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 economic growth to accelerate to 4.7% in 2025: Moody’s

Updated 12 sec ago
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Saudi economic growth to accelerate to 4.7% in 2025: Moody’s

RIYADH: Saudi Arabia’s economy is set to grow by 1.7 percent this year, before accelerating to 4.7 percent in 2025 and 2026, driven by government-backed projects aimed at diversifying the Kingdom’s economy, according to Moody’s. 

The credit rating agency’s forecast exceeds previous estimates, including the Saudi government’s own 2024 gross domestic projection of just 0.8 percent. Moody’s outlook surpasses the Kingdom’s pre-budget statement, which had estimated a 4.6 percent growth in 2025. 

The 2025 forecast aligns with Saudi Arabia’s planned expenditure for the year, set at $343 billion, underscoring the government’s commitment to economic expansion through Vision 2030. These efforts focus on diversifying the economy beyond oil, with major investments in sectors like technology, tourism, renewable energy, and infrastructure. 

“In the Middle East, hydrocarbon-exporting countries are seeking to diversify their economies away from oil. Government-backed projects tied to this aim will drive strong growth in Saudi Arabia next year,” said Moody’s in its latest report. 

The Kingdom’s strategy centers on large-scale “giga-projects” funded by its Public Investment Fund, including the development of the futuristic city NEOM. These initiatives are expected to play a crucial role in sustaining economic growth over the coming years. 

Moody’s positive projections align with last month’s forecasts from the International Monetary Fund, which predicted 1.5 percent growth for Saudi Arabia’s economy in 2024 and 4.6 percent in 2025, while the World Bank forecasted 1.6 percent growth this year and 4.9 percent in 2025. 

Stable inflation 

Moody’s analysis noted that Saudi Arabia’s inflation rate is expected to remain stable at 1.6 percent in 2024 and 1.9 percent in 2025, before rising slightly to 2 percent in 2026. 

Earlier this month, Saudi Arabia’s General Authority for Statistics reported that inflation reached 1.9 percent in October compared to the same month in 2023. 

The Kingdom’s inflation rate remains among the lowest in the Middle East, reflecting effective measures to stabilize the economy and counter global price pressures. 

In September, S&P Global forecasted Saudi Arabia’s economy to grow by 1.4 percent in 2024 and 5.3 percent in 2025, driven by the Kingdom’s diversification strategy. 

Regional outlook

The report projects that the UAE, Saudi Arabia’s Arab neighbor, will see its economy grow by 3.8 percent in 2024 and 4.8 percent in 2025. 

Moody’s forecasts that inflation in the UAE will remain higher than in Saudi Arabia, at 2.3 percent in 2024 and 2 percent in 2025. 

The analysis also predicts Egypt’s economy will expand by 2.4 percent this year, accelerating to 4 percent in 2025. However, Egypt is expected to face a high inflation rate of 27.5 percent in 2024, dropping to 16 percent in 2025. 

Emerging markets 

The broader outlook for emerging markets is positive, with Moody’s noting that economic growth is stable and inflationary pressures are easing. 

The credit agency expects conditions to improve in 2025, driven by steady growth, declining inflation, and monetary easing in both developed and emerging economies. However, credit risks remain a concern, with tighter credit spreads and rising bond issuance reflecting investor appetite for emerging market assets. 

“In 2025, credit conditions within emerging markets are expected to further stabilize, driven by steady economic growth, slowing inflation, and monetary easing in developed and emerging markets,” said Vittoria Zoli, analyst at Moody’s Ratings. 

She added that these conditions are expected to facilitate refinancing and cash flow growth, while reducing asset risk. “However, credit risks persist,” said the analyst. 

Emerging markets such as India are projected to continue growing strongly, with the Indian economy forecast to expand by 7.2 percent in 2024 before moderating to 6.6 percent in 2025. In contrast, China’s growth is expected to slow to 4.2 percent in 2025, following a 4.7 percent growth in 2024. 

At the regional level, economic growth is expected to remain highest in the Asia-Pacific region. The report states that India and Southeast Asian countries will continue to benefit from the global reconfiguration of supply chains, as nations and companies diversify trade and investment away from China. 

Moody’s noted that the situation in Latin America is mixed, though growth will remain strong compared to the past decade. Economic growth in countries like Mexico, Argentina, and Brazil is projected to slow in 2025, while smaller economies like Chile, Colombia, and Peru will see steady expansion. 

