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CUHK Business School Research Finds the Rise in High Speed Rail Leads to a Significant Improvement in Airline Services

HONG KONG SAR – Media OutReach – 17 June 2021 – Trains are making a comeback. After losing ground for decades to the far sexier and faster travel by plane, people are increasingly making a return to good old fashion rail as a viable mode of getting around (at least for short to medium distance trips), thanks in part to rising concerns over the impact of air travel on global carbon emissions as well as the coming online of more and more high speed rail which has made travel by train faster and more comfortable.

And nowhere has this boom been more apparent than in China, which in the space of just over a decade has built the longest high speed rail network in the world, stretching nearly 38,000 km and accounting for two-thirds of all high speed rail track in the world. This boom has also been mirrored in air travel, with the sector in China transporting a record 660 million passengers in 2019 before the pandemic hit.

The fast pace of growth in these rival sectors in China provided a group of researchers with the ideal conditions to study how this second coming of the golden age of rail has affected airlines. The study, titled Competition and Quality: Evidence from High-Speed Railways and Airlines, found that the rise in high speed rail led to a significant improvement in airline services, mainly in the form of reduction in flight delays.

“While it’s true that both flight volumes as well as airline choice has grown dramatically in recent years as China’s aviation market has opened up, it’s also no secret to anyone who’s been through an airport in the country that serious flight delays are a chronic problem,” says Yang Yang, Assistant Professor at the School of Hospitality and Tourism Management at The Chinese University of Hong Kong (CUHK) Business School and one of the study’s co-authors.

“This has made high speed rail a really attractive way for people to get around between cities, and it was an opportunity for us to study how competition between the two modes of transportation affected airline service quality.”

Shorter Flight Delays

The research, which was carried out in collaboration with Prof. Hanming Fang at the University of Pennsylvania and Prof. Long Wang at ShanghaiTech University, looked at close to 900,000 non-stop domestic flights from Beijing by 41 airlines to 113 destinations between 2009 and 2012. To measure service quality, the researchers focused on flight delays in arrivals and departures, as well as travel time.

They compared the length of delays for flights to 11 cities that are also served by the Beijing Shanghai High Speed Rail, a 1,318-kilometre long track, to flights that that were not served by the line. The study found that the entry of this high speed track in 2011 led to a reduction of an average of 2.54 minutes in delays in flight arrivals. It also found that the launch of high speed rail services led to a 2.5 percentage point-reduction in arrival delays of 15 minutes or more.

These results were stronger for airlines did not operate on the hub model (such as budget carriers that fly point-to-point) and which have less market power, as well as flights on short and medium distance routes.

The Need for (High) Speed

Whereas high speed rail has operated in different parts of the world for decades, (Japan’s Shinkansen, the world’s first high speed rail system, began in 1964, whereas France’s TGV launched in 1981) China only really got into the game well after the turn of the millennium. While planning reached back as early as the 1990s’, it was not until 2008 that the country launched its first high speed passenger-only service between Beijing and Tianjin, comprising of a 117-kilometre line. The boom that followed saw tens of thousands of kilometres of high speed track laid in the following decade in a network that now covers nearly every single province and region.

And the country is not done. China is seeking to almost double its high speed network to around 70,000 kilometres by 2035. Also, while train speeds have increased from a maximum of 200 kilometres per hour to 350 kilometres per hour, the country is pouring resources into developing even faster rolling stock, including a Maglev prototype that is capable of reaching up to a blistering 620 kilometres per hour.

Going back to the latest study, the researchers then sought to find out whether the reduction in flight delays following the launch of a directly competing high speed rail service was due to direct efforts by an airline company to improve the quality of its service, or whether there was some other external variable at play.

“There’s only so many ways an airline can reduce travel times,” says Prof. Yang, adding that for example it was difficult to reduce flight times without sacrificing safety or buying a completely different model of aircraft.

The researchers found that the coming online of high speed rail led to a reduction in delays in flight departures of an average 5.28 minutes, leading them to suggest that the entry of competing high speed rail services drove airlines to directly speed up checking-in and boarding processes, as well as by improve training for crew.

