Deliver newspapers only on Thu, Fri & Sun?

Gannett’s Detroit Free Press and Detroit News are apparently thinking of home delivering only on Thursday, Friday and Sundays – the three most lucrative days. On other days readers will be able to buy abbreviated single issues at news-stands, and will be directed to the online offerings. The idea is to get say 70% of the ad revenues with 40% of the costs.

I have to admit this makes sense. Newspapers create an enormous amount of paper waste for the household, and as a committed news junkie I really only enjoy reading the print versions on Saturdays and Sundays. Also, as people switch their media online they have less time for the daily newspaper, and so this gives the newspaper a chance to be there only when it is relevant. Clever.

It’s going to be interesting times for the printing presses though as that lost production is lost economies of scale. That means we may see massive printing consolidation if this becomes a trend.

This is really important as Gannett has been on the forefront of the online news world, and they own about 85 newspapers. If this works then expect the rest to roll over in time.

Gannett itself is losing 2000 (10%) jobs across their organisation, but smartly these are not expected to come from the newsroom. Beleagured Fairfax, APN and WAN will be watching closely. They could start by following the excellent Gannett Blog, here’s the post that seems to have scooped everyone.

TVNZ’s New site – December 08 version

TVNZ launched their new site yesterday. It’s a refreshing change, and a good one.
TVNZ.co.nz

It’s pretty similar to one I look at to get West Australian News
TheWest

Both of those screenshots are the entire height of my little mac portable. You really see very little content, with the focus directed to the main stories of the day which rotate.

TheWest, with the bigger pictures, checks in at 1.6mb, and then keeps grabbing pictures forever. TVNZ is at 1.4mb a bit smaller on the upload, but that is still a lot for the 40% of so on dialups. (Not that Stuff and NZHerald are much better).

I admit I was pretty sceptical of TheWest’s new site last year, but I am informed that their traffic numbers are actually doing really well since, and that is in the face of some new Fairfax competition in WAToday and News corps PerthNow.

The TVNZ and WAToday sites are great if you just want to get the top news – the rotating banners drive traffic to the vital few. They are harder to get deeper news from as they seem a bit tabloidish. That of course is their market.

Geekzone blogger Juha nails the vital difference between TVNZ and the APN/Fairfax sites:

“And please TVNZ… commission more local stories from local journos instead of filling the site with the usual Reuters rootarola wirecopy that everyone else carries. And, I mean good solid news and analysis, and not the usual opinion swamp that passes for journalism these days.”

Rupert Murdoch gets this – he is ramping up content creation at the Wall Street Journal. Fairfax, APN and TVNZ should all remember that while presentation is important, it’s the timely accurate pertinant content – in short news – that matters the most.

Disclosure: I’ve consulted to WA Newspapers recently (unlreated to theWest website) and Fairfax a while back

Fine the kids not the parents

Fining parents of truants $3000 is only going to cause parents to lie and support their children. Moreover I imagine that the incidence of truancy rises as income falls, so this is a tax on those that can least afford it.

How about fining the kids instead? and then giving them the opportunity to work it off through homework and class attendance?

Let’s stop MPs drinking and lawmaking

At BHP Billiton sites you have to be able to blow 0.00 on an alcohol breathalyzer before walking into any facility. This is not only to prevent operators of machinery from causing harm, but also to prevent poor decisions being made by anybody that could also cause harm.

It’s a very real rule, and jobs are at stake if you break it

– at 7am on my first day at a South African Aluminium site each person walking through the turnstyles into the offices was  breathalyzed. In the months following I was breathalyzed many more times

– At another site two of us suspected that an external contractor, as he arrived at the security desk,  had been drinking. Our concerns were not followed up immediately by the two security people present (including the security boss) and so they (and the drunk contractor) found themselves turfed off site that day.

It’s the same with any heavy industrial plant, and the same with many other institutions, such as banks, in many countries. You are simply going to be at much higher risk of making poor decisions when you have been drinking.

Watching parliament tonight I am shocked at what I see. At least one of the speakers tonight showed visible signs of drinking, and the behaviour in general seems to be the sort that is exacerbated by the consumption of alcohol.

Why can our lawmakers be drunk when they are making laws?

How can they be fit to legislate but not fit to drive?

Can’t we insist on our lawmakers on being sober when they are in the House of Parliament?