“We expect aggregate gross domestic product growth for 23 of the largest emerging market economies will slow to 3.8 percent in 2025 from 4.1 percent in 2024, with continued wide variation by region and country,” said the credit rating agency. 

Moody’s attributed this slight slowdown to dampened growth in China, although it noted that domestic demand will drive growth in smaller emerging markets. 

In October, the IMF projected that emerging market economies would see a GDP growth rate of 4.2 percent in both 2024 and 2025. 

Moody’s report emphasized that governments in emerging markets are benefiting from stabilizing GDP growth and easing financial conditions, though debt levels remain high. 

“Emerging markets governments’ average ratio of debt to GDP will decrease slightly next year as lower interest rates and stronger revenues help to narrow budget deficits. But mandatory spending – including on debt obligations – limits fiscal improvements,” said Moody’s. 

It added: “One key risk to the EM outlook is the potential for US policy changes. In particular, an expansion of tariffs or renegotiation of existing trade agreements would likely disrupt global trade, hinder global economic growth, increase commodity-price volatility and subsequently weaken emerging markets currencies.” 

Banking outlook 

According to the report, banks in the Gulf Cooperation Council region have strong growth prospects, driven by government efforts to expand the non-energy sector. 

Earlier this month, Moody’s stated in another report that Saudi Arabia’s Vision 2030 program, aimed at diversifying the Kingdom’s economy, will accelerate the growth of the banking sector in the coming years. 

The analysis also highlighted that the development of major projects in the Kingdom, along with the infrastructure required to host events such as the 2027 Asia Cup, 2029 Asian Winter Games, Expo 2030, and the 2034 FIFA World Cup, are expected to create significant business and lending opportunities for banks. 

Moody’s noted that the operating environment for banks in emerging economies will remain largely stable, supported by steady GDP growth and policy-rate cuts, which will boost credit growth and asset quality. 

However, the credit rating agency warned that profitability may decline for banks in several countries due to imbalances in interest rate adjustments between loans and deposits. 

The report also cautioned that geopolitical tensions and potential shifts in US policy could affect the credit risks of banks in emerging economies. 

“Profitability will deteriorate for many banks because they typically reduce interest rates on loans faster than on deposits as they seek to attract and retain customers. This squeezes net interest margins,” said Moody’s. 

It added: “Geopolitical conflicts and resulting restrictions on cross-border and investment flows are a significant credit risk for EM banks. And the potential for postelection changes to key US policies, including financial and technology regulation, could alter the operating environment.” 


Saudi industrial, mining sectors offering lucrative opportunities for entrepreneurs, minister says

Updated 13 min 7 sec ago
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Saudi industrial, mining sectors offering lucrative opportunities for entrepreneurs, minister says

JEDDAH: Saudi Arabia’s industrial and mining sectors are harboring promising opportunities for youth and entrepreneurs, the Kingdom’s industry minister has insisted.

Speaking during the Misk Global Forum 2024 in Riyadh, Bandar bin Ibrahim Alkhorayef said that these opportunities go beyond direct investment to include the development of innovative ideas to improve production efficiency, manufacturing quality, and energy conservation in industrial facilities.

He explained that institutions working in industrial and mineral resources have introduced a range of enablers and initiatives to support the growth of entrepreneurial ventures and facilitate investment for young innovators in both sectors, according to the Saudi Press Agency.

The Kingdom ranked third in the Global Entrepreneurship Monitor report for 2023-2024 – a study which assesses the ecosystems of countries worldwide.

Saudi Arabia showed significant progress, with its National Entrepreneurship Context Index score increasing from 5 in 2019 to 6.3 in 2022 and 2023.

The analysis highlighted that this reflects the country’s successful efforts to diversify its economy and foster a supportive climate for business owners. The report also underlined female entrepreneurship, with eight women starting new companies for every 10 men in 2023.

Alkhorayef added that the introduced programs include financial solutions, including the 1K Miles program, designed to help entrepreneurs turn ideas into projects, and the Industrial Hackathon, which allows young innovators to present creative solutions to challenges faced by industrial facilities.

The minister further highlighted that the Kingdom has become a global hub for entrepreneurs, offering them the opportunity to pitch innovative ideas and test their success. He emphasized that the government’s unwavering support for youth creates vast opportunities for the success of their projects.

