Tag: Bid

  • Bugatti sells its last gas-powered hypercar for Rs2.97 billion, sets world auction record

    Bugatti sells its last gas-powered hypercar for Rs2.97 billion, sets world auction record

    At a Wednesday auction in Paris, Bugatti sold its final gas-only supercar for more than $10 million, breaking the previous record for a brand-new vehicle.

    The one-of-a-kind Bugatti Chiron Profilée, which was originally a unique development vehicle and was never intended for the market, sold at RM Paris collector auto auction for a bid of $9.5 million. The final selling price, after fees to the auction house, was around Rs2.97 billion ($10.7 million).

    The amount paid was significantly higher than the $4.5 million to $6 million that RM Sotheby’s had pegged the car’s value at. According to Hagerty, a business that monitors the market for collector cars, the eight-figure price surpasses past auction sales of new autos.

    Bidding for this gleaming blue supercar went so high because it is unique and, in cases like this, collectors “bid knowing they won’t get a second chance,” said John Wiley, manager of valuation and analytics at Hagerty.

    According to Bugatti, going from zero to 100 kilometers an hour, or 62 miles per hour in only 2.3 seconds, the Profilée is the fastest-accelerating Chiron variant. Shockingly, it’s capable of up 200 kph, or 124 mph, in 5.5 seconds. Able to reach 236 miles an hour, it also has a higher top speed than the Pur Sport, but still not as high as some other Bugatti models that can reach 300 miles an hour.

    The convertible W16 Mistral, unveiled last August, was the French ultra-luxury automaker’s prior announcement that it would be the final gas-powered vehicle it would produce. Only 99 of those cars, each costing at least $5 million, will be produced. According to Mate Rimac, CEO of Bugatti Rimac, the parent business of Bugatti, the next high-performance model from Bugatti will be a plug-in hybrid with a different kind of gas engine.

    However, it turned out that Bugatti only had one additional gasoline-only vehicle to offer for sale. However, this Bugatti was never meant to be put up for sale.

    From late 2020, the Bugatti Chiron Profilée was produced as one of numerous variations of the company’s flagship model, the Chiron. There would only ever be 500 Chirons produced, according to Bugatti. A few variations, including the Chiron Sport, Chiron Pur Sport, and Chiron Super Sport, all with different levels of top speed, acceleration, and cornering aggression, were included in that 500-strong group.

    Incredible performance was provided by the Chiron’s turbocharged 16-cylinder engine, which is capable of producing close to 1,600 horsepower, while the Pur Sport added more forceful steering, suspension, and acceleration. However, other buyers were looking for a hybrid product that offered the capabilities of the Pur Sport but with a more relaxed aesthetic.

    As a response, Bugatti’s engineers and designers began developing a new Chiron model with Pur Sport-like performance but a more ethereal, fluid appearance. In order to draw in more air to cool the massive engine, the Profilée sports a larger grille and broader front air intakes than the standard Chiron. Additionally, the transmission was altered to have shorter gear ratios for faster acceleration and greater engine speeds.

    According to Bugatti, the Profilée is the Chiron model with the fastest acceleration. It can accelerate from 0 to 100 kph, or 62 mph, in only 2.3 seconds, and from 0 to 200 kph, or 124 mph, in just 5.5 seconds. Its top speed of 236 mph is more than the Pur Sport’s but still lower than several other Bugatti models, some of which are theoretically capable of reaching 300 mph.

    The name Profilée refers to a classy teardrop-shaped body style that was employed on some well-known Bugatti automobiles in the 1930s.

  • First-generation Apple iPhone 2G set to sell for Rs1.36 crore at auction

    First-generation Apple iPhone 2G set to sell for Rs1.36 crore at auction

    Apple fans have the chance to own an original 2007 first-generation iPhone – if they are willing to pay the price.

    According to LCG Auctions, where the item is offered for sale, the original 2007 factory iPhone is likely to fetch an amazing $50,000 or more. It is still sealed and unopened in its factory packaging.