“Everyone knows it’s hell to sit on the tarmac waiting for a plane to take off,” says Prof. Yang. “Airlines can see that if their market is about to be encroached by high speed rail that they should focus on getting their passengers off the ground as quickly as possible.”

The study also found a 1.39-minute reduction in average runway taxiing times at the destination airport, although the researchers noted was something that airlines are unlikely to be able to control.

Quantifying the Benefits

By looking at flights on specific dates and times, Prof. Yang and her collaborators also eliminated a slew of alternative explanations for the improved timeliness by airlines, from reduced air passenger and airport congestion as a result of increased transportation volumes, to restructuring in flight schedules.

Using the estimates of the time saved, the researchers roughly calculated that the launch of competing high speed rail services would have conservatively saved passengers an aggregate of just under 2,100 Chinese yuan per flight.

When this number was applied to the outbound Beijing destinations that were also served by the Beijing-Shanghai line, it means that the introduction of just this one line would have translated to total passenger savings of 15.72 billion yuan, assuming that that airline travellers flying out of Beijing purchased a round-trip ticket and a discount rate of 5 percent, and that comes even without taking into account reductions in airfare as a result of increased competition.

“We live in an age where the price of a train ticket is still cheaper than flying, but the time cost of travelling by train is fast dropping,” adds Prof. Yang. “The findings speaks volumes about the disruptive competition that high speed rail represents to air travel.”

Reference:

Fang, Hanming and Wang, Long and Yang, Yang, Competition and Quality: Evidence from High-Speed Railways and Airlines (June 26, 2020). PIER Working Paper No. 20-022, Available at SSRN: https://ssrn.com/abstract=3636308 or http://dx.doi.org/10.2139/ssrn.3636308

This article was first published in the China Business Knowledge (CBK) website by CUHK Business School: https://bit.ly/3g0CC2l.

About CUHK Business School

CUHK Business School comprises two schools – Accountancy and Hotel and Tourism Management – and four departments – Decision Sciences and Managerial Economics, Finance, Management and Marketing. Established in Hong Kong in 1963, it is the first business school to offer BBA, MBA and Executive MBA programmes in the region. Today, CUHK Business School offers 10 undergraduate programmes and 18 graduate programmes including MBA, EMBA, Master, MSc, MPhil and Ph.D. The School currently has more than 4,800 undergraduate and postgraduate students from 20+ countries/regions.

In the Financial Times Executive MBA ranking 2020, CUHK EMBA is ranked 15th in the world. In FT‘s 2021 Global MBA Ranking, CUHK MBA is ranked 48th. CUHK Business School has the largest number of business alumni (40,000+) among universities/business schools in Hong Kong – many of whom are key business leaders.

More information is available at http://www.bschool.cuhk.edu.hk or by connecting with CUHK Business School on:

Facebook: www.facebook.com/cuhkbschool

Instagram: www.instagram.com/cuhkbusinessschool

LinkedIn: www.linkedin.com/school/cuhkbusinessschool

WeChat: CUHKBusinessSchool

#CUHKBusinessSchool

AXA AFFIN offers COVID-19 Complimentary Support Fund to assist its customers and to spur vaccination

  • Complimentary Support Fund is exclusively for AXA AFFIN Life Insurance customers with medical policies
  • Customers affected by COVID-19 will have access to funds totalling RM200,000*
  • To spur vaccination, the fund is applicable for vaccination complications or side effects

KUALA LUMPUR, MALAYSIA – Media OutReach – 17 June 2021 – The recent surge in COVID-19 cases in the country has further prompted AXA AFFIN Life Insurance Berhad to continue reaching out to meet the immediate needs of its customers by offering an extended COVID-19 Complimentary Support Fund. Initially introduced in February 2021, the Complimentary Support Fund has now doubled up its total fund amounting to RM200,000 exclusively for its customers with an AXA AFFIN medical policy. The funds will be dispersed at no additional cost to customers affected by COVID-19 or those who have complications or side effects arising after their COVID-19 vaccination.

The fund is available from now until 31 August 2021 or when the fund is fully exhausted, whichever comes first.

The key aim is to support the health and well-being of AXA AFFIN Life Insurance customers by providing immediate relief in the form of cash assistance.