Let’s breathalise them all randomly as they walk into the chamber, and let’s turf them out if they blow positive, and publish the results.

Rio Tinto: Tiwai Point will be fine, but Kiwis will be affected

With 14,000 workers going from Rio Tinto, the folk at Tiwwai Point’s aluminium refinery are apparently nervous. They have “787 full time staff and 133 contractors” down there in the deep South, a bit under 1% of Rio’s total of 110,000 staff and contractors. So Rio is getting rid of 12.7% of it’s workers, which would imply 116 folk from Tiwai.

Tiwai workers will be safe

Actually those 14,000 are from capital projects that Rio Tinto is extracting itself from, with most (7,500) of them contractors. Steady state plants like Tiwai that don’t have immediate expansion plans should be ok. I’m assuming that they don’t have expansion plans as any expansion would need more electricity, which we cannot provide.

Rio may ask Tiwai for some reductions, but it’s really hard to reduce staff in an aluminium refinery – they require people to do certain tasks and it’s bad practice to skimp on that. I’d be really surprised if they were that inefficient and bloated that losing staff was worthwhile. If they were, then the staff that would go would be in the management ranks, not the people on the floor. It’s especially hard to see much headcount reduction given that Tiwai was making some of the purest Aluminium in the world in recent years, though I am not sure how they are going these days. Finally it’s contractors first when these things happen. 

Tiwai is a 24/7 operation – and you cannot shut down for a periods as the molten alumina and aluminium in the pots will freeze. That’s not pleasant – I’ve seen a kilometer long potline freeze in South Africa and it is a long and expensive task to recover from that. So the plant will stay running, and (almost) everyone will stay. 

One option could be a sale of the plant, but the new owners wouldn’t make material changes in the operation, or in the tax payments to the NZ Government.

WA Kiwis

But this is big news for the thousands of Kiwis that have emigrated to Western Australia to chase the big bucks. Less capital projects means less scaffolding (notoriously scaffolders are often Kiwis and often cowboys), less boilermaking, building, drilling, mining, driving and engineering. Above all it means that the crazy money being offered in WA will now slowly or quickly go away. That will mean many of those Kiwis will choose to come back home, adding to any unemployment woes we have. 

BHP Billiton looks on

One of the reasons that BHP Billiton withdrew from the offer to buy Rio is apparently the assumption that Rio will now have to sell off assets to survive. Looks like they were smart in that assumption

Trade Me has added at least $3 billion to the NZ economy

A persistent, err, troll over at Bernard Hickey’s blog post on Trade Me and Australia asks an interesting question: 

“How is Trade Me a productive NZ asset?

The answer requires just a little bit of economics, and it is really quite amazing.

First – Trade Me sold for $750m, and the money was paid to New Zealand shareholders. So you can easily say they created $750m of economic value for those shareholders. Many of those shareholders are now investing their time and wealth in new businesses or charities based in New Zealand, and so the economic value creation goes on.  (1)

Second, Trade Me has build a new marketplace, creating value for new buyers and sellers. Let’s look at the (estimated) 50% of goods that sell on Trade Me that are second hand. 

We have 540,000 more Listings each week  

Trade Me has 1.24 million listings right now, implying that they have about 600,000 2nd hand items for sale. (2) The default action period is 7 days, so let’s assume that there are 600,000 second hand items listed each week. 

Before Trade Me the market was found in the free classified listings newspapers – Trade & Exchange. I’m estimating that the free newspaper classifieds had, in their heyday, about 20,000 listings per big regional paper, and they had say 3 equivalent big regional papers.(3) That’s about 60,000 listings each week. 

We have $5m more sales each week

Let’s assume that the Trade Me and old time newspaper listings sell at the same sell through rate of 25%.(4)  Therefore under the newspaper regime we had 25% x 60,000 = 15,000 items sell each week, and with Trade Me we have 150,000 items selling each week.  That means New Zealanders are now buying and selling 135,000 more items between each other than we used to. If the average sale price is $50 (excluding cars etc.) then that’s $6.75m per week of additional 2nd hand trade.

That second hand trade was not happening before, so where was it in the past? I suggest that the items that are now being sold were then sold in garage sales, or given away or thrown away – either immediately, or eventually. Mostly I suspect they were thrown away or sold for almost nothing at a garage sale. Let’s say $1.75m worth was given away or sold far too cheaply in garage sales (5) each week, leaving $5m per week of items that would otherwise have been thrown away.  

