The Vancouver Business Thread

[misher]

Originally Posted by CivicBlues

Don't you know only money laundering Chinese buy luxury vehicles in Vancouver? That's why a hit against those car companies are a hit against illegal money laundering Chinese. Take That!

/whatnext logic.

Saw a white guy and his wife/gf/mistress driving a nice black Lamborghini Urus down Granville the other day. Was shocked.

There's this young blonde girl who likely drives her dads Rolls Royce Convertible past Granville and 49th every few days.

There's also this young Chinese couple with a light blue and pink lambo though I think they brokeup since I don't see them anymore.

White people have tons of money. Few asians live in PoMo/PoCo but that hasn't stopped housing there from rising to insane prices.

I look after a building downtown where I've never seen a single Chinese person but the cars in the parkade are the most expensive of any of my buildings.

[CivicBlues]

Persians in Vancouver love luxury cars as well and are probably the largest purchasers of such as a percentage of their ethnic group. But they pass as white most of the time so they go unnoticed. No one questions how they were able to get money out of a Theocratic Totalitarian government to buy up houses on the North Shore and condos in Coal Harbour.

[whatnext]

Originally Posted by CivicBlues

Persians in Vancouver love luxury cars as well and are probably the largest purchasers of such as a percentage of their ethnic group. But they pass as white most of the time so they go unnoticed. No one questions how they were able to get money out of a Theocratic Totalitarian government to buy up houses on the North Shore and condos in Coal Harbour.

That is certainly a valid question. Obviously the Government of Canada has been too lax, for too long.

[osirisboy]

I still don't get buying brand new cars as a way to launder money since the value depreciates so much after driving it. I would think art/jewelry would be better.

[misher]

Originally Posted by osirisboy

I still don't get buying brand new cars as a way to launder money since the value depreciates so much after driving it. I would think art/jewelry would be better.

Same can be said for getting a wife ������

Originally Posted by CivicBlues

Persians in Vancouver love luxury cars as well and are probably the largest purchasers of such as a percentage of their ethnic group. But they pass as white most of the time so they go unnoticed. No one questions how they were able to get money out of a Theocratic Totalitarian government to buy up houses on the North Shore and condos in Coal Harbour.

Likely part of the family.

[whatnext]

Vegas-based Paragon Gaming has sold ther stake in Parq Vancouver to one of it's partners. Wonder if they're worried about stricter money-laundering rules?

https://www.straight.com/news/1195761/paragon-gaming-sells-its-stake-parq-vancouver

[jollyburger]

Originally Posted by whatnext

Vegas-based Paragon Gaming has sold ther stake in Parq Vancouver to one of it's partners. Wonder if they're worried about stricter money-laundering rules?

https://www.straight.com/news/1195761/paragon-gaming-sells-its-stake-parq-vancouver

Worried? They already lost money through 2018 so it's more of a fact about their current state of affairs.

[whatnext]

Originally Posted by jollyburger

Worried? They already lost money through 2018 so it's more of a fact about their current state of affairs.

Parq or Paragon?
Is it true the high-end Chinese restaurant has already closed?

[officedweller]

Originally Posted by whatnext

Parq or Paragon?
Is it true the high-end Chinese restaurant has already closed?

Yup.
It's now an event only space - still the Chinese restaurant though.
It didn't help that it's on a gaming level, so no minors allowed at the restaurant (but that did make for the quietest dim sum I've ever had).

[jollyburger]

Lol, Business in Vancouver trying to somehow connect Huawei sponsorship of an open UBC security summit and some bureaucrat redacting some information from a FOI request into some big scandal.

https://biv.com/article/2019/02/public-h...erence-told-secret-bc-cybersecurity-data

[jollyburger]

Originally Posted by whatnext

Parq or Paragon?
Is it true the high-end Chinese restaurant has already closed?

Well they said it was down $108 million last year. They've also made several huge capital infusions to finance the project last year.

Documents say after a promising 2017, where Parq made $28.3 million, the company has now lost $108.3 million in the first nine months of 2018. Of that, $17.7 million is an operating loss.

https://bc.ctvnews.ca/parq-vancouver-reports-losses-of-108m-so-far-in-2018-1.4187498

[officedweller]

I was always surprised that the Parq did not include a live entertainment venue.
That would have drawn people into the complex.

[SpongeG]

BC Tech Fund’s first investment goes south

Mojio’s executive team has migrated to Silicon Valley since company accepted capital from $100 million taxpayer-backed startup initiative

By Tyler Orton | February 27, 2019

It appears the taxpayer-backed BC Tech Fund’s first startup investment has gone south – south of the border, that is.

The previous BC Liberal government ushered in the $100 million fund of funds in late 2015 with a mandate of building more local startups in the province.