The complimentary support offers cash assistance*, including: –

  • RM1,000 cash if quarantine in a government designated quarantine centre due to COVID-19
  • RM2,000 cash if quarantined in a government or private hospital due to COVID-19
  • RM10,000 cash for our customers’ immediate family if Death due to COVID-19**
  • Up to RM10,000 for ICU hospitalisation due to COVID-19***
  • RM2,000 cash for stroke due to COVID-19 vaccination side effects****
  • FREE COVID-19 PCR Test worth RM190

“We are pledging this fund as we know it will make a difference to our customers. It is crucial to get these vital funds quickly into their hands to help ease some of the burden and anxiety should their health be affected by the COVID-19 infection or the vaccination,” said Kelvin Wong, Officer-in-Charge, AXA AFFIN Life Insurance Berhad.

For more information, log on to www.axa.com.my or contact your nearest AXA AFFIN Life Insurance agents.

*Terms & conditions apply

**Cash Assistance of RM10,000 for Death due to COVID-19 shall end on 30 June 2021.

***RM10,000 for non-digital channel medical policyholder and RM3,000 for digital channel medical policyholder.

****The vaccine must be authorised or comes from the National COVID-19 immunisation programme, Malaysia and must be administered in Malaysia. The side effects must manifest within 14 days after the vaccination is administered.

ABOUT THE AXA GROUP

The AXA Group is a worldwide leader in insurance and asset management, with 153,000 employees serving 105 million clients in 54 countries. In 2020, IFRS revenues amounted to Euro 96.7 billion and underlying earnings to Euro 4.3 billion. AXA had Euro 1,032 billion in assets under management as of December 31, 2020.

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.

The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.

This press release and the regulated information made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers’ General Regulation are available on the AXA Group website (axa.com).

ABOUT AXA AFFIN LIFE INSURANCE BERHAD

Incorporated in February 2006, AXA AFFIN Life Insurance Berhad is a joint venture company between AFFIN Bank Berhad and AXA Group, a worldwide financial protection leader, which is headquartered in Paris. Leveraging on the AXA Group’s strength as a financial protection expert and AFFIN Bank’s local knowledge and diversified network, AXA AFFIN Life is focused on helping individuals manage risk and achieve their financial goals. AXA AFFIN Life will strive to build close and lasting relationship with its customers, offering them care, support and advice with the highest standard of professional ethics.

#AXAAFFINLifeInsuranceBerhad

Librestream Brings its Onsight Augmented Reality Solution to Japan and Establishes Localized Sales and Support Operations

The technology delivers robust remote collaboration capabilities that enhance safety, efficiency, and resiliency for enterprises

 

WINNIPEG, MB – Media OutReach – 17 June 2021 – Librestream, the #1-rated provider of the Onsight augmented reality (AR) and remote collaboration solutions, has expanded its international presence to Japan with the establishment of a Tokyo office and a local team of staff, supporting its growing customer base in the APAC region. Since 2019, the Japanese market increasingly adopted Librestream’s Onsight platform, with user growth expanding over 300% in that timeframe.

As the third-largest economy in the world and fourth-largest in total exports, continuous workforce improvement via technology and innovation is critical to maintaining competitive positioning. The Onsight platform is utilized by a broad swath of industries, including those that account for Japan’s top exports: cars and vehicle parts ($136B), integrated circuits ($30.7B), machinery with individual functions ($20B), and passenger and cargo ships ($13.7B).

“Japan is an industrial powerhouse and its economy is diverse and advanced; our Onsight solution support the multitudinous industries in the region, as well as provide enhanced local and international service support,” said John Bishop, Librestream President & CEO. “Onsight also addresses the local demographic challenges of an aging workforce and shrinking population by capturing knowledge from experienced workers, delivering just-in-time training, and enabling companies to remotely manage their industrial assets located anywhere in the world.”