That $5m per week is say $250m (6) each year of revenue that is going to the former owners of those items – money that they would not have received before Trade Me existed. 

Moreover that $250m is an increase in recycling of items in New Zealand. That’s pretty impressive.

$250m a year is about $2 to 3.5 billion of net present value to New Zealand, depending on how you value the future flows. Add that to the $750m (7) from the sale and Trade Me has added $2.75-$4.25 billion to the New Zealand economy – let’s call it “at least $3 billion” in net present value. What’s particularly great is that all of this money has gone to household rather than big businesses.

But there is more.

Third – Trade Me lessens deadweight loss

Trade Me offers a much clear marketplace than the old car magazines (auotrader) and newspapers. We dealt with the newspaper market above, but the car market is a different story.

With Trade Me the number of people viewing each car advertisement has risen significantly versus Autotrader’s magazines, and the quality of those advertisement has also improved. Also viewers of that advertisement are able to compare all other listings for that same model of car (including recent historical listings) and can therefore derive a much better market price.

The market price is much more informed (closer to “perfect”), and so buyers are less likely to over pay, and sellers are more likely to receive a fair price. Thus Trade Me is removing distortion in the marketplace, and that distortion was economic loss. I’m not going to attempt to value that economic loss difference (or that for property), but I suspect it would be a figure on par with the $3 billion above.  

We have also not considered the new goods selling without rental and other overheads, the reduction in advertising costs and the ability for small businesses to form and start selling quickly and profitably.

What do you think? What is missing?  

Notes under the fold Continue reading “Trade Me has added at least $3 billion to the NZ economy”

Extreme sport and adventure motorcycling

Marathons, Iron Mans, and now Extreme-Adventure travel. It’s all getting just a little ridiculous.

I’ve found myself in more than one conversation this week with people that, having completed in these sorts of things (e.g. Coast to Coast, half Iron Man) have now decided to move on. They are still challenging themselves, but will ride around Taupo on their own or in a small group, will hike in obscure places rather than nail a Coast to Coast, and will support friends rather than become Iron Men. 

It’s the same with motorcycling travel. It’s the difference between ticking boxes – e.g. to go “round the world” to do “North and South America” and just travelling around. 

This means they some motorcyclist must go up the haul road in Alaska, touch the western most point in Ireland, follow strict agendas and all sorts of other ridiculous things.

While a goal is motivational and makes for a good story, they are at the risk of losing sight of why you are on the motorcycle in the first place – to travel and to have fun. 

A set route that focuses on goals means that you’ll probably miss the best stuff. That Alaskan haul road is not nearly as nice as the Canadian equivalent that doesn’t quite make it to the Arctic Ocean. The PanAmerican highway – that runs through much of North and South America – is boring and often dangerously packed full of traffic. It’s like visiting New Zealand and staying on State Highway one – you can do it, but why? Why ride around Lake Taupo again, for that matter, when the ride from X to Y is just as long and you have not been there yet?

A rigid agenda can place you in serious trouble on a motorcycle trip. You scurry to keep up with it, and once you fall behind you are at risk of hurting yourself as you try to regain the pace. It means faster speeds on the road to make daily deadlines, and stress when breakdowns and other events occur. It means you can’t take a longer break if you feel ill, and that you really feel the power of bureaucracies when you get delayed.

Having no agenda means that these frustrations disappear. You can ease back and calmly read a book for 2 days if you are delayed at a border or have to wait for a new battery to be sent up from Lima to Arica- a process that it seems can take days. It means that if you find a nice town, like Arica, that you can chose to stay there for a bit. It means that if you met someone friendly, then you can stop or travel with them as well.

More importantly it means that you can make up the trip as you go – escaping the madding crowds to ride down obscure roads where people look at you like you are a space alien. It’s not hard, even these days in most non Western countries you can randomly turn right off the main road, then right onto a smaller road, and right again onto an even smaller one and proceed to be a lost space alien.

Running the Coast to Coast takes the competitors through some stunning scenery – but they cannot stop to take it in. Why not abandon the competitive spirit and grab a backpack and a few days and go tramping in the bush instead? You’ll see a heck of a lot more and there’ll be far less other people around to block the view. Meanwhile pushing yourself to the limit to reach a personal best is motivational, but perhaps your body would be better off a little bit back from the limit, which may save recovery time and increase your enjoyment.

