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Exclusive: Inside the startup for startups
Steve Leonard, Founding CEO of SGInnovate, on Singapore's plan to boost deep tech.
The SGInnovate headquarters sits just by the river, on a quaint little street lined with shophouses along the outskirts of Chinatown. As charming and quirky as the setting is, inside the six-storey premises is a collection of entrepreneurs and startups that are working on some cutting-edge projects.
The man at the helm is Founding CEO Steve Leonard. He has spent a lot of time in government, and was in technology sales before that. In this time, he’s shaken up Singapore’s govtech scene, and allowed startups to sell directly to government.
SGInnovate, launched last November, is an attempt - in layman’s terms - to ensure that Singapore has some innovative startups to call its own. He sat down with GovInsider to set out his vision, and explain how his unit has found a gap in Singapore’s startup scene that the government is really getting behind.
The commercial guys
Singapore has a reputation for research and educational excellence - one that is “rightfully-earned”, says Leonard. Now, what remains is to translate this research into “something that could be impactful to people around the world”.
“During my time at IMDA [Info-communications Media Development Authority], I’ve been able to meet a lot of interesting people and companies of different sizes in the universities,” he says. Leonard and his team at the state-owned SGInnovate agency act as “the commercial guys”, helping these people and startups with great ideas to get funding; build prototypes; market to customers; find distributors; and scale up.
There are “a lot of amazing talents and potential products in Singapore”, Leonard believes, and these “potential products” may not yet exist beyond the lab bench. SGInnovate plans to help bring them to market.
Part of the agency’s role is to act as an “early, early stage investor”. While there is no shortage of investors that are interested in financing e-commerce or fintech startups, there are fewer who take the punt on cutting-edge technologies.
“We come in with the first money,” he says. “We want to give those amazing people an opportunity to pursue what we think is the potential.”
But beyond the cool factor, SGInnovate hopes to work with startups on products and ideas “not because of the valuation we seek to achieve, or the return when we sell that equity, but if it is something that will address important problems that Singapore, and the world, face”, Leonard shares.
And there have been quite a few innovative, meaningful and just plain cool ideas coming out of SGInnovate’s efforts. Among the first crop of 12 companies, there is a team that has developed a way to treat industrial wastewater faster and cheaper. Another team is using smartphones to assess chronic wounds. Yet another is working on a solution to make buildings more energy-efficient. All of these startups are partly funded by the Singapore government.
Singapore’s got talent
With their focus on deep tech, SGInnovate hopes to both retain talent, and attract entrepreneurs that may be swayed by the allure of Silicon Valley. “We don’t want people to feel that they have to leave, and that there are cool opportunities here too,” he says.
Leonard’s team actively heads out to universities, polytechnics and startups within Singapore and beyond to make the right introductions and connections - as he puts it, “bring those people into a relationship that needs to be in place”. It can mean linking up professors, postdoctoral researchers, and PhD students with investors and corporate entities.
This is a first step for startups to meet like-minded individuals, build deeper connections, and work together on meaningful projects. “We say to these cool startups, here is a pool of a hundred cool people that you might like to know,” Leonard says.
The process of bringing research out of the lab is challenging enough - researchers may lack of business acumen or funding, or perhaps have an application for their technology in mind that may not be “the proverbial runaway success”, so to speak. SGInnovate provides resources to help startups with bookkeeping and other such nitty-gritty details, to “make it as frictionless as possible so they can stay focused on their core mission”, Leonard explains.
For the entrepreneurs operating out of SGInnovate, accountants and legal advisors are on hand, and there are also staff from the Intellectual Property Office of Singapore that advise them on what to copyright, trademark, and patent. “We also have an external panel of intellectual property agents that we make available to our entrepreneurs; they get ‘first cut’ advice,” Leonard adds.
He emphasises that “we are not here to serve investors, corporates or the government - we’re here to serve the entrepreneur”. There is less of a focus on “programmes and schemes”; rather, it’s more about ideas, people and opportunities: “We see an opportunity we love, we invest in it,” Leonard declares.
There is an abundance of ideas brewing within Singapore, ready to spring out of the research labs. With a little help from SGInnovate - a handshake here, an introduction there - these ideas may soon be impacting all our lives.
Come to Innovation Labs World on 26 September 2017 to meet with global government leaders and share best practices. Register today.


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PES 2015's soundtrack has been revealed by Konami.
Contributing artists include Bastille, Calvin Harris featuring Ellie Goulding, Avicii featuring Aloe Blacc, Cold War Kids, Imagine Dragons and Linkin Park.
Other contributors include American Authors, Bombay Bicycle Club, Morning Parade, The Preatures and Wilkinson.
Songs include 'Shake the Cage' by Morning Parade and 'Miracle Mile' by Cold War Kids.
Elsewhere, Konami has confirmed plans to reward demo users with 10,000 Game Points for myClub.
To receive the reward, users must play the demo to the results screen and complete the myClub tutorial in the full game.
PES 2015 centres around on-pitch realism, offering players a new shooting system with precise control over pace and power, while goalkeepers have more ways to react to different situations.
It will be available on PS4, Xbox One, PS3, Xbox 360 and PC from November 13 in Europe.
Konami recently confirmed that the game will run at a lower resolution on Xbox One than PS4.
Watch a trailer for PES 2015 below:


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3 Things to Look Out for in 2016
In 2016 the maritime industry is set to be influenced by 3 major events that will impact the industry and the wider supply chain massively. Below is an outline of each three.
Container Weight Verification
On July 1, 2016, the long awaited container weight verification (CWV) scheme will come into effect. The plan is to ensure containers are not over or underweight in order to render ships safely weighted and secure from ever cracking apart at sea. Quite how CWV will be regulated remains unclear, yet the onus is to be on shippers to ensure all weights are accounted for. The IMO has recently amended the Safety of Life at Sea Convention (SOLAS) to state that there are two ways of weighing a container.
- Method 1: Weighing a container once packed
- Method 2: Weighing all cargo and contents of the container and adding that to the stated container weight
Method 1 is getting most of the early attention, and this is the method that would implicate ports all the more, as that would be the ideal place to weigh the container. Again, it is unclear how this will be done, but implementing weighing technology on port equipment is one option.
Simon Everett, Managing Director of weighing specialist Strainstall, said of the impending ruling: “In early 2016 we can expect to see the individual IMO member states clarifying a number of critical unknowns that will enable solutions to be implemented in the knowledge that they will fulfil the requirements.
“Chief amongst these is a defining of the accuracy requirements of the weighing systems to be used to obtain the Verified Gross Mass (VGM).
“The SOLAS amendment also calls for weighing systems to be certified under the requirements of each IMO member state so certification requirements for weighing systems will be clarified allowing equipment suppliers to obtain certification for their solutions.
“In the UK, the MCA is currently working with the industry and its European counterparts to define these two critical requirements and it’s hoped and expected there will be a considerable degree of harmonisation globally on these fronts.”
Panama Canal Expansion to Open
After many starts and stop-starts, the Panama Canal Expansion is due to be completed in April, 2016, offering a new lane of traffic for ships of around 13,000 TEU – a big increase on the current 5,000 TEU maximum ship size.
US ports have long been dredging and preparing for the larger ship sizes, and the scramble will soon begin to see who receives the bigger ships first. At the beginning of 2015 there was mass congestion along the US West Coast, and it seemed at that time that carriers may opt to utilise the new canal route to supersede the region and use the US South Coast or East Coast. However, the congestion has since cleared and the West Coast ports have had a very good 2016, meaning they look to maintain their solid market dominance.
Suez Canal Expansion: Part 2
Shortly after completing one expansion, Vice Admiral Mohab Mamish, Head of the Suez Canal Authority (SCA), formally approved the construction of a new 9.5-kilometre-long, 17 metre deep and 250 metre wide access channel to Port Said East. The new channel is planned to permit uninterrupted vessel traffic to the Suez Canal Container Terminal.
The Suez Canal Container Terminal (SCCT) handled 3.4 million TEU in 2014, and is part of the APM Terminals (APMT) Global Terminal Network, being a joint-venture between APMT, with a 55% majority share, COSCO Pacific and the SCA.
The Suez Canal is seemingly in a constant battle with the Panama Canal to be recognised as the world’s premier trade lane for shipping, and given it can now have two-ships passing along its new stretch, it just maybe the world’s most vital trade lane.


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A more troubling part of the study’s forecast was that Lake Michigan-Huron is expected to decrease to 174.5 by 2030, only eight years away. This would make it 3.5 feet lower than the lows measured between 2000 and 2014. Such a drop may render some coastal ports and marinas inoperable, and it may be possible to walk to numerous islands on Lake Huron’s Georgian Bay and North Channel.
There is a high potential that Michigan and the Upper Thumb region will start seeing more users of home wind turbines in use for farms, homes, and cottages. Advances in technology have made this potential more affordable. Even “Big Box” home improvement stores have wind generation products for sale for home use.