Addressing the opportunity and the challenges, Onsight’s core products bring the following benefits to the Japanese market:

  • Onsight Connect remote expert assistance: real-time collaborative environment to remotely inspect, troubleshoot, and resolve issues in the field; effectively distributing knowledge and accelerating decision making with capabilities including live translation to bridge language barriers, object recognition, and sensor data integration
  • Onsight Flow digital work instructions: transforms paper-based processes into digital work instructions that provide step-by-step instructions to complete a job, capture data, and add to a knowledge base
  • Onsight Workspace centralized knowledge base: provides the workforce with secure and immediate access to information needed to complete work safely and efficiently
  • Thermal Cube and Onsight Hub: unique in the world to support video and thermal data management in all rugged environments. As a device-agnostic company, Librestream’s Onsight platform also supports use on any smartphone, tablet, computer, and wearable.

Librestream’s dedicated expansion into Japan has also received the support of the Canadian Embassy in Japan, “We are happy to see another innovative Canadian company enter the Japanese market and look forward to working with Librestream to support their business development activities,” said Mr. Tracy Reynolds, Minister (Commercial), Embassy of Canada to Japan.

About Librestream

Librestream transforms workforces through advanced AR and AI solutions that scale knowledge across businesses to enhance safety, efficiency and resiliency. With the Onsight augmented reality knowledge platform, Librestream helps workers and distributed teams gain immediate access to the content, people, relevant data, and guidance needed to solve business challenges. Librestream’s global Forbes 2000 customer base includes energy, manufacturing, service, aerospace, and defense enterprises with aggregate annual revenues totaling $3.2T. The company has been honored with recognition including ranking as the #1 AR remote assistance solution provider by independent research firm, Verdantix, named an IDC Innovator, and winner of the Field Service WBR Innovation Award. Visit Librestream at www.librestream.com and connect with us on LinkedIn, Facebook & Twitter.

Librestream press kit here.

#Librestream

Framo on A Clear Course: New Investments of 15 Million Euros, Market Presence Strengthened

  • Top meeting of Framo GmbH, Löbichau: Investor and main shareholder Majed Al-Askar announces high investments
  • With 5 million euros in the current fiscal year 2021 and a further 10 million euros in 2022, the Saxon eTruck designers and retrofitters are once again committing to future markets
  • Research, development and battery production to be significantly expanded

LÖBICHAU, GERMANY – Newsaktuell – 17 June 2021 – After a top management meeting, Saxon eTruck builder and retrofitter Framo reaffirms its role as a specialized industry shaper: “We will increase investment volume by 5 million euros before the end of the current fiscal year, with another 10 million euros to follow as early as 2022,” says Majed Al-Askar, principal shareholder and investor in Framo GmbH. “We will continue to play a key role in shaping the market for emission-free heavy-duty transport.”

New perspectives after change in management

“In the past and with the previous management, unfortunately, not everything went consistently smooth,” says Al-Askar. “But with new management, we have put Framo GmbH back on track. Above all, this is a team effort: we have replaced crucial positions in the management and gained an important employee in CMO and CBDO Serhat Yilmaz.”

Framo accepts responsibility, good news for customers and partners

The large-scale investments are to be used in the areas of research, development and production. “We will position ourselves more broadly overall,” reveals Serhat Yilmaz. “Delivery times will now be further shortened, the expansion and conversion of electric vehicles in the heavy-duty sector will be accelerated, and their range will be improved. New priorities are being set, particularly in the area of battery research and fuel cell technology.”

Imply Closes $70 Million Series C at $700M Valuation to Extend Leadership as Foundational Platform for Analytics-in-Motion

Significant customer momentum underscores movement away from expensive, slow and static analytics solutions towards highly-scalable, cost-effective, and interactive analytics solutions

 

BURLINGAME, CA – Media OutReach – 17 June 2021 – Imply, the pioneer of Analytics-in-Motion, and founded by the original creators of Apache Druid, today announced the closing of a $70 million Series C led by Bessemer Venture Partners with participation from Tiger Global Management, bringing total funding to over $116 million. Existing investors A16Z, Khosla Ventures and Geodesic Capital also participated in this round. This additional funding follows a banner year for Imply, growing market adoption of both Imply and open source Apache Druid. Imply has now surpassed 100 enterprise and digital-native customers, using Imply as the engine for analytics-powered applications that they build, and/or as a complete solution to directly solve internal BI and operational analytics use cases. The additional funding will extend Imply’s market leadership in the rapidly growing area of Analytics-in-Motion.

