requesting two rubbish bins

A large family that produces too much rubbish for one general waste bin every week has been shut down by locals after claiming they “deserved” an additional bin.

The household in Townsville, Queensland, was quick to receive push-back after a member took to a local community group arguing “the council should give every home two red bins”.

“Because let’s face it, how many people every week struggle to fit their rubbish in the bin?” the man wrote in his post about him.

“Especially a bigger family! And why not? We are all taxpayers so I think we deserve it.”

Townsville City Council issues households a 240 liter waste and 240 liter recycling bin, with households given the option to pay for additional bins.

While it was unclear just how many family members occupied the home that claimed to need another bin, there were few people that supported their cause.

Of more than 300 people to respond, most encouraged the family to consider how they could reduce the volume of waste they produced before applying for another bin.

“I think if you’re filling more than one bin in a span of a week you definitely should be trying a lot harder to be more eco friendly and reduce you’re consumption of plastics,” one person wrote in a comment.

“You need to try and recycle more and buy less plastic and other wasteful items. More than happy to drop some print outs of what goes in each bin and tips on recycling and reducing your waste in your mailbox if you’d like,” someone else said.

Others offered up information on measures the family could adopt to reduce the amount of waste they needed to put in their general waste bin.

“As a household with three adults, we have found that knowing how to recycle, compost and collect soft plastics has eliminated almost all our household waste,” one wrote.

They added their red bin only went out for collection once a month with “a handful of items in it”.

“While I appreciate that different age groups may have different waste needs, there are strategies to cut down/out waste for these too,” they said.

Someone else pointed to how expensive and harmful landfill was, arguing “we all need to create less landfill and recover our waste better”.

“You can compost or worm farm your kitchen scraps and garden waste at home, and with a lot of packaging waste going into the yellow recycling bin there should be very little rubbish going into the red bin,” they wrote.

Massive cost of landfill

About 1500 Townsville households are currently partaking in a trial of the Food Organics Garden Organics (FOGO) bin program, which prevents organic matter from going into landfill.

The trial will continue until October 2022, after which it may be rolled out on a permanent basis, as is the case for 43 NSW councils and four suburbs in the ACT.

According to a Department of the Environment, Water, Heritage and the Arts report, the cost of disposing of waste to putrescible landfill is estimated at between $42 and $102 per tonne of waste in urban areas and between $41 and $101 per tonne in rural areas.

A Canberra mum shared with news.com.au last year how she avoided putting her general waste bin out for collection for 40 weeks.

She revealed the subtle changes her family made that saved up to 5600 liters of waste from leaving their house and getting dumped in landfill.

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