    The iPhone had a 3.5-inch screen, a 2-megapixel camera, and 4 or 8 GB of storage when it was originally manufactured. According to CNN, the initial phone was only offered by AT&T on a 2G network and did not have an app store. Time Magazine awarded it the Invention of the Year for 2007.

    The particular iPhone up for grabs is being consigned by its owner, Karen Green, who was gifted the Apple product when it was first released. In a 2019 appearance on “The Doctor & The Diva,” the proud owner said she was gifted the phone but never opened the package as she was happy with her current device.

    She said she held onto it hoping it would come in handy one day. On the air, her 8 GB phone was appraised at $5,000 by Ph.D. Antiques Appraiser Dr Lori.

  • Govt may add 9,000 MW solar energy to national grid as an alternative power source

    Govt may add 9,000 MW solar energy to national grid as an alternative power source

    The federal government intends to prioritise the addition of 9,000 megawatts (MW) of solar energy to the national grid.

    According to Express Tribune,  the government may spend money on producing 6,000 MW of solar energy. A scheme to install 2,000 MW of solar photovoltaic (PV) power on 11 kV feeders is also being considered. The government has chosen a number of locations in south Punjab for this purpose.

    By solarizing the public-sector buildings, the government will also add 1,000 MW of solar energy to the national grid.

    Through a single-stage, two-envelope bid process and a tariff indexation of 70 per cent every three months, the authorities will implement a straight-line tariff. In this regard, it aims to provide friendly nations with competitive tariffs.

    The government may acquire all the electricity produced on a 25-year BOOT (Build, Own, Operate, and Transfer) basis due to increased demand. It also intends to guarantee power off-take and offer the land for the projects.

    Additionally, the government intends to exempt all investors from import customs and other taxes, as well as from income tax on gains and profits for the first ten years.

    Incentives for the 4MW solar generation to be installed at 11kv feeders through a bid process may also be announced by the Ministry of Energy.

    In this context, the government can propose a straight-line tariff and a quarterly 50 per cent Pak CPI indexation with a 15 per cent maximum. Additionally, a bid/lease procedure will be used to install the solar rooftop system.

  • Vintage camera auctioned for PKR 3.1 billion

    Vintage camera auctioned for PKR 3.1 billion

    Leica’s inventor Oskar Barnack’s camera was up for bids and was anticipated to bring in a nice little PKR 753 million ($3 million). The Leica 0-Series Model 105 owned by Barnack has now sold for PKR 3.1 billion ($15 million), that is five times the original bid making it the priciest camera ever sold.

    According to RobbReport, the camera owned by Oskar Barnack was put up for auction and was predicted to fetch $3 million.

    The company released the 0-Series to test the market two years prior to the release of the Leica A. Only about 22 were ever produced, and today there are fewer than 12 left, according to the Leitz Auction.

    Oskar Barnack, the man who created Leica, owned camera number 105; his name is inscribed on the Galilean viewfinder. (This is the kind of viewfinder found in older cameras.)

    This camera was reportedly used by Barnack until 1930, when he gave it to his son Conrad and switched to the Leica I Model C, which has interchangeable lenses. The 0-Series Model 105 was still in Barnack’s family up until 1960, when it was acquired by an American collector.

    With the anticipation that the camera would bring in around three million euros, bidding started at one million euros. A little over $15 million, or 14.4 million euros, was the final selling price. It surpasses the old best set by the auction house, which realised $2.5 million from the sale of a Leica 0-Series no. 122 in 2018.

    In addition to the heavily altered camera (which Barnack used for photographic research), the wealthy buyer will also get the original leather lens cap, an aluminium cap personalised with Barnack’s initials, and correspondence related to the Model 105.

    There were plenty of other intriguing pieces of Leica equipment and memorabilia up for auction, though none have been quite as remarkable as the Model 105.

