Hit rewind: Sony Walkman triggers nostalgia on 40th birthday

Sony’s Walkman — a must-have 80s gadget — is clinging to its youth with high-tech updates. (AFP)
Updated 11 August 2019
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Hit rewind: Sony Walkman triggers nostalgia on 40th birthday

  • Over the following four decades, Sony sold more than 420 million “Walkmen” and stopped counting the number of models it had produced when it hit the 1,000 mark — about 15 years ago
  • Like many in the industry, Japanese firm was shaken by emergence of Apple’s iPod

TOKYO: Must-have 80s gadget and one-time icon of Japan electronics cool, Sony’s Walkman turned 40 this year and like its now middle-aged fans, is clinging to its youth with high-tech updates.
On July 1, 1979, as the global economy suffered through the second oil shock, Sony unleashed on the world a dark-blue brick of a machine with chunky silver buttons, the Walkman TPS-L2.
Priced at a hefty 33,000 yen — $300 in today’s money — the first generation Walkman could not record but its stereo music playback function quickly captured hearts in Japan and then the world.
It had two headset jacks — labeled “guys” and “dolls” — to allow two people to listen simultaneously. A bright orange “hotline” button could be pressed to lower the volume while the couple chatted.
After a disappointing first month when only 3,000 units were sold, sales exploded to eventually hit 1.5 million worldwide for the first model. The second model, the WM-2, which came in red, black and silver, chalked up sales of 2.58 million.
Over the following four decades, Sony sold more than 420 million “Walkmen” and stopped counting the number of models it had produced when it hit the 1,000 mark — about 15 years ago.
The Japanese electronics giant chose the name partly because of the popularity of Superman at the time and the fact it was based on an existing audio recorder called the “Pressman.”
The word “Walkman” has since entered everyday language but the device was initially called “Soundabout,” “Stowaway” or “Freestyle” in some parts of the world.
“The Walkman is my youth,” said Katsuya Kumagai, now 51, as he browsed an exhibition to mark the 40th anniversary of the first edition. “It was always in my life,” he added, scanning some of the 230 varieties of Walkman on show, which also offers nostalgic visitors the chance to play with some of the older models.
As an 11-year-old, Kumagai could never afford a Walkman and envied older children as they whizzed by on roller skates plugged into the latest sounds.
“I’m quite emotional. Memories from those days are flooding back,” he said, echoing the thoughts of many a middle-aged fan for whom the Walkman provided the soundtrack to their youth.
Sony continued production of the cassette-tape Walkman until 2010, long after the technology had been overtaken first by the Compact Disc in the 1980s and the MiniDisc Walkman in 1992.

BACKGROUND

• Priced at a hefty 33,000 yen — $300 in today’s money — the first generation Walkman could not record but its stereo music playback function quickly captured hearts in Japan and then the world.

• It had two headset jacks — labeled ‘guys’ and ‘dolls’ — to allow two people to listen simultaneously. A bright orange ‘hotline’ button could be pressed to lower the volume while the couple chatted.

Like many in the industry, the Japanese firm was shaken by the emergence of Apple’s iPod when suddenly a listener’s entire music collection was available on the move. But Sony has scrambled to keep up and the latest high-end versions cost well over $2,000 and look more like a smartphone with flash memory and high-res audio —  a far cry from the early generations.
Scott Fung, a 17-year-old also attending the exhibition, has never known a time when people could not listen to music on the move and said he had “only heard” about the Walkman and was keen to satisfy his curiosity.
“Ever since I grew up, devices have always had screens and they don’t have physical buttons,” he said clutching his smartphone and gazing at the early Walkmen on display.
“When I was born, Sony Walkman was already not as relevant... (it) was not really a big part of my life,” said the student from Hong Kong who listens to music via his smartphone.
But perhaps surprisingly, he revealed himself to be a fan of the older tech.
“I think this older design is really intelligent where you can just play and pause, go back and forth in a song, which is very interesting to me,” he said.
Fung is apparently not alone in his penchant for the old-school technology: a first edition Walkman presented as new and never used sold recently for 1.3 million yen, a mere 40 times its initial price.
Sony engineer Hiroaki Sato, who worked on the early Walkman editions, even said it would be “quite difficult” to replicate the technology now, as it would involve painstakingly reproducing high-precision components.
He said the current versions would likely not exist in 40 years as the recording formats and rechargeable batteries would undoubtedly have changed beyond recognition.
But the old Walkman has stood the test of time.
“Repairing this, I realised this is an excellent machine. If we replace the damaged rubber belt, it works normally. It’s so cool,” he said.