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Twitter alternative App.net has reached its funding goal, Google confirms significant job cuts at Motorola Mobility, and Apple fans get fooled by a fake screw. It’s all in today’s Daily…
Angry-bird maker Rovio has shown that is more than a one-trick pony with the release today of Amazing Alex, a physics game that perhaps draws on the original trajectory physics of those annoyed Birds. This time, the game game centers around whiz kid Alex and his creations, where players set up objects to bounce, pop, ricochet, bash, and crash into each other and thus create a device to move around 100 or so levels. The other thing Rovio hopes it will create is a new games franchise and an additional justification for its potential $9 billion IPO next year. Oh yes.
Amazing Alex is available on iPhone, iPad and Android and will also come to PCs, Macs and Windows Phones. Fans will also be able to create and upload their own levels.
The move confirms CEO Mikael’s statement earlier this year they they would start releasing non-Angry Birds titles.
Angry Birds has been downloaded over a billion times, leading Rovio to expand into toys, board games, playground sets and various other products. An animated movie is also in the works.
In 2011 Rovio reported profits of $48 million before tax, up from $10 million in 2010.
There’s an irony in that if Rovio goes public for $9 billion it could end up being bigger than Nokia’s valuation, which is plummeting right now. Once again, as we’ve point out before, the apps and the games are now often outshining the devices they are played on.
Facebook has filed a new S-1, and it contains more details on the IPO.
It will offer underwriters the right to purchase up to an additional 50,612,302 shares of Class A common stock to cover over-allotments. Facebook anticipates that the initial public offering price will be between $34.00 and $38.00 per share.
In total there will be 337.5 million shares offered, plus the 50.6 million additional shares (so up to 388 million shares sold), and it wants to raise $14.7 billion. The stock will be trading under FB.
With the low end of the pricing working out to $13.1 billion, this could mean a valuation of between $92 billion and $103 billion, according to CNBC.
The additional 50.6 million shares, and the pricing of between $34-38 per share, confirms a report we ran earlier noting both the “greenshoe” of additional shares to meet demand, as well as the stock pricing.
More to come. Refresh for updates.


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New dietary guidelines are going to be released by US federal agencies for years 2020-2025, and the committee in charge is looking into the value of seafood for pregnant woman and their babies, reports Anchorage Daily News.
Tom Brenna, chair of the advisory council of non-profit Seafood Nutrition Partnership, is advocating for more seafood in the US guidelines. Brenna says there are over 40 studies that answer the committee's question, showing that omega-3 found in seafood is highly valuable for brain and eye development.
Current US dietary guidelines recommend at least two servings of seafood per week, but aren't followed; consumption was only at 16 pounds per person in 2017.
The committee's final meeting for the new guidelines will be in March 2020.


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Did a Black Friday to Cyber Monday digital video game frenzy help tamp down sales of an aging generation of consoles? Despite myriad bundle deals for Xbox One S ($150 discount) and PlayStation PS4 ($100 discount), there were no “meaningful hardware sellouts” from Nov. 29 to Dec. 2, per Wedbush Securities.
But while many gamers bypassed brick-and-mortar retailers, purchases on in-home devices drove overall digital spending in the U.S. to a record $4.4 billion in one weekend, Nielsen’s SuperData division estimates.
The figure represents a 9 percent bump year-over-year. Launched in October and marked down from $60 to $38, Activision Blizzard’s Call of Duty: Modern Warfare was the weekend’s top item on the software side, Wedbush found.
Nintendo led on the console side with its $299 Switch console bundle alongside racing game Mario Kart 8 Deluxe, a repeat of 2018’s deal that amounts to a roughly $60 value.
“In previous years, you’d have a handful of publishers and platforms feverishly looking to win favor from a narrow and homogeneous consumer group. Today a broad variety of content creators cater to a diverse audience,” notes Nielsen’s SuperData managing director Joost van Dreunen.
Digital marketplaces continue to be the venue of choice for gamers, as a recent study by SuperData shows that 42 percent of consumers do the majority of their spending digitally, while only 16 percent prefer physical purchases.
While the Switch is still a relatively new console offering, having first launched in 2017, both the PlayStation 4 and Xbox One debuted in 2013. Wedbush’s report notes that Nintendo’s dominance over the holiday kickoff is a “reflection of the consoles from Microsoft and Sony feeling a bit long in the tooth.”
Nintendo’s success over Black Friday also punctuates its dominance over the console market in 2019, where the Switch has been the bestselling hardware offering.
This story appears in the Dec. 4 issue of The Hollywood Reporter magazine. To receive the magazine, click here to subscribe.
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New research shows consumers want to see brands making a bigger impact in local communities. Read on for help assessing how well your cause partnerships are doing against strategic goals.
It’s definitely time to get started on making your employee volunteer programs more strategic and effective. INPEx recently participated in the 2016 Charities@Work conference, attended by many corporate leaders. The overarching sentiment from the presenters was clear: There is measurable strategic business value in moving toward more strategic, year-round employee volunteer programs – and companies […]


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What does the UK get from China?
Total UK imports from China amounted to £68.5 billion in the four quarters to the end of Q3 2021 (an increase of 33.5% or £17.2 billion compared to the four quarters to the end of Q3 2020).
What do we import from China the most?
The top U.S. import commodities from China are fruits and vegetables (fresh/processed), snack food, spices, and tea – the combined which accounts for nearly one-half of the total U.S. agricultural imports from China.
What does the UK rely on China for?
China, the report states, has “cemented itself as the primary source of disaster relief equipment in the UK import market”, with the country now responsible for 26 per cent of Britain’s imports of such items – amounting to some £12.26 billion – up from 7.7 per cent in 2019.
How much does UK rely on China?
China accounted for 4.4% of UK exports and 6.8% of all UK imports. China was the UK’s sixth largest export market and fourth largest source of imports.
What is UK’s biggest import?
In 2021, the United Kingdom imported almost 157 billion British pounds worth of machinery and transport equipment goods, the most of any commodity in this year.
Does Britain trade with China?
According to the China British Business Council (CBBC), the past decade has seen success for British exports to China, which have more than tripled to over £30bn, making China the UK’s third largest trading partner.
What food does UK import from China?
Other UK Food and Drink Import Facts
|Chile||Fruit and Vegetables||Grapes|
|Colombia||Fruit and Vegetables||Bananas and plantains|
|Comoros||Ingredients||Herbs and spices|
Who are the UK’s biggest trading partners?
Looking at individual countries, the US is the UK’s largest trading partner. The UK exported £126 billion of goods and services to the US in 2020, 21% of all exports. This was just over two and a half times the value of UK exports to Germany, the UK’s second largest export market (£49 billion).
Who is China biggest trading partner?
List of largest trading partners of China
|Rank||Country / Territory||China exports|
What is China’s biggest export?
List of exports of China
|4||Office Machine Parts||47.079|
What foods do we get from China?
Here are 10 commonly used foods that are made in China – but they don’t have to be.
- Tilapia: Tilapia is commonly fish-farmed in China. …
- Cod Fish: Cod is another type of fish that is fish farmed in China. …
- Chinese Apple Juice: …
- Processed Mushrooms: …
- Chinese Garlic: …
- Chicken: …
- Plastic Rice: …
- Mud (Sold As Black Pepper):
What is England’s biggest export?
The following is a list of the exports of the United Kingdom.
|#||Product||Value (in millions of USD)|


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Apple’s latest watchOS update, watchOS 10, is set to be released on September 18th, according to the recent iPhone 15 launch event. This update is said to bring one of the biggest facelifts for watchOS, including the return of the popular “Glances” feature from the original Apple Watch.
One of the major changes in watchOS 10 is the shift from focusing on individual apps to widgets on every watch face. This allows for quick access to tasks like timers, music, and podcasts without the need to open separate apps. The update also simplifies multitasking, making it easier for users to navigate through tasks without flipping through multiple app screens.
In addition to these improvements, watchOS 10 introduces two new watch faces: Palette and one featuring the beloved characters Woodstock and Snoopy. These new options add to the already diverse selection of watch faces available to Apple Watch users.
Furthermore, the update includes upgrades to the Activity app and the Compass app. Corner shortcuts have been added to the Activity app, making it more convenient for users to access their fitness data. The Compass app now also logs cellular connectivity, providing users with more information while they explore the outdoors.
It’s important to note that the watchOS 10 update requires Apple Watch Series 4 or later, as well as an iPhone XS running iOS 17. This ensures that users have compatible devices to fully experience the new features and enhancements.
At the recent Apple event, Engadget’s Deputy Reviews Editor, Cherlynn Low, had the opportunity to provide early impressions of the new Apple Watch Series 9 and Ultra 2. Her insights and thoughts on these upcoming products are sure to keep tech enthusiasts eagerly awaiting their release.
To stay updated on all the news from Apple’s ‘Wonderlust’ event and to get the latest information on watchOS 10 and other Apple announcements, be sure to visit the Female Arts website. With a word count of 300-400, we strive to provide concise but informative articles for our readers.
“Infuriatingly humble tv expert. Friendly student. Travel fanatic. Bacon fan. Unable to type with boxing gloves on.”