“The world of analytics is being upended, as it is now a competitive disadvantage to wait hours or days to iterate on insights, to make decisions based on stale data, or to leverage solutions that either crumble or cost a fortune at scale,” said Elliott Robinson, Partner at Bessemer Venture Partners. “Every day, more and more established enterprises and digital natives realize the power of Analytics-in-Motion, and Imply is far ahead in this race to redefine analytics across the enterprise, with numerous marquee customers and demonstrated customer success worldwide.”

Analytics-in-Motion is the new requirement for digital transformation, and has emerged due to the demands of modern business and the limitations of existing analytics solutions to meet these demands. Imply’s unique technology removes the handcuffs to effective analytics by delivering all four attributes organizations require for effective analytics:

  1. Interactive queries: questions do not need to be predetermined and organizations get an engine and an app/UI, not only a database; queries can be created on-the-fly, answers are provided immediately, and insights are generated at the speed of thought (sub-second OLAP queries, self-service data analytics, point-and-explore integrated UI)
  2. Unlimited scale: purpose-built to scale (high query concurrency, PB+ data volumes, high ingestion throughput)
  3. Real-time and historical data loads: insights can be derived from data in motion and the present can be compared to the past (Kafka/Kinesis integrations, data lake integrations, flexible and adaptive schemas)
  4. Best price/performance: built to scale with maximum cost efficiency (configurable price/performance, predictable performance and costs, fine-tune based on usage)

The combination of these four requirements enables a broad set of new customer outcomes and will place analytics-in-motion as a defining characteristic of how every successful organization operates.

New Customer Outcomes Driven by Analytics-in-Motion

Leading organizations leverage analytics-in-motion as: (1) the analytics engine behind analytics-powered applications centered around security, operational and business insights; and (2) a complete solution to solve internal BI and operational analytics use cases.

Analytics engine for analytics-powered applications

Designed for developers and product managers


  • Network endpoint analytics in motion: “Companies that rely on the Internet for their business depend on ThousandEyes’ leading Cloud and Internet Intelligence platform to ensure seamless digital experiences for their customers and employees,” said Murtaza Doctor, Head of Engineering & Operations at Cisco ThousandEyes. “To build our industry-leading solutions, we leverage the most advanced technologies, including Imply and Druid, which provides an interactive, highly scalable, and real-time analytics engine, helping us create differentiated offerings.”
  • Fraud detection in motion: “As the leader in Digital Trust & Safety, Sift leverages advanced machine learning to ensure our customers can accurately detect and prevent fraud,” said Neeraj Gupta, SVP, Engineering & Cloud Operations at Sift. “Imply and Druid offer a unique set of benefits to Sift as the analytics engine behind Watchtower, our automated monitoring tool. Imply provides us with real-time data ingestion, the ability to aggregate data by a variety of dimensions from thousands of servers, and the capacity to query across a moving time window with on-demand analysis and visualization.”
  • Gaming analytics in motion: “As a leading provider of analytics in the mobile gaming space, a key aspect of our competitive differentiation is the depth of reporting we provide to our customers. To accelerate our customers’ success, we wanted to build a customer-facing analytics application that combined the performance of pre-computed queries with the ability to issue arbitrary ad-hoc queries without restrictions,” said Ioana Hreninciuc, CEO of GameAnalytics. “We selected Imply and Druid as the engine for our analytics application, as they are built from the ground up for interactive analytics at scale. In addition, for our internal analytics, Imply Pivot has become the tool of choice for our support and product teams to explore all of our data in a flexible way.”
  • Product Usage Analytics in motion: “Strivr’s Immersive Learning platform is revolutionizing hiring and training through Virtual Reality (VR),” said Aneesh Kulkarni, VP of Engineering at Strivr. “Analytics is critical to our platform as it provides customers with a unique level of data-driven insights from immersive training experiences. We chose Imply and Druid as our analytics database due to its scalable and cost-effective analytics capabilities, as well as its flexibility to analyze data across multiple dimensions. It is key to powering the analytics engine behind our interactive, customer-facing dashboards surfacing insights derived over telemetry data from immersive experiences.”