Saudi hotel industry sees 11.4% spending surge, amid overall weekly decline: SAMA

Updated 19 sec ago
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Saudi hotel industry sees 11.4% spending surge, amid overall weekly decline: SAMA

RIYADH: Spending in Saudi hotels saw a week-on-week increase of 11.4 percent between Nov. 10 and 16, reaching SR399.7 million ($106.4 million), according to the Kingdom’s central bank.

The weekly point-of-sale transactions bulletin from SAMA showed that restaurants and cafes recorded the second largest sectoral increase with a 4.3 percent rise to reach SR2.07 billion, which also equated to the biggest share of the overall value.

Spending on furniture came in third place, registering a 2 percent increase to SR304.8 million.

Overall, Saudi Arabia’s POS transactions registered a weekly decrease of 1.5 percent, with the education sector leading the decline.

SAMA recorded SR13.2 billion in transactions over the week, with the education industry posting the highest sectoral decrease at 47.9 percent to reach SR89.5 million.

The central bank’s figures showed that the electronics sector saw the second-largest dip, with a 10.9 percent slide to SR198 billion.

Spending on telecommunication recorded the third most significant decrease, at 7.4 percent, reaching SR117.1 million. 

Expenditure on food and beverages saw a 0.6 percent negative change this week, reaching SR1.9 billion, claiming the second-biggest share of this week’s POS transaction value.

Spending on miscellaneous goods and services followed, accounting for the third largest POS share with a 4.1 percent dip, reaching SR1.5 billion.

Spending in the leading three categories accounted for 42 percent or SR5.5 billion of the week’s total value.

At 0.02 percent, the smallest increase occurred in spending on recreation and culture, boosting total payments to SR309.5 million. Expenditures on public utilities surged by 0.2 percent to SR52.9 million. 

Geographically, Riyadh dominated POS transactions, representing 34.06 percent of the total, with expenses in the capital reaching SR4.5 billion — a 3.5 percent decrease from the previous week. 

Jeddah followed with a 0.04 percent surge to SR1.8 billion, and Dammam came in third at SR641.4 million, down 4.6 percent.

Madinah experienced the most significant rise in spending, increasing 6.9 percent to SR567 million.

Tabouk recorded a decline of 7.5 percent, reaching SR235.9 million, and Abha dropped 3.4 percent to stand at SR149.4 million.

In terms of the number of transactions, Madinah recorded the highest increase at 4 percent, reaching 9,237,000 while Tabouk saw the biggest decline at 6.5 percent with 4,296,000 transactions.


Japan, Saudi medical centers unite to revolutionize stem cell therapy

Updated 20 November 2024
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Japan, Saudi medical centers unite to revolutionize stem cell therapy

  • Cytori Therapeutics K.K., has been a pioneer in the stem cell therapy business

TOKYO:  Cytori Therapeutics Japan and the King Abdullah International Medical Research Center have signed a Memorandum of Understanding to strengthen research and training initiatives in the field of cell therapy. 

The signing ceremony took place between Dr. Ahmed Alaskar, executive director of KAIMRC, and Hoshino Yoshihiro, president and CEO of Cytori Therapeutics K.K., during the Riyadh Global Medical Biotechnology Summit 2024.

The partnership underscores the potential of regenerative medicine in treating chronic diseases such as diabetes, liver cirrhosis, critical limb ischemia, chronic wounds, knee osteoarthritis and other aging-related conditions. The aim of combining Cytori’s cutting-edge stem cell technology with KAIMRC’s expertise in translational research is to develop groundbreaking treatments for these critical health issues.

The two organizations will collaborate on fundamental research, clinical trials and other areas of mutual interest, including projects in biomedical R&D, preclinical studies and clinical trials, as well as training and development for staff in health-related and engineering fields.