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This is an archived page from 2019. Find out more
(By Kim Komando) I’ve been podcasting for a long time, and I’ve always found that it’s an important element in keeping my listeners up to date with the latest news in the digital world. I’ve also seen it explode in the last year, and I think that trend is going to continue. The audience for podcasts is going to continue to grow.
Why? Because it’s on your schedule and you can listen when it’s convenient for you, whether you’re at home, in the car, working out, or at the office. Technology continues to make the whole process easier — smartphones and mobile devices allow our audiences to take us with them wherever they go. And to top it off, it’s free.
To me, technology is what will ensure the future of podcasting. And it’s only going to get bigger. But to look at what’s ahead, it’s important to see how podcasting has grown so much in years past. Because there were key points along the way.
The Podcasting Revolution Think about podcasting 15 years ago when it was really getting started. There wasn’t much content to choose from and it was a painful process to go through just to listen, as described by Rob Walch, VP of podcaster relations at Libsyn.
“When I first got in it, there was no support in iTunes. So if you wanted to listen to a podcast 14 years ago, you needed to download a third-party app called iPodder X and then install that on your computer, and then sync that up to iTunes – and then sync your iPod to iTunes to get your podcasts,” Walch explained. “Oh, and you had to manually go out and find the RSS feed to subscribe to iPodder X.”
It sounds so exhausting that it almost didn’t seem worth it. But then Apple happened in 2005. The late Steve Jobs, who was then Apple’s CEO, called podcasting the next generation of radio. Podcasts became native within iTunes in June that same year, and Walch says that was the first real inflection point.
The iPhone was released two years later, which meant you no longer had to sync with iTunes to download podcasts because now there was a constant internet connection. Then in 2014, the Podcast App became native on the iPhone with the introduction of iOS 8. And because it gained so much more awareness, that’s what really lit the fire.
The Importance of Podcasting Today Now fast-forward to the present, where are more than 600,000 podcasts listed through Apple. And according to an Edison Research report, when asked if they’ve ever listened to a podcast, 11 percent of those questioned said yes in 2006. Look ahead to 2018 and that number is 44 percent. Now about 80 million people in the U.S. regularly listen to podcasts, while 26 percent of Americans are monthly listeners. So how did this happen?
First of all, anyone can podcast, and just like every other medium, you have standouts in the crowd. Then there’s the variety, the really niche subjects. Just about any topic you’re interested in, someone is podcasting about it.
But it isn’t just about finding podcasts you like, it was also about how you can listen to them; the convenience. I mentioned the iPhone’s beginning and being able to download podcasts directly. But look at today and how technology intersects, making it that much easier.
Start listening to a podcast in your kitchen, then seamlessly transition to your car. When you get to your destination, keep listening on your smartphone.
And now you can play them on demand from your smart speakers. Just tell Alexa or the Google Assistant what you’re looking for and sit back. It’s even more flexibility.
So where does it go from here?
The future of podcasting I see the popularity of podcasting continuing to grow in the future. Technology will lead the way as everything from smartphones to smart speakers to smart cars become even more seamlessly integrated than they are now.
Rob Walch says the connected car itself isn’t the future of podcasting. Instead, it’s an opportunity for Android.
“The reality is the connected car is nothing more than a glorified Bluetooth speaker for your smartphone. So when I look at the future, where I see the growth, it goes back to Android challenges,” he said. “The sad part is there’s still not a true native solution yet on Android, which is why today there’s still a five-to-one ratio of iOS to Android consumption (of podcasts) - even though there’s five times more Android devices. Right now, it’s heavily skewed Apple and that just means it’s an opportunity on the Android side.”
But there are also a lot of other question marks. Will podcasts stay free? How much more of a role will advertising play? There are even whispers that podcasting could one day resemble streaming services with subscription costs, and exclusive content.
Regardless, the key is still adapting and evolving. People are on-the-go, and that’s not going to change. So podcasting needs to keep up with people’s busy schedules, and mobile technology will be leading the charge.


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Every year, the e-commerce phenomenon of Singles’ Day reminds us of just how enthusiastic Chinese digital consumers are about online commerce. This year’s event, now expanded to cover 24 days, will culminate tomorrow in a frenzy of purchasing.
In China, being an internet user is almost synonymous with being an online shopper. GlobalWebIndex’s research shows that 87% of internet users there are shopping online, peaking further among 25-34s (the exact demographic that Jack Ma’s Alibaba has targeted with Singles’ Day).
And it’s mobiles that are driving this trend. Not only are digital consumers in China 50% more likely than the global average to be shopping online via their smartphones, they are more likely to be purchasing via a mobile than via any other device.
That m-commerce is such a major force in India in similarly important. Given that hundreds of millions of people are still to come online for the first time in markets like China and India in the years ahead, m-commerce’s position of dominance is only going to get stronger.


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Second listing of a token gathering international attention; a token linked with gaming and digital asset trading
Digital Entertainment Asset Pte. Ltd. (DEA), a Singapore-based blockchain entertainment business, announced that on April 30th today, their utility token DEAPcoin (DEP) that can be used on the entertainment platform was listed on Bithumb Global, the affliated company of South Korea’s largest crypto asset exchange. DEA will continue the preparations for listing in order to ensure that users around the world can enjoy “PlayMining” on the entertainment platform.
*DEAPcoin is not available for sale to residents of Japan.
[Singapore, 30 April 2020]
DEAPcoin(DEP) | www.coingecko.com/en/coins/deapcoin
A proprietary utility token issued by the DEA.
It will be distributed in “PlayMining,” an economic zone where games and digital asset transactions are linked.
Each time a game is added to the platform, the number of digital assets available for use in the game increases, allowing for the purchase of more valuable digital assets with DEAPcoin.
DEAPcoin (DEP), which was also listed on OKEx, one of the world’s largest cryptocurrency exchanges, on April 8, surged 230% on its offering price and recorded a market capitalization of more than ¥21.2 billion.
Bithumb Global | www.bithumb.pro
Bithumb is a Korea based crypto asset exchange, and one of the most popular crypto asset exchanges in the world. In Korea, Bithumb makes up 60% of the market share, and its global website has been translated to seven languages (English, Korean, Chinese, Japanese, Russian, Spanish, and Turkish). It is highly anticipated that Bithumb Global will successfully expand to the global crypto asset market too. New cryptocurrencies that become listed on Bithumb Global draws a lot of international attention.
First Game Release: JobTribes, a Card Battle Game | https://jobtribes.io/en/
JobTribes is an occupation themed card trading battle game.
The game’s story was written by Shin Kibayashi, one of the top six Japanese creators selected by Netflix in 2019.
Currently, users from 41 countries* are participating in the closed beta testing.
*Argentina, Australia, Bangladesh, Belgium, Brazil, Brunei, Cambodia, Canada, Chile, China, Ethiopia, Finland, France, Germany, Hong Kong SAR China, India, Indonesia, Italy, Japan, Laos, Malaysia, Mexico, Myanmar(Burma), Myanmar, Netherlands, Nigeria, Pakistan, Philippines, Réunion, Singapore, South Africa, Spain, Switzerland, Taiwan, Thailand, Ukraine, United Arab Emirates, United Kingdom, United States, Venezuela, Vietnam
※Closed Beta Tesing Period：April 20th 2020 – April 30th 2020
Digital Art Auction βver. | https://daa.playmining.com/
Digital Art Auction is a service where users can buy and trade artworks by world renowned artists.
Digital Arts that users buy can then be used to enhance game playing experiences in the games released on DEA’s digital entertainment platform, PlayMining.
Digital Entertainment Asset Pte Ltd | www.dea.sg
DEA is a Singapore based company founded in August 2018. On April 8th, 2020, the company’s originally developed cryptocurrency, DEAPcoin, was listed on OKEx. DEA also released its first game, JobTribes, a card trading battle game, as well as Digital Art Auction, a marketplace for trading digital assets. DEA’s goal is to realize a world in which people can “play to earn,” through combining blockchain technology with digital entertainment.
Co-CEO：Naohito Yoshida, Shigeru Shiina
Address：7 Straits View,Marina One East Tower,#05-01,Singapore 018936
Founded in August, 2018
Business description：Blockchain entertainment platforn


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Mathew Cyriac has invested $2 million in MyySports, with his he has also joined the company as a Co-Founder.
Mathew is an existing Board Member, and is also the founder of Florintree Advisors.
Saurav Banerjee had founded MyySports, a sports-tech start-up which through its App provides simple creator tools allowing millions of sports lovers to create, socialise and monetise their content, in 2021.
The App is sports and geography agnostic. MyySports has recently acquired a gaming company, MyyHashstash.
Cyriac, Co- Founder and Director, MyySports, said, “India is at the cusp of a digital revolution with 1 billion smartphones in the hands of the people. MyySports enables capturing and socialising the sporting journey of every sports enthusiast. With its unique offering, MyySports is all set to capture the large sports community on its digital platform. I am pleased to partner with Saurav on this exciting journey.”
Banerjee commented, “I am extremely happy to have Mathew as a Co-Founder. He is a prolific investor with an unbeatable track record and has over five investments in the Sports sector. MyySports will gain immensely from his vast experience. A warm welcome on behalf of the entire MyySports team.”
Cyriac is also the founder and executive chairman of Florintree Advisors. Florintree has made over 30 investments over the past five years. MTAR Technologies and Data Patterns, two of the Florintree portfolio Companies have completed successful IPOs.
Florintree also has fully exited three of its investments - Cashe, Pharmeasy and Wealthdesk (sale to PhonePe). Cyriac currently has several investments in the sports sector -Procam International (Marathons and participative sports) Super Six Sports (Fantasy Sports Gaming under brand Fantasy Akhada) , SFA Sporting Services (Sports Tech) and Plaeup Pvt Ltd ( D2C Sports Footwear for School Children).
He has previously served as Senior Managing Director and Co-Head of Private Equity in India at The Blackstone Group.


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TOKYO -- SoftBank Corp. on Monday kept the price for its initial public offering unchanged at 1,500 yen ($13.3) per share, shrugging off a network outage last week that raised fresh concerns over investor appetite.
The decision keeps parent company SoftBank Group on track to raise up to 2.6 trillion yen ($23 billion) by selling part of its stake in the mobile unit, in what is set to be Japan's largest IPO to date. The listing on the Tokyo Stock Exchange is scheduled for Dec. 19.
Japan's third-largest mobile carrier was hit by nationwide disruption on Dec. 6, when millions of subscribers had no service for more than four hours, putting the IPO's lead underwriters in fire-fighting mode to calm investors.
SoftBank said that the incident would have no impact on its earnings forecast for this year or its dividend policy.
Another looming concern is the arrest of Huawei Technologies executive Meng Wanzhou. SoftBank uses Huawei base stations, although the incident on Dec. 6 was caused by faulty equipment supplied by Ericsson.
The pricing puts SoftBank's market capitalization at 7.18 trillion yen ($62 billion), above that of its larger rival KDDI. Of the shares being offered, 90% will be sold in Japan, the bulk of which to retail investors. Many have been lured by the dividend payout ratio target of 85% that SoftBank has set.
Critics, however, have said the price is too high given the sluggish growth in the Japanese telecommunications market and expectations of renewed price competition next year.
The share sale is an important step for group Chairman and CEO Masayoshi Son in his attempts to reduce debt while continuing to invest in next-generation technology companies.