    A black-paint Leica MP brought in $100,000, while one of Barnack’s original prints created in 1914 on an Ur-Leica sold for $9,400. Leica MP Unique Gold, another object about which we had previously written, sold for just over $75,000 at auction.

  • Elon Musk may takeover Twitter for $46.5 billion within this week

    Elon Musk may takeover Twitter for $46.5 billion within this week

    Twitter is in final talks to sell itself to Elon Musk, and a deal may be finalised within this week, according to insiders familiar with the situation, a startling turn of events just 11 days after the billionaire unveiled his $43 billion bid for the social-media business.

    According to the sources, the two parties negotiated through the night to reach an agreement worth $54.20 per share. There’s still no promise they will get to that.

    Twitter was anticipated to reject Mr. Musk’s bid, which he made on April 14 without specifying how he would pay for it, and to implement a “poison pill” to prevent him from raising his stake. However, after Tesla’s CEO Elon Musk revealed that he has $46.5 billion in financing and the share market plummeted, Twitter reversed its stance and opened the door to discussions.

    Read more: Twitter officially declares adding an edit button

    According to insiders, the recent move would bring the world’s richest man together with the popular social networking platform. The final agreement might be revealed within few days. As of April 25, Twitter shares were up more than 5 per cent in early trade.

  • National awareness campaign launched to protect children against cybercrime

    National awareness campaign launched to protect children against cybercrime

    The Federal Ombudsman’s nationwide public awareness campaign aimed at educating the wider populace and relevant groups about the skills and methods needed to combat cybercrime against children is now in full swing.

    On Sunday, a representative for the Federal Ombudsman Office said that as part of the program, state-run broadcasting stations broadcast informational messages and programmes about the prevention and control of cyber-crime against children in Urdu and regional languages.

    The strategic goal of the awareness campaign, according to Commissioner for Children Syeda Viqar un Nisa Hashmi, is to raise public awareness about the effects of cyber-crime abuse and exploitation of minors, as well as to educate children so that they could protect themselves from such situations.

    He went on to say that politicians were encouraged to bring legal amendments to the issue as part of the protection drive. The FIA Cyber Crime Cell is also conducting operations to apprehend the remaining suspects. 

    Read more: Lahore Police arrested 648 dacoits, recovering more than Rs27 crore in three months

    Earlier, the Federal Investigation Agency’s Cyber Crime Cell also nabbed a gang in Lahore that was allegedly making money from the dark web through juvenile crime.

  • Elon Musk offers $43 billion to acquire Twitter

    Elon Musk offers $43 billion to acquire Twitter

    Elon Musk has submitted a takeover bid for Twitter, offering $54.20 per share, days after becoming the group’s largest shareholder. This is an offer worth more than $43 billion.

    According to a Securities and Exchange Commission (SEC) filing, Mr. Musk described this as a “best and last offer,” reflecting a 54 per cent premium over the day before he commenced investing in the business in late January 2022.

    Musk stated in the filing that “I don’t have faith in the management” and that he could not make the adjustments he desired in the public market.

    As per a letter written to CEO Salesforce and chairman of Twitter, Bret Taylor, Musk stated that if the proposal is not accepted, he will reassess his status as a shareholder as Twitter has a lot of potential which needs to be unlocked.

    The billionaire CEO of Tesla and SpaceX and the world’s richest man, purchased a 9.2 per cent share in Twitter on April 4, according to a regulatory filing. The tech mogul was invited to join Twitter’s board of directors the next day, but he denied the offer by the end of the week.

    Musk wrote to Mr. Taylor on April 13: “I invested in Twitter because I believe it has the potential to be the global platform for free speech, and I believe free speech is a societal requirement for a healthy democracy”.

    Read more: Elon Musk is no longer joining Twitter board as the microblogging network is “dying”

    “However, after making my investment, I’ve come to recognize that the company, in its current form, can neither thrive nor serve this societal need,” he wrote. “Twitter should be turned into a private firm”.

    Considering the tweeted document, Musk’s financial adviser for the proposal is Morgan Stanley.