Cytori Therapeutics K.K., has been a pioneer in the stem cell therapy business, specializing in cell therapy services and the development of adipose-derived regenerative cells from human subcutaneous fat tissues for therapeutic use. The company also develops, manufactures, and exports medical devices. 

This article is also available on Arab News Japan


Oil Updates – prices little changed as market weighs mixed drivers

Updated 20 November 2024
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Oil Updates – prices little changed as market weighs mixed drivers

SINGAPORE: Oil prices held steady for a second day on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia and signs of growing Chinese crude imports offset data showing US crude stocks rising.

Brent crude futures dipped 5 cents to $73.26 a barrel by 8:41 a.m. Saudi time. US West Texas Intermediate crude futures was flat at $69.39 per barrel.

The escalating war between major oil producer Russia and Ukraine has kept a floor under the market this week.

“We may expect (Brent) oil prices to stay supported above the $70 level for now, as market participants continue to monitor the geopolitical developments,” said Yeap Jun Rong, market strategist at IG.

On Tuesday, Ukraine used US ATACMS missiles to strike Russian territory for the first time, Moscow said. Russian President Vladimir Putin lowered the bar for a possible nuclear attack.

“This marks a renewed build up in tensions in the Russia-Ukraine war and brings back into focus the risk of supply disruptions in the oil market,” ANZ analysts said in a note to clients.

On the demand side, US crude oil stocks rose by 4.75 million barrels in the week ended Nov. 15, market sources said on Tuesday, citing American Petroleum Institute figures.

That was a bigger build than the 100,000 barrel increase analysts polled by Reuters were expecting.

Gasoline inventories, however, fell by 2.48 million barrels, compared with analysts’ expectations for a 900,000-barrel increase.

Distillate stocks also fell, shedding 688,000 barrels last week, the sources said.

Official government data is due later on Wednesday.

In a boost to oil price sentiment, there were signs that China, the world’s largest crude importer, may have stepped up oil purchases this month after a period of weak imports.

Data from vessel tracker Kpler showed China’s crude imports are on track to end November at or close to record highs, an analyst told Reuters.

Weak imports by China so far this year have pulled down oil prices, with Brent sinking 20 percent from its April peak of more than $92 a barrel.


Saudi Arabia raises $910m in November sukuk offering 

Updated 20 November 2024
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Saudi Arabia raises $910m in November sukuk offering 

RIYADH: Saudi Arabia’s National Debt Management Center has completed its riyal-denominated sukuk issuance for November, raising SR3.41 billion ($910 million), a 28.19 percent year-on-year increase. 

In October, the Kingdom issued sukuk worth SR7.83 billion, while the figures for September and August were SR2.6 billion and SR6.01 billion, respectively.  

Sukuk, also known as Islamic bonds, are Shariah-compliant debt products that allow investors to gain partial ownership of an issuer’s assets until maturity. 

Saudi Arabia’s consistent sukuk issuances align with a report released by Moody’s in September, which stated that the global markets for these Islamic bonds are expected to remain strong in 2024.  

The report also projected that the issuance of Shariah-compliant bonds could reach between $200 billion and $210 billion this year, up from just under $200 billion in 2023. 

According to a statement by the NDMC, the November sukuk issuance was divided into five tranches. The first tranche, valued at SR2.52 billion, is set to mature in 2029. 

The second tranche was valued at SR434 million and will mature in 2031, while the third tranche amounted to SR137 million, with a maturity date in 2034. 

NDMC stated that the fourth tranche, sized at SR10 million, is scheduled to mature in 2036. The fifth tranche, valued at SR310 million, will mature in 2039. 

A report by Fitch Ratings in October highlighted that sukuk issuances are on the rise, driven by improving financing conditions following the US Federal Reserve’s rate cuts to 5 percent in September. 

Fitch noted that global sukuk outstanding reached $900 billion by the end of the third quarter of 2024, an 8.5 percent increase compared to the same period in 2023.  

The report further projected that interest rates could decline to 4.5 percent by the end of 2024 and 3.5 percent in 2025, likely boosting sukuk issuances in the short term. 

In August, Fitch reported that the UK remains a significant hub for Islamic finance, with the London Stock Exchange ranking as the third-largest listing venue for US dollar sukuk globally. 

