Thursday, August 29, 2013

China's Xiaomi poaches top Google exec

Chinese Internet and smartphone company Xiaomi has poached Google executive Hugo Barra to help fulfill its ambition to become a global player.

xiaomi
Barra, who was vice president of Google (GOOG, Fortune 500) Android, announced his departure on his Google Plus account. He will take up his new post in October, Xiaomi CEO Lei Jun wrote in a Weibo post, China's version of Twitter.
Xiaomi, which operates a version of the Android mobile platform, is China's sixth-biggest smartphone company and is growing rapidly.
Barra's vast network of contacts will be an obvious asset and he'll also lend credibility to Xiaomi, said Rachel Lashford, vice president of analysis at research firm Canalys.
"The relationship is going to be pretty powerful for both of them, and obviously globally, in terms of helping Xiaomi to establish itself internationally," Lashford said.
Xiaomi is a little company -- literally, as its name means "little rice" -- with big dreams. Since starting up in 2010, the Beijing-based company has taken China by storm, offering affordable smartphones to consumers.
Last year, the company raked in $2 billion in revenue. And its China smartphone salesovertook Apple (AAPL, Fortune 500) in the second quarter this year, according to Canalys. Xiaomi phones represented 5% of total shipments in China during that period, though it still lags Samsung (SSNLF)Lenovo (LNVGF), Yulong, ZTE and Huawei.
The fast-growing company is poised to grab a greater share of a market that could reach 740.5 billion yuan ($117.8 billion) by 2017, estimates research firm IDC.
And it's making waves. Xiaomi's latest offering, a low-cost smartphone called Hongmi (which means "red rice"), sold its entire first batch of 100,000 units within 90 seconds and it has orders for another 7.45 million.
Related story: China's Internet hit by biggest cyberattack in its history
Xiaomi founder and CEO Lei is often called China's Steve Jobs. It's an apt comparison -- Lei even dresses like Jobs, often donning black shirts and jeans.
And he's dedicated to the customer: "I always ask myself these two questions," Lei told Fortune earlier this year. "Can Xiaomi give the customer a great surprise? And can Xiaomi customers win praise for their recommendations to friends?"
Lei, who also sits on the board of Hong Kong-listed software firm Kingsoft as a non-executive director, is ranked by Forbes as one of China's wealthiest entrepreneurs, valued at $1.75 billion.
While Google hasn't yet announced a replacement for Barra, a spokeswoman said: "We wish Hugo Barra the best. We'll miss him at Google and we're excited that he is staying within the Android ecosystem."
In an odd twist, Barra recently ended a romantic relationship with a fellow Googler who is now dating company co-founder Sergey Brin, according to a source familiar with the matter. Brin has been living apart from his wife for several months.
Barra's decision to leave Google was unrelated to his former relationship, the source said. The details were reported earlier by AllThingsD.

Chennai Express worldwide box office collections top Rs 314 crore

Chennai Express earns Rs 314 cr worldwide
Chennai Express, having smashed known-records at the box office, has now taken the Shah Rukh Khan - Salman Khan 'rivalry' to the next level. The latest Shah Rukh starrer has now surpassed Ek Tha Tiger's overall worldwide collections of Rs 310 crore in just ten days.

The film is now the second-highest grosser worldwide with Rs 314 crore collections after its second weekend. Ek Tha Tiger had grossed Rs 310 crore in its lifetime run.

Directed by Rohit Shetty and also starring Deepika Padukone, Chennai Express had a strong second weekend, collecting Rs 22.50 crore nett, taking the overall India business collections to Rs 168 crorenett. The film grossed Rs 5.50 crore on Friday of the week gone by, Rs 7.50 crore nett on Saturday and Rs 9.50 on Sunday.

The collections are the fourth highest ever for the second weekend after '3 Idiots' and 'Yeh Jawaani Hai Deewani' and 'Dabangg'. The film had already become the highest grosser ever in Nizam/Andhra and Tamil Nadu/Kerala after seven days; over the weekend, Mysore was added to the list and soon it will also become the highest grosser ever in West Bengal.

A tale of a north Indian man, who falls in love with the daughter of a don down south, 'Chennai Express'was heavily promoted by its cast and director across all quarters. It managed roaring business not just nationally but also on foreign shores, including via paid previews.

The movie was made on a budget of Rs 70 crore.

Chennai Express is now the fourth film to go over the Rs 300-crore mark in worldwide collections, after '3 Idiots', 'Ek Tha Tiger' and 'Yeh Jawaani Hai Deewani'.

It is likely to be the second film to cross the Rs 350 crore-mark worldwide, even though Boxofficeindia.com analysts say the all-time record of Rs 392 crore (notched by Aamir Khan-starrer '3 Idiots') is out of reach.

The top all-time grossers worldwide are -

1. 3 Idiots - Rs 392 crore
2. Chennai Express - Rs 314 crore (after 2nd weekend)
3. Ek Tha Tiger - Rs 310 crore
4. Yeh Jawaani Hai Deewani - Rs 301 crore
5. Dabangg 2 - Rs 250 crore
Blogger Widgets