Complete solution for internal analytics use cases

Designed for anyone needing to understand data


  • Observability Analytics in motion: “Plaid’s mission is to unlock financial freedom,” said Gordon Worley, Sr. Staff Software Engineer at Plaid. “To do that, we’ve built a world-class observability platform that allows our customers to offer the best fintech experiences to their users. Four things are crucial for observability analytics; interactive queries, scale, real-time ingest, and price/performance. That is why we chose Imply and Druid.”
  • Advertising Analytics in motion: “Ippen Digital is a pioneer in helping publishers transition to new sources of digital revenue, and analytics is central for us to deliver sophisticated use of audience data and deliver content recommendations,” said Jan Ippen, CEO of Ippen Digital. “Using Imply and Druid, we are able to aggregate and analyze all information, details and dimensions of advertising data from our upstream providers. We can now perform real-time exploratory analytics on advertiser behavior, which enables us to build a differentiated offering to our customers. Imply and Druid are core to our success as a digital advertising platform.”

“In the modern world, what worked yesterday often doesn’t work today. Analytics-in-Motion will power the next frontier of digital transformation — the movement away from analytics solutions that are expensive, slow, and static, and towards analytics solutions that are highly scalable, cost effective, and enable customers to quickly get to the ‘a-ha’ moment,” said Fangjin Yang, CEO of Imply. “Bessemer Venture Partners shares our vision to re-define how organizations gain value from analytics, and we are thrilled to welcome them as our newest investor and to welcome Elliott Robinson to our Board of Directors. We are also thrilled to welcome two new executives to Imply in the wake of our Series C funding: our CMO, Praveen Rangnath (most recently at Confluent) and VP of Customer Success, Kevin Hodgkins (most recently at Fivetran).”

Additional resources

  • Read more about this announcement from Fangjin Yang on the Imply blog
  • Read more about our vision for Analytics-in-Motion
  • Join Imply and be a part of redefining the massive market for analytics
  • See how Imply customers are leveraging Analytics-in-Motion

About Imply

Imply, founded by the original creators of Apache Druid, is originating and leading a new category of data analytics focused on analytics-in-motion. With analytics-in-motion, organizations can move away from analytics solutions that are static, difficult to scale, delayed and expensive, and towards analytics solutions that are interactive, highly scalable, real-time and cost effective. Leading organizations worldwide leverage Imply as the engine for analytics-powered applications that they build, and/or as a complete solution to directly solve internal BI and operational analytics use cases. Imply has operations in North America, Europe, and Asia Pacific and is backed by A16Z, Bessemer Venture Partners, Tiger Global Management, Khosla Ventures, and Geodesic Capital. For more information please visit imply.io.

#Imply

How the Federal Republic of Germany shaped its image anew at documenta

‘documenta. Politics and Art’, opens on 18 June 2021 at the Deutsches Historisches Museum

 

BERLIN, GERMANY – Newsaktuell – 16 June 2021 – Documenta’s rise to become Germany’s most successful art exhibition was due not least to its political dimension, in particular the need to draw a line under National Socialism, followed by the formation of the Eastern and Western blocs in the Cold War. Although the exhibition claimed to distance itself from Nazi cultural policy, it failed to engage openly with the National Socialist past. At the same time, its politically motivated orientation towards the West led it to reject the socialist concept of art in the Eastern bloc.



Federal President Theodor Heuss at documenta 1, 1955 © documenta archiv / Photo: Erich Müller

With ‘documenta. Politics and Art’ (18 June 2021–9 January 2022), the Deutsches Historisches Museum (German Historical Museum) is presenting the first exhibition to focus on documenta as a means of investigating the many-layered interplay of politics and art in German society after 1945.

Prof. Dr. Raphael Gross, President of the Stiftung Deutsches Historisches Museum: ‘Documenta has always been much more than a prestigious art exhibition. With it, modernism – after having been vilified until 1945 – rose to become the favoured style of the young Federal Republic. The early makers of documenta welcomed modern art as a means of breaking with the Nazi past. Yet there were also continuities. For example, the historian Carlo Gentile has revealed that Werner Haftmann, one of the key figures of the early documenta exhibitions, was involved in war crimes in the summer of 1944. It was no coincidence that works by murdered Jewish artists had no place in the image of modernism as Haftmann chose to stage it. With our exhibition, we are systematically retracing, for the first time, how politics was made with art at documenta. In pursuing this goal, I hope we will open up a new perspective on the history of the Federal Republic.’