Saudi Arabia’s continued momentum in sukuk issuances reflects its commitment to developing the Islamic finance market as a core component of its Vision 2030 economic diversification strategy.


Developing nations push for action on COP29 financing shortfalls

Updated 19 November 2024
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Developing nations push for action on COP29 financing shortfalls

RIYADH: Developed nations are facing growing pressure at COP29 to honor their climate finance commitments, as developing countries push for action to address the severe shortfalls in adaptation funding and the escalating environmental challenges they face.

The ongoing dispute centers around how much support developed nations will provide to poorer countries in their efforts to combat the impacts of climate change.

Representatives from vulnerable nations have emphasized the urgent need for concrete financial commitments, highlighting the widening gaps in adaptation funding.

Financing gaps undermine efforts

Kenya called for an end to the adaptation finance gap, urging increased financial flows to meet the continent’s needs. “Developing countries are not receiving the resources they need,” said Kenya’s representative. “Africa’s adaptation needs are the highest globally, estimated at $845 billion between 2020 and 2035, yet we receive less than a quarter of that annually.”

Bangladesh echoed these concerns, revealing a stark $5.5 billion annual shortfall in funding for resilience projects. “This gap must be filled through grant-based and external finance,” said Bangladesh’s representative.

Several developed nations have outlined their efforts to scale up adaptation financing. Germany highlighted that 30 percent of the EU’s current seven-year budget is allocated to climate-related initiatives, including $30 billion for nationally determined contributions and climate goals, and $12 billion for public climate adaptation finance.

France pledged €2 billion annually by 2025 for adaptation in developing countries, exceeding its previous commitments. Canada reported progress toward its goal of doubling adaptation finance by 2025, as per the Glasgow Climate Pact, but acknowledged the need for more expansive action. “Public finance alone won’t suffice,” said Canada’s representative. “We need coordinated global efforts, innovative instruments, and stronger policy signals to ramp up climate-resilient investments,” the representative continued.

UAE calls for scaling up adaptation finance

“The outcome of the first global stocktake under the UAE consensus underscores a stark reality: we are not on track to meet the adaptation needs of developing countries,” said the UAE’s representative. “Climate change disproportionately affects vulnerable communities who have contributed the least to global emissions. Adaptation is not a choice, but a necessity,” he continued.

The UAE underscored the widening adaptation finance gap, which is estimated to reach hundreds of billions of dollars annually by 2030.

“A critical component of COP28 was the UAE framework for global climate resilience, establishing targets for adaptation planning and implementation,” the representative noted. The UAE consensus calls for all parties to have national adaptation plans in place by 2025, with tangible progress on implementation by 2030.

“We urge developed countries to significantly scale up adaptation finance beyond the doubling committed at COP26,” the UAE added.

“This scaling up is crucial to meet the urgent and growing needs of developing countries.”

Rejecting allegations of involvement in the Sudanese conflict, the UAE reaffirmed its commitment to humanitarian aid and efforts to support a legitimate, civilian-led government in Sudan.

“We reject these baseless claims and emphasize our continued support for de-escalation, ceasefires, and aiding Sudanese civilians,” said the representative.

Jordan called for “predictable and transparent commitments” and expedited disbursements, emphasizing the challenges faced by water-scarce nations grappling with severe droughts.

Sudan urged for technological transfer and funding to recover from devastating floods, which caused $48 million in damages this year. Palestine raised concerns about barriers to accessing climate funds, citing “non-technical issues” that prevent direct support despite eligibility.

Kazakhstan stressed the importance of concessional financing, saying, “We need mechanisms that are accessible and predictable to address vulnerabilities and ensure funds flow directly to communities.”

Developing countries call for urgent action

“Adaptation is not a choice but a necessity,” reiterated the UAE representative, highlighting the disproportionate burden borne by vulnerable nations.

Qatar called for creative solutions to close the adaptation finance gap, urging developed countries to double financial support and focus on the implementation phases to maximize impact.

China demanded that developed countries clarify timelines for doubling adaptation financing, stating, “They must deliver on their commitments and prioritize vulnerable nations.”

As COP29 unfolds, the debate over adaptation financing underscores the urgent need to bridge the gap between pledges and tangible action. The world’s most vulnerable communities are watching closely, demanding that words translate into real solutions.