Latest news with #SimonChen
USA Today
18-06-2025
- Business
- USA Today
Airport shuttle company abruptly closes leaving travelers stranded, seeking refunds
Airport shuttle company abruptly closes leaving travelers stranded, seeking refunds A Colorado-based airport shuttle company has shut down and abruptly closed its doors, leaving travelers stranded after announcing an uptick in insurance costs and airport fees among other issues. "With a heavy heart, we've made the decision to shut down," Eight Black Airport Shuttle, based in Longmont, post on its website June 13. The municipality in Boulder and Weld counties is about 45 miles northwest of the Denver International Airport. "Like many transportation companies, we've been hit hard by a perfect storm a significant increase in insurance premiums, rising airport and regulatory fees, and steep capital costs," the company wrote. "In the shared ride model, where affordability matters most, we simply can't raise prices enough to cover those costs while still offering the frequency and schedule that our customers expect." According to its website, the business acquired Green Ride Boulder and Longmont's shared ride operation in 2022. The Centennial State's shuttle services are regulated by the Colorado Public Utilities Commission. How to get an airport shuttle refund According to its website, the dissolved business was "actively working on a system to manage the refund process." "It is my full intention to refund every single customer, no matter how long it takes," Simon Chen, the business owner wrote. "I know this situation has been a letdown for you and for the Boulder County community." To initiate a refund, fill out this form: Voucher Refund Request Form This is a developing story. Natalie Neysa Alund is a senior reporter for USA TODAY. Reach her at nalund@ and follow her on X @nataliealund.
Hindustan Times
18-06-2025
- Business
- Hindustan Times
Eight Black Airport Shuttle abruptly shuts down, stranded travellers demand refunds
A northern Colorado airport shuttle service suddenly shut down, leaving customers with ride vouchers they can't use and no clear answers about when—or if—they'll get their money back. Eight Black Airport Shuttle announced on its website and Facebook page that it officially closed on Friday, June 13. The message, signed by owner and founder Simon Chen, left many customers frustrated and confused. 'I sincerely apologize for not including information about how we would handle vouchers in our previous email regarding the closure of our shuttle business. That was an incredibly difficult day for me professionally,' the statement reads. 'We are actively working on a system to manage the refund process, and it is my full intention to refund every single customer, no matter how long it takes. I know this situation has been a letdown for you and for the Boulder County community,' as cited by Daily camera report. Also Read: Man drives ₹1.8 crore car as ride-hailing cab, earns over ₹46,000 in a day According to the company's website, anyone who fills out the voucher refund request form will be contacted with information about how the refund process will work. Customers who bought vouchers during the most recent sale will be refunded first. The company warned it could take up to 12 months to complete all refunds. 'If we can make it happen sooner, we will,' Chen added in the statement. 'I am truly sorry for any inconvenience caused by the closure of the shuttle service.' As of Monday afternoon, the Facebook post had more than 250 comments. One customer wrote, 'We have over a dozen … tickets (vouchers) bought that need to be redeemed. You were running sales last week or two ago? I want my money back.' Many others shared similar concerns, with some noting their purchases were too old to dispute with their credit card companies. Eight Black's phone line now plays a recorded message announcing the shutdown. At the company's office at 206 S. Main St., the parking lot gates were open Monday afternoon, and several company vehicles, along with some private cars, were parked outside. The building itself was locked, and no one answered the buzzer. Inside, lights were still on, and items like bags and half-finished drinks were visible on desks, as per reports. Chen launched Eight Black in 2015. In 2022, the company took over Green Ride's shuttle route between Denver International Airport and various locations in the Boulder and Longmont area.
USA Today
18-06-2025
- Business
- USA Today
Airport shuttle abruptly closes leaving travelers stranded, seeking refunds
Airport shuttle abruptly closes leaving travelers stranded, seeking refunds A Colorado-based airport shuttle company has shut down and abruptly closed its doors, leaving travelers stranded after announcing an uptick in insurance costs and airport fees among other issues. "With a heavy heart, we've made the decision to shut down," Eight Black Airport Shuttle, based in Longmont, post on its website June 13. The municipality in Boulder and Weld counties is about 45 miles northwest of the Denver International Airport. "Like many transportation companies, we've been hit hard by a perfect storm a significant increase in insurance premiums, rising airport and regulatory fees, and steep capital costs," the company wrote. "In the shared ride model, where affordability matters most, we simply can't raise prices enough to cover those costs while still offering the frequency and schedule that our customers expect." According to its website, the business acquired Green Ride Boulder and Longmont's shared ride operation in 2022. The Centennial State's shuttle services are regulated by the Colorado Public Utilities Commission. How to get an airport shuttle refund According to its website, the dissolved business was "actively working on a system to manage the refund process." "It is my full intention to refund every single customer, no matter how long it takes," Simon Chen, the business owner wrote. "I know this situation has been a letdown for you and for the Boulder County community." To initiate a refund, fill out this form: Voucher Refund Request Form This is a developing story. Natalie Neysa Alund is a senior reporter for USA TODAY. Reach her at nalund@ and follow her on X @nataliealund.
