Asian Business and Economy

Facebook’s threat Snapchat that turndown $3 Billion Offer is Co-founded by a son of a Pinay

Bobby Murphy, 25, and Evan Spiegel, 23, have turned Snapchat and its disappearing photos into the hottest app in America for teenagers. Will they become two of the youngest billionaires ever–or fade quickly into business infamy? - Photo: FORBES

The founders of Snapchat, the hottest private messaging app in the United States right now, are in the headlines after it was revealed they turned down a $3-billion offer from Facebook's Mark Zuckerberg.

Twenty-three-year old Evan Spiegel and 25-year-old Bobby Murphy, whose mother is from the Philippines, are the young men behind Snapchat.

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Released in 2011, the app allows people to send smartphone photos and videos, which will disappear in 10 seconds or less after being opened. It is estimated around 450 disappearing photos are sent through Snapchat every day.

According to Forbes magazine's estimate, there are currently 50 million people using Snapchat, with an average age of 18.

Spiegel and Murphy were recently featured in Forbes magazine's 2014 30 Under 30, a list of young individuals who are "changing the world."

The two met while they were students at Stanford University in California. Murphy was a mathematics and computational science major, while Spiegel was in the product-design program.

In an interview with Forbes magazine, Murphy said they "weren't cool, so we tried to build things to be cool."

Murphy and Spiegel first worked together to develop an online software called Future Freshmen, but it didn't take off.

For their next project, a fellow Stanford student and friend, Reggie Brown (who would later sue the company for ownership), came up with suggestion for an app to send disappearing photos.

Spiegel decided to tap Murphy, who had just graduated, to develop the app.

Now, Snapchat is one of the hottest tech startups in the US, with millions of young users that seem to grow every day.

"It's about the moment, a connection between friends in the present and it's not just a pretty picture," Snapchat says.

While Spiegel is the good-looking, outspoken public face of Snapchat (he's on the cover of Forbes magazine), Murphy, the chief technology officer (CTO), is the brains who developed the app.

Little is known about Murphy, who was described by Forbes, as the son of state employees from Berkeley, adding that his mother had emigrated from the Philippines.

"I'd describe him almost like a monk," David Kravitz, Snapchat's first employee, told Forbes. "I don't think I've ever seen him upset."

A separate profile on Elle magazine described Murphy as baby-faced, "like one of those twenty-something actors starring in a Disney TV show."

While Snapchat's profile is rising, it now faces challenges, such as Brown's lawsuit against Spiegel and Murphy for ousting him from the company; and a recent attack by hackers that allowed usernames and phone numbers of users to be compromised. And more importantly, whether it can become as big as Facebook once thought it could be. - ABS-CBN News and FORBES

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2.6 Meters gold high grade mining in the Philippines, another 500 meters Gold more

11:59 PM By Makisig Bayani 0 Comment

Red Mountain Mining makes bonanza gold find at Lobo, Philippines

Red Mountain Mining has made a new bonanza high grade gold discovery of 2.6 meters at 28.6 grams per tons from trenching at the Lobo Prospect of its Batangas Gold Project in the Philippines.

This intersection on the 500 meter long South West Breccia Lode structure is 100 meters along strike to the southwest of a previous Trench 7 intersection of 2 meters at 31.1g/t gold.

Recent sampling on the other, northeast, wall of Trench 7 produced an intersection of 3 meters at 22.2 g/t gold, confirming the exceptionally high-grades, virtually at surface, in this location.

"The discovery of another lode with bonanza gold grades in surface trenching gives us confidence that we have a series of high grade gold shoots occurring along the South West Breccia structure, which continues for at least 500 meters then passes under shallow limestone which possibly obscures more high-grade zones," managing director Jon Dugdale said.

"Our very cost-effective surface trenching program will continue to define lode continuity at surface before drilling is planned to define potential high-grade gold mineral resources."

Trenching Details

The latest, Trench 13, result is from a northwest dipping lode displaced slightly down slope by surface slumping.