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The last year has been just about as bad as it could have for Vivint Solar Inc (VSLR). The company was supposed to be acquired by SunEdison, only to see that deal fall through and SunEdison go bankrupt. In the midst of the deal, financiers began to back away from Vivint Solar and residential solar more broadly. Sales costs rose and national installers began to lose market share to local installers. All of this led to a 73% decline in the stock. In spite of all this, Vivint solar is still standing. Which of course begs the question: what does Vivint Solar have to do to get back on top?
Vivint Solar recently announced a management shakeup and new priorities, which include "building a sustainable business and delighting our customers." But for Vivint Solar to succeed long-term it's going to need to make concrete changes to its business. Here are three that would build on industry trends and turn around some of the company's biggest problems.
Cleaning up the sales mess
Vivint Solar was founded on a sales model of going door to door selling solar panels. SolarCity (SCTY.DL) has used a similar strategy, but the model is quickly becoming stale. I recently wrote that the residential solar industry's sales tactics need to enter the 21st century, and Vivint Solar should start the trend by moving from door-to-door to a digital sales model.
You can see below the inherent problem with this model. Instead of becoming more efficient over time, sales and marketing costs have actually risen over the last two years.
To cut costs, Vivint Solar should move its sales to online education, quoting, and tracking. This will lower costs and delight customers, who don't need to see another door-to-door solar salesperson.
Offering loans, not leases
The big trend in 2016 is that loans are taking market share from leases and power purchase agreements, a trend that will likely continue long-term. Vivint Solar has brought in solar financier Mosaic to offer loans, but the company didn't even mention it in the second quarter earnings release. But it should hit this financing trend hard.
Loans would bring in cash immediately, rather than requiring financing over 20 years as leases do, and would bring a product to market that customers desire. Both would be an advantage for building a sustainable business.
Focusing on efficiency
One of the best ways for a solar installer to differentiate itself is to install more efficient solar panels than its competitors. Vivint Solar should move in that direction by partnering with a manufacturer like LG or Kyocera, which is making higher efficiency modules than competitors. Given the drop in solar panel prices in recent months, this could be a time to buy more efficient panels for less than in the past.
More efficiency can also lead to lower energy costs long-term, something I highlighted here. This could leverage sales and installation costs, making the company more competitive in the future.
Bold moves are needed for Vivint Solar
Residential solar companies that don't adapt to the market's realities will be left in the dust, and Vivint Solar has an opportunity to get out in front of industry changes before competitors like SolarCity. That would be a big step toward building value for shareholders long-term -- and if the company misses this opportunity, the downward trend in the stock could continue.


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A Tampa, Florida, restaurant management company bought a portfolio of four Village Inn restaurants, including three in Arkansas.
Dow Sherwood Corp. paid $7.2 million for the restaurants; George Babb of Springdale was the seller. Babb is the president of Hospitality Specialists LLC, the owner of the Village Inns since 1995.
The Village Inns sold in Arkansas were:
- 3364 N. College Ave., Fayetteville, $1.78 million;
- 2300 SE Walton Blvd., Bentonville, $1.49 million; and
- 7620 Rogers Ave., Fort Smith, $1.35 million.
“I am pleased to announce the sale of these restaurants,” Babb said in a news release. “In my 24 years as president, I have endeavored to operate quality restaurants and I am confident this tradition will continue.”
Dow Sherwood, who died in 1987, started his namesake company when he opened a Village Inn Pancake House in 1961 in Tampa. The Dow Sherwood Corp. owns 14 restaurants.
Tom Reed and Katie Hampton of Colliers International Arkansas represented the buyer and seller in the transaction.
“The buyer is a third-generation family-owned and operated restaurant management company,” Hampton said in a news release. “They have a proven track record of running and maintaining Village Inn restaurants.”
Christ Community Church in Fayetteville paid $2.2 million for an office building on the Fayetteville downtown square.
The church’s nonprofit board, led by trustees Thomas Benton Walker and Matthew Thomas Baxter, bought the 20,100-SF, two-story building at the southwest intersection of West Mountain Street and South Block Avenue. The seller was GCM Computers Inc., led by President Gary McLendon and Vice President Athina McLendon. GCM acquired the property for $600,000 in 1990.
Partners Bank in Helena assisted the purchase with a loan of $3.03 million.
A Fayetteville dentist paid $370,000 for a Subway sandwich shop next door to his practice.
Richard McNeel and his wife, Lori Ann McNeel, bought the 1,550-SF building at 3392 N. Futrall Drive. McNeel owns Ozark Prosthodontics at 3394 N. Futrall.
Culpeppers Holdings LLC, led by Sam and Gloria Culpepper, was the seller. The Culpeppers acquired the property for $210,000 in 2001.
Generations Bank of Fayetteville provided a $303,000 loan.
A Phoenix real estate investment company paid $1.58 million for an E-Z Mart convenience store on East 15th Street in Fayetteville.
VEREIT, which owns nearly 4,000 commercial properties worth approximately $15 billion, was the buyer. GPM Investments LLC of Richmond, Virginia, was the seller.
E-Z Mart was founded in Nashville (Howard County) in 1970 by Jim and FaEllen Yates.
The Yates Group of Texarkana, Texas, sold 273 stores to GPM, led by Arie Kotler, in early 2018.
The Yates Group is led by Sonya Yates Hubbard and her husband, Bob. Sonya Yates Hubbard is the daughter of the founders and is the former CEO of E-Z Mart, while Bob Hubbard was the president and COO.
GPM acquired the Fayetteville location the same day it sold to VEREIT for slightly more than $2 million from the Yates Group. GPM and VEREIT signed a 20-year lease agreement after the sale.
GPM also bought an E-Z Mart in West Fork from the Yates Group for $955,000. The facility, located on North Centennial Road, is 2,400 SF.
Harps Food Store
A San Diego real estate investment company paid $4.6 million for a Harps Food Store location in Lincoln.
Realty Income Corp., through its MDC Coast 20 LLC subsidiary, bought the 25,000-SF Harps on Pridemore Drive. The seller was CIM Real Estate Management of Phoenix, through its Cole GS Lincoln Ar LLC subsidiary.
CIM purchased the store from Harps for $4.1 million in 2017. Harps bought the 4 acres at the site for $135,000 in 2016.


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Both phones are listed as limited, with no remaining shipments from the vendor, Motorola. It is not known what the inventory levels are for either device or when they might be completely gone. This is not to say the phones won't be supported with future updates, just that they're nearing the end of their life cycle. Motorola has at least pledged Android 2.2 for the Droid, while the 2.1 update for the Devour is under evaluation. … Read more
According to a few recent leaks, the Taiwanese handset maker is working on a follow up to the HTC Desire dubbed the Desire HD. The phone is said to run Android 2.2 and have a 4.3-inch touch screen, an 8-megapixel camera capable of recording HD video, 4GB internal memory, as well as the increasingly popular 1GHz Snapdragon processor.
Also according to the leaks, the phone will support XviD video playback, SRS surround sound, and … Read more
Thanks to a leaked summer device catalog, we can confirm some of the rumored specs for the Droid 2 from Motorola and Verizon.
Listed as "coming soon," the Droid 2 is found to be sitting front and center on the inside of the catalog, next to the Droid X. Looking through the pages, we can see that the handset has an 8GB memory card preloaded and comes with a 1GHz processor and 5-megapixel camera. Other features include 512MB RAM, a more spacious slideout QWERTY keyboard, and 3G Mobile Hotspot capability.
It appears this Droid 2 will fall neatly … Read more
According to multiple TmoNews sources, T-Mobile is bumping the release date of its Samsung Vibrant up roughly one week to July 15 instead of July 21 as originally planned. This would pit the Galaxy S series phone in a super-phone showdown, with Android fans coming away big winners either way.
As everyone already knows, Verizon and Motorola are going to hit the Droid advertising heavily. It's rumored they pumped $100 million into the first Droid campaign, and the recent Droid Incredible … Read more
A recently leaked road map indicates that T-Mobile has plenty up its sleeve as it pertains to Android over the rest of this year. And really, it's about time Android's first carrier gives us something new.
According to a document obtained by AndroidSpin, the carrier has at least five more handsets on tap for 2010. In a departure from the norm, familiar names Motorola and HTC will be joined by phone maker LG. As you may know, LG has been rather quiet here in the United States as it pertains to Android handsets. Aside from the Ally on Verizon, we've yet to see anything locally.
Each of the upcoming phones is tagged with appears to be "project" names or code names. For instance, there are two HTC phones on the horizon, the Vanguard and the Emerald. While this is the first time we've heard anything relating to a Vanguard device, the Emerald has been seeing its share of speculation. Recent rumors peg the phone with a dual-core processor, a 4.3-inch screen, and the Gingerbread version of Android. It's also possible that later this year T-Mobile plans to relaunch its Sidekick brand with the HTC phone as some are suggesting. … Read more
Various blogs are reporting that it appears some iTunes customer accounts have been hacked and that funds from those accounts may have been used to purchase apps in the iTunes App Store.
Earlier Sunday, Engadget reported an inexplicable uptick in sales of book apps by a developer identified as Thuat Nguyen. According to the blog, at the time of writing its report, Nguyen apps accounted for 42 of the top 50 books by revenue in the Books section of the iTunes App Store. Engadget went on to mention "a number of people reporting up to hundreds of dollars being … Read more
I need to share a secret with you.
Many of the baseball bats autographed by famous sluggers weren't. Many of the footballs autographed by famous quarterbacks with a gunner's arm were autographed by the arm of a hired gun. And as for Brad Pitt drawing a self-portrait on that napkin? That might have been Brad the bulbous busboy.
So for all the understandable teeth-chattering and keyboard-clicking about whether Steve Jobs really wrote a couple of e-mails about the iPhone 4 to some clearly delightful chap in Richmond, Va., how much does it matter?
In one sense, of course … Read more
Adobe's Anup Murarka talks with us about mobile Flash, Android 2.2 begins rolling out to select phones, and the Kindle Android app is finally released. Plus, we review the cloud music service MSpot and share a timely tip on speeding up Flash sites on Froyo. Josh Lowensohn guest hosts.Subscribe: iTunes (MP3) | iTunes (320x180) | iTunes (640x360) | RSS (MP3) | RSS (320x180) | RSS (640x360) EPISODE 5
InterviewAnup Murarka, director of technology strategy for the flash platform.
News storiesDevelopers Betting on Android for Long-Term Success, Says Survey Whoa! Google Android Activations Leap 60% In A Month Report says be aware of what your Android app does Google Activates Android "Kill Switch," Zaps Useless Apps News.com Story about the Kill Switch Rumor: Droid 2 will launch with Android 2.2 on August 23rd Google Docs viewer on Android, iPhone, iPad browser? Why, yes Kindle for Android now available… Read more
Key among the improvements will be an Exchange ActiveSync fix for setting up a new account, PIN policy usage, and more. Also look for a tweak to the Social Networking Sync with Facebook, which should improve battery performance. Rounding out the update will be improvement to the Wi-Fi connection and performance.
Though there's been no official confirmation from Sprint, the source said the target date for … Read more