Travelling in groups can mean that the trip becomes about the group, rather than about the locals. Watch or read the Long Way series – and see how much of the trip is about the interaction between the protagonists rather than meeting the locals and getting immersed in the culture.

It’s also more dangerous on the road, and the larger the group the worse it is.  There are three impacts. First – it is more dangerous as you tend to follow the person in front rather than make your own decisions about speed, positioning and what’s coming up. Secondly you stop less often, as you are reluctant to pause for trivial things when the whole group has to pause as well. Thirdly it creates stress when you are not sure where the main road is. In a large group his “misplacement” turns into being lost, and although you may be individually comfortable with being in the middle of nowhere, the group members each feel like they are letting down the rest. On your own you are never lost. Seriously – I’ve been in the middle of dense fog on a dirt track with wild horses looming though the mist and a border somewhere ahead or behind, but I did not consider myself lost. All you care about in those circumstances are that you have enough petrol, a reliable bike and enough food. Each of these things are also avaialble from locals, to one extent or the other.

On your own you do things like whizz up a promising looking forest track, zipping  down farm lanes that don’t quite go in the right direction and idling around intriguing neighbourhoods.

However you do get bored of talking to yourself, so that means that you have to reach out to the locals – learning their language and so forth. I’ve found that  knowing a few words in the local language can break the ice sufficiently for sign language and smatterings to take over. {We developed Lingopal with that in mind. Lingopal is now live in 43 languages – try m.lingopal.com on your mobile phone or web browser.} 

Recording the Results

A large number of long distance motorcyclists record things as they go, blogging, writing books and supporting an increasing array of charities. This can actually help the riders to push their personal envelopes as they have to have a decent story/photo to show the world each few days. It’s a double edged sword. It can also mean that it’s harder to abandon the agenda and to hang out with some cool people you’ve met along the way. I tend to chose a middle road – taking and posting pictures mainly, and writing the occasional missive to an email list in the early days. (There was an entertaining  one I wrote after having too many beers with a victorious Australian cricket team at the Australian embassy in Pakistan. I must track that down one day.) 

With extreme events it can get to be all about the race time, the personal best, beating others and giving support for charities. These are really motivational, helping athletes push their  personal boundaries. However the risk is the same, which is that the event becomes about the time and the charity rather than about the enjoyment and the physicality.

I’ve fallen into all of these traps over the years, to one extent or the other, and will probably keep doing so. There are plenty of other traps as well – overpacking is the most common. You learn and move on.   

So have Gareth and Jo Morgan. I briefly ran in to Gareth and Jo Morgan in Cusco a few years back – I was riding around solo, and they were on their last externally organised motorcycle tour. It was carnage. The group had left a trail of broken dogs, smashed up riders in hospitals and plenty of near misses. The group seemed far too large, the agenda way too tight and the pace on the road was vicious. 

So they took things into their own hands, and started organising their own rides. While they do have agendas, they are smart about leaving enough gap days and keeping the distances realistic. They create interesting routes and craft stories around them. The recent “Northern Lights” trip went nowhere in particular, but served up an excellent range of adventures.

One thing I like is that they take advantage of the logistical and post-ride beer benefits of group riding, but also split up into smaller or solo groups during the days to gain the benefits of individual touring. It would have been really nicewhen I had say, a flat tire, to know that someone in the group is a genuine motorcycle mechanic that can fix that tire in minutes compared to my hours. 

They also write about and video their travel – but they do it at the time, and they do it without adding to the group. The group members vary, which keeps things interesting, and the excellent logistics means that the trips fit inside some pretty busy group member schedules. Overall an impressive outfit.  

The Long Way Down guys are also impressive, and on a tough agenda. Their adventures are supported by a third rider and a couple of backup vehicles. It’s a pretty full on way to do the experience, but they have to keep the focus on making professional quality TV programs.  In the first movie/book Long Way Round they made a number of rookie mistakes – not the least overpacking their bikes and vehicles to a fairly impressive extent. (I’ve seen worse – actually I’ve even seen a bicyclist who was carrying more – including three tents.)

But they are also working things through, and the logistics for the second trip reflected that.