Trench 11, 7 meters to the southwest, intersected the same lode grading 1.3 meters at 8.68 g/t gold including 0.8 meters at 13.6 g/t gold while Trench 14 – located 10 meters to the southwest - intersected limestone cover that conceals the gold lode.

The limestone cover continues for over 1 kilometer before the lode structure emerges to the southwest where previously sampled surface colluvial float grades of up to 79.6 g/t gold occur at Signal.

The discovery of two new epithermal potential gold shoots brings to four the number of shoots identified within the 500 meter strike length along the South West Breccia lode corridor at Lobo.

This corridor already includes Indicated and Inferred resources of 194,000 tons at 7.2 g/t gold and drilling results to 3.7 meters at 8.6 g/t gold at the Japanese Tunnel target.

The two new potential shoots recently discovered at Trench 7 and Trench 13 could potentially significantly add to the mineral resource base at this location.

Dugdale added that it is likely that a pinching and swelling epithermal lode is intermittently developed over the entire strike length from South West Breccia through Japanese Tunnel.

"The Trench 7 area and to the Trench 13 area, with each "swell" representing a potential individual high-grade gold shoot spaced approximately 100m apart within the 500m long lode corridor mapped to date," he said.

"The logical next stage of our exploration program is to drill under the high grade trenches and we are looking forward to seeing what this stage of the program might yield."

Four trenches on approximately 10m spacing have been completed in the Trench 7 area. The lode has been intersected in three of those trenches and the northeastern most of those, Trench 12, failed to intersect the lode which may occur up slope under >3 meters of colluvial cover, too deep for safe trenching.

Drilling will be required to confirm continuity of the high-grade shoot below surface and to confirm whether the shoot connects with the Japanese Tunnel zone 75m to the northeast.

Analysis

The discovery of new bonanza grade gold shoots indicates that a series of high grade shoots could occur for at least 500 meters at Batangas, increasing the scale of the project.

The next set of trenching results from Red Mountain due in a week are highly anticipated, as these could continue to define lode continuity at surface.

Exploration will continue at speed, with Red Mountain to follow-up the trenching with drilling - which will target high-grade gold resources. – Proactive Investors

Cebu to Kick-out Philippine Air force for ₱0.8 Billion bidding project 330 days

11:14 PM By Makisig Bayani 0 Comment

MCIAA starts bidding to relocate PAF building

Mactan Cebu International Airport Authority (MCIAA) is soliciting bids for the relocation of Philippine Air Force (PAF) building in preparation for the construction of a new passenger terminal facility at the Mactan-Cebu International Airport (MCIA).

In a brief project description, the MCIAA said it will auction the "relocation/replication of PAF building facilities affected by PPP [public-private partnership] project of MCIAA."

The approved budget for the contract (ABC) is ₱801,409,325.60.

The Department of Transportation and Communications (DOTC) is set to award soon the contract to operate, construct and manage a new passenger terminal facility in the MCIA.

The agency's spokesman, Michael Arthur Sagcal, said, "the PAF has some facilities, such as hangars, etc…in the MCIA complex which will be moved to give way to the new terminal."

The MCIAA has set on January 15 a pre-bid conference, while the deadline for submission and opening of bids is on February 17. Bidding documents can be obtained up to February 17 at the airport for ₱75,000.

"All bids must be accompanied by a bid security…. Late bids shall not be accepted," MCIAA said.

Bidding will be conducted through open competitive bidding procedures using nondiscretionary pass/fail criteria.

The MCIAA also said prospective bidders should possess a valid license with at least Category "AAA" in General Engineering and Registration and have completed within 10 years from the date of submission and receipt of bids a similar project with a value of at least 50 percent of the ABC.

The winning bidder should complete the project in 330 days. – Business Mirror

Asian Business and Economy

Facebook’s threat Snapchat that turndown $3 Billion Offer is Co-founded by a son of a Pinay

2.6 Meters gold high grade mining in the Philippines, another 500 meters Gold more

Cebu to Kick-out Philippine Air force for ₱0.8 Billion bidding project 330 days

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