However, Mojio, the first startup to receive a capital injection from taxpayers, has since seen its entire executive team migrate to Silicon Valley.

The head count for the company, which specializes in connecting cars to the internet, is now split “about 50-50” between its offices in Vancouver and Campbell, California, according to Mojio head of marketing Kyle MacDonald.

...

https://biv.com/article/2019/02/bc-tech-...HqvIyl4dGU3kD6mNKuTJZU-VHPkeVRL7VNy_pLUk

[whatnext]

Originally Posted by SpongeG

BC Tech Fund’s first investment goes south

Mojio’s executive team has migrated to Silicon Valley since company accepted capital from $100 million taxpayer-backed startup initiative

By Tyler Orton | February 27, 2019

It appears the taxpayer-backed BC Tech Fund’s first startup investment has gone south – south of the border, that is.

The previous BC Liberal government ushered in the $100 million fund of funds in late 2015 with a mandate of building more local startups in the province.

However, Mojio, the first startup to receive a capital injection from taxpayers, has since seen its entire executive team migrate to Silicon Valley.

The head count for the company, which specializes in connecting cars to the internet, is now split “about 50-50” between its offices in Vancouver and Campbell, California, according to Mojio head of marketing Kyle MacDonald.

...

https://biv.com/article/2019/02/bc-tech-...HqvIyl4dGU3kD6mNKuTJZU-VHPkeVRL7VNy_pLUk

Another stupid idea from the BC Liberals. Markets can do quite well on their own providing funding for start-ups.

[misher]

Originally Posted by whatnext

Another stupid idea from the BC Liberals. Markets can do quite well on their own providing funding for start-ups.

I disagree here, companies go where they are wanted. Most tech, environmental, energy, etc. startups rely on government support.

Most places want more tech as its high wages and low pollution. Incentives are very high almost everywhere but BC.

BC's economic growth forecasts are already decreasing, we need to retain our business. You can't just keep saying "well tough" and expect companies to stay.

[SFUVancouver]

Originally Posted by SpongeG

BC Tech Fund’s first investment goes south

...

https://biv.com/article/2019/02/bc-tech-...HqvIyl4dGU3kD6mNKuTJZU-VHPkeVRL7VNy_pLUk

It strikes me as a potential conflict of interest if the BC Tech Fund is managed by a 3rd party investment company that is, itself, investing in and raising capital for the same startups as BC Tech Fund. The interests of a sub-national sovereign wealth fund are not necessarily going to align with a private investment firm focused solely on return for its clients whose assets they invest. Mujio's move to Silicon Valley is likely a great move from the perspective of its shareholders but less so for BC Tech Fund and BC citizens.

[retro_orange]

Originally Posted by SFUVancouver

It strikes me as a potential conflict of interest if the BC Tech Fund is managed by a 3rd party investment company that is, itself, investing in and raising capital for the same company. The interests of a sub-national sovereign wealth fund are not necessarily going to align with a private investment firm focused solely on return for its clients whose assets they invest. Mujio's move to Silicon Valley is likely a great move from the perspective of its shareholders but less so for BC Tech Fund and BC citizens.

I believe the article headline is a double entendre. It's typical of what the BC Libs used to do, ensure all people from outside BC profit.

[Hourglass]

Originally Posted by whatnext

Another stupid idea from the BC Liberals. Markets can do quite well on their own providing funding for start-ups.

Isn’t the idea to (1) support local start-ups and (2) attract start-ups to B.C.? Any tech ecosystem needs critical mass, otherwise the “market” dictates that funding simply goes to places that already have that pull. It’s not like B.C. is the only places that provides start-up funding. Singapore does it. UK’s doing it. Ontario is very well organized — and it shows.

[EastVanMark]

Originally Posted by officedweller

I was always surprised that the Parq did not include a live entertainment venue.
That would have drawn people into the complex.

Its missing a lot of things, but that's what happens when the whole process for moving the existing casino was rigged from the get-go. That and it wasn't really wanted by its host community which didn't help matters any.

[misher]

Originally Posted by Hourglass

Isn’t the idea to (1) support local start-ups and (2) attract start-ups to B.C.? Any tech ecosystem needs critical mass, otherwise the “market” dictates that funding simply goes to places that already have that pull. It’s not like B.C. is the only places that provides start-up funding. Singapore does it. UK’s doing it. Ontario is very well organized — and it shows.

Yeah BC as a province has some of the lowest tax credits for tech, Ontario, Seattle, Alberta, all are much more attractive to tech companies. Honestly our policies are like giving a big "your not welcome here" letter to tech. Likely we will see more tech leaving for where they are wanted.