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Meta lost $2.8bln on its virtual reality ambitions during second quarter

Zuckerberg, other Meta leaders believe that virtual and augmented reality headsets will be the major next-generation computing platform

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Meta lost $2.8bln on its virtual reality ambitions during second quarter
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Facebook parent Meta lost $2.81 billion on $452 million in revenue from its virtual reality division, Reality Labs, during the quarter ending in June as it forecast a second consecutive quarter of declining revenue on Wednesday.

The substantial sum is the latest sign that CEO Mark Zuckerberg and Meta continues to spend heavily to pivot the social media giant to developing virtual reality and augmented reality products and the so-called “metaverse.”

It’s a substantial but affordable expense to a company that earned $8.36 billion in operating income on $28.82 billion in total sales during the quarter.

Zuckerberg and other Meta leaders believe that virtual and augmented reality headsets will be the major next-generation computing platform and are willing to spend heavily on technologies that might be years out and prototypes that aren’t ready to be released, as well as a substantial staff of technical experts, in order to compete with Apple, Google, Microsoft, and other companies eying the industry.

Meta’s Quest 2 headset is currently the most popular VR headset on the market, although the overall market remains small. Meta said earlier this week it will raise the price from $299 to $399.

Meta plans to release more advanced goggles later this year that will use cameras on the front of the device to “pass through” the real world to the user inside the headset.

Meta has also spent to acquire VR companies and startups that develop core headset technologies. But the FTC sued them on Wednesday to block it from buying the maker of the popular VR app Supernatural, suggesting that any future acquisitions would face significant regulatory scrutiny.

SOURCE: CNBC

Pakistan

Gold price falls by Rs2,800 per tola in Pakistan

The price of gold settled at Rs142,600 per tola

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Gold price falls by Rs2,800 per tola in Pakistan

Karachi: Gold price in Pakistan plunged by Rs2,800 per tola despite the depreciation of the Pakistani rupee against the US dollar and rising international prices.

The price of gold settled at Rs142,600 per tola. Meanwhile, with a fresh decline of Rs2,397 per 10 grams, the gold price settled at Rs122,256.

Gold is facing some pressure with the resumption of the dollar strength and also because the minutes talked about hiking rates.

Cumulatively, the yellow metal gained Rs11,200 per tola during August 16-17; recovering the losses incurred during the period of August 10-15 which amounted to Rs9,300 per tola. 

It should be noted that the gold price is standing below cost. Gold is cheaper by Rs5,000 per tola compared to its price in Dubai.

In the international market, bullion prices registered nominal gains of $2 per ounce to settle at $1,771 as bond yields slipped despite pressure from a firmer dollar and expectations that the US Federal Reserve will keep raising interest rates.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,540 per tola and Rs1,320.30 per 10 grams today.

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Pakistan

Pakistan, UK ink reciprocal agreement to return criminals

The agreement included ongoing work to improve and expand UK-Pakistani law enforcement cooperation.

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Pakistan, UK ink reciprocal agreement to return criminals

Islamabad: Pakistan and the United Kingdom have signed reciprocal agreement to return foreign criminals and immigration offenders from the UK to Pakistan.

In a press release, UK Home Department said the agreement underlined both countries’ ongoing commitment to tackle issue of illegal migration and the significant threats it posed to both nations.

The agreement included ongoing work to improve and expand UK-Pakistani law enforcement cooperation.

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New aircraft being inducted into PIA to improve performance, Senate told

The house will now meet tomorrow at 10:30 am.

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New aircraft being inducted into PIA to improve performance, Senate told

Islamabad: Minister for Aviation Khawaja Saad Rafique says new aircraft are being inducted into the PIA to improve its performance.

Speaking in the Senate on Thursday, he said there is no proposal under consideration to sell out the assets of the national flag carrier.

Saad Rafique said it is our effort to operationalize this year about three hundred rooms of Hotel Roosevelt. He said we want to enter into a joint venture for the complete revival of this hotel which will help bring revenue to the country.

The Minister for Railways and Aviation said one hundred and thirty four kilometers rail track of the Sibi-Harnai-Khost section has been completed. He said we have to install a bridge on this section. However, operationalization of this section is linked with the security situation.

Minister of State for Law Shahadat Awan assured the house during question hour that the present government has initiated strict action against illegal housing societies.

He said those who hoodwinked the masses will not be spared and they will land in prisons.He said cases of illegal housing societies are before the NAB and FIA. He said a campaign has also been started to create awareness amongst masses about these illegal housing societies.

The Minister of State told the house that Pakistanis enjoy visa free access to forty six countries. He said efforts are afoot to further improve the image of Pakistan in the world.

Shahadat Awan further informed that the Korang Bridge project on Islamabad Expressway will be completed by the end of this year.

Minister of State for Law said the contract for the project was awarded in September 2020. However, the contractor slow down work on the project due to price escalation in construction material. He said the contract has now been assigned to Frontier Works Organization.

Responding to another question, the Minister of State for Law said beggary has been reduced to a great extent in the federal capital territory. He said two anti-beggary squads have been established to apprehend the beggars. He said the patrolling system within Islamabad has been revamped and SHOs of all the police stations have been strictly directed to utilize their mobiles as well as staff from Rescue 15 to curb this menace.

Shahadat Awan said action has also been taken against the gang leaders of beggars. Cases have been registered against them and they have also been sentenced.

The Minister of State said the government has also established shelter homes in the federal capital for the poor and needy people. He said there are also centers for rehabilitation of women and children.

Responding to points raised by the opposition leader Shahzad Wasim, Leader of House in the Senate Azam Nazeer Tarar said it was the PTI government which victimized political opponents during its tenure. He said a case was registered against Shehbaz Gill as per the law for inciting mutiny in a state institution.

Assuring there will be no custodial torture of the PTI leader, he, however said nobody can be allowed to escape investigation and that the law will take its course in the case.

The house will now meet tomorrow at 10:30 am.

 

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