Long Version Press Release: https://www.dhm.de/en/press/press-release/how-the-federal-republic-of-germany-shaped-its-image-anew-at-documenta/

BitDAO Raises $230M to Launch One of the World’s Largest DAOs

  • BitDAO has completed a private sale, with over $230M from leads (Peter Thiel, Founders Fund, Pantera Capital and Dragonfly Capital) and other partners
  • Bybit has pledged recurring contributions to BitDAO
  • BitDAO aims to use its significant financial and talent resources to improve innovation, collaboration and growth across the DeFi space

PANAMA CITY, PANAMA – Media OutReach – 16 June 2021 – BitDAO, one of the world’s largest decentralized autonomous organizations, has completed a $230 million private sale from initial partners led by Peter Thiel, Founders Fund, Pantera Capital and Dragonfly Capital. Other participants in the project include Alan Howard, Jump Capital, Spartan Group, Fenbushi and Kain Warwick of Synthetix, among a total of more than 20 institutions and DeFi projects.

BitDAO to Play a Pivotal Role in Growing the Decentralized Tokenized Economy

BitDAO aims to promote and propel the mass adoption of open finance and decentralized tokenized economy.

As an initial proponent of BitDAO, Bybit has pledged a contribution of 2.5bps of its futures contracts trading volume to the BitDAO treasury, which at January-May 2021 run rate is expected to be more than $1.0 billion per year. Bybit’s recurring contributions to BitDAO will scale with Bybit business growth and overall crypto industry growth.

BitDAO’s Initial Focus: Providing Funding, R&D and Liquidity

BitDAO is putting its full support behind DeFi and will allocate significant financial and talent resources to drive DeFi growth — specifically, funding, R&D and liquidity.

BitDAO aims to support blockchain technologies through grants (à la Gitcoin), and support existing and emerging projects through token swaps.

BitDAO affiliated R&D centers aim to employ hundreds of talents to help engineer innovations and tackle technical challenges faced by the sector.

BitDAO treasury, with recurring contributions, will be one of the largest pools of assets controlled by a DAO. These assets can be used to provide liquidity to partners, and bootstrap new protocols such as decentralized exchanges (DEX), lending and synthetics protocols.

A Change Maker for Change Makers

In collaboration with DeFi and CeFi partners around the globe, BitDAO seeks to propel the growth of the overall ecosystem, instead of any single proprietary chain.

BitDAO will work with change makers to help drive the decentralized tokenized economy and shape the future of finance for the benefit of all its participants.

About BitDAO

BitDAO is one of the world’s newest and largest decentralized autonomous organizations, formed with the vision of leveling the economic playing field for every person in the world through the acceleration of the decentralized tokenized economy.

Homepage: www.bitdao.io

Twitter: https://twitter.com/BitDAO_Official

Discord:https://discord.gg/jTBC4BKnj7

Telegram: https://t.me/BitDAO_Official

GitHub: https://github.com/BitDAOProtocol

Medium: https://medium.com/bitdao

#BitDAO

Disclaimer:

This release must not be published or distributed, directly or indirectly, in or into the United States or any other jurisdiction in which such publication or distribution is prohibited by law. This release is for informational purposes only and does not in any way constitute investment advice or an offer to sell, or the solicitation of an offer to buy, any crypto assets or any securities. No securities may be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended, and any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or the selling security holder and that will contain detailed information about the company and management, as well as financial statements.


This release includes forward-looking statements, which are statements that are not of historical facts. Forward-looking statements by their nature involve risks and uncertainties, which are difficult to predict and could cause actual results or outcomes to differ materially from the forward-looking statements. BitDAO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release or to reflect new information or the occurrence of unanticipated events.

Authorities Discuss Security of Laos-China Railway

Laos-China Railway may be delayed (Photo: Xinhua)

Authorities have discussed the security preparedness of the Laos-China Railway construction project, which is scheduled to be complete by December this year.