In parting – the best adventures, and the best stories, are invariably from when things go wrong. It’s the path back from that adversity that is the part that stretches you, makes you reach out to locals and really grok the understanding that humans everywhere are pretty remarkable.

It’s the same with the extreme sporting events – it’s what happens at the point when your body is saying enough and your mind overrides and you move it. It’s the remarkable feeling you get when you achieve something that was once a dream.

So I hear. I must do an Iron Man one day.

Citibank and the $20 billion bailout

If you are going to spend $20 billion on bailing out a bank that has a market capitalization of  about $20 billion, then surely you should end up owning the bank?

Not so with Citibank.

Indeed, if you owned equity in a company that had debts far great than assets, then wouldn’t you expect to see your equity wiped out, and that the debt holders would be the new owners?

Not so with Citibank.

Alternatively if a white knight or government came in and rescued the company you would expect again that your shares would lose value wouldn’t you?

Not so with Citibank.

In fact Citibank’s shares are up 50% so far this US trading day after the US Government announced it will guarantee an obscene amount of debt and inject $20 billion of new capital.

Last week at this time I shorted Citibank stock – both through selling the shares and by buying some $2.50 puts. The shares were a bit over $9 at the time, and I suspected that Citi’s time had finally come.

I covered the the shorts and sold the puts at prices between $5 and $3, closing out everything on Friday US time. While I made stellar percentage profits, they were not high dollar value due to the small size of the investments. I sold before the economic values because I suspected that this bailout could happen, and it did.

It needed to happen, but it didn’t have to happen in a way that rewarded the incumbent  management team and the owners of the stock. The equity holders and the management team should both be squeezed out in favor of debt holders, in this case the depositers.

Are we in a deep hole that the entire world could fall into?

Jeff Garten, the Dean of Yale School of Management when I was there, and now a Professor of International Finance there, was quoted via a recent NYTimes Thomas Friedman oped:

“A great judgment has to be made now as to just how big and bad the situation is.. This is a crucial judgment. Do we think that a couple of hundred billion more and couple of bad quarters will take care of this problem, or do we think that despite everything that we have done so far — despite the $700 billion fund to rescue banks, the lowering of interest rates and the way the Fed has stepped in directly to shore up certain markets — the bottom is nowhere in sight and we are staring at a deep hole that the entire world could fall into?”

If it’s the latter, then we need a huge catalyst of confidence and capital to turn this thing around. Only the new president and his team, synchronizing with the world’s other big economies, can provide it.

“The biggest mistake Obama could make is thinking this problem is smaller than it is. On the other hand, there is far less danger in overestimating what will be necessary to solve it.”

Freidman is calling for Obama’s proposed Treasury Secretary Tim Geithner to be appointed immediately, to reduce uncertainty in the markets. Hew’s the second serious writer I’ve seen recently, after David Brooks, to wistfully call for Obama to start now and for Bush to step aside. (It cannot happen).

I can’t help think that New Zealand’s election happned after the USA’s, and we now have a functioning new Government. I also cannot help remember how disastrous the transiton from Muldoon to Lange was back in 1984, and how we in NZ learned from that lesson. A 2 1/2 month transition for the US is simply ludicrous, especially given that the old and new Presidents meet for an hour only. The transition between Clinton and Bush II was particularly galling, with years of good works tossed away. To Bush’s credit the news from the Bush II to Obama transition has been good to date.

Trade Me trounces eBay, and eBay is in real trouble

The evidence mounts against eBay, as they continue to cast away their franchise. It’s really sad to see this happen as they naturally own their space and should be unassailable if they were playing it right.

They are not.

Over the years the site has increased in complexity and decreased in humanity, until the community feels obliterated and the only sellers are the larger professional ones.

In New Zealand Trade Me’s strategy is to keep things simple and focus on the person to person transactions. That is working.

Auction and classified sites make money by attracting visitors, turning those visitors into members, turning thse members into sellers that list items, selling those items and collecting a percentage of the value of thise items listed and sold. eBay is losing visitors and is lagging in items for sale.

Let’s look at two data points to back up the decline of eBay.

1: Pageviews: This disturbing chart came via Auctionbytes, and shows a 30% drop in US page impressions from last October to this October. That’s a massive sign of an unhealthy marketplace.