He emphasized that Saudi Arabia has recently focused on leveraging its strategic assets to develop its industrial sector and boost competitiveness. This includes utilizing its natural resources and technological advancements to compete globally in emerging industries and establish itself as a key player in international supply chains.

During the previous day’s event, the Co-Chair of the Bill and Melinda Gates Foundation, Bill Gates, highlighted the crucial role of innovation in addressing global development challenges and improving the quality of life for vulnerable populations.

Gates emphasized the importance of investing in technology and education as the foundation for a sustainable future, underlining that such investments empower future generations to positively impact their communities.

He praised Saudi Arabia’s leadership in empowering youth, highlighting initiatives like MGF 2024, which focuses on developing young people’s skills and promoting innovation and entrepreneurship. He called the forum a global model worthy of emulation.

Gates also called for strengthened international cooperation to develop joint solutions addressing current challenges.

The co-chair underscored the importance of fostering creativity, teamwork, and collective thinking to build a more sustainable future, highlighting that global collaboration could drive transformative advancements that improve the lives of millions.

The MGF 2024 announced the launch of the “Misk Grand Challenges” initiative in partnership with the Gates Foundation, aiming to inspire young people to propose innovative solutions to global education and citizenship issues, fostering creativity and engaging brilliant minds to address pressing development challenges.

During a panel discussion at the forum, Abdullah Al-Saleem, CEO and co-founder of Mushtari, offered valuable insights on when and how entrepreneurs should seek guidance for their ventures.

“Every time is the right time to seek help,” Al-Saleem said, emphasizing the importance of continuous learning and consultation in business development.

He advocated for a two-pronged approach to seeking advice, distinguishing between general business consultants and industry-specific experts.

“There are two people you have to seek help from: People that know generally about the industry, and people that know specifically about the industry,” he added.


Webuild reports no hiccup on NEOM activities after mega project CEO’s departure

Updated 20 November 2024
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Webuild reports no hiccup on NEOM activities after mega project CEO’s departure

LONDON: Italy’s construction group Webuild told Reuters on Tuesday its activities connected to Saudi Arabia’s NEOM are continuing in line with the plan, after the infrastructure mega project’s long-time CEO left the role last week.

“Webuild has no evidence of changes in the activity plan initially set for the projects it is implementing, nor has it recorded any delay in payments,” the company said.

NEOM, a Red Sea urban and industrial development nearly the size of Belgium due to house nearly 9 million people, is central to Saudi Arabia’s Vision 2030 plan to create new engines of economic growth beyond oil.

Webuild, which has been active in Saudi Arabia for 60 years, is building a system of three dams that will feed an artificial lake in the Trojena area and a high-speed railway called the Connector. 


Riyadh’s office space to see major expansion by 2026, driven by regional HQ program: Knight Frank

Updated 20 November 2024
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Riyadh’s office space to see major expansion by 2026, driven by regional HQ program: Knight Frank

  • Saudi capital to see 1m sq. meters of new office space in two years

RIYADH: Saudi Arabia’s push for regional headquarters has spurred demand for office space in Riyadh, with the capital’s stock set to grow by 1 million sq. meters by 2026, a report showed.

According to global property consultancy Knight Frank’s Autumn 2024 Saudi Arabia Commercial Market Review, this will bring the city’s total office space to 6.3 million sq. meters.

The regional HQ program also impacts office lease rates, with 517 companies now committed to establishing their primary hub in the Kingdom, the report disclosed.

This comes ahead of the nation’s goal of attracting approximately 480 multinational corporations to move their headquarters to the Kingdom by 2030.

“Vision 2030 is reshaping Saudi Arabia’s economy and society, with a central focus on transforming Riyadh into a key regional and global center for business, finance, leisure, and tourism,” said Faisal Durrani, partner and head of research for the Middle East and North Africa at Knight Frank.

“Indeed, 49 percent of the new jobs created in the Kingdom over the last five years has been in Riyadh, which is adding to the upward pressure on office rents, with many key office districts and business parks fully leased, with waiting lists,” Durrani added.

He went on to say that the limited availability of office space is also forcing up Riyadh’s Grade B rents, which have climbed by 27 percent over the past year.

In the Dammam Metropolitan Area region, Grade A rents have climbed by 2.2 percent since the third quarter of 2023, fueled mainly by strong demand from the public sector, he added.


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

Updated 20 November 2024
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Saudi hotel industry sees 11.4% spending surge, amid overall weekly POS 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.

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