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Snap Inc, the company that is behind the popular multimedia messaging app Snapchat has just launched a new version of its Spectacles. This new version of the wearable glasses makes Spectacles look like your regular sunglasses. If you don’t know what Spectacles are then to recap, the company launched the first version of Spectacles back in 2016. These glasses camera with a camera lens which could be used to record short video clips. Users could then sync the video clips to their smartphones and upload them on their Snapchat stories. The company announced the second generation of the Spectacles earlier this year.
The second generation of Spectacles came with upgraded hardware and software which features water resistance and increased storage. The new version comes in two styles, the ‘Nico’ and ‘Veronica’. There are no changes in terms of the software and internal hardware between the Original Spectacles 2 that was announced earlier this year and the new Nico and Veronica models. Talking about the design, the new models also come with “polarized lenses” on the front along with the added “semi-sort” black case instead of the bright yellow hard case that comes with the original Spectacles 2.
Watch: Vivo V11 Pro First Look
The company has priced both new variants at $199 and according to a report by The Verge, they will be available in “limited quantities” at launch. Similar to previous versions, Snap has teamed up with Lensabl to allow Spectacle users to order prescription lenses for their Spectacles.
According to the report, the company added that users have been posting “on average, 40 percent more photos and videos” that have been captured using the Spectacles 2. Snap has also made it easier for users to share the videos and images that they shot using the Spectacles on platforms other than Snapchat.


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After several positive statements from both sides, Russia looks poised to lift its eight month food embargo on food imports from Turkey.
According to the Russian Minister for Economic Development Alexey Ulyukaev, the two nations looks set to reach an agreement with regard to the premature end to a ban that was due to last until the end of 2016.
Ulukaev was suggestive in his comments that: “We only need to ensure that Turkish agricultural goods match the quality standards that make these deliveries possible”.
It is thought that the losses suffered by Turkey as a result of the food embargo in the first five months of this year were an estimated $380m, of which a significant amount stemmed from poultry imports.
The embargo began toward the end of 215 when Turkey shot down a Russian SU-24m bomber in controversial circumstances and is considered to have significantly hurt the Turkish export economic output.
Amid sanctions against the EU and the US, Turkey’s food export figure increased tenfold in the latter half of 2014, reaching an overall volume of 8,000 tonnes.
Despite the food ban’s anticipated imminent removal, Turkey is still only predicted to have an 8% share in the Russian poultry import, a hard market in which to thrive, so perhaps it is time for the troubled nation to look to proliferate its food export.
By Roy Manuell
Source: new food
Schumacher will replace Alan Jope, who announced his decision to retire last September, less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.
Globally, plant-based ice creams have doubled their share of the market over the last five years, according to Tetra Pack. Pea protein and coconut milk are leading the way, but Tetra Pak cites data showing that oat-based ice cream launches have doubled in the previous year.
A myriad of so-called eco-labels are being rolled out across various F&B products, but with no gold standard or strict rules governing precisely what the logos mean and what methodology is behind them, concerns are growing that they will confuse consumers and ultimately be counterproductive.


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Arielle Sidney's Upcycled Designs Go Viral on TikTok
Excerpt from Vouge Magazine
January 17, 2021
By Christian Allaire
One of the most interesting parts of the upcycling movement is seeing how brands can turn even the most unlikeliest of textiles into modern ready-to-wear—and Arielle Sidney, a college student in California, is a prime example of this. Her coolest pieces reuse shopping bags to make something extraordinary: On TikTok, she’s shared a jumpsuit made out of Target bags, a dress out of Walmart bags, and even a coat out of Trader Joe’s bags, among others. “Repurposing is very important to me, I see it as sort of a game,” Sidney says. “I’ll look at something old or with no purpose and be like, ‘how can I destroy this nicely?’”
The 22-year-old is currently studying drama and French at the University of California in Irvine, but dabbles in eco-friendly fashion design on the side. Sidney started playing around with a sewing machine last summer during quarantine, and having no formal background in design, she began posting her upcycled creations to TikTok simply for fun. “I didn’t really learn it per se—I just sort of started winging it,” she says.
Read the full story and interview with Arielle at Vogue.com here.


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Minister-Chairman of the Office of the Government Mai Tien Dung conveys the Prime Minister’s direction at the Government's press conference held on August 03.
According to representative from Diebold Nixdorf, an American financial self-service, security and services Corporation, e-payment in Viet Nam remains low. Vietnam is in the transition process from physical payment to digital payment; therefore, cash remains the dominant means of payment.
Recently, Viet Nam has also taken actions to improve this situation.
Scheme on the development of non-cash payment in Vietnam during 2016-2020 is approved in Decision No. 2545/QD-TTg dated December 30, 2016 by the Prime Minister with the following major targets:
The ratio of cash to total payment instruments will be below 10% by the end of 2020;
E-payment will be strongly promoted in e-commerce to achieve the targets set out in the master plan on e-commerce development for period of 2016-2020 (100% of modern supermarkets, shopping malls and distribution centers will have card readers which enable consumers to make non-cash payments when purchasing goods; 70% of electricity, water, telecommunications and communications service suppliers will accept non-cash payment of charges; 50% of individuals and households in major cities will use non-cash payment instruments in their shopping and consuming activities);
A number of new and modern payment instruments and forms will be sharply developed in rural and remote areas, thus contributing to promoting financial inclusion; there will be a drastic increase in the number of people having access to payment services and the percentage of people aged 15 years or older having bank accounts to at least 70% by the end of 2020.