2: Listings Today eBay Australia has 1,113,647 listings located in Australia, eBay.com has 25.2m listings located in the USA while Trade Me has 1,255,082 listings in NZ. (That’s right, there are more actual listings on Trade Me than on eBay Australia.)

That’s 55 listings per 1000 Australians, 84 per 1000 US citizens and 305 listings per 1000 New Zealanders. That’s astonishing – 5.6 times difference between Nz and Australia, and 3.6 times between NZ and USA.

Now we do need to adjust for the critical difference – eBay charges listing fees while Trade Me does not. We used to say (and observe) that free listings sites attract 2 time the listings of non-free ones. That would still leave Trade Me at 152 listings per person – 2.8 times more than eBay Australia and 1.7 times more than eBay.com USA.

Go Trade Me. What’s going on?

To me the differences are the business versus personal focus, the advertising mentality and usability.

Business versus Personal

eBay’s listings skew strongly to the biggest sellers, who essentially run giant shops on eBay’s site. Over the years eBay has increasingly pandered to these sellers and the result is a giant shopping mall rather than a person to person market.

That has meant they are vulnerable to increasingly competent competition from Amazon & Yahoo stores, and from sellers’ own online stores. Traffic to those stores is increasingly via Google, and so the need for a single marketplace is slowly fading away.

The focus on businesses has also left eBay vulnerable to the economic downturn. This is a travesty as the auction model should weather storms better than almost any other retail. (e.g. beer and flour will do well). In tough times people should increasingly turn to auction sites to sell their unwanted goods and to buy second hand goods rather than new.

As eBay has increasingly disenfranchised the individual sellers in favour of the giant sellers they are being perceived as a store rather than a marketplace. Thus they are treated like all the other stores when ties are tough, and sales suffer.

Meanwhile the giant sellers are finding that other stores, including their own, offer far cheaper alternatives to eBay for selling. eBay has steadily increased fees over the years for both the site and PayPal, creeping up their take rate to unsustainable levels. The big sellers are not that upset to see eBay die as they have other alternatives away from the former dominant marketplace.

Advertising mentality

eBay is desperately trying to capture some of that disappearing traffic with a vast array of Google ads, and traditional media ads. Actually they spend about a third of their gross profit on marketing, while Trade Me spends nothing – relying on organic growth.

As a result people go to eBay via advertisements to buy things from the big sellers, and go to Trade Me because it is the marketplace where they buy and sell things. eBay’s formula is doubly vulnerable as other shops can simply place their own advertisements and steal the customers.

Usability

eBay’s sites are enormous, and they are complicated and difficult to navigate and use. Meanwhile Trade Me has managed to maintain the essential simpleness and usability, with a the cartoon-like nature.

eBay.com’s increasing push for “fraud protection” to the critically flawed Paypal payment system has made it harder to buy, and harder for sellers to guarantee they will get their money. With Trade Me payments are via bank to bank deposit, or, increasingly, direct credit card transaction.

Meanwhile eBay has scores of MBA’s/product managers/marketers that all, it seems, want to expand features. That means the site (feels like it) has no single owner, and the resulting complex mess is a travesty..

Meanwhile eBay has, it seems, wildly over optimised the site for Google, and lost something along the way. e.g. Look at the page title of the eBay.com.au page displaying the results of a search for all items based in Australia:
eBay page header

I have no idea what this mens, but I didn’t come to eBay to buy women or men.

I could go on at some length on the usability differences between the sites, but I will not. There are not too many people that use both sites, but I encourage you to just try listing an item on eBay, and then try listing one on Trade Me. The difference is stark.

Buffet’s biography Snowball

Warren Buffet’s recently released authorised biography Snowball is excellent.

It is a larger book, but is extremely well written, and easy to read and a great book for these troubling economic times.

You just know he is out in the market right now looking for bargains, which is why my latest strategy with my US stocks (when not shorting Citibank) has been to build my Berkshire Hathaway portfolio. Someday I’d like to own a real share or 20, but for now I am sticking with the ones that cost $3000.

For Kiwis here’s the Fishpond page for Snowball, priced to sell at a breezy $87.

Burj Dubai

From Boston.com – the world’s tallest building – the Burj Dubai. More stunning Dubai pictures if you follow the link. It will be interesting to see how they weather the low oil prices and economic crisis.

Burj Dubai
Boston.com: Burj Dubai