CNBC
09-05-2025
- Business
- CNBC
Chinese chipmaker SMIC shares fall nearly 7% after first-quarter revenue misses estimates
Shares of Semiconductor Manufacturing International Corporation, China's largest contract chip maker, fell nearly 7% Friday after its first-quarter earnings missed estimates. After trading on Thursday, the company reported a first-quarter revenue of $2.24 billion, up about 28% from a year earlier. Meanwhile, profit attributable to shareholders surged 162% year on year to $188 million. However, both figures missed LSEG mean estimates of $2.34 billion in revenue and $225.1 million in net income, as well as the company's own forecasts. During an earnings call Friday, an SMIC representative said the earnings missed original guidance due to "production fluctuations" which sent blended average selling prices falling. This impact is expected to extend into the second quarter, they added. For the current quarter, the chipmaker forecasted revenue to fall 4% to 6% sequentially. Gross margin is also expected to fall within the range of 18% to 20%, compared to 22.5% in the first quarter. Still, the first quarter saw SMIC's wafer shipments increase by 15% from the previous quarter and by about 28% year-on-year. In the earnings call, SMIC attributed that growth to customer shipment pull in, brought by changes in geopolitics and increased demand driven by government policies such as domestic trade-in programs and consumption subsidies. In another positive sign for the company, its first-quarter capacity utilization— the percentage of total available manufacturing capacity that is being used at any given time— reached 89.6%, up 4.1% quarter on quarter. "SMIC's nearly 90% utilization rate reflects strong domestic demand for semiconductors, likely driven by smartphone and consumer electronics production," said Ray Wang, a Washington-based semiconductor and technology analyst, adding that the demand was also reflected in the company's strong quarterly revenue growth. Meanwhile, the company said in the earnings call that it is "currently in an important period of capacity construction, roll out, and continuously increasing market share." However, SMIC's first-quarter research and development spending decreased to $148.9 million, down from $217 million in the previous quarter. Amid increased demand, it will be crucial for SMIC to continue ramping up their capacity, Simon Chen, principal analyst of semiconductor manufacturing at Informa Tech told CNBC. SMIC generates most of its revenue from older-generation semiconductors, often referred to as "mature-node" or "legacy" chips, which are commonly found in consumer electronics and industrial equipment. The state-backed chipmaker is critical to Beijing's ambitions to build a self-sufficient semiconductor supply chain, with the government pumping billions into such efforts. Over 84% of its first-quarter revenue was derived from customers in China. "The localization transformation of the supply chain has been strengthened, and more manufacturing demand has shifted back domestically," a representative said Friday. However, chip analysts say the chipmaker's ability to increase capacity in advance chips — used in applications that demand higher levels of computing performance and efficiency at higher yields — is limited. This is due to U.S.-led export controls, which prevent it from accessing some of the world's most advanced chip-making equipment from the Netherlands-based ASML. Nevertheless, the chipmaker appears to be making some breakthroughs. Advanced chips manufactured by SMIC have reportedly appeared in various Huawei products, notably in the Mate 60 Pro smartphone and some AI processors. SMIC's Hong Kong-listed shares have gained over 32.23% year-to-date.
Korea Herald
14-04-2025
- Business
- Korea Herald
FADU joins forces with Taiwan's ADATA in strategic SSD alliance
Korean fabless startup FADU has signed a memorandum of understanding with Adata, the world's second-largest solid-state drive module provider, the company announced Monday. This marks the first major milestone in its new Flex SSD business model. The agreement was signed on April 2 at Adata's headquarters in Taipei, Taiwan, with FADU's chief executive officer and chief technology officer Nam E-hyun and Adata Chair Simon Chen in attendance. FADU's new business model enables customers to tailor SSD development according to their needs, offering flexibility from full product supply to co-development and eventual independent manufacturing. Adata, with a strong presence in both industrial and consumer markets, brings strong global production and market reach, and the partnership allows FADU to accelerate the development of its Flex SSD ecosystem and expand globally. The two companies will begin by co-developing Gen5 enterprise SSDs based on Triple-Level Cell technology, with plans to expand into Gen6 and Quad-Level Cell products. FADU will initially provide controller IP, firmware, reference designs and manufacturing support, with the goal of enabling Adata to independently produce and manage its own SSD product lines in the future. 'This is a long-term collaboration that enables customers to develop and operate their own SSD product lines,' a FADU official said. 'We aim to build a sustainable and mutually beneficial ecosystem.'