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E-commerce is experiencing substantial growth in China. According to a World Economic Forum report from earlier this year that cited data from Statista and eMarketer, Chinese e-commerce made up more than half of global Internet retail sales. According to eMarketer, e-commerce in China is expanding at a faster pace than anywhere else in the world.
From 2016 to 2020, China’s share of e-commerce as a part of total retail sales in the country more than doubled from 20% to 44%. In contrast, the share of e-commerce as a part of total retail sales in countries like U.K. and the United States was 27.7% and 14.5%, respectively, over the same period.
Using the TipRanks Stock Comparison tool, let us compare two Chinese e-commerce companies, Alibaba, and JD.com, and see how Wall Street analysts feel about these stocks.
Alibaba Group Holding Ltd. is a Chinese e-commerce giant, founded by Jack Ma, that operates various online marketplaces that cater to different market segments. The company’s TaoBao is a marketplace that is specifically tailored towards individuals and small businesses while TMall is an online marketplace for premium products.
Ali Express targets global customers and enables them to buy directly from manufacturers and distributors located not only in China but also internationally.
Freshippo is the company’s grocery retail chain while Lazada is an online retailing platform that specifically caters to customers in South East Asia in countries like Singapore, Thailand, Vietnam, Indonesia, the Philippines, and Malaysia.
The company has also started a local services and on-demand food delivery platform in China after it acquired Ele.me in 2018. In FY21, Ele.me’s active customer base on an annual basis was up 20% year-over-year due to improvements in users' experiences. BABA intends to continue investing in the platform as it perceives a cross-selling opportunity between the food delivery service and its other on-demand services.
Alibaba also provides cloud services and operates a logistics network, Cainiao Network, which Ali Express leverages for its services. Alibaba intends to continue investing in cross-border logistic hubs in Europe, strengthen infrastructure support to international and local e-commerce businesses, and develop its logistics network in key markets.
Last week, BABA reported fiscal fourth-quarter results and posted revenues of 187.4 billion yuan, a jump of 64% year-over-year, beating the consensus estimate of 179.9 billion yuan. However, the company reported an operating loss of 7.7 billion yuan, its first quarterly loss as a public company since its IPO in 2014.
A major reason for this loss was an antitrust fine of 18.2 billion yuan that Chinese regulators slapped on the company in April. Excluding the fine, it would have reported an operating profit of 10.6 billion yuan.
The company plans to ramp up investing in core strategic areas in FY2022 which include helping merchants reduce their operating costs, acquisition of new users, technology innovation, strengthening supply chain capabilities, developing infrastructure, and increasing geographic coverage in China. It anticipates revenues in FY22 of 930 billion yuan, indicating nearly 30% growth year-over-year.
Alibaba had annual active consumers of around 891 million in China by the end of March. The company is targeting growing its Chinese customers to over 1 billion in FY22.
BABA is also looking at strengthening its investment in Taobao Deals, which offers value-for-money products for price-conscious consumers. The company is looking at reaching out to consumers in rural and under-developed areas in China with Taobao Deals. The Taobao Deals app had 130 million active users in March, 27 million more than it had in December last year.
The popularity of the app has also resulted in average spending increasing more on Taobao Deals than the increase in average spending of consumers on Chinese retail marketplaces.
The company provides cloud services to different industries under the brand, Alibaba Cloud, which was one of the company’s fastest-growing businesses in FY21 and a key revenue growth driver. This business has turned profitable over the last two quarters. Alibaba intends to invest more in this business by investing in core products such as big data platforms, database and storage, and other Platform as a Service (PaaS), and Infrastructure as a Service (IaaS) products.
Alibaba believes that Taobao Deals, Taobao Grocery, Freshippo, and new features added to its core platform will continue to be long-term growth catalysts for the company. As a result, BABA continues to remain focused on strengthening these businesses. (See Alibaba stock analysis on TipRanks)
Last week, Robert W. Baird analyst Colin Sebastian lowered the price target from $285 to $270 and reiterated a Buy on the stock. Sebastian commented on the company’s fiscal Q4 results in a research note to investors, “Sentiment remains decidedly mixed, but we continue to like BABA for patient, longer-term investors.”
“However, we expect that "core marketplace" margins should remain relatively steady, even as Alibaba spends aggressively to grow New Retail initiatives (including community/group sales), expand logistics and local services, and drive further momentum for Taobao Deals. Also notable, Alibaba Cloud revenues missed expectations due to the loss of one large customer,” Sebastian added.
Consensus among analysts on Wall Street is a Strong Buy based on 25 Buys and 1 Hold. The average analyst price target of $304.55 implies 41.3% upside potential to current levels.
JD.com is a Chinese e-commerce platform that reports primarily under three business segments; retail, logistics, and new businesses. The company’s retail arm provides around 500 million active customers direct access to a wide array of products including electronics, apparel, fast-moving consumer goods (FMCG), and fresh food. The company also has an international platform, JD Worldwide, which enables international brands to sell directly to customers in China, even if they don’t have a brick-and-mortar presence in China.
JD’s logistics business provides supply chain and logistics solutions to businesses while the new business segment includes the company’s international business, its cloud, and artificial intelligence (AI) business, JD Property, and Jingxi. Jingxi operates in retail and focuses on lower-tier markets in China.
The company posted better-than-expected Q1 results on May 19. JD.com’s Q1 earnings came in at $0.38 (RMB2.47) per ADS, versus RMB1.98 in the same quarter last year. Analysts were expecting earnings of $0.35 per ADS.
JD reported net revenues of $31 billion (RMB203.2 billion) up 39% year-on-year surpassing analysts’ expectations of $29.8 billion. Results were supported by outstanding performance in both the services and product sectors.
While the company did not provide any formal fiscal guidance, JD remained optimistic about its retail business over the long term. The company has already brought brands like Starbucks, Decathlon, and Guozijian to its platform. JD will celebrate its 18th anniversary at its upcoming grand promotion on June 18. One of the company's goals is to help more than 230 brands achieve sales of RMB100 million.
JD stated at its earnings call that its retail business model has evolved beyond an online business-to-consumer (B2C) e-commerce model and that the company was looking at ways to become an omnichannel retailer by strengthening its supply chain management and logistics and leveraging its integrated marketing capabilities, to be able to serve its consumers, anywhere and anytime.
The company stated at its earnings call, “JD Retail, as the core business of JD.com, will continue to strive for high-end healthy growth in 2021 and serve as the cornerstone for JD.com's overall development.” (See JD.com stock analysis on TipRanks)
On May 19, Stifel Nicolaus analyst Scott Devitt reiterated a Buy and a price target of $95 on the stock. Devitt said in a note to investors, “As a base case, we expect stable margins in 2Q for JD Retail on a y/y basis as the company compares against one-time benefits in 2Q:20 stemming from government incentives related to the pandemic.”
“We continue to expect measured investments in the company's key strategic areas, including supply chain and logistics, omnichannel, and social commerce will limit margin expansion in 2021. We are modestly raising our FY revenue estimates, reflecting ongoing strength in customer acquisition, though leaving our margin forecast unchanged,” Devitt added.
Consensus among analysts on Wall Street is a Strong Buy based on 15 Buys and 2 Holds. The average analyst price target of $102.24 implies 39.9% upside potential to current levels.
While analysts are strongly bullish about both Alibaba and JD.com, based on the upside potential over the next twelve months, Alibaba seems a more compelling buy.


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SEARSPORT, Maine — The KnitMaine-ia Fashion Show is one of many anticipated activities, demonstrations and classes that are the hallmark of the annual Fiber College, Sept. 6-9, at Searsport Shores Ocean Camping.
The idea for the fashion show is straightforward — knit or crochet a garment or an accessory and submit it to be modeled in the show. Or model it yourself, like Jillian Liversidge of Stockton Springs will do. She will model a sweater knit by her friend Sara Brand-New. She also will have in the show a dress she knit for her daughter.
“Fifty percent of the things in the show are original designs, though mine are not,” she said. “There will be an evening coat knit of black trash bags by fiber artist Katherine Cobbey. And Sara Brand-New has knit on size 4 knitting needles a long chevron dress to fit her six-foot frame.”
Approximately 50 knit or crocheted pieces will be shown. The oldest knitter with work in the show is 90 years old, and some of the models will be children. Music for the show will be provided by Mark Aubertin and the Insect Reconstruction Consortium.
“One of the things we try to promote is that the fashion show for everybody,” Liversidge said. “The pieces range in variety and style. The show is as much for hobby knitters and crocheters as well as for professionals,” she said.
Now in its third year, KnitMaine-ia is a collaboration of the Women’s Group of St. Margaret’s Church in Belfast and Fiber College, now in its seventh year. The fashion show serves as a fundraiser for New Hope for Women, an organization in Hope that provides services to women who are victims of domestic violence.
The fashion show will rock the runway at 5:30 p.m. Thursday, Sept. 6, at Searsport Shores. Tickets are $10 and includes a wine and cheese reception after the event. Children under 12 will be admitted free of charge. Tickets are available at stmargaretsbelfast.org; Fiddleheads Artisan Supply, 159 High St.; and Heavenly Socks, 82 Main St., both in Belfast. Tickets also will be available at the door. Purchase of tickets in advance is advised.
Organizers of the fashion show also are seeking donations of mittens and hats for the Three Little Kittens Project, an offshoot of KnitMaine-ia. These items will be accepted the day of the show. Knitters also may donate by dropping off hats and mittens at Heavenly Socks in Belfast. “I hope this will be an ongoing effort,” Liversidge said. For information about the project, contact firstname.lastname@example.org or Sara at (978) 325-0045
Fiber College will convene Thursday through Sunday, Sept. 6-9, at Searsport Shores Ocean Camping, 216 West Main St. in Searsport. The event will offer classes that include silk painting, bookbinding with recycled materials, knitting, crocheting, dyeing, doll making, carving, rug raiding, spinning, rug hooking, embroidery, weaving, basket making and broom making, and will include demonstrations and Shoppers’ Boulevard.
For information on Fiber College or about registering for a class, the cost and materials needed, call 548-6059 or go to ibercollege.com.
Monday Morning Quilters will host its annual quilt show at 9 a.m.-2 p.m. Saturday, Sept. 8, at the Brownville Junction Methodist Church. Lunch will be available 11 a.m.-1 p.m.
Coastal Quilters will sponsor a workshop with Carol Boyer, Create Your Own Greeting Cards, at 7 p.m. Friday, Sept. 7, at the Camden Lions Club, Lion’s Lane in Camden. The workshop is open to all. Advance registration is required as class size is limited. For information and to register and receive a materials list, call Barb Melchiskey at 236-9665 or email email@example.com. Bring a lunch. Beverages and refreshments will be available.
Coastal Quilters will meet 10 a.m.-noon Saturday, Sept. 8, at the Camden Lions Club, Lions’ Lane in Camden. Carol Boyer will present Play to Your Strengths as she answers the question, “Why make quilts?” Her talk will be accompanied by a trunk show of quilts she has made. The program will be followed by a refreshment break, short business meeting and show and tell. The meeting is free and open to the public. For information, call Prudy Netzorg at 354-0938 or Stevie Kumble at 236-2352.
Call Ardeana Hamlin at 990-8153, or email firstname.lastname@example.org. Don’t forget to visit her blog at byhand.bangordailynews.com.


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He speculated that gaining market share and shelf space in larger Northern California stores will be a challenge as Crystal Creamery products will compete for attention with well-known national brands and increasing numbers of private-label brands.
However, Reynolds added that Crystal has an advantage in the Northern California market because the brand has been around for so long.
"It stands for local. It stands for quality, in the minds of some people. All of those are strong brand attributes," he said.
Peter Schaub, a marketing and branding expert in New York, also likes Crystal Creamery's chances up the road.
"If you were coming into a part of the country cold with a totally unknown brand, I'd say you're going to have a real fight on your hands to gain market share and opportunities from retailers," Schaub said. "But if the brand already has a certain iconic status in the region, you're ahead of the game."
The dairy company, while drawing inspiration from the past, also has an eye on the future. Otis said it is exploring new packaging, new options for flavored milk and the increased use of "probiotic" yogurt for digestive health.
He also noted research into the idea that athletes can re-energize by chugging chocolate milk. "That's the biggest challenge of the milk industry -- we need to innovate," he said.
Athletes on cartons
Crystal's regional marketing blitz includes a touch borrowed from Wheaties, the cereal brand that long has featured box covers with photos of nationally known athletes. Crystal's spin on that is putting California Interscholastic Federation Sac-Joaquin Section sports champions on commemorative milk cartons to honor their success.
The sponsorship program was launched this fall and will include champions in winter and spring sports in 2013.
The Sac-Joaquin Section includes 196 high schools in 27 athletic leagues representing more than 225,000 student athletes.
Milk is the top-grossing farm product in the Northern San Joaquin Valley and statewide, but high feed costs have squeezed the margins in recent years. Otis said the industry must reform the complex milk pricing system in a way that helps farmers turn a profit.
"I think the industry needs to come to grips with the fact that everybody has to make money at this, and the volatility only adds to the difficulty of doing that," he said.
Dairy might be the most complex of farm enterprises, but it has a simple advantage: It makes tasty products that people have long craved. The CEO's own favorite is chocolate chip ice cream.
"Some people like to have a glass of wine," Otis said. "I like to have a cup of ice cream."
Modesto Bee staff writer John Holland can be reached at firstname.lastname@example.org or (209) 578-2385.
AT A GLANCE
A brief history of Foster Farms Dairy:
Origin: Founded in Modesto in 1941 by Max and Verda Foster, who also started the Foster Farms poultry company two years earlier. The family still owns both.
Employees: About 1,100, including more than 600 at the headquarters and main plant on Kansas Avenue in Modesto
Annual sales: About $600 million
Products: Fluid milk, whipping cream, buttermilk, egg nog, juices, butter, sour cream, yogurt, cottage cheese, ice cream, frozen yogurt and others
Key acquisitions: Foster Farms bought Crystal Creamery in Sacramento in 2007; it is in the process of transitioning all products to the Crystal label. In 2009, Foster Farms bought Humboldt Creamery near Eureka, including an organic line.


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A group of Android developers have joined forces to create OmniROM, a new ROM in a rapidly shifting Android custom ROM scene. With a title such as "open ROM", this new project sets out to try to occupy a hole recently left by CyanogenMod.
Koushick Dutta, Koush from CyanogenMod has returned to his Google+ page with another video teaser. This latest is showing 'AirPlay' mirroring from one Android device to another. In this case, that means an HTC One smartphone and Nexus 10 tablet. The video offers a look at Angry Birds, however as this is just a mirror of the content -- it could be used for audio, video or anything else you do on your phone.
In making the move to an upright, wholly legitimate organization, Cyanogen was intent on having a strong hardware partner. They needed an avenue to showcase their OS, and get it into the hands of the masses without the bother of rooting and flashing a ROM. Steve Kondik and his team eventually found their way to Oppo with the N1, and tells SlashGear they couldn’t be happier.
Cyanogen had previously announced they were working on an app to simplify the installation process. Perhaps a bit nicer, it was said that installer app was going to be arriving in the Play Store. Well, flash forward till today and it looks like progress is being made towards that release. We have yet to see any sort of timeline given, however Koush has put out the call for beta testers.
The CyanogenMod cLock widget was released for all Android handsets running 4.2 or later a few weeks back. At the time that widget was available by way of the xda-developers forums and could be side loaded onto your device. Well, flash forward to the present day and it looks like users are now able to grab the app directly from the Play Store.
Google introduced a feature called 'AppOps' along with Android 4.3 and as such, it looks like CyanogenMod has something similar. In terms of Cyanogen, the feature is called Privacy Guard and while this is not yet available for all users, that appears as if that will soon be changing. In short, Cyanogen has updated Privacy Guard and also announced the new features have been merged into the early CM10.2 builds.
CyanogenMod has just announced that they have kickstarted the build engines for the general release of version 10.1.3 of the popular Android custom ROM. The CyanogenMod 10.1.3 release marks the end of an era as the team moves away from the 10.1 branch towards CyanogenMod 10.2, which is based on Android 4.3 Jelly Bean, and eventually to Android 4.4 KitKat as well.
As we had been expecting, the OPPO N1 has been officially announced. There is some time before the handset will be available for purchase, however OPPO has offered a full set of specs -- including details on how the handset will be the first to ship with CyanogenMod preinstalled. First things first though, the specs and the breakdown of the different models and availability.
The Focal camera app was unveiled back in late-July as something called Phase 1 of Nemesis. This was something from CyanogenMod and was basically the start of what would be some overall improvements and changes. Anyway, the Focal camera app was released at the time and came available as part of some of the CM nightly builds and also as an apk file for sideloading.
Steve Kondik of Cyanogen appeared earlier today in the latest OPPO teaser video. These teasers are all leading up to the September 23rd announcement for the OPPO N1 smartphone. Anyway, given the combination of news from earlier in the week about Cyanogen forming into a company and looking for hardware partner and the earlier video from Kondik -- it was seeming likely that the N1 and CyanogenMod were going to be connected in some way.


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In recent years the US Pecan Growers Council has been actively marketing US Pecans around the globe; several of the markets identified to have large growth potential are China, India, Turkey, South Korea, and Vietnam. While the organization has made progress in all these markets over the years the Indian market is one that many believe could have the biggest impact to pecan exports behind China.
China has come onto the scene in the past years as a major buyer of US pecans and has been increasing imports of US Pecans for years with no signs of slowing down in the foreseeable future. The major driver of this newly found appetite for pecans comes mainly from China’s growing middle class. China has a population 1.379 billion people, but the important number is the size of the middle class. According to Reuters by 2020, 550 million Chinese residents will be considered middle class.
Which brings us to India. India also has a large population of around 1.342 billion people, and according to a report from Forbes will have a middle-class population of 475 million people by 2030. The important part is the growth rate of India’s middle class, because by 2030 India will be adding more citizens to the global middle class than China. Currently, however India is not a large importer of US pecans. This is due largely in part to the higher tariffs placed on pecans than other tree nuts entering the country. But there is hope, for several years the US Pecan Industry has requested assistance from the government in correcting these unfair tariffs and it seems they have made some progress. A recent article in Pecan South magazine reported that Senator Ted Cruz is heading an effort to lower that tariff, and currently has the support of six other senators from the pecan belt.


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I learnt today of a group of work collegues in a local store who were planning to hold a small ‘talent’ competition to raise money for their chosen cause which had been required to gain an events license. Fortunately their company Tesco stepped in and paid up the £21.00 fee, not much, but surely Southend could consider accomodating such small fund raising events.
- The views expressed on this blog are those of Anna Waite and do not represent the views of The Southend Conservative Group or the Conservative Associations.
- King John School, Thundersley, is making improvementsA SCHOOL slammed for failing to protect its children has started to make improvements, a fresh report has revealed.
- Beach ban: Dog owners told to keep pets on leadDOGS will be banned from running free on Canvey’s beaches... despite concerns being raised over enforcement and a “small” consultation.
- Man threatened by knife thug in Woody's Cafe for 'looking at girl'A MAN was told he would be “cut up” after a heated row spiralled out of control.
- King John School, Thundersley, is making improvements
- An error has occurred; the feed is probably down. Try again later.
Anna on Facebook


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Some of the links in this article may return revenue to Yahoo Lifestyle Australia. For more great shopping content, check out our online shopping page.
Controversial trend divides TikTok
A TikTik user is boldly attempting to bring back a divisive fashion trend that was left behind in the late 2000s.
Gabriella Ellyse, who posts videos under the username @gabriellaellyse, has shared several clips of herself sporting denim shorts with an extreme low-rise waist that rose to popularity about 15 years ago.
The belly-baring style — which features a tiny zip fly and frayed hems — was the off-duty wardrobe staple for noughties starlets Paris Hilton, Jessica Simpson and Lindsay Lohan.
But as we headed into the 2010s, low-waist 'Daisy Dukes' faded out and were replaced by the more comfortable and, some would say, more flattering mid to high-waist shorts and jeans.
Gabriella seems to have made it her mission to revive the hip-hugger style, declaring in a video back in June that she was "bringing low rise back".
Since then, she's shared clips of herself wearing a variety of teeny-tiny shorts that some of her followers describe as 'jean underwear' and even a 'jean-kini'.
Fellow TikTok users are divided over the barely-there bottoms, with some declaring, "Low rise is the best" and, "Low rise is the new hi-rise."
Others are far less keen on the throwback look, stating, "Do not bring this back" and "Absolutely not."
Shop low-rise shorts
Keen to give the controversial low rise trend a go? We've rounded up a few noughties-inspired low-rise shorts that you can shop right now.
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How to find the best Pandora Black Friday and Cyber Monday deals
Published: Saturday 05 November, 2016
Black Friday and Cyber Monday, the biggest shopping event of year, is almost upon us with retailers across Britain poised to heavily discount big ticket items and kick-start the gift-buying season on November 25.
Although traditionally the day focuses on gadget and tech discounts, lots of retailers now want a slice of the Black Friday pie meaning you can scoop up bargains on almost anything.
International Danish jeweller Pandora has for several years offered discounts in the UK, and a special edition Black Friday charm bracelet for its North American and Canadian customers. But what will be on offer in the UK this year?
It's still a little too early to tell as retailers tend to be very secretive about what they're planning to discount, but it's likely there will be some savings to be made at Pandora.
As far as we know its Black Friday offerings will be available online from Friday, November 25 at 00:01, to Sunday, November 27 at 11:59pm.
In fact, they're already offering a free Christmas present ornament if you spend £125 or more. The retailer, which is known for its array of charms and charm bracelets as well as rings, necklaces and earrings, also offers free delivery as standard if you spend over £75.
It seems this year's limited edition charm is a poinsettia flower according to internet leaks. However, as it will probably only be available to the US and Canada, people in the UK might have to find a friend to buy it.
The secret to Black Friday success is great timing, so make sure you’ve subscribed to Pandora UK Facebook and Twitter pages to get real time information on all the latest deals.
Browse the website (or visit in store) a couple days before to note down and bookmark the products you have your eye on, as well.
If you prefer to do your shopping in person, make sure to note down your local store’s opening hours so you can be ahead of the crowd.
Plus, find out more about all the deals out there by heading to our other Black Friday pages - where we've laid out all the best offers for you - and our Telegraph Promotions Facebook and Twitter accounts.


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16 million people out of the 186 million+ people in Nigeria (Source: Worldometers) visit Facebook every month!
Now that’s a lot!
The not so surprising fact is 100% of them are from mobile, not even 0.0001% access via desktop! Meanwhile, 7.2 million Nigerians visit Facebook daily
According to Nunu Ntshingila, Head of Africa for Facebook
“This is the year we deepen our partnerships with Nigerian businesses. We’re committed to Nigeria, and during this visit we shared insights with our business and agency partners on how to deliver personalised marketing, at scale, where people are – on their mobile phone. We want to make sure Nigeria – its people, its agencies and its businesses – realise the opportunity that technology and mobile bring.
We know the mobile platform people use the most in Nigeria is Facebook and up to 77% of Nigerians on Facebook use their mobile device to discover new products and services. Nigerians are sophisticated mobile users and this sophistication is increaseing fast – people are ahead of businesses, and we’re here to help businesses create mobile-first solutions to grow their business.”
These figures show that Nigeria is steadily becoming a mobile-only market, the figures will also help digital marketing managers target better on Facebook (No more desktop targeting).
Meanwhile, are you part of the millions that visit Facebook monthly?


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(UPDATED COVERAGE, April 26) In the wake of an 18-state salmonella outbreak, U.S. officials issued an import alert on cucumbers from Mexican growers whose produce is distributed by Tricar Sales Inc., Rio Rico, Ariz.
The Centers for Disease Control and Prevention issued an outbreak report April 25 referencing the import alert issues the day before by the Food and Drug Administration.
The CDC reported 73 people were confirmed with Salmonella Saintpaul with illness onsets reported from Jan. 12 through April 6. No deaths have been reported, but 14 people have had to be admitted to hospitals because of the salmonella infections.
Tricar Sales director of marketing and sales, Rod Sbragia, said the Food and Drug Administration has been in communication with the company since April 5. He said the FDA told company officials they did not have to recall produce because it is unlikely that any of the cucumbers remain in the stream of commerce, based on the illness onset dates.
The import alert applies only to imported cucumbers supplied by Daniel Cardenas Izabal and Miracle Greenhouse of Culiacán, Mexico, and distributed by Tricar Sales Inc.
Cucumbers from the two firms may be denied admission into the U.S. until further notice unless the importer provides evidence that they are not contaminated with Salmonella, such as results from private laboratory tests of the cucumbers.
Sbragia said Tricar has been doing business with Izabal since 1949. He said Izabal is the principal grower for Tricar Sales. Sbragia said Tricar officials are not sure of the volume of cucumbers distributed in the U.S. during the time the illnesses were reported.
“At this time they have not linked anything for sure,” Sbragia said April 25. “We are cooperating fully with the FDA and have provided documentation and records they requested.
“We are looking for potential causes but have not found anything. the Mexican authorities are working with the growers to investigate possible sources of potential contamination.”
The FDA and CDC have been trying to pinpoint the source of the salmonella for weeks, said Doug Karas, public affairs specialist with FDA’s Coordinated Outbreak Response and Evaluation Network.
“Only recently could we identify the product and the suppliers — this was done with a combination of epidemiological interviews and through using shipping records to trace the cucumbers back to the suppliers,” Karas said.
“Although we are confident that cucumbers from these firms are linked to illnesses in this outbreak, currently, we have no evidence that contaminated cucumbers from these suppliers are still on the market.”
The CDC reported 30 out of 45 of the sick people reported eating cucumbers from grocery stores or in restaurants during the week before they became ill. Another five of those 45 sick people thought they might have eaten cucumbers before becoming ill.
“Reviewing shipping records, with assistance from its partner state agencies, FDA traced cucumbers eaten by six ill people to the distributer, Tricar Sales Inc., and further, to the suppliers, Daniel Cardenas Izabal and Miracle Greenhouse,” the CDC reported.
The CDC notice said the agency is continuing to interview patients to determine the source of the salmonella, but preliminary findings were strong enough for the USDA to issue the import alert.
The states involved and the number of illnesses reported are: Arizona 9, California 28, Colorado 1, Idaho 2, Illinois 3, Louisiana 1, Massachusetts 1, Maryland 1, Minnesota 8, Nevada 1, New Mexico 2, North Carolina 1, Ohio 1, Oregon 2, South Dakota 2, Texas 6, Virginia 2 and Wisconsin 2.


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The CFTC and the DOJ charged the principal of a cryptocurrency escrow company for making false statements to two customers who had given the principal $7 million that their bitcoin would be "safeguarded" by his company.
A group of financial markets trade associations offered recommendations to regulators to mitigate potential negative impacts as initial margin requirements for uncleared derivatives are expanded to capture buy-side market participants.
The New York Department of Financial Services requested comments on proposed revisions to cybersecurity rules that apply to a wide range of insurance, banking and financial services companies under its supervision.
Commentary by Joseph Facciponti
Request delivery of the Cadwalader Cabinet Newsletter.


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IT SEEMS Emraan Hashmi has read the bio of Hollywood actor Matthew McConaughey many times over. The Hollywood star's early career roles could... ...http://www.financialexpress.com/news/serial-kisser-to-serious-actor/1288760/
MOL, Belgium, Sept. 11, 2014 /PRNewswire/ -- At CEDIA 2014, Auro Technologies will launch their brand new Auro-3D® Mensa and Crux AV Sound... ...http://www.itnewsonline.com/prnewswire/Auro-Technologies-reveals-two-new-3D-Sound-Processors-at-CEDIA-EXPO-2014/341937
LG Sound Bar LG has been into the home theatre segment in India with large screen televisions and Blue-ray products. Their recent launch is the... ...http://www.deccanchronicle.com/140911/technology-latest/article/lg-nb5540-sound-bar-review-elegant-wireless-home-theatre
The GSMA today outlined the first details of the 2015 GSMA Mobile World Congress, including exhibiting and sponsoring companies, confirmed keynote... ...http://businesswireindia.com/news/news-details/gsma-launches-mobile-world-congress-2015/40642
Comments - South San Francisco, CA SOUTH SAN FRANCISCO, CA --(Marketwired - September 09, 2014) - Envivio (NASDAQ: ENVI) today announced it will... ...http://andhranews.net/Business/2014/Envivio-Showcase-Latest-Innovations-Video-Processing-38509.htm
Home Theaters, Dolby Home Theater, A...


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Less than 5% of passengers want in-flight mobile and internet access according to a survey by search engine, Fly.com.
The September survey, which questioned 1300 frequent travellers, found that more than 30% of travellers would actually be put off airlines offering these services.
Objections included disturbance from people talking on phones and interruptions from emails and social networking sites while travelling.
Meanwhile, 62% of travellers are still concerned about the safety risks of having mobile phones on board despite assurances from airlines.
This comes as airlines are battling to improve in-flight connectivity.
Gulf Air has just launched its first aircraft with a ‘Sky Hub’ allowing full broadband, mobile phone services and live television, which will be installed across its whole fleet.
Aaron Ritoper, general manager of Fly.com in the UK, owned by Travelzoo said: "These results really highlight the perception UK travellers have that connectivity on flights could be more of an interference than an enhancement.
“We believe this perception will change as services are introduced, given that people already enjoy wireless connectivity when commuting by train.”
The survey results also showed that most British passengers would not pay more than £5 per flight for internet access and less than one per cent would be willing to add more than £10 to the cost of their flight for this service.
to view original article by Diane Evans, TravelMole, Thursday 13th October, 2011


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Jamie Dimon’s UK retail banking game has a bad run
This is Reuters A week ago:
Wall Street giant JPMorgan plans to double the size of its workforce at young British retail bank Chase to at least 2,000 within two years, the firm’s CEO told Reuters, despite losses and investor skepticism.
JPMorgan said it has attracted one million customers and more than £10 billion ($10.8 billion) in deposits to its UK mobile app bank since its launch last September.
And here’s This Is Money (MailOnline’s acceptable personal finance face) today:
Chase Bank left customers in limbo after its app crashed, leaving up to 1 million users without access to accounts.
The banking-only app provider has experienced a major outage since lunchtime yesterday, preventing customers from logging in.
Chase, which currently serves more than a million UK banking customers, says it is “working around the clock to resolve the issue”.
In an email to clients on Wednesday afternoon, chillingly titled ‘An update on our services’, British Chase chief Sanjiv Somani addressed the hordes of frustrated interest rate scammers (the words every customer wants to hear underlined by us):
As of Monday evening, we are experiencing intermittent issues with one of our systems. . .
I know this is not what you expect from your bank and I’m sorry for the inconvenience. I want to make sure your money is safe and we will do everything possible to ensure that you are not adversely affected by this issue.
The status page is pretty ugly (sample from shortly before pixel time below):
The FT has previously reported on the skepticism Chase UK has generated among investors, who dared rare criticism of JPMorgan boss Jamie Dimon on the decision to enter the hyper-competitive UK market.
Alphaville also wrote about the existential crisis surrounding a similar undertaking. Marcus, the Wall Street consumer credit platform Category-V Goldman Sachs bank, launched an equally competitive interest rate, back when claiming to have been paid any kind of interest was in a “Sure Grandpa” category of folk tales.
This sort of multi-day outage is quite embarrassing for a service trying to position itself as a fully-fledged alternative to the main UK bank account providers.
But people have always wondered why JPMorgan operates even in the restricted UK market. It’s a Paul Davies from Bloomberg had an interesting response earlier this year:
[…] Chase UK is generally not for the UK. Its importance will be that of a laboratory — a testing ground for infrastructure, technology, products and ideas. What JPMorgan learns there can be used to modernize its main Chase US retail bank and form the basis of a series of digital-only offerings elsewhere. Chase UK is ground zero for an international consumer business…
Experimenting like this in a dynamic but – for JPMorgan – relatively inconsequential market is much safer than doing so where millions of American customers rely on Chase running smoothly every minute of every day. Infrastructure that works in the UK can then be industrialized more quickly in the US. And what doesn’t work can be quickly and easily abandoned.
here is another one recent Reuters article:
JPMorgan plans to hire a team of retail bankers in Germany as the biggest US lender prepares to expand its international consumer business in search of more stable revenue streams.
Assuming that Davies’ thesis reflects thinking at the 383 Madison Avenue, Alphaville can only hope, for the sake of our German readers, that Chase finds out what went wrong here. We would hate for you to be inconvenienced.